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regarding HOA dues). YardHomes will build the prefabricated compact homes that <br />have been displayed and discussed. <br />3. Price range — The townhomes are anticipated to range in selling price from $340k to <br />$480k depending on the range of options chosen by buyers and the cost of the land <br />and infrastructure. The YardHomes are anticipated to start below $200k. <br />4. Interest in Ardan or Ardan and Greenfield or will be willing to do just Greenfield <br />— Pulte and YardHomes are interested in participating in both sites. However, based <br />on the initial research we have completed, the Greenfield site may be significantly <br />challenged from the standpoint of floodplain issues. If this issue can be resolved, our <br />team is interested in both sites. If Pulte is not chosen for the Arden site, then Pulte <br />would not be interested in pursuing the Greenfield site. If YardHomes is not chosen for <br />the Arden site, then YardHomes remains interested in pursuing the Greenfield site. <br />5. If that developer will work with YardHomes — Pulte has intentionally partnered with <br />YardHomes due to the similarities in each company's common goals, work ethic, and <br />transparent approach. <br />6. Any other pertinent issues — See the below comments. <br />City Council Discussion <br />Below is a list of questions/concerns/desires that were expressed by City Councilmembers. <br />We realize that each comment may not represent the City Council as a whole, but we felt it <br />important to offer a full response to these comments for the benefit of all stakeholders. As a <br />potential City partner, we believe in strong communication from beginning of a project to its <br />end. <br />1. Desire for single level homes for empty nesters — It is true that the Twin Cities <br />metropolitan area is showing a demand for this type of housing. It is also true that the <br />market has changed in how it is responding to this demand. Our population is aging in <br />a healthier manner. Previously, when children grew up and left the family home, the <br />parents would oftentimes move into a single level home with no stairs. They enjoyed <br />the convenience of homeowner association (HOA) maintenance of the yard and snow <br />removal. This transition still takes place for many empty nesters. However, as we age <br />"better," an additional move has become mainstream. Many empty nesters are now <br />choosing to move into a two-story townhome. This option involves the navigation of <br />one set of stairs, but also allows them to enjoy the HOA maintenance of the yard and <br />snow removal. In addition, many are attracted to the additional HOA maintenance of <br />the exterior of their two-story townhomes. Historically, 30% of the buyers of this two- <br />story townhome are empty nesters. We wouldn't be surprised in this submarket to see <br />this percentage increase. One other important point for your consideration is that it is <br />important to have enough homes to support the fixed costs of having an HOA. There <br />is no hard written rule, but our guideline is to have at least 40 to 50 homes within an <br />HOA to enable the association dues to be at a reasonable level. It will be difficult with <br />detached single level townhomes to approach this minimum number of homes. <br />Therefore, we concluded that two-story townhomes are the best and most appropriate <br />housing type for most homes in this location. <br />2. YardHomes along Long Lake Road - We heard a comment that it may be preferable <br />to move the YardHomes to the City -owned lots along Long Lake Road. We agree with <br />0 Page 2 <br />