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CAPSTONE <br />June 7, 2023 <br />Mr. Sean Sullivan <br />Economic Development Director <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />Mr. Sullivan, <br />HOMES <br />Please accept this letter as an initial offer for consideration to purchase +/-16.6 acres of Parcel #46 north of <br />future Ramsey Blvd. Using the feedback we've received from the workshop in March, this sketch reserves <br />approximately 3 acres for retail space, ponding along Armstrong and most of wetland #1. The residential area, <br />+/- 16.6 acres, includes 130 townhome units. The reserved retail space, ponding and wetland (+/- 6 acres) <br />mentioned above would be retained by the city of Ramsey. Please see the revised sketch attached for reference. <br />Some unique amenities that this neighborhood will offer: <br />o Newly designed townhomes with Parcel #46 in mind. <br />■ Anticipated average price $335,000.00. <br />■ Multiple plans will include three bed, three bath homes and two -car garage. <br />■ Offering 1500-1800 square feet <br />■ Townhomes along Bunker Lake Boulevard, Zeolite Street and Ramsey Boulevard will <br />include enhanced rear and side architecture. <br />o The trails and sidewalks through the neighborhood, including a connection to the Lake Itasca <br />trail system, will allow for the walkability the city is desiring to achieve in the COR. <br />o A half -acre HOA maintained recreational open space for neighborhood play will include an <br />amenity to be determined; a gazebo, dog park or pickle ball court are all being considered by <br />the developer at this time. We welcome feedback from city staff. <br />o Proximity to future Waterfront Park and the heart of the COR <br />Land Price: $6,100.00 per unit. Currently the sketch includes 130 units to accommodate the revised <br />layout of Ramsey Boulevard. Total Price: $793,00.00. <br />The price includes the following assumptions: <br />o The site is currently short of material (dirt). <br />o The city is planning to provide the necessary material from off -site to balance the site. <br />o The developer will not be required to import any material to balance the site. <br />o Tree removal and grubbing will be provided by the city at no cost to the developer. <br />o Developer participation of $256,600.00 (20% of cost) toward Ramsey Boulevard. <br />o The city will bear the sole cost of construction of Zeolite Street. <br />o The developer will pursue a wetland permit to mitigate Wetland #2 as identified in the City <br />Feasibility report. The developer will seek to get this wetland re-classified as incidental, in <br />which case, purchase of wetland credits will not be required. <br />o Developer to confirm construction costs. <br />CAPSTONE HOMES, INC. <br />14015 SUNFISH LAKE BLVD, SUITE 400 I RAMSEY, MN 55303 <br />0: 763-427-3090 I F: 763-712-9060 <br />