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3 . ) We request that the city defer all fees associated with <br /> building permits, zoning approvals, TIP approvals, etc. <br /> until construction loan closing. <br /> 4 . ) We request that the city enter into an exclusive <br /> Development Agreement with Westminster and MSP to build <br /> this project. . <br /> PRCJEce <br /> • <br /> The project will be an _80-unit apartment -community—available <br /> exclusively for seniors 62 years of age and over. We plan to <br /> locate this- property on a 2 . 7-acre parcel on County Road I and <br /> Mounds View Drive, just south of Highway 10. The property will be <br /> an attractive 3-story elevatored building with underground parking. <br /> There will be ample common space including a large community room <br /> with full kitchen, crafts room, and library. The building will be <br /> super energy efficient meeting or exceeding State of Minnesota <br /> energy guidelines and will be constructed with a low maintenance <br /> exterior. The project will be functionally efficient for seniors' <br /> needs and aesthetically appealing. The project also has an ideal <br /> location that is within walking distance of parks, drug stores, <br /> other convenience retail stores, and public transportation. <br /> D?V ISP! <br /> • <br /> The developer will be a joint venture between Westminster <br /> Corporation and MSP Real Estate, Inc. Westminster Corporation is <br /> a non-profit corporation whose mission is to provide affordable <br /> housing for people with low incomes. Westminster has a 20-year <br /> track record .of providing over 2600 units of affordable housing to <br /> Minnesota residents. <br /> Westminster will act as co-developer,pY^oe_y manager, and coordiratcr <br /> cf services to residents . MSP <br /> Real Estate, Inc. is a development <br /> and C..,715�.�t... <br /> �jC,.icn firm <br /> specializing in affordable housing. Milo Pinkerton, the President <br /> cf MSP, has been involved in the development and construction cf <br /> over 600 units cf affordable housing. Since its inception in 1988 , <br /> MSP has completed approximately 170 units cf multi-famil rental <br /> housing specifically targeted to seniors. t <br /> company is headed by an ; MSP'S construction <br /> individual with over 20 years of <br /> construction experience, including over 2100multi-family rrul.., wily units . <br /> MSR will be co-developer and General contractor for this apartment <br /> project. <br /> 7I'' AXCING <br /> In order to provide a high quality rental housing community that is <br /> affordable to Mounds View's seniors, we need to assemble a layered <br /> financing package that includes conventional mortgage loans , e& ity <br /> raised from tax credits, and "pay-as-you-go". TI? assistance from <br /> the City. The TIr assistance is critical to enabling <br /> to access adequate debt and equity i this project <br /> c,.p_tea_ to make this project <br /> both feasible and affordable. <br />