Sources and Uses Schedule (As
of April 28, 2004)
pdf
version
|
|
Commercial (Office/Retail)
|
Rental Housing (Sherman)
|
For-Sale Housing (Sherman)
|
For-Sale Housing (PPL) |
Hennepin County Service Cntr.
|
Global Market |
Hotel |
Parking
Ramp |
Transit
Hub |
Total |
SOURCES
|
|
|
|
|
|
|
|
|
|
|
| |
Equity
& Tax Credits |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Developer
Equity (Cash) |
$8,910,062
|
$0
|
$0
|
$0
|
$0
|
$0
|
$6,440,600
|
$766,301
|
$0
|
$16,116,963 |
| |
|
Deferred
Developer Fee |
1,750,000
|
0
|
0
|
0
|
0
|
0
|
750,000
|
450,000
|
0
|
2,950,000 |
| |
|
Housing/Parking
Stall Sales |
0
|
0
|
18,400,000
|
10,320,000
|
0
|
0
|
0
|
0
|
0
|
28,720,000 |
| |
|
LIHTC
- 4% |
0
|
8,900,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
8,900,000 |
| |
|
Rehab.
(Historic) Tax Credits |
8,629,741
|
6,900,000
|
0
|
0
|
0
|
2,147,856
|
0
|
0
|
0
|
17,677,597 |
| |
|
New
Markets Tax Credits |
0
|
0
|
0
|
0
|
0
|
429,571
|
0
|
0
|
0
|
429,571 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total
Equity & Tax Credits |
$19,289,803 |
$15,800,000 |
$18,400,000 |
$10,320,000 |
$0 |
$2,577,427 |
$7,190,600 |
$1,216,301 |
$0 |
$74,794,131 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Long-Term
Debt |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Private
|
24,873,479
|
$0
|
$0
|
$0
|
$0
|
$3,064,000
|
$10,785,899
|
$2,838,037
|
$0
|
$41,561,415 |
| |
|
Housing
Revenue Bonds (a) |
0
|
10,265,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
10,265,000 |
| |
|
Tax
Increment (Notes, Bonds, HUD 108) |
8,800,000
|
3,035,000
|
1,465,000
|
0
|
0
|
0
|
0
|
9,213,971
|
0
|
22,513,971 |
| |
|
CPED
Parking Ramp Loan |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1,100,000
|
0
|
1,100,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total
Debt |
$33,673,479 |
$13,300,000 |
$1,465,000 |
$0 |
$0 |
$3,064,000 |
$10,785,899 |
$13,152,008 |
$0 |
$75,440,386 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Grants
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Federal
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Federal Home Loan
Bank |
$0
|
$330,000
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
$330,000 |
| |
|
|
EDI/EDA |
0
|
0
|
0
|
0
|
0
|
1,800,000
|
0
|
2,000,000
|
0
|
3,800,000 |
| |
|
|
OCS/USDA |
0
|
0
|
0
|
0
|
0
|
850,000
|
0
|
0
|
0
|
850,000 |
| |
|
State/Regional/County
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
State Bond Funds
|
0
|
0
|
0
|
0
|
1,645,095
|
0
|
0
|
720,000
|
0
|
2,365,095 |
| |
|
|
State Appropriated
Funds |
0
|
0
|
0
|
0
|
0
|
150,000
|
0
|
0
|
0
|
150,000 |
| |
|
|
DEED |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
433,000
|
0
|
433,000 |
| |
|
|
MHFA |
0
|
3,000,000
|
500,000
|
230,000
|
0
|
0
|
0
|
0
|
0
|
3,730,000 |
| |
|
|
Metropolitan Council/Transit
|
0
|
1,000,000
|
500,000
|
0
|
0
|
0
|
0
|
500,000
|
2,100,000
|
4,100,000 |
| |
|
|
Hennepin County
|
0
|
668,150
|
750,000
|
171,400
|
0
|
0
|
0
|
0
|
0
|
1,589,550 |
| |
|
|
Family Housing Fund
|
0
|
450,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
450,000 |
| |
|
City of Minneapolis |
|
|
|
|
|
|
|
|
|
|
| |
|
|
CPED (Afford. Housing
Trust Fund) |
0
|
3,750,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3,750,000 |
| |
|
|
Empowerment Zone
|
0
|
0
|
0
|
0
|
0
|
636,000
|
0
|
0
|
0
|
636,000 |
| |
|
|
NRP |
0
|
500,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
500,000 |
| |
|
Other |
|
|
|
|
|
|
|
|
|
|
| |
|
|
Foundations |
0
|
1,925,000
|
0
|
171,400
|
0
|
4,700,000
|
0
|
0
|
0
|
6,796,400 |
| |
|
|
REDI Loan/Tenant
Improvements |
0
|
0
|
0
|
0
|
0
|
1,000,000
|
0
|
0
|
0
|
1,000,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total
Grants |
$0 |
$11,623,150 |
$1,750,000 |
$572,800 |
$1,645,095 |
$9,136,000 |
$0 |
$3,653,000 |
$2,100,000 |
$30,480,045 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Sources |
$52,963,282 |
$40,723,150 |
$21,615,000 |
$10,892,800 |
$1,645,095 |
$14,777,427 |
$17,976,499 |
$18,021,309 |
$2,100,000 |
$180,714,562 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| USES |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Land
Acquisition |
$1,350,000
|
$0
|
$0
|
$0
|
$150,000
|
$200,000
|
$500,000
|
$0
|
$0
|
$2,200,000 |
| |
Construction
|
44,917,769
|
32,100,000
|
16,250,000
|
8,400,000
|
1,197,358
|
11,650,087
|
11,628,085
|
15,918,600
|
1,200,000
|
143,261,899 |
| |
Sitework
|
(incl
above) |
(incl
above) |
(incl
above) |
144,000
|
(incl
above) |
(incl
above) |
636,097
|
(incl
above) |
650,000
|
1,430,097 |
| |
Soft
Costs |
4,445,513
|
4,773,150
|
2,465,000
|
1,328,800
|
197,737
|
2,009,946
|
3,609,429
|
1,252,709
|
250,000
|
20,332,284 |
| |
Contingencies
|
500,000
|
650,000
|
600,000
|
420,000
|
50,000
|
417,394
|
852,888
|
400,000
|
0
|
3,890,282 |
| |
Developer
Fee |
1,750,000
|
3,200,000
|
2,300,000
|
600,000
|
50,000
|
500,000
|
750,000
|
450,000
|
0
|
9,600,000 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Uses |
$52,963,282 |
$40,723,150 |
$21,615,000 |
$10,892,800 |
$1,645,095 |
$14,777,427 |
$17,976,499 |
$18,021,309 |
$2,100,000 |
$180,714,562 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funding Surplus/(Gap)
|
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
| |
| (a)
It is currently estimated that $21.0M in housing revenue bonds
will be issued for the rental housing component ($13.3M long-term
& $7.7M short-term). |
|
|
|
|
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