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City Council Regular Meeting Minutes November 14, 2006 Page 8 1 2 Ms. Kvilvang discussed the For Sale Condos and showed a marketing video. She explained 3 there would be 260 total stacked flats and condos in four buildings. She stated the prices for 4 these units range from $170,000 to $528,000 with an average sales price of $297,000. Ms. 5 Kvilvang reported construction of Phase lA is 98 percent complete with 49 units sold in the fist 6 building and 22 sold in the second building. 7 8 Ms. Kvilvang reported Phase 1B construction of building three adjacent to 39I' Avenue, would 9 begin by the fall of 2007. She stated the construction of building four would begin by fall 2008. 10 Ms. Kvilvang showed photos of the exterior and the interior of the building. 11 12 Ms. Kvilvang discussed the Phase 2A patio homes currently under construction. She explained 13 these patio homes total 26 units of which 12 are sold to date. She stated the average sales price 14 is $280,000 and showed photos of the site and the construction process. She also showed a 15 computer-generated view of what the development would look like once completed. 16 17 Ms. Kvilvang reported upcoming approvals for 2007 coming before the Council include Phase 18 IA housing TIF revenue bond take-out financing. She explained this is similar to the commercial 19 take-out financing completed in 2006. Ms. Kvilvang explained this is to be completed by the 20 first quarter of 2007 and Ehlers and Associates is in the process of gathering information for the 21 look back. 22 23 Ms. Kvilvang explained a loan was obtained form Fanny May in the amount of $3,350,000, to 24 acquire land for the For Sale Condo Housing. She explained the loan repayment would be from 25 the sale of condos and a TIF from the revenue financing at the take-out portion. She stated 26 payoff of the majority of the loan from Phase 1A is anticipated by August 2007. Ms. Kvilvang 27 reported an extension on the remaining portion of loan would be requested. 28 29 F. Developer's Updated on Silver Lake Village Project. 30 31 Mr. Len Pratt, Pratt Ordway, addressed the Council. He stated it has been a year of continued 32 progress in Silver Lake Village. He thanked the customers who purchased the homes from them. 33 Mr. Pratt stated one reason homes are purchase from Pratt -Ordway is because folks want to live 34 or have come back to St. Anthony. He stated the history of the community and the elected 35 officials keep St. Anthony safe and secure which makes his job easier in a challenging real estate 36 market. 37 38 Mr. Pratt explained the real estate market comes in cycles so he focuses on the fundamentals of 39 making their product presentable and employing a trained and enthusiastic sales team. He 40 pointed out they also help with selling homes using effective marketing plans. He stated homes 41 in St. Anthony have a good reputation and are sold to young families who become a part of the 42 ongoing cycle of St. Anthony. Mr. Pratt stated a selling point of St. Anthony is the right amounts 43 of services are located in walking distance. He pointed out Salo Park is located in the center of 44 the community and offers summer activities, the beautiful sculpture, and a gathering place for 45 citizens. 46 8