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<br /> <br /> 3 <br />Bowen National Research <br />155 E. Columbus Street, Suite 220 <br />Pickerington, Ohio 43147 <br />(614) 833-9300 <br />Project Amenities <br /> <br /> On-Site Management <br /> Fitness Center <br /> Community Room <br /> Playground <br /> Elevator Access  Key Fob Access <br /> Additional Storage Units  Underground Parking Garage <br /> <br />Utility Responsibility <br /> <br />We assume that the cost of gas heat, gas hot water heat, cold water, sewer and trash <br />collection will be included in the rent. The following summarizes the utility expenses <br />expected to be the responsibility of the tenant at the subject property: <br /> <br /> General Electricity  Electric Cooking <br /> <br />Preliminary Primary Market Area (PMA) <br /> <br />For the purposes of this Snapshot Analysis, we have defined a preliminary Primary <br />Market Area (PMA), the smallest geographic region from which we believe the majority <br />of support for the proposed project will originate. Given that an in-person evaluation of <br />the Mounds View market was not conducted at the time of this analysis, the Mounds <br />View PMA was primarily determined through a demographic analysis of the surrounding <br />area. <br /> <br />The Mounds View Site PMA utilized in this analysis includes the majority of Mounds <br />View, as well as the municipalities, or portions of, New Brighton, Fridley, Coon Rapids, <br />Blaine, and Spring Lake. The boundaries of the Site PMA consist of U.S. Highway 10 to <br />the north; Interstate 35W to the east; Interstate 694 to the south; and the Mississippi <br />River to the west. <br /> <br /> <br />While some additional support for the proposed subject project will undoubtedly come <br />from outside of this area, we do not anticipate this additional support component will be <br />significant. This is particularly true of areas located north, east, and west of the Site <br />PMA, as the areas to the north and east are primarily comprised of owner-occupied <br />households which would not likely respond to affordable rental product at the subject <br />site, while the Mississippi River serves as a good natural boundary which limits access to <br />the PMA from the west. It is important to reiterate that this PMA is in fact preliminary, <br />and should be considered as such. A full market feasibility analysis with on-site <br />evaluation would enable us to better determine/confirm the specific Site PMA <br />boundaries. <br /> <br />A map delineating the boundaries of the preliminary Site PMA is illustrated on the <br />following page of this letter.