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06/20/97 07:22 COMMUNITY PARTNERS INC. 4 16127843462 NO.077 P002 <br /> SILVER TAKE COMMONS PROJECT • <br /> Date: June 20, 1997 <br /> From: Dave Maroney <br /> • <br /> Subject: June 9, 1997 Project Description <br /> MSP Real Estate Services (the "Developer") has prepared a revised proposal for Silver Lake <br /> Commons. The proposal is described by letters dated June 9, 1997 and "Assumptions" dated <br /> June 5, 1997. <br /> Questions, Clarifications and Comments <br /> 1. A comparative analysis (March 27, 1997 to June 9, 1997) has been prepared to <br /> iIIustrate variations between the proposed sources and usesof funds estimates: <br /> Source of Funds <br /> March 27, 1997 June 9, 1997 <br /> % of TDC Per Unit (68) % of TDC Per Unit.(56) • <br /> First Mortgage 33.989 $27,941 27.356 $24,107 <br /> Equity 33.721 $27,721 33.698 $29,696 <br /> HOME 7.156 $ 5,882 4.053 $ 3,571 <br /> Federal HLB 4.830 $ 3,971 4.539 $ 4,000 <br /> Holman 16.190 $13,309 19.818 $17,464 <br /> City (TIF) 4.114 $ 3,382 4.661 $ 4,107 <br /> MHFA 0 � 0 5.875 $ 5.180 <br /> Total 100.000 $82,206 100.000 $88,125 <br /> Use of Funds <br /> March 27, 1997 June 9, 1997 <br /> Per Unit (681 Per Unit (56) <br /> Land/Building $20,809 $23,393 <br /> Hard Costt, $42,721 $44 464 <br /> Soft Costs $17,279 $12,679 <br /> Relocation $ 0 ({) $ 3,929 <br /> Reserves $ L397 $ 3,660 <br /> Total $82,206 $88,125 • <br /> (i') Later revised to include $200,000. <br />