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CENTRA HOMES,,, October 19, 2021 Attn: Kurt Ulrich, City Administrator City of Ramsey 7550 Sunwood Drive NW Ramsey, MN 55303 Subject: Update on the Ramsey Cottages at the COR Project Dear Kurt, 11460 Robinson Drive NW Minneapolis, MN 55433 Greetings and Happy Fall! I hope this beautiful season finds you well. I am reaching out to provide our Q3 - 2021 update on progress at the Cottages at the COR project in Ramsey. You and your team at the City of Ramsey continue to be instrumental in making the project a success. We sincerely thank you for your hard work, dedication, and for being an advocate for Centra Homes! Project Summary: The Cottages at the COR community is a distinctive neighborhood located at the southwest corner of Ramsey Blvd and Bunker Lake Blvd (just a few minutes' walk from The Draw). The project features a charming, walkable neighborhood with high -quality detached townhomes throughout. Cottages at the COR introduces unique, highly efficient, affordable for -sale home options in the City of Ramsey. With front doors and porches facing public roads, the neighborhood is welcoming and attractive to the greater community. Through a network of private roads as well as new sidewalks and pedestrian trails that connect Ramsey Blvd to Olivine, Cottages at the COR completes the block in a highly walkable manner. A new, artistically landscaped open space provides an inviting community -oriented connection to the existing neighborhood. With City Council, City Staff and Neighborhood input, a new neighborhood of 40 homes will be delivered once complete. The October 2021 update on the Cottages at the COR development project: Since our last update in June, we have completed construction and homeowners have closed and moved into their homes in our first phases of development - blocks 2, 3 and 4. Construction of the 10 homes in block 1 - lining the remaining stretch facing Bunker Lake Blvd - continues to move at a steady pace (with 60% of these units sold). As planned, we broke ground on our final remaining lots - block 5 - with nine homes facing 146th Ave NW, and are on track to have all foundations completed yet this season. New landscaping and a final lift of asphalt along the private road were installed late summer, helping to provide a beautiful clean finish to the occupied neighborhood as we near the final stages of construction. We expect to sell the last homes available in the Cottages at the COR in 2022. Home Type Two -Story Detached Townhomes Total Planned Homes Homes Sold to Date* % Complete 40 29 73% 1 of 2