05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

A-7 Demolition of skilled nursing facility activity to start April 2020 Construction begins on The 2020 Project Mid-May 2020 Certificate of Occupancy for The 2020 Project August 2021 Development. The Borrower has entered into a Development Agreement (the “Development Agreement”) with Senior Housing Partners, LLC (“SHP” or the “Developer”), a limited liability company and a wholly owned subsidiary of Presbyterian Homes Housing and Assisted Living, Inc. (“PHHAL”). The principal office and place of business of SHP is 2823 Hamline Avenue North, Roseville, MN 55113. Total compensation payable to SHP under the Development Agreement is $1,357,000 and will be paid 50% upon the issuance of the Series 2020 Bonds and 50% in installments during the 2020 Project construction. Under the Development Agreement, the Developer will be responsible for the following items with respect to the Project: Design and Planning. The Developer will assist the Borrower and the architect in determining the basic requirements and final plans for the Campus, including type of building, floor plan layout, space utilization, equipment needed, estimates of improvement costs, necessary land use approvals, utility connections, and other site preparations and planning. Architect. The Architect for the Project is Pope Architects (the “Architect”). The Architect was founded in 1974 and currently serves a wide array of markets locally and nationally. The Architect has extensive experience in Senior and Multi-Family Housing, Community, Education, Corporate and Industrial, Retail, and Healthcare markets. Construction. AP Midwest, LLC, a Minnesota limited liability company based in Minneapolis, Minnesota (the “Contractor”), is the general contractor for the 2020 Project and commonly known as Adolfson & Peterson Construction. The Contractor has been in business since 1945. The Contractor’s project teams have extensive experience in senior housing, and the Contractor has worked with PHS and its affiliates on multiple recent projects. The Contractor was also the general contractor for the 2018 Project. Below is a list of recent projects where the Contractor worked on PHS projects: Project Name Location Number of Assisted Living Apartments Number of Independent Living Apartments Number of Transitional Care Units/Beds Year Opened Project Size in Millions Folkstone Wayzata The Developer will work with the Borrower and the Contractor to construct and equip the 2020 Project according to the drawings, plans, and specifications adopted. The Developer will work with the Borrower and the Architect in obtaining bids or negotiated proposals and in awarding and preparing construction agreements. The Borrower shall enter into appropriate agreements with contractors or other parties for construction, equipping, and furnishing of the 2020 Project. The agreements are guaranteed maximum contracts in a total sum acceptable to the Borrower and within the established construction cost estimates for the 2020 Project. During construction, the Developer will make periodic visits to the site and consult with the Borrower, the Contractor and the Architect in coordinating construction activities as scheduled. The Developer will assist the Borrower in obtaining all necessary municipal approvals for the 2020 Project. The Developer will coordinate construction draws for the Borrower. The construction contract with the Contractor for the construction of the 2020 Project (the “Construction Contract”) has a Guaranteed Maximum Price (the “GMP”) of $[24,047,100]. Although it is expected that the