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How are the funds from the member shares used? <br />Cooperative members are an integral part of the loan commitment process. <br />The financing is arranged by Housing Services, Inc.; the equity necessary to close <br />the loan is provided by the combined share costs of all members. Share costs <br />represent a one -time payment, similar to the down payment when purchasing a <br />single family home. The share cost will vary according to the floor plan. <br />What costs are covered by the monthly fees? <br />These fees cover each resident's share of the cooperative mortgage payment, <br />the real estate taxes, the operating expenses, and replacement reserves that are <br />required by the lender. <br />What is the role of the Technical Service Agent, Housing Services, <br />Inc.? <br />Housing Services, Inc. is a corporation based in Bloomington, Minnesota <br />that specializes in the development and marketing of senior communities. As <br />the Technical Service Agent, Housing Services, Inc. serves as sponsor - developer <br />of Gramercy Park Cooperatives. <br />The two principals in the firm, Roger Schnobrich and Mike Conlan, have been <br />active in the field of senior housing for 20 years. Schnobrich, in addition to being a <br />founder and senior partner of the Popham Haik law firm, is general partner of the <br />Knox Landing senior residence and Meadow Woods assisted living, both located in <br />Bloomington. Conlan is a former senior staff member of the Minnesota Housing <br />Finance Agency, a developer and mortgage banker specializing in government - <br />financed housing for seniors. Conlan served as the project developer for Meadow <br />Woods assisted living, and Royce Place /Crest View Lutheran Home assisted living. <br />Housing Services, Inc. is co- developer of Realife Cooperative in Burnsville. <br />Two other members of the company, Pam Pelletier and Lou Stocco, <br />are also experienced in the senior housing industry. Pelletier has directed the <br />marketing efforts for a wide variety of housing including assisted living, skilled <br />care, condominiums, townhouses, and apartments. She has also served as a <br />consultant for a shared housing cooperative as well as for developments in <br />Florida, Wisconsin, and Nebraska. Stocco has more than 20 years experience <br />in the real estate /development business. He acted as Vice President of Marketing <br />Page 45 <br />