CR 91-149 Springsted Financial Consultants Reading - Westrbooke0 July 9, 1991 Council Report #91 -149
CONTRACT WITH SPRINGSTED FINANCIAL CONSULTANTS REGARDING
REHABILITATION FINANCING ANALYSIS FOR WESTBROOKE
NEIGHBORHOOD
Proposed Action
Staff recommends adoption of the following motion: Move to
authorize the City Manager to execute a contract with
Springsted to conduct a rehabilitation financing analysis
for the Westbrooke neighborhood.
Adoption of this motion will allow the City Manager to
execute a contract with Springsted which will identify,
explain and rank the various financial tools available to
correct code, structural and aesthetic deficiencies in the
various Westbrooke area developments.
Overview
Representatives of the Westbrooke associations have asked
the City for assistance in identifying possible
rehabilitation financing for the condominium and patio
homes. Staff has attempted to identify the alternatives,
however, due to the nature of the development, this has been
extremely difficult to do.
Earlier this year, proposals to undertake a financial
analysis were sought from financial and research
consultants. Five proposals were received.
Staff is recommending contracting with the financial
consulting firm of Springsted to identify Westbrooke's
alternatives.
Primary Issues to consider
• Why is there a need for this study?
• What is the study intended to do?
• What firm is being recommended to conduct the study?
• How much will the study cost?
• How will the study be paid for?
Supporting Information
• Request for Proposals
• Proposal from Springsted - Public Finance Advisors
C
ten ElvdrW
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Council Rpt. #91 -149
page 2
o Why is there a need for this study?
The Westbrooke condominium and patio home neighborhood Was
built in the early 1970's and represents approximately 16%
of the City's housing stock (1,296 units). Many of the
buildings are in need of rehabilitation and updating in
order to stabilize their value.
As far back as 1988, the City began working with Westbrooke
patio home owners in locating financing to upgrade their
units. The City's Residential Rehabilitation program was
discussed as one alternative, although under this program
only improvements confined to the applicant's unit would be
eligible. Improvements such as roofs or siding would only
be eligible if the every household in the entire structure
was determined to be eligible. Additionally, the City's
guidelines require that the loan amount does not exceed the
value of the property minus any outstanding debt. This
requirement also places restrictions on potential
applicants.
City staff continued to research possible funding sources
for the needed improvements. Meetings were held with
representatives of HUD, MHFA, a private financial consultant
and local lenders. Staff also discussed the situation with
real estate professionals, other City staff and
representatives of Westbrooke.
Although a great deal of time was spent on this issue,
clear solution to the financing problem was identified.
was then recommended by staff to hire a consultant with
experience in housing finance to evaluate the situation
identify possible financing alternatives.
�I
It
and
This issue is of concern to the City due to the fact that
this neighborhood represents a substantial portion of the
City's housing stock. Property values have been decreasing,
which results in less property taxes being generated. In
addition, the deterioration of the neighborhood has a strong
visual impact on the City.
o What is the study intended to do?
The guidelines for the study ask the consultant to identify
all possible financing alternatives for the rehabilitation
of both interior and exterior, private and public areas of
the Westbrooke patio homes and condominiums. It then
• requires the consultant to evaluate the sources based on a
variety of criteria. Finally, the guidelines ask to rank
the alternatives based on their evaluation.
Council Rpt. 91 -149
page 3
o What firm is being recommended to conduct the study?
Staff received a total of five proposals from various
financial and research consulting firms to conduct the
Westbrooke study. After evaluating the qualifications and
background of the persons assigned to complete the study, as
well as calling references, staff is recommending the firm
of Springsted.
o How much will'the study cost?
Springsted's bid for completing the study is a fee not to
exceed $7,200. The cost of the study is proposed to be
divided between the various Westbrooke associations, and the
City, with the City being responsible for 25% of the cost.
Based on Springsted's maximum bid, the City's share would be
$1,800. The remaining 75% of the cost has already been
guaranteed by the various Westbrooke associations.
The maximum fee charged by the other firms submitting
proposals ranged from $5000 to $8000.
o How will the study be paid for?
Staff is recommending that the City's share of the cost of
the study be paid for out of the Economic Development Fund.
Alternatives
• Approve staff's recommendation.
• Select another firm to conduct the study.
• Decide not to conduct study.
CITY OF HOPKINS
REQUEST FOR'PROPOSALS
WESTBROORE REHABILITATION FINANCING ANALYSIS-
INTRODUCTION
The Westbrooke Condominium and Patio Home neighborhood was
built in the early 1970 Originally, the condominiums
were built as apartments then converted into condominiums in
the 1980 The neighborhood has three separate
associations and two management companies. Combined, there
are 162 8 -unit buildings totalling 1,296 units, comprising
nearly 16% of the City's housing stock. The percent of owner
occupancy ranges from 7 -24% in the condominiums to 69% in
the patio homes.
Due to age, lack of maintenance, and in some instances poor
construction, many of the structures and have deteriorated
to the point that major rehabilitation is needed. The needs
vary, but some of the common problems include sagging garage
headers, leaking roofs, deteriorated siding, lack of fire
walls, badly worn carpet in common areas and severely
deteriorated interior roads, sidewalks and parking areas.
The associations current reserves are not adequate to
finance these needed improvements and conventional private
financing does not appear to be available.
The Westbrooke associations have contacted the City in an
effort to locate public or private financing or a
combination of both to facilitate undertaking the needed
improvements. In discussions with various groups and
individuals, some types of funding alternatives that have
been identified include:
• Tax Increment Financing
• Special Purpose Revenue Bond
• General Obligation Bond
• Special Service District
• Private Lending Institutions
SCOPE OF SERVICES
The purpose of this analysis is identify the following:
* possible private and public funding sources that are
available to finance the needed improvements
0 * the advantages and disadvantages of each funding
source
* a prioritization of the identified sources.
THE SCOPE OF SERVICES WILL INCLUDE THE STEPS DESCRIBED
BELOW:
1. IDENTIFY FUNDING SOURCES. Identify and describe
each funding source available to either the City or the
associations to finance the cost of the needed improvements
to both the common and private areas of the condominiums and
patio- homes. Detail the particular terms (i.e. interest
rate, term, security, etc...) associated with each
alternative. Consider creative financing options such as
special legislation.
2. EVALUATE EACH OF THE IDENTIFIED FINANCING TOOLS AND
LIST THEIR ADVANTAGES AND DISADVANTAGES. Consider at least
the following when evaluating:
A. Risk and cost to the City
B. Eligible improvements with each source
C. The availability of the funds /likelihood to
secure
D. The affordability of the financing to the
associations
E. Any special requirements or provisions
associated with the funding source
F. How difficult the financing would be to
administer
G. Any time constraints associated with the
financing
H. Process to be followed in securing financing
3. PRIORITIZE THE VARIOUS FUNDING ALTERNATIVES BASED
UPON THE ABOVE EVALUATION.
TIME FRAME
All work, including the submission of the final report to
the City, shall be completed within 90 days following
contract execution.
The proposed scope of services includes conducting two
formal meetings with City of Hopkins staff and
representatives of Westbrooke. The first involves a review
of the problems and a discussion of the options already
studied by City of Hopkins' staff or Westbrooke
representatives. The second meeting is for presentation of
findings and conclusions (which may be at a City Council
meeting) complete with a summary memo and accompanying
exhibits. Phone conversations and site visits for
information collection are included.
:7
FEES
All quotes submitted for undertaking this study shall be on
an hourly rate with a "not to exceed" cost. As part of the
quote, a listing of all individuals that will be involved
with undertaking this study shall be provided. Also describe
your experience in conducting similar studies and list
references.
The City of Hopkins has targeted a budget of $5000, not to
exceed $8000.
SUBMISSION OF PROPOSAL
Interested parties shall submit their proposals to the City
of Hopkins by 4:30 p.m. on February 25, 1991. The City shall
then make a determination as to the firm appropriate to be
hired. Questions regarding the RFP can be directed to Jim
Kerrigan, Director of Planning and Economic Development or
Kersten Elverum, Housing Coordinator at 935 -8474.
l
SPRINGSTED
PUBLIC FINANCE ADVISORS
500 Elm Grove Road
Suite 101, P.O. Box 37
Elm Grove, WI 53122 -0037
(414) 782 -8222
Fax: (414)782-2904
2739 Second Avenue S.E.
Cedar Rapids, IA 52403 -1434
(319) 363 -2221 .
Fax: (319) 363 -6999
85 East Seventh Place
Suite 100
Saint Paul, MN 55101 -2143
(612) 223 -3000
Fax. (612) 223 -3002
6800 College Boulevard
Suite 600
Overland Park, KS 6621 1 -1 533
(913) 345 -8062
Fax:(913)345 -1770
135 North Pennsylvania Street
Suite 2015
Indianapolis, IN 46204 -2498
(317) 684 -6000
Fax: (317)684 -6004
222 South Ninth Street
Suite 2825
Minneapolis, MN 55402 -3368
(612) 333 -9177
Fax: (612) 333 -2363
LETTER OF TRANSMITTAL
February 25, 1991
Ms. Kersten Elverum, Housing Coordinator
City of Hopkins
1010 First Street South
Hopkins, MN 55343
Re: Proposal to Conduct Westbrooke Rehabilitation Financing Analysis
a Dear Ms. Elverum:
On behalf of Springsted Incorporated, we are pleased to submit this Proposal to assist the City
of Hopkins and the Association of the Westbrooke Neighborhood in analyzing financing
options for the rehabilitation of the condominium and patio homes complex. The purpose of
this letter is to respond to the requested scope of services, budget, and timeframe for the
analysis. Other sections of the Proposal contain outlines of the resources that Springsted
brings to the analysis, our prior experience, and references.
Scope of Services
The Scope of Services to be provided by Springsted directly follows the three steps outlined in
the Request for Proposals. The steps include identifying possible funding sources, evaluating
the financing tools, and prioritizing funding alternatives. These three primary work tasks are
further described below.
Identify Funding Sources: The funding sources identified to date include tax increment
financing, special revenue bonds, general obligation bonds, special service districts,
and private funding institutions. Springsted will research and describe each of these
funding sources, in addition to attempting to identify any other creative financing
options that, may be available. Specific terms such as interest rates, security, and term
of the financing will be discussed with each alternative. The specific use for each
funding source will also be identified, for example, the use of general obligation bonds
for infrastructure requirements within the neighborhood area.
Evaluate Financing Tools: The financing tools identified in the first task will be
evaluated based on the eight criteria listed in the Request for Proposal. Both the
advantages and disadvantages of each financing tool will be discussed in detail.
February 25, 1991
Page 2
• Prioritize Funding Alternatives: Based on the results of the first two work tasks, the
funding alternatives will be prioritized. Our recommendations may include pursuing a
number of alternatives simultaneously, under the assumption that the final financing
plan may include a number of the tools identified.
An important component of our work program includes our interface with City staff and
representatives of the Westbrooke Association. We are aware that both groups have dedicated
considerable time and effort into researching these questions. In order to efficiently conduct
our analysis, we will rely on input and information gathered by the staff and the Association to
date.
Proposed Budget and Timeframe
We propose to conduct the work program outlined in this letter for a fee not to exceed $7,200.
This is based on our hourly billing rates of $150 for senior officers, $125 for Project Manager,
$90 for other professional staff, and $35 for support staff. The budget includes travel expense,
report preparation expense, and other miscellaneous cost items. This budget provides for two
meetings with City staff and Association members. Additional meetings or presentations will be
billed at the above hourly rates.
We will be ready to proceed with our assignment upon approval from the City Council and the
Association. Our analysis will be completed within 90 days following contact execution.
As we have discussed, the Westbrooke Rehabilitation Financing Analysis is not a standard
consulting opportunity. We would like to assure you that the project team we have assembled
for this assignment contains the experience, creativity, and dedication necessary to respond to
the dilemma facing the City of Hopkins and the Westbrooke Association, We look forward to
the opportunity to serve you and await your invitation to discuss our Proposal further. Please
do not hesitate to call with any questions.
Respectfully submitted,
Kathleen A. Aho Rebecca D. Yanisch
Senior Vice President Vice President
mjh
•
TABLE OF CONTENTS
LETTER OF TRANSMITTAL
Page(s
SECTION A RESOURCES
Staff and Corporate Organization ........................... ...............................
1
ProjectTeam ............................................................. ...............................
StaffPage
1 -2
.................................... ..............................................................
Resumes .................
3
............................................... ...............................
4-6
SECTION B PRIOR EXPERIENCE
HousingStudies ............................... ...............................
1 -2
SECTION C REFERENCES ..........................................................
1
...............................
R
SECTION A
RESOURCES
Staff and Corporate Organization
The high quality of Springsted's service is based on the talents and expertise of its staff.
Springsted currently has a staff of 54, of whom 38 are finance professionals having an average
tenure of seven years with Springsted. The nine senior officers of the firm collectively have
over 157 years of experience in municipal finance.
The firm's 38 finance professionals bring to Springsted various professional backgrounds,
including municipal and state government administration, law, economics, commercial and
investment banking, engineering, accounting, business administration, education
administration, and journalism. These 38 professionals hold a total of 53 undergraduate and
graduate degrees.
The two largest units of Springsted's organization are the Public Finance Group and the
Research and Development Group. The Public Finance Group consists of all Project Managers
i and is responsible for servicing existing accounts and developing new accounts. The
Research and Development Group comprises five divisions: Analysis (issue structuring and
marketing, including Official Statement preparation); Information Systems; Legal Liaison
(coordination of legal process and documents with bond attorneys); Resource Center; and
Word Processing.
Project Team
For each advisory and consulting engagement, Springsted assigns a project team whose
qualifications match the client's particular needs. This project team has primary responsibility
for providing services to the client, but may draw upon the talents and services of other
members of the firm when necessary and appropriate.
The project team to be assigned to the Westbrooke Rehabilitation Financing Analysis will
include Ms. Kathleen Aho, Senior Vice President and project manager, Ms. Rebecca Yanisch,
Vice President, and Ms. Christine Haugen. As project manager, Ms. Aho will have primary
responsibility for the assignment, attending all meetings with the City and working directly on
the project. Ms. Yanisch will serve as backup to Ms. Aho and will provide her expertise in areas
A -1
• of public /private partnership finance. Ms. Haugen will provide technical support for the analysis
as needed and will also be available for direct consultation with City staff.
Resumes of the key personnel selected to serve on the City's project team are found on the
following pages.
•
-
A -2
• SPRINGSTED STAFF AND ORGANIZATION
Robert D. Pulscher, President and Chief (Executive Officer
G. Ann Klein, Administrative Assistant
Public Finance Group
Kathleen A. Aho, Senior Vice President David N. MacGillivray, Senior Vice President
J. Luther Anderson, Senior Vice President Daniel T. O'Neill, Senior Vice President
William E. Brennan, Senior Vice President Richard L. Treptow, Senior Vice President
Kingsley D. Forness, Senior Vice President
J. Russell Fifield, Jr., Vice President
Luther Fjelstad, Vice President
Daniel W. Hartman, Vice President
John M. Maas, Vice President
Michael P. Schaefer, Vice President
Gerard B. Shannon, Vice President
Ronald E. Sundberg, Vice President
Robert D. Thistle, Vice President
Rebecca D. Yanisch, Vice President
Walter L. Dornfeld, Project.Manager
B. Joseph Rinas, Project Manager
Ernest Clark, Consultant
Diane M. Allan, Administrative Assistant
Janice Plumitis, Administrative Assistant
Research and Development Group
Ronald W. Langness, Senior Vice President - Group Director
Barry W. Fick, Assistant Vice President
Lee J. Brundell, Finance Advisor
Analysis
Corliss J. Weeks, Vice President - Section Head
Catherine R. Polta, Assistant Vice President
Paul R. Donna
Thekla K. Fagerlie
Christine K. Haugen
James G. Hodson
Brenda A. Krueger
Don W. Perlich
Phyllis D. Slattery
Information Systems
Richard J. Christoph - Section Head Mark Winkelhake
Legal Liaison
Nancy L. Langness, Vice President - Section Head
Carol L. Kraus Colleen D. Clayton
Resource Center
Carol M. Delak - Section Head Carol A. Ward
Word Processing
Carol J. Powers - Section Head Michele M. Rutzen
Nancy K. Fossell Renee L. Schmitz
Mary J. Hiel
Administrative Group
Bonn! C. Matson, Tr asurer - Group Dir ctor
Patricia A. Walters - Section Head Patricia L. Heroff
Elaine Alexander Sunny M. Frazee
Heather I. Braun, Finance Advisor
Theresa L. Fenton, Administrative Assistant
A -3
RESUME
Kathleen A. Aho
Senior Vice President
Experience:
Ms. Aho was named a Senior Vice President of Springsted in 1990, following ten years as a
principal and most recently president of the Minneapolis based government advisory firm of
Public Financial Systems Inc. Following the merger of Public Financial Systems with
Springsted, Ms. Aho continues'to serve as a Project Manager to the combined firms', major
clients.
In Ms. Aho's years of government advisory work, she has served as Project Manager on
hundreds of financing transactions and consulting assignments that involved both taxable and
tax - exempt obligations.
Ms. Aho has a reputation for developing creative methods for managing today's most number
intense financings such as housing, advance refunding, and sales tax backed revenue bonds.
In addition to the sixteen years Ms. Aho has spent in the government advisory business, she
has worked with the data services division of Control Data developing and marketing computer
software to the securities industry and three years as finance director to a twin cities
metropolitan school district. Ms. Aho has also been invited to speak and present papers on
several security related issues to numerous national conferences and symposiums.
Education: University of Minnesota ,
B.S., Mathematics and Business
Practicing Law Institute
Various Securities Related Programs
Affiliations: Minnesota Institute of Public Finance - Board Member 1985 -91
Association of Local Housing Finance Agencies
National Association of Independent Public Finance Advisors
Government Finance Officers Association
National Association of Housing and Redevelopment Officials
National Association of School Business Officials
A-4
RESUME
Rebecca D. Yanisch
Vice President
Exp rience:
Previously a principal with Public Financial Systems, where she headed the Development and
Planning Group, Ms. Yanisch joined Springsted as a Vice President upon the merger of the two
firms in July 1990. Ms. Yanisch serves as a Project Manager for special consulting
assignments involving public /private partnerships and nontraditional finance tools. Her
professional background in both real estate and finance enables her to bring a rare perspective
to such assignments.
Over the past five years, Ms. Yanisch has conducted diverse consulting assignments including
forecasting special sales tax revenues for a $200 million convention center facility for the City of
Minneapolis, and analyzing the need for and structuring tax increment financing for projects
ranging in size from $100,000 to $100,000,000. In addition to sales tax revenue and tax
increment studies, Ms. Yanisch has consulted on numerous economic development and
downtown redevelopment issues.
Prior to joining Public Financial Systems, Ms. Yanisch served as a Senior Associate with
James B. McComb and Associates, a regional real estate consulting firm. Prior to joining
McComb, Ms. Yanisch served as a development coordinator for a multi- family housing
developer in the Twin Cities area. Ms. Yanisch began her professional career with the
Minneapolis Housing and Redevelopment Authority, now the MCDA, as a housing finance
coordinator. Her extensive experience in housing and commercial development, from both the
private and public sector perspective, enables her to critically evaluate the costs and benefits of
proposed public /private partnerships.
Education: University of Minnesota
M.B.A., Concentration in Business, Government, and Society
University of North Dakota
B.S.B.A., Finance, Summa Cum Laude
Affiliations: The Minnesota Industrial Development Association
The National Association of Housing and
Redevelopment Authorities
Urban Land Institute
A -5
RESUME
Christine K. Haugen
Financial Analyst,
Experience:
Ms. Haugen joined Springsted in July 1990, having served as a Research Associate and
Technical Analyst for the Development and Planning Group of Minneapolis based Public
Financial Systems. She now serves as Financial Analyst for special projects and financial
feasibility studies.
Over the past five years, Ms. Haugen has provided technical support for a variety of consulting
assignments, including cash flow feasibility analyses for public /private ventures, low to
moderate income housing finance projects, cost/benefit analyses, and market studies. An
important area of Ms. Haugen's expertise is tax increment financing, where she has provided
both cash flow analyses and plan preparation for numerous housing and commercial projects.
Ms. Haugen was also involved in a feasibility /sensitivity analysis for a $100 million resource
recovery project.
Prior to joining Public Financial Systems, Ms. Haugen worked in the marketing department of a
Twin Cities based mortgage banking firm. Her knowledge in mortgage banking complements
the housing aspects of her work.
® Education: Mankato State University, Mankato, Minnesota
B.S.B.A., Finance, Real Estate and Insurance
•
A-6 .
SECTION B
PRIOR EXPERIENCE
Housing Studies
Client: Washington County Housing and Redevelopment Authority
Project: Multi - Family Housing Bonds
As financial advisor to the Washington County Housing and Redevelopment Authority
(Minnesota), Springsted assisted in the implementation of a $65,000,000 multi - family housing
program. The County issued Governmental Housing Revenue Bonds to facilitate construction,
or acquisition and improvement, of several housing developments. Our role was to evaluate
the reasonableness of revenue, expense and cash flow projections and construction and
acquisition costs for each project as compared to area standards. In addition, Springsted
prepared a net present value analysis of each project to enable the HRA to evaluate the value
of the program under various operating scenarios. We also evaluated the credit background of
project developers to identify problems that may adversely affect the HRA, and negotiated the
developer's agreement with the HRA. Springsted also served as the financial advisor on the
HRA's $65,000,000 Multi - Family Housing Revenue Bond Program in 1988 and the
$150,000,000 Special Construction Revenue Notes, Series 1987.
Client: Dakota County HRA, Minnesota
Project: Elderly Housing Project
Springsted assisted the Dakota County Housing and Redevelopment Authority in analyzing
alternative low income elderly housing development options. The analysis was initiated in
response to the changes in federal tax legislation. The primary tasks included analyzing
various levels of public financial assistance and financing tools that were available to private
developers plus two development options assuming that the facility would be publicly owned
and developed. The analysis was conducted by first defining the options to be studied, then
projecting development costs incurred in each development option and preparing ten -year
cash flow pro formas. The main objective in the analysis was to determine what level of public
assistance or form of ownership would generate the most affordable rents for the elderly.
Cli nt: Austin HRA, Minnesota
Project: Cedars of Austin
The Austin, Minnesota Housing and Redevelopment Authority retained Springsted to assist
them in analyzing the financial feasibility of the conversion of a former hotel into elderly
housing. Located in downtown Austin, the redevelopment project, known as the Cedars of
Austin, consisted of converting a 68 room hotel and adding a new wing, resulting in 143 units
of elderly housing. Springsted assisted the HRA in determining the feasibility of the proposed
reuse, structuring the assistance and participation by the City of Austin through tax increment
financing, and negotiating a development agreement for interest rate reduction assistance
between the City and the developer.
•
B -1
Client: Dakota County HRA, Minnesota
Project: Inver Hills Student Housing
Springsted assisted the Dakota County Housing and Redevelopment Authority in analyzing the
need for and recapture of interest rate reduction assistance for student housing associated
with the Inver Grove Heights Community College. The apartments were to be developed on
land owned by, the Community College. The developer had requested that a tax increment
district be established through the County HRA, and the captured increments be used to
reduce the necessary student rents through interest rate reduction assistance. Springsted
examined the feasibility of the project, recommended an appropriate level of assistance, and
negotiated a development agreement including recapture of the assistance.
Client: Mankato, Minnesota
Project: REM Housing Project
Springsted served as feasibility consultant to the City of Mankato in evaluating the use of the
Interest Rate Reduction Program to be used for the development of a 70 -unit apartment
complex. The analyses included both the need for and recapture of interest rate reduction
assistance provided by the City. Springsted determined the feasibility of the project,
recommended a reasonable level of assistance, and negotiated the development agreement,
including recapture provisions for the City.
Client: Rochester, Minnesota
Pr ject: Handicapped Housing Project
As financial advisor to the City of Rochester, Springsted assisted in analyzing the financial
feasibility of a 26 -unit handicapped housing project and determining the amount and availability
of tax increment assistance. This evaluation included reviewing the amount of assistance
requested by the developer, the creation of a housing tax increment financing district, the
negotiation of a reasonable rate of return on funds provided by the City, and structuring the
developer agreement.
Housing Plans
Springsted has prepared housing plans for several Minnesota cities, including Aitkin, North
Mankato, Bagley, and Sauk Rapids. These plans establish a meaningful housing strategy in
compliance with the criteria set forth in Chapter 462C of Minnesota Statutes. The plans
included a profile of the population, local economy, and housing stock in the community and
described and illustrated the City's future housing needs. It identified market, government, and
social constraints to meeting the City's housing needs, and the plan outlined a community
housing strategy that focused on housing needs and the methods to be used in meeting those
needs.
B -2
SECTION C
REFERENCES
Perhaps the best test in evaluating the ability of a consultant is to check with past clients.
Springsted is very proud of our reputation of high quality and client oriented services. We
encourage you to check with our clients. They can tell you why Springsted is the right
consultant for the City of Hopkins.
Minneapolis Community Development Agency
Contact: Mr. Jay Jenson, Executive Director
(612) 342 -1207
Dakota County Housing and Redevelopment Authority
Contact: Mr. Mark Ulfers, Executive Director
(612) 423 -4800
Washington County Housing and Redevelopment Authority
Contact: Mr. Dennis Balyeat, Executive Director
(612) 458 -0936
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C -1