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� o �.4- � I uSIC an IvPlacie A 55+Cooperative Community 17155 Quincy Street. N.W. Elk River, MN 55330 763-633-0999 April 12, 2021 Local Board of Appeal & Equalization, On behalf of Pullman Place Cooperative, I want to thank you for hearing our concerns regarding the taxable value of membership shares at Pullman Place Cooperative. Pullman Place Cooperative is a 55+ Senior Housing Cooperative located in Elk River, Minnesota. Pullman is a 65 unit senior housing complex, each member/owner of the Cooperative owns 1/65 of the entire building and grounds. Pullman Place was developed by and is managed by Guardian Angels Senior Services of Elk River. Guardian Angels does not own Pullman Place, Pullman is owned jointly by its 90 members, representing all 65 membership shares. There is one revenue stream in a housing Cooperative, and it is the monthly fees that its senior members pay. Out of Pullmans 90 residents, 3 of them still work, one works only part time- all the rest of our members are retired and have a fixed income. One of the beauties of the Cooperative model is democratic control by its members. I market on a daily basis that folks here will not ever have better stewards of their money, because the people making those decisions are paying the same monthly fees. Pullman Place's mission is to, "Make every effort to provide a safe and secure environment, and to promote trust, harmony, dignity and independence." This is something Pullman Place is really great at- hardly anyone leaves Pullman Place because they want to, they leave Pullman Place because some situation in their life has put them in a place where they have to. Wouldn't it be a shame, if one of the "situations" in one of these seniors' lives that led them to leave Pullman Place Cooperative were because they could no longer afford the monthly dues at Pullman Place? It would be devastating. am including four documents for you to review with this letter. Pullman Place Bylaws contain the framework formula for the Annual Compounded Interest formula that is used to develop Share Costs, which is the rate at which a share/membership interest is sold. This information can be found on pages 9-10 section (e) Transfer Value. The second document I have is the Restated Information Bulletin and Disclosure Statement. Page 7-8 section 111. Financing of the Project and section 1V. Schedule of Subscriber Down Payments and Monthly Carrying Charges for Each Type of Dwelling Unit would be of interest to you. This states the Dwelling Unit Designation and Initial Managed by Guardian Angels Senior Services e?