Public Finance Support & TOD Projects: What Works?Prospect North Gardens

Site ContextProspect North Gardens

Site PlanProspect North Gardens

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BOESER PHASE 1The Cornerstone Group

06/18/14

1" = 50'-0"

SITE PLAN

EASEMENT0.22 ac

PHASE 20.83 ac

PHASE 11.47 ac

Phase  I:  189  Units    -­‐  20  %  Affordable  @  50%  AMI    -­‐  80%  Market  Rate  

Phase  II  Mixed  Use  

“Green  4th”  

U  of  M  Bus/Bike  Transitway  

Prospect  Park    Sta:on  

30th  

The Vision: From ThisProspect North Gardens

District Systems

Infiltration Garden

Residential and Office Mix Commercial &

Office Residential

Water Recirculation

Playground

U of M Stadium

PavegenEnergy Generation

Permeable Paver

Parking

Overflow

District Systems & Green Fourth Concepts P. 47

To ThisProspect North Gardens

The NumbersProspect North Gardens

PROSPECT NORTH GARDENS MINNEAPOLIS (2901 4th Street SE)- PRELIMINARY SOURCES AND USESPage 5 of 5 9/16/14

SOURCES OF FUNDS SOURCES SUMMARYFirst Mortgage $23,800,000 HUD $23,800,000 55%TIF Note $2,990,998 TIF $2,990,998 7%Hennepin County TOD Loan - Predev. $275,000 Grants $4,110,154 10%Hennepin County ERF Remediation Grant $260,000 Other + Soft Debt $2,781,000 6%Met Council - Green 4th Site Funds $300,000 Equity $9,328,507 22%Met Council LCDA TOD Grant $2,000,000Met Council LCDA TBRA Grant $720,307 USES SUMMARYMet Council COO Local Implementation Capacity (LIC) Grant $250,000 Acquisition $3,324,162 8%MHFA - CRFP $1,242,000 Hard Costs $29,649,436 69%City AHTF Deferred Grants $1,025,000 Soft Costs $10,037,060 23%Xcel Energy Incentives $100,000Tax Credity Equity $2,568,507LP Equity $5,000,000GP Equity $750,000Deferred Developer Fee $1,010,000Grant to support Affordable Hsg $479,847City of Minneapolis SAC Credits $239,000TOTAL SOURCES OF FUNDS $43,010,659

USES OF FUNDSAcquisition $3,324,162Construction $29,649,436Architecture & Engineering $1,822,472Carrying/Operating $1,065,294Marketing + Special Consultants $157,000Financing Costs $4,443,433Title & Recording $112,352Tax Credit Fees $181,795Other Soft Costs $2,254,713TOTAL USES OF FUNDS $43,010,658

TOTAL GRANTS FOR PROJECT $4,110,154PROJECT COST LESS GRANTS $38,900,504