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CONCEPTUAL CONSTRUCTION BUDGET <br />Concept A <br />PROJECT NAME Ramsey Town Center <br />City, State Ramsey, MN <br />Date 1/14/2010 <br />Note Conceptual Budget <br />Total Units 289 <br />- One Bedrooms <br />_ - Two Bedrooms - Three Bedrooms 0 <br />Average Net Sq. Ft. / Unit 886 <br />Total Net Sq. Ft Apartments 256,160 <br />Amenities/Lobby Sq. Ft. 5,000 <br />Common Area/Other Sq. Ft. - <br />Total Net Sq. Ft. Retail 1,500 <br />Total Building Sq. Ft. 329,700 <br />Total Garage Gross Sq. Ft. 90,300 <br />- Number of Subgrade Parking Sp, 258 <br />- Number of Surface Spaces 112 <br />Total Gross Sq. FL Project 426,500 <br />HARD CONSTRUCTION COSTS <br />General Conditions <br />Site Work <br />- Streets/Roads <br />- Utilities <br />- Demolition <br />- Landscaping/Hardscape <br />^FLAHERTY & COLLINS <br />Properties <br />Notes: <br />• Input <br />Total <br />1,777,500 <br />1,500,000 <br />Indianapolis <br />Charlotte <br />Cincinnati <br />Raleigh <br />Per Unit Per Sq. Ft. Rentable Per Sq. Ft. Gross <br />6,151 6.94 5.39 <br />5,190 <br />5.86 4.55 <br />Apartments 21,675,000 75,000 84.62 65.74 <br />- Building <br />- Pool/Deck <br />- Amenities/Leasing <br />- Terrace/Deck/Courtyard <br />Retail <br />- Foundation/White Box <br />- Transfer Slab <br />- Tenant Improvements <br />Parking Garage <br />-Foundations <br />-Detention <br />-Podium <br />-Slab on Grade <br />258 below grade spaces <br />6,450,000 22,318 <br />25.18 19.56 <br />Total Hard Cost 31,402,500 108,659 122.59 95.25 <br />— Contingency* 3.00% 888,750 3,075 3.47 2.70 <br />GC Overhead/Profit* 4.00% 1,256,100 4,346 4.90 3.81 <br />Total Fees 2,144,850 7,422 8.37 6.51 <br />TOTAL PROJECT HARD COST $ 33,547,350 $ 116,081 $ 130.96 $ 101.75 <br />LESS BUILDING "A" (4,620,000) $ 110,000.00 <br />247 $ 28,927,350 $ 117,115 <br />