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U4/24,-J"( 11:46 CUMMUN i I Y Fi=lk i NE8 iNC. 4 16127843462 NO.677 H202 <br /> • <br /> SILVER LAKE COMMONS PROJECT <br /> Date: April 24, 1997 <br /> FROM: Dave Maroney <br /> SUBJECT: Review of Project Proposal(s) <br /> Materials Reviewed <br /> 1. Ramsey County CDBG Application dated April 14, 1997. <br /> 2. MSP Letter dated April 17, 1997. <br /> 3. Cityside Cooperative - Articles and Bylaws. <br /> 4. MHFA Tax Credit Applications dated March 13, 1997. <br /> 5. Combined sources and uses dated April 8, 1997. <br /> 6, Rehab Proposal dated March 13, 1997. <br /> 7. MSP Letter/Exhibits dated March 27, 1997. <br /> Questions, Clarifications and Comments <br /> 1. Provide further detail outlining the ownership interests of MSP Rea.E €, ¢e, Affor-iabie <br /> Suburban Housing, Inc., MSP Construction, Mounds View Fam5ly <'',pwF:: ;;`'Sed <br /> Partnership, and Danzeisen Properties relating specifically to the Silver Lake Commons <br />• <br /> Project. <br /> 2. Budget <br /> a. Support for"Acquisition" price and allocation of value between"Rehab" and <br /> "New Construction"? • <br />• b. Support for $200,000"Relocation"budget? Permanent versus temporary <br /> displacement? <br /> c. Clarification of assumptions for"Construction Interest." <br /> d. $8,000 is budgeted for"Market Study". Is the study completed - results available? <br /> e. Clarification of"Project Reserves". Operating, replacement, other? <br /> f. Clarify use of$60,000"Lease-up"budget. Marketing, concessions, other? <br /> g. Construction cost for 40 garages is included? <br /> h. Further verification available relating to"Rehab" cost projections? Source and <br /> method for estimates? <br /> i. Further detail/discussion required for TIF request. <br />