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07/18/97 08:53 COMMUNITY PARTNERS INC. 4 16127643462 NO.193 P003 <br /> • July 18, 1997 <br /> Page 2 <br /> 2. Presentation and acceptance of a qualified independent market study which <br /> documents the need for the proposed project,acceptable rent levels and <br /> anticipated lease-up schedule, <br /> 3. A more detailed relocation/displacement plan is prepared which more precisely <br /> identifies the anticipated costs associated with this activity. The plan should be <br /> prepared by a qualified third party that is experienced in relocation/displacement <br /> activities and which reflects the existing tenant base of the Red Oak Apartments. <br /> The Developers have chosen to pursue a number of financial partners for the Silver Lake <br /> Commons Project. Consequently, it makes little sense for the City of Mounds View to offer an <br /> unconditional commitment to finance without further assurance relating to"pending <br /> commitments". Unless the City of Mounds View is prepared to offer unsecured grant financing <br /> et an unspecified funding level, it seems prudent to limit the City's participation to a conditional <br /> commitment if you believe that the project will benefit the community. <br />