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Home My WebLink About1A MWF Properties CCWS PresentationCity of Prior Lake –Council Workshop December 2nd, 2019 Outline 2 Development Team Developer -MWF Properties Builder -Eagle Building Company Management Company -Velair Property Management Development Experience Tax Credit Program Overview Spring Lake Lofts Q&A Development Team 3 DEVELOPER Builder Property Manager Forest Oak II Forest Lake, MN Developer Experience Established in 1999 1,591 units developed.253 under construction.374 units breaking ground in 2020. Long term owners –Have never sold a property. Company philosophy: Build and maintain relationships Maintain positive reputation Curb appeal Strong management Community relations Headquarters in Richfield Red Rock Square Newport,MN Interlaken Place Waconia, MN 4 Repeat Business 5 Rochester –11 properties* Forest Lake –2 properties Vadnais Heights –2 properties* Shakopee –2 properties* Waconia –2 properties* *One under construction Developer Portfolio 6 Washington Court Minneapolis, MN Forest Oak II Forest Lake, MN Village on Third Rochester, MN Willow Ridge Vadnais Heights, MN Minnesota Portfolio 7 Built 14 of MWF’s properties (all since 2012) Headquarters in Richfield “It’s always nice to work with professionals. My hats off to [Eagle Building].” -Building official, City of Eagan Recent Projects 8 Red Rock Square Newport, MN Opened August 2017 Lafayette Square Davenport, IA Opened February 2017 Recent Projects 9 Rosa Place Mankato, MN Opened June 2019 Louisiana Lofts Savage, MN Opened March 2019 Recent Projects 10 Sarazin Flats Shakopee, MN Opened September 2019 Boulevard Mounds View, MN Opened October 2019 1st Avenue Flats Rochester, MN Opened May 2017 Thomas Avenue Flats St. Paul MN Opened March 2019 Recent Projects 11 Lexington Flats Eagan, MN Construction Start April 2020 Vista Ridge Waconia, MN Opens Summer 2020 108 Place Bloomington, MN Opens Winter 2020 Harvestview Place Rochester, MN Opened July 2019 12 Sample 1,2 & 3 BR Unit Layouts 13 Project Features On site management Community Room Fitness Center Secure Access (fob system) 24 hour surveillance Secure package room Bike Friendly –Hanging Bike Racks, Fix it station Underground Parking –Included in rent In unit laundry Green Features: LED lighting, low flow fixtures, recycling chutes and receptacles throughout building. Tax Credit Program Overview Tax Credit Program created through Tax Act of 1986 Encourage private industry to invest and develop affordable housing Tax Credit is realized by the Investor Investor dollars are used as Equity to reduce debt Average Equity 65-70% 14 Laverne Apartments Ames, IA Ashland Place Apartments Rochester, MN Tax Credit Program Overview Reduction in debt requires lower operating income thus allowing for lower rents Does NOT equate to lower quality of tenant ALL tenants must go through a thorough screening process Zero tolerance for criminal violations 15 Washington Court Minneapolis, MN Tax Credit Program Overview Regulated by the Internal Revenue Service State Credit Allocations published annually Administered by each state through Qualified Allocation Plan 16 Thomas Avenue Flats St. Paul, MN Washington Village East Rochester, MN Resident Occupations -Example 17 Occupations -Interlaken Place -10/2018 Realtor Delivery Driver Bank Teller Documentation Specialist Retired Retired Property Manager Nursing Home Aide Teacher Assistant LTS Teacher & Retail Assistant DJ County Worker Machinist Store Clerk Sales US Postal Worker Registered Nurse Teacher Retired Splicer Store Clerk Spa Specialist Entertainer House Cleaner Property Caretaker PCA Retired Southdale Pediatric Associates Retired Hair Stylist Waitress Store Clerk Massage Therapist Commoscope Sales Business Development Manager Service Representative Equipment Technician Horse Show Groomer and Stable Management Driver Project Financing 18 Utilize Section 42 tax credits to help fill gap created by lower rents. Annual submission to Minnesota Housing. Highly competitive, historically 1 of every 3 applications approved. Important Scoring Factors: Transit Economic Integration Schools Cost Containment Local Participation (TIF, Land Write Down, City Fee Reduction) Spring Lake Lofts 19 Spring Lake Lofts 20 Phase one was awarded MHFA funding in November 2019 –will be applying for a CUP in the spring. Planning on applying for MHFA funding on phase two in June 2020. Will be applying for INVEST funds from Scott County. Applied for phase one but were not awarded funding. Contact Us 21 Chris Stokka –Development Manager Business Development & Project Development chrisstokka@mwfproperties.com 612-243-4636 Ryan Schwickert –Development Associate Asset Management & Project Development ryanschwickert@mwfproperties.com 612-243-4637 Matt Yetzer –Development Associate Asset Management mattyetzer@mwfproperties.com 612-314-7652 Peter Worthington –Site Acquisition Business Development & Site Acquisition peterworthington@mwfproperties.com 612-259-7110 Harrison Klein –Development Associate Asset Management harrisonklein@mwfproperties.com 612-243-4616 Marty O’Connell –Development Associate Asset Management martyoconnell@mwfproperties.com 612-243-4623