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4ulf, ,, i :' - a'3 Li. •v �r <br /> ' _ tS i� _ tri <br /> real estate ser 1 ices inc <br /> SJune 25, 1997 <br /> Cathy Bennett <br /> City of Mounds View <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> RE: Silver Lake Commons <br /> Mounds View, MN <br /> In response to your letter and attached memo, we offer the following information: <br /> 1) Land/Building Costs <br /> A) Red Oak Apartments Purchase Price is $1,200,000. <br /> B) Vacant land adjacent to Red Oaks to the east (1.31 Acres), <br /> Purchase Price is $75,000. <br /> C) City Land purchase offer (.6 Acres) is $35,000 -- <br /> ($1.34/sq.ft. - same as other vacant land). <br /> • 2) Break-out of Soft Costs <br /> Architect/Engineering $73,000 <br /> Builder's Risk Insurance $5,000 <br /> Construction Interest $80,000 <br /> Financing Fees $60,000 <br /> Title/Recording $20,000 <br /> Market Study $8,000 <br /> Appraisal $5,000 <br /> Environmental/Soils/Survey/Misc. $22,000 <br /> Tax Credit Fees/Taxes $18,000 <br /> Legal/Accounting/Syndication/ <br /> Cost Certification $79,000 <br /> Rent-up/Marketing $40,000 <br /> Developer Overhead $100,000 <br /> • Developer Profit $200,000 <br /> Total Soft Costs $710,000 <br /> 371 Frith Avenue .North • Minneapolis, .61.V 55401 • 612-337-3144 • fax 612-336-465 <br />