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CENT HOMES <br />11460 Robinson Drive NW <br />Minneapolis, MN 55433 <br />February 24, 2021 <br />Attn: Kurt Ulrich, City Administrator <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />Subject: Update on the Ramsey Cottages at the COR Project <br />Dear Kurt, <br />It has been a pleasure working with you and the City of Ramsey on the Cottages at the COR Project. You and your team <br />have been instrumental in making the Cottages a success. We sincerely thank you for your hard work, dedication, and for <br />being an advocate for Centra Homes! I am reaching out to provide you with an update on the project's progression. <br />Project Summary: <br />The Cottages at the COR community is a distinctive neighborhood located at the southwest corner of Ramsey Blvd and <br />Bunker Lake Blvd (just a few minutes' walk from The Draw). <br />The project features a charming, walkable neighborhood with high -quality detached townhomes throughout. Cottages at <br />the COR introduces unique, highly efficient, affordable for -sale home options in the City of Ramsey. With front doors and <br />porches facing public roads, the neighborhood is welcoming and attractive to the greater community. Through a network <br />of private roads as well as new sidewalks and pedestrian trails that connect Ramsey Blvd to Olivine, Cottages at the COR <br />completes the block in a highly walkable manner. A new, beautifully landscaped open space provides an inviting <br />community -oriented connection to the existing neighborhood. <br />With City Council, City Staff and Neighborhood input, a new neighborhood of 40 homes will be delivered once complete. <br />In 2019, we began construction of homes, and we are tremendously pleased with the project's success to date. <br />The February 2021 update on the Cottages at the COR development project: <br />Home Type <br />Total Planned Homes <br />Homes Sold to Date* <br />% Complete <br />Two -Story Detached Townhomes <br />40 <br />21 <br />53% <br />Sales Velocity - Milestone Due Dates <br />Required Minimum COs** <br />Actual COs** by Due Date <br />Dec 31, 2019 <br />5 <br />6 <br />Oct 1, 2020 <br />10 (cumulative) <br />13 (cumulative) <br />Oct 1, 2021 <br />15 (cumulative) <br />14 (cumulative - as of 2.24.21) <br />1 of 2 <br />