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�. .�--.��_�.a�a������ ��rr���r� <br />'he Va�uatian Group <br />'he Hos}iztality Group <br />'he Residenrial A�i�,l�res Group <br />February 14,2005 <br />Mr. J. Michael Nc�c�na�� <br />Vice President <br />Rottlund Homes <br />3065 Centre Pointe Drive <br />Roseville, Minnesota 55113 <br />�UB.TECT: Real Estate Market Assessment c� Demand Analysis for <br />Twin Lakes Redevelopment, Phase I <br />R�osc�vill�, Minnesota <br />GVA File No. 05001 <br />Dear Michael: <br />The Corporate and Investment Group <br />The Aviation Group <br />In accordance with your request, we have completed our �1n�rket assessment and demand analysis <br />to assist you in planning for a mixed-use �ievelopn�e��t known as Twin Lakes on a site located in <br />Rosevzlle; Minnesota. This report outlines our key findings regarding the historical, current and <br />projected an�.ar��t environment for for-sale multifamily housing. senior condos, retaillr�sta�ai��i�t, <br />and office development. The report provides a forecast of overall a�aar�et demand for each <br />proposed development component and an analysis of whether there is sufficient market �uppor! for <br />t�e project as proposed. As discussed, this assessment is intended to be preliminary in nature, <br />intended to provide an overview of the market and the demand for the various land uses mentioned <br />above. '�`l�e report does not constitute a feasibility study. ��a�e: G.onc�us��n� are bas.e� upon a review <br />of relevant demographic indicators and a broad assessment of market conditions. and should be <br />si►bject l� more detailed feasibility analyses throughoutthe developmentplanning process. <br />We �-e�n�i��� available to answer any questions that may arise regarding the information presented in <br />this report. Thank you for inviting us to assist you in evaluating this development opportunity. <br />W e look forward to working with you again in the future. <br />Sincerely. <br />GVA MARQUETTE ADVISORS <br />�� <br />Louis W �'rillma��, CRE, MAI <br />�� 15'�'1�4 "I <br />� � <br />. � <br />B,�•c�it ��v itte«berg <br />Vice President <br />� Worldwide North American Valuation � Consulting Offices <br />Minneapolis Office: 333 S. 7th Sti`eet, Suite 2300, Minneapolis, NI[� 55402 <br />Phone 6T2-335-8888; Fax 612-334-3022 <br />Seattle Qf�'x�e:22525 SE 64th Place, Suite 180, Zssaquah, W,tk98(3�7 <br />Phone 425-392-7482, Fax 425-392-7330 <br />