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ELK RIVER STATION APARTMENTS <br />NARRATIVE <br />The Elk River Station Apartments is proposed to be a four story structure <br />with underground parking in a similar architectural style as the surrounding <br />buildings. It's located in a new, growing part of the city, with a pristine <br />wetland along the north boundary and access to commuter rail to the south. <br />The site is very well located between retail and industrial job sources. <br />The building itself would be wood frame with an underground concrete <br />parking garage. It will be built with 100% maintenance free materials <br />consisting of brick and vinyl siding. There will be well lit surface parking <br />with one stall per unit plus '/ stall shown as proof of parking in a lawn area. <br />The site will be well landscaped as shown on the drawings. Amenities would <br />include at party/gathering room, exercise room and site office. The <br />developer would like to add a tot lot along the north side of the building, <br />facing the wetland. <br />The market for this site is clearly working families. The site is well located <br />for access to the job market both within the city and commuting to the <br />Minneapolis market. We are setting our rents to attract the 60% of median <br />income families. That would be a minimum income earner of $22,000/yr <br />and up to a maximum of $50,340 fora 2 parent 2 child family, or $58,380 <br />for a two parent 4 child family. Rents would be in the range of $630 for a <br />one bedroom, $730 for a two bedroom unit and $830 for a three bedroom <br />apartment. Heated garage parking would be included in the rent. <br />