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WINDSOR PARK III A MAST±R PLANNED OPEN SPACE DEVELOPMENT I. INTRODUCTION Cascade I Land Company is proud to announce Windsor Park III, a master planned open space community that will follow the conventional planning and design of Windsor Park I & II and the Ridges of Rice Lake in Elk River. By setting homes away from busy roads and designing walk out lots that are adjacent to open space with scenic views, parks, and trail systems, Windsor Park HI will be another quality residential development in Elk River. In Windsor Park III over 70 lots are full basement walkouts and over 90 lots are adjacent to natural open space areas. • Contingent upon plat approval, construction will begin in the spring of 2002 and completed by the fall of 2002. Home construction would begin in the late summer of 2002 and is expected to continue for 2-3 years. Windsor Park III will maintain the excellence of design of Windsor Park I & II, which has received statewide recognition and was recently featured in the Minnesota Land Trust's brochure for innovative sustainable development. In addition, Windsor Park recently won a "Bennie Award " by the Builder's Association of the Twin Cities for best new • neighborhood. II. DENSITY FORMULA PER SUBDIVISION ORDINANCE A. 2.5-acre zoning density with incentives yields 85 lots on 158 acres. B. 10-acre zoning density with incentives yields 7 lots on 34.5 acres. * The calculations are attached as Exhibit A. II. RATIONALE FOR DENSITY A. Base Density with Community Sewer This is based on 159 acres x the 1.15 formula per ordinance and 34.54 acres in the 10-acre zoning district. All homes would be located in the 2 '/2 acre district, with the exception of one larger lot created in the 10 acre district on the north side of County Road 33 to allow for an existing home to remain on a conforming lot. B. Endowment SAn endowment fund will be created for the Homeowner's Association for the open space per ordinance requirements. 1