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<br />LEADERS IN PUBLIC FINANCE <br />per year, and free up $20,000 per year to fund other projects in the City of Ramsey. Most <br />importantly, the equity contribution would provide financial stability to the project over the next <br />twenty years. <br /> <br /> <br />EHLERS <br /> <br />The "pay back" to the City of Ramsey on a $320,000 equityinvestment could be looked at in a <br />few different ways. Most simply, it would take 14 years for the City to recover its $320,000. <br />Over the life of the bonds, the City would receive a 2.2% rate of return. The "pay back" could <br />also be measured in terms of affordability for Savannah Oaks residents. If the HRA raised rents <br />to generate $20,000 per year, each senior resident would experience a $35 monthly rent increase. <br /> <br />The chart on the following page compares the refunding alternatives. We understand that the <br />City Council will need to consider the requested equity contribution, and Karen Skepper or <br />Jessica Cook are available to attend one of the City Council meetings in March. <br /> <br />- 2 - <br /> <br />Ehlers & Associates Inc. <br />3060 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br /> <br />Phone: (651) 697-8546 Fax: (651) 697-8555 <br />jcook@ehlers-inc.com <br />