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Reading
<br />$ 94,676
<br />0.940851%
<br />$39,100
<br />$610
<br />Soo Line
<br />$120,633
<br />1.198804%
<br />$49,820
<br />$780
<br />Wabash
<br />$130,876
<br />1.300589%
<br />$54,050
<br />$840
<br />Milwaukee
<br />$150,416
<br />1.494775%
<br />$62, 220
<br />$970
<br />Santa Fe
<br />$157,898
<br />1.569129%
<br />$65,210
<br />$1,010
<br />Great northern
<br />$158,625
<br />1.5763.47%
<br />$65,510
<br />$1,020
<br />Burlington
<br />$174,703
<br />1.736124%
<br />$72,150
<br />$1,120
<br />Rio Grande
<br />$180,950
<br />1.798205%
<br />$74,730
<br />$i,160
<br />Golden Spike
<br />$204,849
<br />2.635704%
<br />$84,600
<br />$1,320
<br />Guardian Angels of Elk River, Inc., the organization that the Gooperative will engage to
<br />provide management services, has made a study of the foregoing projections and has
<br />submitted its written opinion to the effect that the estimated carrying charges, set forth
<br />above, will be adequate to meet all expenses for the first year based upon costs
<br />reasonably foreseeable as of ,dune 1, 2004, the date of its opinion. The detailed
<br />operating budget on which these carrying. charges are based is being furnished to
<br />prospective members with this Information Bulletin and Disclosure Statement.
<br />Individual members will pay for electricity, telephone, television cable, and personal
<br />contents insurance, for their own dwelling units, and for certain amounts periodically to
<br />maintain their own dwelling units in proper state of repair. The amount required to
<br />maintain a members dwelling unit depends somewhat upon the care and attention
<br />given by the member to his/her dwelling unit. Accordingly, estimates have not been
<br />made for this categpry of expense. The Gooperative will pay the common area costs for
<br />heat, water, electricity and trash removal and heat for the Dwelling Units Accordingly,
<br />these represent operating costs, of the Cooperative which are covered by the monthly
<br />carrying charges paid by the members.
<br />Carrying charges are estimated based on full occupancy. Any vacancy or collection
<br />losses may require an increase In such charges. An increase may also be necessary if
<br />real estate taxes are raised., the cost of utilities furnished by the Cooperative are
<br />increaser) or if the cost of supplies or labor rises. The Cooperative will operate on a
<br />non-profit basis and will collect monthly carrying charges in an amount sufficient to meet
<br />all operating costs including payment of its mortgage. The cost of amortizing the
<br />mortgage will normally remain constant since the payments to principal and interest
<br />have been computed in equal monthly installments covering the full term of the
<br />mortgage.
<br />The Cooperative will deposit a portion of the monthly carrying charges in the Reserve
<br />Fund for Replacements. This reserve fund is for defraying, at least in'part, the cast of
<br />replacing structural components and mechanical equipment when it . becomes
<br />necessary. The reserve fund is also available to the Cooperative for replacing the
<br />standard grade carpet, blinds, kitchen range, microwave, refrigerator, dishwasher and
<br />disposal, clothes washer and dryer, consistent with the replacement policy of the
<br />Cooperative.
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