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Office of the County Manager <br /> Julie Kleinschmidt, County Manager <br /> 250 Court House Tel:651-266-8000 <br /> Ramsey County 15 West Kellogg Boulevard Fax:651-266-8039 <br /> St.Paul,MN 55102 e-mail: Julie.kleinschmidt @co.ramsey.mn.us <br /> Working',Ah You To Enhance <br /> Our Q,.Ifty of Lifc <br /> October 24,2012 <br /> Jamie Thelen <br /> Arden Village, LLC. <br /> 366 South Tenth Avenue PO Box 727 <br /> Waite Park,MN 56387 <br /> RE: ARDEN VILLAGE DEVELOPMENT PROJECT <br /> Dear Mr.Thelen: <br /> Ramsey County is pleased to be able to provide financial support for development of Arden Village.This is the first <br /> major project we've been invited to participate in Arden Hills and believe it is an important project for the City. <br /> The Ramsey County Housing and Redevelopment Authority has approved an award of HOME Investment <br /> Partnership Program funding of$365,000. In return, Sand Companies agrees to set-aside 4 units for households <br /> whose incomes are less than 80%of the Area Median Income at rent levels, including utilities,as published by the <br /> US Department of Housing and Urban Development.The set-aside will be effective for a minimum of 20 years <br /> following first occupancy of the HOME-Assisted units.Sand Companies will complete beneficiary reports annually <br /> during the period. <br /> Ramsey County will be drafting agreements in anticipation of a closing date on or about January 15,2013.The <br /> verbally agreed upon terms for the$365,000 loan are 1%repaid quarterly over 30 years,with deferred for 24 months <br /> from start of construction. Ramsey County has proposed that the first payment will be due on or about April 1, 2015, <br /> based on amortization beginning January 1, 2015. No interest will accrue until the amortization period has been <br /> initiated, Ramsey County's loan will be subordinate to the first mortgage and the loan may be repaid without penalty <br /> prior to the end of the term. <br /> We are looking forward to completion of the project and the addition of new affordable rental units for larger families <br /> in the community. Please don't hesitate to contact us if you have questions or would like additional information. <br /> With best wishes, <br /> Sincerely, <br /> M.Denise Beigbeder <br /> Community and Economic Development <br /> CC: Ann Schwartz, Ramsey County Attorney's Office <br /> Excellence + Respect • Diversity <br />