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Statement By Walser Automotive Group Regarding Best Buy Headquarters Development

25 January 2000

Statement By Walser Automotive Group Regarding Best Buy Headquarters Development

    EDINA, Minn., Jan. 25 -- Walser Automotive Group is
disappointed and concerned about the announcement by the Best Buy Company to
develop a new headquarters campus in Richfield. This proposal apparently would
involve the removal of our businesses, 68 homeowners, several apartments and
other longtime businesses in the community.
    Walser Automotive has made repeated attempts to work with the City of
Richfield and Best Buy in an effort to address the concerns of area
homeowners and businesses. To date, our concerns have not been addressed.
It is out goal to remain a viable business and continue to contribute to the
community as a good neighbor and tax payer in the City of Richfield. To
further that goal we have a proposal to redevelop a portion of this area into
a new retail, restaurant and auto-mall concept that would offer three
significant benefits to the Richfield community:

    1.  No homes would be removed by our development.
    2.  Our proposal does not require taxpayer subsidies unlike the Best Buy
        taxpayer subsidy of over $30 million.
    3.  Our development proposal would not create the significant traffic
        pressure to Richfield streets and the already congested highways
        serving this area.

   We hope that City Officials will listen to our concerns and those of other
long-term Richfield taxpayers who are concerned about the future of this area
and the entire community.