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Nic' HOLsDEVELOPMENTr L I MITE D LIABILITY COMPANY June 15, 2005 Michael Morrison City Manager 3301 Silver Lake Road St. Anthony, MN 55418 Dear Mr. Morrison: It is with great pride and excitement that we are submitting our concept for the proposed Summerhill of St. Anthony senior cooperative that would be constructed on the site adjacent to Autumn Woods. Nichols-Development, working in conjunction with Lang-Nelson, is proposing to build a'four-story, 57-unit owner-occupied senior cooperative community that would be restricted to individuals age 55 and older. Nichols Development, LLC, formed in March 2000, is a developer with a broader perspective and a deep understanding of both the development and financing sides of the business and operates in the following areas: • Land and site location and acquisition; • Demographics,-research and marketing; • Site planning and development; • Innovative and effective negotiations with municipalities; • Overall project management and direction; and • Management Nichols Development has extensive experience with senior cooperatives including the financing of nearly 30 such communities as well as personally developing four others and preparing to break ground on a fifth later this summer in Maplewood and a sixth in Chaska this fall. We take pride in listening to the communities in which we build as well as the surrounding neighbors which ensures an outstanding final product. The communities we have developed, all of which are limited-equity cooperatives, include: • Summerhill of Eden Prairie—a 48 unit community that opened in December 2001 • Summerhill of Bloomington- a 40 unit community that opened in January 2002 • Summerhill of Apple Valley—a 70 unit community that opened in November 2003 • Summerhill of Maplewood—a 44 unit community that will break ground this summer with an expected opening in July 2006. Earlier this spring,we purchased the assets of Gramercy Corporation and, with that acquisition, obtained the name, which is Gramercy Companies, the management operations, which currently has eight cooperatives under management contracts, and two projects, both of which are market-rate cooperatives, currently in development. Those two projects are: • Gramercy Club of Burnsville—a 76 unit community with an expected opening in December 2005 Real Estate Development■Marketing■Oversight Management 12750 Nicollet Avenue South,Suite 300■Burnsville,MN 55337■Phone:(952)224-4900■FAX(952)895-1159