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( ( l A majority of Roseville residents have resided in the city for over 11 years. While it is generally an older population than the Greater Metro Area, it also has a high percentage of homeowners (66% in 1990). The average Roseville family income was $35,580 in 1984; for that same time the average Metro area family income was $32,297. A recent Maxfield Research study has indicated that approximately 38.6% of the households in Roseville had incomes below $35,000 in 1990 (about 4,970 households of the estimated 12,880 in 1990). Calibre Ridge will be affordable to families in that income range. Nicely maintained single family housing is predominate in the area to the west and north of the site. Directly south is Highway 36 and to the east, strip commercial development on Rice Street. Although most housing in the area is single family, an 8 unit apartment complex is located next door at the corner of Minnesota & Rice. Just to the north 1 block is Hillsborough, an 86 unit apartment complex. PROPOSED DEVELOPMENT The present site, comprised of 4.5 acres, is zoned R-3A. It's a heavily wooded rolling hillside facing Highway 36. As enclosed, the site plan has been designed to maximize the topographical assets and minimize tree loss. The proposed project includes 28 two-bedroom townhomes of 1,023 square feet each and 30 three-bedroom units at 1,310 square feet. The townhomes have been designed to especially meet the demands of single parent families. Dining area/family rooms with stairs to second floor are located directly off the entrance. Living rooms are located outside the "traffic lanes." All units have a private entrance, one car attached garage, stove, refrigerator, dishwasher, disposal, and washer/dryer. The three-bedroom townhomes include a 1/2 bath on first floor and compartmentalized full bath on second. Laundries are all located on second floor with the bedrooms. Nineteen units, facing Highway 36, are designed to include full basements which helps to minimize retaining wall construction and provides a marketing tool to these units with a less desirable location. Three playgrounds and a walking/bike trail are key elements of the proposal to insure that children have adequate play areas. Parking areas provide 64 parkingstalls tor residents and visitors in addition to the 58 garage stalls. FINANCING Financing for Calibre Ridge has been structured to meet requirements of the low income tax credit program. The project has a three part loan structure. The first mortgage of $1,750,000 is proposed as a 30 year loan from the AFLlCIO through GMAC Mortgage. Since Fannie Mae is the underwriter, this loan cannot be put in place until rent-up is completed. The Minneapolis/St. Paul Family Housing Fund will be approached for a small deferred loan and Multi-MaclThe Minnesota Bankers Association will be solicited for a small financing grant. The remaining financing of $1,910,700 is anticipated to come from a private investor interested in purchasing the low income tax credits provided in this project. The Minnesota Housing Finance Agency has awarded the project $250,000 in annual tax credits. Marquette Bank has expressed an interest in providing construction financing. Total project costs are estimated at approximately $4,009,000. Hard construction costs are around $2,810,000. - 2 -