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CONCEPTUAL CONSTRUCTION BUDGET <br />Concept C <br />PROJECT NAME Ramsey Town Center <br />City, State Ramsey, MN <br />Date 1 / 14/2010 <br />Note Conceptual Budget <br />FLAHERTY & COLLINS <br />rroperties <br />Total Units 292 <br />- One Bedrooms <br />- Two Bedrooms <br />- Three Bedrooms 0 <br />Average Net Sq. Ft. / Unit 882 <br />Total Net Sq. Ft Apartments 257,660 <br />Amenities/Lobby Sq. Ft. 4,000 Notes: <br />_.. Common Area/Other Sq. Ft. - * Garage Parking Costs Not included <br />Total Net Sq. Ft. Retail 2,000 * Underground Parking Included <br />Total Building Sq. Ft. 347,000 <br />Total Garage Gross Sq. Ft. 54,300 <br />- Number of Parking Spaces 155 <br />- Number of Surface Spaces 232 <br />Total Gross Sq. Ft. Project 407,300 <br />HARD CONSTRUCTION COSTS <br />General Conditions <br />Site Work <br />- Streets/Roads <br />- Utilities <br />- Demolition <br />- Landscaping/Hardscape <br />• Input <br />Total <br />1,751,700 <br />1,500,000 <br />Indianapolis <br />Charlotte <br />Cincinnati <br />Raleigh <br />Per Unit Per Sq. Ft. Rentable Per Sq. Ft. Gross <br />5,999 6.80 <br />5,137 <br />5.05 <br />5.82 4.32 <br />Apartments 21,900,000 75,000 85.00 63.11 <br />- Building - - Pool/Deck - Amenities/Leasing <br />- Terrace/Deck/Courtyard <br />Retail <br />- Foundation/White Box <br />- Transfer Slab <br />- Tenant Improvements <br />Parking Garage 3,875,000 13,271 15.04 11.17 <br />-Below Grade Stalls 155 spaces 3,875,000 13,271 15.04 0.05 <br />-Ramp Stalls 232 Spaces - - <br />-Podium <br />— -Slab on Grade <br />Total Hard Cost 29,026,700 99,407 112.66 83.65 <br />Contingency* 3.00% 818,250 2,802 3.18 2.36 <br />GC Overhead/Profit* 4.00% 1,161,068 3,976 4.51 3.35 <br />Total Fees 1,979,318 6,778 7.68 5.70 <br />TOTAL PROJECT HARD COST 31,006,018 106,185 120.34 89.35 <br />LESS BUILDING "A" (4,620,000) $ 110,000.00 <br />247 $ 26,386,018 $ 106,826 <br />