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

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