NEWS RELEASE   3/18/2010

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STATEMENT FROM MAYOR DAYNE WALLING REGARDING RICHARD SHORT OF RASCO, LLC
“Mr. Short met with my staff on a number of occasions beginning approximately 6 months ago. During these meetings Mr. Short shared his business model and expressed his interest in establishing his company’s headquarters in the City of Flint. My staff provided basic information about tax incentives and doing business in Flint.

Because there has not been any direct action by the City of Flint, we had not yet performed our own background check or financial analysis of Mr. Short of RASCO, LLC. These two processes are performed during the final stage of our due diligence investigation into any potential economic development project seeking tax incentives from the city. As a result of not yet entering into this final stage of our investigation, we were unaware of Mr. Short’s legal issues.”

Dayne Walling
Mayor
City Of Flint

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