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Based on construction cost estimates from Lyon Contracting, Inc. and accounting for land and all direct <br />and indirect development costs, the total project cost is estimated to be $32,300,000. The present value of the TIF request <br />represents 8% of the total costs. The remainder of the costs will be obtained through private financing sources and private <br />investment capital. Included with this narrative are preliminary development budgets (Sources and Uses of Funds) with <br />projected cashflows. <br />Conclusion: <br />We appreciate the consideration for this request for financial assistance. This greatly needed housing <br />project will be a valuable asset to the Ramsey community, providing not only affordable housing for seniors, but quality <br />job opportunities for the citizens of Ramsey. <br />Sincerely, <br />Trident Development, LLC <br />A4. 54- G44 /424A, (For) <br />Roge Fink, Sr. Vice President <br />Enclosures <br />C: Andy Brummer, Trident Development <br />Page 4 of 4 <br />