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16 - <br />which we anticipate will be the primary viewing areas for Minneapolis <br />and the surrounding parkway. This is the parking ramp here and the <br />other parking ramp here. We've also got a rendering of the whole site <br />which can help you visualize a little bit more how all those build- <br />ings fit together. <br />This would be the whole development. This would be the first phase of <br />134 units, the second phase, elderly 202, the second phase market <br />rate, the parking ramp with the tennis courts on top, the two third <br />phase buildings with a parking ramp inbetween. <br />With that, I''d like to talk a little bit about the construction. <br />On the first building, which is this building here, would be of steel <br />stud type of construction, the second phase building and the remainder <br />of the buildings , the second phase and 202, excuse me, would also <br />be stud, the remaining buildings would be of a floor concrete con- <br />struction. With that I'd like to turn the floor over the Steve and <br />he's going to talk about the marketing program. <br />Steve Yurick <br />awn -R you Gary. I think with the time we have remaining, which must <br />be getting fairly minimal, I would just like to comment on a few areas <br />that we considered in our marketing proposal. Our submission was <br />based on a very positive and aggressive marketing posture. We pro- <br />jected the first 134 units being absorbed over a 10 month period of <br />time. This was based really on two assumptions. One that the pro- <br />spects for this phase are able to dispose of the units that do come <br />to the marketplace augmented by two other positive factors. One a <br />housing revenue bond program to assist first time home buyers in <br />purchasing the existing homes, combined with a trade-in program <br />to guarantee the availability of that homeowners equity being available <br />for use in buying the home in phase 1. Our goal is to have in-home <br />financing in approximately the 10% range. We believe this would help <br />to ensure the the targeted 10 month absorption rate for that phase. <br />The marketing phase for phase 2 is only slightly less optimistic as <br />being approximately 12 units a month for a 15 month absorption period. <br />If viable, the 202 program is going to play a very important part <br />in the absorption rate. If the funds do become available for the 202 <br />program, we feel that those 54 units are going to be absorbed in a <br />very short period of time, probably in a 6 month period of time. That <br />leaves the other 103 units being absorbed in the 15 month period of <br />time at a much more reasonable rate of absorption. In the third phase <br />we're talking about absorbing about 100 units per year. In normal <br />real estate markets that is not an unreasonable amount to expect. <br />One of our biggest concerns and I know one of the concerns that has <br />been discussed in the analysis of this project is what is going to make <br />people move to the City of St. Anthony. Obviously, 475 units, which <br />is what we're proposing, are not going to be filled by St. Anthony <br />residents. Our feeling is that by the time we get into the latter part <br />of phase 2, and part of phase 3, St. Anthony Village is going to have <br />acquired a much more public image throughout the Twin City area, as <br />a result of this project. And, we feel that it is going to be more <br />. attractive. People are going to be more aware of St. Anthony Village, <br />and its proximity to the downtown area, its proximity to the University <br />