02-16-1994 - Laserfiche WebLink

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13=4 17: O1e-3.:0-4555 m-.' • 3 . ) We request that the city defer all fees associated with building permits, zoning approvals, TIF approvals, etc. until construction loan closing. 4 . ) We request that the city enter into an exclusive Development Agreement with Westminster and MSP to build this project. 2Ra7EcT The project will be an 80-unit apartment community available exclusively for seniors 62 years of age and over. We plan to locate this property on a 2.7-acre parcel on County Road I and Mounds View Drive, just south of Highway 10. The property will be an attractive 3-story elevatored building with underground parking. There will be ample common space including a large community room with full kitchen, crafts room, and library. The building will be super energy efficient meeting or exceeding State of Minnesota energy guidelines and will be constructed with a low maintenance exterior. The project will be functionally efficient for seniors' needs and aesthetically appealing. The project also has an ideal location that is within walking distance of parks, drug stores, other convenience retail stores, and public transportation. 411 DEvF,�ItoPS� The developer will be a joint venture between Westminster Corporation and MSP Real Estate, Inc. Westminster Corporation is a non-profit corporation whose mission is to provide affordable housing for people with low incomes. Westminster has a 20-year track record of providing over 2600 units of affordable housing to Minnesota residents. Westminster will act as co-developer, property manager, and coordinator of services to residents. MSP Real Estate, Inc. is a development and construction firm specializing in affordable housing. Milo Pinkerton, the President of MSP, has been involved in the development and construction of over 600 units of affordable housing. Since its inception in 1988 , MSP has completed approximately 170 units of multi-family rental housing specifically targeted to seniors. MSP'S construction company is headed by an individual with over 20 years of construction experience, including over 2100 multi-family units. MSP will be co-developer and general contractor for this apartment project. 7INANCI?iG In order to provide a high quality rental housing community that is affordable to Mounds View's seniors, we need to assemble a layered financing package that includes conventional mortgage loans, equity 411 raised from tax credits, and "pay-as-you-go" TIr assistance from the City. The TIF assistance is critical to enabling this project to access adequate debt and equity capital to make this project both feasible and affordable.