AN OPEN LETTER TO THE PEOPLE OF ST.

LOUIS

RE: NORTHSIDE REGENERATION INITIATIVE

A PERSPECTIVE FOR THE YEAR 2011

Many things have been written about the Northside Regeneration Initiative and many questions
have been raised. When dealing with a project of this scope and scale it is easy for things to become
complicated and often confusing.

In the interest of clarity, this letter will publicly address the current status of the project and
provide perspective on where we began, how we got where we are and provide a look ahead on what
needs to be accomplished next.

FOUR FUNDAMENTAL QUESTIONS PEOPLE ASK:

What is the Northside Regeneration Initiative?
Why not redevelop the Northside area a block at a time?
Have the interests of the area’s current residents been fully considered?
What is the motivation for the development?

STRAIGHTFORWARD ANSWERS:
These are all questions that the McEagle Team, our partners and my wife and I have been personally
asked many times over the past 5-years during the 95+ meetings we have had and continue to have
with the residents of the neighborhood, churchmen, government representatives and other interested
groups. The most common questions are the last two: WHY? Why have you selected the Northside
to invest resources, people, money, and most of all, so much of your time?

We believe that Dietrich Bonhoeffer, the Theologian, said it best: “Silence in the face of evil is
itself evil: God will not hold us guiltless. Not to speak is to speak. Not to act is to act.”

LARGE SCALE NEGLECT, BROKEN INRASTRUCTURE AND A HAZARDOUS

ENVIRONMENT IS THE CURRENT CONDITION IN MUCH OF NORTH ST. LOUIS.
THIS IS THE EVIL THAT EXISTS IN THE MIDST OF THE GOOD PEOPLE OF NORTH
ST. LOUIS AND THE LARGER COMMUNITY. IT IS NOT ACCEPTABLE.

These conditions have deprived our fellow citizens and businesses in North St. Louis of
opportunities and jobs for far too long. These conditions prevent the creation and sustainability of a
safe and livable community and only foster further decay and blight.

Rather than bemoan conditions or throw up our hands in despair, we made a choice and we backed
up our convictions with tens of millions of dollars in private capital to lead the way in creating a
permanent and panoramic solution - not only for today, but for many tomorrows far beyond our own
lifetimes. The Northside Regeneration Initiative is our response to this long endured evil.

BEING HONEST AND REALISTIC: The conditions in North St. Louis did not develop
overnight. The area was blighted in 1947 by the City as per the City records.

We need to ask this simple question: Is North St. Louis better today than it was in 1947 or 1981?
Six full decades - 60 years - have passed. Are the citizens of the St. Louis area pleased with the
current state of affairs in North St. Louis?

We decided to step up and address the issue. Frankly, we’d welcome even more support from the
entire community. To address the evil that is running rampant in North St. Louis, we need a
comprehensive and panoramic approach that addresses area regeneration, redevelopment,
sustainable neighborhoods and job creation in a holistic manner that considers everything from
underground infrastructure to homes to business areas to schools and parks.

The kind of evil-fostering environment that currently exists is largely attributable to the lack
of JOBS and the resultant lack of legal economic activity in the area! Real, sustainable JOBS
give people the power to work, thrive and prosper in our American tradition.

The time for talking is long past over. The time for doing is now. We felt the compelling need to
act against this pernicious evil, this lack of JOBS and JOB growth! The lack of JOBS, homes and
safe neighborhoods takes the life right out of our community and our people…especially our youth.

McEagle and our team of partners in the journey are “JOB Enablers”! We can and will bring
JOBS to the Northside. For the last 5+ years we have been and are assembling the land that is
needed for area-wide development. We have been meeting with the The Coalition Of The Willing:
the neighborhood people, churchmen, civic groups, educational institutions and elected officials of
the City and State - all of whom want only the very best for the Northside and for our entire
metropolitan area.

Is it a risk? Absolutely! Will there be dissenters and set backs? Absolutely! But we are good
listeners and we welcome every helping hand, mind and heart. But we will not be deterred or
discouraged. We will continue to actively reach out to every willing citizen and business who wants
to end the long decline of North St. Louis by addressing lack of JOBS and economic activity.

We ALL must speak and act! We have waited far too long to take action on the scale
necessary to sustainably address all the needs of the area! Do we want to wait another 60-years
before we address the problems? The “Greatest Generation” did their part to build our City and now
it is our generation’s time to rebuild the JOB base again.

If not now? When? If not us? Who? It is our generation’s time and responsibility to act!

THE SCOPE AND SCALE OF NORTHSIDE REGENERATION:

It is not one project - but many projects. It is not about one developer or one family - but about
many opportunities for all who will embrace the task through the leadership of the private sector,
The Coalition of The Willing and the leadership of City and State government.

It is not about taking anyone’s home or business in Eminent Domain. It is about new JOB
creation around the existing successes already on the Northside. It is an entire community issue. It is
about The Coalition Of The Willing, good-hearted people all united and committed to encourage
new businesses and existing businesses to come and grow here. Growth in JOBS is about giving
longtime and new North St. Louis residents the opportunity and power to prosper like our forefathers
have done.

WILL THERE BE BUMPS ALONG THE WAY?

Yes, we recently had one at The Clemens House. The facts are these. McEagle with the efforts of
Lafser and Associates have now completed the environmental cleanup, removed the hazardous
materials and stabilized this historically significant 1865 structure for our City and the Northside.

The site is one of the most beautiful pieces of land on the entire Northside! Along with Bob Wood,
of Robert Wood Realty, our goal is to transform the historic building into 49 low income senior
apartments. We did not meet our time goal to close by December 2010. Since it was not achievable
on the anticipated schedule, we could not responsibly proceed to spend $2-million of TCR Stimulus
Funds offered by MHDC in less than 30 days. Therefore our tax credit buyer was unable to close.
Additional time was needed to complete all of the work and details needed to move to conclusion on
that phase.

Now in 2011, the structure has been stabilized and our Team along with MHDC will revisit our
original request and restart the renovation. McEagle made a commitment to the people of the
Northside and to the historic preservationists that we will renovate, and reuse the historic and
reinvent salvageable structures in the Northside area. We will stand tall and meet our commitments
even when unforeseen problems occur.

The delay in starting The Clemens House has nothing to do with the approval process for the balance
of the Northside Regeneration. The Northside Regeneration approval process will be finalized in
specific redevelopment agreements with the City, currently under consideration.

A REPORT ON WHAT IS HAPPENING THUS FAR.

The McEagle Team is working with the City and state to further our JOB creation efforts by working
on the following list of projects:

1. Renovation and completion of the office/warehouse for National Sales Products bringing 75
jobs to the Northside.
2. Preparing sites for the inclusion of projects from China in cooperation with the China Hub
Commission.
3. Historic renovation of an existing school for a new Pre-K through 4th grade school.
4. Demolition and environmental clean up of over 187 buildings and 2800 sites involving more
than 300 JOBS over 3 years.
5. Creation of the SMART (Sustainable Material And Recycling Technology) Center for
acceptance of all demo material creating 25 JOBS.
 6. Proposing on a new green energy assemble plant creating over 300 new JOBS.
7. Renovate and reinvent another historic structure to house 16 biotech labs and companies
creating 75 new JOBS.
8. Develop a new urgent care center in cooperation with many Northside not-for-profits.
9. Develop new retail and service center to bring more local purchasing into the Northside
creating over 450 new JOBS.
10. Assisting an existing and very successful Northside Company in expanding their Northside
business and campus.
11. Established a strong working relationship and agreement with SLATE, Job Corp, Better
Family Life, Construction Careers Academy, and St Patrick’s Center for JOB training and a
hiring pool from and within the Northside.

IS THE NORTHSIDE REGENERATION VISION TOO AMBITIOUS AND TOO FAR

REACHING?
Absolutely not. A panoramic approach is the only really sensible solution. Piecemeal or pocket
developments will not work because they will become isolated islands and targets because they will
be surrounded by a sea of urban decay.

It takes a large area of contiguous prepared land to create the development space needed for real
JOB growth. Soon all the land will be assembled and cleaned up, including all the environmental
issues!

Hopefully the work on the public infrastructure will begin as planned without further delay. To
address the evil of urban decay and no jobs and therefore, no economic activity, we must act!
Actions speak far louder than words and through the actions of The Coalition Of The Willing, once
again the people will have the power to prosper!

We invite every area citizen, community group and business to join The Coalition of the
Willing. Come off the sidelines and become part of the team that’s pulling for North St. Louis. There
are plenty of ways to help. First is to become conversant with the Northside Regeneration Initiative
and then to begin speaking up in advocacy of a new day and a new beginning.

Please join us and act on your convictions to create JOBS and root out the evil conditions that are
destroying generations of lives in our midst. The good people of North St. Louis need your help and
commitment to make the new vision a reality - a new day - new hope for the City and for all her
people! Come join the effort on the Northside Regeneration.

There are three clear choices. Sit quietly on the sidelines, or take pot shots at our efforts as the area
continues to slide into the abyss, or become part of The Coalition of the Willing and pitch in to make
a difference.

If you would like to learn more, please contact us by filling out the form on our website at
www.northsideregeneration.com. We have no secrets or hidden agendas. We’ll show you how we
can bring JOBS and businesses to the area. Let us show you our vision for state-of-the-art
infrastructure, land utilization, preservation of existing homes and historic buildings, the creation of
new homes, schools and workplaces and most of all JOB GROWTH.

Our goal is to create safe, new, modern urban neighborhoods and business districts where you
and your family will want to live and work. We also invite other area developers to bring their
talent, creativity and financial resources to the Northside. Together we can create much more
development to get the area growing even faster!

Sincerely yours,

Paul J. McKee, Jr.

Chairman, McEagle Properties, LLC