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268819 WH17E - CITV CLERK ny{1�� PINK - FINANCE GITY OF SAINT PALTL Council � CANARV - DEPARTMENT B�LC'E �- ITAYOR File NO. i � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date -2- WHEREAS, pursuant to the provisions of Minnesota Statutes Section 462.651, Subdivision l, the Council may exempt from all local real estate taxes so much of the value of the property included in a project of a redevelopment company as represents an increase over the assessed valuation of such property, both land and improvements, acquired for the project at the time of its original acquisition for redevelopment purposes, and by its Resolution, Council File No. 262350, adopted January 22, 1974 and . approved January 25, 1974, the Council did give tentative approval to the project plan and proposal for development submitted by Somerset Urban Redevelopment Corporation, a predecessor redevelopment company, to Lowertown St. Paul Company and state its intent to grant the maximum exemption from taxation authorized by Minnesota Statutes Section 462.651, subject to a finalized contract and establishment of a tax exemption after determination of final construction costs and terms of mortgage financing; and WHEREA9; the Minnesota Housing Finance Agency (MHFA) has given feasibility approval, Form 202-Financial Analysis, dated January 27 , 1977, submitted by Carley Capital Group, general partner of Lowertown St. Paul Company, fixing construction costs and terms of mortgage financing, subject to a grant by the Council of maximum tax exemption permitted under Minnesota Statutes Section 462. 651, Subdivision 1, which grant is a condition to commitment by said Agency to participa- tion in financing the project; and WHEREAS, it appears that the project plan and redevelopment proposal by Lowertown St. Paul Company approved by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (HRA) on March 23, 1977, cannot be accomplished without mortgage financing participation by MIiFA, and the financial feasibility of such COUNCILMEN Requested by Department of: Yeas Nays Christensen Hozza [n Favor Levine Rcedler Against BY Sylvester Tedesco President Hunt Form Approved by City Attorney Adopted by Council: Date Certified Passed by Council Secretary BY BY Approved by Mayor: Date Approved by Mayor for Submission to Council By BY i WHITE - CITV CLERK .^�� PINK - FINANCE COIIIICll i CANARV - DEPARTMENT GITY OF SAINT PAITL B1LUE , -.►pAVOR � � File N 0. � ` � Council Resolution Presented By Referred To Committee: Date Out of Committee By Date -3- participation by said Agency is contingent upon the grant of partial tax exemption in the maximum amount authorized by statute. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as governing body, in accordance with the provisions of Minnesota Statutes Section 462.651, Subdivision 1, that the real property described in Schedule "A" hereto attached is hereby granted and exempted from all local, state count „ and school ' a.ct, , . ;_�F�,� . . _ _, , . : - _ . , x ,� - , . . �� - . . : �n,: � . . , , � �, ,.. . . � �, ,_ : ,. .� .. .: . � �� t � � ,. . .. ,. �. �. - - �,. . , , � , . . .-- � , , - �= ;�� 5) RESOLVED FURTHER that upon the qualification of Lowertown St. Paul Company and receipt of all necessary approvals of the Minnesota Planning Agency acting as the State Housing Commission, the execution of an Assumption Agreement and Development Contract by said Company and the HRA, the closing of the MHFA mortgage and commencement of construction, all as certified to by the HRA, the partial tax exemption hereby granted, shall be transmitted to the Ramsey County Tax Department. COUNCILMEN Requested by Department of: Yeas �� Nays Hozza �_ In Favor Levine � Rcedler Against BY Sylvester Tedesco President Hunt Adopted by Counci_� Date MAR 2;4 �977 Form App d City Attorney �� Certified Pass ouncil Secretaryf BY _ �__ � -- Approv by Mayor: te �'� 0 Appr d by Mayor for Submission to Council By By PUBLISHED APR Z I9l� t�UUSl�VU �NE� ��DEVtLt1F'MENT AUTHORITY OF TH� CITY OF SAINT PAUL, N�If�NFSOTA. . . : . . � � �- ,y� .� � � �� REPORT TO THE COMMISSIONERS DATE MARCH 16 , 19�� R E G A R D I N G DEVELOPMENT PROPOSAL, BLOCK 3 6 LOWERTOWN COMMUNITY DEVELOPNIENT PROGRAM DISTRICT 17 Reference is made to the attached Report to Commissioners dated March 9 , 1977, entitled, "Block 36 Lowertown: Substitution of Developer and Request For Partial. Tax Exemption. " Since this Report the Minnesota Housing Finance Agency has at its meeting on March 10, 1977, approved feasibility of the Carley Capital �roup' s Form 202 znortgage application, a critical step :in the mortgage commitment process, and by letter dated March 8, 1977, addressed to Carley Capital Group advising that in the evei�t NiHFA Roard approval of feasibility, "a Feasibility Letter will be issued by the MHFA which will advise you of the underwriting requirements which must be met prior to commitment and the design and financial issues which require resolution. ° The March 8, 1977, MHFA letter recites one such item as being the "property tax stabilization" by municipal grant of partial ta� exemption pursuant to riinnesota Statutes Section 462. 651, Subdivision 1, fixing real estate taxes at a figuxe of $36, 900. 00. The letter concludes that �r�ithout this tax zxemption the development proposal would not be viable. Taxes paid on the individual properties in Block 36 at the time of HRA acquisition amounted to $33 , 202. 94 . Constructio;� of housing in the Dawr_town �'ir� via�rict reqaire� fi�eprooi construction adding 20$ to 30� to cost over type 5 frame construction. LEGAL: JTH _2_ Construction costs will be $23 . 00 per square foot, and based on the average unit size of 800 square feet, $18,400. 00 per dwelling unit. Because of parcel size and downtown location parking must be provided in structure at a cost of $4, 000. 00 per sta11. These higher construction costs translate into higher debt service costs requiring the partial tax exemption as offset in order that the project rents may be fixed at competitive levels for the project to be feasible. The mortgage amount will be $9,430,859 forty year term at 8� interest and P�HFA fees and charges. These construction costs and mortgage financing terms indicate the necessity of a maximum exemption from real estate taxation tentatively approved by Resolution, Council File No. 262350, adopted January 22, 1974. Carley Capital Group (CCG) would be substituted for the Estate of Norman B. Mears as general partner in the �edevelopment company limited partnership. The Estate would be a special limited partner in the new partnership. The partnership would be renamed Lowertown St. Pau1 Company. The project equity requirement is $1,I09,810. 00 derived from CCG' s bui?der' s profit and risk fee of $881.,322, pedestrian concourse construction of $92,016, and the remaining cash equity requirement of $136,472, obtained by syndication sale of limited partnership interests. An Assumption Agreement would be entered into by Lowertown St. Paul Company, Somerset Urban Redevelopment Company and HRA amending the Contract For Sale of Land For Private Redevelopment dated June 18 , 1974 , between HRA and 5omerset, by which Lowertown and Carley Capital Group would assume the obligations of Somerset and the Mears Estate for development of Blocks 36 and 40 . The Block 36 development would be designed to .accomodate the DPPd _3_ system, B1ock 36 purchase would be closed June 1, 1977, for construction start July 1, 1977, and pravide that as to Block 40 Parcels A and B HRA could seek other developers with right of first refusal in Lowertown for � development of said Parcels. Staff recommends (1) approval of the substitution of Carley Capital Group for the Estate of Norman B. Mears and assignment of rights and obligations of Somerset Urban Redevelopment Company to Lowertown St. Paul Company (2) approval of an Assumption Agreement effecting this substitution, and (3) approval of a grant of partial tax exemption to the project pursuant to Minnesota Statutes Section 462.561. ' . LEGAL: JTH �,f 1�- �o��c��o��a �o��u� f��c��r��c� �ag�� 8 March I977 , � Carl ey Capi ta1 Group �--•�.`_ 31.5 4lest Gorham Street � ? �� hladison, Wisconsin 53703 � � ��FC'�,`� �� Attenti on: t�r. Ri chard Li ncol n �' ��/O d� � -- .�� '� � RE: h1EARS PARK APARTh1ENTS '�' -''°i;�; _y' �9�j — St. Paul , t�tinnesota �A�; � £' �1HFA �75-001 �� 't� : s� '�,L '� Dear Mr. Li ncol n: . � ` This is �o inform you that we �have revie�.�ed the subject proposal and find � � it to be worthy of Feasibility consideration by the Agency. In the event that Feasibility is approved by the P�1HFA Board, a Feasibllity Letter ti��ill ' be issu2d by the h1HFA which will advise you of the under�rriting requirements which must be met prior to Commitment and the des�gn and financial issues . which require resolution. , One item in particular, which vri11 require substantiation , is �his development proposal 's compliance t�ith the redevelopment company sections of the i=tinnesota Municipal Housing and Redevelopment Act in order that it may qualify �or property tax stabilization. The �roje�ted real est?1-e tax fi�ure Qf $36,900 was af crit�..r.al importance in determining the financial feasibility of the project, In tne event that the : propased project dQes not qualify for tax stabilization, then the proposai , would no longer be viable. � We ��ou1d appreciate your attention to this matter and if you should have any questions, please feel fre� to contact us. , . Sincer 1y,,, . l':: � � ,� � \;'�.% • � ��e%�Conlan -,_._`�`.- Housing Development Officer MC:dw CC: Curt Glaser/Knutson Mortgage / . Jim Gabler /Knutson P�ortgage ✓ • �'o c��r �rr�Q • �,��rlit ��c0, �u��•��^� ��S • Q�J�➢ ��,�°7 h�,� v� .� Y v r� .J�.1 l�i "1' I'1�CI L 1 --- BL+JE - MAYOR � � � • . F11C NO. � � � - � � � Council �esolution � � Presented By Referred To Committee: Date Out of Committee By Date RESOLUTION APPROVING PARTIAL TAX EXEMPTION IN BLOCK TWO, CITY OF ST. PAUL PROPER, AND BLOCK EIGHT, WHITNEY � AND SMITHS ADDITION TO ST. PAUL WHEREAS, Lowertown St. Paul Company, a limited partnership� formed for the purpose of qualifying as a redevelopment company under Minnesota Statutes Section 462. 591, has submitted a project plan for the block bounded by Seventh Street on the North, Sibley Street on the East, Sixth Street on the South, and Jackson Street on the West in Community Development Program District 17 (and in Central Core Neighborhood Development Project Area, Minn. A-1-5) , identified as Block 36, Parcels 36A and 36B, more fully described in Schedule "A° hereto attached, hereafter referred to as the Project Area, for development of a 253 unit apartment structure c,�ith garage parking and appurtenant commercial usage; and , WHEREAS, said project plan «nd proposed redevelopment is in conform- ity with the provisions and requirements of the Redevelopment Plan Central Core Minn. _A-1-5, dated February 1971, adopted and approved by ResoZution,• Council File No. 252430, on February 12, 1971, as amended and readopted and approved by Resolution, Council File No. 257152, on January 25, 1972, and notia duly in effect as adopted and revised in the City of. Saint Paul, Niinnesota, which Redevelopment Plan provided for the acquisition, clearance and sale for private redevelopment of the Praject Area for residential, parking and related appurtenant eommercial usage; and COUNCILhiEN . Yeas Nays Requested by Department of: �,�isL�aen � . HozZ� � In Favor Levine Roedler B . Sylvester Against Y — Tedesco �`x�t Hur.t Form Approved by Gity Attorney Adopted by Council: Date : Certified Passed by Council Secretary By . By Approved by Mayon Date Approved by Mayor for Submission to Council By ' gy C;ANqq1f. -DEPA TMEN�r�;: �.:: � G I TY OF SA I N1' PA 1�T L Council .. BItUE - MAYO�R '" - � ' � � �. � �F'�112 NO.� � � Council �esolution Presented By Referred To Committee: Date � Out of Committee By Date -2- WHEREAS, pursuant to the provisions of Minnesota Statutes Section 462.651, Subdivision l, the Council may exempt from a1�1-- � local real estate .taxes so much of the value of the property • included in a project of a redevelopment company as represents an increase over the assessed valuation of such property, both land and improvements, acquired for the project at the time of its original acquisition for redevelopment purposes, and by its � Resolution, Council File No. 262350, adopted January 22, 1974 and ' approved January 25, 1974, the Council did give tentative approval to the project plan and proposal for development submitted by Somerset Urban Redevelopment Corporat�on, a predecessor redevelopment company, to Lowertown St. Paul Company and state its intent to grant the maximum exemption from taxation authorized by rzinnesota Statutes Section 462. 651, subject to a finalized contract and establishment of a tax exemption after determination of final construction costs and terms of mortgage financing; and WHEREAS, the rlinnesota Housing Finance Agency ,{MHFA) has given feasibility approval, Form 202-Financial Analysis, dated January 27, 1977, submitted b�r Carley Capital Group, general partner of Lowertown St. Paul Company, fixing construction costs and terms of mortgage financing, subject to a grant by the Council of maximum ta�x exemption permitted under Minnesota Statutes Section 462.651, Subdivision l, which grant is a condi.tion to commitment by said Agency to participa- tion in financing the project; and - WHEREAS, it appears that the project plan and redevelopment proposal by Lowertown St. Paul Company approved by the Housing ar.d - Redevelopment Authority of the City of Saint Paul, Minnesota (HRA) on March 23, 1977, cannot be accomplished without mortgaqe financing participation by MHFA, and the financial feasibility of such COUlVCILhiEN Yeas Nays Requested by Department of: �iste�scn . � Hozza In Favor � Levine . Rcedler B • Sylvester A gainst Y Tedesco Fr•esaclefit Hunt Adopted by Council: Date Form Approved.by City Attorney Certified Passed by Council Secretary By BY . Approved by h1ayor: Date Approved by Mayor for Submission to Council BY By .CA/Q4f*Y�-•-pEPARTMENT . �I�TY OF S11 I N� PA�U L� � GounCil �:. . � �et�:e —�AVOR . File Nfl " � � � Council .�Z esolutio�z � Presented By Referred To Committee: Date Out of Committee By Date _3_ participation by said Agency is contingent upon the grant of partia]. tax exemption in the maximum amount authorized by statute. 4 -� NOW THEREFORE, BE IT RESOLVED by the 'Council of the City of Saint Paul, Minnesota, as governing body, in accordance with the provisions of Minnesota Statutes Section 462. 651, Subdivision I, that the real. property described in Schedule "A" hereto attached is hereby granted and exempted from all local, state, county and school district real groperty taxes upon all of its assessed valuation in excess of $299, 809 .00, which was the assessed valuation of said property in the , Project Area described in Schedule. "A" , both land and improvements , acquired for the project by the HRA at the time of its original acquisition for redevelopment purposes, and that the partial tax exemption hereby granted shall be for the period of twenty-five (25) years, commencing from the date on which the benefits of such exemption first become available and effective. RESOLVED FURTHER that upon the qualification of Lowertown St. Paul Company and receipt of all necessary approvals of the Minnesota • Planning Agency acting as the State Housing Commission, the execution of an Assumption Agreement and Development Contract by said Company and the HRA, the closing of the MHFA mortgage and ccmmencement of construction, all as certified to by the HRA, the partial tax � exempt�on �ereb�• gran±ed, shall be transmitte� �o the :Zam�e� County Tax Department. � COUNCILbiEN Yeas Nays Requested by Department of: � Gb�s�eas-er� . � Hozza In Favor • Levine Rcedler B � " Sylvester A gainst Y Tedesco A�iEler:t Hunt - Focm Approved by City Attorney Adopted by Council: Date Cedified Passed by Council Secretary By ' By . Approved by Mayor: Date Approved by Mayor for Submission to Council By gY . - HOUSING AND REDEVEIOPMENT AUTNORITY OF TNE C1T'� OF SAINT PAUI, MINNESOTA CERTIFICATE OF S�CRETARY 'i'he undersigned hereby certifies as follows : 1) Tnat she is the duly qualified and acting Secretary of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, herein called the "Local Public Agency" and the keeper of the records of the Local Public Agency; 2) That the attached Resolution No. 77-3/23-5 is a true and correct copy of the resolution �, as adopted on the 23rd day of Mareh . 1977 % 3) That tne seal affixed below constitutes the official seal of the Loca1 Public Ayency and this Certificate is hereby , executeel under such official seal; and 4) That the undersigned is duly authorized to execute this Certificate. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the said Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, this 24th day of March , 1977 . , : , /�j,� �� ' '�i /d �-z-t , �✓.r��x-Lc-z . CRETARY �' � '�.,�', �' � � �� , � �� ' f� ,S �'E A �� )� ,� � � , ��i � , � � > >�� / �� i � �'{ � � RESOLUTION N0. 77-3/23-5 RESOLUTION APPROVING SliBSTITUTIOiJ OF GENERAL PARTNER IN REDEVELOPMENT COMPANY, ASSIGNNIENT OF DISPOSITION . CONTRACT, AND ASSUrTPTZON AGREEMENT, BLOGKS 36 AND 40, DISTRICT 17 WHEREAS, the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota entered into a Contract For SaZe Of Land For Private Redevelopment (Contract) with Somerset Urban Redevelopment Company dated June 18, 1974 , amended October 30, 1974, respecting the purchase and redevelopment of Blocks 36 and 40, Community Development Program District 17 (Central Core NDP Area, Minn. A-1-5) ; and tiV�iEREAS, the Somerset Urban Redevelopment Company was formed as a rlinnesota Iimited partnership with Norman B. Mears as sole general partner, and qualified as a redevelopment company under Minnesota Statutes Sections 462. 591 and 462. 595; and WHEREAS, the Estate of N�rrnan B. Mears (Estate) succeeded to the interest of Norman B. Mears. in Somerset Urban Redevelopment Company � (Redeveloper) upon the death of Norinan B. Mears, and for reason of the fiduciary responsibilities imposed by law upon the representati.ves and estates of deceased persons , the Estate has sought a substitute developer to act as general partner a.n the Redeveloper; and WHEREAS, Carley Capital Group (CCG) , a Wisconsin partnership, proposes to become the general partner in the RedeveZoper, and has received feasibility approval from the Minnesota Housing, Finance Agency (MHFA) for its mortgage application to finance redevelopment of Block 36 in accordance with the Contract and Redevelopment Plan For Central Core Area, Project Minn. A-1-5, and appears to possess the financial capability and development experience to carry out the obligatior�s of the Redeveloper under the Contract; and WHEREAS, the Estatz and CCG have requested approval of the Authority to (1) substitute CCG for the Estate as general partner of the Redeveloper, (2) classify the Estate as a special limited partner having made a capital contribution to the partnership of $492,34Q.50, (3) provide that on closing of the NIHFA mortgage loan, the Estate be reimbursed $383,477. 50 [the expended purchase price of Parcels 36A and 36B in Block 36, together with allowable out of pocket development costs attributable to Parcels 36A and 36B, at which point the Estate would have no further interest in or obligation respecting development of Block 36j , and (4) provide that the Redeveloper may assign to Lowertown St. Paul Company (Lowertown) its Contract rights and obliga- tions; and WHEREAS, accomplishment of this proposal will require execution of an Assumption Agreement by the parties to effect the terms of the proposal, to obligate Lowertown and CCG to assume the Redeveloper's obligations to the Authority under the Contract, and to amend the Contract to provide (1) for closing the purchase of Block 36 by June 30, 1977, (2) for commencement of construction on Block 36 by July 30, 1977, (3) for the right of the Authority to respond to other proposals for development in Block 40 with right of firs t refusal in Lowertown respectir_g such other development proposals , and (4) obligate Lowertown to design for and accommodate a people mover system in Blocks 36 and 40 if required by the Authority; and .-__- WHEREAS, subject to approval of the Department of Housing and Urban Developrtient (KUD) , the Authority is authorized under Federal and State law and regulation to approve such proposal and Assumption Agreement, and such approval appears to be in the best interests of the public in securing redevelopment of Blocks 36 and 40 in accordance with the project Redevelopment Plan. NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority of the Ci-ty of Saint -Paul, Minnesofa: - � 1) That Lowertown and Carley Capii�al Group and its individual partners possess the qualifications and responsibilities necessary to carry out the obligations undertaken by the Redeveloper under the Contract For Sale Of Land For Private Redevelopment dated June 18, 1974 respectir�g Blocks 36 and 40, District 17. 2) That the Redevelo�er and Lowertown and CCG have represented to the Authority that all arrangements between these parties respecting the assignment and substitution of parties have been disclosed and that all documents involved have been or will be submitted to the Authority. 3) That subject to approval by HUD, that the substitution of Carley Capital Group for the Estate of Norman B. P�ears as general partner in Somerset Urban Redevelopment Company and assignment by that Company of its rights and obligations under the Contract For Sale Of Land For Private Redevelopment dated June 18, 1974, to Lowertown St. Paul Company, is hereby approved. 4) That the Authority staff is hereby authorized to complete negotiation of the Assumption Agreement in accordance with the terms herein recited and to present said Agreement to the Authority Board at a future meeting. _2_ - , HOUSING .AND REDEVELOPMFNT AUTHORtTY OF THE CITY OF SAINT PP,U�.,.M1N�lESOTA _ . �' .- '.,�"" REPORT TO THE COMMISSIONERS DAT� March 9 , 1977 R EGA R D i N G BLOCK 36 LOWERTOWN: SUBSTITUTION OF DEVELOPER AND REQUEST FOR PARTIAL TAX EXEMPTION � In July 1976, HRA approved in concept the substitution of Carley Capital Group of Madison, Wisconsin for the Mears Estate as general partner in the development limited partnership for Block 36. Since July, the Carley Group has spent time and money on revised drawings, market studies , and in nego- �tiations with �che Minnesota Housing Finance Agency for financing for develop- ment of a seven story, 250 unit apartment building with parking and retail space. r� commitment is anticipated within the next 60 days which would permit a June 1, 1977 land takedown and July construction start. HRA consideration of formal substitution of Carley Capital Group as developer of Block 36 , and Council consideration of a qrant of tax exemptian for the �arr�ject pursuant to tentative approval given by Resolution, C.F. No. 262350, approved January 23, 1974, are now in order. 5taff recommends that this matter be referred to the Development and Transportation Committee to consider (1) approval of the substitution of Carley Capital Group for the Estate of Norman B. Mears as general partner in the Block 36 development entity, (2) approval of agreements effecting this substitution, and {3) approval of grant of tax exemption to the project . pursuant to Minnesota Statutes Section 462. 561. LEGAL:JTH _ . . . _ _. .. .' •_ _;��-:• zyl_,4-i`i� _ „ r. . . . . .. _. . ' . . � . FC�;:•1 ?.;)2 - F[�1i1`ti:;.,� �,l�l;�Y��S { �/ :;;i�r� a��rcari•_i�) � , � � , . . . • .,; , � . . . , ' SClt�OUIE A:______�itllSIC I:�;Oltt•tAT[C?t �c .Feasibili�f . ! ' -- ._ -- , . . , . - ' . ._�...�:I?�Fil'7��tRi � � ' ` �. � , . ' i . . � .' l'��citi`l GZc.;:iRg � � � ' . , �\ . �re-Ucc��e.cf . � . Car?ey Capital Gronp • � , j . ' • . . Nau�� of Uev2'to�er • . _ . Mears par?: i+partments ' • • � �#5�:,.::c �.ii' }��u�.;iiig►J��i::lu r.�nt ' _'�' . fn 4 . C.i::ri l�t� • � . LOCATED t'.T STXTH Ah'T1 5IIfLc! � • BT. P�1L•L R_1.""��"_` • . - . : flddress ' � Iduni ci�al i ty ar.d G�cn�> ' ,. • � TYPE OF DEt�E�O?;�EtiT . � . . . r x) t;e;r Cons truction O �ton-DroFi� ( ,� S°c�i on 8 2o n � �t-- . .. � ) Rehabi l i tati on . ( x) Limi ted Pro:i t O E1 d�r1� �- ;� :oning Classification Co�nercial � 108 Un;ts Per Acr21 . x Exis�ing � pro�os� ; • _ , 'o. of D::_11ing tJnits: 253 ;otal Lant� �rea ' 1o1A95 Sa_ F�_ ( 2-3''acres • �ota1 Par�ing � 239 Land Cove;a�� s557n Sq. F�_ { . 4'' •. t . ;a�i o o; Par<i ng to Q_L'.'s •9S � bens'i ty 1os Uni�s p_: acre , , t�iur,.;;�r ;:T�-h�r fiu�:.be:- - . ' . Gross TY?c 0� STP.J�iu�_S of �i o; � Sq�•=rz . - . : Puildin s S:�r��s Units�r �o��>r � ' ' P.esicfzn�ial A tv��l:Y i • 7 253 22n5i5 � • ! Resid�r�ia1 8 4`'fv°?:� , � 1 ` . . � � Cor..m�rcial/?ro`essicn_? ��Service � 3952s � (2600o)�.?t. ,, Gd�d E under bu?idiag 1 � 239 � 856�f� . .' CC.'.^.�1u�i tY atriiun . � 7177 ! `t�:��S �. ��,= F 35?93^ _ . � ? "�=-�-e (G),.To:•mhouse� ( ), �;id-Rise - 4-8 sa:ias (::�j, . � � Gard_n .:;_. ��s 1"+� High-.°.is� ;_a;, �-�c. ' . � . � � Totai for szrlct�re typ� -- rot per bui'�ding. : • ' ' . . _ - . R ' - . ' APAR7�dEP��' DIS��UTIO+: . ' • ' � � • - Pro�2c�=w :oat'n�y • • ;o! r:sRSbe► - � � T�:�S Ot S�•t� � ��f+:- Roor.ts NumS?r Gr NQ�•cT;�� %02:�Se tJ�IT TY?E D.U.'s O.U:: 1Net RP�tel A�:af ?U.y, 7o+.a► L'ai:o�:et �0��^3.=~'v:.l i . Pcl1 � . I i %''^` i:`f ��tUa. A F°f ��.1 �1� LSR � � r. '�t� E - . 2 F� 50.6 2R � � F60 I 3.S �I 4G8 � ' :� { 7 5�. . . p, 1 B^ 5.5 � 14 708 3.5 1 49 Q f 315 � ly ' , r,� (,, I f+f) tl' � 5 t T i ' G � 33 6.7 _17 . 8_57 4.5 I 0 I 4!1� I 20 . • 2 S�• 4.T .l2 �3 - b.5 i Sr� . 0 ; " 4�!l { �� . . . . D. �•33 G.7 12 R5R � 4.5 54 0 40? � 20 � 2 B:: {2 �) 3.9 10 852 ' S � �50 ' 0 52n • 'E • -20 . . ..• . � . •• . . � . � .. . . � E. TOrnt. � tOn'� 253 . . ,__-_ i 920 . t . . �erage no. of rooms per D.U. 3.64 � , ' � . : � . , �'s t t`.1.T: tt) �? QAi�: t)'/ OC`.GQ,fi�' ��:f�t^Qi it:��:afl;fi°.�: • • . • •:•'•�:-•',� • =.� _ � • ,. .,__ElCus�hold f`tec:trie ' _,�Air Cun�t:�ioning • ..' Ot:er '' • - , --__ _ . . . • .� . - .. . - �� . . . .. - � . . . .....:� :��: .... � . � . . -- • .. �',� : • . . •. . . . D:'�1� �.i 2 RLS4 L'� i��'1,.7'r"' .. . � . • . �• ' i �CF��Q�1�.E �: �Srt��;��a r��r��.uir�:.:it,L�� /�iii� �i�Srlil'��i�G t•:;t�. ' ` I _ :il � � - �.. �C��S'iRttCTCO?I CUSTS • • , . . � � . . �_ Residerftial A (5_ /RroSS sG. f*.) � $ • ' • � ' . , . - J. Cesidrr:ti tl U � (�; '.r /�ross sq. ft.) $ _ . . _ ,. . c_ Coa:nr. ProF. . . i / 5 /��e•oss sg. fC. • $ d. G�lt'dc�2 . �b . /gross sq. ..ft.� $ . ' _ e. Cc:r:u►ni ty • (� _ /grass sq. fL.) $ . - : . r. Site:►arE: �$ _/[).U.) r � . . . . . _ . - . - . , 9• .�iE)[370"t'�il--�------$ 7,I03,433 . - h. General �equirem�nts • ' � - . 4.5 ! Of � 7,103,433 � �S 319,65�4 � . • i. 6uild�r's General Overh��J . . 2 �; of � 7,103,433 � ' 142,�59 �_ ~ : j: 6ui li:ei•s Pro�i t only non-pro`i�s) • � �- - ~ .; ' ;G of � • � -o- - k. 60��Premjum • � 35.000 - . . 1. Otii�r (spzci fy) ' t� -�- . ' n- � 3. • i'OTAI--------��.__��___�...__ , 7,600,z.Sb , 2. FE'cS - � . � . , - � . . • . • . -. : • - a. �rchitect`s =e� -- Design � • : 7 S So O: $ �_t 0�_4�3 � ' _ 17x,�51�, � ' b. krchitect's �� -- Sup�rvision �� : - -�- - - . .83 n d: $ 7.103.433 . . � 54_95s - ' . - ' . - _ C. Zegd1 ' � 2�r0*10 - - . d. Proc�ssing ,"-.y�� - .5� �; �r Line fi3. S k5,00� • - , e. �•t�r�°ting - 1 �X o� Lin° tia. � 94,742 � •�. f.` S«rveys er:��5�:3 c�ri:�95 ' . $ •10,0 0 -�` � • . . . g. O�h�r Fees. (s;�c��y) � . . � . � _ " ` - - . '. �. ' . i.^i:nt --------------------�-- 406,286• . , , , . ---- -� 3_ FIii4(dCIi�G Ri;D C�=�Yr„' C:'•�',?uES : . , �_ - , . • � • (.0625) . . ' . ... , . ..y - a_ IR�erest at 7•5 X for 2p�ran�hs• on $ °�068,134 �S 566,758 ' � - � b. Tax�s � � , . c. Ir�surznce � . � , . . d. FiHFA InspeC= w.^. =_� - .S rU, Oi' Lin? S3. $ 4��3i1 . • � . e. i'HFA Fir�r:_:-� =aa - ' 1 55 S� of �.in� 8s.. � $ i4o,6 i'—" .. : f. fi:•;?0 (orly -��-�ra-'its3— �t _�_ . . : . _ g. Title an� �-:.:�ir.3 , � . -' - - h. O�h�r Fe�� s=��iTy) ' � ' • � -�- . - _ - � i. �. . TOTRE.-------------�----- -------�-$ 806.�8� 4. ' 6UiL��?/SPO'�;��.'. ??Ot=I7.P,P}0 PISY, ' . " � � . . " io X o` S s.R13�Z2� , (7ata1 1_3)_�_ .--------- --------�-5 - -- -- . , . . . • •---88.Lr°;t?-=--- - 5. Ll:�iD . . . . . . - a. �_ 1,515 /D.U., and � . - ' Io1.E95 Sq: ft. at �_ �_7F p'r sq, ft. ��R�•�� • . . , 6. Off-site ln?rover;��nts tap-on fe2s, spec, assess. � �nn,non • . � c. Carrying Charges • � _�_ � � ' - . _ d. P,clocation Costs , • .� - -�- -"— - - . e- . , TOTAC----------------�------------ -S 483,4no = � 6. 70T�'��CSTi�•;ATEO OC1��ClOPt•iFtIT COST 0� PRJJEr.T (To�a1 1-5}(Pcr D.U.$ 40,224' :�Z0,177,9_y - = �. __- - - —�_,., 7. EQUI7Y (',fQUIR�t'.�it1' - • 1Z __ x of Lirt2 �'b (Inclades 4(c) of sched. �S 1,1n9,S�0 � , . . • --'---+---- : . . _..- 8. i'�Xtfnt,•1 F;ORTC��r,f LOAP! . . . ... . . .. ..•»_. . . . . ' . � - ---�, � -�• ' 89 � oE Lins 6. � ' �. � q„n��,�'3!�_, • � ' ' • b. Un•��l(I�t-�R�. COSt ESC:'�7ti) . ' ' � , . • • . ' , , _ . .) 1.�_ "i_ I—�►' /U.U.. 4 � bi L'.:t� .°,�t•. .j_ ' qb� ZTS . . . . � � . . . — . :..: • ',.. ---..�. � . _ Total ---_�..��--------- .9.430.95�--. • . • ' . - • ' . • _ . . . • G..T� �� .:. - . - :" ,-i . - - . . . � , • • •Sr:��j.iil�_C �-: :.'�r!�'�!�:%'n �lii::l��.i. �'.i�C.�i:i:.J f,•�� ...•1'•.IC � •.. � - � . - - --- --- — . . �� ' . 1\ � F � , . �t . T �;ortga�e Ilor.ourrt � � ' ' �� ` Q G.,�il1�A 4Q . �. . Est�r::a�c:l t.ortgag: Intc►•Lst Rate �.5 �'» 1•SE�-�; Fces a;;•J C;,,;rg�, . ,S � .. � � _ - _ .. Ter� 40 . Years Debt S�rvice Fac�or .078968.5 � .. � � . � 1. Total Gi•oss Ann;�al [r.pense � • � - . . � .� � a. Interest and �Irc,GI'�l"Ld�IUII � _ • $ 7�i4,741 . ' . k b. h;�{FA Annu�T Fe� - 5 � ! � - � 47,154 � ' , . c. O�eratin� Er.penses re�e•r Sch. U) � � � . • . $ 3os.90 /Yezr X 92o P,00ms $ 2s4,1as � - d. 1'axes - Real Esta�e:��'ss JO.U.; • � �. � 3.06 � of Line lh. � 36,900 • �_ e. F._serves: � , •z � � (1) Pai�tting and Decorating � - ' + {� 15�fYear X 920 JRooms $ 13,800 � .(2) P.eplace��nts • . .�5 � of Lir� lg. of Sch. 8; . ' ' 46.33. /Year X 920 • f?ooms $ 42,620 .' � f: Return oit Equiiy - 3.31 � �� on _ - - . . ` • � 1,109,810 . • . .� 36,728 � �9- O�ner sp__i."y e $ -�- . .:: ., . . . h. Efiective Gross Expense (Inco�nz) - - 1 206 128 �~ (suSto�al �i;._s la.-g-) - � � - $ � . � i. Vacancy anj Col7 e:.tion l.oss Factor - . � . � ' ' S a U; lj. � . . . . _� 63,48A j. • • . .. . ' ' ' - �'OTR� � 1,269,608 � . . . . —__._, �. Less: t�on-Ho��ing Irco.,,_ {refe•r to Sch. �� ' . . - ( . _ ,o . 3. • 7ota1 t1e� Annual Ex�ens2 . . . � _ � Q_�_ �.• 7ota1 P:et t��ontnly cxpans�s . . _ � si.�io � . �. Average Ren�/Roo:�/ttonii � - � _ ' . . '� .. (Line 4 ; 92o rental roo�ss�) � � .s$.o�- ' . • ' . . . . . , - ' , ' . . . � t;0?iTHLY . . .UTILIrr�S CO?:TR.1C� . � � ' COiiTRA� PaID oY G�OSS P.tlyT . � t:U;��BER�' �OC+�51D.U. P.�P,T OCCUP�i,TX* Rc�1� It;COriE - Eff. 43 • � � �Sq -. � �n $ ��t •'$ iTsT .1 BR. 128 3.5 310 75 ��4 _,3,q�6q� . • ' i[. � 3.� 3l5 • "•• 15 � �'�n 4_41fY . 2 BR. 7J 3.5 315 14 � �4'�(t .__�,355_,_,. 17 4.5 400 • ZQ r,�0 6.80� 3` �g: 12 ri.s 400 � 2� 4an G,£S0� � . 1z 4.5 400 2n 42� ��8�0 . �t $R. —T6— . S.U: " ' 4'LO 20 44� 4,200 , • TOTAL $�y • . ____---- . � ?OT�II P1ET t•!0. EXP. (Linz �! above) � � si,olo • � _ . �Ir po not include free apartments (ancl roo�s) for n�in�enance ar.d ranar,er.,_n� personnel. _ ' �E3;ot incluclec} in 1 c. above. . , • ' � � ... .. __ . , . . . - . . , ' __ _ .. • � . • . ' • : _ : _ : . . - � --- - • � � � . . . " . . � • . ' - -. �'. . . . ._ �+�,.z:.: - . . . - ' . . ••. . • • . � �� ' � .• • .. . � . + � -+ _ . . ..y, .__�c, . . �' . • ' ' .. . • . • . . ••, ' . . � - .. t, • • � • � '. � �• -•_ . , .. , �' . � . � � . , . . • � . ' •. .. _ :t. . ..t . - . ' � ... . : . • , . .:�.� � . .. . . . . . ' ,• " � � � . .. . . ' �� . . , . . . - . .. ..' . . .. .- �o.. . ..• '___.,_'�.�_�.�_"'__ • _r, . • ''` . t. . . ...•�:.. :��'S� . ..... ' . . � . - . . _, . . • C:.i r_-_. , � . . .. . ' , � .' -'� '- T 977 ' ' � , : SCIiECI1t.� D: E�Ti:::;;�0 /1;::'•.!:,t. "'=:;.ai['tG �::?��i�=; � � � •- �. - •• } � t - 1.Ad:ni r►i s Cr��L i ve ' • � �� _� - . � ' - � ' � .a. Advcrtisi tc� and t•tlrketiny. ......:.. .......$ 4.soo ' . , ._ . ; -' . b. �•1�naJeiaan� Fce - +,,` 120.95 /U.U. . . -- • _ • _ - �� . •� ' 2.5 . ;G af lh, Schedule C.................5 •30,600 _ � �- _ . .- , . . . • ' . ! • c. Le�al.........................................�_ 500 . - , i � , - . a_ nudit................ ................ ...:..� i,boo �� - � . e. 7ele�pt�on�....... . :. ................., . .S •i,2u3— - _ . � . . _ - _ . . f. On-Si tc t•1�rtaq��;a�nL i�ayra'11 " � . . - (f ro;n I t��q 6 G.^.7 o:•t)_...._ ... .............� 35,780 . . . . . ..... .g. Otfier (s�eci fy)....xesttal.agert......:...:....5—'�;�o-- . ' �h. � • � SUBTO►A! . �$ 6�,780 _ . 2.t•taintenance , � .. � ' . . � . • _ . , J ,�_ � • , . . . . - ' ' •_ a. Eleva�or i•iaintenance and/or Con�racts.........$ 6,600 * . • � ' � . � b_ Exterriinating. : ... ....- -.....---•$ 1,200 '� ' - - -_ ' • c. Garba,e and Rubbish�Reroval..- -..�...........5 4,20o x . .-i:. _ _ d_ Oti;°r Contract Services.ian��.ox/W�3��4W.c�eaner.s� 12,490 x - , . e. Insurance.....................................� 15,000 � .. ' �� :' �' � � .. _:•,. - - - . f. Janitor Su��lies...............,....._.........5 -o- . : .. . � - 1laintenance 5��1ies..... ' � ' � g, .....................$�— . . •. - �t � ' . . � h. Grounds i4air.�_r.ance........................... 1,200 . ,.- - • . . ,_ . i: Sno:•� Re�ov�l_ . . • - - -.....$�o . .= ' ' , _ �j.� Yeating � F�ir Co:s�itianing�f:2pair Servic2s....S�=` � - � _ . k. .G�n�ral Re�a;r S�:-vices..._....... ...5 s,4o0 - ' 1. Pain��nc�/D�c�^��i^g l�aieri�ls and/or�S�rvices.$� - � : � ' �m. • Payroil (fr�..-, ��_� 7 b�la:a)--•................� -�� ' . '. . n. Othzr (sp�c��J)....... ....... ..........5��— _ . ., _ - � . . " 10,500 • - • Fringe ' • • ' SU3TOl•r.!� $ .124,935 ' . • - . O. - • • • ' � � � ' T4TnL n�:�Ii�ISTR„s��:'c 4. IYL`I'{It1Y11��Vi • •S i8b;765 .p' . . . . � _ ' , . �• Utilities (paid �.� Gr:::=�^)- - _ . -� . ' ._. ' . . a. Oil..... .... .. .:... . .. ........_...� -o- � • �• ' . ' . b. Electri��(Paid�oy�C::�er)� . . � �- - . • . Q Elevators • Q Heatirg . . .. . ": ... � Househ�i� �l�r�ri C1 ty � NOt l�'aisr. � � _ :: _ - ;' , ". � 20.290 x - . • � [� Air Cc:_:=�a�in3 (co�a'0 Cooking � . � . - - - : - � .. � [� Public s",:ce � [� Co„�m:/Pros. � _ . . .� ' - c. � Sen�r.�................... ...............:._..� 7,200 '� : • . • �d. �:c�i.er_ _ ......._..._o._......,.....,� -0_""'� :. . : • - e. Cas (paid�ol��:•;ner) . �� . � � [� Cooking Q Heatin9 -� -• : � -' . - . ' , (� Ai r- Cor.�:ti oni ng . �. [� Not l-tater � -o- * - - . - . f. .Otne� (specif;�)........ ..................... � 69,930 ' • . : • g- ' - . � . � �fOTii� . . • . $ 97,430 - - .. . . . �' • _ _ Tota1 Operatinq Fr.psntes (enter on Lin� lc. of Schec;ule C} S 28� I$3. ' . . . . � . . • 3^3.90 9.20 • � Aver.age Er.oenscl�oo�/1'ear (Line Ri totai roo�s) . $ - t - _. ._ . . . • � ' • . � - - ' . . • '' • - - __ -_ . • . ::' �These ite�ss should-be backed up by bids, estic�ates from utility companies, � '. - _ � - � � or �n anZlysis of expenses incurred Gy co:�;,arable Jevelo�r�eats. . • � '- i� �-- ,.� • . . ' - , • . ,• . .. . •. ,. . • � .. • •r• -.`-��. ' . ._ . .... .. � .. _'- .• . _ --. . . . . . _ . . . . . .. ,. .� . ' . _ '� . . . � • .. . . . . ' _ ' , _ _ . . . . ... .' • • .� __.r.�.�.._... _ . . � . • .�.�..,• �. . � .. . _ «..��.---•__s.. -�..��r � � � . ' "� .. s�.-=a . . '_ - � • .. - � '. . - : ' C.1 t i: __"'.--'------ .- -- -- ; • . . . .. . . - . . . • — . . � �' . . . . � On-S i te t•�anaqer�,n t f'�tyroll Grcr,�!:dn:•;n . • • � 12cnt:�i Valuq Soc:at�ccur:ty i- ' ' t:un�fier y 7YPu nf Posi:ion �'(]ui�tcr►�' ' �YcR:s � Fricr,.;?��tri:: ' • 7u'a: �----- ..__.... t ' � - ,• 1 Kesi�?eataLl T�gr• :. { � :S � ` , �=----.:�.,..-_.__.�S 1�,7t�0 Pnr�l •lcent _�---� �i . i.3��3 � . i -- { } ( • . • ' , . ' Payral l er��rao:•�n • " . • . -- Rrnta{V:Jua _ Soeici Seeuri:Y+- � � � . . . I•:dm!�c► 7}p�oi Po.ition • �'Quart^ri�` 1'izqes Frin�•-��i�±;;: , , Tc:..: - � ° nan^e S� �` } !S IS �C 21 �OJ 4 Caretakers 1G,400 ( � ' 14,OC� , _ _ . �_ � � . I . •: v ' �_ .-. � � SCHEDULE E:� t�0�!-H�".iS�?;6 It•:CO:aE � . . . . ' .' •, . . . . Par�;inq Incan;�. . � - • . . - � s . . . a. 2s9 Indoo; s?�ces - $ 35 / r.:o. X l2 no. - $ 100 380 . � ' . ' � '� , - Less -o- a vacancy loss ec�e?s...........:.:........... $ 1�0,33� - . . _ . _ b_ o� Ou��r s�?ces- S , / ro. 'f. 72 ra_ _ $ . . . � � Less � vacancy loss e�w_is....-.................... � -o- . . '. Inco.-�� From• � . . . . _ i . • _ a. .•lashi��y ��>==� __� _ $ 36 /Q.'J.!y:. :253 �J.J. .._._..:....... $ 9,io� . ' b. Vending t;ac'r:ir:=s - $ � /D.U./yr..X D_t�. ............. $ -o- ' � � Professional Spa�e - � s9- ft. � �� /sq_�t.jyr.• � • �, Less o � vacancy.loss eya:�is......................_... $ . Cc��:�rci al Spa�= - • 26.o0o sa. ft. Y. S �.23 sq.ft./yr. . - • . . . � � " L�s� o � vacan�y ioss e;u�'is............:............ $ 188,ono _ • � • � . �. TOTAL - 297,488 ' SECTIOia. F: SEC7IOPt 2 :�ASIBTLITY ' � • • $`r--+t,.� �!i..,• 8 � . � � • � . FAIR_ :�':ET 1 % , � G.'.?SS ' ��0!!�!► 0� . • • . ,�{IT � P.ci,: {:�•i�) OF Ft•iQ** P.c;ts S?P.E:;� . F��S'�LE ' :�f. 244 .": 293 � 265 -- . � ,, . . . , . • - Bt2. • 284 ' 341. 330 '. . -- - � --� -� � : BR.. 351 • 421 420 -440 ' ' • - . _ � - _ .. . _ .. _ . � BR.� � . • ' � ' . • . .- . ' _ '.. ' . . • . : . . • •. ' • . . � _ r 8�. - . , ' . ' . ' . . . . . � ' . . � _ .a � � . . . � � ......... ., � aR. . , • . - . . ' . : .-• • - .. ' , � �� • - . . . . . .. . . • � . ' - . . . � ' � . _ • , ,.,,,�:,. ,.._.__._ . .. . • . ' , . , . : . _ .. , _� ��,. � * Da not includ� in totai• . � „ ' . ' . '- •" .. _ - - ** U:e only if aclju;r.,r.�nt i� r•c:;uirrd t�• e�`a�lish fr,lsi:�ilir.y- . . - . _. __', _. _.. - • : . -...... . . . . . , . .. .. � : : : . - . ' : ,. _.��--•- !'��_ - �' - " . . . � • - - . - � = 'f: : � —__ .. ___-'--;-_____----�-�-- __• . . _ : . .__ ;_.=". - - . . . .c. . _.. . . ..r � . ..� . . . , -. - . , . . . . ' . • : -. -==----�..� ; • . . � . . . . . - . • . . . -. . - • . ; . . `•`. � . � . SCil;:t':l:I.F r: f!E!'(LI(5�:;.��il��- � '�-,---`��..:.1'iL['r�:::li ,l'i C.'_�1:;:C . : ' - - ' - j . , � . i� . '�'!. , EquiCy Requircinent (linc 7. Scl��dule: (t) �`: $ i.1a�,E1R '. . , � . + . 2. {t�rt:ir�g C��pi L�1 Cscro:r (� 3 x of Lin� Ea, • � � . - - = . . � . �' , Scheclulc B) (Speci Fy: Cash or t.ettrr u; Crecti t (LC)) $ 272,0�►, (�,c} - • � , � _ � . . • � ! 3. . � • . . .. . . • SU3TOTAL-------. - . ---------5 �>1o9,3?t� , .. •4. Less: Sourc�es o€ Equity � . � � �' � . . . _ � . a. t.ct interest in land " � ' - . _ . b. CSPi;11 (Line �i, Schedule 6) � • • � -�- --- � , . � � - , C. Other (speGify) HRA Sk y . � .831,3?3` _ . . ywa Concours Contribution o� �i� . . ' . • SJBTOTFiL=---------------------{ 973 �3= _. e 5. 7ota1 Estimated Cash Requiremen� for Closir.; . � - 13�,��2 M y . . • . . $ • _ . . � ' • . - _ _� . . . • . . � . • . � . - . . . "fhe undersisned Aoplicant h�re�y make; a�alication to �;�� i;is��eso�a H�us;::g - - . Fi��nc� �c2�tCV t��i�ir.�'z) �ar_an inteYlRi ar.d pa-r-_;�� G;OT'�S3j� �03:1 if: `C!t? �.T.aG�_ O'E • � e.430,85g for a tern of 4� yzars, D;11'SUc'.fl� io �f:� ;;;r,��so�a Housi;�g � ' r' Fznanc_ :;ency kct; �s a�er,ded, for tn� p;:r��s� �," providi r:� hc�si 1a as d_scri�ed abos�, s�id �1oen t� `�� sec�red by a�first r�v��^=_;� on tn� pro?�;ty h�;eirt de�c:ib��, . 7he A?plicant furt;^._r ree�s_sts ��4FA, on b�ha�; �; inis D�:��1��.-_��, to_ r.a'.;� a�?li�a- . �ion to a�pro3;i��_ ?c=^�ties of thz FECI_r�l G�v�c-r,^�n� in e:��er �o OD"�d1R S�c�ion E tiossin3 itSS3StcltlC� Y��-?z�5, lI1 fiurtnerar,�° 0� i0;� and/o�r r..�'•'_^?�� ]P.� � � �: � .- e.�._. o,.c,.?,.n_y i0T' 20 h OL i.:;°_ �^.��'��0�^.:'•1�Rt. 7f1° it�allC2^� UfIC�:^Si�'C�:.�S 2�� c�.s1'�?S �(�3V di1}' Co,-;,i'u�.en� or loan�r:.��'_ Sy ,r•;H;q nay b� condi�ic.�� upon erailehility and use o: � . Sec�ioa S Assistar,c_. . . ' .� . - • . . • . ' • .' _ . . 'F'r.� unders:_-_= ^,�.� . �•t-__ ��_` � ' caz ..ui 1 d _f-_ � � �'J� c2rL1,1..� i.:.= �:: .�'i°�i2V°� rn r. .�. � fl�:•�lo�=� ��2Tlt :•iliiltR �Rc'' d2�'?i0a':?c.^.� iUC'iC2� SA� i01"�ft 1:1 J�f:uUl� n ZCa Cr2P'2�° i.il� �?V°�D^ . . �.�n� s�tit� the opera�;n� ��.c�� set forth in 5_;��le C • `' - � end -Fur�'r;�r c�r�i;:�s tna� �c= - . inforra�ion SEt i02'`Lfl lR l.fl°S° Fina„�72� $C^?��;_S ;; throc:jlt (�i, c'.pJ j:t �T� d�.dC}:'tit;'u �n s��port thereof, i s �rue, correct and co:?p i��_ �� the b�;t e� hi s kno;•�;edg` and • r b�lief. . � . . _ _ _ . . - . Ii� S:IT�dcSS :•:'r:=�=u;, tn� Applica;z` has ce;:sed tkis Zacu.r��ht �o b� e�u'i� �yecu�� . . :A 'l�5 n3,:t� 0[I t�i1S • 27th d3y Of _ Januar; , �9 77 . ' . • ' . • ' . . � . - - • .. . ' CARLEY C.4PI�.1L GROiTP • ' " . ' . . . ' . ' . . . :. ' • _ FP?LIC�i�f� ' :- ' ' .. ., :, : , �y: �}�-�'.�, . �,,�---�� '- . _ . . rca,a� .:..� • • ' _ . . . - Rich�rd-Lincoln . . . .. - ' . � ;,,� � . � . 7ITLE _ � . _ • ' ' � � ' ' Director.,, Development ' _ . - . . • . • - • . . . . . � . •• ..e � '. . �. �.• - �_ _ , . . . • . • , . : ' , . . " ' .. � : � . • ' � '. . � • ` , • , � . ,. • . • . ' . � � _. _ _ � • ' � , • • • ' , . . , . . . _ � . .:. _. • _ . � • • • . . • ' ,• � �. . . � . . . � - �« • ••' .�• � ' .ly' • � � .. . • . � � . .• • • •'. . _ . .. � • . .. . ` • __ �,- ` . . . • • . • ' . •• .� � . . � � ' . . . . • � - � "S � . . � • - , . • • . . . . . � : . a: �. .. . . . � -_ ' � � • . � ' '. . •. . . . .• . .. . i . �_. �• :5.. .• • • � � . .. t � . . .. - . . �. . . .. , . .� . � � � � � � �� .� . �i i•s'�` � -� �,—'r . . . ' .� . .• � . __ �__._'_—_�_'_' __.._ —._. _._'_.. . • � • . :��...... . e .�. _ . �.� .` . . . ,t �� c :-CJ as.,�e. I/t-c�-+Ht OPPENHEIMER, WOLFF. FOSTER, SHEPARD AND DONNELLY ArroRN�rs at Lnw WiWwM N.Crr¢WF1EtMErt(�Y7l� � � � BENNO F.WOLFF . - 1N�LLAAM r.STVDER ' M�OOD R.ROSTER - CNARLES M.LEVENBERO aortcoN sM�r�reo »�FIRST NATIONAL BANK 9UILDING cH�a�es w.�rt�ce �/1ME5 R.O►PENME�MER SAtNT PAUL, MINNES07A 55101 STEV[N C.NELSON � D/�VID C.DONNELIY �pHONS: �Q12)227-727� �WARO J.NAYWARD� RICHARD G,LAREAU . OANIFL Jt.rpJyN�g - iXERMAN WIPI7NROP - . TELEX:29-7013 � IUMBALL J.D6VOY - JOFIN D,HEALY,JR. . � - � � RICNARO J,MOHN LlON R.GOOORICH - MARK G,pFINSTAO � � QMER B.7ROUSDA�.E . ROBERT R.REINMART,JR. 4008 IDS CENTER 29 SOUAREdeMEEUS PAUL R.HANNAM LIWAN J.RYAN MINNEApOLIS.MtNNESOTA 55402 � � 7He000ne�.M�req � ST�►��•o�� . � 1040 BRUSSELS, BELGIUM RICXARD A.HOEL . JAMiS L WALSM T�1,6pHON6 (a121 �92-N�) � 'fELEpWONE:311-I9-92, SAMUEL E.wtT7ER6�N LFA J.HARRIS ' - W1LLUM P.ARCHERD �'x'�'�� TELEX:02238 MICHAEL E.TREJICY MARRt9 RAVtNE � MARY ANN BARROWS � . ROBERT L.eULURD . . � . . DOUGLAS L.MEMER MICNACL BERFliS �� -,• � KEITN E.COODWIN � � JONN N.WOLF � .. .. � ST6VFIY E.Nk.Tl�G .�. THOMAS P.KnNE ' � � 6RADLEY G.CLARY � CRA1G W.GAGNON � THOMAS W.ANDERSON � ' . DAVID P.MCELROY,,R. � December �O J 19 7 6 JAMBS F.PEDERSEN JACK W.HANSON � � ROGHR D.GORDON RONALp C.MICKELBERG � . � . GHI3LAIN T.JOSEPtI� ROBHRT R.WEINSTINE� � - - � STEI/EN C.TOURHK � JAM[3 D.{.ANb � � . � � � BRUNO M.d�YUYST� ERIC R.MILLER � - � TNOMAS�J,SEXTON - � � � � - �EDWARD W.S►RINO �. � . � , JEAN RU3507T0� � � . . . � _ � 57AN D.DONNHLLY RIGMARO M.BISANZ � � . � OF COUNS[L . � WAYNE G.FARIS � - � �JOHN P.SCHMIDTKE � �NOT A-MEMBER OP � � � THE MINN[SOTA BAR � Mr. James Hart Housing and Redevelopment Authority � Northwestern National Bank Bldg. St. Paul, Minnesota 55101 Re: Status Report re Block 36 Dear Jim: We understand the architects have been working clasely with the staffs of both the HRA and the MHFA. We further understand that all parties are in basic agreement as to the design and size of the project pro- posed for Block 36. Therefore, this update will confine itself pri- maril�� to �he legal aspe��s bringir_g the Cai-ley ;,apital Group (CCGj � officially into the project. Somerset Urban Redevelopment Company (Somerset) is a Minnesota limited partners;zip whose sole generai partner is the Estate of �3Q,rman B. Mears (the Estate) , Somerset is the Redeveloper with whom the Housing and Redevelopment Authority entered into a Contract for Sale of Land for Private Redevelopment covering the principal portion of Block 36 and two parcels in Block 40. The steps which we propose taking and which will soon be submitted to you for formal HRA approval are as follows: l. Amend Somerset's limited partnership agreement so as to accomplish the following: a. Substitute CCG for the Estate as the sole general partner; . b. Classify the Estate as a special limited partner which has made a contribution to . the partnership of $491, 340. 50 (being the r Y' Mr. James Hart December 10, 1976 Page Two good faith deposits relating to Parcels 36-A, 36-B, 40-A and 40-B) together with certain previously incurred expenses relating to the redevelopment of Blocks 36 and 40; �, � c. Provide that at the initial closing of the, mortgage loan, the Estate will be reimbursed in the amount of $383,477. 50 (represent'ing the purchase price of Parcels 36-A and 36-B) plus allowable develop- ment costs attributable to said Parcels 36-A and 36-B and will have no further interest in or ob- ligation with respect to the redevelopment of Block 36; d. Provide that Somerset may assign to another_ limited partnership to be formed by CCG its rights and obligations under the Redevelopment Contract � with respect to the redevelopment of Block 36. 2. Amend the Redevelopment Contract in the following particulars : , a. Make current the timing requirements with respect ta matters such as the submission of plans, approval of plans, takedown, commencement of construction and completion of construction, particularly as the same . relate to Block 36; • b. Work uut appropri�te provisions ror ti�e taicedown and redevelopment of Parcels 40-A and 40-B recognizing the fact that while CCG has no immediate plans there- for, it has a very definite interest in the type of redevelopment which may be considered because of their proximity to Block 36; ' - c. Authorize Somerset to assign to a new �.imited partner- ship to be forrned by CCG all rights and obligations under the Redevelopment Contract with respect to , Block 36. . At the time the foregoing are submitted to you for formal approval, there will also be submitted the material required and set forth in subparagraph c, of Secti�n 75 of Chapter 5 of Urban Renewal . Handbook 7214 . 1 Revision. Obviously, the final documents will contain numerous provisions in addition to those summarized above. However, the above seem to us to be the most crucial. and if you feel there is any possibility that any of them might be unacceptable to the Commission, we would appreciate being advised so that alternate plans may be made. " , . . w _ Mr. James Hart � December I0, 1976 Page Three We continue to be appreciative of the courtesies and assistance extended us by you and the other members of the staff of the Housing Authority. Very truly yours, � ' OPPENHEIMER, WOLFF, FOSTER, DOHERTY, RUMBLE & BUTLER SHEPARD AND DONNELLY • B '` � � • Y ,,.° � gY �� s ` en eimer Rob t . Davidson � . On B alf of the Estate ,- On Behalf of Carley of Norman B. Mears Capital Group JRO:sv l cc: Mrs. Norman B. Mears Mr. . Richard Lincoln Mr. �aul J. Kelly Mr. Wood R. Foster Mr. Lloyd Bergquist yw " �'��'•-' , � � �� .��;�.. �•�r•„�±xMEtaT • ',, , � �i I '1'1" O I' �.1 I \'I' > > �• j G��cn;•il . ,�,�.� :' .� : ur _ �..nro�. ' ' ' I'itc 'N`d: ;�..�?��i . �' x . . • . ��Z(.�� 1� �`�'`'� '� ,r'? _ . , . ' -- ,� / ,/ �•I �l v v :..:�r v s� , • e:entc.�T Li.: � L�..-:, •�`••�i ,.�•:....�„�-�� _._------ •-----. ,._ _. . �L _��_ ..._. ��:c;c•rr��d To . � — -- -- Ccs�;:.:i itec�. . U,.f:• _ . . ... �. -- - ._.-- _._... Ui�t ot .r��r:.^�;ttc•�• C:• ----._. ...------- _. -- - D��tc -- __ t��I�REr'!Ss Tlze Bo:�rd of Co:�miss�.oncis of the f-Ious3.ng ancl P.edE- vElop:r.ent Authorii:y ot- the C�_ty of �Sair.� Paul., by� 1Zeso].utiar i�o . �4-1�-1� appro�•ec? Jan�azrST 16, 197�af rec�aested �I��: Ci�}� Cour.c�.?.. Lo endorse tl�c propcs�l of S�r:��r�c��t _i._'.,_�_-',�:,�,�::;;,.�,.r.:v:.�.�,�:;�:,:�.:�.,.�}-.r-�ca:�;,�,�,�..,,,, as a redevel.op:ncnt c�.r.pan� a_ c�si�n<<t�ccl i�� i•ainnesct.a SL�t�ttcs f S�ction 462 .4'L1, the sa�.d � pro�osal L�i�-,�; �'or 1'�::CVCl.Oi�;?G1':L i:�r mar.l:et rat-e housin" p�r�.:ir.� and relat=;i nes: ��nci rcl-iai».l ii:ated oifice, co��^:�rcia7. snd retuil �pac� in Bloc�:s )_7, 31, 32, 33, 3!;, '� 35� 3G� 40 ar�ci 43 in the Centrul Core L'rban Itciie�.7a1 Fraj�cr �.�.�i�. � �i�].-5, 4izd -r�spcctin� the pu�cl�usE �:nd rec;c-_�-e;.o��,;crtL- Uy SorE:ers�� UrUan Rede4T�lop:nen� Co�rporat�o�z uf F31_acl;s 3G u��c3 4�0 of tt-�e CenL-ral Ca-re Area as Pl�ase I of said de�-Elop:,;��:1: propesal; and. - • 1r,�HER�AS, The Housinn an;l P,e�cvelopr�`i�t ��uthorit-y has r��ucsi:cd tlle City Cou:�cil to endorse the ��r"i;tir,�; o� �n.ii:ial m�>;inr.�rt; t�y; eaemption p�rmitted bJ rlini.�so�a SL-a��u��:,, Sect�ion 4G2 . 54? suh= ect to a �in�l:ized Conu:ac.t and est�olisl::;enz of tl-�e La-r, e�:c��;�ion � amount a�tc;r the d�te�-mina��oi� �of fin�l cens�ruci:zoiZ cosi�s in ter�-�s . of mortdag.e finailcing; no�,r, L-hcrefore, �i�� it� ' , ' rES�L�1LD; Thai: the Cotiticil �o�' i:he C:�t3T o�' Sa:irA�: P.=?u1 c�ocs hc?•e•- . . by gi�%e i�ent��ive apProv�l to thc propo�;al f�r �e:-clo��tci-�i. as . '-.suU�itLec� b.,� the Sorne�-sc� Ur'�_n� Rc�eve]_or•:�7cizL Corpor.ai:�.o11, az�3 docs her.eby st�L-e i�s intcnt to �.ra�t the raa�:ir��a� �;e►nl.tion �ro� t�_x�,L:i.o� auL-hcriz�d b1� Tli�znesot�. �i:�tutess SecL-3.or� 462 . G51, suL;ect i�c? a • f�_nalize� Co�ztract anc� estaU:lisi��nt� of a tz; �xerr��t;a.on �f:±:��- GE.'.� . terr•;ina�ian ot iinal const-ruct:i�� cost:; .;.n te�-�s of: n�orr.�j��e� ;inancing and: als�, su��jec.t �.o th� de�-el.o<<,:�i;� pl.zi� c�P:��?y�n�; t:-ii�h aIl �f t)ie re�uir�r�lcn�s and t.e-rms set �o:�L-h in r�ix?r�esota Statutes, _ SecLi�ns 4G2 . 41I thro•adh 462. 7IG . _ c��c�z..a�L*< - - � � . _ -- - �:cs f3a::�.cr I�'a�•s Reyur.str.-i b: Depa�t:s:t�n( o;: . ��: ' . � ' " • • . t::•.. •F,:�:zk; .... In r��•or -- -- ---- �'.ct�.:i;L • V i B . �i:C:r:l:?� 1ZOCt��C2' /��:JI11S� j l� -----•—, _ �__�___ ........._��.._.. 1'�:Jr��::► i • �t•.1��•.i!:�•;,t L.Y.3:3; ?�4!l't . - ��x�t�•c'. '.�' C:..ru:!c'ii. i)�lc J��._�i�_!�'l�_ ' l�O�tt� r1.i;�:urcu b� 1':ii. �`.it::rr.;�' • ' , . . i �� ,';^ -,:� �t►fi,•c.. l•.;- :;•�I bt• cc,�::ri� Str�rt:�;r . I 33y ------ ' �''-!` •' M __.__ t �\� .. ;;� � ; �- � c .. , _.�'��_.,�.�__ '. ;�. _.__ . _ • _ . �� 4:�.;, �' ' _:. .::�' • .1� .,� ._1.ti. ___,__ f ti.1 �c � . t � �i.�, '�! 1•. .....�� ' 1�.�'�• ._.��-��'" c� `' .''�'y J-- -- � �1't��c��•��ci 1,� .`.1:��u� io: 5::�.,a�i...:.:.^. t.�C�utiril ,�, -•,,� .;•� ._i i . - ) �_ n <`' .�. �� #�� .. y` �`�,��\1��I�L��...`•`�'C��•r..:tt..��'-�L�� 1�\ .�.... �. .�..�.. ...�� . ....��. . . �.�.._�.•� • \ � �� n�fAF�LV t'1il♦ :J�� `C�(J ( � . .. . � . � 1�1...1:.1 ,' . • _._. _. . _ -,T....,._. • . . . _ _._._ �._._. ' > �_.._. _ . ._ ...-.:-.., _.�,._:..., ..---� , _.._.. .,_..Y..,.._.�-- ,r_... _. __-tr BI,OCK 36, PARTIAL TAX EXFI�TIOP1 The assessed valuation of the property, both land and improvements, acquired by HRP. in Block 36 for this pr�ject at the time of its original acquisition was $299, 809, which produced tax revenue in � the year of acquisition of $36,884.21. � grant of exemption by the Council of the assessed valuation of the project when completed in excess of $299, 809 at current mill rate of .133923 would produce tax revenue in the amount of $40,151. 32. . Without the partial tax exemption, the development would be taxed under 1�innesota Statutes Section 273 . 13, Subdivision 17, as a Minnesota �?ousing Finance Agency financed low and moderate income project. The most recent opinion of assessed value on such a development by the Ramsey County Tax Department fixed an assessed valuation per dwelling unit of $2, 613, which if applied to the Bloek 36 development, would be an assessed valuation of $661, 089, which at current mill rate, would produce tax revenue of $88,535 . 02 . A significant tax exemption is thus being requested. MHFA has indicated that the exemption is necessary to project viability and mortgage commitment. � JTH 3/23/77 � . . , ,_..._.��.._ � . ` $ � ��-�---�. / . . _ � . . . � , r . . p . ;. . ___ �� - � r � � � � E � 4 � HOITSING, BEDEVELOFI�III�iT, PLANNIN�, ZONING 462.665 ; r �ed in the � 462.651 PARTIAL TAX EXEIIPTION. Subdivision L Genernl tuxes. Ttie gow t ;e o1 race � erning body of a municipality in �vhich any project of a redevelopment company ; � is located may. by ordinance or resolution, exempt from all local taaes so much ot � � the value oi the property inciuded in that project as represents an increase over f d geneisl the assessed valuation of the property, both land and ir.iprovements, acquired for � ; �e project at the time of its original acquisition for redevelopment purposes. � � °3��' prO' Shou]d such a governing body grant such a tax exemption, the project shall, to ,. a f the area �e extent of the municipal exemption and during the period thereof, be exempt . : �� y uch detail �m any �d a11 state, county, and school district taxes. The tax exemption speci• - ' �� : nderstand- ged herein shall not operate for a period of more than 25 years, commencing in ____ • � i ae ot land each instance from the date on which the benefits`of such exemption first become � :and with available and effective. There shail be no exemption from payment of special assess- �n contem- � ments or from the payment of inspection, suFervision, and auditina fees of the >ulation of state housing commission or tP.e authority. �� Subd. 2. Franchise and special tuxes and fees. A redevelopment company shall �: ant to the � . be exempt fx'om the payment of any and all franchise, orbanization, income, mort- f i quacy and gage recording, and other ta�ces to the state and all fees to the state and its officers. . �# .ltural and Subd. 3. Obligations und dividencls oi redevelopment comp�ny exempt from �;�� ns 462.425 taxation. Bonds and mortga�es and the income debenture certificates of all red� �:� _ lation con- velogmenf companies are declared to be instrumentalities of the state, issued for i� � ` � public purposes.and shall,together with interest thereon, be exempt from taxation. �� .he author• � The dividends on the stock of those companies shall be exempt frorn taxation by E e �ated. and the state. •. ' � Subd. 4. Puyment to municipslity, terminatton oi t�x exemption. _A redevel- �:� �liereot by opment company which has b�en granted and has received tax esemption pursuant t �f co�ltract to subdivision 1 may at any time elect to pay to the municipality in�vhich any project ;� is located the totai of all accrued taxes referred to in subdivision 1 for which exemp- , _' and mort- � + > insurance � tion was granted and received, together �vith interest at the rate of five percent r.� rance cum- per annum: Upon such payment the tax exemptian of the projeet granted under ►* ^ate ot fts subdivision 1 shall cease and terminate. , . �� project is [29k7 c l�87 s 49; 19I�9 c 505 s 19; i955 c 565 s 9] � � d purposes � : > redevetop• 4G2.6� CIiAl.''�TGE .IN FEATUItE OF PItOJ�CT PROHIBITED. During' the - period of any tax exemption granted pursuant to section 462.651, no redevelopment � � �nt therefor companp or any successor fn interest to its title to a project or any part thereol : �r iacilities • may change or modify any feature of a project for�vhich approval of the authority � � :.t company � # dations for �s required, �vithout the approval of such authority and by a majority of the whole ,� �lan oL the n�ber of the votes authorized to be cast by all of the members of the local � ae �-aated governina body- _ ts approvat [29¢7 c J�87 p 50; 19If9 c 505 a 80] ;� � 462.66 [Repealed, 1947 c 487 s 617 � project, the f� � cate to the 462.661 SPECIAL AUTHORITY GRANTED TO C.EItTAIN PERSONS TO �'� ;eci8ed por- - TSA1�iSFER IiEAL PROPEftTY TO REDEVELOPBIENT CO�IPANY. •IVotwith- �ther public standing any requirement of law to the contrary or the absence of dir.ect proinsiori� � °.`�� # therefor in the instrument under�vhich a fiduciary is acting,every executor. admin- be charged ��ator, trustee, guardian. or other person holding trust funds or acting in a fidu- �. < ;n. and may ciary capacity,unless the instrument under�vhich such fiduciary is acting expressly ^ forbids. the state, its subdivisions, municipalities, all other public bodies, all public. , � ?.. � 4 6 2.7 1 3, as o ffi c e r s, p e r s o n s, p a r t n e r s h i p s, a n d c o r p o r a t i o n s o r g a n i z e d u nder or sub ject to'the �, operation. provisions of the insurance law, the superintendent of insurance as conservator, � �: ; horit shall � liquidator, or rehabilitator of any such person, partnership, or corporation, owning � : Y or holding any real property within an area, may grant, sell, lease, or otherr.vise � :: oval thereof �ans2er any such real property to a redevelopment company an d receive and hold. .,. �rity of the ; �y cash, stock, income debentures, bonds, mortgages, or other securities or ob1l=;'"�_ . • €' ' thereo� � �'_� gations, secured or unsecured, exchanged therefor by such redevelopment companj� , :� body thx and may execute such instruments and do such acts as may be deemed necessary � �: � ir.�elopment , or desirable by them or it and by the redevelopment company in connection �vith a �_ •act and the 3 project or projeMs. [191y7c1�87s52] � 462.66� S.iTI�S AND REGULATIOl\'S. The state housing commission shall r; f � ¢ � r g @ s E -�rr- .. _�. ''-... , , - � . � . . . . � � , . . � . � � � .J � . . . . . . . - � . � .� .. . .. , .... . . . . . . .. .. . . . . .. . . .... . . . . �, . . . ��..� .. • ' � . . . . . . I . , . • . . . . •• . . ' . � ' ' ' . . . . , �� • • . •' ' . . . . . � � . . � �� • . .. . .. � '��, � A �, . • - ' .. . . . . . �� . � � SCH�DULE rrA�i D E S C R I P T I 0 N 0 F P R d ? E R T Y . All that certain p�rccl or parcela of land in the City of 5ainC Paul, Counry ) of Ramaey, State of Minnesota, n�ore particularly descri�ed so follows: Farcel 36-A• � � The Southerly one-third (1/3) of Lots six (6) and (7) in Blocic t:io (2) , St. Paul Proper (City of S::. Paul) , and the Southerly one-third (1/3) ot Lot ten (10) in Block eight (8) , G;hitney and S�iths Acldition to St. Paul, that lies South of a line described as follows, to wit: Couunencing at a point on the present Easterly line of Jac'_cson Street in said St. Paul Praper (City of St. Paul) , (:�s wi�ened ei�ht (8) feet)�,, w.zich said point is ninety�nine and fortyWtlzree hur.dredths (99.�F3) feet From the Southerly line of Severeth St, , s.easured along said Easterly linz of Jackson � St. (t�*hich said point is a point on the iVortherly end of the �aall of the building cam..acnly lcr_o:•m as 414 Jac.lcson Stre2c) ; ther.ce idortheaste-rIy in a straight Iine along tlie Nort�erly end of said �aall eighty and forty-four hundxed�hs (E0.44) feet to a point on the Eus�erZy end o1; said wa�I, whicii said point is ninety-r.iue and ttaenty-four hu��lredths (99.24�) feet S�utfi�ziy �nno��-c.i nor-`11 nl rai rh tl�r� Fact�±rlv �inA nf sai�3 .T�cks�n fit. from t�1L' Soil�.:�l."..x'1�7 -� _ r •� - - -•- - lize o� s4id Seventh St, ; t�ence So�tth�xly paY'Z1.1e1 witn the Easterl� line o� Jacicson St. o�ne and sir�J-iour hundredths (Z.6�:) feeL-; thence Northeastzrl.y i.n a straight line along tize i�ortherly end of sai_d caall of the buildin� co�n�only known as 414 Jackson Sr. a di�tance of tnirty-t*.�� and nine hur_dredths (32,09) feet to a point cn tre Easterly lir_p of saicl Lot ten (10} , �lock eiglit (S) , Whitn2y and Smiths A�C�1t10I1 to St. Paul, which said point is ane hur.ure3 aZd eighty hundredths (100.80) feet Southerly, measured along said ZoL- line from � the Northeasterly corner of sai,d Lot �en (10} , I.ots eight (a) and nine (9) , Blocic two (2), St. Pau1 Proper {City of St. Paul) , subject to Jacicson St. as widene3 Lots three (3) , four (4) , five (S) , six (6) , seven (7) , eight (8) ard ni.ne (9) , Block eight (Fi) , �dhitney and Smiths Addition ro St, Paul, subject to a way and right of way, open ar_d unobstructed, annexed and appendant to Lot Chiee (3) in said Block ei�ht (8) , u�an and ove-r a strip of land not less than ten (10) feet in width across the rear of said Lots four (4) , five (S) and six (6) oF said � . Block to Sisth St. and subject to easements of record over said Lot three (3) . . %� :1o;a widening varies . • ' , � � �� . , ,:. ..__ ,; : , : ,.. .. , � . . : ,. , . ' , __ . .__ � SCHEDULE nAn D E S C R I P T Z 0 rt 0 F P R 0 P E R T Y � All t:�at certain percel or parcels of land in the City of Saint Paul, Countv of Ramsey, State of Minne�ota, more particu.turly dascrib�d as follows: � Parcel 36-B• � � Lots one (1) , three (3) and four {4) , Ewing & Chute's Subdivi.sion o�' iot � One in. Block Eight, in ��Tizitney & Smith's Addition to St. Paul, efcept the E Southwesterly one (1.0) foot of said Lot or.e (1) . ? and t Also, Lot tcao (2� and the So�thwesterly one (I.0) foot of Lot one (1) , Eo�ing & Chute's Subdivision of Lo� One in Blo�lc Eight, in [;�tiitney Fc ; Smith's .Addition to St. Paul. (Regist�recl Property) i � ' Also, Lots tTao (2) and twelve (12) , Block eight (3) , [•]hitney and Smiths � Addi:tion to St. Paul. Subject to easements of record. • Ramsev County, Mimlesota � � ' � , . S � � � • � . � . . . . . . ' . ; � 1 fi • 7j f • . • t� . 4.'. ' . , . . . - . . . �l - � . � � � . � � . . � . � � . . , � +�" � ` . � . . �. • ,, . �." . HOUSING aND REDEVELOPMENT AUTHORfTY OF THE CITY OF SAINT PAUL, MINNESOTA , -. . ,. _ _ __: ��.�� .�� .y�z� ,�� _ ��,:�dr z 3, �9��. REPORT.TO THE COMMISSIONERS DATE . r�xcx i6, �9�� ,��'�"��.�i.e�vc��ia'�'�i R E G A R D I N G DEVELOPMENT PROPOSAL, BLOCK 3 6 LOWERTOWN ��Y� �� COMMUNITY DEVELOPMEN'I' PROGR�M DISTRICT 17 j,O� 3 � Reference is made to the attached Report to Commissioners dated March 9 , 1977, entitled, "Block 36 Lowertown: Substitution of Developer and Request For Partial Tax Exemption." Since this Report the Minnesota Housing Finance Agency has at its meeting on March 10, 1977, approved feasibility of the Carley Capital Group' s Form 202 mortgage application, a critical step in the mortgage commitment process, and by letter dated March 8 , 1977, addressed to Carley Capital Group advising that in the event MHFA Board approval of feasibility, "a Feasibility Letter will be issued by the MHFA which will advise you of the underwriting requirements which must be met prior to • commitment and the design and f inancial issues which require resolution. " The March 8, 1977, MHFA letter recites one such item as being the "property tax stabilization" by municipal grant of partial tax exemption pursuant to Minnesota Statutes Section 462. 651, Subdivision Z, fixing real estate taxes at a figure of $36, 900. 00. The letter concludes that without this tax exemption the development praposal would not be viable. Taxes paid on the individual properties in Block 36 at the time of HRA acquisition amounted to $33 ,202. 94. Construction of housing in the Downtown Fire District requires fireproof construction adding 20� to 30$ to cost over type 5 frame construction. • LEGAL; JTH ,. : . � :, , -2- - Construction costs will be $23 . 00 per square foot, and based on the average unit size of 800 square feet, $18,400. 00 per dwelling unit. Because of parcel size and downtown location parking must be provided in structure at a cost of $4, 000. 00 per stall. These higher construction costs translate into i higher debt service costs requiring the partial tax exemption as offset in ' order that the project rents may be fixed at competitive levels for the project to be feasible. The mortgage amount will be $9,430,359 forty year term at 8� interest and MHFA fees and charges. These construction cQSts and mortgage financing terms indicate the necessity of a maxi.mum exemption � from real estate taxation tentatively approved by Resolution, Council File ; � No. 262350, adopted January 22, 1974. Carley Capital Group (CCG) woul.d be substituted for the Estate of Norman B. ', Mears as general partner in the redevelopment company li.mited partnership. The Estate would be a special limited partner in the new partnership. • The partnership would be renamed Lowertown St. Paul Company. The project equity requirement is $1,109,810. 00 derived from CCG' s buiider's profit and risk fee of $881,322, pedestrian concourse construction of $92 , 016, and the remaining cash equity requirement of $136,472 , obtained by syndication sale of limited partnership interests. An Assumption Agreement would be entered into by Lowertown St. Paul Company, Somerset Urban Redevelopment Company and HRA amending the Contract For Sale of Land For Private Redevelopment dated June , l$ , 1974 , between HRA and 5omerset, by which Lowertown and Carley Capital Group would assume the obligations of Somerset and the Mears Estate for development of Blocks 36 and 40. The Block 36 development would be designed to "accomodate the DPM i _ . . ,. I ' i � , . �.� -3- I -:-_ system, Block 36 purchase would be closed June 1, 1977, for construction I, start July 1, 1977, and provide that as to B1ock 40 Parcels A and B HRA , could seek other developers with right of first refusal in Lowertown for development of said Parcels. Staff recommends S1) approval of the substitution of Carlev Capital Group for the Estate of Norman B. Mears and assignment of rights and obligations of Somerset Urban Redevelopment Company to Lowertown St. Paul Company (2) approval of an Assumption Agreement effectinct this substitution, and (3) approval of a grant of partial tax exemption to the project pursuant to Minnesota Statutes Section 462.561. • LEGAL: JTH ��• .M� ��}�y��,�. . P . . � .w�.�..� .y.�._-� ilRlii�w�W�-9�MY/bi/i{��s'�YYIO�WIV�' . lYltrljl�: ��:1.lMi�rTa��+�wr-M� �r1 .rr..�...��.-�..i-��.. . � -� � � i� . _ _ _ ,. .�__- _ , .. o . o 0 � � �o�r�c�o��a �o�� ac��c� �g�� 8 March 1977 . . , .. � Carley Capital Group ?� ` �;,.,\ 315 4Jest Gorham Street . � , hladison, Wisconsin 53703 � �� ''�/YFC'�>��` �' � � Attention: t4r. Richard Lincoln .��Q �'-i � .� 9j �� .,4+'�{ , � II RE: h1EARS PARK APARTi1ENTS St. Paul , Minnesota � -`�, y�'�t`� '�' FiHFA �15-001 ,�t. �� Dear Mr. Lincoln: • This is to inform you that we �have revie�:�ed the subject proposal and find it to be worthy of Feasibility consideration by the Agency. In the event that Feasibility is approved by the f�1HFA Board, a Feasibility Letter wi71 ' be issued by the h1NFA which will advise you of the under��riting requirerrents which must be met prior to Commitment and the des�gn and financial issues which require resolution. One item in particular, which vri17 require substantiation , is this development ' proposal 's compliance with the redevelopment company sections of the i�tinnesota M�nicipal Housing and Redevelopment Act in order that it may qualify for . property tax stabilization. The projected real estate tax figure of �36,900 was of critical importance in determining the financial feasibility of the project. In tne event that the ', proposed project does not qualify for tax stabilization, then the proposal , , would no longer bE viable. - .� We Nrould appreciate your attention to this matter and if you should have any qusstions, please feel f ree to contact us. . � Sincer ly,,, � �' .' ` � '`' . �'/ .;'.; r �- � �Y �1€�'�C on 1 an Hous�ng Development Officer MC:dw CC: Curt Glaser/Knutson Mortgage / ' � Jim Gabl er /Knutson P�lortgage✓ � � c�,c�c��r �3a�4 • �4 (��c0, o��.�`,�� I • Q�� -7�� - , _---_._._ .._.._..M,� _..�� HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA � � . � � �1 a. � REPORT TO THE COMMISSIONERS DATE March 9 , 1977 ,� R EGA R D I N G BLOCK 36 LOWERTOWN: SUBSTITUTION OF DEVELOPER AND REQUEST FOR PARTIAL TAX EXEMPTION In July 1976, HRA approved in concept the �substitution of Carley Capital Group of Madison, Wisconsin for the Me�rs Estate as general partner in the development limited partnership for Block 36. Since July, the Carley Group has spent time and money on revised drawings, market studies , and in nego- tiations with the Minnesota Housing Finance Agency for financing for develop- ment of a seven story, 250 unit apartment building with parking and retail space. b� commitment is anticipated within the next 60 days which would permit a June 1, 1977 land takedown and July construction start. HRA consideration of formal substitution of Carley Capital Group as developer of Block 36 , and Council consideration of a grant of tax exemption for the project pursuant to tentative approval given by Resolution, C.F. No. 262350, approved January 23, 1974, are now in order. I Staff recommends that this matter be referred to the Development and Ii Transportation Committee to consider (1) agproval of the substitution of � Carley Capital Group for the Estate of Norman B. Mears as general partner I � in the Block 36 development entity, (2) approval of agreements effecting this substitution, and (3) approval of grant of tax exemption to the project pursuant to Minnesota Statutes Section 462. 561. a � LEGAL:JTH ._�_.___----•.�.—........_. ... , .. . _. .; ,: . .:.� -�9 , , � � � � . � � , � ... . _ ». . . .. . ..y '�s_y'1.__�� " � ; . � .� . . ' F��i?) �:�� f�i�/��1 :i.�_ �i�:i�.Vii� •t.�•'r:il�.^� J�}7Y0}7!"11v�} ' I .. � . +' . • �� , • . . ' SCl1COULE A: �til�SIC L�;Ottt•tAT[0�1 xx Fcasi�il i�� , • _ _ . • . .__.. �. • � f.:l?�ru�i F^�'n� � . . • lreitial Ctc.:irtg ' � . 1 1 �� r ' �Pre-Uccupe::cy ,. , . . , : '. • ' . . . _ _Car�ev CBPital Gronp • • - • 1 . • • Nam� of Ueva�fo�er • , . ' � Ttears Par!: AparEments . � . N . . .�.•�ilti:::e: Ui' }i)U':t119 ��::.'!;IU}.i1�2f1� i.i::ri I�iU.s � LOCATCD AT STXTIi A1;n si�t�t . sT. P�ILZ . R_1".SF` • . , Adclress � � t•iuniei pat i��' ar.d �C�e:n t� ' _ . 7YPE OF DEIrE!0?�•��tlT . � } t:Q�r.Cons tructi an . O Pton-Drofi t ( ,��Sec�i on 8 2n � , c . . ) Rehzbilitation . ( x) Liniited Pro:it ( } Eld�r1� o- �G ning C7assification Cotrenercial t 108 Un;�s Per Acr2) . x Exis�;ng Propos� � . .,_.... ' . af D:�:�lling Units: 253 �ota1 Lan�+ �rea� � 1�2fi9� Sa__F4_ ( 2-34acr�s . , • ta'E ?artiing 239 land Cov2;a,� � S5''�`� Sq. F4. { � 4' ., t �. Dens'i ty 108 Uni Ls p�r acre tio o` Par<i ng �o C_E;.'s •95 . � �•lurr.��r, i:u-5�r ftw:.her Gross � , TY?E OF STP.;J�iu3c� or �-" � o; Sqc_re � . , Ptiildin s S=�r�es �nitsX�' cn,��> • � P.esicl2nti�1 A t:•��1:T' 1 ' 7 253 - 22�555 • � �Residertial B i`�f=ei-= . , � � . . � a' ��Service � 39523 ( (260Q0)\.R. � Cocm�rci�l/?rofessicn_: . . ' Gd;^8 2 under bu±iding . 1 + �39 ( &56;(� � , atritnn ' ! 7177 Ca.-�u�i tY � , 35?93^ i�:ri�$ * Gard�n �.=:r�e��s (G), Toti•mhouse� (T�), �ti d-Rise - 4-8 siori�s (::�j, . , High-.°.is� ;-.'.:, °��- ' � . . x� Tot�7 for st:ac�ure typ� -- rot per bui?ding. , : � • . • �iPAR?t,Eral" DIS,�_°UTIO�: . � ' . ` . Pro�ec=�� ::o:t:n?y . • S�of P_srt:ber � R�r.'=` Rooms ��"'�3�'- =7,D^:�S@ , 'Ta:a1 of S,t. - Nurr:b�r o! :^, _ .. . ---�— EO:I.. s.C:. va.1 i �'cl1 U�!IT TY?c D.0�s D.U.': INv.t Re•�t,l A�t.�J � ?U; � 7oea1 Cafwn.>_> sP;:t i:': C�G!Ia. A FfF _.r.�l.— �'3,.-. �b8 - I '�� - �;� � . : � , ^2 fiR 50.6 12F � f,f,� � 3.5 �1 4��g � c` � � _-�l� TS : 1 n.. 5.5 14 708 3.5 I 49 � f 315 ( 1� . 0. n� f+. �_ FSS � fi(1 (1� � � t :? ' . .R . � 6.7 �17 857 4.5 � � 0 400 � 20 �.' :; 3.� . . . . 2 S�. 4.7 12 R�;i . l�.5 i Sk (l . , " 4Q!3 . � 20 � 4.5 54 a �o� i '� � • O. °.�_ 4.7 12 8iA � , � . � � .?p . 2 B:; �7. B) 3.9 10 65'2 . 5 � SO p • � 42(? � .. .. � k � ' . . � � ' ion�!, 253 ____ ' 9�0 • � � . - Tprnt. , , •• , 3.64 . - • . lveraga no, of rooms per O.U. . � . � � • • .� r4 %ttr �'•.':f�f`a` i.�:��.af�R°�' � . , : � �....',.,-,:r•• i • , I - (��1�1`:: CJ b� Pdl� �)% O "�� - , ,; ,, • . , �•- _ . . . , . . . . p t,or � � � Air Cund:�toning ' ,' .� . f�Clll:�?}l01(� f`�E'.CtfIG .�"'_ � . _ • '. . • .__ F � . .. _ _ .._ .. .y,_ . .r _ _.,_ ._ _. _ _ --s-�- - =-- _ ___ _-- ,__.._ ,T.._ - .,�.,_ �,, � .._ . , � � . . . . . . . .: . � •��. .."i� ,� .. , � - . � _ ., • -... . ._ .. . ' D'nl� ,Januar'� 17,1''�. _� � � , • . . . . . : , ♦� � fl��`� _. . �..... . , �• . SCitECtlt.0 R: CSTI��1ic� GcVCLU�r.,.�it CO�f At�i) t•;O�it��„c i•••:�;�.:1i F � .• , . , - '� . � C��JS'iREtCTCO21 C�S1'S • � • •� - ' ' ! � ' � ; a. Resid�r�tial A (� � /9ross sG. f*.) ' S . • .. . .' . • 7 , � .. �. �:C51dCtttl.11 Il ' �� /Jross sq. ft.) $ • ' ' . '� . '� c. Coa;m./Prof. 5 /Siz-oss s��. ft. $ � . ' � � .d. Garag2 . �5 � � /9ross sq. ..ft.; $ - . ' . � e. Co:r.:ucnity • {.�, ___ /grass s�. ft.) S • ; . f. Sitc:�rarE; �� /[l.U.) � _ � ' ' - . 9, StJIlTO�iriL---------$ 7,103,433 _ . . • . h. General Fequirem�nts - . • . ' � 4.5 . � pf S� 7,103,433 �t 319,654 1. 6uild�r's General Over-held . r 2 � Of � 7,103,433 � 142,�b9 . . j: Builc2r s Pro�it only non-pro�i�s) _�_ � _ � ' � � of � � � � - � k. 6a:�:1 Pr2mium � � 35,000 . - . 1. Otii�r (specify) ' � � -�- _ "_ �. , . � �_ ' � " �. • 70TAL-----------------------------.-� 7,6nn,�.56 , . EEcS • . • . � ' . -. � : ' _ �, a. Rrchitect's :�e -- Design ' : .. : � . ' . � � q a O: $ 7 1�43� _ • ,� ' 177,�,Rf, _._ , . b. krchztect's :�� -- Sup�rvision • � • . . � . .83 � d: $ 7,103.433 " � 54,953 , _ e. tegal � " �_ 20.000 _ . . . d. Proc�ssing ,"-.y�:tL - •5 h o` Lin� S�. � 45,�00 • � . , , � e. t•l�rketing - 1 J�K o� Lin° 6a_ � 44,742 .. . '� . ._ . : f.' Surveys zr.d��:t �ri:�g5. _ $ •io,000 .. - : . g. Other Fees.(�;�ci�y) ' � ' - - . � - h_ ' T.^,:�;---------------------------------� 4�6,286 . . FIi,'.4WCIilG Ai;D C�=�YI•,.- �'��v"ES ' • ' . ••_ t ' . + � • (.0625) • . . `. a_ Interest at 7.5 X for ,n ron�ns• on $ °�068,134 � 566,758 � . b. TdX�S _ - $ i - c. Insurance � � ' � � � ' d. FtEIF�i Insp�c= _. =�� - .5 _ � c+� Line Sa. $ 45,�=�1 • ; ' . e. t�tHFA Fir,ar,c:-, =°' _ 1 55 � of Line Ss. $ i4o,6si - f. �:�+?0 (orl; -�z-�r��its�r � _q_ ' __ • _ ' g. Ti�le and ��_::��rg . . � , . . . h. O�n�r Fe�s �=='ciT�) . '_ � - - ' - . , i. �. . 70TR�.------------------------------�-� 8o6,�s� . . ' 6UiLu�?!S°O;;SC? ?:'.�Ji=I7 P,PtD RISY. ' ' � : . . �. � _ � 10 X o.` $ 8yR1�,7„�7 (Tot31 1-3)...---.- -------------------.� •_., R___�?_��" _ ' . . L�;�iD � • ' ` ' � ' ' . . ' • a. C� 1,515 /D.U., and � . •, • _ . ' . � 101 E95 sq- ft. at � �_t� p�r sq. ft. � .3�..r,,�-^.n � b. Of f-sj te Ir1�C'OVLta�nts tap-on fezs, sp�c. assess. � �nn,non � � •- . . _ c. Carrying Charges � � -�L- ' . - . d. P.clocation Costs . . .� ' -�- . . � B. • . , TOT/l!------^--------- ---------------$ 483,4n0 '• : ... _. -.. . 70TAL [STIt•S11TCD DE{,'flOPP1EfIT C45T Or Pf:�JJEf.i (To�a1 1-5}(Pcr D.U.$ 40,22?' ;Sz0,277,9-i � " . EQUITY REQuIR�e'c�l1' - ' 11 x.Of Line F�' �IncluJe.s 4(C) of Sched. c)5�1,1.os,��? , . _ � . � . . . . _�. . i��X[t•nt;•t t;ORTCt�r,F LOA�I .. .. ... � . . .. ...._ . . . . . • ._ ' -�. ' 89 x o` Lin° 6. ' � •. . � a„��3�._.' . .. . !; � . � � . ., . . b. U�v�l�);�.-^Ri. C(15t E�C��>� • , " . � .. , , � . • � r .. . •> 1.��34 /U.U.. ' t� :: c,� Lcn� ��t�. .$ • a�o ��s . • � . . • . _ . — ..---- . • u r.zn aeo-. • ,- _' . . . : ' . , . . : .' C.1T� ,!,�... �—..... �—: � ,� '� .. , • ' sC:t<<,clr.0 r.• :.��r��•:'�!'%�fl !lii:7l.i�.i. �.::i'c�i:i=.i f.'i'.) ':i r�!.°, �� ' `' •_ � _ -�_-=--- -- ! 1♦ . , 1 j , :.._._' . •. • - ' . �\ � t . . . �' + � Irt��1C)B ni�iOltRt �7 9�,(+�.�R4Q -- - . .. . � ' ;tirat_:( t:ortgac�_ Iiltcrest_Rate �5_:'ro tdf;=1; Fecs a::1 C;.arg�- ,g . • � �� i: .. Debt S� tice F�ctor .. , j . YearS ':''� .0789685 . :rifl 40- • . . , Tota1 Gross Annu11 Cr.pense' ' . � . , , � . . . � . . � 2, Interest and An�ortizZti�n � � , � S 744,741 - , � � ¢. t;Fi�R !►nnu�l` Fe� - 5 � � • ' � 47,154 . , ' C. 0�2ratin� Er.penses re�'e•r Sch U) . S 30g,��Year X �20 P.00ms $ 284,185 - � d. Ta>:2s- (�ca1 Esta�e:�—i�s:85 /O.U.; . - _ , 3.06 � of Lin° Ih. 5 36,400 - e. F�ser•ves: . . � - '_ � � �� Pc1115ing and D2corating � � 13,800 � �_ /Year X 920 /Rooms ` � .(2} P.ep ace��en�s • . .. ,��6 of Lir.e 1y. af Sch. 3; - . �46.33. Year X 920 � I?ooms $ 42,620 � 'f: Return on Equ'►Ly - 3.31 � S� on - - � • �_1,109,t110 ' • .� 36,728 : 0�ner . $ -n- . •. , -§. �--�,:,_=�:y . . "`. h. Efiectiv� Grass Expense (Inco�n2) . _ ; - , (subtotal L:;._s la.-9-) ' . • S 1.296,128 . i. Vacancy �nj Co11°�tion Loss Factor - . � � . 5 a o; ]j. . � . . . • . _� 63,48Q � �� . . ,. • ' ' XOTl;� � 1,269,603 -----.� , Less: tJon=}lousing Ir.co.�� (re�e•r t� Sch. E) � , • �•- � ( '—�'T'.-� . • 'total P�et Af171U31 EX��ns2 . . - _ ' ' � a��_i�n . � 7ota1 P:et t��oiitnly cxHen�°s • ' � sl.oio . . � . . - . � . • . Average Rent/Roo�/t•�onii � - , ' (Line 4 � � 920 rentzl rooms�) $ •ss.o5 ` . . . . . � _ . �• . � � t:0?�THLY � . • .tlTILIT?�S . CO?�TRAC; . ' � ' COii7RACi P�1ID ^oY G�OSS P,Ei�lT . r:U�;�g��'__ .^,OCi•SID.U. P.�NT OCCUP�i;iX'� Rci1T ItlCO:•lE :�f. -- 4�--T-- � � �55 +^ 1(1__ � 9C5 ' J 1i1�Qf5 � . $R.__ 128 3.S 319 1 5 �95. ��__ . 1�F - 3.5 __3,�__._ 15 ��n 4,41n ; $R. 7.7 _ 3.5 315 � 15 ��0 5�355 • ' 4.5 400 20. �s2n 6.80� G $R:-- 12 - �i.5 _ 400 20 42Q _ 4,8QQ ' . 1'l --� 4•5 1E00 2� 4?.Q 4,EOQ . M $R. --�-j --° S-U ' ' 4'LO 20 44t1 4�200 , �---- -- - . . . - - -- � , � TOTAL � 1�"oi�` • . 70TAL t�IET t•10. EXP. (Linz 4 above) � � 81,0�0 ' ' •. - . bo hot inclucle free apartments (and roo�s) for nain�enance ar,d rana,er�n� personneT. tt:ot included ir� 1 c. above. . , • _ � ' - -. , _ .. � . • .. • - � - " --.. .. . y ' . ' � . • • . � . . . . � . • � . . . � • . � � ' ' ._ _. .. . . � . . . , . . . • � ' . .i`t'. ; . . " . • . • " t ' . •� . • . • • • • • '• • • ' . • . . . `•. • , .• •, : I• ' . , r � . . . .. . . • ' �' . • ' ' . , . � •' . ' . '. .. t ',� • .,J. ' . . • _ _� .. •- .•. ..:..�..�.,.,,__. .. .._.._.__.....---_- - -----..._.-- � --_ ---. _ . ..�..__.. 1_.. . :. • ..._....�'- . . .,. � . . ____,._...._ .. f . , " . ••�.c:: i i, �,._...._ . —�I Y. , ' . . .. � � . .. . �� ... ._ _ CinlC �r j 7 ]]�. .' � , . �i . . $CtiECltt.i D: E�Ti:`;;'•.0 F,�!`6L:,t_ "'::,.a�('iG i.:�?�;iS�S . . �• 1. � , " _ ; ' • . � i .Ad:nirtistr�i�ive ' � • 1. ' _. • , . ' • . " { . t . .. � .�. Advcrtisi►i3 ancl t•t�rketinl........:............� 4.800 . ' .•__ � : ' �. . '. �. "°, . _a, r•t�nay��aatz� Fec - ►�`�zo.�5 �o.u. �. . . ; . . ._. . _ , �� ' 2.5 . ;G of lh, Schecl�le C..�...............s •30,600 , ' � � � ' , j - c. Legsl................................,.........� Soo . - - . ' , � , : a. nudit.. • .........:....:.:..5 �,sou . . . e. 7elept�on�........... ...�.�_.......>....... . .� •i;23-' • . . - -�1_ � .. .. .. . .. � f. On-Si te �•tartaq��:�nw �'ayro'll 15,780 . . : � (frocn Ite�r� 6 G�lo.•�)---•........................3 : . _ . .g. Otfier (specifyj....x�nkal.agent......:...:....5�— . �h. • . � SUB707A! . ��$ 61,780 . . ., ° • • . . � � . . � •ilai ntenance _ . . • . _ • • . . a. Eleva-tor (•taintenance and/or Con�racts.........� 6,600 * - � � ' � ` b. ExLcrninating-- . ..... . ..... ..........5 1s2oo * ' - - -_ . e. Garbal� and RubSish�Rer;oval... ...�........_..S " . - .. . 4 �00 d. Oti;er Corztract Services.ian�tox/W��4�;,c}eaner,e� 12,499 x . _ �.� . . e. Insurance....... ••� 15 G0o � .. :� • . ......--•- -.._...... . . . -•. - f. Janitor Su��lies..............�....... .....5 -o- - . . � . _ . ... • g. t�aintenance S::r2lies.........._...............��_' . - ;. ' ., , h. Grounds t•iazr.�=:ance..............•-- - -..... 1,2c10 s� ' . - i: Sno:•i Re�:�ov�1 • . . �� - .. _.....:.....$�� : . -j,' Nea�ing � Fir�Co:s�itioning�Rzaa�r�Servic2s....$�— : • ' • - . k. General Re�a;r S�rvices............. .........5 s,400 • _ . - 1, Pairtinc�/Dec�:-��ing t.aieri�ls an�/or�5�rvi�°s.$ 1�— _ �. � �m. Payrol l (frc.- =_t�::� 7 6�1o��j...................� -� • - . . : . . : • n. Other (sp�cif�3...............................� . .. . 10,500 124,985 ." � _ . . . :O. . FrinSe ; _ ' • � SU3TO i•r.�� • $ .... . • . � -'70TnL nD:•�Ii�IST?�I�:''c E. „r1I�iTt�;�;�:C_ . $ 136;765 , � ..P-. � . � � � • - - . : • - I • Utiliti�s (paid �� : =r) • � . - . ._. � - -- . a. Oil..... .... .. .:... .................-•--� -o- x ' _� ' ' , I b. Eleetri��(paid�oy�Ce:azr)� : - ' - . ! . [� Elevators • Q H�atirg ' . . . � ^. .. . I �] Househ�i� �l e�iri ci ty � Ho L ti+aier � , ;� _ - - . I � 20,290 X - � [� Air Cc:_::i��in3 (�o�'t[�.� Coo.l•ir.g ' - .- � ' _ . � Public S�ace �] Co��.m:/Pros. . . . - ' � . c, � Se::�r.�...................................:....5 �,200 * . . - . . . .d. l:a�er _ .. ............................� rr--x � - � _ e. G�s (paid b;� �:�:ner). � . � . . . � . , , • - . � �] Coo�ing Q Heating -� . . * • ' • . - . � . . � Ait� Cor.d:tioning �. �, � Ho� tiz�er : ' � : , F�)- � . � 69,930 . : f. .Other (spzci ....... .................... , . , • � ' � � ' . 'f07ut � ' � $ 97,�20 .. . g. . , . ' .. . , � • ' ' • 28i,i85, . 7ota1 Operatin� F'r.p°nses (enter on Lin� lc. of Scheuule C} $ � 9.20 � . . , . . • 3�3.90 ' � , � Aver.ac;e Er.pens�/Roo.�/1'ear_ (Line 4= total roo:�s). • $ �� _ y • . . . . : . . . • , _ ___ . ... • �*These ite�ns should'be backed up by bids, estir�ates from util i ty com?anies, • � �. ,� • - � : � � or an analysis of expenses incurred l�� co��arable develop�:ents. • • ,; ' .;` �- . . • ' . . . . • ' • ' ' ' ' _. • . '� ' • ' ' , . . . . . , ,••�• • ._:- i � � '` .. . , . . , . , • •. . . . , . - . . • . s � � • � •„ . , . . . . ... • ' _._._�..� _.,.._.... ._.. _.__ —. —..-.,. -..-.,i._.----.. .__.. _.._..__.._._.�_______--- _,.. , _. ._ ._ .� . -----.------- :-- • ,_... . . '. . : . : ..0.�'ii: `_'_ . ---- - - - ; , ' . . . :. :' ' ' ' . . . . . . . . � . . .. , { �.. On-Site t•ian�in2eient Payr•o11 Grcr,�!cdo:•;n . - , � . _.__. , llcnt:�i Valun � Social Sccurity♦ � • f:umbcr � 7ypv o!Posi:ion �`Quartcrik � �'lrg:t � Frirr;.�rnr(i:: . • 7ut�: , . �,- 1 T— Reside�tail P�gr. �J( •--- �. iS ' =—�_�____� (S 1�,75� --r - ' � � � . _ �,_� pnrat �gent � i . ' i.3�7 • � � � � � ' Pavroll 6rca'r.do:•�n • � � � ` Rcntal��alur . Soc:,�Srcuri:y t � • Wtia�!rer 7qv�ot Po:ition • �•�a,rirri �7age: Frirn•�Se�;.`�:. � Tc:o: • i + ,�' � nan^e S � _ � S tS �C 21 Q0� 4 Caretakers � 1�i,400 � � . � 14,OC� , . • � � f � ' � , • . ; . • - � f � � � � SCf1EDUlE E:� RO?I-F1''_�S�;G It•;COt�� . � . ' . .� . . . , � Par�inq Incon;e. ' , . � � • . ' .. • - . . � • a. 239 IrtCaor s?aces -�$ s5 / r:.o. X 12 no. _ $ ipo,3so • ' Less -o- b vacancy toss eesais..............:.......:... $ lno,33o . b. o� Ou�:��r s??ces- $ / c.o. X 72 ra_ _ $ � . � � Le» � vacancy loss e;1_�s.._ .................... $ '�- • Inca:�� Fram: � . � . ' ' - - - - . , 8. ��dSfll��j ��'�.... =5 - -Ci 36 /L'.��.!,`�':. i2'>3 • �.�I. .......:....... j g�l�° b. Vending ��ac�i�=s - $ � /D.U./yr..X D_t�. ........... .... $ -o- - � 59- ft. � � �� /sq.�z./�r.• r Profession3l Sp�ce - ' Less o � vacancy.loss ey::ais..---:................... $ Cozm�rcial Spac_ - 26,00o sq. ft. ". S �.23 /sq.ft./yr. . • . � � '- � Less o X� vacancy loss eyu��s............:............ $ iss,onr� ` , . . • . • . • � TOTAL � 297,488 ' SECTIOi•! F: SECTIO�t 2 =�ASIBILITY . - � • . S�Ci�C; 8 . • '. . • ' FAIP :�?::ET 1 7 , � G.'.�SS ' • �J�OJ�=t 0� . � • . ,,Ir . .-..-- (^ ) OF Ff•tR** P.=�i: S?P.E�� . E-'`S'�LE , - P.c�:;� :�•�R _:. `f• , 244 ,." : 293 265 , . ---- . : BR. • 284 ' 341,. 330 '. . --- . � • � -- � � BR.- 351 421 420 -440 _ . . . , ...r . ' • . - BR.� • , � . • • . .•. • � .- •. � •' � . � . BR. • • ' ." . . . . . • . - � . ' . _ ; - _� - �` EiR. . • . . • , ' . • • . • .. ' •. . .. - ; , , • . • . . . � • . . • ,.. - ,_;,�. . . _ . . . . . , . . ' • • . • � , . . . . � .�. ... �* Da not inelodc in total. , . � „ : ' , �, e. . •• . ° • � � ; , , �'* Use anly iF aciju�.tr�nt i; r�;uirr.d tn. c�_��lish fna;t5iliry. • . • � � . .. .. . ' � • � , ...... .. . � . . � . � • '. . -.� • .• . - •~'� �..- ' _.. _ _ _ _. _ _. _ _ --- . .� . : . -- —,- - -� - --- � ' . . . . ' -„---- �``. .' �' . � i � , . ' ,;`:- . . . � ':: r. r rr.��• r ..n . ' - .. � • . sen-.►► �..� ,. �c�t: �LCC.,,:r ��r., s�,.. _r��e:�::.:�� ,�; c�o,c.:c; . . ; , . . . ; :, � � � ti ., Equi ty Requ ircinenC (linc 7. Sch�dulF: [I) �`: $ 1.�o9,E1!! '. . � ; � . . . . . . ' . . ►torkir►g Ct�pi tsl Cscrow (� 3 x oF Linp 8�, . . ' �. ; "; Schectcrlc 0} (,peci f;/: Cast� or l.etter u�' Credi t (LC)) $ ��,o�►i (�) ' , 1i : � . • . . ... . . • SU3TOTRL�------_-- .----------$ �'1�'3'� - . Less: Soiirc:es of Eq�.�ity . . - - ' - �. i;et interest in land . .. $ . ' . , . _ b. CSPfJI (Line �, Scf�edule Q) � . � � .ssz,33�_ � . C. Other (specify) HRA Skyway Concours Contribution �-- q�,,pt� • • - SUBTOTFiL=-------- ------------� 973 °'_ �. • . _ , ; . 7ota1 Estimated Cash �:equiremert� for Closir.; . - � 13�,�72 • : _ . . � ' ' . � . - .. . _ � . . � � • _ ' . •.' • � 7he undersiSned Aoplicant h�re�y m�;�s a,��licaffon tQ 4ae T1ii1n2so.a N.�us�r.3 • 171i1C° -�,Q2�CV �l'i:'ir;) �ar an in�e�'1R1 ar,d per-�r,=_n� COY'i.5?j? 103:t iF: LR° �SAt:�L Of 9.430,859 Tor a tern of 4o y2ars, pc:rsuan� to zc� :;;r.��sot� Hcusi�g ` �QdRC° -.��lIC� f1C�.� ?.� Zf^�R:i2�� f0:" tfl° PL:I"�J�� J7 D'f0�/1(�?R�� i7^v::�1ii� .dS G�SCI'ItJ�d • �o:�, S�,a �zo4n ;.� b� sec�red by a�first r�:-�^�,� on tn� pro��rty h�rzi�T desc.-ib��. te A?�licant �ur��:�r rce�_sis t•�:iF�, on b�fza�: o.' tn�is D�v�lo�.-�n�, to_ c�.a'•;� e��li�a- � ion to z��rop;i�t� _;=_^cies of the Fed�!-�1 G��;�;r^°_Ri. in er�er �o ootain S�c�ion E _ ws1n3 Assistanc=_ �_;;-=_�ts, in furth�rar.�� o� io:� and/or r..��r?_� ir.�a�.�. occ��?an�y IT 20 h Qi ,i.:°_ ��l'��Oj^."I�R�. Tfi° it�?1I�.2^: Uf1C°:'S�i.�l1;iS d:S� cgt'��S tl?3� aTl �.._�.i�r.�nL or 7can r:.,'=_ �y l�i�;A nay b� condi�ic.�� upon a•r•�ilehiliiy and use o' J � : � �t�ioa S Assistar,c�. - � ' ' ' • _ • - � '1" o r M'-^�- ^?�.� i i ' `t=` L._ 1.� c- � J ', � �1�;•� - - n .�nder _ . _ _. �5y cer�i�i�_ _ .._li2v � �_ cz�; .:uild :t�_ 70�- 'lit :•i1 e.t11(i i.ne devei0�.:"_^i, i:1uCZ� .°�c�.i, i0T'i.li l:l J�f uU12 [> ZRQ C121"2�° i.ii? �?�l��O�— �ni. :�ti�� thz op�ra�:rg ��-1ce� set for�h in S�;�_�?e D aad f�r�'r,�r c�r�i,":�s tha;. ti:= _ ' �forrZti an SE't i OT'C`.11 7ll l.�l°�° F1CI3i.C121 S.�'..��.'.:l i°_� n tf1T'0'.7^y:I Ci� c�.Il:l l:1 c�.Ti,� d��?..G�:�?�:U ' ' � t suppor� thereof, is i,rue, correct and co:-�i_�e �� tF.� b�s� o+ his kna:•��edge and � �lief. : . . , � . . � � " � � - � _ � It1 l•IITt�IcSS E•:-=��u:, tne Applicant has ce;:sed this Zoca.i�ent Lo b� du7;/ exec�.it�� ' { t lt5 fl?��t� 0[i tfll S 27th ddy Of Januar; , 19 77 . '. _ � k I � . . . . � • . • ' CARLEY C4PIT.�.L GROUP . .. . . .- . : : _:-• . .. . _ AP?LIC�;i1�_'~-` � . . . •' : � . . 8y: _ -/�.y�a �--�=_\� _ ' .� . . ' • � , ,�1��'/L 1'� � � . - • . � ' , . Rich�rd•Lincoln ' ' . � � � • . . . TI�LE _ , . . - • � =•. � . � . - . ' , • • "�� ' ' Directar.,. Develapm�nt � . �- '-� ' , . . � " .• � , . . ' • . • •• . . - • _ . _ , ' � '. . • . , . . - _ . . . � • , . ' • � . .� � • � �, � . . _ ." - - . -. ` , - ' ' .�, • ' ' � . . . � ' . ...�. • � ' '� . • : - .< . � " . • • • . . : • • .. - _ : . . . � . . . , . . • • . �� -r� • _ � � . .• . �, ' � •�• ` , • � • .. � �. . '. • • � ..: . _ �ti . . • • • , � . . . • . . , . . r .� � . • . , . y•� ' .�. • • , . , . � �„ � ��:. '' . • ... . .�_ � � � � • '. . , •, . • . . :, . • ' ' . • . . , . • •. • ,i'+-i� -'^ � � , . . . • . .: . . .. . . . . �. . • ' .. � - � ' . ..'� ' . . � .. . . .•• .., . , .. ..__. .._, �. ,a .• " ' �G ;�eu.,c /i�-�� . . � �' OPPENHEiMER. WOLFF, FOSTER. SHEPARD AND DONNELLY ATTORNEYS AT LAW - WILUAM M.OrI[NNQM[R�HJ� � � � . '�. , �OiNO I.WOLFF �� WILUI�M R ETUD[R .. . w000 R.rosTER t�00 lRRST NATIONAL BANK BWLDING �+�ua M.�vrrecaa � �ORDON SMErARD CMARL[S A.►1110E � � JAM[3 R.OPPENNFIMER �I1�NT rALIL. MINNESOTA 55101 � s�[vn+a NE�.so►i OAVlD C.DONNELLI' � mM�A1tC J.MJ�YWARD� � .� . . wtCMAeC a.uwewu • . . �HONff: t612)227-7271 aw�a.R.�ewNre � � � � � �NEIIMAN WIl17NROr . �%:�-7016 . . qM011LL J.DfiVOY . � JOiW O,MEALY,JR. ' � � � It�CMARO J.MOHN � � L�ON R.GOODRICFI � � MA11K O,q�N5TA0 � O.M[R/.TROUSDALE (OOB ID$CEIVTEIZ ' - �SE�R.REINMART.JR. . � � LfNAN J.RYAN � �SQUAI4E d!M EEUS PAUL R.NANNAN � MtNNFJ1ppLIS.MINNESOTA 35�02 THEOOORE J.MEYE�, �a�•�«+ 10�0 DRUSSEtS. BELG�UM � JAM[f L WALSX TEL[lpONE (l121 l92-a481 RICNARO A.MOEL , . Lt0 J.NARRIS ��:�-0t� ' . . � ��HON6:311-19-92 MIG[L F.TRFJ1C1r N WILLIAM�I.ARCHERD . 1'ELCX:C2298 � � MARRIS RAVINE � � � � MARY ANN BARROWS . � 1106[RT L.11UlLARD . , � ��5 L.MEM6R . � �MICHA[L BERFIYS �� ,� � Kl1T1i.6.OOODWIN � � . �p1N M.WOLF ' � � � ST[VEN G MEfTIG � TltOMA3►.IC/�NE - � �RADLEY O.CLARY CRMQ W.GAGNON � TNOMAS W.AND6RSON � �� . DAVIC I.MClLROY,,R. Decembe r �O� 19 7 6 �AMCS F.PEDERSHN � .�. - - ' JACK W.XANSON � R06[R D.GORDON � .. RONALO C.MICI(ELBERG � GMIlLA�N T.JOSEPN� � ROB6RT R.WEINSTiN6 � . iTEVEN C.TOUREK - JAMi3 D.LANO � eRUNO M.d�VUYST� � � CRIC R.MILLER . TXOMAS J.S[XTON . [OWARD W.SPRING . JEAN RYSSOTTO�. . . � � iTMID.DONNELLY RICMARD M.YISAN2 � � QF COUNStL WAYNE 6.FARIS � �1VpT A MEMBER OF �CMN r.SCNMtDTKE . TNE MINN[SOTA BAR Mr. James Hart - Housing and Redevelopment Authority Northwestern National Bank Bldg. St. Paul, Minnesota 55101 Re: Status Report re Block 36 Dear Jim: We understand the architects have been working closely with the staffs of both the HR.A and the MHFA. We further understand that all parties are in basic agreement as to the design and size of the project pro- posed for Block 36. Therefore, this update will confine itself pri- marily to the legal aspects bringing the Carley Capital Group (CCG) officially into the project. Somerset Urban Redevelopment Campany (Somerset) is a Minnesota limited partnership whose sole general partner is the Estate of :.arman B. Mears (the Estate) . Somerset is the Redeveloper with whom the Housing and Redevelopment Authority entered into a Contract for Sale of Land for Private Redevelopment covering the principal portion of Block 36 and two parcels in Block 40. The steps which we propose taking and which will soon be submitted to , you for formal HRA approval are as follows: 1. Amend Somerset's limited partnership agreement so as . to accomplish the following: a. Substitute CCG for the Estate as the sole general partner; • b. Classify the Estate as a special limited partner which has made a contribution to . the partnership of $491, 340. 50 (being the _... _. .. _ _.__. . ...._._ . ..... ,. .. _.., , . , . . . _ _ _ _ _, _ . _.._._ _-�, r . • r ` . � • � . � . • � � . � - � , � � � . � . . • � • � � i' .... . . Mr. James Hart December 10, 1976 Page Two � good faith deposits relating to Parcels 36-A, 36-B, 40-A and 40-B) together with certain previously �incurred expenses relating to the redevelopment of Blocks 36 and 40; _ c. Provide that at the initial cZosing of the mortgage loan, the Estate will be reimbursed in the amaunt of $383 ,477. 50 (represent'ing the purchase price of Parcels 36-A and 36-B) plus allowable develop- ment costs attributable t� said Parcels 36-A and 36-B and will have no further interest in or ob- ligation with respect to the redevelopment of Block 36; d. Provide that Somerset may assign to another limited partnership to be formed by CCG its rights and obligations under the Redevelopment Contract with respect to the redevelapment of Block 36 . 2. Amend the Rede�elopment Contract in the following particulars : a. Make current the timing requirements with respect to matters such as the submission of plans , approval of plans, takedown, commencement of construction and completion of construction, particularly as the same relate to Block 36; • b. Work out appropriate provisions for the takedown and _redevelopment of Parcels 40-A and 40-B recognizing the fact that while CCG has no immediate plans there- for, it has a very definite interest in the type of redevelopment which may be considered because of their proximity to Block 36; ' c. Authorize Somerset to assign to a new limited partner- , ship to be formed by CCG all rights and obligations under the Redevelopment Contract with respect to , Block 36. ' At the time the foregoing are submitted to you for formal approval, there will also be submitted the material required and set forth in siibparagraph c. of Section 75 of Chapter 5 of Urban Renewal Handbook 7214 .1 Revision. Obviously, the final documents will contain numerous provisions in addition to those summarized above. However, the above seem to us to be the most crucial and if you feel there is any possibility that any of them might be unacceptable to the Commission, we would appreciate being advised so that alternate plans may be made. � , _.�. _ . __ ._ : .._.. . . ___..... .. . _. _ ..... - -__ . , _. _. ---- --�------�----..-�-_.._ .'" Y / � � . � � Mr. James Hart December 10, 1976 __ Page Three We continue to be appreciative of the courtesies and assistance extended us by you and the other members of the staff of the Housing Authority. .� Very truly yours, OPPENHEIMER, WOLFF, FOSTER, DOHERTY, RUMBLE & BUTLER SHEPARD AND DONNELLY " . ` � By ,.. �' �, By ` � ,,�e� i /� ts �. enheimer Rob t . Davidson � I i On B al�of the Estate On Behalf of Carley ! of Norman B. Mears Capital Group JRO:sv cc: Mrs. Norman B. Mears Mr. . Richard Lincoln Mr. Paul J. Kelly . . Mr. Wood R. Foster Mr. Lloyd Bergquist t � � _ ,, _... .._ .. . ... .__. ._ _... . .___------... ..._ _,.�1 . � 1 . � � --- _. � ... __ . � . . . . . . � �, � ' � ' •� •. �- .:. t: 'C:r��n�•il [ .6' ,. . .� � :._�•��':.uiME��T • �ii '1�" C) 1� �.� 1 .\"t' 1�.� T• t:ilc N0._ �'� '�'`}�; ,-- ��.�nrc.n • . . . ' 7 � ' .7.` • .� � • �Qf�iG�(.�� .�.�a��f�`.�° ::.�'�� . . . � !? - ��, �� ^./^ � E�`lil('l1 L3�: .��'�' �=/J-,—" .a..� - _-•----__• ~�___. _.� _. _��- .. _,. , , I:i:rrrcc{ To . � — -- - - -- Ccu;:�ilter. . U..,:. _ . . .. _. -- - ._.��..__._... : (ltti Of C oT:rtlt(•�• C:' _.._. ..._._..__ ---___•--^._ "lDatr --_=•__=--—._-- WHITE - C�TY CLERK � PINK �,p ;y FINANCE GITY OF SAINT PAUL Co�u►cil � � . C.ANAFV��. DEPARTMENT ;'y,UE � - MAYOR � � Fll@ NO. � �' , C�uncil �Zesolutian ��:.�-c �� .�,�.1�..2 Sr, �g 7�� Presented By �� , Referred To j��e-►�e.!-n�l��) T�Z�N S��t�r„ ,-.,,��..mmittee: Date Out of Committee By 3�/Sl'77 Date � RESOLUTION APPROVING PARTIAI, TAX EXEMPTION IN BLOCK TWO, CITY OF ST. PAUL PROPER, AND BLOCK EIGHT, WHITNEY AND SMITHS ADDITION TO ST. PAUL WHEREAS, Lowertown St. Paul Companv, a limited partnership formed for the purpose of qualifying as a redevelopment company under Minnesota Statutes Section 462. 591, has submitted a project plan for the block bounded by Seventh Street on the North, Sibley Street on the East, Sixth Street on the South, and Jackson Street on the Vdest in Community Development Program District 17 (and in Central Core Neighborhood ' Development Project Area, Minn. A-1-5) , identified as �lock 36, � Parcels 36A and 36B, more fully described in Schedule "'A" hereto attached, j hereafter referred to as the Project Area, for development of a 253 unit ; apartment structure with garage parking and appurtenant commercial � usage; and � WHEREAS, said project plan and proposed redevelopment is in conform- i i�y with the provisions and requirements of the Redevelopment Plan = Central Core Minn. A-1-5, dated February 1971, adopted and approved , by Resolution,• Council File No. 252430, on Februar.y I2, 1971, as an�ended ` and readopted and approved by Resolution, Council File rTo. 257152 , on � January 25, 1972, and now duly in effect as adopted and revised in the � City of Saint Paul, Minnesota, which Redevelopmen.t Plan provided for � the acquisition, clearance and sale for private redevelopment of the i Project Area for residential, parking and related appurtenant consnercial � usage; and �* . _ , 3tem, Block 36 purchase would be closed June 1, 1977 , for construction , � ,�tart July 1, 1977, and provide that as to Block 40 Parcels A and B HRA !(' could seek other developers with right of first refusal in Lowertown for ,�r � development of said Parcels. - � z Staff recommends (1) approval of the substitution of Carley Gapital Grou � for the Estate of Norman B. Mears and assignment of rights and obligatio �s � � of Somerset Urban Redevelopment Company to Lowertown St p�t�i {'omnanv �; _ y (2) approval of an Assumption Agreement effecting this substitution, and � �� `(3) approval of a grant of partial tax exemption to the proj ect pursuant '� to Minnesota Statutes Section 462 . 56Z. v . •� N�HITE - CITV CLERK � � � � � � � � PINK �, .: FINANCE GITY OF SAINT PALTL GANARV�- DEPARTMENT COUflC1I � � �f%,y.UE - MAVOR � . - - � . ,File N 0. Council Resolution Ptesented By � Referred To Committee: Date '! � Out of Committee By Date � � -2- WHEREAS, pursuant to the provisions of Minnesota Statutes Section 462.651, Subdivision 1, the Council may exempt from all local real estate taxes so much of the value of the property included in a project of a redevelopment company as represents an increase over the assessed valuation of such property, both land and improvements, acquired for the project at the time of its original acquisition for redevelopment purposes, and by its Resolution, Council File No. 262350, adopted January 22, 1974 and approved January 25, 1974, the Council did give tentative approval to the project plan and proposal for development submitted by Somerset Urban Redevelopment Corporation, a predecessor redevelopment company, to Lowertown St. Paul Company and state its intent to grant the n�aximum exemption from taxation authorized by PQinnesota Statutes Section 462. 651, subject to a finalized contract and establishment of a tax exemption after determination of final construction costs and terms of mortgage financing; and WHEREAS, the Minnesota Housing Finance Agency (MHFA) has given. � feasibility approval, Form 202-Financial Analysis , dated January 27 , 1977, submitted by Carley Capital Group, general partner of Lowertown St. Paul Company, fixing construction costs and terms of mortgage financing, subject to a grant by the Council of maximum tax exemption permitted under Minnesota Statutes 5ection 462. 65]., Subdivision 1, which grant is a condition to commitment by said Agency to participa- tion in financing the project; and WHEREAS, it appears that the project plan and redevelopment proposal by Lowertown St. Paul Company approved by the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (HRA) on March 23, 1977, cannot be accomplished without mortgage financi�g participation by MHFA, and the financial feasibility of such COUKCILMEN Yeas Nays Requested by Department of: Christensen . HozZa In Favor ' Levine - Roedler B • Sylvester A gainst Y — Tedesco President Hunt Farm Approved.by City Attorney Adopted by Council: Date Certified Passed by Council Secretary By ' By , Approved by Mayor: Date Approved by Mayor for Submission to Council By By .. WHItE - CITY CLERK � . . P�NK �y 3- FINANCE GITY OF SAINT PAI:TL Council �A-NAlY - DEPARTMENT � � *��I.UE : -MAVOR � ��File NO. Council Resolution Presented By Referred To — Committee: Date Out of Committee By Date � _3_ participation by said Agency is contingent ugon the grant of partial tax exemption in the maximum amount authorized by statute. NOW THEREFORE, BE IT RESOLV�:D by the Council of the City of Saint Paul, Minnesota, as governing body, in accordance with the provisions of Minnesota Statutes Section 462.651, Subdivision 1, that the real property described in ScheduZe "A" her-eto attached is hereby granted � and exempted from all local, state, county and school district real property taxes upon all of its assessed valuation in excess of $299, 809 .00, which was the assessed valuation of said property in the Project Area described in Schedule "A" , both land and izt�rqvements , acquired for the project by the HRA at the time of .its�''ariginal acquisition for redevelopment purposes, and that th�e partial tax exemption hereby granted shall be for the period of twenty-five (25) years, cammencing from the date on which the benefits of such exemption first become available and effective. RESOLVED FURTHER that upon the qualification of Lowertown St. Paul Company and receipt of all necessary approvals of the Minnesota Planning Agency acting as the State Housing Commission, the execution of an Assumption Agreement and Development Contract by said Company and the HRA, the closing of the MHFA mortgage and commencement of constructian, all as certified to by the HRA, the partial tax exemption hereby granted, sha11 be transmitted to the Ramsey County Tax Department. COUNCIi.MEN Requested by Department of: Yeas Nays Christensen . Hozza In Favor • ' Levine Rcedler Against BY _ Sylvester TedesGo President Hunt - Form Approved by City Attorney Adopted by Council: Date , Certified Passed by Council Secretary BY ' By Approved by Mayor: Date Approved'by Mayor for Submission to Council By By . �. , �� , . . . � ` - „ ° ' . �.. ' � . • ;_, ' #- . . . • ; . SCHEL�ULE np�i D E S C R I P T I 0 N 0 F P R 0 P E R T Y . All that certain p�rcel or parcela of land in the City of SainC Paul, County ) of Ramsey, State of Minnesota, more particulz�rly described ao follaws: Parcel 36-A• - : � � � . The Southerl� one-third (1/3) of Lots sis (6) and (7) in Blocic t:ro (2) , St. � Paul Proper (City of St. Paul) , and the Southerly one-third (1/3) of Lot ten (10) in Elock eight (8) , ��7hitney and Smi.ths Addition to St. Paul, that lies South of a line described as follows, to wit: Coznmencing at a point on the present Easterly line of Jackson Stree� in said St. Paul Proper (City of St. Paul) , (as widened eight {8) feet);, w:�ich said point is ninety�nine and fortyvtlzree hur.dredths (99.43) feet �rom the _ Southerly line of Seventh St, , seasured along said Easrerly line of Jackson ; St. (which said point is a point on the iVortherly end of the �vall of L•he building com.ncnly Icr_o:•m as 414 Jacicson Streec) ; ther.�e Northeasterly in a straight 2ine along the �lortherly end of said wall eighty and forty�four � hundredths (E0.44) Feet to a point on the Easterly end of said toall, whicil said point is ninety-nine and twenty-four hundrec'.ths (99.24-) feet S��tcii�riy -� �n.,o.�_-cA .,or�llnl T.iitl-� tSir� F.actF+rlv Tit1A nf said .TackS�n �it. from t:1G' So;crherlv � - r- -- ��- - , � line �f s�id Seventh St, ; thence Seuth�rly paral.lel with t;he Easterl� line oF Jacicson St. o.1e and sixil-iour hundredths (1.64) feet; thence Northeasterly in a straight line along tile ilorL-herly end of sai.d caa11 of the building contmonly known as 414 Jackson St, a distance of tnirty-t�•r� and nine hundred�hs (32.09) feet to a point cn the E�sterly linA of said 7 ot ten (10) , i Iock eigiit (S) , [,)hitney and S;niths Addition to St. Paul, which said po�nt is one huz.dre3 a:�d eighty hundre�ths (100.8Q) feet Soutlierly, measured along said Lot line from the Northeasterlq corner of said Lot �en (10) Lot-s eight (8) and nine (9) , Blocic two (2), St. Paul Proper (City of St. Paul) , sub ject to Jacicson St. as wzdene3 Lo*_s three (3) , four (4) , five (S) , six (6) , seven (7) , eibht (8) ar.d ni.ne (9) , Rlock eight (8) , Tdhitney and Smiths Addition to St. Paul, subject to a way and right of wa}r, open ar.d unobstructed, annexed and uppendant to Lot three (3) in said Block ei�ht (8) , upon and over a strip of land not less than t221 (10) feet in width acrnss the rear of said Lots four (4) , five (5) and six (6) of said , Block to Sixth St, and subject to easements of record over said Lot three (3) . . � No;a widening varies . � � , , � �:._. . .;� . _. . . ._ . . ,._ . _ <: .. . ♦ � - --- .. . ... . - -_ _. _ , . . � SCHEDULB "An - D E S C R I P T I O N O F P R O P E R T Y � All t:1at certai�n percel or pnrcels of land in the City of Ssint Paul, County of Ramsey, State of MinneEOta, more particu?urly dascrib2d as follows: � Parcel 36-B• . ' ' � Lots one (1) , three (3) and four (4) , Ewin� & Chute's Subdivi.sior. of iot � One in, Block Eig:��, in ��Thitney & Smith's Addition to St, Paul, e�cept the South�aesterly one (1.0) foot of said Lot or.e (1) . � and = Also, Lot two (2) and the Soathwesterly one (1.0) �oot of Lot one (1} , E�iing & Chute's Subdivision of Lot One in BIoc:Ic Eight, in t:Ttiitney � t Smith's .Additian t� St. Paul. (Regis��rec1 Properry) � . _ Also, Lots tFao (2) and twelve (12) , Block eight (8) , Whitney ana Smiths Addition to St. Paul. Subject to ease�en�s of record. • Ramsev County, EMinnesota ' ; • . _ i . ; � � . . i • � � � k � r. � - #. t � , . ,. .�._. __ - -._ . .. .-..--- _., . -- _ ._ _ .. _ _ _ . '- ' � � . � � � � . - �� .y�, . , . . . . , �, . . _ , � �� _ � � �a��c��o�� o�� a� � ��c� ag�� 8 March I977 . . ' . : . - .. . . � Carley Capital Group � .` 315 4Jest Gorham Street . � 6 7i �;,�1 . , htadison, Wisconsin 53703 . �. �� . � J�"' �FI =�1 Attent�on: t�r. R�chard L�ncol n Yd //�� _ � � ,�, .�,✓g ;�:, RE: h1EARS PARK APARTi'•1ENTS � � 'r'�' 't, :.�-:> >�j� — � 4: St. Pau1 , i•linnesota �� F1H FA '7 5-001 �� '�`a �`' �� ,� , Dear Mr. Lincoln: � ��,.I� - This is to inform you that we �have revie:�ed the subje�t proposal and find � it ta be t��orthy of Feasibility consideration by the Agency. In the event that Feas i bi 1 i ty i s approved by the hiHFA Board, a Feas i bi 1 i ty Letter ti•�i 11 ' be issued by the ��'�NFA which wi71 advise you of the undenrrritir.g requirerrents - ; which must be met prior to Commitm�nt and the des�gn and financial issues . which require resolution. ; One item in particular, which ��iTl require substantiation , is 'i.his devElopment � proposal 's compliance tvith the redevelopTer�t Eorr,par�r sections of the i�linnesota - Municipal Housing and Redevelopment Ac� in order: that it may qualify for property tax stabilization. . � . + . . f The pro�e=fed real estate tax f�gure �f $36,900 was c�f critical ir�^ertance i� � determining the financial feasibility of the project. In tne event that the t praposed project does not qualify for tax stabilization, then the proposal € would no longer be viable. � s . # , � We ti�ould appreciate your attention to this matter and if you should have any questi�ns, please feel free to contact us. , ; • .f Sincer ly� � � ' �.: � . I/� \f~F,• �� . . . � � . . , � ' � � � �r�fConl an -`."�- . Housing Development Officer , . •{ i MC:dw � . , � . . 1. CC: Curt Glaser/Knutson Mortgage / . . � { Jim Gabl er /Knutson P�fortgage f - , � } �lfl �,�cf4�� tr • :�:�:3 ��o, w��".,� ��i • Q�J�D ��°��W� �� BLOCK 36, PARTIAL TAX EXEMPTION The assessed valuation of the property, both land and imgrovements, acquired by HRA in Block 36 for this project at the time of its original acquisition was $299, 809 , which produced tax revenue in the year of_ acquisition of $36, 884 .21. A grant of exemption by the Council of the assessed valuation of the project when completed in excess of $299 , 809 at current mill rate of . 133923 ��ould produce tax revenue in the amount of $40, 151. 32. Without the partial tax exemption, based on discussions with the County Assessor's Office and camparable developments , would be 15% of the total annual income of the project. Based upon a projected project annual income of $1,270 ,000, a tax payment of $190, 500 would be projected. A significant tax exemption is thus being - requested. MHFA has indicated that the exemption is necessary to � project �viability and mortgage commitment. • ; JTH 3/17/77 , . .;.. , � _ �_. . � .° ''• � � , �. � � # • . r�. .. - � � i .. ' � . . � . . . _ ♦ . .. .� . .. - � , . . � . . . . .f �� _ � � - SOU3ING, REDEVELOPMENT, PLANNrNG, ZONII�G 462.665 i , .,. � ! � � �e �,�i pA,g,TIAi,TAX EXEDIPTION. Subdivision 1 General tuxes. The gov- � : o! race erning bodY ai a municipality in which any project of a rcdevelopmerat company _ . _� !s loeated may, by ordinance or resolution, exempt from aii local ta�:es so much of t � Lhe valae ai tlie property inciuded in that project as represents an increase over � S the assessed valuation of the property, both land and ir.iprovements, acquired for � . � �°C� the project at the time of its oriainai acquisition for redevelopment purposes. � � #��rO' Should such a governin� body grant such a tax exemption, the project shall, to � ;�the area �� ectent of the municipai esemption and durin� the period thereot, be c�empt � �eh 8etail �m any and ali state, county, and school district tases. The tax exemption speci• ; ��d' Qed herein shall not operate for a period of more than 25 years, commencin� in � , ;e of land each instance from the date on which the benefits:of such exemption first Cecome and with available and effective. Thcre shall be no exemption from payment of special�ssess- 1 contem- ments or from the payment of inspection, suFervision, and auditin; fees of the state housing commission or the authority. � � ilation of gubd. 2. Franchise and special tuxes and fees. A redevelopment company shalI f� trit to the be exempt from the payment of any and all franchise, oroanization; income, mnrt- . � �uacy and gage recording, and other taxes to the siate and all fees tu the state and its of�icers. wtural and Subd. 3. Obligations and dividends oP redevelopment company esempt frocn {:� ns 462.415 taxation. Bonds and mortgages and the income debenture certificates of all rede- ation con- velopment companies are declared to be instrumentaiities of the state, issued ior j� � j public purposes, and shall,together with interest thereon, be exempt from taxation. �-} ne author- � The dividends on the stock of those companies shall be exempt from taxation by `� �ted. and the state. P Y. �'� Subd. 4. Payment to munici �lit termination ot tax exemption. A redevel- ¢ hereoi by opment company ��hich has been granted and has received tax esemption pursuant t c.o�tract to subdivision 1 mayat any time etect co pay to the municipality in�vhich any project ::� and mort- Ls located the total of all accrued tases referred to in subdivision 1 for which exemp- ' ; insurance , tion was granted and received, together �vith interest at the rate of five percent �Y �ance com• per annum.� U p o n such pa yment the tax exemption of the project granted under . � :ate oi its subdivision l shall cease and terminate. � p r o ject is [29�7 C J�87 s 1�9; 19l�9 c 505 3 19; 1955 c 565 s 9l � [ purposes 4g2,655 CHANGE IN FEATiJItE OF PROJ�CT PRO�IIBITED. During t he � redevelop- . period of any tax exempti.on eranted pursuant to section 4G2.651, no redevelopment � � tt therefor company or any successor in interest to its title to a project or any part thereoi k } r Sacilities • may change or modify any feature of a project for �t�hich approval of the authority e ; t company �s required, �vithout the approval of such authority and by a majority of the whole ` j Eations for aumber of the votes aua:horized to be cast by all of the members of the local � �lan of the be granted governing body. � s approvat [291�7 c l�87 a 50; 191t9 c 505 s EO] i 462.66 [Repealed, 199? c 487 s 617 ' iro�ect, the ; ' ate to the 462.661 SPECIAL AUTIiOIiITY GItANTED TO CEItTAIN PERSONS TO ecifled por- TB.ANSFEI� REAL PFOPERTY TO IiED�VELOP3IENT CO3IP��Y. Notwith- s � ther pubiic standing any requirement of law to the contrary or the absence of direct provision therefor in the instrumerit under which a fiduciary is actin;, every executor, admin- ' `; be charged ��'ator, trustee, guardian, or other person holding trust funds or acting in a Sdu- f � a and may ciary capacity,unless the instrument under which such fiduciary is acting expressly 4 � 462.711, as forbids, the state, its subdivisions, municipalities, all other pubiic bodies, all public � � oflicers, persons, partnerships, and corporations organized under or subject to thc f ; , operation, ; provisions of the insur�.nce law, the superintendent of insurance as conservator, � or corporation, owning ; ' hority shall �9uidator, or rehabilitat�r of any such person, partnership, or holding any real property �vithin an area, may grant, sell, lease, or other�vise t �vat thereof transfer any such real property to a redevelopment company and receive and hold .._ # �: �rity of the F �y cash, stock, income debentures, boncls, mortgages, or other securities or ob]I= '� : €_ ' thereoi. oations, secared or unsecured, exchanged therefor b;� such redevelopinent compan�• g body th2 � and may execute such instruments and do such acts as may be deemed necessary f , levelopment � , or desirable by them or it and by the redevelopment company in connection with n � a�M and the project or projects. _ [19t�7c1y87s51] ` " � 462.66� ItiJL�S APTD I�EGULATIONS. Th� state housing commission shall - ; ; . : ' Z . o�„�,.�nr•,�..,�r ti . . •, ' a s . • " • ; . NOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA ,. ,, _ f � REPORT.TO THE COMMISSIONERS DATE . r�cx i6, i9�� R E G A R D I N G DEVELOPMENT PROPOSAL, BLOCK 3 6 LOWERTOWN CONlMUNITY DEVELOPMENT PROG�2AM DISTRICT 17 Reference is made to the attached Report to Commissioners dated March 9 , 1977, � entitled, "Block 36 Lowertown: Substitution of Developer and Request For Partial Tax Exemption. " Since this Report the Minnesota Housing Finance � Agency has at its meeting on March 10, 1977, approved feasibility of the I � Carley Capital Group' s Form 202 mortgage application, a critical step in the � i mortgage commitment process, and by letter dated March 8 , 1977, addressed to , Carley Capital Group advising that in the event MHFA Board approval of feasibility, "a Feasibility Letter will be issued by the MHFA which will �' advise �ou of the underwriting requirements which must be met prior to i�� commitment and the design and f inancial issues which require resolution. " The March 8, 1977, MHFA letter recites one such item as being the "property tax stabilization" by municipal grant of partial tax exemption pursuant to Minnesota Statutes Section 462. 651, Subdivision 1, fixing real estate taxes at a figure of $36, 900. 00. The letter concludes that without this tax exemption the development proposal would not }ae viable. Taxes paid on the individual properties in Block 36 at the time of HRA acquisition amounted to $33,202. 94. Const�uction of housing in the Downtown Fire District requires fireproof construction adding 20$ to 30� to cost over type 5 frame construction. LEGAL; JTH � , � -2- er s are foot and based on the average Construction costs will be $23. 00 p qu , unit size of 800 square feet, $18,400.00 per dwelling unit. Because of parcel size and downtown location parking must be provided in structure at a cost of $4, 0OO. OQ per stall. These higher construction costs translate into higher debt service costs requiring the partial tax exemption as offset in order that the project rents may be fixed at competitive levels for the project to be feasible. The mortgage amount will be $9,430,859 forty year term at 8� interest and MHFA fees and charges. These construction costs and mortgage financing terms indicate the necessity of a maximum exemption � I from real estate taxation tentatively agproved by Resolution, Council File � No. 262350, adopted January 22, 1974. Carley Capital Group (CCG) would be substituted for the Estate of Norman B. � � Mears as general partner in the redevelopment company limited partnership. � � � The Estate would be a special limited partner in the new partnership. � The partnership would be renamed Lowertown St. Paul Company. The project ► i equity requirement is $1,109,810. 00 derived from GCG' s bui?der' s profit ; � and risk fee of $881,322, pedestrian concourse construction of $92 , 016 , and the remaining cash equity requirement of $136,472 , obtained by syndication sale of limited partnership interests. � i An Assumption Agreement would be entered into by Lowertown St. Paul Company, ' Somerset Urban Redevelopment Company and HRA amending the Contract For Sale � ; � , of Land For Private Redevelopment dated June 18 , 1974 , between HRA and ; , ; Somerset, by which Lowertown and Carley Capital Group would assume the i ; obligations of Somerset and the Mears Estate for development of Blocks 36 , and 40. The Block 36 development would be designed to �accomodate the DPM . t .. -3- system, Bl�ock 36 purchase would be closed June 1, 1977, for construction start July 1, 1977, and provide that as to Block 40 Parcels A and B HRA could seek other developers with right of first refusal in Lowertown for development of said Parcels. Staff recommends (1) approval of the substitution of Carley Capital Group for the Estate of Norman B. Mears and assignment of rights and obligations of Somerset Urban Redevelopment Company to Lowertown St. pa,�7 rom�anv (2) approval of an Assumption Agreement effecting this substitution, and (3) a proval of a grant of partial tax exemption to the project pursuant to Minnesota Statutes Section 462.561. LEGAL: JTH . . _ HOIJSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL, MINNESOTA . : _ . ' /! a. � REPORT TO THE COMMISSIONERS DATE March 9 , 1977 R EGAR D I NG BLOCK 36 LOWERTOWN: SUBSTITUTION OF DEVELOPER AND REQUEST FOR PARTIAL TAX EXEMPTION In July 1976, HRA approved in concept the �substitution of Carley Capital Group of Madison, Wisconsin for the Mears Estate as general partner in the development limited partnership for Block 36. Since July, the Carley Group has spent time and money on revised drawings , market studies , and in nego- tiations with the Minnesota Housing Finance Agency for financing for develop- ment of a seven story, 250 unit apartment building with parking and retail space. . 1�� commitment is anticipated within the next 60 days which would permit a June l, 1977 land takedown and July construction start. HRA consideration of formal substitution of Carley Capital Group as developer of Block 36 , ' and Council consideration of a grant of tax exemption for the project I pursuant to tentative approval given by Resolution, C.F. No. 262350, approved ' January 23, 1974, are now in order. I � Staff recommends that this matter be referred to the Development and 3 � Transportation Committee to consider (1) appraval of the substitution of � � I Carley Capital Group for the Estate of Norman B. Mears as general partner � in the Block 36 develo ment entit (2) a � P y, pproval of agreements effecting �this ,substitution, and (3) approval of grant of tax exemption to the project pursuant to Minnesota Statutes Section 462. 561. . , � LEGAL:JTH : ,W_. ,. . . . •. ; . .�: ' - - - - _. ;, � _. . .. .`' '` °::.+".'_.�_.fi�9't.7: � ; ' • . . � � � FCi;H ?.;12 - f[�t�1:,�:E,`� �,1;l:,lY�tS { ✓ :•:i��r= a��ro�ri•_ic] • i .. 1 � , ��. • � . .:'. . . ; , , � . . . . , ' SGlICOUIE A: •IthSIC I.�.Ott�•b1T[021 � Feasibility � -- . •-- '• � (:l!ara i Cr.:�'n� � . . . • I'ttit��:l Ctc;.jRg • _ . . . i i '� � ' ' :— Pr�-Uccupe;:cy . � ' : � Car2ey Capital Gronp ' ' • � � , � • Name oF Uevalo��r • , _ • � Hears Par?:. AparEmcnts '. , » .. • � . ' . ` ' , .. �-'.�+1'+i�:c: lli' }i�)q':'tltC) ��::'!:.'{UtiiT,2lIG t.i::ii i�iU.� . � �LO�ATCD ��Y ST%'f[i A1:i7 SIIILEY � • ST. PAL'L . R_1"SF` • , " , Address ' � t•iunici pal i ty ar.:! (-C��n t� ' _ : . � TYPE OF DEl►E!0?��HT ' � ;j �;��v•Construction • . ( ) Pion-Drofi� ( ,��S�c�ion 8 2n � ' ,' ) Rehabilitation . ( x) Limited Pro:it � ) E1d�rly o- x I { nirtg Classification Concnercial � 108 [tn;�s Per Acr2) x Exis�;ng Pro�os� � � - . . � � • i . of D:•:el l i ng Uni ts: 253 _ 'jota7 Lan� �rea ' iols45 Sa_ F�._ ( 2•3'acr�s I . . ' � tal Parking 239 I.and Coverd�? � S557n Sa. F�. ( - 4'' �� t � Densi ty 108 Uni Ls p�: acre � tio of Far.{ing 4o Q.l;_'s .ys . . . � . � . . " � ` � Gr�ss llurr.��r. ia�-5�r t��w:.be:^ � 7Y?E OF STP.u�iu3c5 oY �� o: Sq,•_re - � . , Puildin s S=�r;=s t;nitsxr , ro,_>r � , •t � . # 1 • 7 253 . 22�555 ' � P.2sidential A z�'�°1=" � • � �- -.�}-T � � + - f !Resider,;,ial B (``J--, . . 1/?ro`essicn�': ��Service � 39523 � (260Q0)�.R. � � Cor,.merc i e _ . Gara e under buiiding 1 � 239 � 856�C � � � 7177 � Co�::'lu�i ty atritun � ( t • 35°43^ . i�:�LS . . � . _ � � (G) To�•mhouses (7H), ;lid-Rise - 4-8 s�or�?s (::'l, � Gard?n ��_r�..�r�u , . � . Kl C�'fi—.D.15? �-�i a °-i.C. � . x* Total for s�:1c��r2 typ° -- rot per bui?ding. , : . � � • . • �IPAR�f�;EP11' UIS►�=�U7IOA; ' . , . --- , . ProMec_�� ::oa.n�y . • Sbo! P:urt:btr �>�'.' Roons NumS�r G` f?Q�rS2.^ _%D=':�S't' 'Tc:of Of 5'•t• ---�-- �0:{�:'��^va.l i . Nd1 , U\IT 7Y?E D.U.'s O.U.' INv.t Re•�t.rJAr._.�J � ?U. � To:al Balton;> ^�.:L �" ?- . � ' G�G!t a �c f Y�� /��T t:bc9 � � �7R r �'� E : ' . , 2 AR 50.b 1��, � F,h� I 3•5 �� 448 ^ _ �"� (____]5 ; 1 g. 5.5 • 14 708 3.5 1 G9 Q � 315 ( 1? . 0. ° r,4 f+. ],Z_ �S � 6(1 fl � ` � ?^ - � 0 400 � 20 C,• � y 32 6.7 �17 857 4.5 � � — . . . � F�:i l�.5 i S<< (1 . , .. 4�!1 I ' 2!1 , 2 r",�. 4.7 12 ' D. o.ga [�.7 12 FiSR � 4.5 54 6 G00 I �� '____ -__ 50 0 42�. . � � .�p . _ 2 s:: (z n) s.� l0 852 S � � . 6 � � � ( . . , � i � ,on•� zss � � 9�o t � TOTnt. , . . •' , . . 3.64 � • . . , ,vzraga no, of rooms per D.U. —__ _ , . � � • . Itili�i::: t� 5� p��i:: by o�.:cp.nt ��':c��p� i:�:l�taf4f;�): ` ' � . : :��.�',..-::r.' ' . '- . �. . . .. .• •:. ^,i.• � . �: Hon:�hnld f`tectrie � nir CunrliLioning " Ot.`.er , •.- _—__.._ _... --�--.. . _ _--- � . �- . . - � __.._ _,,,,�- . � , . . _ _ _ - A .._ . . . . � _ ,,,V. _-- ___--_� _.. _� ._..� _� ,---- _— - ., ., -- . - � � ', .,._�- r � . .. . .. . • . �. : .�. . �'• _ . ... . .... _ . . , � + . . . . . . . _. . .... . `1 �1 �I�. , .. :'; . . F � . � ' � . . ' � . ' . .. . . � � � �i�l� JdRUdC'! '_lj 1�� —' � , �t . . . SCEIECtI1.E fI: ESTI�t,1i�� GcVELU�'?!;:;�i,COS( Ri�f) t•,�)�tit»�� i,::��l;:ti ' ' � 1 • ' . � � . . ,� � , CC2�5 t R.ICT Cd?I C�SI'S • , ' • - • - . ' � �� .' �. r.NS�a�r�t�a� n �5 /9ro5s sG. f.*..) ' $ . ' • . . .� . . - 1' , � .. t�. f;c�idcr�tial f� ' (y � /Jross sq. Ft.� $ • ' ' , , '{ ' . c. Coa:m./Prof. 5 __ /ctross sq. ft. $ . • � .d. G�rag2 . �� . /gross sq. .ft.; S - � . e. Co:r.:umity • {�_ /9ross s�. ft.) S , . - f. SitL:rorf: ik /E).U.) � _ � • . . 9- Sf1I3T0t��l---------$ 7,1Q3,433 ' . . , h. General Fequirem�nts - . �• � . _ . � 4.5 . '� Of � 7,103,433 � 3I9,6�4 i. 6uild�r's General Over•h�1J `� 2 ti of � 7,103,433 � 142,�69 . . j: 6uil�s Pro�it only non-pro�its} _� � _ � ' � � ofb . _ � - - ' k. 6a:t:t Premium . • � 35,000 - - 1. Otn�r (specify) ' � � -�- -_ . - . . �. ' - � ;. • 70TAL------------------------------� �,5nn,256 , FEcS • , . • . . _ . � - . . a. Rrchitect`s :"°_° -- Design - . . . • � . � q p O: $ 7 t4'�_4'i3 ._ �,� ' 177,4RF _ _ _ b. krchitect's �� -- Sup�rvision � � - - . . .83 n O: $_7,103,433 ' ' � 53_,953 _ e. Zegal : ' � zoro�o - - � . d. Proc�ssiny :5�n� - .5 h �r Lin� S�. � 45,00� • � � .• . e. Ft�r;°ting - 1 -X of Lin° 8a. � 94,742 .. . • -- . � •10,000 •M1� ' � f.' Surveys �r.��a'r.� �orings� � _ � .. , _ . + . g. Other Fees. (s;��:��) � - - � 1 - h. � � . T.^r:;;---------------------------------� 406,286 FIi�4iSCIi:G Ri,D C�=�Yt•,� �:'.;�SLS ' � ' . •-. � _.� � , -- � (.0625) - . .. . _. a. Interest at 7•5 X for 2�ran�hs• on $ °,068,134 � 566,758 ' _ t/. TdX°S ' � $ ' c. Insurance � � ' � � - ' d. t•iE(FA Insp�c::� :°� - .5 n o� Lim Sa. $ 45,3s1 • ; ' . . e. �•7HFA Firar,�'-� =�' - 1 55 � oT Lin° 8s. $ 140,681 - f. fiY?0 (onl; -��-�ra,'its�— � '�- ' __ - _ g. Ti�ie and ��_.r�ir,g . . . _�_ _ - h. Ocn�r Fe�s l�?°ci�y) . •. $ - - . . . i. �. . 70TFil.--------------------�---------�-$ so6,�8e . ' 6UFLuE.'.!SP�;S�? ?:'.�Ji=I7 P,P;D RISY. . ' • . . . -. • _ • �"_�:�_�..�.��_�^^_��^ • RRi ?'7.. ' i� X o` $ 81s1�,21 (7ota1 1-3) , �r,.�__ . , t�,ii0 • • ' ` ' . ' � . . ' . a. � 1,515 /D.U., and � .•, . • . . � - 1oi,e95 sq: ft. at � �_7� p'r sq. ft. � � �aq3..r•nn,� .. 6. OfF-site ln�roveri°nts tap-on fees, sp�c. assess. � _�nn,nnn � ' •• . . c. Carrying Charges � � -4- ' . ' � d. P,clocation Costs . .�+ ' -�- � e. � . . ?07A!--=------------- ---------=-=---5 483,4nfl � : .. . ... . � ' . .. --- --! 70T�',l ESTI�•SAl'ED Il[I,'FLOPt•1FIIT COST 0� PROJEr.� (Totat 1-S}(Pcr D.U.S 4o,22Q' ;Szo.177,9='� � ' � E � i , ��_: • 1i � of Line F�b (Incivae� 4(�) of Sched. c�s'�.,in9,s��o ��' . EQUITY t.rqur��c,��ir — ,• . _._,.� : . ' �:�:: ... -_ p . i•�aXtr•1u�•t r•;ORTCC�cF LOAtI .. , ... � . . .. ...._ . • . , ."; .a. � s9 � �f Lins 6. ' ' �. S o_.r^-.�A.1'� • . .� , .. . � _ ' ' ._ `; '• i b. I1�vn I p,.-�R,: Cci�t ESG�a>i . • • . . • . . / '4. .>_ 1,r,36 /U.U.. ' r. r uE L:n� ��t�. �$ • �F� -►�s . • ' . • ' � . � . _ _ � . n [�n erei_ _ ' . � . . ". _ . , : . _ : . : ' . � CAT:: �; ... : ,1-.I- -_--- . i ,i . .. , • , .$l::t�Cill.L. f.: :.��r�;?,}:'%�.(1 !'iii::ll:.i. �:'•:i'c;i:�r..i r'i'.i e;::'r;'•!� •' . �. � j . . , . __ , . F - • .\ . ' �t . . . . �' � irtga�e 11�rsour�t S q,�.�� . .. . . • , . � �� ;tir.:�ltc:1 E:orCgag�� Intcrest Ratc �5 � .0 i•;f1=1: Fecs a::1 C:,,�rg�; ,g � .. � . .. �rn ao Year•s DeLt Service F�ctor .0789685 .. , � � . � . . k . Total G�ross Annu�l Cr.pense� ' � ' . . . . • . . • . . � �. Intere�t and An;urtiza�iun � � S 744,741 . • , � b. �•;�IFfZ f�rtnuaT f�c� - 5 7 • � � 47,154 • . ' c. O�erating Er.penses r��er Scl�. U) � . � , $ 348.90 /Year X 920 P.00ms $ 284,185 - - d. Taxes - Real Estate:�'�8S /D.U.; . ' , 3.06 � of Line lh. 5 36,Q0� • e. F.�serves: . , . . � . � (1) Painting and Decorating - • ' ' � 15 �Year X 920 IRoons $ 13,800 � .(Z} P.eplace��n�s � • � .. .�6 "G of Lir.� lg. of Sch. 3; - . - 46.33, fYear X 9?0 - IP.00ms $ 42,620 � � f: Return o�t Equi iy - 3.31 � `v on • - � , • � 1,109,820 • ' . •$ 36,728 . • .g. Otner sa_�i:y . . $ -�- - . •-__ ''.� • h. Efiectiv� Grass Erpense (Incomz) : - - � (su5toi.al Lin�s ia.-g.) - � • $ 1,2�6,128 . i. Vacartcy an' Coll�ction Loss Factor - . � - � - ' S a O; lj. � . . . • . ..� b3,4A0 � �� ' • . . • • 7or�,� 5 l,269,603 . Less: Ron-Yo�sing Irco.�_ (re�e•r to Sch. E) � , :_- � ( � ,�_�T ' . • 7ota1 P�e� Annual Exp�nse . . . � - � q„ i,� � . � ?otal P:et 14ontnly cxp�n5�s • ' S 81,01� . Average Rent/Ro��/!•:onti � . ' , - � . (Line 4 = 92o rental roo:nsT) $ .8s.�5 ' . � . tA?tTHLY . � . . .UTILITI�S . CO?;7RAC; � � ' COir'TRACT Pr'�ID ^oY G�OSS P.tiyT . t:U;��3ER* =OC�•1S!D.U. P.EP;T OCCUP�i;TX� R=itT It;CO:�tE 'sff. 43 � � � �55 � in S 265 ' � in a�� , L BR. 128 3.5 310 �5_ ��4. 3�._ • 1G 3.S 3�,g • 15 ��n 4 t�1n � BR. ]7 3.5 315 l5 ��'�t1 5.355 17 4.5 40� 20 ��2� 6.SOn � BR: 12 t�.5 400 20 47_� t,,8�� ' . 12 4.� -' 1�00 20 47.0 4,80� , F BR. �— . 5.U ' ' 4'LO 2U 440 4,209 , . -�--�_..._._ • TOTAL s� 1`�01�'� ' . , -----.... ' ?OTAL t�IET t•i0. EXP. (Lin2 �L above) � � $�►�z� � �. - - . Do not include free apartments (and roo�s) for naintenance ar.d ranar,er..�nt persannel. ft;ot included in 1 c. aGove. . . • � � � --. ._ . • � . . � . _{,�. . ,_.�:. .. -_ ..- �. - ••: . . . � • . ,� • , . `,• � .: ' ...• -.. , . . . � � . . , . . . ' � .' � '. . . , . • •r' • , - ,' • ' - ' ' I. ' ' . •. , ' , . . , . . , . . , • � � � . . , _ . . F . .. , . • _ . .: . . . ., . , ! .. . • . , ., . . ,�„�,.,._.._._ • •-' ...__..... _ . , � . _ . �--__ -_ _ ,._ _ . _ _ _ .__�.___ -- •. �_ _ ._ ._._..--- _ . .. - . ••�• i ir�: .{ I i . � � � ' ... , ' Ci%►IC '�� ..•� �7 7Q77' � �y. . . . SCIiECtit.:': Q: E�Ti:;:�';':t P,�:.`6'.!.',�. "' ::a�t'iG i.::'�;iS=S • ;° �' ' . . : • � F 1 • Ad:nireisGrative ' . ' . 1� � • , . ' . � " '` � � � ' r �. Ac{vcrtisi�tc� ancl t•tirkctiny........:............� 4.800 . . ._ : ' • .. ! ,', �r �,:� b. t•tanaleruaitt �cc - +a` 120.95 /U.U. . � . . . , � . --• • _ : � ' • 2.5 • ;G of lh, Scheci�le C..�...............5 •3o,6oa . � - . • .� � , t. Lc:gal.-•----••....... .............. .... .� Soo - - - . . ' , i . Y . d. Audit................ . .......................5 i,boo . e. 7e1 e�pl�on�.............•.... ................ . .5 •i;20�" . . . . _ ._ f. Qn-Si te t•tanaqe�a�ni: i'ayrdl�. .� 15,78� • ' (f rocn I t�uf 6 b�l o:�).......................... _• . g, Otfier (s�+eci fy)....xenta�.agent......:...:....�-7',3trtr— . '�. • . . SU870TAL . �$ 61,7so . � .. ' • . . • . . r �Fiaint�____��??tce . . . ` .• _ ' � . . a_ E'leva�or I•Saintenance and/or Con�racts.........$ 6,600 * - , �. � ' b. Ext�rninating.............. ..... ......._..$ 1,zoo * . .-- - -_ ' e. Garbage and Rubbish Rero��a7... ... .... ......$ � " . - . . 4,_00 �.. d. Ot'r.�r Cocztract S�Y'ViC25.laR�,toXIW�-n$?�?,c�eaner,t� 12,ago x . . . . _ e. Ynsut'c�nce.. . ...............................� i5,G00 X . - "• . ' . ' � {. Janitor Sup�lizs..............�.....-- .--....5 -o- �. . � � � : . ' . - � � . - � 9, ................. , . - - t�a�ntenance S�r�iies........ •S � 5' , . h. � .............. � i zoo :• ' •. :' Grounds �•1a�r.�e^?nce......... .--•$ > . • �; Sno:•� Re�oval......:....... ...... ......:.....5�� • �=• . �j.� F;eating � F+ir �o��itioning�Rep?ir�Serviczs....s s,400 - ' • - • k. G�neral Re�a;r- Services............. ........ _ - . 1. Paintinc�/D�c3r��i^g t•laieri�ls andlo1'�S�rvices.$��- . = . : - - 'fi, Payroll (frc- :��:� 7 b�1o��i)...................� -� � - . : . n. Oth2r {sp=c;��;•}...............................$ . .. __ � 10,500 124,985 ." � ' Fringe ' - • � SU8T0!'r.L . $ o. • • . � �-- - . � . ' � . ' 7QT�;l h►�:�Ii�IST?,�,s�':c CJ. 1'��IYTI�iKII\Vi • . S 1sb;765 .�' . . . . . . _ _ . � Utilities (paid �' ^: -�^) • . . - . •-. � • -- . ------- . . . . . • • ,� -o- � . _. - _ a. Oil..... .... .. ..... .................... . �_ . . . . b. Electric�(Paid�by�C::azr)� _ - - . (� Elevators � �] N°atirg � • - � __ - �] Nousehoi� �l��:ricity � No'c-, l��ai�r � _ i� _ - - � � 20,290 x , �� Air Cec_.=��iin� (comm'0 Coolir.3 . , ,.- - • , � Public ..�°ce [� Co��.m:/�ror'. ' ' � " ' c. Se:r�r.�...................................:....� �,200 '� . ' . � �d, 1�6a�e�- _ ......,..._-J---.....,.....� �"'X . . - . - e. Cas (paid 'oy �r;ner) . � . . . . . . - . � • (� Coahing C� Heatin9 � ' • � . ' • . _ ' - �s� -o- * . [� Air Cor.�itioning . , �. � Ho� 1�fz�er : . � ._ • : , f. Other (sp2ciF�).........:..................... � 69,930 ' . • ' ' � � . TUT�1► � . � , $ 97'420 - g. . � . � - � - . . • • � • 28i,I85, . 7ota1 Operitincl f.r.penses (enter on Lin° lc. of Scfie�u7e C� � , 920 ' . . , . . • 3^3.90 . Aver.��e Er.pensc/Roo:�l1'ear (Line 4= total roo�s) . • $ -� -- _N . � ' • . ' . . . , .. __. . ._. . • • , • � ' : . . • . . ' • • . _ , - _ � �'These i te�ns sho�ilJ'be bacf:ed up by bids, estir�ates from util i ty corapanies, • : ,' � -� . , � � ^P � . . �� el Q ��.�n LS� . i � � de v . � d o..� b e r t c a a l cu re r P . . � in . ses J - . ur ��n Zn<<ly..�s of expen � . , . . • • . . . • • ; • . , .,. . , , . . . . : ' . ' -, �' : , • . .:_:: ,_ f . .. . � . . . _ . . . � . •• . . ,. .. . . . ,, • . . . ... • _ _ ___.�....� _...... __ _ _ �_ __ •__...,_.....___ ._ ._:_..._.____..� _:_ _ _. ,.. .. . . . . �--_._ -• , i . . _________ _ , . __,.------ . .____ .__ _ _ . . . _,, . , .: . ; • ' ' . � ' . . . .. , : . Q.l'i c —" . ----- - �-•---. , : � . ' , • � . . �. ' ' . ' . • .. • . . ' • . .. , 1 ;:. • . � On-S i te !•i�in�tqzri�n t E',�yr•ol l lRrtra!:da;•;�t . ' ' � � � " i � llcc�t:�i Valuu . Socul Sccurity t . . „ � .' . flumbcr 7y�eo nt Posi:ion �!Qu.�lcrs'k ` �'Jr.9-1 Frin;.^�n �'•. •---- t. __ ._.._ � c.�.. • 7ua; �' . 1 R�side�tail Pigt• S \ � =C c �S 25�7t70 �� Pntat t�ent _t'.____. �—� �---�.."' i.3�r3 , ' - { Ji - � . � � ' Payrnll ercakdo:•�n . . � � . � Rtntal Vdlur Soe�at Srcuci:y t � t•!dm!n•r 7ypr o!Fo:ition • o•�uart^rs" •P:ages Frin;-�ei�;:. 7c:�: ' ° nan^e S � _ } fS lS �c 21 AO✓ •��i 4 Caretakers � 1��,400 ( ` . � 14,000 , . '' ( ) f . '� ; -E � SCFIEDULE Ec� I;0?I-FI'_�S�`;G It�tCO:�E . . ' • -, • • ; Par..ii�q Incorc�. . ' ' . ' ' . . - ti . . a. 2s9 Ind��; s�aces -�$ 35 / r:.�. k 72 no. _ $ ioo,3so • ` Less -o- � vacancy loss ec;;ais.............:.......:... $ 1�0,33� b. � Ou�nor s2=ces- $ / r.o. f 12 ra_ _ $ � . . , � Les� � vacancy 'loss e?� ts......................... $ -o- . ' Inco.�e From: � . � • � � : . , . � _ _ a. :Iashir�� ??_-...=_s _ i 36 /D.L'.!;r:. i253 �J.J. ............... " 4 1�° � ' ..... $ -0- � b. Vending F;ac%:��:=s - $ � /D.U./yr..}: D_G. ._......._. �. Profess9on31 Space - � sq_ ft. � � �� /sq.�t./,r.• • . Less o � vacancy.loss e�j_is......................... $ Co,::mercial Spac= - 2b.000 sq. ft. Y. S �.23 sq.ft./yr. . • . � � � '' � L��s o % vacan�y loss etil?�s............:............ $ iss,ono , . . • . • . . � � fiOTAL � 297,488 ' SECZIOid F: SECTIOt1 2 :�1SIBILITY � � . SCCiiC?; 8 . ' _ . . . FAIP ::�3:ET 1 % , � G.'.�SS ' • P�1�JJPli 0� - _ , [T � P.Ei:; {:,•;�) OF FF12** P._,�? SPP,E•';� . F�.';S'�LE � F• , , 244 ..•' : 293 265 . . --- • . 3R. • 286 ' 341, 330 '. . --- . � - � -- • �. 3i�.• • 351 421 420 -440 . - .. � � - .� . � ' • _ _ . 3R.� • ' � . � • . . . • � .• •. ' • ' . � � ._ 3R. � . . . • . ' . . • . � , � . ' . . � - _- -;` 3R. . . , . • . • . . - - •, . - : • ' - � . � . ' . � . �. � � . � � • . . y. . � . +.�,.�,•.� .. . _. .- . . . . . • . � . � � � ' . . • . . ' � , . . � - ... , � ... ..,., �* Da not includ� in total. • � •• � ' � ' �� -. . ". . .. • , - ** Use �nl� if aclju.frent i; re;�rired tn� c�`.��1ish fr,1;�!,ilitJ. • . • ', � � . _ � • .. .._. . . . . . . .. . • � . . , • • , � . �r:��;, . � `,`. a.., . _... •+ � . . . . . , . . . . . .r�.•� .7M1�� . . . . . . � . , ,, � . ,.r:~r'• . s _ _ _ ..�..-.'� . .. �' . ' .. ' . .',. . _ •! .;:' ` `sI'�. � � y� , �t� • � .�� • .� SCII:{E:1;1.�: r: �f�!-:(•�c�(r(..�.�;.•ilf5 i�.^ _TiLC:•�..:li ,li C:.]1:�:C � . ' � .`- F, . ' . » � • ' ! l (. . Equi ty_13equircrnrnt (Linc 7. Sc1►�,dulF: (1) �`: . $ i,lo9>s1� ' , . � , - - . � !�_ 1l�rkir�g C<<pi tal Cscrow (� 3 x of Lin� 2a. ' � � - . . � �, ; ''; ----- Schedulc B) (;peci f;: Casli or i.ettcr u� Cr�c�i t (LC)) $ 27zsO�ki (r,C) � � ' , 'j ' • � , , _ .._ . _ _ . . � . . .• - . �. . .� . . . :. . • S03TQ7AL----------------------S l,io�,3zn� ' � � ' • • • � � - _-..- . - i. -less: Sotirc:es of Equity . ` � �. Cet interest in ]and . $ _,�_ � _ ' . . b. CSPlJ1 (Line 4, Scfiedule [t) � � � .831.,323_ � ' - . C. Other (specify) HRA Slcyway Concours Contribution � Q�,.p�� • • _ - SJBT07AL=---------,-----------(_973 �_: c "� . . ; �. Total Esi.imated Cash Gequirzra�nt for Closir., . ' $ 13�,��2 • : � . ' � • ' , � - .. . - . . . . � . . � . _ . • , Thz undersisned Aoplicant h�re5y ma:�s a��lication ta �:;e f;isi�zsoys N�.us�r.g • 1A1T1C° �Q2t1�V �(•i;-:r.-r',) �or an inte�lfi ar.d per-_r,_n� G;OY'�S?y� �O°:2 ;i: iR° �S.Oi:li. O'F ,� 4,430,859 Tor a tern of _ 4� y2ars, p�rsuant to u:� ;:;r.��sota H�usi�g ' !� zttanc� :.;�ncJ EiCi., �s Zr:.'.r,12d� 'f0:" tll° PwT'�JS? Oi D'fOVld?R� 11C�SliiC dS G�SCi'7jJ�� • �CJ`r2� S37G� �OLTT �� S�CL'Ye� 5'J a�first r��r�^=_�� OCI t(1? E7i'0'�"t}' fl°i 2lti Ci2�C:'lb?�. he A?�licant furt;._r rcc��szs FS:iFA, on b_f��; o: Lf1�15 ��:�lo�,-:n�, to_ r�'.;� zr�ii�a- . � ,10A 'f0 d�a1"O��1c',�2 ?__^�125 Oi the Fed�ra� C�'i2:'�.^:.°_[i� 1f1 CYL2C' �O abtain $?Ci.IOR �.' . ousirtg i+5515tanCe . _ -_�ts, in furtn�rar.�e o; io;r and/or r..��r?:� ir.ce-:�. o�ccs?an�y br �20 h of ,t:;�"Ce��lor:��nt. Th� �',�?ii,:�^_ unc�rster,�s and �gree- �' � ti': � dflj a.:_„i�r.�;�� or l cars ^a�� y d�iH;A nay b� condi:i c:ed upo;► e•rai lahi 1 i ty a:�d 4se o: . - ec�ion S ASSiStdGC°_. " � � � • . ' • • . 7P° underS'=:?� .^.°_.`��Jf C21"ilrl�: ��:_� �:= .F'i_°�12V°� f+? C2i? iiul�Ct `f:? Fl?:'°�O�- ,21tt :•ili.i11f1 �ne der�i0�:'?^i. �:I.�iCZ� 52i. i0t'i:i l:l ��T_�:1�� a ZR� C�?t'?�° i�� ?V°�O;i- . • i ,.• �-••-r +- c'.�u "f�t'�fi..T' C 1"i`.1 i > i.P..� �f:_ �n� :�ti�� tF�z op�ra�;rg �.��..c�� set -For,,h in S_;��u?� D �• � � i�- ?� . � nforr?tion SEt i0t'�n in i�1�5° Flll?.RC12� $C�_�:t:°_S n thf0!:^yfl G, �Il:� 'tR 8rf d�:�G}:?:_P.0 ' ' � p SU��701"� thereof, i s true, correct ano COi:.�1°�°_ i.� �}:° C_S� 0 i h15 �:Tt�:•!i eu�� dq�i � elief. . . � . .. - . • : . � � _ - , I�t �•�ITtdcSS ?•:-=�=u:, tne Applica�t has c�::sed th:s Zoca.«�nt to b� du7y exec�it?� n its ne�a on thi s � 2�th day of Januar; , 19 77 . �. . � � � . . . . � • . . - � CARLEY C.4PITaI. GROUP � . .. . • .� • ,. - .. . . '.. • . .. . ' AP?LICl;il� : '. , , .- : ' ' :' $y. ':�� \ � - z��- `� . . . � � �} �t�Ai4:. ��''.--,-� • - � • . • : � . . Rich�rd-Lincoln . ' ' . � � . � • . . . TI�l.E _ - . , . y� . . , . • . . .. . -� . . Director., Develop�eeat ' . :- _ - . , • • , • • ' - •• • � • � . • • .. , •. � ••.. �'. - • � •. '. . � � �_ . •• ' . • . '• . , • ' . - . . ' ' , . . � • • t , . • . . . . . • ., , • , . . _• - . - ` • _ , � .�, • ' ' � • . . ' • , ..... • . • • •' ,- _ . .� .. ' •• • � . ,• � ! ' . ' ' ' • •• • . ' ..� . -r� • _ � . : . ' , • • . � ' ' . � . ' i .. .. ' - '�' ' . . � . • .. • . .. . . : : . • . . • . . • , • .• . •'� . � • • . • . ?.. ' ,�, • . • • , , ' , • ; •.. . � �.,- •� . • •.. . ' � • I I , . . • . . . . . . • , . , • t�•�'r':- _ - ~- " � . . � , . .. • ' . ;;:�..:�: „ = � . . . . . • . . , , _ .. .:. �- . . �. ,,.- - - . - . " . �' _ _ . .. . .. ,__ .._� • �,�.�.�.�.. .+� �� "' �c ;..�'�..t.,R • , OPPENHEIMER. WOLFF, FOSTER. SHEPARD AND DONNELLY � ATTORNEYS AT LAW WILLIAM M.O►�lNF1CIMLR(fY7l� . � � � � . . � �QINO w.WOLFF -� � 1MIWAM�.STUD[R . . w000 e.rosree 1�00 fIRST NATIONAL BANK BUILDIN6 �AR��M.LEVlJVeHRG YORDON SMEPARD CMA1�6t3 A.rRIC6 � y�M[s R.oMr�NEiMaR SI11NT PAUL, MINNESOTA 55101 rrww e.Nc�soN OAVID C.DONNELLY � - tD�NARD J.NAYWARD� � . TRErMONE: f612)Z27-7271 RICM1IRD G.LARFJW . . DAMIEL 1!.►HNNIH � � iM[RMAN WiNTMRO� . _ . ��%:�-7015 � . � pMdI1LL J.06VOK � . � � RIq/AR0 J.M06N � �OlIN D.XEALY.JR. - ' . - � . � MARK O.ONNSTAO . � . LiON R.GOODRIGM ROOlRT R.REINNART.JR. � dMew s.rROUSC��c 1008 IDS CENTER 39 SqUAREdaMEEUS PAUL R.HANNAM ��~�'�Yi6N MINPJ6APOLIS,MINNESOTA SS�W2 f010 ORUSSELS, BELCiIUM TftEODORE J.MEYER ' sm�,�� ' RICNARD A.NOEI �J�N RR�IS� - 77t[PHONE(!12) lE2-6H1 . � � TtLtrHONE:Dtt-18-92 SAMUEL E.WETTERLIN WJWAM F.ARCMFRO TLLEXi 2DA�� . � . � � T6LEX:l2298 MICMAEI E.TREhCY � MARM3 MVINE � . � � � MARY ANN BARROWS . 1lOBtpT L,oU��'qp � . . � . � . DOUGLa1S L-NEMER MICMA[LlERENS - _- � . .,T - KOTII E.GOODWIN . . JONN M.WOLF � . � . . iTN[N H.MEfTIG -TMOMAS R KANt . . � . . � .. ��DLEY G.CLARY � � CRAiG W.GAGNON ` �M[5 F rfiDBRSEN~ �„�o�.M��R,,,.,R. December 10, 1976 JACK W.XANSON � � �� . AOP.Eft D.GORDON ' � GNISLA�PI T.JOSEPH� ' • RONALD G.MICKELBERG � - . �ROBERT R.WEINSTINE � . . • � sTEVEN C.TOUREK .JAMES D.LANO . � 61WN0 M.M VU1f3T� [RIC R.MiLL6R � . TNOMAS J.5ExTON� ' [DWARO W.BPRING . JCAH RUSSOTrO� � � . 3TAN D.DONNELLY RICMARD M.BISANZ OF GOUNSEL WA7N6 6.FARIS �NpT A MEMDER OP JOIiN►.SCMMIOTK6� . TNE MINNESOTA BAR Mr. James Hart Housing and Redevelopment Authority Northwestern National Bank Bldg. St. Paul, Minnesota 55101 Re: Status Report re Block 36 Dear Jim: We understand the architects have been working closely with the staffs of both the HRA and the MHFA. We further understand that all parties are in' basic agreement as to the design and size of the project pro- posed for Block 36. Therefore, this update will confine itself pri- marily to the legal. aspects bringing the Carley Capital Group (CCG) officially into the project. Somerset Urban Redevelopment Company (Somerset) is a Minnesota limited partnershi� whose sole general partner is the Estate of �1Qrman B. Mears (the Estate) . Somerset is the Redeveloper with whom the Housing and Redevelopment Authority entered into a Contract for Sale of Land for Private Redevelopment covering the principal portion of Block 36 and two parcels in Block 40. The steps which we propose taking and which will soon be submitted to you for formal HRA approval are as follows: 1. Amend Somerset's limited partnership agreement so as . to accomplish the following: a. Substitute CCG for the Estate as the sole general partner; • b. Classify the Estate as a special limited . partner which has made a contribution to . the partnership of $491, 340. 50 (being the ,_,__ ..... . _ ._._ . _ . . .._._ . ... .._. ; __ --- _ . _ � ._.. ... _ _—_____ _.. . ._ --� . . I / � ��. . � . . . . . . - � . • • , . .� -..�. � � .. . . � . . .. . . .. .. I. . . . �Mr. James Hart December 10, I.976 _ _... Page Two - � good faith deposits relating to Parcels 36-A, 36-B, 40-A and 40-B) together with certain previously incurred expenses relating to the redevelopment of Blocks 36 and 40; �, c. Provide that at the initial closing of the mortgage loan, the Estate will be reimbursed in the amount of $383 ,477. 50 (represent'ing the purchase price of Parcels 36-A and 36-B) plus allowable develop- ment costs attributable to said Parcels 36-A and 36-B and will have no further interest in or ob- ligation with respect to the redevelapment of Block 36; d. Provide that Somerset may assign to another limited partnership to be formed by CCG its rights and obligations under the Redevelopment Contract with respect to the redevelopment of Block 36 . 2. Amend the Redevelopment Contract in the following particulars : a. Make current the timing requirements with respect to matters such as the submission of plans , approval of . plans, takedown, commencement of construction and completion of construction, particularly as the same relate to Block 36 ; • b. Work out appropriate provisions for the takedown and redevelopment of Parcels 40-A and 40-B recognizing the fact that while CCG has no immediate plans there- for, it has a very definite interest in the type of redevelopment which may be considered because of their proximity to B1ock 36; ' c. Authorize Somerset to assign to a new limited partner- , ship to be formed by CCG all rights and obligations under the Redevelopment Contract with respect to , Block 36. At the time the foregoing are submitted to you for formal approval, there will also be submitted the material required and set forth in subparagraph c. of Section 75 of Chapter 5 of Urban Renewal Handbook 7214 . 1 Revision. Obviously, the final documents will contain numerous provisions in addition to those summarized above. However, the above seem to us to be the most crucial and if you feel there is any possibility that any of them might be unacceptable to the Commission, we would appreciate being advised so that alternate plans may be made. � , . ._. _ _.� __ : __._ _ _ ,_ __ ._. .. . _ _ _. , ._., . .. . _. . _.. _... _._� -.-....-....`._..........-� , • . . , _ ___ � ti , ' �„ . . . � Mt. James Hart December 10, 1976 Page Three � We continue to be appreciative of the courtesies and assistance extended ` us by you and the other members of the staff of the Housing Authority. Very truly yours, ,� � OPPENHEIMER, WOLFF, FOSTER, DOHERTY, RUMBLE & BUTLER SHEPARD AND DONNELLY ' • ' B �' y��T�//� ' By � �r'' Y l I��_ �� s y. en eimer Rob t . Davidson On B al�of the Estate On Behalf of Carley of Norman B. Mears Capital Group JRO:sv ! cc: Mrs. Norman B. Mears Mr. . Richard Lincoln Mr. Paul J. Kelly Mr. Wood R. Foster Mr. Lloyd Bergquist r . _ _� ..._ _.. _ . ,.__ . _ . . ._ -._.. __...._. .. . ,._ ... __ . . . _..__.__.____ --_�. ij . . � . . . _ • . __._ _ ; •,.: . � • • . __. � . � � � ' ' �. •�- ` ` � 1 t , '(:r�sn;•il �'��J ' ,• �v.. t•tir::r�1MEN7 • `�T�1� 1� ,�} 1' ►7s11 .� �1� 1 �.� . I• [%1�C NO.� •� ��.•a}l) l= , ��..AYU�� . • • • �Q(/�.'/i�V L Y R Vv��v 1 Y L'.��r V��i�. . , .'r , �7 ;•� • �-"'V/ �/t.1^i��` . . ' ' � Y. iC��'l� L'�.�'�•�_/.�--_�.�. . . . . �'•'��_' ..��.��' �.� '_' _.�� ... . I:c:c•rrect.To . � - -- - - --- C��t�:�ittc�c. . U,.�;. _ . . ... _. -- - •-----_.__._... (lz�t of Ca.r.^ittc•�• Gc• ... � ..._..._.� ----_----=�--..�D��t� -- —=-==— •_" —_:== -- —-_-- - tdHEnFE�S, T��e �oard �f Co:*:.�iss�.oncrs of the Ilousii�g and P,�dE- vElop:r.enL 'LUthority of the C�_ty Of Jc11T:� Faul., by Rcso).utiUi► ��o . �4�1�-1, a��pro�-ecl Jan�.a�r5� 16s 1974s i:ceuested i:i��: Ci.t}� Cotir.c�.?_ to endorse tllc propos�1 0� Sor:��rs;t t?�-'��s, ��-�-c��+��F?��k��---@ .—.._... ,,. as a redcve�.op�ent CU_P.1?311� �ls c�si�.;7lcil:C'CI �.ii �•��nneset.n cLa�>>tcss Section. �62 . 4'L1, the said pra�c�sal Lci�-��; {or r4:�evcl.o��:.�c.r:t i-or mar.l:�t rate housin`, p�!ri:ir.� and relat_cl izc�.� ��ncl rcl-iab�.] itatcd oifice, co�:.^:ercia]_ u�.�d reL-uil �n�.c� :i.n B1ocl:s ].% � 31, 32 , 33, 3!. , � 35� 36, 40 �r�ci 43 in Lhe Cent?-ul Core l'rb�n lZ�•�;e�c-a 1 Pra j�c t h.�.:�n. � � A�1-Sj anc� r�s�ect��_n� L-he ptr�cl:ase �:nd •rcdc-_re�.o�:�:cnt� l�y Some�set � UrUan Rec�ev�l.op:�en� Co-�pora.tio,z o� �3T.ac?:s 36 ��.�.��3 4-0 o� t:he CenLral � Care Arca as Phase I of said de��e]_op,;:�� propesal ; and. - i . � • WHEREAS, The housin� an:l P.edcvelop��ei�t !`�.LLhoriL-�r has r��ucstcd ' . tlie City Cau.�cil to endorse the ��rai�t-ir,� of �.�.it:ial ��:�_rmarr, t�x exemption z?�rmitt�d b� rSini.cso;:a SL-a.i.:ti4�:s, Sc�ctialz 4G2 . 54�, StiY>jeCt 1:o a �inulized Con��-act and cst�olisi..,�ci;i of Ll-�e t�af exc<<:�;Lion amount aftc� t,?zc� detc�-minat�o�� o� �iiz�l ccnsLructioi� COSL'S 1T1 te-rTs , at morLbage finai.cin�; no��? thcreLor�� b�� iL- � • . I:�SOL�?LD; ThaL' the �otmci? �of L-he C:�t}T o{ S��:�r��_ I'=�u� c?ocs hc�'e•- � . by give tent��ive �pP�-ovu]_ to the pr�;�o:,al L<�r de-.-cl.op:,;ciz�. =�s • '•.suU�itLed b.,� the Sorne�-sei� Ur'�=n- P.cc±�ve7_op::�ciit Corp�r.at3_o.z, a.=d doe_ her.eby st�Le its intcnt to g.rant the r�►a>:iint��; �:�cein�.tion f-r_o,r� t��.�;<<t:i.��. �uL�ierizc�d b�� rlirinesota SL-�tutest Sec�i.or� 4G2 . 6`�1 , suL;ec.t i;.c? a • � fi.nalized C�nt-ract ana establisiu�z�i� of a ta-� ;��rr:t�Ga.or� �f t.r'c c��:-- . tert:;ination of final consi:-ructior, costs �n t`-r.ns of r��ort.c.a��' �ina:�cing and J a1so, sui.�jec.t to the de�-clo1�r.�z;� p].zi� cc�n:��?y i.n� t�:ii:h aIl :;f tlle re�,ui-r�r�ent� �nd t.e-r_ms se� fo�Ll� in 1'i.i_T�Tll�sota Statute� , Secti�ns 4G2 .411 i:hro�adh 462. 71_6 . . . coL��c•�La�L*: ' . Reqe�r.strd b� Depait^:c•n� of: :tS �:A�:�CI' �'�t•S ' r. _ � . , . . , ' � �t.•.:t•y�:�:zl:i . ` _ I�l I��•or ' - --- -- ----- a'.�t�.:i;l: " �1�:�iri5t 1I Bl' _•--••----_ ------- —�------ Y::rr_}:'i:1. 1\O C t�1 C r ! . 1 cJ.•r•�::► . �c.1��•.,�.:�•�t L.Y3�; !#utl'� . � �, . � � ��11�_�� t�-�� Fo�u� �ti=�a:u�•c:, L•� jf:it_ !'•.tt::rr.:, �.��crc' .,,� c:.,;i::c�i. u.,t� !_ � _'—�`�_ 1 . :y� ;�h � , 111�tt•l�, j'.:� :i•t� li1' Cl�::::1'ii �.Lt'[Cl:��' ( �3�' —._..—' '•�`-.... .�. .•_•�`j��;'�� /•--- ---_':__—'__ 3� �''`��-\-`-:.�_-� —\�—_` •-,- '--�-• t . .__1.t._..__— - � • � 1`� •,♦ � . ' . .- \ 1 \ c '_'-_-�...�_i/,''j n%.. ")/.'.i� � � Ai��>cc,�•rci 1�� `.L•��oi ic�: S::t,aii•..:.•:: I.► C:�utic•�t . 1pN \. �". ....:l�fl ��.�'l' ......_...�_�. l� .L� �:�:�•.` .. _ _� . • . `� / \.1� `l�t� � •` �,��•` ► �. ' �., If "'_ . � �L...►� � {3\ 1)'_.�.. �t�J. )��.��.. _�.�'•_l• =[-.=�-''-��.�- � •--..... _ ._.� .. ..._. . ....__..---- _.._.._ ••` t f.� �� ,�,y�,' . y t , ,,,,,,,•�., n,�. .:,�, . � 1 ; ��1:�.1:�t.L V V 1 �:-.. -- �i�L'�{'Y ��:' ,'C_`+��'L�i\'`1.`' s''��. C;S� � �_•. j-. "�,-� �` � ,- .� � �� ;-�; �.�:; -'=- ; OFz 1CF O�'' 'l'F;i: Ct2'�i" GJ�C:1�:fL �� ;� S�� ; '�� ,',; '_`�., . "- . '� �:-� ��: �`�l D�-t G . March 21 , 1977 ..�1�`:> _ . �. � ��;�� '� � � � � � � � � �} �—�-- . `�' O : SC�l�$ i��U1 �1�'� GOU� ClI . . �� =� Cfl�?'l�i'21fi�G� O n CITY DEVELOPt1E��T AND TRANSPORTA7ION � . ,Leonard 41. Levine ; c�oirmon, makes �t�e �oilo��fin� _ � � _ repor� on C. F. - - � Ordinance. . _ . � - . � f?esotution - . . . , � � � Other � - � - _ .: - : . -. _ � � 3�...� : . - �. . The City Development and Transportation Committee � , - _ recommends ap��roval of the substitution of . � _ - - � Carley Capital' Group for the estate of �dorman 6. �lears � � and assignment of rights and obligations of Somerset _ ' Urban Redevelopment Company to Lowertown St. Paul . . `_ ' _ � Company; 2) approval of an Assumption Agreement - ' . ' . affecting this substitution; and 3) approval of a - � grant of partial tax-exemption to. the project pursuant to �1innesota Statutes ,.Section 462.561 .