11-8-01 EXECUTIVE SUMMARY - BEST/BENSON

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FPOM BEST & FLANAGAN (WED) 11. 7' 01 17: 01/ST. 16:57/NO. 4863201824 P 2 EXECUTIVE S UIVIlVIAR'Y - Project Description The proposed independent senior housing project on the subject property will contain 62 inde- pendent senior housing units. • Current plans for the subject property call for 37 one-bedroom units, 22 of which will have a den. The remaining 25 units will consist of 15 two-bedrooms and 10 two-bedrooms with a den. Unit sizes for the one-bedrooms will be 725 square feet, and 925 square feet for one- bedrooms with a den. Two-bedroom units will come in two sizes, 975 and 1,050 square feet, and two-bedrooms with a den will also come in two sizes, 1,150 and 1,250 square feet. • Of the 62 units proposed on the subject property, a total of 48 units will be market rate,with the remaining 14 units priced affordably. The 14 affordable units are restricted to households at or below 50% of the Metro Area median income. Affordable one-bedroom units will rent for $616, or $0.85 per square foot, and one-bedroom units with a den will rent for $738 per month, or $0.80 per square foot. • One-bedroom market rate units will rent for $875 per month, or $1.21 per square foot; one- bedroom units with a den will rent for $1,050per er month or$1.14 per square foot; small two- bedroom units will rent for $1,100 per month, or$1.13 per square foot; large two-bedrooms will rent for S1,250 per month, or$1.13 per square foot; small two-bedrooms with a den will be $1,435, or $1.25 per square foot; and large two-bedroom units will rent for $1,600 per month, or$1.28 per square foot. Site Analysis Several factors contribute to the Site being suitable for senior housing development: • The access and topography are favorable. The Site is located within three blocks of the main intersection in Downtown Long Lake, and is located along a major thoroughfare,Highway 12. The planned by-pass of Highway 12 around Long Lake will reduce traffic in front of the Site, but accessibility to Downtown Long Lake will actually improve due to reduced conges- tion. The topography is favorable; it is gently sloping,but not enough to pose grading or other slope-related problems, and is instead an amenity. • Planned upgrades and potential redevelopment to Downtown Long Lake will focus-the City more towards the park and open space along the shore of Long Lake. This enhances the City's overall character and desirability. • The surrounding land uses provide several convenient retail and service options to residents on the Site. 1 MAXFIELD RESEARCH INC.