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O <br />2 <br />W <br />2 <br />FREERS <br />& ASSOCIATES INC <br />To: Joel Hanson <br />From: Rusty Fifield <br />Date: September 25, 2001 <br />Subject: Senior Housing <br />This letter continues our discussion from last week on senior housing. Specifically, the <br />memo describes a scope of work and budget for a financial feasibility analysis of a senior <br />housing project owned by the City of Little Canada. The purpose of the analysis is to <br />provide a preliminary evaluation of a project. This information will be used by the City <br />Council and Staff to determine if more detailed project development steps are warranted. <br />The steps to be undertaken by Ehlers are as follows: <br />1. Create estimated project development budget using information for other senior <br />housing projects. <br />2. Prepare operating proforma using information from other senior housing projects. <br />3. Determine sources and amounts of tax increment revenues available for use on this <br />project. <br />4. Determine options and parameters for city- issued bonds to finance the project. <br />5. Analyze the financial feasibility of project development alternatives. <br />6. Prepare written summary of findings and recommendation and present findings to <br />City Council. <br />We propose a budget of $3,500 for the completion of this study. We will bill the City on an <br />hourly basis as work is performed. <br />I hope that the proposed scope of work meets your needs. Do not hesitate to call with <br />questions about this proposal. <br />L E A D E R S I N P U B L I C F I N A N C E <br />A <br />3060 Centre Pointe Drive 651.697.8506 fax 651.697.8555 <br />Roseville, MN 551131/05 <br />PAGE 4 <br />rusty @ehlers.mc.com <br />