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City of App�e
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NOTICE: The Apple Valley Economic Development Authority will hold a
Special Informal meeting at the Municipal Center, on Monday,
March 5, 2012, at 3:00 p.m. to consider the items listed in the
following agenda:
ECONOMIC DEVELOPMENT AUTHORITY MEETING
TENTATIVE AGENDA
MARCH 5, 2012 — 3:00 P.M.
1. Call to Order
2. Approval of Agenda
3. Discussion about economic development resources for use in the Central Village
4. Project Updates
5. Other items
6. Adjourn
(Agendas are also available on the City's Internet Web Site http://www. cityofapplevalley. org)
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City of App�e
Va��ev
Community Development
TO: President and Board Members of the Economic Development Authority,
Executive Director
FROM: Bruce Nordquist, Community Development Director, AICP
Ron Hedberg, Finance Director
DATE: March 5, 2012
SUBJECT: Discussion about economic development resources for use in the Central Village
At the end of December, 201 l, the EDA supported the attached Memo of Understanding which
establishes the non-binding development discussion and direction for the Legacy area of Central
Village. For the first time the owner/developer IMH Financial Corporation has been able to
assemble the development team to meet the EDA. Those attending the March S meeting
include:
• Seth Lipsay and Andrew Stark of New World Realty
• Stuart Davis and Tony Patinella of Titan Investments, partner with New World Realty
• Tim Nichols, development partner
• Larry Bain, IMH.
On March l, 2012, Rusty Fifield, our consultant from Northland Securities, had a telephone
conference with the development team. The initial outcome of that contact is the attached
memo. To summarize:
➢ The debt (in the form of special assessments) on the infrastructure is a huge drag on any
developer and development moving forward.
➢ Existing pioneering development will benefit from future development, if it occurs in a
timely manner; more rooftops, more traffic to the area.
➢ More work needs to be done to solve for the financial gap identified on the attached
worksheets.
➢ Considering the development area as a whole is important as resources available for the
initial development may be insufficient on their own.
➢ Development planning should consider both the Legacy and Founders area of the Central
Village as similar challenges exist. �
➢ The development team has the capacity to perform based on the information provided to
Northland Securities.
In the interim period since December, the following has occurred related to the proposal:
• On January 5, 2012, the Parks and Recreation Advisory Coinmittee discussed
development planning around Kelley Park with staf£ The Committee supported the
expansion of Kelley Park and provided the following comments:
• More work is needed to define "our type of unique". Some of the winter time
amenities in the concept may have a high cost to operate and maintain.
• Really liked the additional open and green space.
• Can housing north of Kelley Park be successful given the rough edge with
business right now to the north?
• Is some indoor play space possible in the park to make it a year-long attraction?
� Dakota County delayed further action on a possible property tax and special assessment
forfeiture process until at least April of this year.
• On January 26, 2012, the City Council received a report from legal counsel on the value
of land adjacent to Kelley Park. The value is consistent with previous information the
City Council has received.
• Staff explored whether forfeiture and confession of judgement provisions in state law
could be modified and did not find new options to consider.
The attached worksheets identify the obligations and opportunities related to the proposed
projects by IMH. This initial analysis prepared by Finance Director Ron Hedberg and
Community Development Director Bruce Nordquist recognizes there is a gap.
With assistance from Rusty Fifield and Northland Securities, the next step is to review
construction finance plans and operating pro forma to evaluate the reasonableness and feasibility
of the requested public participation. Some of the questions to answer include:
l. How will construction of the project be financed?
2. How does CityIEDA financial participation fit into the construction finance plan?
3. What are projected operating revenues and expenses for the project?
4. How does City/EDA financial participation affect the ongoing financial feasibility of the
project?
5. How does future development of IMH property in this area play a role in evaluation?
Part of that, if the EDA concurs, requires IMH to apply for TIF assistance and submit the
required $25,000 fee for Northland Securities to proceed with their work. Staff will dedicate
time to this effort as well; if the EDA is comfortable with that direction.
��������'� �����.�����
MEMORANDUM
To: Bruce Nordquist
From: Rusty Fifield
Date: March 2, 2012
Re: IlV�� Development Proposal
The City has entered into a Memorandum of Understanding (MoU) with IMH Financial Corporation
related to the development in the Legacy Village area. You have asked me to opine on the capacity
of the IMH/New World Realty/Nichols group to undertake a housing development project in Apple
Valley. This memorandum provides my observations. I will be prepared to discuss these issues in
greater detail at the EDA meeting on Monday.
On March 1, I discussed the proposed project and related issues with the development team
(Andrew Stark, Seth Lipsay and Tim NichoLs). I have reviewed the MoU, project concept
information and basic firm information. At this preliminary stage, I am able to offer the following
observations:
1. I believe that the development team has the capacity to build the housing project described in the
MoU.
2. The taxes and assessments on the property are a financial barrier that must be addressed to make
development financially feasible.
3. It is unlikely that this project, or any project, will occur in the near term without a public-private
financial partnership.
From a public finance perspective, this proposal seems to be similar to the NirhoLs Enclave project
we worked on last year. The objective is to find a reasonable means for the City/EDA to remove the
financial barriers to private development. This exploration and evaluation is the next step.
The development team has made requests from the City for the purchase of land, the treatment of
taxes and assessments, and the use of t� increment financing. Conceptually, all of these items are
reasonable given the nature of the problem. The devil is, however, in the details. The next step is to
review construction finance plans and operating pro forma to evaluate the reasonableness and
feasibility of the requested public participation Some of the questions we seek to answer include:
L How will construction of the project be financed?
2. How does City/EDA financial participation fit into the construction finance plan?
3. What are projected operating revenues and expenses for the project?
4. How does City/EDA financial participation affect the ongoing financial feasibility of the project?
5. How does future development of IMH property in this area play a role in evaluation?
In answering these questions, our goal is to create a plan for City/EDA financial participation that is
fair, reasonable and achievable.
45 South 7th Street, Suite 200q Mnuleapolis, MN 55402
Main (612) 851-5900 / Direct: (612) 851-4992 / Email: rfifield@northlandsecurities.com
Member FINIZA and SII'C
Development Opportunities and Obligations
Legacy/IMH Worksheet
EDA lMH
Delinquent Amount of Assessments $3,632,000
Delinquent Amount of Property Tax $600,000
Potential Penalty/Interest Waiver by City: $970,000
Extension of future assessment payments by 18 $2,600,000
years
Purchase of Parkland ($7.26/sq. ft.) $787,500
($580,000 is available in the Park dedication Fund)
Park Dedication received for proposed project $379,651
Present value of 20 year Housing, TIF District: $2,700,000
(325 units, estimated added value of $47 million)
Totals $4,457,000 $7,211,651
(4,457,000
Net Gap 2,754,151
Additional items requested by developer:
Purchase of Additional Land by City $632,491
Development Opportunities and Obligations
Founders/Enclave (Gathering) Worksheet
EDA Enclave/Nichols
Delinquent Amount of Assessments $3,031,OOD
(includes 2012)
Delinquent Amount of Property Tax $435,000
Potential Penalty/Interest Waiver by City: $602,000
Extension of future assessment payments by 18 $3,548,000
years
Park Dedication received from proposed project $717,500
Present value of 20 year Housing, TIF District: $2,000,000
(240 units, estimated added value of $35 million)
Purchase by Nichols of outstanding debt (land $1,300,000
acquisition
Totals $2,602,000 $9,031,500
(2,602,000
Net Gap $6,429,500
Additional Items requested by developer:
Purchase of Triangle ($7.26/sq. ft.) by City $1,154,296
Memorandum of Understanding Between
IMH Fivancial Corporation dba IMH Special Asset NT 175—AVN, LLC and Apple Valley
Economic Development Authority
This non-binding Memorandum of Understanding "MC}U" between IMH Financial Corporation dba
IMH Special Asset NT 175—AVN, LLC ("IIVIH") and the Apple Valley Economic Development
Authorify (the "EDA") is made and entered into on the date and pursuant to the terms set forth
below. References to "City" refer to the City ofApple Valley, MN.
Whereas, IlVIIi is the fee owner of fourteen (14) platted lots in a portion of the City's Legacy
Village referred to as Legacy of Apple Valley North as identified in the attached Exhibit A("the
IlVII-I Property"), resulting from a foreclosure action against the former owner ; and
Whereas, the IMH Properiy is subject to Ordinance No. 739, establishing Che Central Village.
together with certain development approvals for The Legacy of Apple Valley North, entitled Planned
Development Agreement, Park Dedication Agreement and Development Agreement, all of which .
are dated May 27, 2004; and
Whereas, the IlV1H Property has been improved with public utilities and street improvements ;
financed. by a$6,832,152 special assessment duly adopted by the City pursuant to Minn. Stat. '.
,
429.061 and for which there was no appeal; and
Whereas, IlVIH, as successor in possession of the IlVIH Property, is in default on the aforementioned
special assessment in the amount of approximately $4,232,566, together with past-due taxes payable
to Dakota County in the amount of approximately $600,648; and
, Whereas, Dakota County is exercising its statutory authority under Minn. Stat. 281.23 to pursue tax.
forfeiture against the IMH Property based on the aforementioned delinquent special assessments and
properiy taxes; and
Whereas, the result of Dakota County's forfeiture action would be IMH's loss of ownership of the .
Il�ZH Property; and
Whereas, the City's special assessments on the IMH Property would be cancelled by Dakota
County's forfeiture action, but pursuant to statutory autnority under Minn. Stat. 429.071 may be re-
levied at a future date and
Whereas, time is ofthe essence to avert the pending forfeiture and elimination ofthe special
assessments affecting the IlV�I Property; and
Whereas, IlVIH and the EDA desire to pursue development of the IlV1H Properiy on terms mutually
acceptable to the-EDA and IlVIEI and based on City approval of amendments to the development
approvals for the IlVIH Property; and
1.
Whereas, the EDA acknowledges that IMI-� has activeiy been pursuing the development of the IMH
Property and has acted in good faith and with diligence with respect to tl�e proposed project and
. IMH acknowledges that the EDA has acted in good faith and with diligence in seeking a resolution
of the past-due and future special assessments on the IMH Property; and
Whereas, agreeinent hetween the EDA and IlVII� regarding the terms and conditions of any new use
of the IIvII-I Properiy will be conditioned on resolving both the past-due taxes payable to Dakota
County and the delinquent and future special assessments payable to the City related to the IMH
Properiy.
NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: �
l. IlVIH agrees to diligently prepare and submit applications to the City seeking approvals for
the use of the IlvIH Property, ��vhich is expected to include approximately 325 residential �
I
units in three (3) multi-faxnily buildings on a portion of the IlVIH Property identified in the I
attached Exhibit B. Based on market demand, initial construction is expected to commence
upon City approval of the TMH plans and specifications, subject to City and IlVIIi I
consideration and approval of the terms below. �
2. The City will promptly, and in good faith, pracess the IlvIH applications proposing a change.
to the allowed use of the IMH Property for consideration at duly scheduled meetings and
special meetings of the City's Planning Commission and City Council. Nothing in this MOU
is to be construed as any preapproval by the City of any application. ,
3. In conjunction with IMH's pursuit of City approvals governing the use of the 1MH Property, �
and subject to the City actually adopting such approvals, the EDA will consider
recommending to the City the purchase of four (4) parcels of the IMH Property for the
expansion of Kelly Park. Any recommendation is to be part of a negotiated package of
ecanomic development assistance that will include a price of land and past-due and future
special assessments on which to base the purchase.
4. The-EDA will also consider the purchase of three (3) additional parcels of the IMH Property.
The purchase price to be negotiated will also considerthe past-due and future special
assessments relating to such additional property.
5. All conveyances of IMH Property to the City and the EDA are independent events from the
City consideration of the development approvals for use of the IlvIH Property, together with
resolution of the past-due and future special assessments for such property. The City, i£ not
then able to purchase all agreed-upon land for parlt use at one time, will be asked to
cooperaie in a schedule for purchase that considers the proportionate share of past-due and
future as�essments and release of IlVgi from any fixrther obligation.
6.. The EDA and City will be asked by IMH to consider a Tax Increment Finance housing
district, or another applicable TIF district category, with a term not to exceed 25 years
pursuant to Minn. Stat. 469.176, the proceeds ofwhich may be used by IMH for the use of
2.
the IlV�I Property, to develop a quality housing development consistent with the desire of the
EDA, City and IMH.
7. The City will be asked by Il1�IH to consider reallocating the remaining special assessments
attributed to the IMH Property, in the amount of approximately $2,040,588, over a term of 20
. years or such other term as allowed by state law. . ,
8. The EDA and I1VIH will cooperate to ensure consideration and approval, as appropriate, of
the review of for the IMH Property appiications, together with the plans, specifications and
agreements contemplated by this MOU and as required by law. . �.
9. Notwithstanding the terms of this MOU, IMH reserves the right to challenge in Dakota
County district court the authority of Dakota Couniy to seize the IlVLH Property and ta
address the past-due special assessments on the IMH Property. In the event Il�nH: determines
IlVIH and the EDA nonetheless,
- in its. self interest that pursuit of court action is necessary, �
� pledge to cooperate jointly achieve an acceptable outcome of all issues affecting the IIvI�I
Property.
10. While the parties agree to negotiate in good faith regarding all aspects of this MOU, nothing
in this MOU shall. bind the EDA or IMH witl� respect to the terms and conditions identified ,
in this MOU and neither party shall have a right to pursue a claim arising from its ternis. �
;
AGREED TO THIS DAY BY: .
Il��H Finan 'al , orporation Apple Valley Economic Development Authority
�
, By��. WVI�,(AVY1 �Cj.. S By: verson
Its: �Y�td.QY�.IL� Its: Presi t
Date: t G 2 ' �,,, .
Date: By: Thomas we
Its: Executive Director
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� Development Team
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r Background Information Package
•
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� CONFIDENTIAL
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� Table of Contents
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� I. IMH Financial Corp. Pg. 2
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r II. New World Realty Advisors, LLC Pg. 3
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� ill. Titan Investments Pg. 4
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� IV. Signet Development Pg. 7
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� IMH Financial Corporation
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� IMH Financial Corp. is a real estate investment company based in Scottsdale, Arizona, with extensive
� experience in various aspects of commercial real estate. IMH Financial Corp. has considerable financial
� strength with more than $200 million in equity and a business plan that focuses on the productive
� deployment of that investment capital. Since 2003, IMH has invested over $1.4 billion in real estate
projects. The Company has active projects in Arizona, California, Nevada, Utah, Idaho, Minnesota, New
� Mexico, and Texas. IMH's primary expertise is in acquiring, financing, and developing commercial real
� estate, as well as the management of existing commercial operations.
�
• As a public reporting entity, IMH Financial Corporation files periodic reports with the SEC. For additional financial and other
� important information pertaining to IFC, individuals can visit www.sec.gov and reference CIK #1397403.
� Forward-Looking Statements
Our future plans and other statements in this letter about expectations, beliefs, projections, future plans and strategies,
, anticipated events or trends and similar expressions concerning matters that are not historical facts constitute forward-looking
statements. In some cases, you can identify forward looking statements by terms such as "anticipate," ° believe," 'could,"
� ° estimate," 'feel," expect," 'intend," "likely," 'may," 'plan," 'poteniial," "should," 'see," 'hope, "view" and "would" or the
� negative of these terms or other comparable terminology. Forward-looking statements are subject to a number of risks and
uncertainties, induding without limitation the risk that we will be unable or otherwise decide not to make proposed future
� distributions and other risks and uncertainties related to the Company that can be found under the heading 'Risk Factors" in
� IMH Financial Corporation's most recent annual report on Form 10-K and other filings with the SEC.
� These forward looking statements are based on information currently available to us and actual results may differ as a result of
many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business,
• �nancial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking
statements. These forward-looking statements are made only as of the date hereof and we undertake no obligation, ond
� discloim any duty, to update or revise any forward-looking statements to reflect events or circumstances after the date hereof or
• to reflect the occurrence of unanticipated events. Vou should not place undue reliance on these forward-looking statements.
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� New World Realty Advisors, LLC
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� New World Realty Advisors, LLC is a premier real estate investment and advisory firm comprised of
• recognized professionals with demonstrated expertise in real estate restructuring, development and
� finance across all property types. Our team is comprised of highly accomplished professionals in the real
estate, mortgage and CMBS markets who have partnered with and advised many of the largest
S institutional lenders, developers, owners and investors for more than twenty-five years through several
� economic cycles.
• New World is led by its three partners: Seth Lipsay, Steve Shepsman, and Dan Pfeffer.
�
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� New World Affiliates' Develo�ment Exuerience
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Four Class-A stude�t housing Campleted between New World affiiiate $124mm '
� - � communities located in Fresno, CA, San 2000 and 2003. and sale price
• Bernardino, CA, Philadelphia, PA, and Contributed to ACC Titan Inves#ments
• Boulder, CQ (NYSE: "ACC") IPO in
• 2004.
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� Four Class-A multi-family communities [n pre-development New World affiliate, $200mm+
located' in Apple Valley, MN, Flagstaff, Titan Investments in
� AZ, Tempe, AZ and Daly City, CA and ' budgeted
* Signet Development casts
� �APPIe VaNey, MN
only)
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Titan Commitment
Since inception, Titan has successfully developed and operated within a fluid real estate marketplace under a strict
philosophy of the following seven principles:
. f��S�,Pa,�,�N�s MENTS TT
First and foremost, listen to the needs and desires of our paRners.
. Be Driven by Quality
Pursue and invest in select and unique opportunities with high profiUvalue potential as opposed to seeking
a high volume of opportunities.
. HaveCompetitiveAdvantages
Ensure each development has a distinct advantage over its competition, such as location, design features,
amenities, and enhanced economic terms.
. Monitor the Cyc%s
The real estate marketplace is highly cyclical, limit individual investment periods from 12 months to no more
than five years prior re-capitalization.
. Lead such Cyc%s
Be on the cutting edge of real estate cycles with knowledge and flexibility to adapt to different financial/
capital structures and product sectors nationally.
. Cong Term Focus
Undertake every investment with a long-term relationship focus. B�end��"�9 the Ne�(�$
. Focus on Reputation
As a private entrepreneurial company, always realize that our track record and reputation are our largest
a�dmost�a��ab�easse�. of the Real Estate Capita! Markets
with Evolving Market Demand
TITAN /NVEBTMENTB
for Real Estate
4�0o s. syra��se srmc
o�, �.' �0�23� on a National Basis
Phone: 720-52&7650
Fax: 720.52&7654
Email: info@titaninv.tom
4
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Company Focus Titan Expertise � .. �
�^ .
Titan Investments ('Titan°) was formed in 1993 as a privately owned Titan has significant expertise and a proven track record in sourcing, �� �
real estate firtn that speaalizes in creating value through the shategic underwriting, and shucturing complex real estate investment and
development and capital¢ation of high-quality student housing, `� devetopment transactlons. We blend our skilis wiih the capital markets ��
and local ma�cets tlming the appropnate real estate cycle to enhance
u���vui�� s��cre� muldfamily, assisted living and mixed-use prope�ies on a national and aeate value for our artners, as well as Titan. u ""��'`�����
30B Bed OIFCampus SddeM Housing basis. p 7a9 Bed OlF�ampus Smdent Housing
Located Nex U�e Campus of Located al tlte Ca�nDus of
�'""��'o Since its inception, Titan has developed lwelve projects with a ma�ket Our unique real estate expertise, inGude entitlements, construction �,���
� �� mana ement, develo ment mana ment, s nthe6c leases, levera ed
value in excess of $250 miliion. The equity retum ro investors has been Sun&idge Aesiated livirig 9 P 9e Y 9
in excess of 45% per annum. �� u"�^�� �^^^e R� ventures, acquisition and disposiHon, debt and equily financing, and
"�"'� ""�°� property and asset management.
Titan Track Record
Titan seeks to always provide the op6mal capital and economic
The professionals at Tihan have focused primarily on high-density � sducturing for each individuat project. Titan also remains constantly
residenbal and mixed-use projects nationally. focused on value-creation, with the ability to understand complex
transactions and situations.
Over the past two decades, including various career roles in years prior
to joining Titan, these professionals have financed, acquired, This value�reabon is not only through development, but also through #,
developed, managed and so� more than 50 million square feet of site selecfion, re-zoning, securing tax incenfives, shuctured ground
o f fi c e, r e s i d e n ti a l, a n d o t h e r c o m m e r c i a l a s s e t s v a l u e d i n e x ce s s o f The RIdBe at RocWlmmon leases, securing exdusive marketing relati�ships, and implemendng
1261Mit MWd-Family Fiausing focused leasing and marketing strategies.
$2.0 billion. � �. �a�
; Few real estate companies can provide such a unique blend of proven '� u ' �
A sample of development transactlons handled by Titan indude: �
capital markets and value creation expertise.
n� aa�,a� e� cn�m ��� • Student Housing and Mu/tifamily— Titan's primary focus is the s�e� n�e�a �m^9
Titan Partners , + , �^���5�����
240 Unil Multi�farmly Fbuaing development, construction, ownership, and asset management of .... ..: . „ T „�,
� � siudent housing and muttifamily residential real estate,
capitalizing on the synergies of both product types. In our Titan has achieved distinction for its expertise in structuring, capitalizing,
development relationship with American Campus Communities, and creaHng significant value in its real estate development ac6vities.
four off-campus properties were completed with a market value in Sungridge p�isted Lrving With a reputation and partrier base that continues to grow, Titan
excess of $120 million. This portfolio was sold as part of �����a �^e RBga�^ce consistently perfortns above e�ectatiais, with financial retums well in
American Campus Communities' IPO. Titan con6nues to procure °�'�`' � excess of the general marketplace. Such resutts have allowed Titan to
Iand for the development of student housing. In addition, the keep building upon its unique top-tier partner roster within the real estate
company developed and owned two mulfrfamiiy projects, which capital markets, and across the general development community.
were sold during the first quaRer of 2000.
. Establisl►ed debt a� banking relationship with industry
. Assisted Living — Titan held a crucial role in the development leaders:
and ownership of eight highend assisted living residences =•' � KeyBank
�I throughout the United States in a joint venture with SunBridge, a GE Credit "�
subsidiary of Sun Healthcare Group, Inc. In December 1999, . Successfu/equityinvesbnentrelationship:
r these assets were sold to Epoch Senior Living. Reckson Strategic Venture PaRners
` � � � '� ����� KeyCapital
"� . Aledica/ Office — Working with national health ca�e syst�ns ���� ��� R �� Private Investas
throughout the United States, Tifan's role was primarily through s� Gh w�� �nw„e • pevelopment re/ationship with companies:
��, outsourcing, program management and design-build-finance American Campus Communities ����rY�
480 Bed OIFCampus S6idant Hasirg
aos e�a on-c�� swdem Nw�� assignrr�ents for these syste�ns. Sun Health Care
LocaOed Near Ihe Cempus of Located at Ihe Cempus of
Presno Shate Univers�b Cal Stab Universty—San BemeNha
Freeno, CalKonia San BemaMino, CaliFanie
5
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• Titan Investments
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� Stuart R. Davis Mr. Davis is the Managing Partner of Titan Investments, and is a member of the
� Investment and Management Committees. Mr. Davis' professional career has included senior leadership
• roles in a variety of private organizations in the real estate and public arena, including Peat Marwick
• Mitchell, Price Waterhouse, Oxford Development Group, BCE Devetopment, Trammell Crow Company,
• and Hammes Company. Mr. Davis has recognized expertise in development, financing, operations and
ownership structures for complex real estate transactions. His experience includes real estate
� transactions in excess of $2 billion. Mr. Davis, through Titan Investments, developed and ow�ed assisted
. living facilities throughout the United States in a joint venture with Sun Healthcare and an affiliate of
• New World Realty. In addition, the company joint ventured with American Campus Communities and an
. affiliate of New World Realty to develop and own student-housing facilities in various markets in the U.S.
�
• Anthony J. Patinella, Jr. Mr. Patinella has over 25 years of experience in development, design and
� construction. Mr. Patinella has been directly involved with over $400 million of development and
• construction with Titan Investments. As a construction Manager for Brookfietd Development he was
� directly responsible for over $600 million of development and construction. Mr. Patinella began his
� career with Skidmore, Owings, and Merrill strengthening his skills in architecture and landscape
architecture.
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• 52i5 Edina Industrial Blvd. • Suite 200A • Edina, MN 55439
p: 952-895-5200 • f: 952-895-1159
�
�
• A Master Developer A Vision for Excelience
� with Significant Expertise
The principles of Signet Development are
• Signet Development is founded on a deep the driving force of our vision and have been
understanding af both the development and key contributors to the development of many
� financing aspects of our business. successful multifamily communities incorporated
with mixed-use components.
� The product af an evolution of expertise in
• muitifamily housing financial services that began Projects include:
in the 198Qs, Signet Development is inspired by
� �aast successes and backed by the knowledge, • Rental apartments
• experience and support of a number of highly • Rental town homes
respected individuals and industry leaders. • Senior cooperative housing
• • Assisted living facilities
. Our evolutian gives Signet Qevelopment a • Continuum of care facilities
uniquely credible, informed and broad perspective
• as a Master Developer. Our expertise inciudes Signet Development has strang ties with
• a11 major aspects of multifamily community leading Twin Cities construction, architectural,
deveiopment: engineering and planning and design firms. We
• also work closely with cammunity and civic
• Lend and site selection and acquisition leaders and planners. Everyone works together
� • C?emogra�hics, research and marketing in the pursuit of exceptional resuits related to the
• • Site planning and development highest standards of design, cost-effectiveness,
• Ennavative and efifective negotiations with quality and livability, as well as an appreciation for
� municipalities the environment and community setting. Every
• • Overall project management and direction callaborative project is focused on producing an
• Oversight management excellent outcome that benefits us all.
� • And more
• The combined expertise and resources of the
teams brought together by Signet Development
� make us uniquely qualified to conceive, finance,
� present and develop truly significant projects that
make lasting impressions in communities like yours.
•
making significant impressions
through innovative development
7
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� �� ; Timothy (Tim) F. Nichols
���� Faunder and President
• ��� � y „� ' � � � �;
� �,,;�, � Signet Develapment, LLC
�� A Twin Cities leader in real estate finance and development for more than 20
• years, Tim Nichols has a unique ability to "put deals together and make things
� happen.°
� Known for his expertise in procuring land, negotiating municipal approvals,
• . structuring complex financing transactions and managing additional
��:�� � responsibilities associated with the development of muitifamily housing, Nichols'
� straightforward, common sense approach to business focuses on:
• • Building teams of talented individuals and giving them the tools and
� encouragement they need to perform. It's a roundtable approach that's
• proven highiy successful.
• • Applying his own high standards of quality and value to every project he
participates in developing
• • Striving to exceed expectations in every aspect of his business relationships
� He is deeply involved in and respected by the industry he serves. During the
• past 20 years, Nichols' professional memberships have included:
� • Muiti Housing Association of Minnesota - Past Chair of Owners Roundtable
• Nationai Housing Association for Cooperatives
� • Mortgage Bankers Associatian ofi America - Member of Nationai
• Subcommittee on Nousing - Insured Projects
• Minnesota Health & Hausing Alliance
� • Mortgage Bankers Association of Minnesota
� • Minnesota/North Dakota Better Business Bureau
• Saint Paul Area Chamber of Commerce
�
• in 2004 Nichols was named to The Business Journal's Forty Under 40 list of the
Twin Cities' 40 most successful business and community leaders under 40 years
• of age.
� Nichols is a highly engaged father of three wonderful children. He is also an
• active supporter of various civic, music and arts organizations.
• He is a graduate of the Arizona State University School of Business, where he
• majored in Real Estate Finance and Development.
�
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■ Q
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� Summerhill of Apple Vailey
• Summerhili of Apple Valley is positianed far the mid-market level of senior
� coops and sits on a hill with views either to a large interior garden courtyard
• and patio or out over the city of Apple Valley. Building amenities include a large
ce�mmunity room business center, television lounge, game room, library, media
� center and guest suite. Homes within the community are well-appointed and
� ��� provide a range of floor pian options.
• ���le Valley, MN
� z,�w i i�' � �r��f��f�i�i��l�i ��p �., 'g ���) `� �'.
� Completed � �� � �4'�+� �g�� ���
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� Total Area � �' � � �` � "����� �
, , w�
138,176 S� � k � � , � � �rrr
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� Construction Gost � ��°��' ` � -�� � "'�
$9.3 M �i�M� r��r1�M�
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• Develapment Team Members
• Developer: Tim Nichols
Financing: Nichols Financial Services Company
� Architect: Link Wilson
• Construction: Frana Companies
Interior Design: BDH & Young
� Management: Cooperative Services Group/Ebenezer Management Services
• • �
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� Summerhiil of Bloomington
• Summerhill of Bloomington is tucked into a mature west Bloomington
� neighlaorhood, serving the somewhat higher end senior housing market. Homes
• feature decks off the living room, plus private laundry and loads of storage.
. Building amenities include a spacious two stary entry lobby, business center,
weilness center, community room, library, biiliards room and guest suite.
� city
� Bloc�mingror�, M1�
� Completed
• �?C102
• Total Area
� 129,10Q SF
Construction Cost �; � ,� ��: �
• :'° � . A g, y ,� .. .
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� Development Team Members
�
• Developer: Tim Nichols
Financing: Nichals Financia) Services Company
• Architect: l.ink Wilson
� Construction: Construction 70
fnterior Design: BDH & Young
• Management: Cooperative Services Group
■ 4
s� net
�develo ment
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� Summerhili of Eden Prairie
• Summerhill of Eden Prairie sits prominently on a rise in the landscape and offers
� scenic views of Nine Mile Creek and a small lake. Homes include decks off the
. living room, plus private laundry and loads of storage. Building amenities include
• a spacious two story entry lobby, busine55 center, weliness center, community
room, library, billiards room and guest suite.
� City
• Eden Prairie
� Completed
• 20C}i
�
Total Area ' � � �, �� * � �
�1�8,���47 SF � :ga'�.�
� n . ,
.
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� Construction Cost
• $8.8 M
• Units
48
�
s E�UILDERS
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•
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+ Development Team Members
�
• Developer: Tim Nichols
Financing: Nichols Financial Services Company
� Architect: Link Wilson
• Construction: Construction 70
interior Design: BDH & Young
• Management: Cooperative Services Group
� ■ �
s� net
� v I men
• de e op t
• 11
�
�
�
�
� Summerhill of Maplewood
• Summerhiii of Maplewood sits on the site of the former Transfiguration Church
� School. The development resulted in a building set back further from the
• neighboring homes with more landscape and beauty compared to the old
• Church School. Adjacent to the Mapiewaod Nature Center, this development
offers lovsly, well-designed 1 bedroom/1 den and 2 bedroom homes within a
• community containing a large great room, private dining room, fitness center,
City business center, recreation room and fireside lounge.
• Map4ewood, MN
� Completed
• 2��6
� Total Area �° � "", �� �, . � `
� 73,393 SF '
'��' �;� � , � �„
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� Construction Cost � ����`"�'"�°��
• $6.4 N1
Units � � � �
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•
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•
• Development Team Members
� Developer: Gooperative Communities
• Financing: Nichols Financial Services Company
Architect: �ink Wilspn
� Constructian: Frana Companies
• Interior Design: BDH & Young
Management: Cooperative Communities/Ebenezer Management Services
�
�
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■ 4
• S� het
� v I men
� de e op t
� 12
�
�
�
` Gramercy Club of Burnsville
• Gramercy Club of Burnsville consists of 126 units in two buildings conjoined
� by a building housing an indoor lap/recreational pool, whirlpools, and virtuai
� golf center. Other amenities in the buildings include a large, two-story entry/
gathering area, great roam with service kitchen, craft room, business center,
� library/television/game room, card room and guest suits.
� city
� Burr�sville, MN r � ,,�� , �_;
� � ; f �� �
� Completed
• 2007
�
� Total Area � ���
17�,920 SF � � � :�
a _, .
� .
• Construction Cost
16.5 M
�
Units
� 126
�
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�
•
� Development Team Members
� Developer: Coaperative Communities/Gramercy Carporation
� Financing: Nichols Financial Services Company
Architect: Po►lack Buchanan
� �anstruction; Frana Companies
. Interior Design: Gramercy Corporation
Management: Cooperative Communities/Ebenezer Management Services
�
�
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■ Q
. si net
g ��
de e opment
13
�
�
�
� Gramercy Ciub of Edina
• Offering a choice of 21 different home plans in a woodsy, resort like setting, the
� Gramercy Club of Edina takes senior cooperative communities to a new level in
• meeting the varying lifestyle needs of residents 55+.
� Sited to appear as a series of luxurious mansions, this four-story development
• fiiled a blighted sight with much needed housing for a city that has run out of
City real estate. As seniors choose to move into the Gramercy Club, single family
• Edina, MN housing is freed up for young families.
� Completed The lacation is along Nine Mile Creek, at 70th Street and Metro Boulevard, close
• ���37 to parks, shopping, entertainment and transportation.
� Totai Area individual residences range from 992 square feet one bedroom, one bath units
• �'��,��� 5� to 2,413 square feet for twa bedrooms plus den and 2.5 baths,
• Construction Cost In keeping with the sense of community that is an essential aspect of our
• $28.3 M developments, the club area at Gramercy has a weliness center with lap pool,
whirlpool and other fitness facilities, chipping and putting green, library business
� Units center, art studio, great room and fireside lounge, guest suites and game room
��� for cards and billiards. Parking is available above and underground.
�
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� Development Team Members
• Developer: Caoperative Communities
Financing: Pnvate Bank Financing
Architect: �ink Wilson
Construction: Frana Companies
interior Design: BDH & Young
Management: Cooperative Communities
�
■ 4
• si net
�develo ment
� �a p
�
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�
�
� Seasons at Maplewood
• City Comprising more than 212,000 square feet and four levels plus underground
• Maplewooci, MN parking, Seasons at Maplewood consists of 120 independent-living rentai
� Completed apartment homes, as weli as 30 additional residences for seniors requiring 24-
• ���� haur enhanced assisted living or memory care services. There's aJso a variety af
comman spaces, personal services and personalized care aptions, all designed
• Total Area to promate ccammunity and keep pace with the changing needs of residents.
�1��CJt�Q ��='
� A vital �aart of the lifestyle at Seasons at Maplewood is the community space,
• Construction Cost which includes a grand entry, great room with fireside lounge and refreshment
��1,� �y bar, creative arts studio, a chef's kitchen serving three meals a day in three
� distinctive dining areas, a spa and beauty salon, a fitness center, movie theater
• Units and outdoor gardens.
150
• Additional multipurpose rooms throughout the community incorporate a
• physica! therapy center, study, technology center, chapel and more.
HUILUERS
� {�fi1,� �.A JC�d.4TiDN
• l. l �,„_ r ���, qnE . -...-�„�,�,^�.�; The location is also convenient to nearby walking trails, parks, neighboring new
library with cafe, Maplewood Mal! and NeaithEast 5t. John's Hospital.
�
•
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�
�
�
�
�
i
• �
•
•
•
•
• Dev�lopment Team Members
�
• (�eveloper; LifeStyle Cammunities
Develapment Cansulting; Signet Developrnent
Finar�cing: Nichols Financial Services Company
Architect: Link Wilson, Kaas Wilson Architecks
Canstruction. Frana Companies
interior Design: BDH & Young
Management: �cumen
�
■ �
. si net
�develo ment
• 15 p
�
�
�
�
� Seasons at Apple Valley
� City Comprising more than 209,000 square feet and four levels pius underground
� Ap�le Valley, MN parking, Seasons at Apple Vailey consists of 106 independent-living rentai
� Completed apartment homes, as weli as 28 additional residences for seniors requiring 24-
� Spring 2011 hour enhanced assisted living or mernory care services. There's alsn a variety of
common spaces, personai services and personalized care options, all designed
� Total Area to promote cammunity and keep pace with the changing needs of residents.
• 209,0�0 SF
A vital part of the lifestyie at Seasons at Appie Valley is the community space,
• Construction Cost which includes a grand entry, Fireside Lounge and Amber Club Room, creative
$�� M arts studio, a chef's kitchen serving three meals a day in five distinctive dining
� areas, a spa and beauty salon, a fitness center, rnovie theater and outdoor
• Units gardens and patios.
134
• Additional multipurpose rooms throughout the community incorporate a rehab
• therapy ciinic, library/media center, Learning Center, chapei and more.
�"``� �� �� The lacation is also convenient to nearby walking traiis, parks, neighboring
• shops, churches, Enjoy! Restaurant, clinics and Fairview Ridges Hospital.
�
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•
� Develapment Team Members
� Developer: �ifeStyle Communities
� Development Cansulting: Signet Development
Financing: N+chols Financial Services Company
� Architect: Link Wilson, Kaas Wilson Architects
CanstrucCion: Frana Companies
Interior D�sign: BDH & Young
Management: Ecumen
�
■ Q
• si net
�develo ment
� �s p
�
CITY OF APPLE VALLEY
ORDER FOR SPECIAL BOARD MEETING
I, Larry S. Severson, President of the Apple Va11ey Economic Development
Authority (EDA), hereby order that a special informal meeting of the EDA be held at
Apple Valley Municipal Center, 7100 147th Street W., on Monday, the Sth day of
March , 2012, at 3:00 o'clock p.m., to discuss and receive updates on economic
development resources for the Central Village, and any other items that may come
before the Board.
In accordance with this order, the Secretary is requested to provide notice of
this meeting following the requirements of the By-laws.
DATED this 1 st day of March, 2012.
L erson, President