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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1625 Park Avenue, Minneapolis, MN 55404 612-341-3148 612-341-4208 F www.aeonmn.org <br /> <br /> <br /> <br /> <br />Project Sources and Uses <br /> <br />Source Amount Use Amount <br />First Mortgage (Loan)$3,841,000 Acquisition $1,625,000 <br />Tax Credit Equity (Private Equity Investment) $11,038,996 New Construction Costs $10,778,700 <br />St. Anthony Tax Increment Financing $1,000,000 Contractor Fees $1,509,018 <br />Other Government Grants and Loans $2,350,000 Environmental Abatement $350,000 <br />Aeon Sales Tax and Energy Rebates $280,754 Construction Contingency $614,386 <br />Deferred Developer Fee $199,080 Professional Fees $1,104,250 <br />Developer Fees $1,400,000 <br />Financing Costs $840,222 <br />Project Operating Reserves  $488,254 <br />Total Sources $18,709,830 Total Uses $18,709,830 <br />2401 Lowry Avenue ‐ Sources & Uses <br /> <br /> <br />Project Timeline: <br /> <br />‐ Funding <br /> Submit TIF application and project concept to City <br /> Receive formal approval of financial and project concept commitment prior to <br />June 14, 2018, MHFA Housing Tax Credit application deadline <br /> June 14, 2018 – Minnesota Housing Finance Agency Application submittal (tax <br />credits and Deferred Loan) <br /> October 25, 2018 – MHFA Funding Award <br /> June 1, 2019 – Close on financing <br /> <br />‐ Entitlements (dependent on funding commitments) <br /> November 2018 – Sketch Plan Review <br /> November – December 2018 finalize drawings <br /> December 2018 – Full application submittal <br /> January 2019 – Planning Commission approval <br /> February 2019 – City Council approval <br /> <br />‐ Construction and Lease-up <br /> June 1, 2019 – Begin Construction <br /> June 1, 2020 – Complete Construction <br /> September 1, 2020 – Fully leased <br />44