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This proposed amendment to the PUD and resolution of approval will provide clarity in the <br />development schedule and allow us to commence construction on one commercial building and <br />the residential portion of the Foundry project. Specifically, we request the following amendment <br />to the Foundry PUD, and associated resolution of approval to reflect the following conditions: <br />• Residential building permits for the condominiums approved concurrent with or <br />subsequently after approval of the building permit for one of the two commercial <br />buildings; and <br />▪ Last Certificate of Occupancy (C/O) for one of the residential 8-plex buildings is withheld <br />until: (1) start of construction of the first commercial building commences, which, per <br />International Building Code utilized by the City of Louisville, is defined as the first <br />placement of permanent construction of the principal building, such as pouring of a slab <br />or footings, installation of pilings or construction of columns; and (2) 30% of the net <br />leasable space has identified tenants with proof being an executed Letter of Intent (LOI) <br />coupled with a security deposit <br />• An acknowledgement of an estoppel on the residential and commercial building permits <br />CD's as submitted under the 2012 ICC Building Code that was stamped by the City, <br />coupled with ongoing City review to work together to finalize building permit approvals <br />Please feel free to contact me anytime at 303-475-2106 or at Justin@foundrybuilders.com with <br />any questions or if we can be of further assistance. <br />We look forward to advancing the Foundry project and completing this final phase of the Steel <br />Ranch neighborhood. <br />Best/ s <br />v J/ ag. / <br />Justin McClure <br />President <br />120) PEARL STREET, SUITE 14 • BOULDER, (a) 8002 • WV(WFOUN13RYBU1L1)ERS.C:O[vi <br />FOUNDRY BUILDERS <br />27 <br />