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Interior and Exterior Finishes Aeon continually strives to construct the industry’s most energy efficient and innovative multifamily buildings. New construction project’s in New Brighton would include standard Aeon items such as: • Energy Star® appliances • High-performance windows • Super-insulated walls • Smooth surface flooring (i.e., luxury vinyl wood tile) • Smart© cabinets In addition, as part of its design development process, Aeon analyzes and compares capital costs and long-term operating costs of various systems and materials to determine the best and most cost effective approach to development. Each building proposed for the New Brighton site will undergo the same analysis. Aeon’s use of exterior building material varies based on the specific design and needs of a building. Aeon’s most recent developments have included a mix high-quality, durable exterior building materials such as brick, precast concrete, composite paneling, and fiber cement siding. Aeon is committed to creating well-designed, high- performing buildings that fit within city’s design standards. Purchase Price Aeon is proposing a purchase price of $1,250,000 for both the 8.38 acre North site and the 2.41 acre South site. Tax Increment Financing (TIF) Aeon estimates that the proposed development of both the North site and the South site could generate over $4 million in Tax Increment Financing (TIF). Aeon has assumed use of TIF in the development of both the two mixed-income, multifamily buildings on the North site and the multifamily senior building on the South site. A detailed TIF calculation and use is included. Financial Proposal Attached please find proformas for the mixed-income family development proposed for the North site and the Senior building proposed for the South site. Additionally, a draft TIF calculation has been included as Attachment 4. Each workbook provides a detailed description of the proposed sources and uses for the development. Aeon anticipates the sales proceeds from the single family home and townhome parcels to help subsidize the funding gap for the 120-unit senior property. Traditional sources, including Minnesota Housing Finance Agency, Ramsey County, Met Council, and FHLB will be pursued to leverage the City’s TIF financing.