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ECEI E <br />JAN 6 2016 <br />Bl(• l5-6�� <br />To Whom It May Concern, <br />Partnership <br />Investment <br />Group <br />On behalf of my client ARMC, I am providing some basic project information via this document which will <br />serve as the project narrative. Consistent with our PUD approval, phase one of 165 unit approval will consist of 97 <br />market rate apartment units. The market rate apartment units will consist of 2 -bedroom and 3 -bedrooms units <br />and the building common space is to include amenities found in upscale developments. The configuration of the <br />building will provide the necessary maximum use of land available for this phase while creating an aesthetically <br />pleasing living environment. The existing out -lot shall be split to accommodate the structure while leaving the <br />balance for a future phase. <br />The majority of renters today tends to be younger in age and is single or dual -income families without kids. <br />However, we are also starting to see a trend of empty nesters starting to look at rental property as an option. <br />Recent surveys also show that today's renter tends to be a more active user of amenities and public spaces than <br />they were in the past and are looking for rentals that will accommodate to their pets as well. To meet these <br />needs, the development will have a dog park located to the west of the building. Amenities provided to residents <br />will consist of a mini -spa, a community/party room just off the community balcony and an attached deck. We <br />have promoted the newly designed Lions Park as a great amenity as well, which we will be offering outdoor <br />exercise classes. The facility will have on site management and last but not least, under -ground parking — the <br />most demanded amenity by renters in this part of the country. The target rent for this facility will beat and above <br />the median income of the area. <br />I'd like to add that I am very excited about this project as it will bring a much-needed upscale apartment <br />building into downtown Hugo. This building will be a boom to the city both aesthetically and economically. <br />Communities with stronger population growth generate the largest increases in the residential property tax base <br />which in turn increases the municipal budget leading to local government spending on infrastructure thereby <br />raising property values, thus increasing further the residential property tax base. <br />Sincerely, <br />William M. Lentsch <br />6607 145' Circle N. Hugo, MN 55038 (651) 2164253 <br />