HomeMy WebLinkAboutRFP Scott County Response Rprt
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CDA
Scott County
Community Development Agency
323 South Naumkeag Street
Shakopee, MN 55379-1652
Phone: 952.402.9022
Fax: 952.496.2852
SCOTT COUNTY
June 30, 2008
Mr. Paul Snook,
Economic Development Director
Prior Lake City Hall
4646 Dakota Street SE
Prior Lake, MN 55372
Subject: RFQIRFP Response to Prior Lake Downtown Redevelopment
Dear Mr. Snook,
The Scott County Community Development Agency (CDA) is pleased to respond to your request
for proposals by submitting a proposed mixed-use development which includes Independent
Senior Housing and Neighborhood Retail on the site set forth in your request. We have
assembled a team of experienced organizations that have worked in the development of Senior
Housing and Neighborhood Retail over the years and with whom we have had a strong working
relationship. We are confident in our team's ability to work with the City of Prior Lake to
achieve your goals and objectives for the site.
The Scott County CDA has made it a high priority mission to develop, construct and operate
Senior Housing in Scott County. We are truly pleased to submit this proposal for your
consideration. Weare optimistic that our proposal will meet the goals and objectives of the
City of Prior Lake.
Our entire development team stands ready to respond to any questions or explain our proposal
to address any issues that the City has during your review. Please direct all questions to
Bill Jaffa at 952-402-9022 or Frank Dunbar at 763-377-7090. They will respond with the
appropriate team member to address your inquiry.
Again, thank you for your consideration.
Sincerely,
~
William I. Jaffa
Executive Director
Scott County Community Development Agency
Enclosures
Cc: Dunbar Development Corporation - Frank Dunbar
Great Lakes Management - Mike Pagh
DeAnn Croatt
Commissioner
District I
Ben Zweber
Commissioner
District II
Marjorie Henderson
Commissioner
District III
Patti Sotis
Commissioner
District IV
Jane Victorey
Commissioner
District V
An Equal Opportunity / Affirmative Action Employer
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City of Prior Lake, Minnesota
Downtown Redevelopment
Index
Letter of Introduction
Tab #1 - Development Plan
Tab #2 - Market Report Letter
Tab #3 - Design
Tab #4 - Marketing and Management Plan
Tab #5 - Proforma
Tab #6 - Time Line
Tab #7 - Resume: Scott County CDA
Tab #8 - Resume: DDC
Tab #9 - Resume: GLM
Tab #10 - Resume: MHP
Tab #11 - Development Team Members
DEVELOPMENT PLAN
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Development Plan
Introduction
Scott County Community Development Agency (CDA) is pleased to describe a development
concept for consideration by the City of Prior Lake for the development of a portion of the parcel
of land described in your request for proposal dated April, 2008. We propose a mixed-use
development of independent senior housing and neighborhood retail. One of the strong missions
of Scott County CDA is to provide independent senior housing within the communities of Scott
County. We have been successful in developing, owning and operating senior housing in New
Prague, Savage, Shakopee and other communities within Scott County. We have developed
mixed-use developments in both Savage and Shakopee. Our concept for this site would continue
our mission of providing senior housing and would hopefully align with the mission of the City
of Prior Lake. Our concept for the neighborhood retail would be to provide a retail location that
would be acceptable in the marketplace for neighborhood business owners to conduct their
service-related businesses. A condition of us proceeding with this development would be that we
secure either a master tenant or have a significant amount of the space pre-leased prior to
commencement of the overall development.
Development Plan
The Development Plan would consist of 54 senior apartment units and 11,225 square foot of
neighborhood service retail. The site plan attached (please refer to Tab #3) will give you a sense
of our concept for the development. The unit breakdown is set forth below:
. 18 - 1 Bedroom
. 18 - 1 + Den
. 18 - 2 Bedroom
Land Acquisition
Scott County CDA would work with the City of Prior Lake in the acquisition of any parcels that
would need to be acquired and will work with the City to determine the proper land cost. Land
cost is a critical component of economic viability for this development and at this time we are
unable to determine exactly how that will come together. We are confident and optimistic that
we can come to a land cost that will allow economic viability of our proposal.
Market
Housing - We have secured a third-party independent analysis from Maxfield Research,
providing us comfort that a market truly exists for this development program in this location at
this time. During our development process we will continue to interact with Maxfield Research
to refine the market customer and provide that customer with the precise product necessary to
meet the market demand. Please see Tab #2
Retail- We are ongoing in our market analysis for the retail space. We view this to be the most
challenging market and we are optimistic that we can fmd the right tenants to occupy the space.
As we have stated before, this component will be a contingent factor in allowing us to go forward
in this development.
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Desien
Our proposal for the southeast comer of Eagle Creek A venue and Main A venue combines
exceptional senior residences with high quality commercial space in a mixed-use development.
As a gateway building to the Prior Lake downtown district, the design places a plaza at the
corner, connecting the apartment building entrance with retail storefronts and public parking
behind the building. The plaza will become a hub of activity that supports downtown 'street life'
with amenities such as benches, public gardens and a fountain. The introduction of a tall building
form at the corner creates a back drop for the plaza and becomes an identifying gateway element.
The architecture takes its cues from both the older and newer buildings in downtown Prior Lake
and is in keeping with the design principals described in Downtown Building Design Guidelines.
It continues the line of storefronts from the northeast to the corner and harmonizes with the newer
downtown structures.
As directed by the Design Guidelines, storefronts open onto Main A venue and anchor the Eagle
Creek A venue facade. Public parking is behind the building and is reached by pedestrians from
the plaza. By locating a pedestrian access point at the corner, active use of the plaza is increased
and the idea of this as a place for the community to gather is reinforced.
The common areas for the senior apartments are right at street level, along Eagle Creek Avenue,
and include a community room with kitchen, an exercise room, a library and a wood shop.
Residents have easy access to all that downtown living offers and will energize the downtown
Prior Lake community.
Each apartment has special design features that meet the unique needs of the residents, including
extra wide apartment entry doors, handicapped adaptable kitchens and bathrooms and remote
storage lockers for personal belongings. Every apartment also features individual heating,
ventilation and air conditioning controls and all-electric, energy efficient appliances.
Additional apartment amenities include private balconies and heated underground parking.
As a strong gateway building and as a focal point of activity, this mixed-use development has the
potential to increase the economic vitality and quality of life in the downtown community.
City Process
Once our proposal has been evaluated by the City we would want to meet with the City to clearly
understand the City's entitlement process that would conform to our development. We are
comfortable that our team will work closely with the City Staff to determine the process that
needs to be undertaken to secure the necessary approvals to allow our mixed-use development to
go forward.
Should we be successful in the selection process, we have set forth the proposed time schedule to
achieve this development. Please refer to Tab #6.
Financine
At the time of our selection we will bring on our financial advisor, Springsted, Inc., to develop,
construct and suggest a financial model that will permit the financing of this development to
proceed. We will need two components to the financing: one component will be for the housing
which will allow us to use our tax exempt authority for bonding which has historically been
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supported by the City and the County to achieve market level rents for the community. The
second financing will have to be for the commercial which will need to have more of a
conventional financial model developed to allow us to finance that component of the
development.
Tab #5 is a draft proforma for preliminary financing purposes evidencing a very preliminary
feasibility of the development.
Marketine and Manaeement
Great Lakes Management Company, on behalf of Scott County CDA, has presented a concept of
the Marketing and Management plan. Please refer to Tab #4.
Suuulemental Information
This proposal is submitted to give the City of Prior Lake an overall concept of our development
plan. We have included a draft proforma and a suggested time table of activities. We are
prepared to modify the proposal to assure that it comes into alignment with the goals and
objectives of the City.
The concept drawings submitted in this package depict our concept and do not suggest the
actual development. We will be open to input from the community to clearly derme the
final design proposal.
There are a few developmental challenges we would like to bring to your attention. Land
acquisition, potential relocation and acceptable neighborhood retail tenancy will be critical factors
in developing the economic viability of this proposal. We are prepared to work closely with the
City to achieve a financial structure that allows this concept to be implemented. We also want to
confirm that the site has all environmental conditions resolved prior to our development proposal
proceeding which is in all parties' best interest. We look forward to working with the City in
bringing forward this exciting downtown mixed-use concept.
MARKET REPORT LETTER
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June 18, 2008
Mr. William Jaffa
Executive Director
Scott County Community Development Agency
323 Naumkeag Street
Shakopee,~ 55379
RE: Potential Demand for Adult, Independent Senior Housing in Prior Lake, Minnesota
Dear Mr. Jaffa:
As requested, Maxfield Research Inc. has completed a very preliminary assessment of the
potential demand for market rate, adult, independent senior housing (rental) that would be
located on a site in Prior Lake, Minnesota. As we understand, you are considering the potential
development of adult/few services senior housing in the community. Our initial assessment
indicates that the defined Prior Lake Market Area could support 59 units of adult/few services
housing that would be targeted to meet the needs of independent, older adults and seniors.
Because there is additional independent senior housing in many of the communities that
surround Prior Lake, we have limited the draw area for this product, but have allowed that a
higher proportion of seniors with moderate incomes may move to Prior Lake and seek out this
type of housing.
Weare not aware of any pending senior developments in Prior Lake at this time, although new
senior housing has recently opened in the community (Shephard's Path).
Prior Lake enjoys a strong reputation in Scott County as a highly desirable residential location.
We believe that the community will continue to attract a wide variety ofresidents and that
seniors currently living in Prior Lake will want to remain and that others in the surrounding area
will choose Prior Lake as a residence to take advantage of conveniently located goods and
services and the amenity provided by the Lake.
We defined a Market Area for adult/few services senior housing in Prior Lake that includes the
communities of Prior Lake, Savage, Spring Lake Township and Credit River Township. We
estimate that this Market Area will account for approximately 60% of the potential draw for the
proposed housing product. The remaining 40% of demand will come from outside of this area
from senior households that consider Prior Lake to be a highly desirable community and are
looking for the features and amenities that would be offered by the proposed development. We
have projected that a higher proportion of target households would come from outside of the
defined Market Area because of Prior Lake's current high quality reputation in the market and
high level of desirability in the Twin Cities Metro Area.
615 151 Avenue NE, #400, Minneapolis, MN 55413
(612) 338-0012 (612) 904-7979
www.maxfieldresearch.com
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Mr. William Jaffa
Scott County CDA
June 18, 2008
Page 2
The 40% of demand from outside of the Market Area includes prospective residents who have
previous ties to the area or parents of adult children currently living in the draw area who would
move there to be closer to their families. We also believe that Prior Lake has a regional appeal
for seniors from other locales who would move to Prior Lake because of its current qualities and
characteristics.
As shown on Table 1, since 2000, the number of households in the Market Area has increased by
just over 35%. Population increased by 35%. Both of these increases are significant and reflect
growth rates for the past eight years that is substantially higher than that of the Twin Cities
Metro Area. Over the next five years, from 2008 to 2013, strong growth is projected to continue
with the overall population forecast to increase by 17% and overall households expected to also
increase by 17%.
A review of senior population and household growth trends reveals that adult households age 55
and over are projected to increase in the Prior Lake Market Area by 2,241 households over the
next five years (2008 to 2013). This is a growth rate of 48.4%. Those age 65 and over are
projected to increase by 979 households or 53.4%. Senior households age 75+ are projected to
increase by 249 households or 44.1 %. The significant growth projected among households age
55 to 64 suggests that a portion of this group may want their aging parents to live in closer
proximity to them, creating an additional segment of the potential demand for senior housing in
Prior Lake. Table 1 presents this information.
Table 2 presents information on the incomes of Market Area older adult and senior households.
As shown, as of 2008, there were an estimated 3,646 households age 55 and over that are
estimated to have annual household incomes of at least $35,000 and would be age and income-
qualified for the proposed development. Another 313 households age 55 and over that own their
own homes but currently earn between $25,000 and $35,000 would also be potential candidates
for the proposed housing if they sold their homes and invested a portion of the proceeds toward
funding the cost of alternative housing. Household homeownership rates from the 2000 Census
were applied by age group. These proportions were 77% of householders age 75+, 90% of
householders age 65 to 74 and 94% of householders age 55 to 64. These proportions are applied
to the moderate income household base, those that earn between $25,000 and $35,000 per year.
MAXFIELD RESEARCH INC.
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Mr. William Jaffa
Scott County CDA
June 18, 2008
Page 3
TABLE 2
OLDER ADULT (55+) INCOME DISTRIBUTION
PRIOR LAKE MARKET AREA
2008 & 2013
:!OOX
55-64 65-74 75+ Total 65+
No. Pet. No. Pet. No. Pet. No. Pet.
Under $15,000 126 4.5 102 8.0 129 22.8 231 12.6
$15,000-$24,999 65 2.3 131 10.3 116 20.5 247 13.5
$25,000-$34,999 61 2.2 122 9.6 130 23.0 252 13.7
$35,000-$49,999 223 8.0 194 15.3 101 17.9 295 16.1
$50,000-$74,999 410 14.7 275 21.7 34 6.0 309 16.8
$75,000-$99,999 606 21.7 170 13.4 37 6.5 207 11.3
$100,000 or more 1,303 46.6 275 21.7 18 3.2 293 16.0
Total 2,794 100.0 1 ,269 100.0 565 100.0 1,834 100.0
$35,000+ 2,542 91.0 914 72.0 190 33.6 1,104 60.2
lMedlanInco~ $%,1~1 . $57,772 $27,884 $44.508
201J
55-64 65-74 75+ Total 65+
No. Pet. No. Pet. No. Pet. No. Pet.
Under $15,000 151 3.7 144 7.2 140 17.2 284 10.1
$15,000-$24,999 83 2.0 137 6.9 157 19.3 294 10.5
$25,000-$34,999 96 2.4 167 8.4 155 19.0 322 11.4
$35,000-$49,999 194 4.8 334 16.7 156 19.2 490 17.4
$50,000-$74,999 530 13.1 425 21.3 99 12.2 524 18.6
$75,000-$99,999 722 17.8 255 12.8 48 5.9 303 10.8
$100,000 or more 2,280 56.2 537 26.9 59 7.2 596 21.2
Total 4,056 100.0 1,999 100.0 814 100.0 2,813 100.0
$40,000+ 3,662 90.3 1,441 72.1 311 38.1 1,751 62.3
Median Income I $108.724 $62,794 $32.096 I $50 787
( hall~l' 200X-20 IJ
55-64 65-74 75+ Total 65+
No. Pet. No. Pet. No. Pet. No. Pet.
Under $15,000 25 19.8 42 41.2 11 8.5 53 22.9
$15,000-$24,999 18 27.7 6 4.6 41 35.3 47 19.0
$25,000-$34,999 35 57.4 45 36.9 25 19.2 70 27.8
$35,000-$49,999 -29 -13.0 140 72.2 55 54.5 195 66.1
$50,000-$74,999 120 29.3 150 54.5 65 191.2 215 69.6
$75,000-$99,999 116 19.1 85 50.0 11 29.7 96 46.4
$100,000 or more 977 75.0 262 95.3 41 227.8 303 103.4
Total 1,262 45.2 730 57.5 249 44.1 979 53.4
$35,000+/$40,000+ 1,120 44.1 527 57.6 121 63.4 647 58.6
Median Income $12,603 13.1 $5,021 8.7 $4,212 15.1 $6,279 14.1
Sources: Claritas, Inc.; Maxfield Research Inc.
MAXFIELD RESEARCH INC.
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Mr. William Jaffa
Scott County CDA
June 18, 2008
Page 4
Our analysis identified two adult/few services rental developments in the Prior Lake Market
Area. These developments are age-restricted and provide housing for fully, independent seniors
(those that do not need or want services).
Older adult and senior households earning at least $30,000 annually would qualify for the
proposed development based on an income allocation of 40% of income toward housing.
The average home price in Savage and Prior Lake as of2008 was $328,920. A more
conservative average sale price for older homes, those 15 years and older, and excluding the
highest priced sales is $258,800. A household with a home priced at the average sale price of
$258,800 could obtain an additional roughly $800 per month that could be used toward housing
costs. A household with an annual income of$15,000 who owns their home could afford senior
housing by utilizing a portion of the proceeds from a home sale.
Our demand analysis applies an estimated capture rate for each age cohort based on their
projected propensity to move to alternative senior housing as well as our experience in this
market with adult/few services senior rental developments.
Historically, adult/few services developments, especially those that are affordable, have been
well-received in the Twin Cities Metropolitan Area and have performed very well against other
higher service levels (congregate, assisted living).
Our demand analysis applied the following capture rates to each age cohort:
55 to 64 - 0.5%
65 to 74 -7.5%
75+ - 18.0%
These capture rates were been developed by Maxfield Research Inc. and reflect our experience in
Scott County and the Twin Cities market, the propensity of each age group to move to alternative
housing and the general competitiveness of the market (i.e. available product choices) in the area
in which the proposed development would be located.
Our demand analysis results in total potential demand for 47 adult independent units as of2008
and increasing to 72 units by 2013. The analysis segments the demand between ownership
independent senior housing without services and independent rental senior housing without
services (40% ownership and 60% rental). We have subtracted all units that are age-restricted
with no services (rental and ownership) within their respective categories in the demand
calculation.
MAXFIELD RESEARCH INC.
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Mr. William Jaffa
Scott County CDA
June 18, 2008
Page 5
Table 3 presents our preliminary potential demand for age-restricted senior units in the Prior
Lake Market Area.
TABLE 3
PRELIMINARY MARKET RATE ADULTIFEW SERVICES HOUSING DEMAND
PRIOR LAKE MARKET AREA
2008 & 2013
# of Households wi Incomes of $20,000 to $29,999'
(times) Homeownership Rate
(equals) Potential Market
(Plus) # of Households wi Incomes of $30,000+'
(equals)Total Potential Market Base
(times) Potential Capture Rate
(equals) Demand Potential
Total Market Rate Demand Potential
(times) % for housing wlservices & wlo services
(equals) Demand potential
(plus) Demand from Outside Market Area (40%)
(equals) Total Demand Potential
(minus) Existing Competitive and Pending Units2
(equals) Long-term Demand
200S
20 IJ
A e of Householder
O~ip
x 40%
63
+ 42
105
78
27
Adult
Rental
-
x 60%
95
A e of Householder
55-64 65-74 75+
--
107 185 179
94% 90% 77%
--
101 166 138
3,736 1,568 377
3,836 1,734 515
x 0.5% 7.5% 18.0%
19 130 93
242
Adult
O~ip Rental
x 40% x 60%
97 145
+ 32 + 48
129 194
78 91
51 103
x 70% x 70%
= 36 72
55-64 65-74
--
63 127
x 94% 90%
--
59 114
+ 2,573 ---Z!.l
2,632 1,089
75+
-
123
77%
95
255
350
x 0.5%
13
7.5%
82
158
18.0%
63
+ 63
158
91
67
x 70%
19
x 70%
- 47
1 2013 income-qualified figures adjusted for inflation ($34,999K or more + homeowners wi inc. of$22.5K - 34,999K)
2 Competitive existing and pending units include adult rental/ownership at 95% and 92% occup. (equilibrium).
Source: Maxfield Research Inc.
MAXFIELD RESEARCH INC.
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Mr. William Jaffa
Scott County CDA
June 18, 2008
Page 6
Table 4 shows a suggested unit mix, sizes, and rents for an adult/few services development in
Prior Lake, Minnesota. As shown on the table, we suggest that rents begin at roughly $850 per
month for a one-bedroom unit and range to $1,450 per month for a two-bedroom plus den unit.
We believe there is demand for an age-restricted independent building in the community.
Township residents typically have larger residences with acreage and are more likely to prefer
larger size units (i.e. two-bedroom and two-bedroom plus den units). We recommend that you
offer a balanced mix of unit sizes to capture sufficient demand from both segments of the
market.
TABLE 4
PRELIMINARY SUGGESTED UNIT MIX/SIZES/RENTS
SITE IN PRIOR LAKE
June 2008
Unit Type
lBR/lBA
IBR+Den/l.5BA
2BR/2BA
2BR+Den/2BA
Total
Preliminary
# of Units % of Total
14 28.0%
12 24.0%
16 32.0%
8 16.0%
50 100.0%
Square
Feet
725
875
950-1,050
1,220-1,250
Rent
$850-$895
$975-$1,050
$1,150-$1,200
$1,350-$1,450
Rent!
Sq. Ft.
$1.17 -$1.23
$1.11-$1.20
$1.14-$1.21
$1.11-$1.16
Note: Rent includes water, sewer, and trash.
Rents are quoted in 2008 dollars.
Source: Maxfield Research Inc.
If you have any questions or need additional information, please contact me.
Sincerely,
MAXFIELD RESEARCH INC.
V/f(~ tOffL
Mary C. Bujold
President
MAXFIELD RESEARCH INC.
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MARKETING AND MANAGEMENT PLAN
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Marketing and Management
Great Lakes Management Company has a 20-year history of successfully marketing and
managing multifamily and senior properties throughout the state of Minnesota.
The marketing of a senior housing community would commence at the time of groundbreaking.
Marketing events and activities would be on-going through the property's grand opening
celebration and beyond until the project reaches stabilized occupancy.
The goal ofthe marketing efforts would be to create a positive public image of the property
along with community and regional awareness for the purpose of generating interested and
qualified seniors who are prepared to enter into lease agreements.
Strategies that will be employed to achieve the goal of a rapid lease-up would include but are not
limited to:
. Brochures (including unit floor plans, amenities and available services)
. Site signage
. Newspaper Advertising
. Internet web site and web advertising
. Open houses
. Targeted mailings
. Media announcements and feature stories
Management of the project is performed by personnel hired and directed by Great Lakes
Management Company. It is anticipated that staffing would consist of a full-time on-site
manager who would be assigned to oversee all of the day-to-day responsibilities of managing
and maintaining the property. The on-site manager would report directly to GLMC's Director of
Senior Housing.
Housekeeping positions would be staffed to perform common area cleaning and unit "turn"
cleaning duties. All housekeeping personnel will be employed by Great Lakes Management and
will report directly to GLMC's on-site manager.
The maintenance duties will be performed by an on-site maintenance person who will also be
employed by GLMC and will report directly to GLMC's on-site manager.
All accounting and financial administrative activities are performed by Great Lakes Management
at the company's home office in Golden Valley, Minnesota.
L-
Gef~~~Co.
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DRAFT
PRIOR LAKE
Plellnllllal'y PloJect Buclget
Housing Retail Total
Land Costs TBD TBD TBD
Design Costs 276,374 38,746 315,120
Development Costs 266,770 43,139 309,910
Cost of Insurance 180,208 10,000 190,208
Financing Costs 0 21,530 21,530
Capitalized Interest 321,509 52,909 374,417
Construction Costs 6,480,000 1,066,375 7,546,375
Marketing / Management 106,000 67,350 173,350
Operating Reserve TBD TBD TBD
Debt Service Reserve TBD TBD TBD
Contingency 34,140 5,950 40,091
7,665,000 1,306,000 8,971 ,000
Unit MIX
Units Unit Type
18 1 BA. & 1 BA.
6 1 BA. + DEN
12 1 BA. + DEN
6 2 BA. & 2 BA.
6 2 BA. & 2 BA.
6 2 BA. & 2 BA.
SF
722
784
941
1033
1065
1081
Monthly
Rent
$890
$940
$1,130
$1,250
$1 ,290
$1,310
Average Rent
Average Price Per SF
$1,080
1.21
Parking
Projected Vacancy
54 stalls $45 per month
7% First Year
5% Year 2-10
NOTE: Actual results could vary from these projections because of the uncertainties inherent in any
financial forecast.
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PRIOR LAKE
DRAFT
54 UNITS - SENIOR
11,225 SF RETAIL
DRAFT
HOUSING
RETAIL
BUDGET/BOND
----- ------------------------------------- ------------------------- ------------- --
----- ------------------------------------- ------------------------- -------------
LAND COSTS
1 LAND TBD TBD TBD
TOTAL LAND COST TBD TBD TBD
DESIGN COSTS
2 ARCHITECTURAL & ENGINEERING 178,200 35,920 214,120
3 SOIL TEST 5,581 919 6,500
4 SURVEY 5,152 848 6,000
5 ENVIRONMENTAL 6,440 1,060 7,500
6 PERSONAL PROPERTY / INTERIOR DESIGN ..~1,Q.Q.0 0 . 81,00q
TOTAL DESIGN COSTS 276,374 38,746 315,120
DEVELOPMENT COSTS
7 MARKET STUDY 5,152 848 6,000
8 TITLE INSURANCE 9,581 1,632 11,214
9 MUNCIPAL FEES 8,587 1,413 10,000
10 REAL ESTATE TAXES & ASSESSMENTS 0 0 0
11 INSURANCE 13,500 66 13,566
12 DEVELOPMENT ADMINISTRATION (3% of TDC) c~?~,950~ ~9,18Q cC.~ 269,1,30 I
TOTAL DEVELOPMENT COSTS 266,770 43,139 309,910 II
II
COST OF ISSUANCE II
13 FINANCIAL CONSULTANT 35,000 5,000 40,000 I
14 BOND COUNSEL / LEGAL 35,000 5,000 40,000
15 TRUSTEE 11 ,498 0 11 ,498
16 RATING AGENCY 7,500 0 7,500
17 PRINTING 1,500 0 1,500
18 UNDERWRITER FEE 89,710 0 .. 89,710
TOTAL COST OF ISSUANCE 180;208... 10,000 190,208
FINANCING COSTS
19 APPRAISAL 0 5,000 5,000
20 LENDER LEGAL 0 10,000 10,000
20 FINANCING FEE 0 . 6,53Q . 6,530
TOTAL FINANCING COSTS 0 21,530 21,530
II
CAPITALIZED INTEREST COSTS II
19 CONSTRUCTION INTEREST 321,.?99 li.?,909 374,41? II
TOTAL CAPITALIZED INTEREST COST 321,509 52,909 374,417 II
CONSTRUCTlON COST
20 CONSTRUCTION CONTRACT 6,480,000 898,000 7,378,000
TENANT IMPROVEMENTS 0 168>:E~E; ~J..~~.~75
TOTAL CONSTRUCTlON COST 6,480:000 1,066,375 7,546,375
MARKETlNG/MANAGEMENTCOSTS
21 MARKETING 81,000 0 81,000
22 BROKER'S COMMISSION 0 67,350 67,350
23 MANAGEMENT STARTUP ?,?,OOO 0 .?!?,OOO II
TOTALMARKETlNG/MANAGEMENTCOSTS 106,000 67,350 173,350 II
II
OPERATlNG DEFICIT RESERVE 0 0 0 II
DEBT SERVICE RESERVE 0 0 0
CONTlNGENCY 34,140 5,950 40,091
-................. -- --- ------------.....---.......---------------...........----......--------------- ------..------------- --.....---------..------ --------......-------------
TOTAl [)[VELOI'r,IE::NT COST
IlE[H
==== = == =================================== I
I
==== = == =================================== I
----------- ----------- -------------
----------- ----------- -------------
----------- ----------- -------------
----------- ----------- -------------
6/20/2008 54 UNITS_11225COMMERCIAL.x1s
NOTE: Actual results could vary from these projections because of the uncertainties Inherent in any financial forecast.
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RESUME: SCOTT COUNTY CDA
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Ie CDA
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Scott County
Community Development Agency
SCOTT COUNTY
323 South Naumkeag Street
Shakopee, MN 55379-1652
Phone: 952.402.9022
Fax: 952.496.2852
The Strategic Vision of the Scott County Community Development Agency
(CDA) is to encourage the formation of new and innovative public and private
partnerships to ensure long term sustainability of housing and community development
activities and the leveraging of public and private resources to transform communities
within Scott County.
The Scott County CDA has proven successful in creating partnerships to
redevelop downtown areas with mixed use projects resulting in a thriving downtown
community where residents want to live, work, shop, and obtain services.
Successful revitalization of downtown Prior Lake will require a vision for
preservation and economic growth while incorporating Prior Lake's unique historical
identity into the project. The Scott County CDA has experience partnering with cities to
ensure a successful project.
This is done through careful planning and cooperative
financing.
PLANNING
. Downtown businesses/civic groups
Merchants
Chamber of Commerce
. City government
Councils
Economic Development Authorities (EDA's)
. County Community Development Agency
Facilitator/Developer
. Joint Powers Agreement
Partnership-Development Agreement
Cost Sharing
Market Studies
. Concept Development
Housing, Retail and Historic Amenities
Site Selection
Timetable
. Development Team Selection
Project Coordinator
Bond Counsel
Financial Analyst
Architect
FINANCING
. Sale of Bonds
Tax Exempt Revenue Bonds
Taxable Commercial Bonds
Low Interest City Loan
Tax Increment
Special Benefit Tax Contribution
Grants
Examples of the Scott County CDA successfully partnering with cities for downtown mixed used
developments follow.
DeAnn Croatt
Commissioner
District I
Ben Zweber
Commissioner
District n
Marjorie Henderson
Commissioner
District III
Patti Sotis
Commissioner
District IV
Jane Victorey
Commissioner
District V
An Equal Opportunity / Affirmative Action Employer
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~;'U;;~
II--II~~ II LTCCJ> ~
. 42 units of 55+ independent rental housing in downtown
Savage
. Approximately 17,528 square feet of office/ classroom space on
first floor
. Public Master Lease Tenant
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RIVER CITY APAQTMENT~
· 52 units of 55+ independent rental housing in downtown
Shakopee
. Approximately 25,000 square feet of retail space
. Private Master Lease Tenant
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DUNBAR DEVELOPMENT CORPORATION
Dunbar Development Corporation (DDC), formed in 1985, is a Twin Cities based corporation.
DDC has worked extensively with many communities to provide development coordination
services for residential components consisting of market rate, mixed-use, senior and student
housing along with development services for light industrial, commercial and office
developments. DDC develops unique financial, design and construction methods to meet the
ever changing market.
SCOPE OF SERVICES
DDC's areas of expertise include the following:
. Market interpretation
. Design concept
. Financial modeling
. Site acquisition and preparation, including coordination of:
Traffic analysis
EnvironmentaVwetlands assessment
Soil analysis
. Bond Structuring
. Governmental relations, including:
Community presentations
Design and zoning coordination with Planning Department
Design and construction coordination with Inspections & Public Works
Departments
. Development coordination of architects, attorneys and other project-related consultants
. Construction bid negotiations
. Construction supervision and management
. Coordination of marketing/management activities
Attached is a resume for Frank C. Dunbar, President of DDC, along with a list of developments.
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FRANK C. DUNBAR
President, Dunbar Development Corporation
Dunbar Development Corporation (DDC) was created in 1985. Since that time, DDC has
focused primarily on multi-family developments, owned both by private partnerships and
governmental agencies. DDC has developed over 4,500 rental units in the Minnesota, many of
which are located in designated redevelopment areas. In recent years, DDC has expanded its
development activities to include commercial office, light industrial, for-sale condominiums and
retail affiliated with mixed-use developments.
Mr. Dunbar has expertise in market
interpretation, design concepts, financial
modeling and analysis. Mr. Dunbar is
involved in site acquisition and
preparation with emphasis on
environmental concerns. His experience
includes strong governmental
relationships and detailed coordination
with public agencies. The success of DDC is built on strength in construction bid negotiations,
construction supervision and management.
Mr. Dunbar has and does serve on a number of Boards of professional associations, as well as
religious and civic non-profit organizations, throughout the Twin Cities.
Mr. Dunbar received his B.A. Degree in Business Administration from St. Mary's University in
Winona, Minnesota in 1972. He received a Masters Degree in Real Estate Appraisal and
Financial Analysis from the University of Wisconsin-Madison in 1975.
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DUNBAR DEVELOPMENT CORPORATION
DEVELOPMENT LIST
. " ........"., to.,
......~.. . - ."
~_ '" l ~..~.
:.. ~f-)j; ~
, f:--n
I. \11\.1'.1> I SF
DEVELOPMENT NAME
. MONROE VILLAGE
. Minneapolis, MN
TOWN CENTRE
, . Waconia, MN
I . BRICKYARD APARTMENTS
Chaska, MN
. HAMILTON BUILDING
. Savage, MN
RIVER CITY CENTRE
. Shakopee, MN
. LAUREL VILLAGE
The McNair
.
. Deforest Apartments
. Hennepin Crossing
.
I . Alden Apartments (Rehab)
Minneapolis, MN
.
.
. DEVELOPMENT NAME
HOIGAARD VILLAGE
. The Camerata - St. Louis Park, MN
. ARBOR GLEN APARTMENTS
Maple Grove, MN
. LAUREL VILLAGE
. Wilson Park Tower
Laurel Curve
. Swinford Apartments (Rehab)
. Swinford Townhomes (Rehab)
Minneapolis, MN
. GABLES APARTMENTS
. Bloomington, MN
RESIDENTIAL UNITS
COMMERCIAL SQ. FT.
51 Units
7,000 s.f. Commercial
69 Units
32,300 sJ. City HalULibrary
32 Units
8,415 s.f. Commercial
42 Units September, 2000
17,000 s.f. School District Offices
52 Units August, 1998
25,373 s.f. Commercial
COMPLETION
OWNER
Volunteers of America,
Minnesota
Carver County CDA
II. \J \I{KI. 1 I{ \ I I IIO! SI"\(;
November, 2004
December, 2003
January, 2001
Carver County CDA
1I1.()11I<1
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. DEVELOPMENT NAME
. ING DIRECT BUILDING
St. Cloud, MN
. WAYZATA EXECUTIVE
. PLAZA Wayzata, MN
SPRINGBROOK EXECUTIVE
. PLAZA Coon Rapids, MN
. MINNETONKA EXECUTIVE
. PLAZA Minnetonka, MN
MAPLE GROVE EXECUTIVE
. SUITES Maple Grove, MN
. CHAMPLIN PROFESSIONAL
BUILDING Champlin, MN
. VALLEY CREEK OFFICE
. PARK Golden Valley, MN
.
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Scott County CDA
Scott County CDA
Laurel Village Partners
77 Units
10,000 s.f Commercial
72 Units
15,793 s.fCommercial
210 Units
29,580 sJ. Commercial
68 Units
6,000 s.f. Commercial
February, 1991
April, 1990
June, 1989
June, 1986
RESIDENTIAL UNITS COMPLETION OWNER
220 units Under Construction Camerata, LLC
264 Units June,2002 MG Longstreet, LLC
Laurel Village Partners
204 Units July, 1991
89 Units July, 1991
52 Units June, 1991
23 Units June, 1991
102 Units December, 1987 Grand Gables Partners
RESIDENTIAL UNITS COMPLETION OWNER
72,954 sJ. December, 2007 Cloudbar & Associates,
LLC
104,000 s.f. April, 2002 Wayham, LLC
32,136 s.f. October, 2000 Net Rapids, LLC
16,597 s.f. February, 2000 Ambar, LLC
57,112 sJ. November, 1998 Merchant Development
LLC
11,757 s.f. September, 1998 Champlin Drive, LLC
128,000 sJ. August, 1998 Valley Creek
(3 buildings) Development, LLC
1\. SE'\IOJ{ Ilot SI,\(;
.
. DEVELOPMENT NAME
. GLENDALE PLACE
Savage, MN
. PEACE VILLA
. Norwood Young America, MN
THE OAKS OF LAKE GEORGE
. Oak Grove, MN
. CHAUNCEY BARETT
GARDENS - PHASE II
. Centerville, MN
. NORTHRIDGE COURT
Shakopee, MN
. ORONO WOODS
. Orono, MN
PHILLIP SQUARE
. New Prague, MN
. SAVANNAH OAKS
Ramsey, MN
. CHAUNCEY BARETT
. GARDENS
. Centerville, MN
GARDEN TERRACE II
. New Ulm, MN
. LINCOLN PLACE APARTMENTS
Eveleth, MN
. WASHINGTON MANOR
. (Rehab)
Virginia, MN
. THE WILLOWS
. Ham Lake, MN
CENTENNIAL HILL
. Chanhassen, MN
. SUMMERFIELD PLACE - II
. Thief River Falls, MN
Baudette, MN
. WILD RIVER APARTMENTS
Sandstone, MN
. SUMMERFIELD PLACE - I
. Crookston, MN
. Ada, MN
Park Rapids, MN
. Warren, MN
. Clearbrook, MN
Fertile, MN
. Fosston, MN
. LAKESHORE PLACE
Grand Rapids, MN
. GARDEN TERRACE
. New Ulm, MN
AMBERFIELD PLACE
. Arlington
. Madelia
. Trimont (Rehab)
Sherburn
. Gaylord
Madelia
. LAURENTIAN MANOR
. Virginia, MN
. NORTH VIEW MANOR
Bemidji, MN
.
RESIDENTIAL UNITS COMPLETION OWNER
64 Units Under Construction Scott County CDA
36 Units October, 2006 City of Norwood Young
America
52 Units July, 2006 Anoka County HRA
31 Units December, 2004 Anoka County HRA
58 Units August, 2004 Scott County CDA
62 Units October, 2002 V olunteers of America,
Minnesota
55 Units September, 2002 Scott County CDA
50 Units October, 1999 Anoka County HRA
16 Units May, 1998 Anoka County HRA
37 Units June, 1997 New Ulm EDA
30 Units May, 1997 Eveleth EDA
63 Units May, 1997 Virginia HRA
49 Units March, 1997 Anoka County HRA
62 Units July, 1996 Carver County CDA
Northwest Minnesota
47 Units April, 1996 Multi-County HRA
30 Units February, 1996
36 Units September, 1995 Sandstone HRA
Northwest Minnesota
30 Units February, 1995 Multi-County HRA
31 Units January, 1995
60 Units January, 1995
20 Units December, 1994
10 Units December, 1994
14 Units November, 1994
12 Units November, 1994
60 Units July, 1994 Grand Rapids HRA
51 Units May, 1994 New Ulm EDA
South Central Minnesota
30 Units June, 1994 Multi-County HRA
20 Units June, 1994
10 Units May, 1994
14 Units May, 1994
26 Units March, 1994
16 Units February, 1994
80 Units March, 1993 Virginia HRA
60 Units October, 1992 Bemidji HRA
.......
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. DEVELOPMENT NAME RESIDENTIAL UNITS COMPLETION OWNER
. COBBLE HILL APARTMENTS 45 Units June, 1992 Washington County HRA
Woodbury, MN
. ANN BODLOVICK 50 Units September, 1991 Washington County HRA
. APARTMENTS Stillwater, MN 180 Units December, ] 989 Washington County HRA
WOODLAND PARK
. APARTMENTS
. Cottage Grove, MN 146 Units December, 1987 Grandview Partners
VERNON TERRACE
. Edina, MN
.
.
\.SII III ,11101 SI"\(.
DEVELOPMENT NAME
. EAST LAKE APARTMENTS
. Winona, MN
KEELER APARTMENTS
. Minneapolis, MN
. UNIVERSITY VILLAGE
. Minneapolis, MN
CAMPUS COURT
. APARTMENTS
. Thief River Fal]s, MN
ALPINE VILLAGE
. Virginia, MN
.
.
RESIDENTIAL UNITS COMPLETION OWNER
100 Units August, 2003 Winona State University
Foundation
44 Units August, 2003 J.A.Wedum Foundation
10,000 s.f Episcopal Church
] 99 Units August, 1999 J.A. Wedum Foundation
24,000 s.f. Commercial
40 Units November, 1995 Northwest Minnesota
Multi-County HRA
24 Units November, 1995 Virginia HRA
.,-,:
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DEVELOPMENT NAME
. JONATHAN TOWNHOMES
. (Rehab) Chaska, MN
SUMMERFIELD PLACE - II
. Roseau
. Thief River Falls
Baudette
. Badger
. WILD RIVER APARTMENTS
Sandstone, MN
. CITY VIEW APARTMENTS
. (Rehab) Des, Moines, lA
. SUMMERFIELD PLACE - I
Warren
. Crookston
. Greenbush
Erskine
. C]earbrook
. Fisher
Shelly
. Newfolden
. Fosston
Park Rapids
. Argy]e
. FOREST PARK WEST
Grand Rapids, MN
. AMBERFIELD PLACE
. Arlington
. Henderson
St. James
. Madelia
. Winthrop
Gibbon
. Lafayette
.
RESIDENTIAL UNITS COMPLETION OWNER
86 Units 1999 Carver County CDA
Northwest Minnesota
41 Units Apri], 1996 Mu]ti-County HRA
36 Units March, 1996
12 Units February, 1996
8 Units November, 1995
36 Units September, 1995 Sandstone HRA
144 Units September, 1995 Hillside Neighborhood LP
Northwest Minnesota
16 Units January, ] 995 Mu]ti-County HRA
40 Units December, 1994
12 Units December, 1994
10 Units December, 1994
6 Units December, 1994
14 Units November, 1994
8 Units November, 1994
8 Units November, 1994
] 2 Units November, ] 994
36 Units November, 1994
8 Units October, 1994
36 Units September, 1994 Grand Rapids HRA
South Centra] Minnesota
26 Units May, ]994 Multi-County HRA
14 Units Apri] , ] 994
28 Units Apri], 1994
24 Units March, 1994
16 Units February, 1994
] 2 Units February, 1994
12 Units January, ] 994
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. DEVELOPMENT NAME
AMBERFIELD PLACE
. Janesville
. Courtland
St. Clair
. LAKE GRACE APARTMENTS
. Acquisition Units
Chaska, MN
. TRAIL EDGE APARTMENTS
. Faribault, MN
BRIAR POND
. Oakdale, MN
.
.
DEVELOPMENT NAME
. PAINTER'S BUILDING
. Little Canada
RESIDENTIAL UNITS
COMPLETION
OWNER
South Central Minnesota
Multi-County HRA
Carver County CDA
Faribault HRA
Washington County
HRA
\ II. I ((.111 1.\1)1 S I RI \1
.
. HUGO LIGHT INDUSTRIAL
. BUILDING
Hugo, MN
. RAMSEY SQUARE
. Ramsey, MN
CHUCK'S GRINDING
. Chanhassen, MN
.
· DEVELOPMENT NAME
. HOIGAARD VILLAGE
. Harmony Vista
. The Adagio
Medley Row
. St. Louis Park, MN
. CRESCENT TRACE
CONDOMINIUMS
. Minneapolis, MN
. WYLDEWOOD CONDOMINIUMS
Minnetonka, MN
. RA VOUX RIDGE
. Chaska, MN
35th & BLOOMINGTON
. Minneapolis, MN
. FERNDALE TOWNHOMES
Wayzata, MN
. 900 LINCOLN
. Minneapolis, MN
24 Units
20 Units
8 Units
19 Units
January, 1994
December, 1994
December, 1994
October, 1993
OWNER
International Union of
Painters & Allied Trades
District Council 82
Building Corporation Inc.
Hugo Land
Development, LLC
Ramsey B&B, LLC
Hercules, LLC
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.
. DEVELOPMENT NAME
. GIANT'S RIDGE LODGE
Biwabik, MN
. DUAL FACILITY FOR
JUVENILES
. Crookston, MN
. ANN BODLOVICK SR CENTER
. Stillwater, MN
.
50 Units
November, 1992
OWNER
Union Land II, LLC
Webster Group, LLC
Medley Row, LLC
Union Land III, LLC
Wy1dewood Condominiums
LLC
Carver County CDA
Minneapolis Urban League
For Sale
For Sale
- .'
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196 Units
November, 1991
RESIDENTIAL UNITS
57,000 s.f.
COMPLETION
December, 2003
92,980 s.f.
September, 2002
41,755 s.f.
August, 2000
16,000 s.f.
March, 1997
RESIDENTIAL UNITS COMPLETION
24,363 sf For-sale Commercial February, 2008
74 For-sale Condominiums February, 2008
58 For-sale Condominiums Under Development
22 For-sale Townhomes Under Development
56 For-sale Condominiums December, 2006
10,062 sf For-sale Commercial
39 For-sale Condominiums December, 2005
24 For-sale Townhomes Under Construction
8 Rental Townhomes April, 2003
6 For-sale Townhomes June, 1989
25 For-sale Townhomes September, 1988
RESIDENTIAL UNITS
COMMERCIAL SQ. FT.
83 Units
COMPLETION
December, 1999
9,000 s.f.
February, 1997
6,042 sJ.
September, 1991
OWNER
Hotel Capital Group
XXIV
Northwest Minnesota
Multi-County HRA
Washington County
HRA
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~
Great Lakes~lm Co.
........ 6' PrtIpnr,y ~
An Overview
Great Lakes Management Company (GLMC), formed in 1988, is a Minnesota business
corporation which provides real estate management and marketing services for real estate
partnerships and corporations as well as other property owners such as pension funds, bank
trustees, condominium associations and private institutions. More specifically, GLMC has
developed extensive expertise in serving the management and marketing needs of a diverse
group of commercial property owners and developers including private investors, institutional
investors and not-for-profit organizations.
GLMC is presently managing a portfolio of approximately 600,000 square feet of suburban
office, light industrial and retail space along with 26 properties and approximately 3,500
apartment and condominium units. The majority of the properties in the portfolio have been new
construction where GLMC was responsible for the initial lease-up of the property and transition
from construction to operations.
Owner Services
GLMC offers professional property marketing and management services to owners of
commercial, investment-grade multifamily residential, retail and office properties.
Superior Service through a Team Approach
A consistently superior level of service is provided to our clients through a team approach to
management. The skills and experience of highly trained professionals, representing a broad
range of real estate disciplines are coordinated and applied to the specific marketing and
management needs of the property.
Communications
To assure that our efforts are meeting the needs and expectations of the property owner, our
procedures include regularly scheduled communications between all parties. These
communications include weekly marketing updates, monthly income statements and variance
reports as well as regular meetings and site inspections.
A Tailored Approach
Systems and procedures are designed with the flexibility to meet the specific needs of a given
property while conforming to the client's financial and management reporting requirements. A
creative approach to management and marketing means Great Lakes Management tailors its
services to each client's individual needs.
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Marketing
Marketing expertise at Great Lakes Management spans all stages of a property's evolution from
the pre-marketing of new construction to maintaining desired occupancy levels at established
projects. A thorough and project-specific marketing plan is prepared that defmes the realities of
the market, appropriate marketing techniques and materials to be used, staffmg requirements and
the budget which will most effectively support the project's marketing objectives.
Resident Services
Recognizing that it is through consistently superior service that property residents, retail tenants
and commercial tenants are satisfied, GLMC strives to maintain the utmost in tenant satisfaction
while providing a positive living and/or working environment. To this end, GLMC has invested
in concierge and corporate services as well as researching the benefits of new technology for
each asset.
The Physical Asset
Maintaining and upgrading the physical asset is important as well. Great Lakes Management
performs a maintenance checklist on each rental home and commercial space prior to a new
tenant taking occupancy. In addition, a preventative maintenance team works with the managers
of each property to ensure smooth on-going operation of each asset.
The People Make the Difference
GLMC has a staff of over 250 employees engaged in all phases of residential, retail and
commercial management. While employees work in specific positions including management,
marketing and leasing, maintenance, painting, housekeeping and caretaking, administration,
accounting, services coordination, data entry and financial analysis, they understand that only
when working as a team will they be successful.
Customer Service Philosophy
Our customer service policies and procedures flow out of a philosophy that can be stated as
follows:
. We believe that effective customer service is grounded in a commitment to knowing the
customer and their needs, wants and desires.
. We believe that for customer service to be effective it must remain relevant to the changing
needs of the customers being served.
. We recognize that superior quality customer service doesn't just happen, it is planned. We
are, therefore, very intentional about employee training that stresses the consistent nurturing
of a "Customer Minded Orientation."
. Our customer service philosophy is characterized by our commitment to "answer the phone
when it rings" and to take ownership of the call until it is 100% satisfied. If it is a question
we answer it, if it is a problem we resolve it and if it is an opportunity we seize on it.
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KEY PERSONNEL
Great Lakes Management Company is controlled by a Board of Directors comprised of the
stockholders of the company. The company is staffed by an energetic and creative group of
individuals, each of whom brings a wealth of experience to their area of responsibility.
The organizational approach to be used at a specific property is determined during the
completion of the management plan prior to Great Lakes Management (GLMC) stepping in to
commence the management of the property.
A Property Manager is in charge of supervising the on-site personneL The Property Manager is
the key link to GLMC's administrative office. Senior GLMC staff have regular and consistent
contact with on-site personnel for purposes of training and the implementation and monitoring of
the management and marketing plans.
The Property Manager is responsible for adhering to the owner-approved budget and for the
achievement of the goals and objectives outlined in the management plan. Accounting and
reporting functions are administered at GLMC's main office through a centralized accounting
department. Cross-training of on-site employees is implemented so that each maintains a "big
picture" view of the goal of the property. This has been a key element in the success ofGLMC's
approach to property management.
Key senior personnel and positions are described herein:
Michael B. Pagh
President
mDal!h@greatlakesmc.com
Mr. Pagh oversees and coordinates all aspects of marketing, management and administration for
Great Lakes Management. Mr. Pagh is a graduate of the University of Minnesota with a B. A. in
Economics and Business Administration and has been actively involved in Twin Cities-based
investment real estate businesses for the past 26 years. Mr. Pagh's industry background includes 10
years of full-time commercial mortgage banking work for regional and national financial
institutions. Mr. Pagh is a member of the National Association of Industrial and Office Parks. Mr.
Pagh is a licensed real estate broker and has recently served as Chairman of the Board of Directors
of the Minnesota Multi-Housing Association.
Vicky M. Dwyer
Corporate Controller
vdwver@greatlakesmc.com
As Corporate Controller, Ms. Dwyer is responsible for the administration of financial reporting for
all properties under management by Great Lakes. Ms. Dwyer received a Bachelor of Science in
Business Administration degree from Mankato State University where she majored in both
Accounting and Finance. Prior to joining GLMC, Ms. Dwyer held several financial and accounting
positions for Twin Cities-based real estate development and property management firms. Ms.
Dwyer's responsibilities also include Human Resources administration and oversight.
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Mary Gamec
Vice President-Commercial Division
mgamec(iiJ,greatlakesmc.com
As Vice President-Commercial Division, Mary is responsible for the day-to-day management and
oversight of Great Lakes Management's commercial portfolio. She earned a CPM designation from
the Institute of Real Estate Management (IREM) and is a licensed real estate broker in the state of
Minnesota. Ms. Gamec has over 25 years of hands-on experience in the management and
marketing of office, retail and industrial properties. Over the course of her career, she has worked
for several national property marketing and management firms. She is also an active member of the
National Association of Industrial and Office Parks having held numerous committee positions
within the local chapter.
Robin Barrett
Director of Senior Housing
rbarrett(iiJ,greatlakesmc.com
As Director of Senior Housing, Ms. Barrett is responsible for overseeing the marketing and
management of GLMC's portfolio of senior rental housing units. In addition, she oversees the
establishment of appropriate human service programs and initiatives at all properties under the
management of Great Lakes Management. Ms. Barrett has over 20 years of experience in senior
housing management and service coordination. Over the course of her career, Robin has been
involved in new construction and with companies having national portfolios. Ms. Barrett is a
member of MHHA, MHA and the National Association of Housing and Redevelopment
Authorities.
Kenneth Perusek
Director of Operations
kperusek(iiJ,greatlakesmc.com
As Director of Operations, Mr. Perusek is responsible for overseeing the fmancial and
operational issues of the general occupancy and condominium multifamily portfolio. Mr.
Perusek holds a Bachelor of Science in Business Administration from John Carroll University
and has over twenty-five years of experience in hospitality and multi-family housing.
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MANAGEMENT PORTFOLIO
At the present time, Great Lakes Management Company is leasing and managing on a fee basis a
diverse group of senior housing developments owned by a variety of Housing and
Redevelopment Authorities and Community Development Agencies. Great Lakes Management
is currently marketing and managing properties on a fee basis for a diverse group of building
owners, institutional investors and governmental agencies. A representative sample of our Senior
Housing properties follow:
Senior Housing Developments
St. Therese Southwest
Hopkins, MN
The Towers of St. Therese Southwest is a
227-unit senior high-rise located in
suburban Hopkins. The property is
owned by a non-profit corporation and
has been managed by Great Lakes
Management since 1992. It features
amenities such as a dining room with
meals served daily, beauty salon, library,
party room, craft room and a chapel.
Designed for seniors able to live
independently, health care services are on
a "fee for service" basis. This property
is able to accommodate a wide range of
personal and health care needs and has
been operated at full occupancy with a waiting list for many years.
An 86-unit Assisted Living facility called The Terraces of St. Therese Southwest offers assisted
care and includes a 25-unit memory care wing. In whole, this campus approach to senior
housing is an example of the continuim of care that allows seniors to age in place.
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Savannah Oaks Apartments
Ramsey, MN
Savannah Oaks is a 50-unit senior rental apartment
community owned the Anoka County HRA. The
project features large and spacious community
spaces, underground parking and individual
washers and dryers. Savannah Oaks also serves an
active group of seniors with an average age of 71.
Wild River Apartment and Townhomes
Sandstone, MN
Located in the woods of central Minnesota,
Wild River features 36 units of senior and 36
units of multifamily housing. This project
features a dining room with catering kitchen,
guest suite, heated parking, card and craft
rooms and library. It also features
underground parking and the townhomes
offer private, detached parking. All homes
feature central air and heat as well as full-size
washers and dryers.
The Willows of Ham Lake
Ham Lake, MN
The Willows of Ham Lake was
completed in April 1997. It was 100%
occupied on day one and has maintained
this stellar performance ever since. All
budget projections for the property have
been met. It is situated on the beautiful
Majestic Oaks Golf Course in Ham Lake
and features numerous community rooms
and common area amenities. This
property is owned by the Anoka County
HRA.
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Broadway Court
Robbinsdale, MN
This mixed use property features 57 apartment homes
for seniors 55 or better along with 6,400 SF of retail
space.
This property is owned by the Robbinsdale EDA.
Amberfield Place
South Central, MN
Amberfield Place consists of 300
units spread over six counties in
South Central Minnesota.
Owned by the South Central MN
HRA, Amberfie1d Place consists of
a blend of multifamily apartments
and housing for seniors age 55 or
better.
Chauncey Barett Gardens I and II
Centerville, MN
This community features 47
apartments in two separate buildings
for seniors 55 or better.
Our client is the Anoka County
HRA.
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The project is owned by the Scott County
CDA.
The Hamilton
Savage,MN
The Hamilton features 42 apartments for
seniors 55 or better, a library, guest suite
and a billiards room.
Lincoln Place
Eveleth, MN
This quaint apartment community on northern
Minnesota features 30 apartment homes for
seniors 55 and better along with a community
room, library and guest suite.
The project is owned by the Eveleth EDA.
Monroe Village
Minneapolis, MN
Owned by the Volunteers of America (of Minnesota), Monroe Village features 51 apartment
homes for seniors 55 and better along with 6,200 SF of retail space on the first level.
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Great Lakes Management Co. also manages:
Multifamily Housing
Senior Housing
. Laurel Village
Minneapolis, MN
Client: The Travelers
. Phillip Square
New Prague, MN
Client: Scott County CDA
. Arbor Glen Apartments
Maple Grove, MN
Client: MG Longstreet, LLC
. River City Centre
Shakopee,MN
Client: Scott County CDA
. Hazelton Apartments
Edina, MN
Client: Edina A & P, LLC
Student Housing
. Harmony Vista
St. Louis Park, MN
Client: Union Land, LLC
. University Village
Minneapolis, MN
Client: J. A. Wedum Foundation
. The Camerata (under development)
St. Louis Park, MN
Client: Camerata, LLC
. Keeler Apartments
Minneapolis, MN
Client: J. A. Wedum Foundation
Senior Housing
Condominiums
. Northridge Court
Shakopee,MN
Client: Scott County CDA
. The Wyldewood
Minnetonka, MN
Client: The Wyldewood
Condominium Association
. Oaks of Lake George
Oak Grove, MN
Client: Anoka County HRA
. Orono Woods
Orono, MN
Client: Volunteers of America
of Minnesota, LLC
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MILLER HANSON PARTNERS
~,
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~ ~
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ARCHITECTS + PLANNERS
Design Team Leaders
Wilt Berger
President and Partner
Celebrating 35 years with Miller Hanson Partners, Wilt assures that the
firm's commitment to design excellence is matched by its dedication to
providing clients with exemplary professional services in construction
document production, field observation and project close-out. Now
more than ever, he sees creating better places for people to live as the
best opportunity to strengthen our neighborhoods and communities.
Kent Simon, AlA
Vice President and Partner
With more than 25 years of design experience, Kent has developed a
commitment to the creation of quality senior housing environments.
He emphatically believes that the design of housing not only plays a
significant role in a person's well-being, but also keeps residents active
and involved with family and community. Kent strives to respond to
the diverse values of residents, staff, and community while at the same
time remaining accountable to the owner's budget limitations. The
comprehensive portfolio of projects he has overseen since joining Miller
Hanson Partners in 1980 is a testament to the success of these values.
Michael Nelson, AlA
Associate & Project Manager
Professionally and personally, Michael is committed to creating better-
planned urban environments, making cities a better place to live.
Informed by extensive experience, this commitment is integral to his
work as project manager on award-winning developments such as
Gramercy Club of Edina condominiums and Heritage Commons senior
housing for the Minneapolis Public Housing Authority.
1201 HAWTHORNE AVENUE MINNEAPOLIS, MN 55403 T 612.332.5420 F 612.332.5425 WWW.MILLERHANSON.COM
DEVELOPMENT TEAM MEMBERS
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DEVELOPMENT TEAM
Buildin2 Owner
Scott County Community Development Agency
323 South Naumkeag
Shakopee,~ 55379-1652
. William I. Jaffa
Proiect Coordinator
Dunbar Development Corporation
5000 Glenwood Avenue, Suite 200
Minneapolis, MN 55422
. Frank Dunbar
Architect
Miller Hanson Partners
120 I Hawthorne Avenue
Minneapolis, ~ 55403
. Wilt Berger
Contractor
To be determined
Mana2ement Company
Great Lakes Management Company
5000 Glenwood Avenue, Suite 150
Golden Valley, ~ 55422
. Michael Pagh
Attornev
Leonard Street & Deinhard
150 South 5th Street, Suite 2300
Minneapolis, MN 55402
. Barbara Portwood
Accountant
Deloitte & Touche
120 South Sixth Street
Minneapolis, ~ 55402
. Jim Weichert
Financial Advisor
Springsted, Inc.
380 Jackson Street, Suite 300
St. Paul, MN 55101-2887
. Kathy Aho
Title Company
Commercial Partners Title, LLC
200 South Sixth Street, Suite 1300
Minneapolis, ~ 55402
. Mark Goodman