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Date: September 16, 2007

To: All members of Teamsters Local 17

From: The Executive Board of Teamsters Local 17

RE: Teamster building at 3245 Eliot St to be sold, Local 17 Moving.

As I announced at the September General membership meeting after almost 60 years The Colorado Teamsters Building Association has voted to sell the building at 3245 Eliot St. The Teamster building at 3245 Eliot St. has always been owned by the Colorado Teamsters Building Association which Local 17 owns a 23% (percent) share of. Teamsters Local 455 (formerly 435) owns 67% and Teamsters Local 961 owns 10%.

These are the members of the Teamsters Building Association and manage the building. For the last 7 years I was appointed as the manager of the building in charge of all goings on for the building including maintenance, repair and collection of rents. Each local that had space occupied in the building had to pay rent to the Building Association for upkeep and expenses.

After trying very hard for the last 10 years to keep the building up, the Trustees (which by the by-laws of the Association I am the Trustee Representing Local 17's 23%) had to look at what would be in the best interest of all the Locals that own shares in the building. After getting appraisals for the value of the building, land and also engineering reports on the cost of upgrading the building and with the merger of Local 537 into 435 and Joint Council 3 moving to a new more modern office for the same rent (which as a Trustee of Joint Council 3 I agreed with) and Teamsters local 961 deciding to move out for a more modern location, this left only Local 17 in the building.

We also have been looking for more up to date location in the past few months. The Association came to realize that the building had become a money pit for all the Locals that owned it. As a Trustee of the Building Association I suggested that we look at our options. Sell it and each Local receive their percentage of proceeds from the sale. Refurbish it and the cost to be split by the Locals that own it by their respective percentages and try and rent out the empty space. We ordered an engineering report, and talked to contractors about remodeling. The engineer report came back that to fix the current problems with foundation and roof and ventilation we are looking at between $100,000.00 to possibly $400,000.00. This was without remodeling.

Then we contacted an appraiser to give us an appraisal on what the property and building was worth. This was done in 2005 and the property and the building came to $1.3 million (which Local 17 has a 23% stake). In August of this year, all at the Teamsters Building Association looked at all of the facts and costs to keep the building. At that meeting of the Association a motion was made seconded and passed (by majority vote based on percentage of ownership) that the building and property will be sold for the highest offer but not lower than the appraised value of our appraiser and each Local will receive its percentage share. Since the appraisal in 2005 current values for that location have increased.

Based on this information and the resolution of the Teamsters Building Association, the Executive Board of Local 17 passed a motion to accept the resolution of the Teamsters Building Association and sell the property at 3245 Eliot Street for the highest price but not below the 2007 appraised value and Local 17 receive its 23% share of the sale.

Per the By- Laws of Local 17 this action by the Executive Board will be presented and voted on by the membership at the October 14th 2007 General Membership meeting at 10 a.m. at 3245 Eliot Street to affirm this action.

In the mean time we have been exploring leasing or purchasing a new location and with rental property going for an average of $8.00 per square foot (we need at least 3000 Square feet) with that in mind we are looking to purchase a building and property as an asset and at a much lower cost to Local 17.

Please be at the General membership meeting on October 14th to receive all of the information and answer your questions and to vote on this action by the Executive Board as per the by-laws. We look forward to seeing you there.