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-2- <br /> would lose money, and FHA wouldn't let us do it. We then re-calculated and <br /> found that we couldn't make money on the project until we hit seven stories <br /> and 140 units. Seven stories is the lowest we can build this and still show <br /> a profit. <br /> Q. Mr. Ondrey asked what will be rents be? <br /> A. $95.00 for efficiencies-$130.00-$140.00 for 1 bedroom-This will be determined <br /> by FHA. <br /> Q. Mr. Bratland asked why FHA financing? Why no private financing? <br /> A. Edina is FHA financed, but under a different program, we can charge more there. <br /> Our first experience with FILA and we found that for the most part we could do <br /> a better job on the rents with FHA. <br /> Q. Mr. 9ratland asked why are you limited to $1304140 on the rent? <br /> A. l--lithout RIA, we would have to charge much more an efficiency would run about <br /> fi200.00 and a one bedroom would run 60% more. One more thing I would like to <br /> mention, is that we leave as much space available for landscaping, we are <br /> planning more than adequate parking for the home, these people just don't <br /> drive that much. We think these people need this land developed, rather than <br /> lying bare. <br /> Q. Mr. Ondrey asked have you estimated what amount of real estate taxes you will <br /> have to pay? <br /> A. Yes, approximately $330.00 per unit per year multiplied by 140 units. You must <br /> consider, that we don't really use the public services, we don't use your <br /> • schools, we don't create a traffic problem, and residents from this area will <br /> live there. <br /> Q. Mr. Rratland questioned how many entrances and exits will there be? <br /> A. One <br /> Q. Mr. Kronk asked if you rent a unit and your spouse dies, do you have to leave? <br /> A. No, you don't have to leave as long as you are over 62, you can live there, <br /> married or single, as a matter of fact we have more unmarried women living in <br /> our homes than married couples. <br /> Mr. Woodington (representative from Heritage) stated that they met with the <br /> residents at the Community Center in Apache and we attempted to answer questions. <br /> There were three times as many people at that meeting as were at the public <br /> hearing here. I don't think anyone with 100 feet of the proposed building <br /> opposed it. Many said it would be a good use of the property. <br /> Mr. Bratland stated that before you remember what was said, and part is wrong, <br /> of the nine on the mailing list, three were here, one out of the three had <br /> expressed that they were opposed because of the use of the land, but out of the <br /> nine, three were here. <br /> Mr. Letourneau asked why do you feel the people in this area can't afford more <br /> • rent? <br />