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��x, ' r- <br />+ �'i4'��c.i ::,y... �i '�tiJr�Fiar.;�„8�x���, — � --�' ��lisP <br /> real estate ' services inc <br /> June 9, 1997 <br /> Cathy Bennett <br /> City of Mounds View <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> Dear Cathy: <br /> As you requested, we are enclosing the updated development budget on the captioned <br /> property. <br /> We have substantially reduced the scope of the project to include only 16 new <br /> townhome units, while still maintaining a large play/recreation area. We have also added an <br /> indoor recreation center to provide further safe play areas for children. <br /> Please note the following changes in our updated budget: <br /> 1) Land cost reduced due to eliminating one lot with single family home <br /> el2) Construction Cost is less due to eliminating 12 units <br /> Lc3, C3) Soft Costs & reserves reduced due to a reduction in development fees <br /> 44 and reduced construction interest <br /> k /, 4) First Mortgage reduced due to fewer units <br /> 62)))\r 5) Equity less because fewer units <br /> 6) Holman proceeds more due to larger units <br /> 7) Ramsey County less because only funding rehab <br /> 8) Federal Home Loan Bank less because fewer units <br /> 9) Relocation costs of $220,000 added to budget <br /> 10) Added more reserves due to requirement of Holman units <br /> 11) Plan to apply to MHFA/FHF in August to fill $290,000 gap <br /> I have also enclosed our preliminary letter we sent you with our updated budget <br /> corrections incorporated. <br /> Sincerely, <br /> .--7 // ' <br /> incer y,// ' 7-", <br /> Jef,, ', g tt `/ , <br /> Vi e 'r sident / <br /> • MSP Real Estate, Inc. <br /> jefnms2cath.hr <br /> 311 Fifth Avenue North • Minneapolis, AIN 55401 • 612-33 ;-5144 • fax 612-3 6-4565 <br />