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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 Gr...
The Vision: From This 
Prospect North Gardens
District Systems 
To This 
Prospect North Gardens 
Residential and 
Office Mix Commercial & 
Infiltration 
Garden 
Office ...
The Numbers 
Prospect North Gardens 
PROSPECT NORTH GARDENS MINNEAPOLIS (2901 4th Street SE)- PRELIMINARY SOURCES AND USES...
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RV 2014: Public Finance Support + TOD Projects. What Works? by Beth Pfeifer

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Public Finance Support + TOD Projects: What Works?
What is the role of public finance in your TOD project? Does it support or complicate matters? Which comes first -- the financing or the project? How should public support be structured for the best value? Explore the role of public financing from many angles with people who have lived it. What works? What works even better? Hear how public sector financial support could be a valuable piece of your development process.
Moderator: James Arthur Jemison, Deputy Undersecretary, Commonwealth of Massachusetts, Boston, Massachusetts
Conal McNamara, Director of Community Development, City of Whittier, California
Eric Rothman, President, HR&A Advisors, Inc., New York, New York
Beth Pfeifer, Director of Development, The Cornerstone Group, Bloomington, Minnesota

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

  1. 1. Public Finance Support & TOD Projects: What Works? Prospect North Gardens
  2. 2. Site Context Prospect North Gardens
  3. 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. 4. The Vision: From This Prospect North Gardens
  5. 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. 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

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