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2006-10-17_Agenda
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2006-10-17_Agenda
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Commission/Committee
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Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
10/17/2006
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<br /> <br />Greg D. Johnson <br />gjohnson@krassmonroe.com <br />Direct 952.885.5994 <br /> <br />James R. Casserly <br />jcasserly@krassmonroe.com <br />Direct 952.885.1296 <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />To: Roseville Housing and Redevelopment Authority <br /> Attn: Cathy Bennett <br /> <br />From: Greg D. Johnson, CPA, Senior Public Finance Analyst <br /> James R. Casserly, Esq. <br /> <br />Date: October 3, 2006 <br /> <br />Re: Review of Pro Forma <br /> Our File No.11637-7 <br /> <br /> <br /> <br />We have reviewed the pro formas provided by CCHT for the Har Mar Apartments site <br />redevelopment. The current proposal is to rehab the existing apartment buildings and combine <br />some of the one bedroom units into two bedroom units. The completed rehabilitation will have <br />73 one bedroom and 30 two bedroom units. CCHT also proposes to build a new 50-unit <br />apartment building. Separate pro forma were provided for each development. <br /> <br />Rehab of Existing Apartment Buildings <br />CCHT is requesting financial assistance from the City of Roseville for rehabbing the <br />current buildings. Ultimately, the level of City assistance being requested is the <br />difference between total project expenses less what CCHT is able to raise from other <br />sources. There are $12.54 million in costs for acquisition, rehab construction, relocation, <br />developer fee, developer overhead, financing fees and other pre-development costs. <br />Currently identified revenue sources of $12.19 million include tax credits, first mortgage, <br />Ramsey County, MN Green Communities and corporations. The difference is the <br />$350,000 requested from the City/HRA. <br /> <br />The requested level of assistance could be decreased (or increased) based on a number <br />of factors we are currently reviewing. We are assuming an average market value of <br />72,900 for the 103 units. If the assessed value were lower, this would have the impact of <br />reducing real estate taxes. This leads to an increase in the net operating income of the <br />project and allows CCHT to obtain a higher first mortgage on the property. If all the <br />other funding sources came through at the level anticipated and property taxes were
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