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/4^Quest Real Estate. Inc. Quest Development, Inc. <br />V&C0-'5.0 <br />V b <br />Wednesday, January 14,1998 <br />Mike Gaffron <br />Orono City Offices <br />2750 Kelley Parkway <br />P.O. Box 66 <br />Orono, MN 55323 <br />CXV< <br />Dear Mike: <br />After considerable review on the subject, it has become apparent that our proposed development <br />projects In Orono are not economically viable, under the present conditions. Therefore we are <br />withdrawing both applications as of this date. Please refund to us any unused portion of the fees <br />already collected by the city for these project applications. <br />While the process has been difficult at times. It has been good working with you and other city <br />staff, as we were always treated fairly and courteously. Good luck in the future. <br />Sincerely, <br />Jim Waters <br />COO <br />10700 Old County Road 15 • Suite 150 • Plymouth, Minnesota 55441 • Tel. 612-595-0511 • Fax 612-505-0512