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<br />I <br /> <br />i.w&L SHENEHON COMPANY <br />BUSINESS &. REAL ESTATE VALUATIONS <br /> <br />September 21,2004 <br /> <br />Mr. J. Michael Noonan <br />Rottlund Homes <br />3065 Centre Pointe Drive <br />Rosevine, MN 55113 <br /> <br />RE: Twin Lakes Redevelopment - Roseville, MN <br /> <br />Dear Michael, <br /> <br />The purpose of this letter is to provide a history of our invoIvemcmt with eftOrts to redevelop Twm <br />Lakes,1o summarize the work: we have done to that end IDd to ~ the Tax Increment <br />Financing (ï:Œj 1iDancial ana1ysis prepared by Kraus and Monroe as economically feasible. <br /> <br />Rosevillc Properties engaged us in December 2002 to help them complete a TIP application for <br />redevelopment of a portion of the Twin Lakes area. In mid-February we provided a preliminAry 11F <br />model for a proposed development which combined commemal and Md"f\1itÙ irn.provemcnts_ Our <br />work incozpoœted that ofRLK-Knuisto, Ltd. (sitework costs), American E'.ngineezmg Testing, Inc. <br />(environme.ntal çost estim~). RJ Ryan (commercial construction costS) and Klodt!ncotporated <br />(residential construction costs). <br /> <br />Over the course of the e:osuin¡ 18 :rn.onths or so~ our role as finaaciaI and muket consultanTS <br />involved various rea) estafe..re1ated market research OIl tax rates. assessed values, rental rates, <br />development costs and cmrentIfuture mar.kët values. By August 2003. the UDCertIÏnty of city <br />approvals and delayed constnJctiOD of ~ Road C caused RoseviUe Propaties to request that the <br />city issue a con'I'Ïnn"llCe ofthc approval process for their proposed redevelopment within Twin <br />Lakes. Shortly tbereaner. R.ott1und Homes teamed with RoseviUe Properties to re.Iånd1e efforts to <br />master plan a <:omm.erciaVresidemia1 redevelopment within Twin Lakes. <br /> <br />Our role as tile developc1"s TIF consultaJ#s and appraisers for the Twin Lakes redevelopment; project <br />has been multifàceted. Some of our mom notable respo.nsibilities have included: <br /> <br />. <br /> <br />Preparation oflùnitcd restricted appraisals of the properties to be acquired for the <br />initial phases of the planned redevelopment and an aggregate estimate ofthe <br />potential cost to acquire them.; directly or through eminent domain; <br /> <br />88 SOUTH UNTH STUET I SUITE 400 I MINNEAPOUS I MINN:ESOTA 55403 I 612/333-6.513 I FAX: 612/3404"1635 <br />WWW.SHEN!ltON.COM. I E-MAIl.: VALtTE.SH1NIHON.C;OM <br />