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a MCDONALD 6 COMPANY MEMBER NEW YORK STOCK EXCHANGE 284 SOUTH STATE STREET • MARION, OHIO 43302 • 614/387-2785 EXHTBIT 3 CLEVELAND216/623-2689 Page 1 0f 3 March 30, 1982 Mrs. Mary Slama, North Olmsted Improvement Corporation 5206 Dover Center Road North Olmsted, Ohio 44070 Re: $1,940,000 City of North Olmsted, Ohio Industrial Development Revenue Bonds Great Northern Shopping Center Pick-N-Pay Supermarket Project Dear Members of the Board of Trustees, The application of the Great Northern Shopping Center, as agent for an Ohio limited partnership to be named, for assistance in the issuance of $1,940,000 City of North Olmsted, Ohio Industrial Develop- ment Revenue Bonds, dated February 16, 1982, has been reviewed. The applicant's agent, the Great Northern Shopping Center,the current owner of the proposed site for the project, intends to convey title to the site to an Ohio Limited partnership to be formed. Great Northern Shopping Center will become a partner in the new partnership. The aggregate interest of Great Northern Shopping Center and its partners in the new limited partnership will not exceed 500. The new partnership will borrow the industrial revenue bond proceeds and con- struct the improvement as described in the application, which in turn will be leased to First National Supermarkets, Inc. for sole operation of a retail Pick-N-Pay Supermarket. The Supermarket will have 40,000 sq. ft. and is estimated to cost $1,940,000 exclusive of land costs and will be located in the Great Northern Shopping Center. The existing Supermarket, which is a smaller facility, is rapidly becoming obsolete and will be closed upon the opening of the new Supermarket. The fifty-nine jobs at the present location will be preserved. The company estimates that an additional forty-nine jobs will be created, upon opening of the new facility with an additional seven jobs within three years after opening.