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CONCEPTUAL CONSTRUCTION BUDGET <br />Concept D <br />PROJECT NAME Ramsey Town Center <br />City, State Ramsey, MN <br />Date 1/14/2010 <br />Note Conceptual Budget <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 <br />Common Area/Other Sq. Ft. - <br />Total Net Sq. FL Retail 2,000 <br />Total Building Sq. Ft. 347,000 <br />Total Garage Gross Sq. Ft. <br />- Number of Parking Spaces 127 <br />- Number of Surface Spaces 245 <br />Total Gross Sq. Ft. Protect 353,000 <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 />* No Parking Costs included in # <br />* Input <br />Total <br />1,580,400 <br />1,500,000 <br />Indianapolis <br />Charlotte <br />Cincinnati <br />Raleigh <br />Per Unit Per Sq. Ft. Rentable Per Sq. Ft. Gross <br />5,412 6.13 <br />5,137 <br />4.55 <br />5.82 4.32 <br />Apartments 21,900,000 75,000 85.00 63.11 <br />- Building - - - Pool/Deck - Amenities/Leasing - Terrace/Deck/Courtyard <br />Retail <br />- Foundation/White Box <br />- Transfer Slab <br />- Tenant Improvements <br />Parking Garage <br />-Garage spaces <br />-Detention <br />-Podium <br />-Slab on Grade <br />Total Hard Cost <br />Contingency* <br />GC Overhead/Profit* <br />Total Fees <br />TOTAL PROJECT HARD COST <br />LESS BUILDING "A" <br />245 <br />24,980,400 85,549 96.95 71.99 <br />3.00% 702,000 2,404 2.72 2.02 <br />4.00% 999,216 3,422 3.88 2.88 <br />1,701,216 5,826 6.60 4.90 <br />26,681,616 91,375 103.55 76.89 <br />(4,620,000) $ 110,000.00 <br />247 $ 22,061,616 $ 89,318 <br />