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Dunbar Development Corporation ("DDC") is the project coordinator and has <br /> provided development coordination services for numerous multifamily housing <br /> developments owned by housing authorities and private owners. <br /> DDC has also provided development coordination to develop approximately 4,055 <br /> units of both urban and suburban apartment units and 560,560 square feet of commercial and <br /> office space. <br /> Key personnel of DDC include the following: <br /> Frank C. Dunbar, President. Frank Dunbar started Dunbar Development <br /> Corporation("DDC")in 1985. Since that time,DDC has focused primarily on multifamily <br /> developments owned by private partnerships and governmental agencies. DDC has <br /> developed over 4,000 rental units in Minnesota. Most of these units are located in designated <br /> redevelopment areas. In recent years, DDC has expanded its development activities to <br /> include commercial office,light industrial and retail affiliated with mixed use developments. <br /> Mr. Dunbar's commitment to his community is reflected in his associations and <br /> memberships. He has served on a number of Boards of professional associations,as well as <br /> non-profit housing organizations, throughout the Twin Cities. <br /> Mr. Dunbar received a B.A. Degree in Business Administration from St. Mary's <br /> College in Winona, Minnesota and holds a Master's Degree in Real Estate Appraisal and <br /> Financial Analysis from the University of Wisconsin, Madison, in 1975. <br /> DDC has entered into a Development Agreement with the Borrower (the "DDC <br /> Development Agreement"), pursuant to which DDC has agreed to provide its project <br /> coordinator services for a fee of$218,000. Such fee shall be paid in ten(10)equal monthly <br /> installments with the first payment made upon closing on the Series 2001 Bonds. <br /> Management <br /> Management Agreement. The Borrower will enter into a Management Agreement <br /> (the "Management Agreement"), with Great Lakes Management Company, a Minnesota <br /> corporation (the "Manager"), to provide management of the Project Facilities. Under the <br /> Management Agreement, the Property Manager is to be responsible for the day-to-day <br /> marketing,leasing,maintenance,operation and financial reporting with respect to the Project <br /> Facilities. The Manager is also to prepare and submit an annual budget for the Project <br /> Facilities to the Borrower for approval. The term of the Management Agreement shall run <br /> from the commencement of construction and shall terminate one (1) year after the date of <br /> issuance of a Certificate of Occupancy unless otherwise renewed, subject to earlier <br /> termination upon the occurrence of certain events. During the term of the Management <br /> Agreement, Manager is to receive an annual management fee, payable in twelve monthly <br /> installments, which fee shall be a fixed fee which shall be equal to approximately four <br /> percent(4%)of the estimated gross revenues of the Project,one half of which annual fee will <br />