12-17-01 agenda• CITY OF RICHFIELD, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
MONDAY, DECEMBER 17, 2001
RICHFIELD CITY HALL
6700 PORTLAND AVENUE
COUNCIL CHAMBERS
7 P.M.
AGENDA
Call to order
Approval of minutes of (1) Special HRA and City Council Closed Executive Session of
November 19, 2001; (2) Regular HRA Meeting of November 19, 2001; and (3) Special
HRA Meeting of December 3, 2001
1. Oath of Office to HRA Commissioner Joan Helmberger
2. Opportunity for citizens to address the HRA on items not on the agenda
• Notes:
3. HRA approval of agenda
4. Consent Calendar contains several separate items which are acted upon by the
HRA in one motion. Once the Consent Calendar has been approved, the
individual items and recommended actions have also been approved. No further
HRA action is necessary. However, any HRA Commissioner may request that an
item be removed from the Consent Calendar and placed on the regular agenda
for HRA discussion and action. All items listed on the Consent Calendar are
recommended for approval
A. Consideration of approval of relocation assistance appeal policy S.R. No. 69
Notes:
•
• 5. Public hearing and consideration ofi resolution authorizing sale of property at 6812
Queen Avenue to first-time buyers under New Home Program
Staff Report No. 70
Notes:
6. Consideration of development proposal by The Cornerstone Group .for Phase III of
Lyndale Gateway Redevelopment Area
Staff Report No. 71
Notes:
7. Consideration of selecting a date for the regular January 2002 HRA meeting
• Notes:
8. Claims and payroll
Adjournment
Auxiliary aids for individuals with disabilities are available upon request. Requests
must be made at least 96 hours in advance to the Administrative Services Director
at 612-861-9702.
• ..
C7
AGENDA ITEM # 6
REPORT # ] j
J STAFF REPORT
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
DECEMBER 17, 2001
REPORT PREPARED BY:
NAME, TITLE
REPORT PRESENTER:
NAME, TITLE
C7
•
DEPARTMENT DIRECTOR REVIEW:
REVIEWED BY EXECUTIVE DIRECTOR:
JOxIV STARK,
COMMUNITY DEVELOPMENT MANAGER
JOxN STARK,
COMMUNITY DEVELOPMENT MANAGER
C~ i
SIGNATURE
ITEM FOR HRA CONSIDERATION:
Consideration of a development proposal by The Cornerstone Group for Phase III of the
L ndale Gatewa Redevelo ment Area.
I. RECOMMENDED ACTION:
By Motion: Direct staff to further evaluate the redevelopment
proposal by The Cornerstone Group for Phase III of the Lyndale
Gateway Redevelopment Area and report results to the Housing and
Redeveloament Authority by February 2002.
II. BACKGROUND ~,~
The Lyndale Gateway Area, which includes Lyndale Avenue, Garfield Avenue and
the east side of Aldrich Avenue between 76th and 77th Streets, was established as
a redevelopment area on June 14, 1999. At that time, the CSM Corporation was
.::proposing a retail development for the portion of the Lyndale Gateway area that
included the west side of Lyndale Avenue and the east side of Aldrich Avenue.
Since then, however, CSM has been unable to progress with their development
plans because of difficulties in signing a lease with their primary tenant (Walgreens).
On May 21, 2001, therefore, the Housing and Redevelopment Authority (HRA)
1217Lynd
terminated the development agreement with CSM and directed staff to seek new
development proposals for the area.
Since July 2001, HRA staff has been implementing a "request for proposal" (RFP)
process in an effort to identify financially feasible development proposals which
meet the community's vision for this area. Initially, RFP's were sent to 12
developers, of which five responded with a letter of interest. After meeting with
HRA staff, three developers submitted proposals in October. Of the three
proposals, one was disqualified by staff due to concerns about the developer's
financing sources and site assembly experience. A second proposal was withdrawn
by the developer because they reached a determination that they were currently
committed to as many projects as time would allow them.
The remaining development proposal was submitted by The Cornerstone Group.
The Cornerstone Group is based in Bloomington and is currently working on several
notable redevelopment projects, including the James J. Hill Building in St. Paul and
the Marketplace Lofts project in Hopkins (mixed .residential and commercial uses).
The Cornerstone Group had proactively contacted HRA staff prior to our beginning
the RFP process and first submitted a preliminary proposal in June.
A recently updated copy of The Cornerstone Group's proposal is attached. This
proposal has been reviewed by staff and the HRA's financial consultants at Ehlers &
.Associates. The following are some summary points on the proposal:
• Twenty #housand square feet of retail space with surface parking.
• Eighty-one for-sale lofts/condominiums above the commercial space along
Lyndale Avenue with underground parking.
• Twenty for-sale townhomes with tuck-under double garages along Aldrich
Avenue.
• Total development cost of approximately $25.6 million.
• Requested public assistance of approximately $2.1 million (detailed in section
III.C. Financial)
• Currently, a financing "gap" of $400,000 is identified.
The HRA staff, with the assistance of Ehlers & Associates, has performed analysis.
on this development proposal. Our preliminary conclusions are very favorable
towards the Cornerstone proposal. With support from the HRA, further evaluation
would be in order to determine the full merits of their proposal. Through this
additional evaluation, staff would gain greater understanding of the financing and
marketability of the development as well as the process for bringing it to fruition, all
of which would help assure a successful development.
III. BASIS OF RECOMMENDATION
• A. POLICY
• The Lyndale Gateway Area has long been identified as being in need
of redevelopment activities.
• The Lyndale Gateway Redevelopment Area was formally established
. on June 14, 1999.
• Two phases of redevelopment in the Lyndale Gateway area have
been completed during the past 18 months.
• A development agreement with CSM for the third phase of the Lyndale
Gateway area was terminated in May 2001.
• The HRA directed staff to seek new development proposals.
• After a thorough "Request for Proposals" process, the proposal by The
Cornerstone Group remains as the most feasible project.
• Further evaluation is necessary. in order fo identify any potential
difficulties in the redevelopment process.
B. CRITICAL ISSUES
• Existing property owners and tenants have demonstrated frustration.
with the redevelopment process that has occurred in this area.
• Timely action is warranted in order to complete this phase of the
redevelopment of the Lyndale Gateway area; however any potential
redevelopment should be thoroughly evaluated in order to further its
chances of success.
C. FINANCIAL
• The Cornerstone Group's proposal indicated total development costs
of approximately $25.6 million.
• The. proposal identifies over $3 million in potentially tax increment
finance eligible costs.
• Approximately $2.1 million in public assistance has been identified in
the development; the sources of these funds are identified as follows:
- $1,462,975 in tax increment to be generated by the development
- $650,000 in existing tax increment bond proceeds and available
pay-as-you-go tax increment that had been earmarked for the
CSM development.
• A remaining financing "gap" of $400,000.
D. LEGAL
• If the proposal is ultimately deemed. acceptable by the HRA, the
drafting of a Contract for Private Redevelopment would be a
subsequent step in the process.
IV. ALTERNATIVE RECOMMENDATION(S) ~
• Provide suggested modifications to the development proposal prior to staff
conducting further evaluations of the proposal
• Direct staff to draft a Contract for Private Redevelopment for consideration at
a subsequent meeting in the event that further evaluation of the. proposal
results in an affirmative recommendation.
V. ATTACHMENTS
• Development proposal by The Cornerstone Group
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• Representatives of the Cornerstone Group who will make a presentation
• A representative of Ehlers & Associates
l~
~J
J STAFF REPORT
AGENDA ITEM # S
REPORT # 7O
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
DECEMBER 17, 2001
PAM BOOKHOUT,
REHABILITATION SPECIALIST
NAME, TITLE
BRUCE PALMBORG,
COMMUNITY DEVELOPMENT DIRECTOR
NAME, TITLE
REPORT PREPARED BY:
REPORT PRESENTER:
DEPARTMENT DIRECTOR REVIEW: ~ ` f
i^ SIGNATURE
REVIEWED BY EXECUTIVE DIRECTOR: `~
ITEM FOR HRA CONSIDERATION:
Public hearing and approval of the attached resolution authorizing the sale of 6812 Queen
Avenue South to first-time bu ers under the New Home Pro ram.
I. RECOMMENDED ACTION:
Conduct and close a public hearing and by motion: Approve the
attached resolution authorizing the sale of property located at 6812
Queen Avenue South to first-time buyers under the New Home
Program.
II. BACKGROUND
The new home developed at 6812 Queen Avenue was authorized by the Housing and
Redevelopment Authority (HRA) as a cooperative project with Hennepin Technical College
(HTC). The project is completed and a sale is anticipated within the next few weeks. (The.
property will be open prior to the HRA meeting for viewing.)
The selected purchaser of the home at Queen Avenue is a three member, income qualified
• family seeking to live in Richfield that meets the requirements stated in AttachmentA.
Presently, the family is renting in a duplex in south Minneapolis. A public hearing and HRA
authorization for the sale of the property are required prior to closing.
1217_6812Queen
The property is valued at $190,000. A second mortgage of $45,000 is provided by the
HRA. After a minimum down payment of $5,250, the buyer will need to secure a first
• mortgage in the amount of $137,750. If they are able, buyers are always encouraged to
contribute more down payment to reduce their first mortgage. All buyers. are. required to
take a homebuyer education course.
The second mortgage accomplishes two things: (1) makes the initial purchase price
affordable; and (2) prevents a speculative purchase in which the buyer might .benefit from
selling the home quickly.
The HRA will pay for title insurance at closing; property taxes will be prorated as of the
date of closing. After closing, the HTC contract of $126,000 will be paid from the proceeds
of the sale. If during final qualifying the family is found ineligible by the lender, the
purchase agreement will be void, the earnest money will be .released, and the next
qualified applicant in the pool would be contacted. At this. time however, the lender has
qualified the purchaser through preliminary processing.
III. BASIS OF RECOMMENDATION
A. POLICY
• A qualified family has been identified as buyers and meets program
requirements.
• Authorization of the sale is required at the December 17, 2001 meeting
so that the buyers can finalize mortgage financing for a prompt closing.
B. CRITICAL ISSUES
• • The purchase agreement cannot be processed further without HRA
authorization of sale.
• The home is finished and has received a Certificate of Occupancy from
the Building Inspections Division.
C. FINANCIAL
• The potential buyers of 6812 Queen Avenue meet the program
requirements (see Attachment A) and have demonstrated the ability to
provide adequate. down payment.
• The budget recently approved includes this property.
D. LEGAL
• A public hearing notice has been published in the Sun-Current, which
allows the HRA to consider the sale at the December meeting.
~ IV. ALTERNATIVE RECOMMENDATION(S) ~
• Do not adopt the resolution. However, this would cause a delay in the sale of
the properties and would increase HRA holding costs.
V. ATTACHMENTS
• Resolution regarding the sale of 6812 Queen Avenue.
• Eligibility Requirements (Attachment A)
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
N/A
•
HRA RESOLUTION NO.
i RESOLUTION AUTHORIZING THE. SALE OF REAL PROPERTY
LOCATED AT 6812 QUEEN AVENUE SOUTH
WHEREAS, the Housing and Redevelopment Authority (the "HRA") owns certain
real property located at 6812 Queen: Avenue, legally described at Lot 4, Block 2, Tingdale
Bros. Lincoln Hills Third Addition; and
WHEREAS, the HRA acquired the property so that Hennepin Technical College
(HTC) could construct a new single family home at the site to be sold by the HRA to a
moderate income family; and
and
WHEREAS, a family has been identified as an eligible purchaser for the property;
WHEREAS, the conditions of the sale include a total sale price of $190,000; first
mortgage of $137,750 payable to the lender; a lien of $45,000 payable to the HRA and a
minimum of $5,250 down payment; and
WHEREAS, the sale of 6812 Queen Avenue may be authorized by the HRA
following a public hearing which considers the disposition of the property; and
WHEREAS, that hearing has been held following proper publication of notice.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota that the HRA Chairperson and the
• Executive Director are authorized to execute the a purchase agreement and other required
documents so that the disposition of HRA owned property at 6812 Queen Avenue occurs
as presented herein.
Adopted by the Housing and Redevelopment Authority in and for the .City of
Richfield, Minnesota this 17th day of December, 2001.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary
•
•
ATTACHMENT A
New Home Program Eligibility Requirements
For Home Buyers in 2001
• Have a two to six member family (a family is defined as persons related by blood,
marriage or operation of law having a minimum of a head of household and one or
more minor children.)
• Be a first time buyer (or not having owned in three years).
• Not exceed the following maximum annual income limits depending upon family size:
Family Size Maximum Income
2 persons $42,000
3 persons $47,250
4 persons.. $52,500
5 persons $56,700
6 persons $60,900
• Income limits are 80 percent of the metropolitan area median income - an accepted
CDBG program income level.
• Have the ability to make monthly payments on a mortgage, make the required down
payment and pay required closing costs.
• Agree to be subject to a second mortgage lien by the HRA to make the buyers' first
mortgage more affordable.
•
r1
U
STAFF REPORT
AGENDA ITEM # 4A
REPORT # 6g
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
DECEMBER 17, 2001
•
BRUCE PALMBORG,
REPORT PREPARED BY: COMMUNITY DEVELOPMENT DIRECTOR
BRUCE PALMBORG,
REPORT PRESENTER: COMMUNITY DEVELOPMENT DIRECTOR
NAME, TITLE
DEPARTMENT DIRECTOR REVIEW: IJ ii~~ -
REVIEWED BY EXECUTIVE DIRECTOR:
ITEM FOR HRA CONSIDERATION:
Consideration of a relocation assistance appeal policy.
I. RECOMMENDED ACTION:
By Motion: Adopt the attached relocation assistance appeal policy
dated December 17, 2001.
III. BACKGROUND
Laws and regulations require entities responsible for relocation to have a relocation
assistance appeal policy in place. Recently, staff, a Kennedy & Graven attorney,
and representatives from Conworth, Inc., relocation consultants to the Richfield
Housing and Redevelopment Authority (HRA) and City, worked together to draft an
appeal policy. Each individual and business is entitled to appeal any determinations
made with regards to that assistance. Although appeals are infrequent, when they
are made, it is usually involves the dollars proposed for payment.
C7
1217appeal
• III. BASIS OF RECOMMENDATION
A. POLICY
• The HRA/City undertake activities, which result in relocation.
Department of Housing and Urban Development (HUD) rules and
State law require an appeal policy to be in place.
• The HRA must adopt an appeal policy. The City Council must act
separately to establish a City policy. For administrative simplicity for
both relocatees and staff the proposal is to have both policies be the
same.
B. CRITICAL ISSUES
• The policy, which has been in place since the early 1980s, needs
updating.
C. FINANCIAL
• .The cost of the appeal process initiated by a relocatee would be paid
by the redeveloper.
D. -LEGAL
• • ..Robert Vose, Kennedy & Graven legal counsel to the HRA, provided
significant assistance with this item. He drew heavily from the State
Administrative Procedures Act, which. prescribes procedures for a
variety of administrative review functions.
• Representatives of Conworth Inc. have indicated it is in compliance
with relocation regulations.
E. TIMING
• It would be prudent to have a revised process in place before year's
end.
IV. ALTERNATIVE RECOMMENDATION~S~
• Direct staff to make changes in the proposed policy.
V. ATTACHMENTS
• Relocation Assistance Appeal Policy
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• N/A
U
CITY OF RICHFIELD
RELOCATION ASSISTANCE APPEAL POLICY
A. Policy
Any person may appeal a determination by the City of Richfield or Richfield Housing and
Redevelopment Authority (City) concerning the person's eligibility for, or the amount of, a
payment for relocation assistance.
B. Basic Rules and Re ulg ations
1. City staff shall .consider all information provided by a person in support of a
relocation matter or claim. The City shall keep copies of any written information or
documents submitted.
2. The City shall permit a person that claims eligibility for relocation assistance,
service or benefits to inspect and copy all files and records pertaining to such
person's application for relocation assistance, except information or data which is
confidential or otherwise may not be made public under applicable laws. The City
may place reasonable conditions on these inspection rights.
3. City staff shall make an initial determination regarding any relocation benefits
• matter. The initial decision shall be in writing and provided to the person requesting
relocation assistance.
C. Appeal Process
Any person aggrieved by the initial decision made by City staff shall be afforded an
opportunity for an appeal hearing regarding the decision. The City will provide a
hearing at which the appellant may make an oral presentation. A person may
request an appeal in the event the City initially determines that the person is
ineligible for relocation assistance or benefits, or denies the amount of relocation
benefits claimed, in whole or in part.
2. A request for an appeal hearing must be in writing, directed to the City Manager,
and submitted within 60 days from the date of receipt of the City's initial
determination. The written request for an appeal hearing must indicate the issue or
issues being appealed. If the appellant is unable to prepare a written appeal or
identify the appeal issues, the City will make a referral to available sources for
assistance with the appeal.
3. The City Manager or a designee will conduct the appeal hearing. The City Manager
may, in his/her sole discretion, designate a City staffperson or an independent
hearing examiner to conduct the appeal. The City representative conducting the
review shall not have been directly involved in evaluating the appellant's application
. for relocation assistance or in preparing the initial determination.
RJV-202732v5
RC160-I
4. The hearing will be held within a reasonable time from the date that the written
request for an appeal hearing is received. The City shall provide written notice of
the hearing identifying the person performing the hearing, and stating the date, time,
place, and issues on appeal.
5. All parties have the right to be represented by an attorney or relocation advisor
concerning a relocation claim or appeal. Each party shall be solely responsible for
its own legal fees and expenses. All parties shall have the right to present and cross-
examine witnesses at the hearing.
6. The City shall be responsible for the cost of the hearing whether conducted by the
City Manager, City staff or independent hearing examiner. In the event a transcript
of the appeal hearing is requested, the party requesting a transcript shall bear the cost
thereof. The parties may agree to share the costs of transcription.
D. Independent Hearing Examiner.
1. In the event the hearing will be conducted by an independent hearing examiner
appointed by the City Manager, the appellant shall submit to the City any evidence
in support of the appeal that was not previously filed with the City. Such evidence
shall be submitted at least seven (7) days prior to the hearing date.. The City shall
provide to the hearing examiner all evidence timely submitted by the appellant along
• with such additional information the City used in evaluating the claim.
2. The hearing examiner shall maintain the official record. All evidence offered, except
any evidence excluded by the hearing examiner, shall be a part of the hearing record
of the case. No information or evidence shall be considered unless it is part of the
record. The record shall contain a written transcript of the hearing only if
preparation of a transcript is requested by the City or appellant.
3. The hearing examiner shall evaluate all evidence submitted by the City or an
appellant, but may exclude from the record incompetent, irrelevant, immaterial or
repetitious evidence. Documentary evidence may be received in the form of copies
or by incorporation by reference. The hearing examiner may also take notice of
judicially cognizable facts or general, technical, or scientific facts. Parties shall be
afforded an opportunity to contest the facts so noticed.
4. The hearing examiner shall prepare a report and recommendations based on the
hearing record. The report shall certify the official record and shall include the
findings of fact and conclusions of law made by the hearing examiner.
5. The hearing examiner's report shall be mailed to the City and appellant. Except in
cases where the City and appellant have agreed that the report of the hearing
examiner will constitute the fmal decision, the City's final decision shall be made
• after issuance of the hearing examiner's report.
E. Hearing, Before Ci ~ Manager or Designee.
RJV-202732v5
RC160-1
• 1. In the event the hearing will be conducted by the City Manager or a designee, the
appellant shall submit at the hearing any evidence in support of the appeal that was
not previously filed with the City. The City shall submit such additional information
the City used in evaluating the claim.
2. The City shall maintain the official record. All evidence offered, except any
evidence excluded, shall. be a part of the hearing record of the case. No information
or evidence shall be considered unless it is part of the record. The record shall
contain a written transcript of the hearing only if preparation of a transcript is
requested by the City or appellant.
3. The City may exclude from the record incompetent, irrelevant, immaterial or
repetitious evidence. Documentary evidence may be received in the form of copies
or by incorporation by reference. The City may also take notice of judicially
cognizable facts or general, technical, or scientific. facts. Parties shall be afforded an
opportunity to contest the facts so noticed.
F. Determination and Notification After the Appeal
1. Unless otherwise agreed upon, the fmdings and conclusions by an independent
hearing examiner are advisory. The determination by the City Manager or designee
shall constitute the final determination by the City.
• 2. Every final decision rendered by the City shall be in writing, based on the record,
and shall include the City's findings of fact and conclusions. The final decision shall
be labeled as follows:
Final Decision Concerning Relocation Anneal
3. A copy of the final decision shall be served upon the appellant by first class mail.
4. The City's final determination of an appeal will be made within ninety (90) days of
the City's receipt of the advisory fmdings of fact and conclusions of law, or within
ninety (90) days of completion of the hearing if conducted by the City Manager or
designee.
5. The written determination will be promptly mailed to the appellant and will advise
the appellant that judicial review may be sought from any. adverse determination.
6. An aggrieved appellant must file a petition for a writ of certiorari with the court of
appeals and serve the same on the City not more than 30 days after the receipt of the
fmal decision.
G. Notices
• All Notices to the City must be addressed to the City Manager, City of Richfield, 6700
Portland Avenue South, Richfield, MN 55423
RJV-202732v5
RC160-1
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CORNERSTONE - -
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www.thecornerstonegroup.com .- -
_.. .Phone • 952J942.6900 -
Fax•952J942.6902 - _
December 11, 2001.. . _ .
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Mr. John Stark _ > . -
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Community Development Manager
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•. City of Richfield
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_ 6700 Portland Avenue
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Richfield, MN 55423-2599.
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- - -
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Re: Lyndale Gateway Redevelopment _ ~ ~ ~ ~
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Dear Mr. Stark: ~ -`. - ~ ~ -
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_ _ _ - ,~
We are pleased to be selected as finalists for the West.Lyndale Gateway project. Our. proposal is to" .
~~
build a unique urban neighborhood that provides an exciting new dousing and retail opportunity for.. -
the residents of Richfield and greater community.. ~ , ..
.This proposal represents our preliminary thoughts:about the project, butwe remain open and~flexible - -
regarding the. overall uses and design work. We understand that•redevelopmentpmjects of this nature w
"
are alwa3~s better served by involving community leaders, residents and business owners in the process ".. r
and with. their help; we hope to fiuther develop a plan that will meet and. exceed the goals and ~ ::
expectations of the~community: ~
_ ~ "'~`
~,
- ,...
We are proud of our company's history and reputation as leaders in finding solutions: to difficuh -
redevelopment issues. ~ We believe this leadership, coupled with our. principled belief inthe -value of " ~ ~:
community partners, will help make this project a fun and exciting opportunity for our team and for - ~ -
the City: -: -
-
We are looking forward to exploring this development :concept with~you.. Thank you for the • . ~.
opportunity to present it. " - ~~=
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- .. _ ~
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Sincerely. - ,
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Colleen M.
arey
President - - - ..
,The Cornerstone
Group - ~~.
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CORNERSTONE
GROUP
T bl f C t t
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a e o on en s
1. Conceptual Diagrams
2. Summary of Proposed Land Uses
3. Project Financing
4. Proposed Schedule
5. Developer Experience
6. Additional Developer Qualifications
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CORNERSTONE
['-• GROUP
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Proposed Land Uses
The Lyndale Gateway West project is comprised of townhomes, lofts, retail and restaurant space. The
goal is to create a contextual, neighborhood-friendly design that creates excitement and interest for
residents of Richfield and the greater community. We have designed a housing plan that we hope will
havecross-generational appeal.
The specific project components include:
20,000 rentable square feet of retail space
81 lofts/condominiums with underground parking
20 townhomes with tuck under, double garages
Retail
•
Two buildings, each approximately 4,000 square feet, will anchor each corner ofthe block. These
sites are ideally suitedforfull-service restaurant tenants and are designed with additional outdoor
seating and plaza/commons space to serve as an amenity to the entire development.
In addition,12,000 square feet of additional retail space is designed along the Zyndale frontage. A
portion ofthat space is designed with convenient drop-off parking to encourage retail tenants such as
coffee shops and bakeries for the quick in and-out consumer. We anticipate other neighborhood
fi-iendly retailers and service providers to occupy the remaining spaces.
The site is ideally located for Class "A" tenants and much irnerest has aheady been generated. While
we have received inquiries from a number ofpossible tenants, we will work diligently to develop a mix
of credit worthy tenants that fulfill a need in the community and compatible with the housing
development.
Lofts/Condominiums
Eighty-one lofts will be designed over the retail space along Lyndale Avenue. The northerly portion of
the building will be three-stories of housing over retail for a total of 57 units and the southerly portion will
be two-stories of housing over retail for a total of 24 units. The units will range from 775 -1200 square
feet and will differ from traditional condominium design. Open floor plans, high ceilings, balconies,
contemporary fmishes, and shared commons space with the retail will create a more urban lifestyle for
the homeowners.. Prices will range from $135,000 to $210,000 depending on the size/type of unit and
any upgrades/custom work the buyer may select. A component of the project will be priced affordably
to allow buyers to qualify for first-time homebuyer or other buyer assistance programs.
•
... a T
THE
CORNERSTONE
GROUP
~ - Pro ~ osed Land Uses
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Townhomes
Five buildings of four townhomes each will be developed along Aldrich Avenue. The units will be single-
loaded (not back-to-back) with double garages. The units are approximately 1,300 square feet with two or
two-plus bedrooms. Sales prices are estimated to average $190,000. A significant landscape buffer will
separate the townhomes from the surface parking lot and garages will be accessed from 76~ and 77~
street entrances, thus avoiding any additional traffic on Aldrich Avenue. The homes will be designed to be
compatible to the rest of the development but will also serve as amuch-needed buffer to the single-family
neighborhood to the west.
Parking
Parking is an extremely important issue for the site. Parking must be convenient and efficient to ensure
successful retail but it also needs to be designed to be aesthetically sensitive to the surrounding housing
and not overwhelm the site. This proposal addresses both interests. Specific data includes:
~, 20 Townhomes - 40 garages (all homes with two-car garages)
81 Lofts - 119 spaces underground, 12 dedicated cars on the surface and 20 shared cars on the
surface (1.5:1 underground;1:1.86 total)
20,000 sq.ft. retail - 100 dedicated cars and 20-shared cars on the surface (5/1,000 sq.ft. plus 20
shared spaces)
Streetscape/Landscape/Lighting
The streetscape plan will be designed to follow the guidelines already established as part of the overall
Gateway development. Additional sidewalks, plaza space, and other hardscape areas are planned to
encourage pedestrian movement. The site will be heavily landscaped with evergreens, deciduous trees,
shrubbery and planters. Ornamental lighting will be located on all retail entrances and site lighting will be
designed to allow appropriate lighting for the parking area while also creating privacy for the homeowners.
We will work with the City to ensure that the design work is compatible with the entire Gateway area.
,~
.. CORNERSTONE
GROUP
Project Financin
Attached is a preliminary Sources and Uses of funds for the project. As with any project, this proposal is
based on a set of assumptions. We remain open and flexible about the overall plan and we will adjust/
modify these assumptions as we work with staffand continue to work through the many issues related to
financing ofthe project.
For purposes ofthis proposal, we have assumed that the project will generate approximately $1.4 million
in net present value tax increment over 23 years. We have also assumed that the revenue from the 1999
bond sale is also available to the project and is approximately $650,000. The developer will be contributing
approximately $1.6 million to the project to help offset the enormous cost of land acquisition.
While the project has a small shortfall at this time, our numbers are on the conservative side. We believe it
is a workable pro forma at this stage of the process and we will work with the City to identify other .
potential sources of funding, other ways to create savings, and/or other ways to increase the overall value
of the project.
~ [
THE
CORNERSTONE
GROUP
~ i
Project Financing
Carry Costs $ 600,000
Special Consultants $ 30,000
Financing Costs $ 325,000
TItle and Recording $ 150,000
Developer Fee $ 2,800,000
Other Soft Costs $ 100,000
Total $25,575,000
Comaonent Ave. Market Value Volume
For Sale Townhomes $225,000 20 Units
For-Sale Lofts $160,000 81 Units
Retail $120 p.s.f. 20,000 s.f.
Total Market Value $20,460,000
Sources of Funds
First Mortgage $ 4,000,000
PayGo TIF Financing $ 1,500,000
City ofRichfield Bonds $ 650,000
Sales Proceeds. $17,460,000
Developer Land Payment $ 1,595,000
'', Total $25,205,000
Uses of Funds
Acquisition Costs $ 4,800,000.
Construction Costs $14,945,000
ArchitecturaVEng. $ 625,000
Marketing $ 1,200,000
DETAILED
- - - - SOURCES AND USES
Lofts on L
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,,.. Total Pro
ect Period
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SOURCES OF FUNDS
Budget
Funding. ~5 3' `~;
9P s K'°` 'x:iet:
k+f`:;.! Commerdal Residrntial
Pemoment 1st Mortpge (Commercial Space) 54,000,000 SO t` rta ' 54,000.000
City/State/Etc. 5630,000
.
S650,000 5630.000
TIF Proceeds 51,462,973 51,462,973 ~ :
': ~ ~
~ 5219,446 S1,243,329
Developer Land Payment
51,393,000 fi
51,393 000
5239,230
51,353,730
Equity htvestmeat SO 52,300 000 '
- SalesPrnceeds S17,460,000 SO ~;
~ 517,460,000
Other Sources secured by Developer SO SI99,i30 e,~
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Construction Lem SO 1
516,093 000
TOTAL SOURCES OF FUNDS
S25,t67,973 _
522,302,125 ;`'
54,438,696
520,709,279
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USES OF FUNDS Total Project P
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Acquisition & Relocation 16% 54,100,000 54,100,000 E%'~~ 5613,000 53,483,000
AbatemenUDemolition 5300,000 .5300,000 °~. 573,000 5423,000
Option Extension Fees 50 SO
Brokerage Fees/ Commissions 5200,000 5200,000 .
Other SO SO ; '~
Total A ' ition Costs 54,800,000 54,800,000 ~'w , r Gw 5690,000 53,910.000
Construction
'
Retail 20,000 51,800,000 51,800,000 ;;
~ ' S1,800,000
Apartments 0 SO SO `:
Lofts and Rowhouses 101 510,336,730 S1Q336,730 ~ .;"x= S10,336,730
Psdong Spaces 119 S1,428,000 S1,428,000 v - r,~' :;' ' ~° SI,428,000
Conf en S1,338,475 51,338473 '' S203,771 51,154,704
Total Constriction Cosu
574,943,225
514,943 225 ,je u~x
S2,003,771 ;
.512,939,454
!.
Archrtcctmal/Engineering ,s`-
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Architechual Services 5397,729 5397,729 S89,659 5308,070
Architectural Inspection SO SO ~ ''~
Architecmral Reimbursables SO 50 '~~'
Soil Studies 570,000 S10,000 ~: 51,500 58,300
Surveys SI3,000 513,000 ~" 52,230 512,730
Civil Engineer SO SO
Stroctrual Engineer SO SO h ~'
Mechsnical/Electrical Engineer 50 SO k' :,
Special ConsaNmu SO SO '. a' x
Con' en SO 50
ToUI Architectura 8%-10° 5622,729 5622,719 '^'"u~ 593,409 5329,320
Marketing t
signage slsooo Slsooo ' ~_ ~ s2,25o alz,7so
Advertising SO SO
Open Houses
SO ~
50 ~,
Leasirrg Commissions on Commercial Space. 54.00 580,000 SEO 000 (,,; ~"
~ ~
Sales Commissions oa For Sale Units 0.03 S783,700 r ~
5783 700 " 5783,700
Other Marke ' 5230,000 5250,000 ,;'. ~ 537,300 5212,300
ToUlMark 51,13Q,700 51,130700 a ! 539,730 51,010,930
CaaymglOperatmg
Initial Equipment
S100,000 ,J ~ ~..,,;
5100,000
513,000
SE3,000
Utilities during Coast. and Lease-up 50 50 {~
Property Lrsnrmce SO SO x
Construction Period Interest 12 5482,830 5482,830 572,428 5410,423
Real Estate Taxes daring construction SO SO
Operating Deficit during Sales Period (Ass. Fees) 10 520,000 S20,000 ~ '
Rent-up Reserve SO SO `
Operating Reserve SO SO `:;
Con ' SO SO
Tool Cosu 5602,830 5602,830 587,428 5493,423
Special Consahmu ,
Page 1 of 2
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DETAILED
- ~ SOURCES AND USES
,.,.
Lofts on Lyttdale ., ..
~~
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~. Total Project Period ~ ~~
Appraisal 57,300 57,300 ~~~~ ~ 51.125 56,373
F.m+ui®ental Consiltmts 54,000 54,000 ~~~ ~ ~. 5600 53,400
Feasibility Study SO SO "°. -. '~
Madrotmg Strdy 520,000
r
520,000 ~ r 53.000 517,000
Development Manager
SO
SO
~
~
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Cost Certibation SO ~~~.~~.~
~
~
SO °
Totai 5 ' 1 Concnltmts 531,300 531,500 ,' ' ~ Vii; .`".:,:~:`e? 54.725 526.775
V ,~
Finmciig Costs M
Coaslnution Lom
ti
Lom Origination Foes 1.30% 5241,425 5241,425 ¢ 536,214 5203,211
Lendets' Fees -Constriction Inspection 513,000 513,000 ~ .- . ` ; 52,250 512,730
Lenders Legal SI5,000 513,000 `~ , ~" 52,230 512,730
Pe®snent Loan SO ~ -:
Lenders Foes 1.OM/e 540,000 540,000 S6,000 534,000
LendersLagalFees SI0,000 SI0,000 S1,300 58,300
Part Ikdiatioa Fee SO SO ¢
Applicuion Fce SO SO
City Fees 1 SO SO .
53,000 SS,000 '~ -' ?,;;.~".'' 5750 54.230
Total Finn ' Costs 5326,423 5326,425 548,964 5277.461
Title and Recording ~ ~
Title htsmmce 537,752 537,752 ~
" S3,663 532,089
Mortgage Registration S9,200 .., ~
59,200 , 51,380 57,820
State Deed Tax 590,900 590,900 ~; 590,900. '
RecordiigFees SS00 5500 , ~§ S73 5425
ClosiogFces + 510,100. 510,100 ~ SI,315 58,385
Disbtisement Fees 52,400 52,400 ,,, 5360 52,040
Abstract Fee 5300 SJ00 S75 5425
Norte Search SO 50 s ,
Assessment Search 50 SO ''
Other Title and Record' 51,500 S1,S00 : 5225 51,275
Total Title and R SI32,832 SI52,832 : 59,293 SI43,339
Other Costs
Egiity Investment-Legal Fees 510,000 510,000 51,300 58,300
Egiiry Im+estmeat Fees and Costs 3% 573,000 573,000 SI1,250 563,730
l3P Legal-Real EstateBttilding 530,000 530,000 57,300 542,300
(;P Legal-Other S23,000 523,000 S3,7S0 521,250
GP Devel t Fce 12% S2.800,000 SO . ax 5420,000 52,380,000
Total Other SoR Costs 52,960,000 5160,000 ~` 5444,000 52,316,000
+
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OTAL DEVELOPMENT COSTS 525,570,281 522,770,281 53,421,340 521,848,941
•
Page 2 of 2
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CORNERSTONE
GROUP
_•
~_ i
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Proposed Schedule
The following schedule is preliminary, based on the information available to us at this time. We will
coordinate with staff and work diligently to move the project through the acquisition stage and the
design/development stage as effectively and efficiently as possible.
Earliest Latest
Event Time Required Completion Date Comaletion Date
Negotiate Development Agreement 2 - 4 Months February-02 April-02
Market Study/Neighborhood Process 2 - 3 Months March-02 April-02
Preliminary Planning Approval/Schematics 1 -1 1/2 Months May-02 September-02
Architectural -Design/Development 2 Months May-02 July-02
Architectural -Construction. Drawings 3 - 4 Months August-02 November-02
Loan Commitments 3-4 Months August-02 November-02
Presales/Preleasing 4 - 6 Months August-02 November-02
Acquisition/Relocation 8 -12 Months . August-02 January-03
Bid and Review Process 1 Month September-02 December-02
Demolition 1 - 2 Months late Sept./Oct. 02 FebJMarch 03
Construction Start n/a late Oct./Nov. 02 April-03
Construction Complete - RetaiVLofts
10 - 12 Months
October-03 ~
April-04
Construction Complete - Townhomes 9 - 11 Months September-03 March-04
•
1
CORNERSTONE
GROUP
~ Develo erEx erience
~ p p
•
•
Proven Development Record
The Cornerstone Group/RMF Entities, Ltd. Development Team has over 40 years of combined experience
in housing and retail development. We have completed over $250 million in development initiatives
including new construction, redevelopment, and rehabilitation projects for both housing and retail.
Our firms have a proven development record and we are known for our ability to work through difficult
redevelopment issues. We are committed to ensuring that our projects are successful over the long term.
We continue to be good neighbors and be well received in the communities we serve. We pride ourselves
on our reputation for staying with projects to ensure their long-term success.
Multiple disciplinary approach
The complementary skills of our team members ensure that all aspects of the process will be executed
with excellence including market assessment, architectural design/production, development and
construction, sales and property management.. Our team members understand collaborators' disciplines,
providing a foundation for excellent communication within our team.
Committed to working cooperatively
We believe that communication is essential. for this project to be successful. Our team understands how to
work well with the many parties involved 'in the process and project. We are committed to working
cooperatively with the City, the neighborhood groups, existing business owners and tenants, and other
groups to achieve a development that fits seamlessly into the neighborhood and completes the Gateway
area.
Emphasis on design/development
Our team experience gives us the necessary tools to design an awazd-winning project. We aze
committed to developing a design that is sustainable, attractive, marketable, and will have long-term
impact inthe community.
Elness Swenson Graham has an outstanding reputation throughout the metropolitan area as a firm that
understand how to balance creative and contextual design for the overall project with functional, efficient
design for the end-users. The firmhasa long and distinguished project list in residential, retail and
mixed-use development.
Capacity to 5nance the project
Our team has maintained excellent credit worthiness and financing relations with multiple lenders and area
banks. We are happy to provide lender references upon request.
,~ ~
~--
~~
_ ~
~T~ N E
• 2 2- 2 • wwwthecornerstone ou .com
7661 Bush Lake Drne Bloomington, MN 55348 Phone 952/942-6900. fax 95 /94 690 gr p
f - i -~
•
•
•
THE
CORNERSTONE
G R O U P
The Cornerstone Group, founded by Colleen
Carey in 1993, is an award-winning real.
. estate. development team that creates unique -
and diverse multifamily housing
developments. Our mission is to provide high
quality housing that enhances the
communities in which it is located and
improves the lives. of the people who reside.
there.
As of 2001, The Cornerstone Group's
successful development initiatives totaled
$76 million. These many faceted projects
range from 30- to 168- unit developments and
include 'new .construction, rehabilitation of
existing housing stock in both urban and
suburban communities, and historic
Y6S1Oratlon.
We value our community partners and
together work very hard to ensure a project's
long-term success. We are able to gather the
creative resources necessary to complete
complex. projects and look forward to new
challenges and opportunities.
Minnesota Multi Housing Association
MADACS Awards
2000 Best Project Renovation
Cathedral Hill Homes, St. Paul, MN
2000 Best Site Signage
Bluff Park Homes, St. Pau1,1111V
1999 Property Excellence
Affordable Housing
Bluff Park Homes, St. Paul, MN
.1999 Total Building Renovation
B1uffParkHomes, St. Paul, MN
1998 Property Excellence.
Best New Development
MinnetonkaMills Townhomes, Minnetonka, M1V
1998 Best Signage
Columbine Townhomes, Eden Prairie, M1V
1997 Best Landscape
Columbine Townhomes, Eden Prairie, M1V
St. Paul Heritage Preservation Commission
Award of Recognition for
Historic Rehabilitation
Cathedral Hill Homes, St. Paul, MN
Minnesota Housing Finance Agency
1998 Housing Design Award
BluffParkHomes, St. Pau1,111NN
f y Y
THE
CORNERSTONE
G R O U P
~+t1f/
Colleen Caren, president
C]
Colleen Carey brings 16 years of experience in the field of real estate development and finance to
The Cornerstone Group. Prior to establishing The Cornerstone Group, Ms. Carey-served for seven
yeazs as the Executive Director of Twin Cities Housing Development Corporation, during which
time the organization participated as a developer in over $130 million of housing developments with
projects ranging in size from five units to 1,300 units. She was also in charge of raising nearly $45
million in private equity investments through the sale of low-income housing tax credits.
Carey has completed a number of historic restorations, several commercial developments, and for-
sale housing projects in addition to her extensive multifamily rental development experience. She is
familiar with many financing alternatives including conventional sources, public/government
funding, tax-exempt bond issues, and credit enhancement vehicles.. She has considerable experience
in the use ofpublic-private partnerships to facilitate real estate development.
Carey holds an MBA from the University of Wisconsin with a major in Real Estate Development
and Investment Analysis. She is a licensed Minnesota real estate broker, a current member and past
Board member of the Minnesota MultiHousing Association, and the National Leased Housing
Association. In addition, she has served on the Board of Directors of The Ripley Foundation and the
Harriet Tubman Center and is currently the Board Chair of the. Illusion Theater. in Minneapolis....
Patricia fit. Pierre. /ice president
Patty St. Pierre has been with The Cornerstone Group for eight yeazs. and has 16 years of experience
in the field of real estate with a specialization in multi-family housing development and
management. She is responsible for managing the design and construction process on all of The
Cornerstone Group's new construction and renovation projects. St. Pierre is also responsible for tax
credit compliance and monitoring.
Prior to joining The Cornerstone Group, Patty was the Director of Property Management for. Twin
Cities Housing Development Corporation. St. Pierre was also co-owner of a firm that .specialized in
-the management and renovation of inner-city apartment buildings. Additionally, St. Pierre developed
and implemented maintenance programs and renovation projects, from planning stages through rent-
up and analyzed financial and capital requirements for owners.
' Y
CORNERSTONE..
A G R O U P
Ross Currier. Project IV~anaGer
Ross Currier brings over a decade of experience in real estate development, consulting, finance and
asset and property management in both the non-profit and for-profit sectors. Mr. Cumer has worked
- extensively with government agencies, educational organizations, arts agencies, tribal councils, and
private developers. on the design, financing, and construction of single family-and multi-family
housing, historic renovation and specialized community facilities. Currently, Currier is the Project
Manager on The Great Northern: Historic Riverfront Lofts condominium development in the
Lowertown azea of St. Paul..
Prior to joining The Cornerstone Group, Mr. Currier was an independent consultant for numerous
non-profit housing agencies. Mr. Currier was also in project management at the Greater Minnesota
Housing Fund and Artspace, Inc. He received his B.A. in Political Science from Wesleyan
University, Middleton, Connecticut and his. M.B.A. from the College of St. Thomas Graduate. School
of Business, St. Paul, Minnesota.
~eidi I~urtze, Development NJanaGer
Heidi Kurtze has over eight years of experience in housing and community development activities in
both the public and private sectors. Ms. Kurtze has a proven track record of successfully managing
the development process for complex housing initiatives and mixed-use developments. She also has
extensive experience in the design, financing, mazketing and customer service of for-sale single-
family and multi-family homes.
Before joining The Cornerstone Group, Kurtze was Development Manager for Ron Clark -
Construction of Edina, MN, Project Manager and Sales Manager for The Shaw Company of
Chicago, Illinois and and the Housing Coordinator for the City of Minnetonka. Ms. Kurtze received
her B.A. in Political Economy from Michigan State University and a Master of Planning degree from
the Hubert H. Humphrey Institute of the University of Minnesota.
Pamela Endear. Communications Coordinator
Pamela A. Endear, Communications Coordinator for The Cornerstone Group, has worked part-time
with the organization since June, 2000. Pam works with stafr on communicating Cornerstone's
activities with the appropriate audiences. Pam also works with Cornerstone's Resident Services
Programs at three of our sites in the azea of program development, administration, and fundraising
with our non-profit partners. Pam has undergraduate degrees in philosophy and theatre arts from
RadcliRe College and Beloit College respectively and a graduate degree in theatre arts from the
University of Minnesota.
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Recent Projects
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-- Marketplace
800 M ainstreet. ljopkins. M N
Our newest project -Coming in 2002.....
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The Cornerstone Group and RN1F Entities, Ltd. were selected in Septem-
. ber 2001 as developers fora $21 million redevelopment project in down-
town Hopkins. The site is located on historic Mainstreet between 7th and
8th Avenue.
The mixed-use project will consist of 15,000 square feet of retail and
restaurant space on the first floor and 98 for-sale lofts and condominiums
above the retail and along 7th Avenue.
The project will be designed within the historical context of Mainstreet
with varied rooflines and staggered setbacks giving the Mainstreet eleva-
tion the appearance of small, separate buildings, each with its own
identity, similar to the historic fabric which currently exists.
The units will range from approximately $125,000 to $250,000. Presales
will begin in spring of 2002.
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historic Riverside _ 2si east
Site Location
The James J. Hill Office Building, located in the
Lowertown Historic District of St. Paul, was
• constructed during 1887 and 1888 as the office
headquarters for the. St. Paul, Minneapolis, and
Manitoba Railroad (later to become the Great
Northern Railway Company) by the railroad baron
James J. Hill. He directed the railroad empire
from his office in the southeast comer of this
massive building.
The Historic Lowertown District in St. Paul with its
dense concentration of architecturally significant
buildings, continues to makes this area attractive to
businesses and to residents who want a unique, urban
living experience.
The Building
The architect/contractor of the J. J. Hill Building was
the Scottish immigrant James Brodie who also built
Hill's palatial Summit Avenue home and the sumptuous
Hotel Lafayette on Lake Minnetonka. The building is a
seven-story brick structure featuring a Richardsonian
Romanesque treatment of the massive rounded arched
entrance with huge sandstone voussoirs, and the overall
cubic form and symmetry of the Classical Revival style
of architecture. The U-shaped building features a stone
foundation on pilings, a brick exterior, interior masonry
load-bearing walls,. steel beams, and brick arched
boulevard, ~t.Paul
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ceilings. This immense building is approximately one
block wide and one-half block deep. There is an
interior courtyard, approximately 32 feet by 78 feet,.
that abuts the Lowertown Commons residential
building on the north. The courtyard is accessible
through. an arched gateway along the Broadway (east)
side of the building-Hill used this entrance when he
arrived for work in his carriage. This building played
an important role in the development of the railroad
industry in the Upper Midwest and Northwest.
The Great Northern~Lofts
The renovated building will have 54 condominium
units. The development will include 1-, 2-, and 3-
bedroom units with wide-open floor plans. The units
range from approximately 900 square feet to 3,000
square feet. They will feature large, arched windows,
barrel vault ceilings, exposed masonry, and original
woodwork. The. lobby will be restored and will include
the original wrought iron staircase. The project will be
completed in fall of 2002.
The Develoament Team
Architect Cermak Rhoades Architects
Contractor Frerichs Construction
Marketing Jay Nord, Edina Realty
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Cathedral dill..!-~OYi1e5 268 Selby ,avenue, fit. Paul. 1V~N
Site Location
Cathedral Hill Homes is located on Selby and Dayton
Avenues just west of the Cathedral of St. Paul in St.
Paul, Minnesota in the historic Ramsey Hill
Neighborhood. The development is located within %z
mile of downtown St. Paul and close to the amenities
offered on Selby Avenue and nearby Grand Avenue and
University Avenue. The 60-unit project is an historic
renovation of seven buildings and a courtyard area with
breathtaking views of the Cathedral dome.
Develoament Team
Architect Cermak Rhoades Architects
Contractor Frerichs Construction Company
Property Manager CommonBond Communities
Equity Investor The National Equity Fund
Attorney Winthrop .and Weinstine
Sources of Funds
Project Scone
The seven buildings were built at the turn-of-the-
century and contained 42 "Pulhnan-style" apartments.
The development, called Selby Dayton Apartments,
was renovated in the 1970's and the 42 apartments
were subdivided into 93 small apartments, many with
kitchens and bedrooms so small as to make them
virtually useless. The property fell into disrepair and
suffered from neglect, resident abuse, and general
neighborhood decline. By 1997, when The
Cornerstone Group Inc. and its development partners
were designated redevelopers of the site, the property
was over 50% vacant and had become the Ramsey Hill
neighborhood's single largest problem property.
The redevelopment plan called for the complete
renovation of the entire property. The existing 93 units
were gutted and reconfigured to provide 60 units of
one-, two- and three-bedroom apartments. The units
range in size from- 600 square feet to 1,450 square feet.
Exterior improvements included brick repair and tuck
pointing, new roofs, new windows and entry doors, a
.renovated courtyard area and children's play area as
well as new parking lots, landscaping, and.wrought-
iron fencing. Interior improvements included fully
renovated. units, new management office and
community space, creation of a Resident Service
Center, and addition of astate-of-the-art security
system with card reader access systems.
The project was completed in December of 1999.
HUD First Mortgage
MHFA 2°d Mortgage
City of St. Paul
MHFA Deferred Mortgage
Federal Home Loan Bank
Limited Partners
Total
$1,067,673
$1,281,723
$440,000
$285,000
$400,000
$4,534,381
$8,008,777
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~ IV~innetonka N~ills
Townhomes ii39o M innetonka M ills Road. M innetonka. M N
Development Team
The Cornerstone Group developed the site. The
development team included:
Site Location
The Minnetonka Mills Townhomes site is located at
the intersection of Minnetonka Mills Road and
Hopkins Crossroad (County Road 73) in Minnetonka,
Minnesota. The site is located within one block of a
neighborhood shopping center with a grocery store,
restaurants, banks and numerous other small retailers.
Project Scone
The development included 30 units in the following
configuration:
7 two-bedroom units (1,150 sf) renting at $540-660 per
month
17 three-bedroom units (1,300 sf) renting at $625-760
per month
6 four-bedroom units (1,375 sf) renting at $680-830
per month
The units are two-story townhomes with attached or
tuck-under garages. Each unit includes a spacious
living room, dining room and' a large kitchen with an
island, all laid out in the "Great Room" manner. The
appliance package includes refrigerator, range and
range hood, dishwasher, and disposal as well as a
washer and dryer in each unit. Each two-bedroom unit
has two baths and the three- and four-bedroom units
have three baths, one on the main floor and two full
baths on the second floor. Each unit also includes a
gas-fired forced air furnace and hot water heater as
well as individual central air conditioning. Residents
pay for their own gas and electricity.
Architect
Contractor
Equity Investor
Property Manager
Attorney
Sources of ]H~unds
BRW Elness
Frana and Sons, Inc.
First Chicago Leasing Corp.
Real Estate Equities
Winthrop & Weinstine
First Mortgage
Hennepin County HOME Funds
Public Housing Development :Funds
Metropolitan Housing Resource Funds
Metropolitan Council LHIA Funds
General Partner
Limited Partner
Total
$1,378,900
$250,000
$337,356
$100,000
$100,000
$93,000
$1,596,375
$3,855,631
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COLUt't'ibit1e TownhOmeS 8621 Columbine Road. Eden Prairie, Iy~N
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Develoument .Team
Architect BRW Elness
Contractor Frana and Sons, Inc.
Property Manager Real Estate Equities
Attorney Winthrop and Weinstine
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Sources of Funds
First Mortgage
City of Eden Prairie CDBG Grant
Limited Partner
Total
Site Location
The Columbine Townhomes site is located on
Columbine Drive near the intersection of Flying Cloud
Drive and Anderson Lakes Parkway in Eden Prairie,
Minnesota. The 3.2-acre site is located within 1/2 mile
of the Eden Prairie shopping mall, numerous retail
centers, Cub Foods, banks, and services. In addition
the site is located within a few blocks of the public
middle school and a large community park with bike
paths and an outdoor pavilion.
Proiect Scone
The site consist of 32 two-, three- and four-bedroom
units with rents ranging from $650 to $810 per month.
The units are two-story townhomes with attached
garages. Each unit includes a spacious living room,
dining room and a large kitchen with an island, all laid
out in the "Great Room" manner. The appliance
.package includes refrigerator, range and range hood,
dishwasher and disposal as well as a washer and dryer
in each unit. Each unit also includes a separate furnace
with central air conditioning. Residents pay for their
own heating, electricity, and hot water.
$1,700,000
$ I42,125
$1;47.1,659
$3,313,784
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avle Pond 1-domes
1816 P~eebe ~Zoad.
aPlewood. (U)N
Site Location
The project is located on Beebe Road in Maplewood.
The development is within one half mile of the
intersection of White Beaz Avenue and Latpenteur
- Avenue, the location of a large neighborhood shopping
azea with grocery store, drug store, hazdware store,
convenience stores, banks and restaurants. Maplewood
Mall is located to the north off White Beaz Avenue.
Project Scoae
Maple Pond was built in 1976, under the name Archer
Heights Maplewood, on an 11.5 acre site with a small
pond and many mature trees, and consists of 2 large
three-story buildings, one containing 69 one-bedroom
apartments for seniors and the other containing 99 units
of one-, two- and three-bedroom apartments for families
and the general population. The project currently
provides housing to many low-income households. The
average income for all households is $10,631.
The project was built and financed using the HUD
Section 236 program. In addition to the Section 236
subsidy, the project also has 121 project-based Section 8
certificates that further increase the affordability of the
project. Forty-four of the certificates aze utilized in the
elderly building and the remaining 77 are used in the
family building.
The development team updated the physical condition
of the property so that it functions well, has good curb
appeal and provides attractive, updated unit interiors.
They positioned the property to complete well with
surrounding mazket rate projects while attracting high
quality tenants and maintaining affordability for low-
income families and. seniors.
The developers created a resident services program that
..assists in stabilizing the lives of the residents. The
resident services program is tailored to the needs of
residents based on demographics, surveys, etc. It
includes programs for youth, adults, and seniors. Youth
programs focus on educational achievement and positive
recreational activities. Adult activities focus on career
enrichment and life enhancemeirt, and senior activities
focus on life enrichment and health care issues.
Develoument Team
The development team for this award-winning project
included:
Architect DJR Architects
Contractor Frerichs Construction
and The Cornerstone Group
Property Manager Real Estate Equities
Attorney Winthrop and Weinsteine
Sources of Funds
First Mortgage-HUD $2,088,545
Second Mortgage $2,006,581
MHFA Incentive Loan $350,000
MHFA $900,000
MHFA ARIF $400,000
MHFA FFCC $200,000
Family Housing Fund/Met Council $200,000
LP Capital-1~ Allocation $3,028,430
Income from Operations $304,255
Other $48,675
Total $9,785,868
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328 Concord street. St. Paul. N) N
Site Location
Concord Square Apartments consisted of 118 units of
one- and two-bedroom apartments in four buildings.
HUD owned the project after a foreclosure. Nearly
50% of the apartment units were vacant and
uninhabitable. The City of St. Paul designated The
Cornerstone Group and its development partners as the
redevelopers of the site.
Project Scone
The development team, Bluff Park Homes Limited
Partnership, proposed to demolish two of the existing
buildings, renovate 44 apartments in the two remaining
buildings. at the east end, and build 29 new, family
townhouses on the balance of the. site. Our goal was to
achieve long-term stability for the development in a
way that provides a viable home for families to raise
children and enhances the surrounding community. In
the process of meeting these goals, we reduced the site
density, minimized resident displacement and
relocation costs, created more usable green space to
accommodate families, and created an urban
streetscape to integrate the development into the
community. The two existing buildings underwent a
major exterior and interior re-design. Driveways and
parking were reconfigured to eliminate steep grades
and accommodate new construction. A central drop-
off circle creates a focal point for new entrances to
each building, with large lobbies, including elevators.
The exterior shell has been replaced with stucco,
including design elements, decks and balconies, new
windows and exterior. doors. Security systems were
installed.
The balance of the site contains 29 new townhouses in
9 buildings, comprised of 11 four-bedroom and 18
three-bedroom units. Approximately 9 townhomes
front on Concord Street, slightly above grade..Interior
streets, with sidewalks, provide access to the balance of
units at the uphill side. Features of the units include
large living spaces, attached one-car garages, 2-1/2
.baths,. full basements with indoor play and storage
• areas, and outdoor play space at each unit.
Unit exteriors feature gabled roofs, separate front and
rear entrances and brick and stucco exteriors and other
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design elements to tie the townhomes to the renovated
apartments. In addition to the major park/play area in
the center of the development,. smaller play areas and
guest parking are placed strategically throughout the
development. A large play. space is located to the rear
of the two apartment buildings.
The rents for the redeveloped apartment units range
from $295 to $550 per month. Rents for the newly
constructed townhomes range from $600 to $685 per
month.
Development Team
The development team for the project included:
Architect DJR Architects
Contractor Bor-Son Construction
Property Manager Real Estate Equities
Attorney Winthrop and Weinstine
Sources of Funds
First Mortgage $430,108
National Equity Fund $4,739,601
City of St. Paul $1,265,688
Federal Home Loan Bank $525,000
Minnesota Housing Finance Agency $700,000
Family Housing Fund $700,000
Other $26,209
Total $8,360,397
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~ Lakeview Commons
TOWt1hOYi1es 15215 18th ~4venue North. Plymouth, NON
' .Site Location Residents pay for-their own heating and electricity.
Lakeview Commons Townhomes overlook Parkers Development Team
,_ Lake just north of Highway 6 in Plymouth, Minnesota.
The 4.8 acre site is immediately adjacent to a 30+ acre
community park, is close to the popular Luce Line Architect BRW Elness
Trail for biking and skiing, and is adjacent to single 'Contractor Frana and Sons, Inc..
family residential developments near County Road 6 Property Manager McKenna Management
and Niagara Lane.. Equity Investor ..Heartland Properties, Inc. and First
Chicago Bank
Project Scope Attorney Winthrop and Weinstine
Lakeview Commons consists of 64 units in the -
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following configuration:
16 two-bedroom units (1,040 square feet) renting at
$790 per month
48 three-bedroom units (1,320-1,350 square feet)
renting at $915 per month
Sources of Funds
Fannie Mae First Mortgage $2,700,000
City of Plymouth CDBG Grant $60,950
General Partner Equity $32,408
General Partner Deferred Compensation $395,000
Limited Partner Equity $2,704,875.
The units .are single-level townhomes in a two-story
building with stacked units. There are four buildings
with 16 units in each building (8 ground floor units and
8 second floor units).. Each building has underground
parking. Each unit includes a spacious living room,
dining room and a large kitchen with an island, all laid
out in the "Great Room" manner.: The appliance
package includes refrigerator, range and range hood,
dishwasher and disposal as well as individual washer
and dryer in each unit. Each unit also includes a
separate furnace with central air conditioning.
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Other Projects.
' 2ivertown Commons \Valnut Place Townhomes ~
A~edley Park Townhomes
'- Site Location
The site is located in the City of St. Paul, just north of Site Locations
the Capitol, in the Frogtown Neighborhood, between Medley Park Townhomes site is located on
Rice Street and Marion Street. The property is located Ivlendelssohn-Lane North near the intersection of
in close proximity to a large neighborhood shopping Highway 169 and Medicine Lake Road in Golden
area. Valley. The 3.2-acre site is well-located im a first ring
suburb of Minneapolis. The site is located in close
Proiect Description proximity to jobs, shopping and services and has easy
Capitol View Apartments, now Rivertown Commons, access to the downtown business district as well.
- was purchased by The Cornerstone Group in 2001.
The project has 139 units and currently provides Walnut. Place is located in Rockford, Minnesota. The
housing to many low-income households. In addition City of Rockford is located on the border of Hennepin
to the low-income households in the building, there are and Wright Counties, approximately 24 miles west of .
19 different languages spoken on-site. The project has the Minneapolis central business district. Rockford has
28 project-based Section 8 certificates that further experienced considerable growth and expansion as a
increase the affordability of the project. result of the westward expansion of the Twin Cities
• metropolitan area.
The developers utilized tax-exempt bonds to facilitate
the acquisition and rehabilitation of Rivertown Com- Project Descriptions
mops. The automatic allocation of the 4% tax credit Medley Park and Walnut Place are 30-unit townhome
means that all 1.39 units can remain affordable. The developments located in the Twin Cities Metropolitan
developers have also signed an extended use agree- Area. The projects were built in 1981-82 and were
ment, which guarantees the affordability of the units owned by the builder until August 1999 when The
for 30 years. The developers will use the funds to Cornerstone Group purchased them. The projects both
update the physical condition of the property and have existing Section 8 HAP contracts that will be in
maintain theresident services program. effect for another 11 years.
The Cornerstone Group Inc. utilized MHFA
Preservation Loan Programs and the Low. Income
Housing Tax Credit to facilitate the purchase and
rehabilitation of the properties.
Medley Park consists of two-, three- and four-bedroom
units with rents ranging from $845 -$1,025 per month.`
The units are two-story townhomes. There are 15
detached garages located in four freestanding
buildings.
. Walnut Place consists of two- and three-bedroom
townhomes with rents ranging from $759 to $824 per
month. The units are two story townhomes.
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~eyeLopment project List
Year # of Total Equity Zy'Pe
Project Name Location Built Units .Cost Investment of Project
Lakeview Commons Plymouth, MN 1995 64 $5,700,000 $2,725,000 New Construction
ColumbineTownhomes EdenPrairie,MN 1996 32 $3,150,000 $1,500,000 New Construction
Minnetonka Mills Townhomes Minnetonka, MN 1997 30 $3,656,248 $1,319,175 New Construction
Bluff Homes St. Paul, MN 1998 73 $8,201,550 $4,541,650 New/Rehab
Cathedral Hill Homes St. Paul, MN 1998 60 $7,580,000 $4,168,000 .Historic Restoration
Maple Pond Homes Maplewood, MN 1998 168 $9,148,897 $2,667,746 Acquisition/Rehab
Medley Park Townhomes Golden Valley, MN 1999 30 $3,350,000 $1,065,715 Acquisition/Rehab
Walnut Place Townhomes Rockford, MN 1999 30 $3,300,000 $1,091,406 Acquisition/Rehab
• Rivertown Commons St. Paul, MN 2001 140 $8,644,433 $1,228,450 Acquisition/Rehab
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Great Northern Lofts St. Paul, MN 2001 52 $24,000,000 $2,400,000 Historic Restoration
TOTALS 679 $76,731,128 $22,707,142
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Development project List -Colleen IVI. Care y
# of Total Egaity Type of Cntrent
Project Name Location Year Uni ts Cost Investment Projeet Role loterest
Summit Park Apartments Bumsvilie 1985 336 .517,000,000 51,500,000 New Construction Developer None .
Seven Spruce Apartments Minneapolis 1986 7 5452,973 5108,000 Rehabilitation Developer None
Homewood Apartments Minneapolis 1986 36 51,156,226 .595,000 Rehabilitation Developer None
Matthews Park Minneapolis 1986 24 5941,861 SO Rehabilitation Devebper None
Sherburne AveApartments St. Paul 1987 8 5595,320 5164,453 Rehabilitation Developer None
Carroll Avenue Townhomes St. Paul 1987 I I 5961,752 5411,938 New Construction Developer None
Clinton Avenue Townhomes St. Paul 1987 18 51,533,639 5644,000 New Construction Developer None
Lincoln Townhomes St. Paul 1987 18 51,537,618 5643,791 New Construction Developer None
Phillips Place Minneapolis 1987 23 51,708,365 5355,992 New Construction .Developer None
West Bridge Townhomes St. Paul 1988. 20 5952,000 5952,000 Rehabilitation Developer None
Nicollet Island Homes Minneapolis 1988. 22 51,962,000 5713,000 Historic Rehabilitation Developer None
Paige Hall Apartments Minneapolis 1988 87 53,179,000 5850,000 Rehabilitation Developer None.
Montana Ave. Townhomes St. Paul 1989 13 51,125,038 5430,000 New Construction Developer None
Fuller Homes St. Paul 1989 9 5728,050 5244,000 New Construction Developer None
Goodrich Cooperative St. Paul 1989 19 52,443,000 51,110,230 New Construction .Developer None
Gaslight Terrace Minneapolis 1989 5 5269,500 50 Rehabilitation Developer None
Riverview Terrace St. Paul 1989. 13 5623,000 50 Rehabilitation Developer None
Birmingham Woods St. Paul 1989 24 5819,204 50 Rehabilitation Developer None
• Portland Place Minneapolis 1990 18 51,430,478 5361,183 Rehabilitation Developer None
Port St. Albans St. Paul 1990 10 5391,000 50 Acquisition Developer None
Flandrau Court St. Paul 1990 18 51,161,977 5136,846 Rehabilitation Developer None
The Gardens St. Paul 1990 108 52,933,601 5475,228 Rehabilitation Developer None
Cecil Newman Playa Minneapolis 1991 64 51,340,000 50 Rehabilitation Developer None
Selby Commons St. Paul 1991 33 55,159,340 52,063,074 Rehabilitation Developer None
Elliott Avenue Coop. .Minneapolis 1991 15 51,885,956 5910,331 New ConstlRehab Developer None
Perspectives East St. Louis Park 1991 24 5750,000 50 Acquisition Developer None
Frogtown Family Lofts St. Paul 1992 36 53,334,731 51,563,402 Historic Rehab Developer None
Calibre Ridge Townhomes Roseville 1992 49 54,253,038 51,694,102 New Construction Developer None
Tilsner Artist Coop.. St. Paul 1993 68 57,011,906 53,832,759 Historic Rehab Developer None
Eden Park Apartments Brooklyn Park1994 324 515,250,000 54,550,000 Rehabilitation Consultant None
Lowertown Lofts Coop. St. Paul 1994 29 51,696,000 50 Acquisition Consultant None
Lakeview Commons Plymouth 1994 64 55,543,207 52,740,014 New Construction Developer Owner
South Court Apts. Nevada, Iowa 1995 68 52,873,757 51,269,319 New Construction Consultant None
Columbine Townhomes Eden Prairie 1996. 32 53,297,580 51,471,660 New Construction Developer Owner
Minnetonka Mills THs Minnetonka 1997 30 53,656,248 51,319,175 New Construction Developer Owner
Bluff Homes St. Paul .1997 73 58,201,550 54,541,550 New Const./Rehab Developer Owner
Cathedral Hill Homes St. Paul 1998 60 57,58Q000 54,168,000 Historic Rehab Developer Owner
Maple Pond Homes Maplewood 1998 168 59,148,897 52,667,746 Acquisition/Rehab Developer Owner
Medley Park Townhomes Golden Vatley 1999 30 53,350,000 51,065,715 Acquisition/Rehab Developer Owner
Walnut Place Townhomes Rockford 1999 30 53,300,000 51,091,406 AoAuisition/Rehab Developer Owner
Rivertown Commons St. Paul 2001 140 58,644,433 51,228,450 Aoquisition/Itehab Developer Owner
Great Northern Lofts St. Paul 2001 52 524,000,000 522,400,000 Historic Restoration Developer Owner
Totals 2,236 5164,182,245 547,772,364
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References
The Cornerstone Group is proud of the relationships we've built and maintained with the
communities we have served. We encourage you to contact any and all references.
Mavors/Commissioners Staff
Mayor Karen Anderson Mr. Ronald Rankin
City of Minnetonka City of Minnetonka
14600 Minnetonka Blvd. 14600 Minnetonka Blvd.
Minnetonka, MN 55435 Minnetonka, MN .55435
(952) 939-8200 (952) 939-8282
Mayor Jean Harris Mr. David Lindahl
City of Eden Prairie City of Eden Prairie
8080 Mitchell Rd. 8080 Mitchell Road
Eden Prairie, MN 55344 Eden Prairie, MN 55344
(952)949-8300 (952)949-8484
Commissioner Kit Hadley Mr. Robert Odman
Minnesota Housing Finance Agency Minnesota Housing Finance Agency
400 Sibley Street 400 Sibley Street
St. Paul, MN 55101 St. Paul, MN 55101
(651) 296-7608 (651) 296-9821
Brian Sweeney
Director of Planning & Econ. Dev
City of St. Paul
25 W. Fourth Street
St. Paul, MN 55102
(651) 266-6628
Ms. Melinda Coleman
City of Maplewood
1830 E. County Road B
Maplewood, MN 55109
(651) 770-4560
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