EXHIBIT B

Rosemont Investment

As contained in the Ordinance to extend the Single Family New Construction Limited Tax Abatement passed by the Portland City Council on March 12, 2003, we respectfully request an additional extension of six months, beginning July 1, 2003 and terminating December 31, 2003.

The final phase of construction is well underway at Rosemont Commons, but will not be complete by July 1, 2003. Permits were issued in April 2003 at which time construction commenced.

In October of 2001, we submitted for the Final Qualification and Acceptance of the Limited Tax Assessment program. On November 5, 2001, we received initial approval notification of the Limited Tax Assessment Qualification for final twenty homes to be constructed at Rosemont.

Acting in good faith we undertook predevelopment activities that were based on this initial LTA approval. We applied for building permits, secured financing and began marketing activities. Prevailing market conditions precluded beginning construction prior to April 2003.

We appreciate your efforts and those of the Portland City Council to resolve the pending status of our application by way of granting an additional six month extension. We have continued to act in good faith and with due diligence on the construction of the remaining twenty homes at Rosemont Commons. We are on schedule to complete the homes by November 2003. Marketing efforts have moved forward with a goal to reach first time homebuyers for whom SDC exemptions and the LTA program are critical components to making the dream of homeownership a reality.