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CR 96-64 Renaissance Prodject Housing BondMay 15, 1996 0 G Council Report 96 -64 O P N HOPKINS RENAISSANCE PROJECT HOUSING REVENUE BOND 41 Proposed Action Staff recommends adoption of the following motion: Approval of Resolution 96 -31. authorizing the issuance of multi - family revenue refunding bonds for the Hopkins Renaissance Project. su 'ject to the following conditions: o Approval and execution of administrative payment o Approval and execution of any agreements and documents determined necessary and appropriate by the City Attorney concerning maintenance and use of the City Community Center space With approval of this action, the applicant will proceed forward to complete the sale of the bond. The applicant will not be required to return to the City Council at a future date for action on this item. It is understood with this action that staff is authorized to execute any documents determined necessary regarding the Community Center. Overview Hopkins Renaissance Apartments, 14th and Mainstreet, is a 101 -unit, multi - family residential housing project, rented to persons and families of low income. Community Housing Development Corporation (CIIDC), a Minnesota nonprofit corporation, is requesting approval from the City for the issuance of tax exempt housing revenue bonds to finance the purchase of this project from the existing owner. The total amount of the issue is proposed to not exceed $5,600,000. The applicant, as part of the purchase, is proposing to establish a lease cooperative with the tenants of the project. Attached is a letter detailing a description of the cooperative and its benefits. A public hearing has been previously held as part of the overall review process on this matter, and the Council has given preliminary approval of the sale. Primary Issues to Consider o What is the purpose of this financing? o Does the project meet the requirements of the City policy regarding taxable/tax exempt financing? o How does the lease cooperative operate? o What are the implications to the City regarding payment of bonds? o Has legal counsel reviewed this matter? o What impact will this action have on the Community Center space? o Other issues. o What is the basis for the staff recommendation? Supporting Documents o Letters from Community Housing Development Corporation, dated February 6, 1996, April 2, 1996, and April 3, 1996 • o Resolution 96 -31 o Letters , . - Ehlers & Associates dated March 13, 1996, and May 15, 1996 D. Kerrigan, Diree(or Planning & Economic Development • Primary Issues to Consider Council Report 96 -64 - Page 2 o What is the purpose of this financing? Local units of government are authorized to issue tax exempt and taxable revenue bonds to facilitate projects that are felt will be beneficial to the community. For bonds that are tax exempt, the issue is able to secure a lower interest rate, therefore, making the project more "financially feasible." o Does the project meet the requirements of the City policy regarding taxable/tax exempt financing? The City adopted a policy regarding revenue bond financing in 1991. Approval criteria within this policy, for the most part, relate to new construction projects. At the time that the subject project was renovated into housing, there was financial assistance provided by the City, which would indicate it was felt that the project met certain housing goals and objectives important to the Council. Also, as noted above, presently this project does provide for the housing needs of low income families, and it is the intent of CHDC to own and operate the project for low and moderate income families for the life of the development. • How does the lease cooperative operate? The members of the cooperative association would be the tenants of the project. CHDC will enter into a master lease with the cooperative association to lease the entire project. The cooperative association will then lease the individual units to the residents. As a result of this structure, tenants will participate in establishing budgets, supervising maintenance and operation, selecting the management agent, setting house rules, and participating in tenant selection and eviction. o What are the implications to the City regarding payment of bonds? These bonds and all such bonds are hereby pledge of repayment strictly from the proposed project. The City is not liable to make any payments should there be a default. The City is acting only as a facilitator in this process. Publicorp/Ehlers has reviewed the financial feasibility of the project, based on the proposed sale. They have concluded that there will be sufficient cash flow to make required debt service payments. o Has legal counsel reviewed this matter? Stefanie Galey of Holmes & Galey, Ltd., is acting as bond counsel on this transaction and also representing the City interests on this matter. Jerre Miller has also reviewed the bond document. Council Report 96 -64 - Page 3 ilk What impact will this action have on the Community Center space? The transfer of ownership should have no impact as relates to this matter; however, the City Attorney is presently working with the applicant to determine if any other agreements or documents need to be in place to ensure this is the situation. Mr. Miler can update the Council on May 21 as relates to this matter. If there are any outstanding issues that still need to be addressed, the approval is subject to these being resolved. o Other issues. There are three items the Council needs to consider regarding this matter. • The City provided three loans of $50,000 each in 1979 and 1980 to help facilitate the conversion of the subject property to housing units. This $150,000 (along with simple interest of 5 percent) is due in 2010 or upon sale of the project by the present owner, National Housing Partnership. As the subject transaction would facilitate a sale, this loan would now be due and payable. With approval of the subject action, following closing on the new financing, the applicant would repay the entire $150,000 outstanding loan principal plus accrued interest (interest is approximately $150,000). • The total taxes payable in 1996 for the subject project for both the apartments and townhouses is $99,139. If the property is converted to a cooperative, the current tax rates of 3.4 percent on the land and 2.3 on the structures would be reduced to a total rate of 1 percent for both the land and structures (assuming all units are homesteaded). The total tax for a cooperative would drop to $41,110. This would amount to a tax loss per year for the City of Hopkins of $11,629, and a loss for the Hopkins School District of $28,360. The applicant is proposing to address the matter by paying the City an annual payment equal to the City's share of the difference between a Title II real estate classification and a homestead classification. Approval of an agreement for such payment is being recommended by staff as a condition for approval of the subject action. The loss to the School District under the proposed structure of property tax dollars would be made up to the District by the State, except for those tax dollars generated through an excess levy referendum. • The City presently owns and operates the activity center at the northwest comer of the subject property. This operation will not be affected by the change in ownership. The City Attorney's office has determined that all easements regarding parking and access are recorded against the property and, therefore, will remain in force with the transfer. • Council Report 96-64 - Page 4 0 What is the basis for the staff recommendation? • Staff feels that Community Housing Development Corporation is a good organization, and they will bring professional, local ownership to the subject property. Staff has researched the background of CHDC and feels they are a respectable firm in the area of providing subsidized housing. • There is the concern that if this project were sold on the open market, the Section 8 contract could be terminated. This would eliminate needed low income housing within the community. • With the present proposal, staff also feels that CHDC is adequately addressing the property tax and repayment of the outstanding City loan. • The lease cooperative structure will allow tenants to be more involved in the daily operation of this project. • The financing structure has been reviewed by Publicorp/Ehlers, as representatives of the City, and they have made a determination that there should be sufficient project revenue to pay bondholders. Alternatives The City Council has the following alternatives regarding this item: 1. Approve the actions recommended by staff. This will allow the applicant to proceed forward and prepare the necessary documents and complete the sale of the bonds. 2. Deny approval of the sale of the bonds. 3. Continue for additional information. If the Council wishes to undertake this alternative, there needs to be discussion with the applicant concerning the impact on the sale. Community Housing Development Corporation 408 Butler North 510 First Avenue North Minneapolis, Minnesota 55403 COMMUNITY HOUSING DEVELOPMENT CORPORATION OVERVIEW (612) 332 -6264 Community Housing Development Corporation (CHDC) is a non - profit corporation and is qualified as a tax- exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code. Community Housing Develonment Corporation is an official Community Housing Development Organization (CHODO) as authorized by the Cranston - Gonzales National Affordable Housing Act of 1990. It complies with the federal requirements and is eligible for Home Fund CHODO set asides. This means that CHDC involves low- and moderate - income tenants in its management and corporate decisions in a substantial manner. CHDC plans, develops, owns, and operates housing for low- and moderate - income persons. Since the 1960's it has been the public policy of the federal, state, and local levels of government to encourage the development of housing by non - profit housing development corporations. The primary way they have encouraged this participation is by providing financial assistance to be used to reduce the debt and operating costs of housing developments. These lower annual operating costs, combined with government regulation and restriction of cash flow, allow the savings to be passed on to low and moderate income tenants in the form of affordable rents. At the federal level, these programs are administered by the Department of Housing and Urban Development (HUD). In Minnesota, the programs are overseen by the Minnesota Housing Finance Agency (MHFA). Often local units of government, such as a housing and redevelopment authority, combine their resources with the federal and state programs to provide assistance to a project. The plan of the Board of Directors of CHDC is to initiate and carry out low- and moderate - income housing projects using these resources. Set forth below is information on CHDC: Equal Housing Opportunity 1 A. PROGRAMS The HOME Program The Cranston - Gonzales National Housing Act was passed by the U.S. Congress in the fall of 1990. Title II of this act that HUD is beginning to implement is the HOME Program. The federal government, under Title II, will provide housing block grants to state and local governments to provide housing with affordable rents primarily to households whose incomes are 60 percent or Less of the median income for the area in which they reside. Under this federal law, a substantial portion of these funds are set aside exclusively for non - profit corporations. CHDC has been structured to comply with the eligibility requirements for a non -profit corporation in accordance with regulations published by HUD. Low - Income Housing Tax Credits The Tax Reform Act of 1986 created a new program to provide financing for low- and moderate - income housing developments. This program is called Low- Income Housing Tax Credits. Under this program, an individual or corporation who invests in a low- and moderate - income housing development, receives a direct income tax credit in accordance with Internal Revenue Service regulations. CHDC will join with community based non - profit development corporations in limited partnerships to use these credits in the development of affordable housing. Neighborhood Revitalization Program The City of Minneapolis adopted the Neighborhood Revitalization Program (NRP) in 1989 and is in the process of implementing the program at this time. The NRP has extremely ambitious goals. The City of Minneapolis has concluded that it is going to completely rehabilitate the entire city over a twenty year period beginning this year. It has pledged close to a billion dollars in public and private financing for the effort. The way the program will work, is that neighborhoods within the city will be asked to prepare a plan to completely change and upgrade their area. All the various City agencies and departments will then be required to reprogram their financing and operations to comply with this plan. This will include police, fire, public schools, parks, housing, health services, employment, etc. City of Minneapolis officials believe there is a strong need for non - profit housing corporations to assist neighborhoods in these local housing programs They have asked CHDC to begin work with these neighborhoods to implement these efforts. 2 1 Acquisition and Preservation of Low- Income Housing There are a large number of existing low- income housing developments in Minnesota that were constructed in the 1970's and early 1980's with subsidy from HUD under the Section 8 Rental Assistance Program and with below market financing provided by MHFA. The continued existence of these developments as low - income projects has become threatened, because the existing owners, in many cases, want to sell the properties and /or discontinue the low- income subsidy. In most cases, this need for change is a consequence of the Federal Tax Reform Act of 1986 that changed the economic incentives for continued ownership. The U.S. Congress recognized the seriousness of this problem by including Title VI in the Cranston - Gonzales National Housing Act of 1990, which provides for a system to attempt to protect these low- and moderate - income projects and provide for their continued viability. Most of the solutions revolve around the purchase, refinancing, and rehabilitation of the property by a non - profit housing corporation. There are also Low- Income Tax Credit projects that require stabilization or restructuring. Several projects in the Minneapolis -St. Paul area have developed operating difficulties; either because they have experienced operating losses, or the original sponsor /owner wanted to transfer ownership. CHDC has been asked to pursue the long term ownership and management of a number of these projects. The Minneapolis Community Development Agency (MCDA), St. Paul Planning and Economic Development, MHFA, HUD, and the St. Paul /Minneapolis Family Housing Fund have created an organization called the Inter Agency Stabilization Committee to coordinate the stabilization work on these projects. CHDC will play a role in this effort through acquisition and management. 3 • B. HOUSING DEVELOPMENT WORKLOAD Prairie Meadows Eden Prairie, Minnesota - Section 8 Family Housing Unity Place Brooklyn Center, Minnesota - Section 8 Family Housing Olson Townhomes Minneapolis, Minnesota - Section 8 Family Housing Glenwood Project Minneapolis, Minnesota Low - Income Tax Credit Housing for Chronic Alcoholics LaSalle Commons Minneapolis, Minnesota - Low- Income Tax Credit Single Room Occupancy (SRO) E Flats Minneapolis, Minnesota - Low- Income Tax Credit Family Housing Zinsmaster Apartments Minneapolis, Minnesota Low- Income Tax Credit Family Housing Willows Apartments Little Falls, Minnesota - Farmers Home Administration General Occupancy Alden Apartments Minneapolis, Minnesota Low- Income General Occupancy 168 Dwelling Units 112 Dwelling Units 92 Dwelling Units 80 Dwelling Units 64 Dwelling Units 20 Dwelling Units 36 Dwelling Units 28 Dwelling Units 68 Dwelling Units • Hamline Park Townhomes St. Paul, Minnesota Low Income Tax Credit Family Housing 24 Dwelling Units Greenbrier Glen St. Paul, Minnesota Low Income Tax Credit Family Housing 16 Dwelling Units Garden Court Apartments St. Paul, Minnesota Low Income Tax Credit Family Housing 18 Dwelling Units Total 726 Dwelling Units 5 1 • CHDC BOARD OF DIRECTORS CHDC is governed by a board of directors. Each of the six directors serves a three year term and is appointed by the existing board directors. Richard Jefferson, President 1314 Washburn Avenue North Minneapolis, Minnesota 55411 Mr. Jefferson is a member of the Minnesota House of Representatives representing District 58B and has been a member since 1986. Mr. Jefferson serves on the Legislative Commission of Children, Youth, and Their Families. This Commission has emphasized the provision of affordable housing in its review. Mr. Jefferson served as Chair of the Health and Human Services Subcommittee on Social and Family Services, and as Vice Chair of the Government Operations Committee. Mr. Jefferson is a graduate of Xavier University in New Orleans. As a chemist, he worked for over 30 years with the U.S. Bureau of Mines. Upon retirement in 1986, he was a Supervisor of Research Services, Twin Cities Research Center, U.S. Bureau of Mines. Mr. Jefferson is a Board Member of Catholic Charities and the Northside Child Development Center. He has served on the Board of Directors of the Phyllis Wheatly Community Center, and as Chair of Ascension Catholic School Board. Mr. Jefferson was a Commissioner of the Minneapolis Housing and Redevelopment Authority and its successor agency, the Minneapolis Community Development Agency from 1974 to 1986. He served as Chair from 1975 to 1981. Mr. Jefferson also served on the Board of Directors and Executive Committee of Greater Minneapolis Metropolitan Housing Corporation. Kent Robbins, Vice President 222 East Sixth Avenue Shakopee, Minnesota 55379 Mr. Robbins leads the administrative staff of the Minneapolis City Council. He authored the 1987 Housing and Tax Reform Advisory Committee's report to the Minneapolis City Council regarding the impact of the 1986 Tax Reform Act on Minneapolis housing. In 1989, Mr. Robbins chaired a special task force which made recommendations concerning national housing and tax policy. Mr. Robbins has served on numerous committees and task forces charged with development and implementation of the Minneapolis Neighborhood Revitalization Program. • • Mr. Robbins has also been Director of Housing Development for Whittier Alliance, a non -profit neighborhood associatidti and development corporation. He has served for 15 years as a member of the Hennepin County Capital Budgeting Task Force. He has provided consultant and financial services to the Community Development Corporation for the Archdiocese of St. Paul and Minneapolis, and for Seward West Redesign, Inc., a neighborhood non - profit development corporation. Mr. Robbins has also served as Vice President of the Episcopal Corporation for the Elderly and Chairperson of Common Space Mutual Housing Association. Currently, Mr. Robbins serves on the Becketwood Housing Cooperative Board of Directors, is a member of the Seward Project Review Committee, and serves on the Seward Towers Corporation Board. He represents the Minneapolis City Council on the Metropolitan Council's Regional Housing Task Force, Minneapolis Common Project Policy Committee, the Downtown Marketing Committee, and the Neighborhood Revitalization Implementation Committee. Carolyn Olson, Vice President /Secretary- Treasurer 604 Third Avenue N.E. Minneapolis, Minnesota 55413 Carolyn Olson is President of the Greater Minneapolis Metropolitan Housing Corporation. Ms. Olson's professional experience began with the Minneapolis Chamber of Commerce where she held various duties including arranging trade missions to the Soviet Union, Norway, and the People's Republic of China. She was also a member of the Minneapolis Business Community team that was instrumental in the construction of the Hubert H. Humphrey Metrodome. Ms. Olson was a staff person and corporate officer of Industry Square Development Corporation, a corporation created by the Minneapolis business community to redevelop a Large area adjacent to downtown Minneapolis. Since 1981 Ms. Olson has been employed at Greater Minneapolis Metropolitan Housing Corporation and was named its President effective January 1, 1992. GMMHC is a non- profit corporation created by a number of large Minneapolis corporations in 1970 to assist community -based efforts to house low- and moderate - income persons. Since that time, GMMHC has assisted 109 non - profit organizations that have developed over 10,100 low- and moderate- income dwelling units with a value of approximately $433 million dollars. At various times Ms. Olson has served on the boards of directors of 33 non -profit corporations in the Minneapolis area. • Richard Brustad, Vice President 1123 St. Paul Avenue St. Paul, Minnesota 55116 Mr. Brustad is the President of Brighton Development Corporation. He is a graduate of the University of Minnesota in Economics and Local Government. Mr. Brustad was formerly employed by the Chicago Regional Office of the Department of Housing and Urban Development. He has served as the Assistant Executive Director of the Greater Minneapolis Housing Corporation, which is a non - profit corporation established by the Minneapolis business community for low- and moderate - income housing. Mr. Brustad was the Executive Director of the Minneapolis Housing and Redevelopment Authority. In that capacity he was responsible for the management of approximately 8,000 public housing units, the City's neighborhood revitalization and urban renewal programs, and the City's economic development program. Mr. Brustad is currently Chair of the Minneapolis Public Housing Authority. Dianna Nelson 11345 Westwind Drive Eden Prairie, Minnesota 55344 Dianna Nelson is Board Member /Treasurer of the Prairie Meadows Cooperative Association. Ms. Nelson was a charter member of the Prairie Meadows Interim Board and has been elected twice to the Prairie Meadows Cooperative Association Board. Ms. Nelson is Chair of the Neighborhood Outreach, Windslope. This is an association of Prairie Meadows residents that has developed empowerment programs through education and crime prevention. Ms. Nelson is a parent of two young children and is a student. Community flp Housing Development Corporation 408 Butler North 510 First Avenue North Community Housing Development Corporation has projects: PRAIRIE MEADOWS 11345 Westwind Drive Eden Prairie, Minnesota 55344 Section 8 Project Based Family Housing Acquired 1991 $6,320,000 Mortgage, Norwest Bank, Trustee (612) 332 -6264 Minneapolis, Minnesota 55403 an ownership interest in the following The project is a 168 unit multi - family housing project which is rented to low- income families. The project is located on approximately 10.9 acres of land located in Eden Prairie, Minnesota. Eden Prairie is a third -ring suburb of Minneapolis, Minnesota and has approximately 35,500 residents. Eden Prairie is located approximately 15 miles southwest of downtown Minneapolis. The project is located in a 120 acre planned development that is commonly known as "The Preserve ". The Preserve encompasses a wide range of middle and upper - middle income single family homes, townhouses, and condominiums. The residential areas of The Preserve, including the project, have access to community facilities such as tennis courts, swimming pools, golf courses, horseback riding, lakes, and a wildlife preserve. The project is located approximately one -half mile west of Hennepin County Road 18, a major arterial highway, which provides easy access to the Minneapolis /St. Paul metropolitan area freeway system. The project consists of 28 three -story residential townhouse buildings, which were constructed in 1978. The buildings are of wood frame construction with stucco and prefinished hardboard siding exteriors. Heat is provided to the buildings by a natural gas /hot water system. The owner is responsible for ongoing maintenance, repair, and replacement of the project. The buildings comprising the project vary in size and each contain six units. The total aggregate square footage of the project buildings is approximately 131,410 square feet, with approximately 1,500 square feet of common area. Equal Housing Opportunity 1 Unit Type Number of Units One Bedroom 11 Two Bedroom 136 Three Bedroom 21 Each unit is provided with a separate detached garage. There are also 168 uncovered parking spaces on the project site Eight units are designed for rental by handicapped persons, consisting of 7 two bedroom units and 1 three bedroom unit. Amenities include a community room, laundry facilities, on -site management office and playground facilities. The project is operated as a leased cooperative under Minnesota law. The MHFA administers the Section 8 Housing Assistance Payments Contract (HAP Contract) in accordance with an Annual Contribution Contract (ACC) with HUD. UNITY PLACE 5446 Ponds Drive Brooklyn Center, Minnesota Section 8 Project Based Family Housing Acquired 1993 $5,330,000 Mortgage, Norwest Bank, Trustee The project is located on approximately 17.44 acres of land located in Brooklyn Center, Minnesota, at the southeast corner of 73rd Avenue North and Toledo Avenue North. Brooklyn Boulevard, which is three blocks east of Toledo Avenue, is one of the primary north -south thoroughfares through Brooklyn Center. Some of the best shopping, recreational, and employment facilities in the northern Twin Cities are located along or near this major axis route. The project consists of 112 townhomes. The low density, approximately 6.42 units per acre, provides spacious open areas, ample parking, and room enough for four playgrounds. There is also extensive landscaping with a pond. The 112 townhomes are contained in 11 separate structures, and each individual townhome has its own private outside entrance and front yard area. There are 61 two bedroom townhome units; five of which are designed to meet handicapped accessibility requirements, with approximately 900 square feet of space per unit. There are also 51 three bedroom townhome units with approximately 1,050 square feet of space per unit. The living areas are on the ground floor, and the bedrooms are on the second floor. All units have a full bath including tub and shower, except for the five handicapped units, which have wheelchair showers. In addition to the full bath, the three bedroom units have a half bath on the main floor. 2 • Each townhome unit within the project is equipped with a gas - fired, forced -air furnace and central air conditioning. Other amenitites include a gas range (electric in handicapped units), range hood, two door refrigerator, garbage disposal, drapery rods, and carpeting throughout, except for vinyl flooring in the kitchen, bathroom, and entryway. Unit Type Number of Units Two Bedroom Three Bedroom 61 51 The project has 32 enclosed parking stalls, in which two garages are maintained for maintenance and storage. In addition, there are 190 open parking spaces providing ample parking for residents and their guests. The garages, which are individually partitioned with separate doors, also provide additional secure tenant storage space. The project has nine partitioned structures for trash removal containers located throughout the complex. Adjacent to the office, which is in the center of the development, is a complete laundry facility. The project is operated as a leased cooperative under Minnesota law. The MHFA administers the Section 8 HAP Contracts in accordance with an ACC with HUD. • OLSON TOWNHOMES 501 Girard Terrace Minneapolis, Minnesota Section 8 Project Based Family Housing Acquired 1993 $3,780,000 Mortgage, Norwest Bank, Trustee The project is a 92 unit multi - family housing project which is rented to low income families. The project is located on approximately 3.5 acres of land in the Harrison Neighborhood of Minneapolis, Minnesota. The project consists of six residential, two -story with basement townhouse buildings and one community building, which were constructed in December of 1979. The project buildings are of wood frame and concrete block construction with partial brick exteriors. Heat is provided to the buildings by a natural gas /forced air system in each unit. The owner is responsible for ongoing maintenance, repair, and replacement of the project. • • Five of the buildings comprising the project each contain 16 units, while the remaining building contains 12 units. The total aggregate gross square footage of the project buildings is approximately 123,502 square feet, with approximately 2,000 square feet consisting of common area. Unit Type Number of Units One Bedroom Townhouse 2 Two Bedroom Townhouse 77 Three Bedroom Townhouse 13 There are 112 uncovered parking spaces on the project site. Amenities include a community room, laundry facilities, on -site management office, and playground facilities. The project is operated as a leased cooperative under Minnesota law. The MHFA administers the Section 8 HAP Contracts in accordance with an ACC with HUD. LA SALLE COMMONS 1517 LaSalle Avenue Minneapolis, Minnesota Low- Income Housing Tax Credit Housing for Very Low - Income Single Residents Developed in 1988 $2,472,900 Mortgage This is a 64 unit rehabilitation project located in the Loring Neighborhood in the downtown Minneapolis, Minnesota area. The project was developed to house very low- income individuals, some that have been homeless, CHDC became involved in this project in 1992 to replace a neighborhood based non - profit. E FLATS 2612 -16 Third Avenue South 315 -319 West 25th Street Minneapolis, Minnesota Low- Income Housing Tax Credit Family Housing Developed in 1993 $1,067,587 Mortgage This is a 20 unit family housing project located in the Whittier Neighborhood of Minneapolis, Minnesota. The project consists of two and three bedroom units in older rehabilitated buildings. • The project is operated as a leased cooperative under Minnesota law. GLENWOOD PROJECT 173 Glenwood Avenue Minneapolis, Minnesota SRO Housing for Chronic Alcoholics Developed in 1994 -1995 $3,913,874 Total Project Cost Operated by Catholic Charities, Inc. The project is the rehabilitation of a building located at 173 Glenwood Avenue in Minneapolis to house 80 persons who are chronic alcoholics. The project site is located on the southeast corner of Glenwood and Lyndale Avenues North. It is a four story, 43,000 square foot building on 1.22 acres of land. The property is bounded by Lyndale Avenue and Interstate 94 on the west, Glenwood Avenue on the north, Burlington Northern Railway right -of -way on the south, and a Minneapolis Public Works parking lot on the east. The site is approximately one block south of the Minneapolis Farmer's Market. The project is an SRO facility with shared baths and a community kitchen to provide three meals a day to the tenants Catholic Charities, Inc. will be the property and program manager with a funding commitment from Hennepin County for the operating subsidy. A wet /dry house provides permanent housing for chronic alcoholics who are unable to maintain continuous sobriety. Residents occupy single rooms and are provided meals. No drinking is allowed on site. Sobriety is encouraged and referrals to treatment programs are made when requested by residents. Because the residents will have virtually no income, the Capital Costs are provided by a number of agencies as follows: • • Minnesota Housing Finance Agency Hennepin County City of Minneapolis Federal Home Loan Bank Board The Family Housing Fund of St. Paul /Minneapolis Norwest Bank First Bank Minneapolis Community Development Agency Twin City Federal ZINSMASTER APARTMENTS 2900 -2916 Park Avenue Minneapolis, Minnesota Low- Income Housing Tax Credit Housing for Low- and Moderate - Income Families Constructed in 1987 -1988 Acquired by CHDC in 1994 $698,420 Mortgage, Minnesota Housing Finance Agency The project is a 36 unit multi - family project which is rented to low income families. Unit Type Number of Units One Bedroom 5 Two Bedroom 18 Three Bedroom 13 The units in this project are located in the old Zinsmaster Bakery Building that was rehabilitated for housing reuse in 1987. This project deteriorated over the last several years due to management and operating problems. In April of 1994 the MHFA began foreclosure proceedings against the property. A workout arrangement with MHFA and Boston Capital, the limited partner, permitted CHDC to become the new managing General Partner. The Zinsmaster Apartments will be operated as a leased cooperative under Minnesota law with an emphasis on the housing of larger low income families. This development was well designed to house large families. There are two outdoor play areas for children. There is also a large recreation/community room on the premises. WILLOWS APARTMENTS 201 -301 11th Street N.E. Little Falls, Minnesota Low- Income Farmers Home Administration Housing for Low - Income Families and Elderly Constructed in 1972 Acquired by CHDC in 1995 $680,600 Low Interest Loan, Farmers Home Administration This project is a 28 unit multi - family project which is rented to low- income households. Unit Type One Bedroom Two Bedroom Number of Units 26 2 CHDC was invited to participate in this project by the Legal Aid Society of Minnesota on behalf of the residents of The Willows. In 1992 the Legal Aid Society commenced a lawsuit in federal district court in Duluth to prevent the previous property owner and the federal government (Farmers Home Administration) from converting the development to market rate occupancy. The Legal Aid Society lawsuit was successful and a condition of the federal court ruling was that the development be sold to a Section 501(c)(3) non - profit corporation and remain as a low - income housing resource. When approached by the Legal Aid Society of Minnesota, the CHDC Board of Directors agreed to purchase and operate the housing development. To further complicate the long acquisition process, CHDC was forced to sue in Minnesota district court in St. Cloud to enforce the terms of the purchase agreement with the previous owner. The project is located on the east side of Little Falls close to shopping, a clinic, and other services. It is a series of one story buildings with adjacent off - street parking. CHDC has established a close relationship with the residents of The Willows. As part of the court settlement, the project received two FmHA grants of $10,000 and $140,000 to work with residents on substantial rehabilitation of The Willows development. JOHN ALDEN APARTMENTS 1205 Hawthorne Avenue Minneapolis, Minnesota Low- Income General Occupancy, Tax Increment Funding Constructed in 1929. Rehabilitated in 1986. CHDC became the Substitute Managing General Partner in 1995 $2,970,000 Mortgage, City of Minneapolis Common Bond Fund The development is a three -story, 68 unit multi - family project for low - income general occupancy. It also contains 8,900 square feet of commercial space. Unit Type Number of Units Efficiency 14 Studio 38 One Bedroom 16 The project is part of the larger Laurel Village development located on the southern boundary of downtown Minneapolis. The previous owner defaulted on the mortgage in 1994, and the MCDA recommended that CHDC become the substitute General Partner under restructured financing. Occupancy is limited to 50 percent of median income. To assure the rents at affordable levels, the MCDA will provide Tax Increment Funds from the Laurel Village Tax Increment District through the year 2016. HAMLINE PARK APARTMENTS 1525 Charles Avenue St. Paul, Minnesota GREENBRIER GLEN 931 Birmingham Street St. Paul, Minnesota GARDEN COURT APARTMENTS 420 East Magnolia St. Paul, Minnesota Low Income Housing Tax Credit Housing for Low and Moderate Income Families Constructed in 1989, 1990 8 Acquired by CHDC in 1995 A total of $1,117,529 in mortgages, Minnesota Housing Finance Agency CHDC will operate these three developments as one property for purposes of management and the leased cooperatives. The developments contain the following: Unit Type Number of Units Two Bedroom 25 Three Bedroom 31 Four Bedroom 2 The owner of these three properties defaulted on their mortgage with MHFA in early 1995, citing its inability to oprate on a break -even basis. First Bank Minneapolis, representing the limited partner; and the Minnesota Housing Finance Agency then requested that CHDC become the substitute general partner under a work -out arrangement to avoid a foreclosure. The three developments will be operated by a federation cooperative under the Minnesota Leased Cooperative law. Each development will select representatives to serve on the federation board. The developments are well designed to serve low and moderate income families and this action • by CHDC preserves an important family housing resource. 9 Community Housing Development Corporation 408 Butler North 510 First Avenue North April 2, 1996 Mr. James Kerrigan Director of Planning and Development City of Hopkins 1010 South First Street Hopkins, Minnesota 55343 Re: Hopkins Renaissance Dear Mr. Kerrigan: Enclosed with this letter is a list of the properties owned by Community Housing Development Corporation. Also enclosed is a recent copy of a CHDC brochure. Sincerely, COMMUNITY_ HOUSING n DEEVELOPMENT CORPORATION Richard Brustad RB:Ib Enclosures Equal Housing Opportunity (612) 332 -6264 Minneapolis, Minnesota 55403 co cm o V 0 I co cm o V 0 Community • Housing Development Corporation 408 Butler North 510 First Avenue North Minneapolis, Minnesota 55403 April 3, 1996 Ms. Susan Newville Hopkins Activity Center 33 14th Avenue North Hopkins, Minnesota 55343 Dear Ms. Newville: I'm sending you the enclosed background information on Community Housing Development Corporation (CHDC) in advance of our meeting on Thursday. CHDC will be the new owner • of Hopkins Renaissance in place of NHP. However, there will be no change in the program for the housing, and NHP Management will continue to operate the facility. Chris Janning and her employees will remain as the on -site management team. I will be the owner's representative that you can always call if something comes up. My work number is 332- 6264, and my home number is 698 -7961. We want to emphasize that we see the value of your work at the Hopkins Activity Center. We have reviewed the Agreement and the Indenture that govern the relationship between Hopkins Renaissance and the Hopkins Activity Center. We would like to continue to operate under these agreements in exactly the same way as NHP has in the past. So unless there is something the City of Hopkins would like to change, we should continue on in exactly the same way. Sincerely, COMMUNITY HOUSING DEVELOPMENT CORPORATION -�- �- e`t..o Richard Brustad RB:lb Enclosure (612) 332 -6264 • Community Housing Development Corporation • 408 Butler North 510 First Avenue North Minneapolis, Minnesota 55403 April 2, 1996 Mr. James Kerrigan Director of Planning and Development City of Hopkins 1010 South First Street Hopkins, Minnesota 55343 Re: Hopkins Renaissance Project Dear Mr. Kerrigan: Listed below are bank and business references for Community Housing Development Corporation: Equal Housing Oppmanily Mr. Arlen Nissen Vice President, Commercial Real Estate Norwest Bank 425 East Hennepin Minneapolis, Minnesota 55414 (612) 667 -1333 Mr. Demme Welle Vice President First Bank 2383 University Avenue Saint Paul, Minnesota 55114 (612) 647 -3579 Ms. Kate Barr Senior Vice President Riverside Bank 800 LaSalle Avenue South Minneapolis, Minnesota 55402 (612) 349 -5102 (612) 332.6264 Mr. James Kerrigan April 2, 1996 Page Two Mr. Robert Odman Director, Multi - Family Minnesota Housing Finance Agency 400 Sibley Street Suite 300 Saint Paul, Minnesota 55101 (612) 296 -7608 Ms. A.L. Reichow Branch Manager Commonwealth Land Title Insurance Company 255 Park Square Court 400 Sibley Street Saint Paul, Minnesota 55101 Sincerely, • COMMUNITY HOUSING DEVELOPMENT CORPORATION 1 l Richard Brustad RB:Ib D:\HPK100 \004\RES \SGAUTH.DOC CITY OF HOPKINS Hennepin County, Minnesota RESOLUTION NO. 96 -31 AUTHORIZING THE FINANCING OF A HOUSING PROGRAM UNDER MINNESOTA STATUTES, CHAPTER 462C, AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS (HOPKINS RENAISSANCE PROJECT), SERIES 1996, IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $5,600,000 TO FINANCE THE PROGRAM, APPROVING AND AUTHORIZING THE EXECUTION OF VARIOUS DOCUMENTS IN CONNECTION THEREWITH. WHEREAS, pursuant to the Minnesota Municipal Housing Act, Minnesota Statutes Chapter 462C (the "Act ") a city is authorized to carry out programs for the financing of multifamily housing for persons of low and moderate income, and to authorize its housing and redevelopment authority to act on its behalf; and WHEREAS, by Resolution No. 96 -22, adopted on March 19, 1996, the City has adopted a multifamily mortgage program (the "Program ") as described herein pursuant to the Act and resolutions of the City to provide a means of financing the cost of rental housing development that will provide decent, safe and sanitary housing for low and moderate income residents of the City of Hopkins at rents they can afford, which constitutes a valid public purposes for the issuance of revenue bonds under the Act; and WHEREAS, the Program is to be financed from the proceeds of Multifamily Housing Revenue Bonds (Hopkins Renaissance Project), Series 1996 in the aggregate principal amount not to exceed $5,600,000 (the "Bonds "), to be issued by the City, and the revenues from the Project (as defined below) shall be pledged for the security of and payment for the Bonds (except as may be otherwise set forth in the Indenture hereinafter referred to); and WHEREAS, the Bond proceeds will be used by City to provide for funding of a loan (the "Loan") to Community Housing Development Corporation, a Minnesota nonprofit corporation (the "Owner "), to finance the acquisition and rehabilitation of a 101 -unit multifamily rental housing development (the "Project "); and WHEREAS, the Bonds will be issued under a Loan Agreement and Indenture of Trust (the "Indenture "), and will be secured by a pledge and assignment of the revenues of the Project, including the housing assistance payments to be derived from the Housing Assistance Payments Contract (the "HAP Contract ") between Minnesota Housing Finance Agency ( "MHFA ") and the Owner, all in accordance with the terms of the Indenture, and said Bonds and the interest on said Bonds shall be payable solely from the revenue pledged therefor and the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation nor give rise to a pecuniary liability of the City or a charge against its general credit or assets and shall not constitute a charge, lien, or encumbrance, legal or equitable, upon any property of the City other than the - City's interest in said Project; and 1 AUTHORIZING RESIDUUM, WHEREAS, forms of the following documents (including the exhibits referred to therein) have been submitted to the City: a. The Indenture to be made and entered into among the City, the Owner and Norwest Bank Minnesota, National Association, as trustee (the "Trustee "), providing for the issuance of the Bonds, prescribing the form thereof, pledging the trust estate described therein for the security of the Bonds, and setting forth proposed recitals, covenants and agreements by the parties with respect thereto; b. The Regulatory Agreement to be executed by the City and the Owner, setting forth certain covenants of the Owner; c. A Bond Purchase Agreement, to be dated as of the date of execution thereof (the "Bond Purchase Agreement "), by and among the City, the Owner and Norwest Investment Services, Inc. (the "Underwriter ") providing for the purchase of the Bonds by the Underwriter; d. A Combination Mortgage, Security Agreement and Fixture Financing Statement from the Owner to the City and assigned to the Trustee; e. An Assignment of HAP Contract, from the Owner to the Trustee and approved by MHFA and the United States Department of Housing and Urban Development, and f. A Preliminary Official Statement (the "Preliminary Official Statement "); and The agreements described and referred to in paragraphs a through e above, shall hereinafter sometimes be referred to collectively as the "Agreements." NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HOPKINS: 1. That it is hereby found, determined and declared that: a. The preservation of the quality of life in the City is dependent upon the maintenance, provision, and preservation of an adequate housing stock which is affordable to persons and families of low or moderate income, that accomplishing this is a public purpose, and that many would -be providers of housing units in the City are either unable to afford mortgage credit at present market rates of interest or are unable to obtain mortgage credit because the mortgage credit market is severely restricted; b. The development and implementation of the Program, and the issuance and sale of the Bonds by the City, and the execution and delivery of the Agreements and the performance of all covenants and agreements of the City contained therein and of all other acts and things required under the Constitution and Laws of the State of Minnesota to make the Agreement D:UHPKI00 \004\RES \SGAUTH.DOC 2 AUTHORIZING RESOLUTION and the Bonds valid and binding obligations of the City in accordance with their terms, are authorized by the Act; 1 D:\HPK I00 \004\RES\SGAUTH.DOC c. The implementation of the Program for the purposes and in the manner contemplated by the Agreements conforms or will conform to all pertinent statutes, regulations and ordinances of the State of Minnesota, and the City; d. It is desirable that the Bonds in the principal amount not to exceed $5,600,000 be issued by the City, on the terms set forth in the Indenture and the Bond Purchase Agreement; e. The payments required or provided for by the Agreements are intended to produce income and revenues sufficient to provide for the payment when due of principal of, and interest on all Bonds issued under the Indenture, and payments are required to be made for such expenses of, among other things, administration of the Program, as will be necessary to protect the interests of the City and the Trustee; and f. Pursuant to the provisions of the Act, and as provided in the Agreements, the Bonds shall be retired solely from the revenues of the Project, and a separate sinking fund shall be established for the accounting of the revenues and retirement of the Bonds. 2. That the Agreements in substantially the forms submitted to the City at this meeting, are hereby approved. Such of the documents as require the execution of the City are hereby authorized and directed to be executed or accepted, as the case may be, and delivered in the name and on behalf of the City by its Mayor and City Manager upon execution thereof by the parties thereto as appropriate and upon satisfaction of the following conditions: (i) execution by the Owner of an Additional Payment Agreement acceptable to the City, and (ii) receipt by the City of such assurances and agreements as the City Attorney deems necessary or desirable from the Owner and others, concerning maintenance and use of the Community Center and shared facilities. The Bonds and the Agreements shall be executed and delivered as provided therein. Copies of all the documents necessary for the consummation of the transactions described herein and in the Agreements shall be delivered, filed and recorded as provided herein and in the Agreements. 3. That the form and terms of the Agreements may be varied prior to execution and delivery by the parties thereto, provided that any such variance shall not be, in the opinion of the City's legal counsel and the Mayor, materially adverse to the interests of the City. The execution arid delivery of the Agreements as provided above shall be conclusive evidence of the determination that any such variance was not materially adverse to the interests of the City. 4. That in anticipation of the collection of revenues of the Project, there shall be - issued forthwith the Bonds, in the principal amount not to exceed $5,600,0 3 AUTHORIZING RESOLUTION 5. That all actions of the members, employees and staff of the City heretofore taken in furtherance of the Program are hereby approved, ratified and confirmed. 6. That the sale of said Bonds to the Original Purchaser to be determined is hereby approved, and the Bonds are hereby directed to be sold to the Underwriter, upon the terms and conditions set forth in the Bond Purchase Agreement. The Mayor and City Manager of the City are hereby authorized and directed to prepare and execute by manual or facsimile signature the Bonds as described in the Indenture and to deliver them to the Trustee (which is herein designated as the authenticating agent under Minnesota Statutes, Section 475.55) for authentication and delivery to the Original Purchaser, together with a certified copy of this resolution, and the other documents required by the Indenture. 7. That the Mayor, City Manager and other officers of the City are authorized and directed to prepare and furnish when the Bonds are issued, certified copies of all proceedings and records of the City relating to the Bonds and such other affidavits and certificates (including but not limited to those required by bond counsel) as may be required to show the facts relating to the legality, tax exemption and marketability of the Bonds as such facts appear from the books and records in said officers custody and control or as otherwise known to them; and all such certified copies, certificates and affidavits, including any heretofore furnished, shall constitute representations of the City as to the truth of all statements made by the City and contained therein. The Mayor, City Manager and said officers are further authorized to execute such additional documents as shall be determined by the Mayor to be necessary and desirable to provide for the issuance of the Bonds. 8. That the Mayor, City Manager and other officers of the Issuer consent to the distribution of the Preliminary Official Statement relating to the Bonds, substantially in the form on file with the Issuer. The Mayor, City Manager and said officers further consent to the use by the Underwriter in connection with the sale of the Bonds of a final Official Statement, substantially in the form of the Preliminary Official Statement described above. The Preliminary Official Statement and the Official Statement are the sole materials consented to by the Mayor, City Manager and said officers for use in connection with the offer and sale of the Bonds. The Mayor, City Manager and said officers have not D:\IWK100 \004\RES \SGAUTH.DOC which issuance is approved, substantially in the forms and upon the terms set forth in the Indenture, the terms of which are for this purpose incorporated in this resolution and made a part hereof as if fully set forth herein. The Bonds shall be dated as of the date and shall mature on the dates (subject to redemption on such earlier dates as provided in the Indenture), bear interest and be payable at the rates, all determined as set forth in the Indenture, provided that such rates shall result in an average coupon not greater than 6.5 %. The City may at its option issue additional bonds at a later date to be used to pay or reimburse costs of the Project not paid from the proceeds of the Bonds, in a principal amount not to exceed the amount set forth in the Program. 4 AUTHORIZING RESOLUTION • participated in the preparation thereof, has not made any independent investigation of the information contained therein and shall have no liability in connection with the contents of or use of such offering materials. 9. That all covenants, stipulations, obligations and agreements of the City contained in this resolution and the aforementioned documents shall be deemed to be the covenants, stipulations, obligations and agreements of the City to the full extent authorized or permitted by law, and all such covenants, stipulations, obligations and agreements shall be binding upon the City. Except as otherwise provided in this resolution, all rights, powers and privileges conferred and duties and liabilities imposed upon the City by the provisions of this resolution or of the aforementioned documents shall be exercised or performed by the City or by such members of the City, or such officers, board, body or agency thereof as may be required or authorized by law to exercise such powers and to perform such duties. No covenant, stipulation, obligation or agreement herein contained or contained in the aforementioned documents shall be deemed to be a covenant, stipulation, obligation or agreement of any member of the City, or any officer, agent or employee of the City in that person's individual capacity, and neither the City Council nor any officer or employee executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. No provision, covenant or agreement contained in the aforementioned documents, the Bonds or in any other document related to the Bonds, and no obligation therein or herein imposed upon the City or the breach thereof, shall constitute or give rise to any pecuniary liability of the City or any charge upon its general credit or taxing powers. In making the agreements, provisions, covenants and representations set forth in such documents, the City has not obligated itself to pay or remit any funds or revenues, other than funds and revenues derived from the Project or the proceeds of the Bonds which are to be applied to the payment of the Bonds, as provided therein and in the Indenture. The Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property or funds of the City except that revenue and proceeds pledged to the payment thereof, nor shall the City be subject to any liability thereon. The Holders of the Bonds shall never have the right to compel any exercise of the taxing power of the City to pay the outstanding principal on the Bonds or the interest thereon, or to enforce payment hereon against any property of the City. The Bonds shall recite in substance that the Bonds, including the interest thereon, are payable solely from the revenues and proceeds pledged to the payment thereof. The Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation. 10. That except as herein otherwise expressly provided, nothing in this resolution or in the aforementioned documents expressed or implied, is intended or shall be construed to confer upon any person or firm or corporation, other than the City or any holder of the Bonds issued under the provisions of this resolution, any right, D:\HPK I00 \004\RE S \SGAUTH. DOC 5 AUTHORIZING RESOLUTION ATTEST: 11. That in case any one or more of the provisions of this resolution, or of the aforementioned documents, or of the Bonds issued hereunder shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this resolution, or of the aforementioned documents, or of the Bonds, but this resolution, the aforementioned documents, and the Bonds shall be construed and endorsed as if such illegal or invalid provision had not been contained therein. 12. That the Bonds, when executed and delivered, shall contain a recital that they are issued pursuant to the Act, and such recital shall be conclusive evidence of the validity of the Bonds and the regularity of the issuance thereof, and that all acts, conditions and things required by the laws of the State of Minnesota relating to the adoption of this resolution, to the issuance of the Bonds and to the execution of the aforementioned documents to happen, exist and be performed precedent to and in the enactment of this resolution, and precedent to issuance of the Bonds and precedent to the execution of the aforementioned documents have happened, exist and have been performed as so required by law. 13. That in the event any of the officers of the City authorized to execute documents on behalf of the City under this resolution shall have resigned or shall for any reason be unable to do so, any member of the City, or officer of the City, is hereby directed and authorized to do so on behalf of the City, with the same effect as if executed by the officer authorized to do so in this resolution. 14. That this Resolution shall take effect immediately. Adopted by the City Council of the City of Hopkins this 21st day of May, 1996. James A. Genellie, City Clerk D:\HPK1001004\RES \SGAUTH DOC remedy or claim, legal or equitable, under and by reason of this resolution or any provision hereof, this resolution, the aforementioned documents and all of their provisions being intended to be and being for the sole and exclusive benefit of the City and any holder from time to time of the Bonds issued under the provisions of this resolution 6 BY: Charles D. Redepenning, Mayor AUTHORIZING RESOLUTION Ehlers and Associates, Inc. a l LEADERS IN PUBLIC FINANCE • Mr. Jim Kerrigan City of Hopkins 1010 South First Street Hopkins, MN 55343 Dear Jim: Ehlers/Publicorp has reviewed the preliminary financing plan for the purchase of the Hopkins Renaissance Apartments by Community Housing Development Corporation (CHDC). In general, our preliminary review has indicated that the project will be financially feasible after the sale of the units. Based solely upon the cash flows of the project, the tax - exempt bonds are expected to receive an investment grade rating from Standard & Poors which will be higher than many Minnesota cities' general obligation bond ratings. Standard & Poors will require significant assurance from CHDC that the property will be managed and maintained over the 20 to 25 year duration of the bonds. The debt service coverage on the bonds is expected to be at least 111% with a net cash flow of $3 5,000 to $50,000 per year. The City will receive its administrative payment to compensate for the loss of property taxes out of the net cash flow. We are working with CHDC to ensurc that the City payment is as secured as possible given the financing parameters. Many of the details of the financing are not yet finalized. We will provide a more complete report to the City Council prior to the final approval of the bonds. Please contact as with questions or comments. Sincerely, Mark Ruff Financial Advisor March 13, 1996 OFFICES IN MINNEAPOLIS, MN AND BROOKFIELD, WI 2950 Norwest Center. 90 South Seventh Street, Minneapolis, MN 55402 -4100 Telephone 612-3394291 ,. FAX 612- 339 -08SM Ehlers and Associates/Inc. LEADERS Ip PUBLIC FINANCE May 15, 1996 TO: Tim Kerrigan, City of Hopkins FR: Mark Ruff RE: Renaissance Apartments Purchase We are not aware of any material changes to the financing structure proposed for the Renaissance Apartments by Community Housing Development Corporation which would alter our findings in the March 13,1996 letter directed to you. We believe that the City is reasonably secured in the corporate guarantee by C1-IDC to meet current property tax payments to the City. We also believe that the Standard and Poors rating on the bonds indicates a confidence by a national rating agency that the project is financial feasible. Please contact me with any questions or comments. OFFICES IN MINNEAPOLIS, MN AND BROOKFIELD, WI 2950 Norwest Center . 90 South Seventh Street . Minneapolis, MN 55402-4100 Telephone 612439 -8291 .:FAX 612- 339-0854