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<br />lWlNOTIEsHOUSINGÐEvEWPMENTCoRPORATION <br /> <br />400 SELBY AVENUE· SUITE C <br />SAINT PAUL, MINNESOTA 55102 <br />(612) 292-0211 <br /> <br />August 31, 1992 <br /> <br />Ms. Judy Karon <br />Community & Economic Development <br />286 Court House <br />15 West Kellogg Blvd. <br />St. Paul, MN 55102 <br /> <br />RE: Calibre Ridge <br /> <br />Dear Judy: <br /> <br />TCHDC, as managing general partner of the Calibre Ridge Limited Partnership, <br />hereby requests Ramsey County consider providing an additional $30,000 to <br />assist in reducing the gap for Calibre Ridge financing. <br /> <br />This gap is the result of more stringent underwriting criteria required by the <br />limited partner investor, The National Equity Fund (NEF). NEF's underwriting <br />criteria requires a longer construction and marketing schedule than the one <br />proposed by the general partners. The Fund is concerned that a project this <br />large with rents as high as we have proposed will take longer for lease-up. <br />The enclosed marketing plan however, indicates our schedule is reasonable given <br />normal winter conditions for construction and the high demands for larger <br />townhouse units in the Roseville market. <br /> <br />The major funding gap now facing the project, will be eliminated if Ramsey <br />County is able to award Calibre this requested $30,000, along with the <br />additional $100,000 the Family Housing Fund is providing. A revised NEF <br />proforma showing the results of this additional $130,000 gap funding is <br />enclosed for your review. <br /> <br />If you have questions or need more information, please feel free to call me. <br /> <br />Thank you for your consideration and assistance in making Calibre Ridge a <br />possibility. <br /> <br /> <br />Carol Felsing ~ <br />Development Manager <br /> <br />enclosure <br /> <br />cc: Denise Beigbeder <br />Craig Waldron <br /> <br />CF/vw/JUDYKARO <br />