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Vicky Dwyer, Corporate Controller. Ms.Dwyer is responsible for the administration <br /> of financial reporting for all properties under management by the Manager. Ms. Dwyer <br /> oversees an accounting staff consisting of four degreed accountants and one bookkeeper. <br /> Ms. Dwyer has a degree in accounting from Mankato State University and over 12 years of <br /> commercial real estate and accounting experience. She has been with the Manager since <br /> 1989. <br /> Rents <br /> The following table sets forth the anticipated monthly rental rates for the Project in <br /> effect for units available for rental as of initial occupancy. The rents will include <br /> water/sewer, refuse/snow removal, heat, grounds maintenance and basic television. <br /> Electricity, telephone and garage parking are to be paid by the residents. <br /> Unit Type # of Units Size (sq. ft.) Avg. Rent <br /> 1 BR/1 BA 5 725 $ 875 <br /> 1 BR/1 BA 10 725 616* <br /> 1 BR+den/1 BA 18 925 1,050 <br /> 1 BR+den/1 BA 4 925 738* <br /> 2 BR/2 BA 11 975 1,100 <br /> 2 BR/2 BA 4 1,050 1,250 <br /> 2 BR+den/2 BA 6 1,150 1,435 <br /> 2 BR+den/2 BA 4 1,250 1,600 <br /> * Denotes"affordable"units(available to residents with income at or below 50%of Twin Cities Metro Area median income) <br /> Tenant Income Limitations <br /> As a condition to receiving the tax increment assistance described herein under the <br /> heading "TAX INCREMENT ASSISTANCE," the Borrower must rent at least twenty <br /> percent(20%) of the units in the Project to persons that earn fifty percent (50%) or less of <br /> the median area income, adjusted for family size(the 2001 income limit for a single person <br /> is $26,150). <br /> Occupancy/Reservations <br /> At the completion of the construction and equipping of the Project, the Borrower <br /> expects, based on the Market Study, that at least 12 units will be occupied. Based on the <br /> Market Study,the Borrower further anticipates that an additional 2 to 3 units per month will <br /> be leased between November and March, with 7 to 8 units per month to be leased in April <br /> to June and that the Project will reach stabilized occupancy (95%) within 8 to 10 months <br /> following completion of the Project. <br /> Market and Competition <br />