An Open Letter to 9th & 10th Street LLC Lenders and Representatives

May 20, 2004

To: Mr. Ronald P. Beard, Mrs. Marsha Y. Beard, and TC Grantor Trust
From: StopTheDorm/SaveOurSchool
New York, New York

We Need Your Help:
On May 5, 2004, 9th & 10th Street L.L.C., the owner of 605 E. 9th Street (Block 392, Lot 10), represented by Gregg Singer, was issued a permit by the New York City Department of Buildings for "repairs and restoration to Façade [of 605 E. 9th Street]. No change to use, egress or occupancy."

We believe that 9th & 10th Street L.L.C. plans to expand the scope of work beyond the stated intent of the permit and demolish the building‹which is currently being considered for landmark status by the NYC Landmarks Preservation Commission‹at least to the extent that the building can no longer be considered for landmarking.

When specifically asked, Michael Gabbay, site manager for the named contractor Plaza Construction Corporation, took care not to deny that such demolition was the true intent of the permit. Therefore, due to the suspicious timing of the permit and the reluctance of Plaza Construction to disclose the nature of the project, City Councilmember Margarita Lopez has asked the Department of Buildings to revoke the permit.

We are writing to you, as lenders to and/or representatives of lenders to 9th and 10th Street L.L.C., asking that you work with us, the Loisaida/East Village community, to do whatever you can to prevent the imminent demolition of this building and to see that it is restored to its legitimate role in our community.

Our Case, Briefly Stated
Constructed in 1904, the building has a great deal of architectural significance to the nation and enormous significance to our community. As noted above, it is currently being considered for landmark status. U.S. Congresswoman Nydia Velazquez, State Senator Martin Connor, City Councilmember Margarita Lopez, and the Housing Committee of Community Board 3 of Manhattan all call for the landmarking of P.S. 64. (You can review their letters and those from notable architects‹and review the history of P.S. 64‹by visiting www.stopthedorm.org.)

In 1979, four years after being abandoned by the city, the school was rescued, restored, and maintained for nearly twenty years by an important group of community members known as CHARAS. In 1998, however, the building was auctioned off to 9th and 10th Street L.L.C. through a highly controversial program opposed by many community leaders and elected officials. (A restraining order related to this program was filed by New York State Attorney General Eliot Spitzer in February 2000.) Many people feel that this program was an aggressive and questionable action by a vindictive administration. And, unfortunately, the building has subsequently been allowed to deteriorate.

Against this charged backdrop, 9th and 10th Street L.L.C. now proposes to demolish the school and erect "University House," a 27-story building‹using state bonds‹in a neighborhood with an already overtaxed 19th century infrastructure. Physically and culturally, the community cannot absorb a building of this nature. In addition, we feel that the dormitory is a "community facility" in name only, and is instead simply the exploitation of a zoning loophole.

In an area that has readily opened its arms to a diverse array of clinics, half-way houses, shelters, perpetually affordable homes, and more, support for stopping the dormitory and saving our school has been unanimous and united. Artists, long-time residents, newly arrived families, community leaders and advocates, religious leaders, businesses, and professionals have joined to pool their resources‹resources probably more formidable than they¹ve been at any point in the neighborhood¹s history‹against this assault on our community. Our combined resistance to the dormitory will not be overcome, and our efforts to return this property will not cease.

It would be more productive for us, and perhaps even more profitable for you, if 9th and 10th Street L.L.C. were to begin working genuinely and openly with the community in developing a viable, community use alternative that is in context with the neighborhood and that responds to the community¹s needs.

Therefore, we ask you to engage in a dialogue with us, to understand the pain and damage being caused by 9th and 10th Street L.L.C., and to seek a morally responsible resolution. We ask that you urge 9th and 10th Street L.L.C. to work with us, or do whatever you can, to see that this building is restored to its legitimate role in our community.

We look forward to hearing from you, working with you, and ultimately celebrating our community with you.

Sincerely,
StopTheDorm/SaveOurSchool

Contact Information for Lenders and Representatives of 9th & 10th Street, LLC

TC GRANTOR TRUST - a Minnesota Grantor Trust
400 North Michigan Ave.
2nd Floor
Chicago, IL 60611

RONALD P. BEARD
Born: June 1956
Addresses:

1. 5120 Birch Street
Newport Beach, CA 92660

2. 3208 Ocean Boulevard
Corona Del Mar, CA 92625

3. 2082 Seminole
Tustin, CA 92680-8328

MARSHA YUN BEARD
Born: September 1958

1. 5120 Birch Street
Newport Beach, CA 92660

2. 3208 Ocean Boulevard
Corona Del Mar, CA 92625

3. 2082 Seminole
Tustin, CA 92680-8328