Company Update

Norhart Oakdale
• Primary budget review complete
• Current cost: $93 million
• Significant efforts are being made to reduce it
Plan
• 9/23 – Raise ~$8 million
• 9/23 – Bank negotiation
• 10/23 – Finish Cottage Grove plan
• 12/23 – Sell Emberwood & Lexington Lofts
• 3/24 – Sell Gateway Green, if needed
Risky Points
• Bank negotiation
• Could cause temporary shut down if it goes poorly
• This is why we are raising the initial $8 million
• Cottage Grove plan
• Need to reduce costs to Lexington Lofts levels
Good News
• We are not alone
• Contacted 4,000 financial groups
• Obtained 97 good leads
• Norhart Invest is picking up!
Strengthening Norhart Invest
•Moving additional assets into Norhart Invest
• Gateway Green Townhomes
What Can You Do?
•Promote Norhart Invest
•Watch waste: inefficiencies, time, mileage,
material
Keeper Test
• By Person
• Are you in alignment with our values?
• Are you fighting to be best in the world?
• Are your contributions far greater than the cost?
• By Role
• Is your role needed given the adjusted plan for the
company?
• If not, can we adjust the role to fit?
Quote
“The most successful people see adversity not as
a stumbling block, but as a steppingstone to
greatness.”