January 17, 2003


Dear Neighbor:

Recently, you have received mail both from a group of homeowner's associations and from local labor unions. They each represent two sides of the development debate regarding the future of the old Cerro Wire factory on Robbins Lane in Syosset. After seeing their literature, we thought it important that you hear directly from us, The Taubman Company, since we are the ones who are actually seeking to demolish this dilapidated industrial complex and replace it with what will be the premier fashion destination on Long Island anchored by Neiman Marcus and Nordstrom.

The Taubman Company first came to Long Island more than eight years ago. In the beginning, we worked closely with the community, conducting multiple meetings with homeowners and civic groups on a range of topics including retail mix, project size, development "footprint" and a whole host of other items. Then the process was hijacked by our competitors, who feared the type of new upscale competition that Taubman has created in other locations across the country. Suddenly, we found that the dialogue was terminated.

We think that amidst the rancor of debate the substantive and positive contributions that will be made by The Mall at Oyster Bay have become lost. And that is why we are writing to you directly. It has been well publicized that projected increases in county and town taxes are being considered and it has been suggested that they could be as high as double-digit annual increases as property reassessments continue to change the real estate landscape. Our project not only has the means to enhance residential property values as documented in Westfarms (West Hartford, CT), Cherry Creek (Denver, CO) and Northbrook Court (Chicago, IL), but also the ability to mitigate these tax increases. Some of the project's positive economic benefits include: