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aeon <br />home changes everything <br />Memorandum <br />These residents, coupled with the on -site management employees in this Phase 2 <br />development, will add to the area population that will drive additional commercial <br />development in the area. <br />Together, Phases 1 and 2 would total over 16 Million in estimated tax -assessed value <br />and generate approximately $138,000 annually in property taxes. <br />Project Timing: <br />June 2020 — Site control documentation executed. <br />July 2020 — Funding application to Minnesota Housing Finance Agency submitted. <br />Funding application to the Metropolitan Council submitted <br />Fall 2020 — Design and entitlement work completed started. <br />November 2020 — Metropolitan Council funding awards announced. <br />December 2020 — Minnesota Housing Finance Agency funding awards announced. <br />January 2021 — Financing partners selected. <br />Summer 2021 — Construction closing and groundbreaking. <br />Summer 2022 — Construction completion and lease up. <br />Request: <br />Aeon is requesting that the City of Ramsey issue a letter of intent to enter into a <br />purchase agreement with Aeon for the Greenway Terrace Phase 2 parcel. A letter of <br />intent would demonstrate the required site control needed for the July 2020 funding <br />application to Minnesota Housing Finance Agency. <br />Enclosures: <br />Preliminary Architectural Design <br />901 No 3rd Street, #150, Minneapolis, MN 55401 612-341-3148 Main www.aeon.org <br />