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<br />Ms. Michelle Wolfe <br />City of Arden Hills <br /> <br /> <br /> <br />August 20, 2007 <br />Page 14 <br /> <br />Mary C. Bujold, CRE <br />President/Director of Research <br /> <br />Mary joined the firm in 1984 shortly after Maxfield <br />Research was established. Working initially with <br />multifamily residential developments, Mary rapidly <br />expanded her expertise to include financial insti- <br />tution studies and retail analyses. She is consi- <br />dered a market expert in the field of residential <br />real estate and in market analysis for financial in- <br />stitutions. <br /> <br />As Director of Research, she is responsible for <br />overseeing and directing all research projects for <br />the firm. In addition, she also heads project as- <br />signments for large-scale land use and downtown <br />redevelopment studies for private developers and <br />municipalities in the Twin Cities and in the Upper <br />Midwest. Mary has worked with a wide array of public and private sector clients <br />including institutional clients. She has worked directly with private developers <br />and colleges and universities on their short-term and long-term student housing <br />needs. <br /> <br />A graduate of Marquette University in Business Administration, Mary also holds <br />an M.B.A. Degree from the University of Minnesota. She is a licensed real estate <br />broker in the State of Minnesota, and holds the Counselors of Real Estate (CRE) <br />designation. <br /> <br />MAXFIELD RESEARCH INC. <br />