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• <br /> u-cu-1 � r KUIvI MI-' KGHL GJ I H 1 C l IVC.. 1:114 abbb P. 2 <br /> • <br /> w� _ 134% <br /> '1' ~�• er .. _;R,wc�Fr <br /> MSP• _ <br /> real estate services inc <br /> • <br /> April 24, 1997 • <br /> • <br /> Cathy Bennet <br /> City of Mounds View • <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> RE: Silver Lake Commons <br /> Dear Cathy: <br /> As you requested, we have looked at the cost of converting the townhomes to market rate <br /> rental. Although we would be able to increase our rents, and thus our 1' mortgage loan by <br /> about $800,000, we would also be eliminating the following funding sources: <br /> Holman Equity $600,000 <br /> Federal Home Loan Bank Grant $100,000 <br /> Investor Equity $1.100,000 <br /> Total Funding Loss • ($1,800,000) <br /> .Additional Proceeds $800,000 <br /> Gap • ($1.000,000) <br /> A market rate rental proposal is thus not feasible at this time. <br /> • <br /> Our proposal provides the City with the highest quality improvements at the lowest possible <br /> cost to the City. Our proposal is also consistent with the recommendations of your <br /> consultant, which indicated that residential is the highest and best use of this property. <br /> • Sincer,-y, / . <br /> Je`' . �;ett <br /> • <br /> iota • • <br />