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• Gramercy Park of Chaska—a 51 unit community that will break ground this September with an expected opening in the Summer of 2006. A senior cooperative is ownership housing for independent individuals age 55 and better that provides maintenance-free living, while guaranteeing a well-maintained building—both inside and out. As noted above, there are two basic types of senior cooperatives, limited-equity and market-rate, and both require the purchase of a share of the corporation in order to reside there. Market-rate cooperatives often involve individual mortgages for each of the units and, upon re-sale, the price is based upon what the existing market will pay. A limited-equity cooperative, which is what the proposed Summerhill of St. Anthony would be, is financed by means of a fixed-rate 40-year mortgage that is insured by HUD. The insurance by HUD allows for a lower interest rate that benefits the seniors who are purchasing homes in the development by making it even more affordable for them. Such cooperatives also become increasingly more affordable over time with individual units appreciating at an annual pre- established rate (limited equity)—2.5% for our recent developments—as compared to the recent 10% to 20% annual appreciation seen in the market for single family homes. Another key factor, quite possibly the most important, is that experience has shown that the vast majority of those independent seniors who purchase a home in one of our senior cooperatives will come from the immediate area. This means that the local community will retain these wonderful people who are quite often invaluable resources and who shop, socialize and participate in the community. The construction of a senior cooperative also benefits the local community by creating the opportunity for existing single-family homes to become available for purchase by younger families as the existing owners move to their new cooperative homes. When Nichols Development builds a senior cooperative community, we make a commitment to stay connected with the owners long after the last unit has been sold due to the relationships we develop with the owners during the process and our overall sincere commitment to the senior community. This ongoing participation is further enhanced by the strong team of professionals we bring to the table during the development and our continued role in the management of the buildings once they are occupied. Our proposed Summerhill of St. Anthony senior cooperative would feature: • 57 units in a four-story building. • 1 and 2 bedroom homes, including many with dens. • Full kitchens with standard equipment including dishwashers, disposals, microwave ovens, glasstop ranges, appliances, refrigerators with icemakers, and pull-out shelving. • Large bedrooms and living areas. • Individual decks. • Amenity areas for cooperative residents, such as a community room, woodshop, library, craft/multi-purpose room, game room, exercise room, guest suite, business center, and garden plots. • 24-hour security with video surveillance. • Controlled front entry. • Heated underground parking with car wash. • On-site management. • The exterior will be created of handsome and low-maintenance materials of brick and James Hardie cementitious siding, metal facia and will be enhanced by extensive high-quality landscaping. The exterior design will have a human scale and will fit well into the surrounding neighborhood. The proposed project would provide: