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3-27-1997 3.21 PM FROM MSP REAL ESTATE. INC. 612 336 4565 P. 7 <br /> CONSISTENT WITH CONSULTANTS RECOMMENDATIONS <br /> After months of intensive study and numerous public meetings, the City's consultant, SRF <br /> Consulting Group, has recommended that these separate properties be incorporated into a <br /> unified project, and be developed as apartments and townhomes. This is precisely our <br /> proposal, and we believe (as do your consultants) that this is the highest and best use for this <br /> property. We also evaluated this property as a complete redevelopment opportunity (your <br /> consultants performed the same analysis), and came to the conclusion that it was <br /> economically infeasible to acquire and tear down the existing 40-unit property. The funding <br /> gap under such a scenario would be in excess of $2,300,000. We believe that our <br /> development proposal offers the City the highest possible quality at the lowest possible cost <br /> to the City. <br /> 4 PROPERTY MANAGEMENT <br /> Beyond providing quality property improvements, the key to maintaining quality over time is <br /> attentive, professional, on-site property management. Similar to Silver Lake Pointe <br /> Apartments, MSP will build an on-site management office so the property manager can <br /> conduct professional management operations from the property. Also key to the project's <br /> success is to hire a professional management company with experience in this particular <br /> property type. MSP will evaluate several professional management companies to insure that <br /> the best company is selected. <br /> PROJECT TIMELINE <br /> 1.) City Resolution approving Holman Funding (April 1997) <br /> 2.) Loan Approval (May 1997) <br /> 3.) PUD Approval (July 1997) <br /> 4.) Land Purchase (September 1997) <br /> 5.) Construction Start (October 1997) <br /> 6.) Construction Completion (June 1998) <br /> Under this proposal, the City's $195,000 investment spurs over $5,500,000 of investment in <br /> your community, and substantially upgrades an under-utilized property. <br /> We hope the City of Mounds View will look favorably on the aforementioned requests. We <br /> look forward to working with you once again to provide quality housing in your community. <br /> Sincerely, 10/20(._. <br /> /11( 10°4' <br /> • <br /> Milo Pinkerton <br /> `� President <br /> MSP Real Estate Services, Inc. <br /> icath3.>tr <br />