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�AU$USt %, 2002 City of Roseville 2660 Civic Center Drive Roseville, MN 55113 Dear Mayor, Council and City Manager: _�,� ETROPLAINS METROPLAINS PROPERTIES INC METROPLAINS DEVELOPMENT LLC °� h o u s � n g r h e h e a r r z a n a» We wanted to take this opportunity to expand our plans for the Arona Site based upon our interview Monday night. MetroPlains is a very experienced housing developer that has specialized in affordable housing for over 23+ years. We have heard in the meeting Monday night and with staff that affordability is an important factor. We strongly believe in building a quality proj ect and believe that we can maintain that quality with making slight revisions. Our original proposal has a soil correction contingency budgeted, and in addition we were proposing 1800 square feet of finished space for the single detached townhomes. We are proposing to remove the soil correction contingency in our budget and will assume that no soil corrections will need to be made in order to construct the site. In addition we are reducing the finished square footage to 900 square feet for 2 bedroom, one bath, living, dining, kitchen with a double garbage in order to in corporate a true Grow Home concept. We will still maintain space for the future owner to finish for growing into and to build equity into their home. With both of these revisions we are able to reduce the sale price of the proposed units to the following: . Single detached townhomes $175,000-$195,000 . Attached townhomes $210,000-$305,000 . Great House units $235,000-$295,000 As stated Monday night Edina Realty has put together special programs for this development that would reduce the closing costs for existing Roseville residents that would move from an existing home to Primrose Village. They are: . 50% reduction in the loan origination fee or equivalent dollars may be used to buy down the interest rate. . Appraisal fee will be reduced from $375.00 to $250.00. . Closing fees for Primrose Village purchases will be reduced from $260.00 to $175.00. By working with existing Roseville residents this will free up homes for other potential homeowners to move into the community and utilize existing programs in order to provide another avenue for purchasing affordable housing. Ramsey County and the Housing Resource Center have programs for First Time Home Buyers that will assist with down payment assistance and funds for fixing up the home. SPRUCE TREE CENTRE ■ 1600 UNIVERSITY AVE. ■ SUITE 212 ST PAUL MINNESOTA 55 104-3825 651 646 7848 ■ FAX 651 � 8947 ■ www.metroplains.com