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November 8, 2012 SCI <br /> Sent Via E-Mail Transmission Sand Com panies, Inc. <br /> 366 South Tenth Avenue <br /> PO Box 727 <br /> Ms. Meagan Beekman Waite Park, MN 56387-0727 <br /> City of Arden Hills Office: (320)202-3100 <br /> 1245 West Highway 96 Fax: (320)202-3139 <br /> Arden Hills, Minnesota 55112 E-Mail: SCI @SandCompanies.com <br /> Website: www.SandCompanies.com <br /> RE: Arden Village Update. <br /> Dear Meagan, <br /> As the City is aware,we proposed constructing the Arden Village apartment development as a <br /> 100%affordable housing development. We have submitted the project a number of times to <br /> Minnesota Housing Finance Agency. A few weeks ago,we were notified by MHFA that the <br /> project was not selected. <br /> As we mentioned to the City, if it wasn't funded this round our intention was to move the <br /> project forward as a market rate development. We have already begun the process of this <br /> including securing the financing and revising the plans and specifications. We recently had <br /> Maxfield Research, Inc. conduct a new market study to determine the market need and design <br /> requirements. <br /> Maxfield has determined the market need is for more singles and individuals sharing apartment <br /> housing. Another significant market driver because of all the employment around the site is for <br /> professionals that may be recent hires that are just coming into the market. With this new <br /> market demographic, we are looking at providing more amenities and features such as nine <br /> foot ceilings,granite countertops, a larger community room,fitness center, outdoor recreation <br /> area and other amenities. <br /> With our prior family housing project, most of the units were two and three bedrooms. With <br /> the change away from families, it is Maxfield Research's recommendation to eliminate nearly <br /> all the three bedroom units and incorporate more one and two bedroom units. Below is the <br /> prior mix we have as compared to the projected new unit mix. <br /> Prior Unit Mix Revised Unit Mix <br /> 1 BR—9 units 1 BR—27 units <br /> 2 BR—23 units 2 BR—27 units <br /> 3 BR—23 units 3 BR—6 units <br /> TOTAL= 55 UNITS TOTAL=60 UNITS <br /> Construction ® Property Management. 4 Development <br /> Equal Opportunity Employer <br />