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Public Finance Support & TOD Projects: 
What Works? 
Prospect North Gardens
Site Context 
Prospect North Gardens
Site Plan 
Prospect North Gardens 
`boj^h 
oel^abp 
^o`efqb`qp 
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
The Vision: From This 
Prospect North Gardens
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
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

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RV 2014: Public Finance Support + TOD Projects. What Works? by Beth Pfeifer

  • 1. Public Finance Support & TOD Projects: What Works? Prospect North Gardens
  • 2. Site Context Prospect North Gardens
  • 3. Site Plan Prospect North Gardens `boj^h oel^abp ^o`efqb`qp 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
  • 4. The Vision: From This Prospect North Gardens
  • 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