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RENT LEVELS <br /> Our rent levels will increase over existing rents on the 40-unit apartment property, but will still <br /> be affordable to area residents. The following rents are estimated for our units: <br /> 1-bedroom $509/month (includes heat) <br /> 2-bedroom $614/month (includes heat) <br /> 3-bedroom townhouse $656/month (plus heat) <br /> 4-bedroom townhouse $720/month (plus heat) <br /> Detached garages $30/month <br /> These rents are in line with market rents in the area, and are affordable to families whose <br /> incomes range from $20,000 - $45,000/year. <br /> DEVELOPER <br /> The developer will be a joint venture between MSP Real Estate, Inc. and Affordable Suburban <br /> Housing. MSP Real Estate,Inc. is a development and construction firm specializing in affordable <br /> housing. Milo Pinkerton, the President of MSP, has been involved in the development and <br /> construction of over 1,000 units of multi-family housing. Since its inception in 1988, MSP has <br /> completed over 600 units of multi-family rental housing. MSP's construction company is headed <br /> by an individual with over 20 years of construction experience, including over 2,100 multi-family <br /> units. MSP will be developer and general contractor for this apartment project. Affordable <br /> 110 <br /> Suburban Housing is a non-profit company that works with municipalities to help define and <br /> implement their housing goals. <br /> FINANCING <br /> In order to meet the high quality standards Mounds View desires, we need to assemble a layered <br /> financing package from a variety of sources. This layered financing approach enables Mounds <br /> View to reap the benefits of the aforementioned high quality standards. <br /> FIRST MORTGAGE <br /> The developer will arrange a conventional first mortgage loan from a life insurance company in <br /> the amount of $1,350,000. We have introduced the lender to this project, and based on MSP's <br /> track record, the lender is prepared to provide a financing commitment. <br /> EQUITY <br /> The developer will provide for an equity investment in the property totalling $1,663,000. The <br /> source of this investment will be from the developer and an investor. The investor has also <br /> reviewed this proposal and is prepared to provide an equity commitment. <br /> • <br />