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<br /> C'.Lc:..~-'-""':L_''-t "_L.__"_''::;'" ".~, .--'----~, ~~" .---- " <br /> . <br /> . <br /> DRAFT <br /> MEMORANDUM <br /> TO: City of Arden Hills <br /> Attention: Mayor <br /> Council Members <br /> FROM: .:Tames R. C3sserly <br /> Mary E, Molzahn <br /> DATE: May 27, 1992 <br /> RE: Low Income Senior Housing Project Proposed by <br /> cottage Lifestyles, Inc. and John Arkell <br /> ::=~~=~=~~=:~-~~~=~=-~===~~=~=~~~~~===~~ <br /> . <br /> INTRODUCTION <br /> Cottage Lifestyles, Inc. ,md John Arkell (the "Developer") are <br /> proposing to construct a low income senior housing project (the <br /> "project"Y. The project would be located on the Milton property <br /> near the intersection of 35W and County Road E2. It would <br /> consist of 90 units with rents ranging from $385 for a one <br /> bedroom unit to $495 for a three bedroom unit. Garage rentals <br /> would range from $25 to $40 per month. In preparing this memo we <br /> spoke with Terry McNellis, an investment banker with piper <br /> Jaffray, Bob Gatti, the City Manager for the City of North st. <br /> Paul, and David Johnson of the Minnesota Department or Finance. <br /> . We reviewed the rent schedule, construction casts, application of <br /> funds and a pro forma prepared by the Developer. The Developer <br /> - <br />