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March 26, 2018 City of New Brighton Attn: Janice Gundlach, Assistant Director of Community Assets & Development/Planning Director 803 Old Highway 8 NW New Brighton, MN 55112 Re: Proposal for the Development of Multi-Use, Mixed-Income Housing on City-owned parcels Dear Ms. Gundlach, Aeon is pleased to submit the enclosed Proposal offering $1,250,000 for the four (4) City-owned parcels totaling 10.79 acres located northeast and southeast of the intersection of 8th Avenue NW and Old Highway 8 NW. This proposal outlines our approach toward the development of a mixed-income community of owner-occupied single family homes and townhomes along with multifamily rental apartments. We are excited about the opportunity to bring a mix of high quality housing with amenities to this currently underutilized site. Widely recognized throughout Minnesota for our creativity, dedication, and technical skills, Aeon has raised over $450 million in capital over the last 31 years. Today, we serve more than 8,000 residents in 56 properties throughout the state. Aeon is experienced in developing multiple forms of housing product types in both urban and suburban settings and has the expertise to underwrite and finance complex mixed-income housing transac- tions. We are long-term owners of all of our properties and utilize an in-house property management company. This vertical integration allows for efficiency and quality control throughout development and building opera- tions. Aeon is the Latin form of “eon” meaning “forever”. Aeon considers itself 100-year owners of our proper- ties giving us a vested interest in ensuring that the design and construction of all of our properties is of the high- est quality and viewed as a community asset by all stakeholders. Aeon understands the diverse assets and needs of New Brighton and is prosing a development that emphasizes the City’s diversity. Our goal for this site is to provide the City with variety: variety in the incomes of residents (30% AMI up to market), variety in the ownership type (rental and for sale), variety in the household type (family and senior) and variety in the building type (single family homes and multi-family buildings). We have also includ-ed significant public greenspace which will hopefully serve not only the residents within the properties but the sur-rounding neighborhood as well. Thank you for your consideration of our Proposal. Please do not hesitate to contact me should you have any questions or comments regarding this submittal. Regards, Blake Hopkins Vice President of Housing Development