Laserfiche WebLink
Aftaehment A: Praject lJpdate <br />�en°tra� <br />�amrr�un��y � <br />16Z5 Park Avenue. Minnsapalis, MN 55�[]4 <br />��L:tS ITi�:C� �1't,.�5`� Phane �I�-341-31G8 = Fax 612 341-42fl8 � www.ccht.nrg <br />Ha� Max A artments U date <br />As we update you a�� �iar Mar Apa.rtme��ts and cliscuss wk�ere we are it� mee�i��g our �oals it is iinportant to <br />t�ote and explain the nlain fac€or in project ti�ning- an awarc� of tax ctedits by the Mi��nesota Hot�sing <br />1 ii�ance Age��cy. in 2Q06 CCHT appliec� for ta�c credits ax�d other fu�ldir�g from the Mia�uesota Housiz��; <br />Pinance Age��ey ii� ��id Juz�e. O�11y one montl� from tl�e clasiz�g date o� tE�e acquisi�ion of ehis parcet. We <br />received vcry posirive �eedback fronl Mitzi�esata I tousitig regar�ing the developn�enc, laut their nzai�� <br />coi�cerns were t12at we did ��ot h�ve ather fu��c�ing comniitted at that tiine ai�d it was a zzew projecc �o th�nz. <br />Due to tl�e l�igl�ly con��aetitive €�atr�re of the t� creclit program developers gei7etally "g�t iz� [zx�e" a yea� <br />�efor� t[�cy at�ticipate ar� actual awaxc� of tax cre�irs by �laciz�g a�� applicatian for fuildii�g in to the MHPA. <br />MH�A rarely fua��s �rojects tl�at they are seeing For the first time. This year CCHT rnade its secoi�d <br />�}ap�icatint� for tax credits to MHFA i�� ju��e. We are encouraged rl�at the project will rec�iv� tax credit aud <br />oeher finaiuing from tl�e MI�FA as tE-�ey are interested iii tl�e idea of rel�abilitatin€1 rather thaz� new <br />co�lstzuctioi� l�eeause it is more "bang for tl�e lauck." Also, MHFA encouraged CCHT to a�ply for a waiver <br />of the aino�znt of ta�c cree��ts- n�eaning they e��couraged us to a�ply for znoie tax credits t�ax� the $780,n00 <br />�har is usua�ly tl�e ca� ainaunt. Tl�is is a very pnsitive sigt� from MH�'A. Fi��ally, the project has secured <br />fi€aanci��g from I�ot11 �tivate fouitdar.iax�s and tlie city si��ce the time of last application, ai�d w� have <br />pr�pa�eci a more thnroiigh analysis of work to be coznpleted azzd groject team thai� was sul�mi�ted ta tl�e <br />MHFA last year. Generally, the projee� is more coYnpetitive tl�is year than last ai�ci we are eiicarixaged tliat <br />we will l�e awarded tax cr�clit financing t�tis fall. <br />Ta give you a better uz��exstaF-�c�i��g caf prnject goals and mi�estones this i�3formation is �roken aut i�� the <br />l�ulletec� list uelow: <br />Har Mar A a��m.en�s Mii.esto�es ar�d Status U da�� <br />]'revioa�s Milestones: <br />-Fu��di�z� iu a��lcauYit oF $550,000 awarded by Ramsey Ca€��iry fox la��:d acc�uisitiox� <br />-Seveial resolutions of su��aort fronl Ciry of Roseville for CCHT's redeveloprr�ent of Har Mar Aparemet�ts <br />-Put��iz�g i�� a���otzt�t af $250,(}0� awarded by Ciry of Roseville HRA, with a�� additioxlal $IOO,fl00 requested <br />i�z lev}r at year ei�d 2fl07 <br />Nevv Taslts Caxnpleted Since Last T-�RA U�daCe: <br />-A��eal of yea� 2Q0? taxes, cteeided i�a Snetliug Avec�ue LLC's fauor (reciuci��g ptaperry tax payment oi-� <br />�ro�etty) <br />-Sustai��a�le �tii[ciii�g tean� asseml�led iz�cluding t11e Ui�iversity of Mii��lesota Center for Sustait�ab�e <br />Buildiz�g �eseare�z and che Green Iizstitute. The project teann has assemblec� a values seaeement far t�e <br />tlevelo�ment as well as �axiaritizet� "�€cec�" goals. The Gree�l Institute is actiz�g as co��suttant ta the projcct <br />with r�gards ra sustairlable materials, co��struction ai�ti per�ormat�cc. Tk�e Centex fot Sustainable Bt�ilding <br />�teseaicll is also assisti�i� vrith p�oject plannii�g anc� will �e monitoring iclstat�atio�� a�ac� perfor�ni��g testiitg <br />oibuilcli€�g systems functioi�i�ig whe�� cox�structioi� is cpanplete. Tl�e rec�evelopment of Har Mar <br />A�arti�les��s 'ts a�ilor project tlaat will be used lay the GSBR to inform orher multifamily afforc�able housi��g <br />