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HomeMy WebLinkAboutEDA Packet - 8-8-24 ••• Meeting Location: Municipal Center Apple II 7100 147th Street West Valley Apple Valley, Minnesota 55124 August 8, 2024 ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING TENTATIVE AGENDA 3:30 PM 1. Call to Order 2. Approve Agenda 3. Approve Consent Agenda Items Consent Agenda Items are considered routine and will be enacted with a single motion, without discussion, unless a commissioner or citizen requests to have any item separately considered. It will then be moved to the regular agenda for consideration. 4. Regular Agenda Items A. EDA Owned Property - The Gaslight Site - 15584 Gaslight Drive EDA Interview of Three (3) Developer Groups Interested in Purchasing and Developing The Gaslight Site 5. EDA Items and Communications (For items EDA wishes to discuss) 6. Staff Updates 7. Adjourn Regular meetings are broadcast, live, on Charter Communications Cable Channel 180 and on the City's website at www.applevalleymn.gov • ITEM: 4.A. ••••• • ••• EDA MEETING DATE: August 8, 2024 Apple Valley SECTION: Regular Agenda Description: EDA Owned Property-The Gaslight Site - 15584 Gaslight Drive Staff Contact: Department/ Division: Tim Benetti, Community Development Director& Kathy Community Development Department Bodmer, City Planner ACTION REQUESTED: The EDA will conduct interviews of three (3) separate developers and/or real estate groups interested in purchasing and developing the EDA owned property, generally identified as The Gaslight Site. Upon completion of the presentations and interviews, the EDA will be asked to select a preferred developer; and direct City staff and City Attorney to begin negotiations and prepare final purchase and contract agreements with the chosen developer. SUMMARY: At the July 25, 2024, regular meeting of the EDA, the EDA Board convened in closed session to review confidential or protected (nonpublic) information regarding the possible sale and negotiation of the subject property. At this meeting, the EDA reviewed five (5) requests for proposals (RFPs) submitted by various local real estate development groups. Upon this review, the EDA selected three of the development groups to appear before the Board to make a more in-depth and personal presentation of their respective development proposals on this site. The development groups and their respective interview schedules are noted as follows: 1) Real Estate Equities (St. Paul, MN) - 3:30 pm 2) MWF Properties (Minneapolis, MN) - 4:00 pm 3) Noor Companies/Dakota Co. CDA (St. Louis Park, MN) - 4:30 pm Each group will be given up to 15-mins. to present their own proposals, followed by 15-mins. of questions and comments with the EDA. Assuming the interviews are completed by 5:00 pm, the EDA members will have up to 30-mins afterwards to discuss the offers and proposals presented and decide which development group you wish to select to develop the site. If a decision cannot be made at the August 8th meeting, the EDA will be asked to set another special meeting at a future date and time. This August 8th EDA meeting will not be a closed session and is open to the public. BACKGROUND: The Gaslight Site consists of 3.1 acres; and is generally located at the SE corner of 155th Street and Gaslight Drive. This subject property is guided "SUM" (Suburban Intensive High Density Residential), and is situated in PD No. 507 District, Zone No. 2. The site is owned by EDA. BUDGET IMPACT: N/A • REAL ESTATE EQUITIES IS A MULTIFAMILY PROPERTY MANAGEMENT AND DEVELOPMENT REAL ESTATE COMPANY BASED IN ST. PAUL, CURRENTLY OPERATING 4,500 EQUITIES APARTMENT UNITS, INCLUDING 626 IN DAKOTA COUNTY EXPERIENCED • REAL ESTATE EQUITIES WILL MANAGE THE PROPERTY WITH AN & COMM ITTED ONSITE MANAGEMENT TEAM AND OWN THE PROPERTY LONG-TERM OWNERS SINCE • AS PART OF THE FEDERAL LOW- INCOME HOUSING TAX CREDIT 1972 (LIHTC) FINANCING PROGRAM, REE WILL BE REQUIRED TO OWN THE PROPERTY FOR AT LEAST 15 YEARS D O ' D 4 0, (c--:-5)Y1L © F 1..iN "I 1-1 it - - gli jll•. a - l is :: :I �� t U I 'I 1 I ill !ice �� ,� ��14 ,� 1I1 A i t. till .. . ....,102111 1 II . . J -. • • RR .111 _ vin _ i — m.-aW. , I I n 11 ` ll •.K 'r : ' \Iiill I..i_ti ill 1%! ti% A ; -4. 1 . } ' I 1II 1 ( t -..i Ind II It i 1 Irtili* • --'i,,,, . l' 7- • i R1 ri III 4 1 1 It , ..., _ 3 1; , „ -b.__ . ,,,....0. .1.. co LI N. , . 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Gaslight Site - Project Team ► Developer/Owner: MWF Properties ► Architect: Kaas Wilson Architects ► Completed 1 , 500+ projects ► Risor, Zvago, Nuvelo at Parkside, Seasons at Apple Valley ► Construction Contractor: Eagle Building Company iCompleted 4,800+ units across 36 properties in previous 5 years ► Property Manager: Velair Property Management 0 ► Currently manages 2, 529 units across 38 properties ► In-House Gaslight Site - Project Proposal ► Mixed Income Housing: ► Lot 1 : 1 .8-acres, four stories, 100-unit market rate building • 40 studios, 40 1BRs, 20 2BRs • 144 parking spaces (67 underground, 77 surface) ► No income restrictions; Marketed to all individuals/households ► Lot 2: 1 . 3-acres, four stories, 48-unit workforce affordable building • 17 1BRs, 19 2BRs, 15 3BRs • 76 parking spaces (44 underground, 32 surface) Income/ Rent restricted to households making 60% or less of the Area Median Income (AMI ) .1 19 r►. . +���.•�►w .�-Q- - --- -- ' ��� s GASLIGHT DR —_ - _ _ ,11111 • _ " i - GASLIGHT DR '� c— - - — • - — - - — - - — - . — n - — - • — . - - - — - - — _IT ,;:p 0 . •41 I \ • • • • 1 • • ge • • • ' . \ • AFFORDABLE q; I MARKET RATE • - _ i.*111:` Y APARTMENTSI APARTMENTS l 4 STORIE I S Cf ES sk. 1 \ 48 UNIT i', 1 : r,.. )11m\\/ NI, y I ,Alibirli \� iul„•• -10 AC • =$) a , 0 1 4.1 _' ,� ,r_ \/� EEII-fl-I-MTLT : � av . 3 . ...,,, \�� I 01 •-i-le. 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' . . :e. • . \ • • ...-- r SI • 0 t ..4.1, 1l a. . de . -,,;\ U::. u • Project Features ► Market Rate Building ► Climate Controlled Underground Parking ► Outdoor Patio Et Grilling Area, Rooftop Lounge ► Community Room, Club/Game Room , Fitness Center, Package Room ► Quartz countertops, tile backsplash, Stainless steel appliances, in- unit washer Et dryer, balconies ► Walk-up units along Gaslight Drive &t 1 55th Street West ► Workforce Affordable Building ► Climate Controlled Underground Parking (incl. in rent) 0 1 ► Outdoor Tot Lot ► Community Room, Fitness Center, Package Room ► In-unit washer Et dryer SIDEWALK GARDEN v • 0. , /,, .t . . • w+..r H f • TIr. II1 • lb 41 r r. u - IhA �i\'. •.• r .. + T-.4...N, ,•1 'g 'ram " . •/ v„ Ob. - +e-; ~ r ;. ' 'I� r • • • , • • :aIDT ,1' . • 4,• . . .. 1 ., r.... I ll' i r," r..o ii1 �fli . .l4' . 4. i. 7,-...:I ' .----,---$---__ , sk._Adi , e s, h li . � / r� ' '� '�' ` - • +�, �__ �� �-ter' . f i ` KWA EXPERIENCE IN APPLE VALLEY • . .. 111 lel I:1 i . 1_ . • zraiYVI i NIO I:alb/L.' - ! t 4f 11111.. ilk "P ltfts ;4‘ik.' - e.• - Jodi % wal 111 PO MP rig la, % .41Pt • '1 -y -- ' • A • .gam . . -_• • •,. •,ram , - t l y. . 1111116.66 ` 'A MWF Properties - Gaslight Dr., Apple Valley RFP MWF RECENT PROJECTS 1141 ._ ,N,.....\ --mow II i i . ,, imam M ...-.-. R �' Qii i 44IIum t ..... _ . tr, ' I 3 Z rim _ '.., . ,, . , . 111-- ., . 1 : I ' ' sami.t I ill I! r-L. _ . • . . _40 b. ,_4, it lerr`li. Ilir -4 "Or III AllirrAi 1\_ • io •n ra,►=tt•m" ,'le -.....: , :IOC p dm., _ . ilkiii rr itil , ._, ri / , 8 ff 1 Ol 1Clis �, . I" i ,, _ ..: I • • — •-"Naglilriam.—.. — .; r • ,; 1: . _ --MOW 4t,-.7. .Fir• . �t tit,... t :,,..,. — • ________ VA MWF Properties - Gaslight Dr., Apple Valley RFP MWF RECENT PROJECTS (CONT.) sti --/— - 7 • , . - • • tri [lore Ns dm 71r. ,/, "--Vitar-PlIr k_ 111 ,i , r---- rikiill ;:Ato - r / vl . ...,,....7_ , ,Lii - _. •-. doe •• .. , ,, .. 4, ... V a bbibmq - - . -7i 1 g‘ 4 . - . - v. .- ....cd- -- .. ,....-.1 ;1:-.- ......- -4, Ivy VIP I _ I - «_immim LPIIIIi .ralLizi i likar- i la 1. 1--,- 1 11 A e* °l' .• !! J • IP ' 7 PS_1 " w e 11. , • yiii ....•k P• ` , r C l• _t r I�j. .off fir.. - - - . - i ` 1A YM=lb MWF Properties - Gaslight Dr., Apple Valley RFP Project meets RFP Goals / Visions ► Goal 1 : Design and materials are top quality and complement surrounding uses. ► Goal 2: Harmony fostered through creative design Et quality building materials. ► Goal 3: Landscaping to enhance development streetscape. ► Goal 4: Stormwater treatment includes low impact techniques. Rain gardens Permeable surfaces ► Infiltration tanks ► Goal 5: Connections to local trails Et sidewalks. / ► Sidewalk garden ► Pathways encircle development ► Walk-up units Project Benefits ► Mixed Income Housing ► 148 high quality housing units ► 48 of the 148 units affordable to households making 60% or less AMI ► 25 of the 48 units further affordable to households making 50% or less AM Highest Et Best Use ► Site adjacent to transit station, commercial uses, and is a natural transitio from Cedar Ave to lower densities to the southeast ► Increase to Local Tax Base ► Market Rate component projected to generate $300,000-$350,000 of annual property tax revenue ($3,000-3, 500 per unit) ► Tax Credit component projected to generate $30,000-$35,000 of annual property tax revenue ($625-$730 per unit) ► Bolster Transit Usage Project Financing ► Market Rate Building ► Private Equity Private Debt Deferred Developer Fee ► Workforce Affordable ► 9% Low Income Housing Tax Credits ► Private Debt 1 ► Dakota County Deferred Loan ► Deferred Developer Fee ► City Financing: Request either the creation of a housing TIF district or another form of city-assistance (reduced purchase price, deferred loan, etc. ) to fill remaining finani ing gap. MWF - Tax Credit Experience ► MWF owns/operates 28 tax credit properties in the Metro. ► Dakota County CDA oversees allocation of tax credits in Dakota County. ► 4 of MWF's projects financed with tax credits allocated by the Dakota County CDA (2020, 2022, 2023, 2024). ► MWF is a long-term owner of its tax credit properties. ► Project location is very competitive for 9% tax credit financing: ► City owned property ► Adjacent to Red Line BRT ► Apple Valley has not had tax credit project in past three years mwF . 1...., • u is Private Partnerships ► Extensive experience with Public Private Partnerships ► Amundson Flats ► 62-unit workforce affordable (Edina, MN) ► Stakeholders: City of Edina, Edina Housing Foundation, Met Council, Hennepin County, Minnesota Housing i . • IM ------ -: ' .....: iw- nor U IL -' - �...- ■■, ■ III In ■■ ■■ (] • :: 7 �? ®._-by — - ✓ _ a ���+'. + £fir. Development Ti Workforce Affordable Timeline 7/1/2024 9/30/2024 7/1/2025 10/31/2025 7/1/2026 10/31/2026 2/1/2027 10/1/2027 2/1/2028 Developer Selection, Negotiate Purchase & Development Agreement Refine Project details with City Submit 1st Tax Credit Financing App Secure 1st Allocation of Tax Credit Financing Close on Land Submit 2nd Tax Credit Financing App Secure 2nd Allocation of Tax Credit Financing Secure Building Permit, Close on Financing, Construction Construction Complete, Lease-Up Period Market Rate Timeline 7/1/2024 9/30/2024 7/1/2025 10/31/2025 7/1/2026 10/31/2026 2/1/2027 10/1/2027 2/1/2028 Developer Selection, Negotiate Purchase & Development Agreement Refine Project details with City Secure Financing Close on Land, Secure building Permit, Close on Financing, Construction Construction Complete, Lease-Up Period Purchase Offer ► Purchase Price: $2, 125,000 (full appraised value) 0 ► Contingency Date: October, 2025 ► Extensions: Two 90-day extension options for additional cost *Terms are negotiable Concorde Flats Burnsville, MN 162 Units Market Rate -- ,— ter" _ •___ - a �' I' I p II j '.0. '.1+- I. .*--4---, i �. - .� II K „ •!±."NI go a....-;:i • - --.,': 01 oil' . , ,:. , ifi. -., i - • r oil '1i ' r_ „.. • 1 1 d !. ie.-A Ill _ .-.7.-. qv! III ....'-',,.h15:,..; g I 1 f. • FA ' II - • „ r _ 0.?: i A .11 111 ii 41 1 1• !f!,I, 9 ' CORDf�LATS • III a c-.: ' _ --_ v - * - _ - y: .fie. R * - pia 1 Concorde Flats Burnsville, MN 162 Units Market Rate fJ..),,,, .�c q I � %f ! uili' ' I!! , u .. . I/ ��� . i. r . ,„. i ,,_,4 oril,j,yr....f.::: 1 Li — ;,,may I ' I rule _ rill II. ' iY A ,t11 _ 111 1:4 ..- '• -. '-0- ' • '' , '''7 .''':___,...... ____,, .---._,•71' ,..,..,:zi. ider-1, !7 . i ih ..,ilis-11-4:-:\;...,::. „IF, I.._i -_-1. -•- --- r - - 1 r- ' -_______:__.._.,:- ir rft. A:l‘,', -... -1'--..,O-..',..7. ig '1.'.0 ,irSIi*. re .,a__ -•*A-;.•:.:•,-•'1,-.o l Qi _..l' 1g :--7, ,I-..0......'..- :._-,I-:._.-I-•_._..4.-.. ',.,s,-',,;.1,.,..,.:.:.','...:.."-17-.'..,'--..-.'.17, 1..:.:;,,:a . :-,--' I.,,..1 1-4 ,,._,r_..-,4_4 7fi _ : ;. :..:.7.... ,1-...,,,,,_,:.,.. .,:4.,.,7„j..:,33. ..I,.I.1•:. ` / 1 / �' 177440 %, a 1 Concorde Flats Burnsville, MN 162 Units Market Rate it __1 _ I ow- 41 *JIMMIE* ril _ I �.- - !� _ I : -.2.-..- . 1; fir. I , trf � � ILA - r I iiiiiiikr 1, 4 1, ,... ' Amundson Flats Edina, MN 62 Units Workforce Affordable ilk lir I , ,•� - i 11 I I I i J el rr :1 --I 1111 in II IT Iff _I III II IR r ur 1 , 11_,....- 1111 MI _III 111 III MI 114 . I 1 Illi 0: _: 1111 ILI efgalie"...' 1 0 ,.,o F I ,, \ I - - '4,,k17•.1 - -....T.111.111 ---12° , Rosemary Hugo, MN 45 Units Workforce Affordable 011101100 4.itark..... -..- -.} '. Z.•- .. I: . - �r7 J 111 - .. 410. , ,4: ,411/5=5111".#4f-adoPYliiiir 4* a••• . ___ _ 11(11 ` 11LLL: „mid�,`.fit / �`��.21 crir iirf* �J'1 + . ...:4 % ai,, ..... . ......„ , ir. . .. .... . _ . . , _......., ,. .4. , .m ...AA . • .. _.. linlb tk. .• . . ..;1,. *1414844414%.443/4440.6.1 j _ Lyndale Flats Bloomington, MN 81 Units Workforce Affordable 4.4 ' M rril — -'i II ti I �.• _ .....____, Z �� I , 1:� •� ail �� M ni P N-: t.� - K�_ Vista Ridge Waconia, MN 52 Units Workforce Affordable • • 1411111r.. � 4/411111664 ,0* c -. ":::ririlliiiiiiiP. ''' f, ; .4! -, 44? al 11111 .41711. e :- : El- al- r''' r. • . - 1411-1 ;; -4-I ii•- 1141111111111P' 11:4441111Sill'N . %if' . 1... . °°°°° .411:\--a. •-- III Ig wj _ I ti J : I _ , .4 ' _ illiiiicillill. Vista Ridge Waconia, MN 52 Units Workforce Affordable 1 Iry itii-L ir . I 1 A v: , -2 - F .s2LEn \ ) J rr I, A i .% L lib ►vo- , ill _ .„,� N ',gr. r _‘ ,,,r, ,: , , , •--, ,, , , ,.. ')/ - i Vista Ridge Waconia, MN 52 Units Workforce Affordable rill i le ,,, ._I MIN , li4 ' :4\y [,.. - lit 4 I i414/kie, Aillktw_ _ .------- J !. 4,- Questions / Discussion contact: 0 MWF Properties, LLC Marty O'Connell 612-243-4623 MartyOConnell®mwfproperties.com , ' •S, \ ., 41.110 . 46. 11111A, .'716‘'•:'. ' 4410-47 - ' ' ' '' ' ill : :i, ci: ��, �► 1p , i, - E - 1' l3 . . 1- I\ _ ..., A 7 1 . ii.:-..1 1,&.:-.) ii.... ,4113 , .:, -.or-- oh . . ,, ‘PAS 4-4 . . ., ,.. , ,,i,A A ,., .. ..it '�`' 15584 Gaslight Drive -' t I . ' .\t/-> .k4N,1/4 ''' ‘.‘4 ' , -- . - .. '' , ! ,, . , . Nit- \ . , ,400 Apple Valley, M N ,,, kir' • , 4 :41-7- . '4:, .. 7 , "k.,.\ p IPI!',f4i.e: i 1111104,- '\.,, i ilklifiN '� �1 � it �i:':-. i‘,/''''' t,4 1 .t f.... ' aill‘pi I• - .. ,:.1\ , . A . , ',‘ V . liff' *1 ' ' 1 Ailgir . . .4 ,, , 1 'cimi:x .N444 :, -414 ilir . _ S''i'k'; ,'4 . 7 ,k / /°°4' ...a 7 •Nikt- ‘,.., . - - ' ' '' Nik,' i'' ' ' ..:' . ' 11 1 ' " -A . , !I*.$ _ 'e ;/(/1�\� 4. `' Avk ,R":fir + , i ,w ;--, - 1 .41.. ,T . t: Pit -000"4 ‘;',,.‘ , .. , 116.0,.., - ., .. . , n s I]ra2s KY �jddV..,,, \iviie..• R .=�-,mnani • ri - 1 INTERVIEW TEAM We invision (1-,:, ( , '' -„` .ram' ourselves as the 4 ift * right partner In TONY SCHERTLER NAWAL NOOK DAKOTA COUNTY CDA NOOK COMPANIES Executive Director President&CEO designing a new, � �,;, ' =: well-designed4 -..F.," ,. eve o mentror �_ , . ., / . , the Apple Valley ROBERT EWERT CHRIS PALKOWITSCH BKV GROUP BKV GROUP C ommunit • Workforce Living Practice Leader, Workforce Living Practice Leader, Partner Partner WHY US? NOOR COMPANIES + DAKOTA COUNTY our partnership brings Noor Companies is recognized as a Power 30 real estate developer together deeplocal roots in Minnesota, specializing in public-private partnerships that transform communities. Dakota County CDA engages in public- and developnient private partnerships to develop affordable housing, promote proven economic development, and improve communityinfrastructure. p p expertise . BKV GROUP BKV Group is a holistic design firm. Our responsibility is to DCDA has a long history of serving Dakota County families, enhance the economic, aesthetic, social, and environmental while Noor Companies brings over a decade of successful public- contexts of the communities we shape and design. private partnerships to the table. As the largest woman and minority-owned development firm in the Midwest, Noor has FRANA COMPANIES consistently delivered innovative, high-quality projects that stand Frana Companies believes working together toward one the test of time. Our track record includes numerous workforce common goal strengthens our company and allows us to and market-rate housing developments, seamlessly blending public exceed client expectations. and private financing to create vibrant, sustainable communities. EF1‘4 11M Cl f10 01 B K V FRANA companies CDAcompanies re-'' Piir.rAN ,- . - t Ass • t - &t , fp,fr 41 idif AP ;111)1 . - . .) . lik, Pilr X ,A If '.. 4.4. i E 4. iii4,-. .'' . * P... ,,4,4 V UNIQUELY APPLE VALLEY � . y- �. _ ,. isp- '' ‘i 1 a I I•li t ,,i .I e. i): '‘'' 'CI • • q # 44 , TO Our proposal envision - �, '‘ _ r in where _ )11[1 c eat g spaces e e A e I families layfoundations, local , ) , • ,,i,.� -- workers embrace work-life r; '.�..� • balance, and empty-nesters r • Li th : • e 611E IN find comfort without uprootin • . �. . +/ g a ; i t The people of Apple Valleyinclude its topemployers, who are keen to keeptalent closer . - ,. , t ii5 p p pp to home. We've studied your community's needs and recognize the critical importance of workforce housing to retain skilled professionals in Apple Valley. This project addresses li t, � (4 ' that need head-on, providing attractive, sustainable living options that keep your best and - -1 , Si - brightest right here in the community. • s ^ "� _ _ .. ihr We gave deep thought to who the best partner for this endeavor would be. It's rare to r = ' % find a site adjacent to a thriving community managed by a critical partner to Apple Valley - , ' ' • = Dakota County CDA that is our partner in this project. Our development envisions creating _ a sense of community that harmoniously embraces both existing and new residents. We're not just focusing on density; we're putting community at the heart of our design, .*i +� I -- • __- providing shared spaces that will serve as true community assets. _ k • r _ 1 _ V, Our journey begins by immersing ourselves in Apple Valley's unique fabric—its heritage, --- values, workforce dynamics, and aspirations. This project won't merely exist within L — your community; it will become an integral part of its story, celebrating Apple Valley's H. _— - 0. --- distinctiveness while steering towards the future you envision. I - 100— yY c UNIQUELY APPLE VALLEY Our proposal envisions creatingspaces whereyoung families lay foundations, local workers embrace work-life balance, and empty-nesters find comfort without uprooting. g The people of Apple Valley include its top employers, who are keen We're not just focusing on density; we're putting community at the to keep talent closer to home. We've studied your community's heart of our design, providing shared spaces that will serve as true needs and recognize the critical importance of workforce housing community assets. to retain skilled professionals in Apple Valley. This project addresses that need head-on, providing attractive, sustainable living options Our journey begins by immersing ourselves in Apple Valley's unique that keep your best and brightest right here in the community. fabric—its heritage, values, workforce dynamics, and aspirations. This project won't merely exist within your community; it will We gave deep thought to who the best partner for this endeavor become an integral part of its story, celebrating Apple Valley's would be. It's rare to find a site adjacent to a thriving community distinctiveness while steering towards the future you envision. managed by a critical partner to Apple Valley - Dakota County CDA that is our partner in this project. Our development envisions creating a sense of community that harmoniously embraces both existing and new residents. UNIQUELY APPLE VALLEY School District 196 Wings Financial Walmart Credit Union TOP 10 Target Corporation Apple Valley APPLE VALLEY Medical Clinic EMPLOYERS Home Depot Our proposalenvisions U.S. Bank MN Zoo creating spaces where young Menards Sam'sClub families lay foundations, local workers embrace work-life .• "�: ; 1. • ,, , 4 • 40* balance, and empty-nesters , ... 11 . .. ` - ; -�c0*r 1 VI . 4-'4 - a find comfort without uprooting. ', .` q �` � 1 1 v - . ."lb, •�' ..• p • '* • ... , - , . • it. , 1 1The people of Apple Valley include its top employers, who are keen , , �.� 41( � i to keep talent closer to home. We've studied your community's -� " ;�� needs and recognize the critical importance of workforce housing x . f . ". �a :•;.•: to retain skilled professionals in Apple Valley. This project addresses .. ,;,)►� 0 �• " 1. . . � .!� � '�w�.. and that need head-on, providing attractive, sustainable living options '- . * A �,�, l/ , that keep your best and brightest right here in the community. dok' ', -t — if ..e j • „ . t , A 3 We gave deep thought to who the best partner for this endeavor '" $11 it �' _ . 41 would be. It's rare to find a site adjacent to a thriving community % • Nizilf - managed by a critical partner to Apple Valley - Dakota County • „� f.4 '" \ f `- . I CDA that is our partner in this project. Our development envisions - creating a sense of community that harmoniously embraces both ��.r. ' . existing and new residents. ' . r = '' I I -. - - a WHYCOMMUNITY ENGAGEMENT PLAN FOR US ! COMMUNITY ENGAGEMENT HOUSING DEVELOPMENT IN APPLE VALLEY t Research and Stakeholder Identification Wha excites us most is - Identify key stakeholders including residents, elected officials, nonprofits, and religious organizations in the Apple Valley community. the chance t o work closely O 2 Explore Stakeholder Interest With tFie ll ill Co unit • - Analyze stakeholder groups to understand their interests, concerns, and y' potential contributions to the project. Emphasis on the current community and immediate neighbors. We plan to engage with neighbors, local 0 Outreach and Engagement Strategy - Develop a multi-channel outreach strategy including informational sessions, community businesses, and longtime residents, city staff engagement(Town Hall) meetings, focus groups, a project website, social media presence, and elected officials to refine our plans and and collaboration with local media. align them with Apple Valley's broader vision O Engaging the Apple Valley Community and goals. To provide a home, and fostering a Highlight the benefits of a housing development for residents, emphasizing safety, cleanliness, affordability, and dignity. sense of pride and belonging in a community - Foster ownership and involvement by incorporating community input into project design that many can call home for decades. and planning through events like open houses, neighborhood picnics, and partnerships with local organizations. O5 Continuous Communication, Evaluation, and Feedback i - Maintain open communication with stakeholders through regular updates via email, social media, and small group settings. - Establish mechanisms for evaluating community engagement efforts and stakeholder satisfaction, using surveys, interviews, and focus groups. - Encourage ongoing feedback and address concerns transparently and responsively to foster trust and accountability. Option A WHY US ! CONCEPT PLANS We've included two concept p options - the site design, P;- �`,, :...„_ , communityfeatures and . . I -7,-,,,,,-„-,,,-....;1-4. 4 . , --. ! , ,, I i ,, _ A L p> „,�, sustalnabllit features arer ,,,-,- [1, d = _ : -,-spiv J� 'fn,�{, ., A . �, liIi al the same in both options. . .A It's about creating a sense of community. Both aim to complement existing neighborhood the nei hborhood Option B and create a place where people can put down roots while treading lightly on the earth. g 0 I rgoill`' _ y. 1.1.111.1N - Option A maximizes housing opportunities. t• - __ Option B aligns with current zoning. f` I! III 1 II _. ___=-. We're a unique developer. Density is not our . �,, _ _ onlyfocus. Design matters. >i = = = _ _ h ,_ ___„ ,..4*,A-___ ...._ ,,,, _,, 111 Al 11 0 rim L. -1• cL� asap , _,.. -aale o .., .<•. -, era lir, t. ir, 117 ' 1, ._ •_ ') ;s4 %. '‘i 4 0 s ii, a 0' , 11 CONCEPT PLANS r t :: I� �� } . 4 0101; ii t Our shared vision � ) or. .r; of communityassets , to _ is° ' t ' I it 'r �� �,\ 3111* % Community focused park, partnership with CDA - \'' � 0, ,�, l\ ` Townhomes scale, housing options % 4 `F r1 1 \ Public green space/plaza ^ 2 _ �', Resident playground _i- \ ., Neighborhood walkability U ' , , '. ',- =it I . Walk-up units +,4 '"v On-site renewable energies , , - 140' -7 :. .441/4 ''' ‘ Native landscape with polinator habitat , _ lt r _ • ,� a Integrated storm water with landscape �, , ,'. ' .777777777.L.,:>. 46 e- and hardscape design F • e 9,:f ilk \ _.. . ,.. /- t: 4. ;-*• ".‘ 1 ti "'lir 00":" % , . ;# - s ' 4 w e. , • I% ' ip '1 4 ' *' )k%. 41 .41 ,,Polimiginio,,,, --- - CONCEPT PLANS 14 STORY OPTION r . , -.L,_ _11117_Artilri_ �, loll III f 1..- i . A ,cam.. ,rtow \� '' �� q MULTIFAMILY 4 STORY -0' ' - �` �,�'� (I 1 C� 1 AND TOWNHOME OPTION j ~* ' 4 . `� t I[ I- I r'f" Elegant contemporary look that relates 1 closely to nearby commercial and ' k' i , r multifamily buildings ' ! ,�e / t. ` -�I� I 1 f , f a I i j: : _ - Designing up to(4)stories allows us to provide ` .\ ' {>> I ��� It �� ` ::',.(,: much needed housing to the community = I ttop �-� 1 - l�l I` ��. / �(� I��, 110 V . 1 i44' � k i •• [ , ,,,4,06,,,,e."".rr 5,,,. .." . . .4-4 Stories 4 Ilk-. ,. , I 0 lli Ill fit "4,../.8'; •• Gross Square Feet 141,844 SF I1) I Number of Units 109 �w �� '°�,,. \� , I /il 1' ! �, ki. Irits. k__ , . __ _, . i : Underground Parking 107 $ 27, ..,, ..,..,,..„, .! t� �.> j \ .S \ ? _w l 0 k = t r, t <'• . • . ,- \ \*, ''' \\ ‘..-- , i .!., .,,-=;4,-'t.,.• - 11 11 I I 1 _1:„1,_,,,fotionat;;;--- ,_1- 011,1, __ ..::::---_-_,5--tOggil; Ill1411 I z_ ___ „,,,,,,„: Ft i'i'l '-it , L % li 1 r is ‘;., ,..:.-.,.. ..„, , .... , III m . "" I I r 1. z i "________ :::\.i.,, ,}.. , 3 �� �k ---iglA , CONCEPT PLANS 13 STORY OPTION • -.___=_ 4I0 i 1 r :,,,,,_ . Is I• '441111111114.141:onizesh - -�1 • 1 / '', , ` f ,, %„h surrounding residential neighborhood t ). 1�` ;#1 _ c - Limiting number of stories allows us to " ;/ �l design soaring gables as an iconic and _ �- �nostalgic design language. ! p �i '\ \ i` ��11444 I� i i ����til / 1,� i , , '‘'''' 1 i 1111, 4 ir" Stories 3 ; < � ii , I ►� �r:- .Gross Square Feet 106 383 SF at - ' ��I IIII frj4I ."--'4`:- Number of Units 82 , .,• w�r ��, / � �, ll � 'Underground Parking 107 t . ` ,- , 11\V\ s11! Arw•,,„{it , v* \1k,:°k° % -,,..,, , : ' -'-- . \ t:: i ,--. \\\ \ % \ N II l k .jill I ir 0 A \ . Eh. .-k‘ illiiiiiiiiL [ 14 rill .'04?‘,1tY.:' • ivreve41(114/141VNkia: II irr/ \c\ ____________- i L -..,., ‘Ibliri. '"....:-. .11'1.-- • i :--... „ le L] Ili ___ _ t 1/4,...-. ,. - 1 I A C 11 '. F A [ 1111[ f s s C �' I k _ , i, .. , 4 ,, a, .,.. _ , ,, _ , . i I dW� III ! � .,. - _ ( /��\ —_ ADDITIONAL VIEWS JOIla Ill ,— • I 1 0 F-1 EEEE:=E1 '"r..., „ ■C El r ==ii , 'II I ___, __ ____________________= ____ I _ ___ __________ :,====,=====.„ __=_ _ , TIl. ' TiTEII y__ ` _ _ _ __ _ _ rynaye 111 I _ sr .- III 4 tiJ4r;. _____ r� t a: r : i _ .,---..--- Y I + l i� ri - .':::: IIINWIUNNYWINWIINIYYNWN INWIINN IINNN�► ; ,,..4,..„..-....1 _ -4,41, - - ilt----E!!!!:ri,-- Iitl 11111111111111-1i1�Illgf t , . ta- i s t / �t frNie",,,,,,, 11.111.111111 _ Il ---_-....- ell- % � i,„__ ___ -ems I I 011 - _ _ _ _ O."'' • rAts ,, I I I I• 11 • [I il ill _______ y L r� I _ — 4 . ., p ,. - �� i mil LIJ II UPI ui i 1 1 ,.: 4 LI [ L , - .`ems . -n = I II ] A k 1 II ill ® co ui ....„........,,,,.... .,,.„, . • ✓__ `sari >., F - R - //1 K . FY --- ,- 7 AttL/000.0,0,.. ....L....... Litz - -- - ----.771 -"'' ' r::: ' 1111 -,. :1_-.Y. '... y . - -. �y ta CSC- 1‘111: s` _y _ III �` -- 1 AMOMMINNA Y V Sit E _ ;_. �> Questions Our vision for Apple Valley combines beautiful design with community focused development. By creating stunning architecture and inviting public spaces, we aim to foster a strong sense of belonging. This project will craft an environment where residents thrive and connections flourish. Together, we'll build a vibrant community that residents will proudly call home for generations. Thank �, n s loon' B K com aniesARY k\ companies CDA p APPENDIX I FINANCIALS SUMMARY RENT GRID INCOME&EXPEN Program Type Income Monthly a 5 -§ Housing Income 1,676,700 slot Contract Monthly Lip = 3 _Covered Parking 54,000 Type Units Approx Sq Ft Rent Gross Rent Rent Limit Income Limit ri 2 z x S 5: rc o Surface Parking 1BR _ 750 1,047 1,128 50%MTSP 50%MTSP X Commercial • 2BR 8 950 1,261 1,360 50%MTSP 60%MTSP X TIF 39,442 SUMMARY 3BR 8 1,200 1,615 1,733 50%MTSP 60%MTSP X Gross Potential Rem 1,730,700 4BR E 1,400 1,801 1,937 50%MTSP 60%MTSP x Total Other Income 12,300 1BR S 750 1,398 1,479 60%MTSP 60%MTSP x Total Rental Loss 89,850 2BR 16 950 1,677 1,776 60%MTSP 60%MTSP x Net Rental Income 1,692,592 Development Name Noor Companies+Dakota County CDA 3BR 16 1,200 1,938 2,056 60%MTSP 60%MTSP x Expense Amount - 4BR 14 1,400 2,161 2,297 60%MTSP 60%MTSP X Administrative 265,229 Primary Address 15584 Gaslight Dr Maintenance 212,000 City Apple Valley Utilities _ 95,940 Zip Code 55124 Unique Operating Expenses 24,000 County Dakota Insurance 73,800 Agency M&O Adjustment Total M&0 646,969 DEVELOPME Reserves&Escrows 86,203 NT TEAM Effective Gross Expense 757,172 Sponsor/Parent Company Dakota County CPA+Noor Companies Net operating Income Amount Developer Dakot County CDA+Noor Companies NOI 895,979 Owner Dakota County CDA+Noor Companies Management Co Metroplains EXPENSE SUMMARY Service Provider N/A Total Expense per Unit($) 9,234 Total Expense as%of Revenue 46% Architect BKV M&0 Per Room 1,467 General Contractor Frana+Noor M&0/Unit/Year 7,890 Processing Agent First Mortgage/Deterred Loan Request TYPE AMOUNT 7 Minnesota Housing First Mortgage Housing Tax Credit Request TOTALS 82� 1,676,700� 7 Deferred Loan(s) - Type of Tax Credits requested from Minnesota Housing: 7 Housing Tax Credits-4% OVERWRITING ASSUMPTIO Tax Exempt Band Request ❑ Housing Tax Credits-946 Residential Vacancy 5.0% Income Inflator 2.00% DCR Year 1 1.20 Loan Rate 6.000% TYPE ISSUER AMOUNT 7 Dual Application Parking Vacancy 10.0% Expense Inflator 3.00% DCR Year 15 1.43 MIP 7 Tax Exempt Bonds-Long Term I HTC Request Amount: I2,690,441 I Commercial Vacancy Cap Rate 7.00% ❑ Tax Exempt Bonds-Short Term Request Status 7 Basis Boost O Reservation IDURCES AND USES III 111 Permanent Capital Funding Sources Uses ❑ Carryover Source Amount Per Unit Committed Description Amount Per Unit %of Total Subsidy Funding Request Name of Source quoits Amount Tax Credit Pool 0 8609 First Mortgage 12,251,000 149,402 O Acquisition or Refinance 2,500,000 30,488 6% 7 Metro 0 Qualified Contact General Partner Cash 0 New Construction 27,060,000 330,000 67% 7 Greater MN 0 42 Ml Letter Syndication Proceeds 23,135,479 282,140 0 Rehabilitation State Historic Proceeds 0 Contractor Fees Tax Credit Request Type Tax Credit Set-Aside Federal Historic Proceeds 0 Contingency 1,353,000 16,500 3% Deferred Loan Request 0 Environmental Abatement 100,000 1,220 0% 7 First Request 0 Non Profit Sales Tax Rebate ❑ Professional Fees 2,256,430 27,517 6% UNIT SUMMARIES 7 Supplemental 0 Rural Development Energy Rebates 65,000 793 p Developer Fees 4,352,742 53,082 11% Unit Type R units Program Type B units 7 Repeat Request-not selected 45L Energy Credits 176,300 2,150 p Syndicator Fees 50,000 610 0% SRO no Kitchen HTC 82 p Financing Costs 1,871,970 22,829 5% SRO with Kitchen HOME City Assistance-TIF Loan/Sales Tax 2,084,500 25,421 p TOTAL MORTGAGEABLE 39,544,142 482,246 98% Dakota HOPE 750,000 9,146 ❑ Reserves and Non-Mortgageable 918,137 11,197 2% OBR/Eff NHTF Application to suballocator Dakota County CDBG/HOME 500,000 6,098 p TOTAL DEVELOPMENT COST 40p62,279 493,442 lOD% 1BR 14 HPH Met Council LCDA 1,500,000 18,293 ❑ 2BR 24 PWD Previously Awarded Tax Credits: 0 3BR 24 Market Rate Allocator Amount ❑ 4BR 20 Common Space Allocator Amount ❑ 5BR HIB Sr Program Allocator Amount ❑ 6BR Rent Assistance n - TOTAL UNITS 82 Operating Subsidy Deferred Developer Fee(committed for financial feasibil E. 'Deterred Developer Fee LL )uIAL PERMANENT FINANCING 40,462,279 493,442I , FUNDING GAP REMAINING 0 0 rim�CI 1100r ABgKV FRANA CDAcompanies GOUP companies APPENDIX I PROPOSED TIMELINE Task Name 2025 ll'� 2026 L Mar �" �" ll bul LL I' 11 2027J Mar 1 'l I 11 ""II I Nbv I Jun I Jul I Aug I Sep I Oct I Nov I Dec Jan I Feb I Mar 'Apr May 'Jun I Jul 'Aug Sep lOct Ivov IDec Jan Feb Mar bpr May inn bul ,pug iep bct Lvov Wec Jan deb Mar Apr May JUn Elul Plug SBp dct Nbv DI Proposed Project Timeline Acquisition/Entitelment&Financing Phase - RFP Phase V RFP Kickoff Complete RFP Submission Receive Site Approval/Control Funding Phase t Secure Funding Sources Closing on Land and Construction Financing City/Entitelement Process h v Community/City/Elected Officials Engagement Process Site Plan Review Planning Commission City Council Approval of Plans ADesign Phase 0 p Schematic Design DD Drawings 5o%CD Drawings 9o%CD Drawings l00%CD's(All Comments Included) Permit Set(Submit for Permit to City) Permit(Approved and Ready to Start Construction) Preconstruction Phase 0 Construction Contract Negotiation -1 5o%CD Estimates '-IS 9o%CD Estimates .IS l00%CDs Estimate(Final Budget) Finalize Construction Contract Construction Phase Construction Phase h Stabilizion Phase Lease-up Stabilization abilit ization&Finacing Conversion � __IINEFid 11001' ABKV ( FRANA CD A companies