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Mr. FraN: Dunbar May 14, 2010 <br />Dunbar Development Corporation Page 2 <br />development occurred in Roseville where previous developments were underway prior to the <br />downturn. <br />Tmile 1 shows 2008 estimates and scream residential construction figures along with a <br />comparison between original Metropolitan Council projections for 2010 and Maxfield's <br />household estimates for 2010. The table shows that current estimates are 4.5%lower than the <br />orignalprojectlons. Each of the listed communities did not meet me original prlections. Arden <br />Hills has been especially appec4d by this as the Arsenal redevelopment has been sigNficantly <br />delayed. <br />M rlmTF kwwl'HOLLSFH MMOWTH <br />NEW BRIGHIDN AND 511RROUDING COMM11NITlYi <br />x0081010 <br />a010M M2010M <br />shows, <br />s, 2008 2009 narrow <br />zomlw <br />wawn. r.um. y <br />Iew Bureau, <br />9,341 <br />2 <br />2 <br />9jd5 <br />i1. Anthony <br />AOov <br />I <br />1 <br />4,m1 <br />Selah <br />15,M <br />16 <br />10 <br />15,120 <br />1NenHills <br />2961 <br />2 <br />3 <br />zwsG <br />Arms, View <br />3,121 <br />4 <br />7 <br />5,1E <br />'akon Hoorn, <br />22% <br />0 <br />0 <br />C% <br />aoeeil <br />J_140 <br />0 <br />1x,01 <br />root <br />worn <br />25 <br />24 <br />4awl <br />nReaue IA69 <br />Current RentsNacancies <br />According to Ic Quarter 2010 Mena Trends report, average rents and vacancies for each bribe <br />communities listed above were as follows and are shown on Table 2. <br />Some of the communities are combined with respect rents and vacancies. Arden Hillshas <br />almost no tensor product so figures shown primarily whom rents at properties in Shoreview. <br />According m the cable, the average rent among the communities was $919 per month, which <br />compares to $901 per month for me Twin Cities Meo-o Area. In general, average rents are off <br />mean 1.0%,reflecting the current softness in the rental maxi Vacancies have risen over me <br />past 12 months and most communities are showing increases in vacancies. In St Anthony which <br />has had me most new product, vacancies increased to 10.1%as of I"Quarter 2009. <br />