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. � � �� , +n n, ;�? r June 9, 2009 RE: Applewood Pointe Senior Cooperative 3008 and 3010 Cleveland Avenue Dear Resident: � United Properties received approval from the City of Roseville last year for the development of a 95-unit, four story senior cooperative. The site is located on the south side of Brenner Avenue just east of Cleveland Avenue. The senior cooperative is "for sale" senior housing. To date, United Properties has built five Applewood Pointe communities and has been successful in selling 100% of the homes. Since receiving approval for this project, we have been actively marketing this community. Given the tough economic circumstances and challenges in the housing market, we are pleased with the current list of reservation holders built up over the past year. Pre-sale requirements as required by lenders has increased significantly, however, and this coupled with uncertainty surrounding the housing market has led to the decision to build this project in two phases instead of all at once. We believe we have a strong enough reservation list to proceed this year with the first phase of the project which would be 51 of the approved 95 units. The second phase containing the remaining 44 units would be built if and when there is adequate marketplace demand. It is important to note that the location, design and finishes of the building have not changed at all. We are simply building the east half of the building as previously designed. This will allow us to accommodate our buyers who have indicated that they are ready to sell their homes and sign purchase agreements this year. As indicated earlier, we will continue to market the second phase of the project and would proceed with the western half of the building if and when we reach an adequate pre-sale level. I have attached the following documents for your reference: Original site plan New proposed Phase I site plan Renderings of the proposed Phase I building Please note that the 95-unit project has been approved by the City. We would be happy to discuss in further detail the proposed phasing of this project and answer any questions that you may have. We will be available on Wednesday, June 17th from 6:OOpm to 7:30pm at the Roseville City Hall in the Oak Room. Additionally, please feel free to visit our web site at www.applewoodpointe.com, or drive by our existing Applewood Pointe of Roseville located just east of Snelling Avenue off of County Road C2 at 1480 Applewood Court. Please feel free to contact me at 952-820-8725 with questions. Sincerely, �� Alex Hall Vice President Development �„��.c�n L'lvd. W. Suite �UO Minneapolis, N1N `� T � F ;r�: i� � �