Public Finance Support + TOD Projects: What Works?
What is the role of public finance in your TOD project? Does it support or complicate matters? Which comes first -- the financing or the project? How should public support be structured for the best value? Explore the role of public financing from many angles with people who have lived it. What works? What works even better? Hear how public sector financial support could be a valuable piece of your development process.
Moderator: James Arthur Jemison, Deputy Undersecretary, Commonwealth of Massachusetts, Boston, Massachusetts
Conal McNamara, Director of Community Development, City of Whittier, California
Eric Rothman, President, HR&A Advisors, Inc., New York, New York
Beth Pfeifer, Director of Development, The Cornerstone Group, Bloomington, Minnesota
3. Site Plan
Prospect North Gardens
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SITE PLAN
1" = 50'-0"
BOESER PHASE 1
The Cornerstone Group
06/18/14
EASEMENT
0.22 ac
U
of
M
Bus/Bike
Transitway
PHASE 2
0.83 ac
Phase
I:
189
Units
-‐
20
%
Affordable
@
50%
AMI
-‐
80%
Market
Rate
PHASE 1
1.47 ac
Phase
II
Mixed
Use
“Green
4th”
Prospect
Park
Sta:on
30th
5. District Systems
To This
Prospect North Gardens
Residential and
Office Mix Commercial &
Infiltration
Garden
Office
Residential
Water
Recirculation
Playground
U of M Stadium
Pavegen
Energy
Generation
Permeable
Paver
Parking
Overflow
District Systems & Green Fourth Concepts P. 47
6. The Numbers
Prospect North Gardens
PROSPECT NORTH GARDENS MINNEAPOLIS (2901 4th Street SE)- PRELIMINARY SOURCES AND USES
Page 5 of 5 9/16/14
SOURCES OF FUNDS SOURCES SUMMARY
First 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 $2,000,000
Met Council LCDA TBRA Grant $720,307 USES SUMMARY
Met 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 $100,000
Tax Credity Equity $2,568,507
LP Equity $5,000,000
GP Equity $750,000
Deferred Developer Fee $1,010,000
Grant to support Affordable Hsg $479,847
City of Minneapolis SAC Credits $239,000
TOTAL SOURCES OF FUNDS $43,010,659
USES OF FUNDS
Acquisition $3,324,162
Construction $29,649,436
Architecture & Engineering $1,822,472
Carrying/Operating $1,065,294
Marketing + Special Consultants $157,000
Financing Costs $4,443,433
Title & Recording $112,352
Tax Credit Fees $181,795
Other Soft Costs $2,254,713
TOTAL USES OF FUNDS $43,010,658
TOTAL GRANTS FOR PROJECT $4,110,154
PROJECT COST LESS GRANTS $38,900,504