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072808 EDA CITY OF NEW HOPE EDA MEETING City Hall, 4401 Xylon Avenue North July 28, 2008 EDA Meeting will commence upon adjournment of the City Council Meeting President Martin Opem Sr. Commissioner John Elder Commissioner Andy Hoffe Commissioner Karen Nolte Commissioner Daniel Stauner 1. Call to order 2. Roll call 3. i\pproval of regular meeting n1i11utes of June 23, 2008 4. Resolution approving BCD Holdings, LLCjHoliday Station loan documents for the redevelopment of 7180 42nd Avenue North (improvement project no. 844) :). Resolution authorizing the expenditure of Hennepin County Housing and Redevelopment Authority (HCHRA) funds from the Hermepin County Affordable Housing Incentive Fund to be received and expended by Project for Pride in Living (PPL) within the city of New Hope (improvement project no. 766) 6. Adjournment EDA Minutes Regular Meeting CALL TO ORDER ROLL CALL APPROVE MINUTES IMP. PROJECT 842 Item 4 EDA Meeting Page 1 CI'I'Y e)F 1'~EVV I-IC.PE 4401 XYLON AVENUE NORTH NEW HOPE, MINNESOTA 55428 June 23, 2008 City Hall President Opem called the meeting of the Economic Development Authority to order at 8:25 p.m. Present: Martin Opem Sr., President John Elder, Commissioner Andy Hoffe, Commissioner Karen Nolte, Commissioner Daniel Stauner, Commissioner Staff Present: Kirk McDonald, City Manager Curtis Jacobsen, Director of Community Development Valerie Leone, City Clerk Jason Quisberg, City Engineer Steve Sondrall, City Attorney Motion was made by Commissioner Nolte, seconded by Commissioner Elder, to approve the Regular Meeting Minutes of May 27, 2008. All present voted in favor. Motion carried. President Opem introduced for discussion Item 4, Resolution approving an amended and restated interim agreement between Ryan Companies, Ine. and the New Hope Economic Development Authority for the potential redevelopment of city center (improvement project no. 842). Mr. Kirk McDonald, city manager, stated staff along \vith Ryan Companies and Krass Monroe would like to provide an update regarding the city center project and discuss an amended interim agreement. He stated the Council last discussed the project on May 29 and Council consensus was in favor of an extension of the interim agreement. Mr. McDonald also noted that Mark Schoening of Ryan Companies brought a representative of Target Corporation to address the Council. Mr. McDonald reviewed the terms of the restated interim agreement: G August 11, 2009 - extension of interim agreement e By July 31, 2008 - completion of the analysis of the southeast quadrant for inclusion in a TIF District e By July 31 - determination of the analysis of the impacts for the school district's possible relocation G By July 31- conduct subsequent work session by City Council G By December 31 - upon appropriate findings, the EDA vvill certify a redevelopment tax increment district for the southeast quadrant June 23,2008 Rcde\.'elooer \,viJi continue to \,vo1'k \vith 1 " tIle EDi~ to refU1e its redevelopment plans for all of Phase lA and lB. G Redeveloper will have entered into contractual arrangements to relocate the school district facilities either inside or outside of the city prior to this agreement's termination. G 50/50 cost share by developer and EDA for financial analysis G Developer is responsible for all costs they incur for their own consultants Mr. McDonald noted based on the last discussion with the City Council, the redeveloper has broadened the scope of where the school district offices could be relocated. He also noted Ryan Companies has invested a substantial amount of resources to determine the feasibility of the project. He introduced Mark Schoening of Ryan Companies. Mr. Mark Schoening indicated Ryan Companies expressed support of the restated interim agreement and noted Ryan Companies would not be continuing to explore the project if they did not believe they could find a solution for a redevelopment project. He noted they are very encouraged by the cooperation shown by all involved parties. Mr. Tom Carrico, regional real estate manager for Target Corporation, was recognized. He indicated Target is interested in the potential redevelopment of the 42ndf\Vinnetka A venue site. He expressed support for the project. Commissioner Stauner expressed concern regarding language contained in Item 3i of the agreement: "The Authority will also approve a hazardous substance subdistrict within the district if eligible costs exist and for such period of time and for such parcels as permitted by statute". The EDA agreed with Mr. Schoening's recommendation to change the word "will" to "is willing to consider". Commissioner Hoffe inquired of the financial aspects. Mr. Jim Casserly of Krass Monroe reported that additional financial information would be completed by July 31 and shared with the Council/EDA. Mr. Casserly commented on the impact of lower property valuations related to tax increment. The EDA briefly discussed the project including the relocation of the school district administration office, the negotiation process with businesses in the project area, project finances, and the interim agreement. Mr. McDonald noted if it is determined the project is not feasible, the agreement could be terminated prior to August of 2009 by mutual agreement of the parties. Mr. Schoening spoke of Ryan Companies' experience vvith similar projects and noted they use highly qualified professionals to conduct the necessary research in determining project feasibility. The EDA expressed its appreciation for Ryan Companies' efforts. EDA Meeting Page 2 June 23, 2008 08-09 Item 4 ADJOURNMENT EDA Meeting Page 3 COITtIl11Ssiorler Eld(::c introduced the resolution and rno\t(:d its adoption subiect to the amendment to item 3i: "RESOLUTION APPROVING AN AMENDED AND RESTATED INTERIM AGREEMENT BETWEEN RYAN COMPANIES, INC. AND THE NEW HOPE ECONOMIC DEVELOPMENT AUTHORITY FOR THE POTENTIAL REDEVELOPMENT OF CITY CENTER (IMPROVEMENT PROJECT NO. 842)." The motion for the adoption of the foregoing resolution was seconded by Commissioner Stauner, and upon vote being taken thereon, the following voted in favor thereof: Opem, Elder, Hoffe, Nolte, Stauner; and the following voted against the same: None; Abstained: None; Absent: None; whereupon the resolution was declared duly passed and adopted, signed by the president which was attested to by the executive director. Motion was made by Commissioner Nolte, seconded by Commissioner Elder, to adjourn the meeting. All present voted in favor. Motion carried. The New Hope EDA adjourned at 8:50 p.m. Respectfully submitted, ~~ Valerie Leone, City Clerk June 23, 2008 EDA Request for Action Originating Department Approved ror Agenda Agenda Section Commmuty Development July 28,2008 EDA Item No. By: Curtis Jacobsen, Director or CD By: Kirk McDonald, City Manager 4 Resolution approving BCD Holdings, LLC/Holiday Station loan documents ror the redevelopment or 7180 42nd Avenue North (im rovement rojectno.844) Requested Action Staff requests the EDA approve the resolution and loan documents ror the $60,000 business loan to BCD Holdings, LLClHoliday Station, Chuck Durand, OVv11er. Policy/Past Practice One or the city's strategic goals is that the city 'will encourage maintenance, redevelopment, and reinvestment or existing properties to improve or enhance its tax base. As a past practice the city has offered various rorms or business subsidy loans to assist businesses on a case by case basis. Background On February 25, the Council authorized staff and the city attorney to begin working vvith BCD Holdings, LLC to draft the appropriate loan documents ror a $60,000 business loan ror the redevelopment or 7180 42nd Avenue North. Initially, BCD Holdings, LLC had requested tax increment rinancing assistance ror their proposed redevelopment or 7180 42nd Avenue North. The COUl1Cil "vas not supportive or using TIF ror this cOl1unercial ventLue. The applicant next proposed a loan from the city. The Council after deliberation was supportive or that financial assistance vehicle. 111e attached documents "vere drarted by the attorney ror BCD Holdings and the city attorney. 111e loan funds will come hom the EDA fund. Recommendation Staff recommends the EDA approve the resolution as presented. Attachments Iii) Resolution Iii) Resolution or the board or directors and majority shareholders or BCD Holdings o Resolution or the board or directors and majority shareholders or Five D Motion by Second by I To: I:\RFA \PLANNING\PLANNL'\IG\Q & R - Holiday loan 7-2S-0S,doc Request for Action Page 2 July 28, 2008 @ Term promissory note @ Mortgage deed @ Mortgage subordination agreement Resolution No 2008- Resolution approving BCD Holdings. LLC Holiday Station loan documents ror the redevelopment or 7180 42nd Avenue North (improvement project no. 844) WHEREAS, BCD Holdings, LLC, has requested a business loan to assist ll1 the redevelopment or the property at 7180 42nd Avenue North; and "\^lHEREAS, the EDA has reviewed the assistance request and are in general agreement; and WHEREAS, the loan request is ror sixty thousand dollars ($60,000), with a term or ten (10) years and an interest rate or three (3) percent. NOW, THEREFORE BE IT RESOLVED by the EDA or the city or Ne,!v Hope, to provide a busll1ess assistance loan to BCD Holdll1gs, LLC under the rollowing terms and provided the rollowing document are executed as part or the loan package: 1. The loan will be ror a maximum or ten (10) years. 2. The loan will bear Ell1 ll1terest rate or three (3) percent. 3. The loan amount will be $60,000.00. 4. Prepayment or the 10Ell1 is encouraged. J. Resolution or the board or directors Ell1d majority shareholders or BCD Holdll1gs. 6. Resolution or the board or directors and majority shareholders or Hve D. 7. Term promissory note. 8. Mortgage deed. 9. Mortgage subordll1ation agreement. Approved by the EDA or the city or New Hope, HelU1epin COlmty, Minnesota, this 28th day or July, 2008. President ATTEST: Executive Director RESOLUTIONS OF THE BOARD OF DIRECTORS And MAJORITY SHAREHOLDERS OF BCD HOLDiNGS, LLC The undersigned being directors and majority shareholders of BCD Holdings, LLC a Minnesota limited liability company, do hereby adopt the following resolutions effective as of this day of 2008: WHEREAS, BCD Holdings, LLC, has acquired property in the City of New Hope for constructing and operating a Holiday StationStore, and V"HEREAS, as part of the closing process and approval with the City of New Hope, the Economic Development Authority in and for the City of New Hope has agreed to provide BCD Holdings, LLC a low interest loan in the amount of $60,000.00 to assist BCD Holdings, LLC with the development, and VIlHEREAS, BCD Holdings, LLC does hereby request Five D, Limited, a Minnesota corporation to secure this referenced loan with the New Hope EDA by giving the New Hope EDA a mortgage to be placed on the property owned by Five D Limited, located in the city of Moundsview, county of Ramsey, and as legally described as follow: Silverview Estates Lot 1, Block 1 V\fHEREAS, Five D, Limited, has a direct or indirect interest in BCD Holdings' development of the Holiday StationStore in New hope which will constitute sufficient and adequate consideration for the requested mortgage. , that BCD Holdings, LLC does hereby request Five D, Limited to give a rnortgage in favor of the Economic Development Authority in and for the City of New Hope to be placed on its property located in Ramsey County, as legally described above, in connection with the BCD Holdings, LLC / City of New Hope transaction and low interest loan. Charles Durand, Director and Shareholder Robert Durand. Director and Shareholder 799168.1 RESOLUTIONS OF THE BOARD OF DIRECTORS and MAJORITY SHAREHOLDERS OF FIVE D, LIMITED The undersigned being directors and majority shareholders of Five 0, Limited, a Minnesota corporation, do hereby adopt the following resolutions effective as of this _ day of June 2008: WHEREAS, BCD Holdings, LLC, has acquired property in the City of New Hope for constructing and operating a Holiday StationStore, and WHEREAS, as part of the closing process and approval with the City of New Hope, the Economic Development Authority in and for the City of New Hope has agreed to provide BCD Holdings, LLC a low interest loan in the amount of $60,000.00 to assist BCD Holdings, LLC with the development, and WHEREAS, BCD Holdings, LLC has requested Five 0, Limited to secure the referenced loan with the New Hope EDA by giving the New Hope EDA a mortgage to be placed on the property owned by Five 0 Limited, located in the city of Moundsview, county of Ramsey, and as legally described as follow: Silverview Estates Lot 1, Block 1 V\fHEREAS, Five 0, Limited, Limited hereby agrees to provide the requested mortgage and acknowledges and agrees it has a direct or indirect interest in the development of the Holiday StationStorein New hope which constitutes adequate consideration for the requested mortgage. that Five D, Limited authorizes and agrees to give a mortgage in favor of the Economic Development Authority in and for the City of [\Jew Hope to be placed on its property located in Ramsey County, as legally described above, in connection with the BCD Holdings, LLC / City of l\Jew Hope transaction. Charles Durand, Director and Shareholder Robert Durand. Director and Shareholder 799168.1 TERM PROMISSORY NOTE (BCD Holdings, LLC) Amount: $60,000.00 Interest: 3% per annum Term: 10 years New Hope, Minnesota July 1, 2008 FOR VALUE RECEIVED, BCD Holdings, LLC, a Minnesota limited liability company (the "Borrower"), agrees and promises to pay to the order of the Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, its endorsees, successors and assigns (the "Lender"), at, 4401 Xylon Avenue, New Hope, Minnesota 55428, or such other place as the Lender may from time to time designate, the principal sum of Sixty Thousand and 00/100 Dollars ($60,000.00), as set forth in the Loan Agreement referenced below, together with interest on the Principal Balance (as later defined) at the rate or rates of interest hereinafter set forth, payable in the following manner and on all the following terms and at the following times: 1. Definitions. For purposes of this Note, the following terms shall have the following meanings: a. "Business Day" shall mean any day that national banks are open for business in New Hope, Minnesota. b. "Loan Documents" shall mean this Note, the Mortgage, Subordination Agreement, and any other instruments given to evidence or secure this Note. c. Date" shall mean July 1, 2018 "Moiigage" shall mean the Mortgage Deed dated the same date as this Note and given by the Borrower to the Lender, granting a lien on the Property described in that Mortgage as security for this Note and granting a security interest to the Lender. e. "Principal" shall mean the sums of money from time to time disbursed by the Lender pursuant to this [\]ote. r. shall mean the amount of Principal remaining unpaid from time to time. g. shall mean the real property described in the Mortgage. n. "Term" shall mean the period from the date of this Note through the Maturity Date. ? Interest Rate. The Principal Balance of this Note outstanding at the close of each day shall bear interest ("Interest") at the rate of three percent (3%) per annum ("Interest Rate"). 3. Basis of Computation. Interest shall be calculated by multiplying the actual number of days elapsed in the period for which interest is being calculated by a daily rate based on a 360-day year. 4. Late Charge. In the event that any payment required hereunder is not paid when due, the Borrower agrees to pay a late charge ("Late Charge") of $.05 per $1.00 of the unpaid payment to defray the costs of the Lender incident to collecting such late payment. This late charge shall apply individually to all payments past due and there will be no daily pro rata adjustment. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights the Lender may have, including the right to declare the entire Principal Balance and accrued interest immediately due and payable. 5. Terms of Payment. This Note shall be payable as follows: Commencing on July 1, 2008 Interest will accrue at a rate of 3% per annum and beginning January 1, 2010, and on the first day of each and every month thereafter until the Maturity Date, when the entire unpaid principal balance and accrued interest thereon shall be due and payable, monthly installments of principal and interest shall be paid, each of such installments to be applied first to the payment of late charges, if any, then to the payment of interest and then to the reduction of principal. The monthly installment of principal and interest payable on January 1, 2010, and thereafter shall be Six Hundred Five and 63/100ths Dollars ($605.63). The monthly payments recited herein are based upon an assumed amortization schedule of ten (10) years. 6. ication All payments shall be applied first to any Costs of Collection, then to Late Charges, then to accrued interest and then to Principal Balance, except that if any advance made by the Lender under the terms of any instruments securing this Note is not repaid, any monies received, at the option of the Lender, may first be applied to repay such advances, plus interest thereon, and the balance, if any, shall be applied as above. If any payment of Principal, Interest, Late Charge or other sum to be made hereunder becomes due and payable on a day other than a Business Day, the due date of such payment shall be extended to the next succeeding Business Day and interest thereon shall be payable at the applicable interest rate during such extension. Upon a Default (as herein defined) any monies received shall, at the option and direction of the Lender, be applied to any sums due under this Note or any instrument securing this Note in such order and priority as the Lender shall determine. 7. This Note is the Note referred to In and secured by the 2 Mortgage dated the same date as this Note herewith each encumbering the Property (the "Collateral"). 8. Default. If (a) any payment not be made within fifteen (15) days after the date when due in accordance with the terms and conditions of this Note (other than on the Maturity Date when payments shall be due on such date), or (b) an Event of Default (as defined therein) occurs under the Mortgage, (all of the above being herein singularly and collectively referred to as a "Default"), the entire Principal Balance, together with accrued interest thereon and Late Charges, if any, shall become immediately due and payable at the option of the Lender hereof upon notice to the Borrower. 9. Time of Essence. Time is of the essence. No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right or of any other remedy under this Note. A waiver on anyone occasion shall not be construed as a bar to or waiver of any such right or remedy on a future occasion. 10. Costs of Collection. In the event of any default hereunder the Borrower agrees to pay the costs of collection, including reasonable attorneys' fees and costs incurred, all other costs and fees incurred in litigation, mediation, bankruptcy and administrative proceedings and all appeals therefrom and all other costs and expenses incurred in the collection of the amounts due under this Note ("Costs of Collection"). 11. Vllaiver of Presentment, Etc. Presentment for payment, protest and notice of non-payment are waived. Consent is given to any extension or alteration of the time or terms of payment hereof, any renewal, any release of any part or all of the security given for the payment hereof, any acceptance of additional security of any kind, and any release of, or resort to any party liable for payment hereof. To the extent permitted by law all rights and benefits of any statute of limitations, and any moratorium, reinstatement, marshaling, forbearance, valuation, stay, extension, redemption, appraisement, exemption and homestead laws are waived. 12. Savings Clause. It is expressly stipulated and agreed to be the intent of the Borrower and Lender at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than permitted under state law) and that this section shall control every other covenant and agreement in this Note and any other Loan Document. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this Note or under any other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the indebtedness evidenced by this Note ("indebtedness"), or if the Lender's exercise of the option to accelerate the maturity of this Note, or if any prepayment by the Borrower results in the Borrower having paid any interest in excess of that permitted by applicable law, then it is the express intent of the Borrower and Lender that all excess amounts theretofore collected by Lender shall be credited on the Principal Balance and all other amounts theretofore collected by Lender shall be credited on the Principal Balance and all other Indebtedness (or, if this Note and all other Indebtedness have been or would 3 thereby be paid in full, refunded to the Borrower), and the provisions of this Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the Indebtedness shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Indebtedness until payment in full so that the rate or amount of interest on account of the Indebtedness does not exceed the maximum lawful rate from time to time in effect and applicable to the Indebtedness for so long as the Indebtedness is outstanding. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration. 13. Notices. Any notices and other communications permitted or required by the provisions of this Note (except for telephonic notices expressly permitted) shall be in writing and shall be deemed to have been properly given or served by depositing the same with the United States Postal Service, or any official successor thereto, designated as Certified Mail, Return Receipt Requested, bearing adequate postage, or deposited with reputable private courier or overnight delivery service, and addressed as hereinafter provided. Each such notice shall be effective three (3) days after being deposited or delivered as aforesaid. The time period within which a response to any such notice must be given, however, shall commence to run from the date of receipt of the notice by the addressee thereof. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice sent. By giving to the other party hereto at least ten (10) days' notice thereof, either party hereto shall have the right from time to time to change its address and shall have the right to specify as its address any other address within the United States of America. Each notice to Lender shall be addressed as follows: Economic Development Authority in and for the City of [\Jew Hope 4401 Xylon Ave New Hope, Minnesota 55428 Attn: Kirk McDonald f\Jotice to Borrower shall be addressed as follows: BCD Holdings, LLC 7180 42nd Ave. North New Hope, MN 55427 Attn: Chuck Durand 4 14. Governing Law. Notwithstanding the place of execution of this instrument, the parties to this instrument have contracted for Minnesota law to govern this instrument and it is agreed that this instrument is made pursuant to and shall be construed and governed by the laws of the State of Minnesota without regard to the principles of conflicts of law. 15. WAIVER. THE BORROWER WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH ANY PARTIES TO THIS INSTRUMENT ARE INVOLVED AND WHICH DIRECTLY ORINDlRECTL Y IN ANY WAY ARISES OUT OF, IS RELATED TO, OR IS CONNECTED WITH THIS INSTRUMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER, WHETHER ARISING OR ASSERTED BEFORE OR AFTER THE DATE OF THIS INSTRUMENT. Executed as of the date first above written. BCD Holdings, LLC (a Minnesota limited liability company) By: Charles E. Durand Its: Chief Manager 794602.1 5 MORTGAGE DEED THIS MORTGAGE, dated this _ day of June, 2008, between Five D, Limited, a Minnesota corporation (hereinafter called the "Mortgagor", regardless of whether one or more persons or entities), and the Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, (hereinafter called the "Mortgagee"). 'WITNESSETH, that to secure the payment of Sixty Thousand and 00/100ths Dollars ($60,000.00), with interest, according to the terms of a Term Promissory Note bearing even date herewith, together with any renewals or extensions thereof, and all other liabilities and indebtedness of the Mortgagor to the Mortgagee, due or to become due, now existing or hereafter arising, the Mortgagor hereby mortgages to the Mortgagee the tract of land lying in the County of Ramsey, State of Minnesota, described as follows, to-wit: See Exhibit A attached hereto and made a part hereof (the "Premises"). 1. In addition to making and including in this Mortgage the covenants and other provisions set forth in Minnesota Statutes, Section 507.15, or any future Minnesota Statute providing for a statutory form of real estate mortgage, the Mortgagor makes the following covenants and agreements with the Mortgagee: (a) The Mortgagor and Mortgagee have entered into a Mortgage Subordination Agreement dated even date whereby Mortgagee has agreed to subordinate its interests and liens in the Premises to any other currently existing or those that may arise from time to time in the future. See Exhibit B attached hereto and made a part hereof. (a) The Mortgagor will permit the Mortgagee, or its agents, at all reasonable times, to enter upon and inspect the Premises. 2. The Mortgagor covenants with the Mortgagee the following statutory covenants: (a) To warrant title to the Premises. (b) To pay all taxes and assessments promptly before a penalty might attach for nonpayment thereof. (c) To keep the buildings and other improvements now existing or hereafter erected on the Premises insured against fire for the amounts specified by the Mortgagee and against other hazards under the usual extended coverage endorsement and all other hazards and risks of direct physical loss occasioned by any cause whatsoever, subject only to the exceptions and exclusions, if any, agreed to by the Mortgagee. The policy or policies of such insurance shall be in a form acceptable to Mortgagee and shall have a loss payable provision in favor of and in a form acceptable to Mortgagee. In the event of foreclosure of this Mortgage, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser at the foreclosure sale. (d) That the Premises shall be kept in good repair and no waste shall be committed. (e) That all indebtedness secured by this Mortgage shall become due after default in the payment of any installment of principal or interest, at the option of the Mortgagee. 3. If default has been made in any payment or covenant herein, the MOligagee is hereby authorized and empowered to declare the whole amount secured by this Mortgage due and payable. The Mortgagee shall have the authority and power to proceed to protect and enforce its rights by suit or suits in equity or at law, either for the specific performance of any covenant or agreement contained herein or in the indebtedness secured by this Mortgage or for the foreclosure of this Mortgage or for the enforcement of any other appropriate legal or equitable remedy and, in the event of foreclosure, shall be entitled to the immediate appointment of a receiver to operate and protect the Premises and to collect all rents during the pendency of the foreclosure, and, in addition, the Mortgagor authorizes the Mortgagee to sell the Premises, as one tract or otherwise, at public auction and convey the same to the purchaser and, out of the proceeds arising from such sale, to pay all indebtedness secured hereby, with interest, and all legal costs and charges of such foreclosure and the maximum attorney's fees permitted by law, which costs, charges and fees the Mortgagor hereby agrees to pay. The Mortgagor hereby expressly consents to the sale of the Premises by advertisement, pursuant to the Minnesota Statutes, Chapter 580, which provides for sale after service of notice thereof upon the occupant of the Premises and the publication of said notice. Service may not be made upon the Mortgagor personally, and no hearing of any type is required in connection with the sale. Except as required by the aforesaid statutory provision, the Mortgagor hereby expressly waives any and all rights to notice of sale of the Premises and any and all rights to a hearing of any type in connection with the sale of the Premises. 794775.1 2 4. If the Mortgagor fails to perform any of the covenants and agreements contained in this Mortgage or if any action or proceeding is commenced which does or may adversely affect the Premises or the interest of the Mortgagor or the Mortgagee therein, then the Mortgagee, at Mortgagee's option, may perform such covenants and agreements, defend against and/or instigate such action or proceeding and take such other action as the Mortgagee deems necessary to protect the Mortgagee's interest. Any amounts disbursed by the Mortgagee pursuant to this paragraph, including reasonable attorneys' fees, with interest thereon, shall become additional indebtedness of the Mortgagor secured by this Mortgage. Such amounts shall be payable upon notice from the Mortgagee to the Mortgagor requesting payment thereof and shall bear interest from the date of disbursement at the rate set forth in the Note which this Mortgage secures. Nothing contained in this paragraph 4 shall require the Mortgagee to incur any expense or do any act hereunder. 5. Any delay by the Mortgagee in exercising any right or remedy hereunder or otherwise afforded by law or equity shall not be a waiver of or preclude the exercise of such right or remedy or any other right or remedy hereunder or at law or equity. 6. All remedies of the Mortgagee are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity and may be exercised concurrently or independently and as often as the occasion therefor arises. 7. The covenants and agreements herein shall bind and the rights hereunder shall inure to the successors and assigns of the Mortgagee and the heirs, personal representatives, successors and assigns of the Mortgagor. 8. In the event any provision or clause of this mortgage conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage which can be given effect without conflicting provisions, and, to the end, the provisions of this Mortgage are declared to be severable. 9. The Mortgagor acknowledges and agrees that this right of inspection allows the Mortgagee, or the Mortgagee's agents, to enter the premises at reasonable times to conduct environmental tests to establish the presence, or absence, of hazardous substances or pollutants upon the premises. 10. The Mortgage shall be governed by the laws of the State of Minnesota. 11. The maximum principal indebtedness secured by this Mortgage IS $60,000.00. , the Mortgagor has duly executed this Mortgage the day and year first above written. Five D, Limited (a Minnesota corporation) 794775.1 3 STATE OF MINNESOTA ) ) SS. COUNTY OF ) By: Charles E. Durand Its: The foregoing was acknowledged before me this 20_, by , the , on behalf of the day of of a TH!S INSTRUMENT WAS DRAFTED BY: MURNANE BRANDT 30 EAST SEVENTH STREET SUITE 3200 ST.MN 55101-4919 Telephone: (651) 227-9411 794775.1 Notary Public 4 EXHIBIT A LEGAL DESCRIPTION The following described real property located in the County of Ramsey and State of Minnesota: Silverview Estates Lot 1, Block 1 794775.1 5 MORTGAGE SUBORDINATION AGREEMENT THIS MORTGAGE SUBORDINATION AGREEMENT is entered into this 1st day of July, 2008, by and between the Economic Development Authority in and for the City of New Hope (the "EDA") and Five D, Limited, a Minnesota corporation, (the "Mortgagor"). RECITALS 1. The EDA has agreed to lend to Mortgagor the sum of Sixty Thousand and noli OO's Dollars ($60,000.00) to be evidenced by a Term Promissory Note of even date herewith in the amount of $60,000.00, executed by BCD Holdings, LLC at the request of Mortgagor in favor of the EDA (hereinafter referred to as the "EDA Note"), which EDA Note is secured by a Mortgage Deed of even date herewith in the amount of Sixty Thousand Dollars ($60,000.00), executed by the Mortgagor in favor of the EDA and filed for record on , 2008 in the Office ofthe County Recorder, Ramsey County, Minnesota as Document No. (hereinafter referred to as the "EDA Mortgage") (hereinafter the EDA Note and the EDA Mortgage will be collectively referred to as the "EDA Loan Documents"), provided that the EDA will agree that the interests and lien of the EDA in the Property arising from the EDA Loan Documents will be junior and subordinate to any interest, mortgage, or lien that may currently exist or may arise in the future on the Property resulting only from a refinancing of the primary debt on the property held by Western Bank and the U.S. Small Business Administration (SBA) as more fully described herein. 2. The real estate covered by the lien of the EDA Mortgage is located in Ramsey County, Minnesota, and legally described as: Silverview Estates Lot 1 , Block 1 (hereinafter referred to as the "Property"). NOW THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby covenant and agree as follows: 1. All of the EDA's right, title and interest in and to the EDA Mortgage shall be subordinate and junior in all respects to the liens or security interests currently existing and those future liens and security interests, if any, that may arise only from the refinancing of the primary debt currently held by Western Bank in the current principal amount of $ .00 and the SBA in the current principal amount of $ .00 on the mortgaged property and not to exceed the sum total of these current principal amounts. Nothwithstanding the subordination rights mentioned above, the EDA Mortgage will not be subordinate to any other liens or security interest and shall be valid and enforceable against the mortgaged property upon filing all such documentation with the county. 2. This Agreement may not be amended or modified in any manner other than by an Agreement in writing signed by the parties hereto. 3. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Minnesota. IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year first written above. The Economic Development Authority in and for the CITY OF NEW HOPE 4401 Xylon Avenue j\Jew Hope, MN 55428 By: Its: By: Its: STATE OF MINNESOTA ss 794622.1 2 COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this 151 day of July, 2008, by and , the and of the Economic Development Authority in and for the City of New Hope. Notary Public Five 0, Limited a Minnesota corporation By: Charles E. Durand Its: STATE OF MINNESOTA ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this 1 5t day of June, 2008, by Charles E. Durand, of Five 0, Limited, a Minnesota corporation. Notary Public This Instrument was drafted by: MURNANE BP~NDT 30 EAST SEVENTH STREET, SUITE 3200 ST. PAUL, MN 55101 (651) 227-9411 794622,1 .., ;) EDA Request for Action Originating Department Approved for Agenda Agenda Section Community Development July 28, 2008 EDA Item No. S By: Curtis Jacobsen, Director of CD By: Kirk McDonald, City Manager Resolution authorizillg the expenditure of Hennepill County Housing and Redevelopment Authority (HCHR.A.) funds from the Hem1epill County Affordable Housillg Incentive Fund to be received and expended by Project for Pride ill Livillo- (PPL) within the city of New Ho e Requested Action The Authority is requested to approve the attached resolution which authorizes PPL to accept and expend monies from the HCHRA's Affordable Housing Incentive Fund \vithill the city of New Hope. Policy/Past Practice It has been a past practice of the city to take such steps as are required to facilitate the acquisition and expenditure of available outside funding within the city of New Hope. Background PPL has found it necessary to apply for funding through the HCHRA and the Helmepin County Affordable Housing Incentive Fund for $300,000 to be used to assist the agency in holding costs at the Linden Park Condominiums during this slow housing market. State stahltes require that before a cOlmty HRA can expend money within a city \vith its own development/redevelopment agency it must receive authorization for said action from the host citv. ~ PPL is requesting that the Authority approve the attached resolution authorizing them to accept and expend the 5300,000 in Helmepin COlmty Affordable Housing Incentive FW1ds to maintain the afford ability of the lmits within the Linden Park Condominiwns. Attachment(s) G Resolution Cl E-mail from PPL Motion bv Second by To: LANNING \ Q & R - PPL authorization to ex end HeRRA. fuTlds,doc Resolution 2008- Resolution authorizing the expenditure of Hennepin County Housing and Redevelopment Authority (HCHRA) nmds from the Hennepin COUl1ty Affordable Housing Incentive FUll.d to be received and expended by Project for Pride in Living (PPL) 'within the city of New Hope \^1HEREAS, Project for Pride in Living has applied for funding through the Hennepin County Affordable Housing Incentive Fund; and WHEREAS, TIle Hennepin County Housing and Redevelopment Authority has awarded $300,000.00 to Project for Pride in Living's Linden Park Condominiums; and 'vVHEREAS, the Authority is required to authorized the acceptance and expenditure of this funding with the city of Ne\,\7 Hope. NOW, THEREFORE BE IT RESOLVED by the Economic Development Authority (ED A) in and for the city of New Hope hereby authorizes the use of Affordable Housing Incentive Funding (AHIF) as approved by the Hennepin County HRA (HCHRA) board for the Lin.den Park Condominiums project located at 5445 Boone Avenue North in New Hope, Minnesota. The AHIF funds in the amount of $300,000 will be awarded to Project for Pride in Living to be utilized for holding costs at Linden Park Condominiums. Adopted by the Economic Development Authority in and for the city of New Hope, HelUlepin County, Milll1esota this 28th day of July 2008. President Attest: Executive Director Jacobsen Curtis From: Sent: To: Cc: Subject: Mary Novak [mary.novak@ppl-inc.org] Friday, July 18, 2008 11 :29 AM Jacobsen Curtis Chris Wilson; Chris Dettling RE: City Resolution Attachments: City of New Hope AHIF Resolution.doc City of New lpe AHIF Resoluti Hello Curtis, PPL has recently applied ror and been awarded $300,000 from Hennepin County Affordable Housing Incentive Funds program. We applied ror these funds so we could have assistance \vith holding costs in this slow housing market. In order to get the funds released to PPL we must do the rollowing: In accordance with the HCHRA legislation; the HCHRA is required to obtain municipal authorization to fund an AHIF project that is located within the corporate limits or the municipality. Acceptable authorization is an executed Housing and Redevelopment Authority (HRA); Economic and Development Authority (EDA) or City Council Board Resolution rrom the municipality prior to the loan closing. I am attaching a drart resolution you can use ror the EDA to approve PPLs use or these funds. Your help in getting this on the agenda is very appreciated. Please let me h10'YV if you have any additional questions or need additional inrormation. Thalli<:s agam ror your help. Mary Novak 2008 APPLICATION ennepin Housing Consortium Investment Partnership rogra ( ) Application Deadline: THURSDAY, FEBRUARY 21, 2008 Hennepin County reserves the rlght to accept or reject all funding requests rescind the request for proposals. Hennepin County reserves the right to request additional information, as determined necessary application. Hennepin County has cancel or information is solicitation becomes All applications for homeownership units need to complete this application and supply required attachments. The Consortium recognizes the diversity of the projects that may pursue HOME funding. Applicants should complete the application providing as much information as possible for the proposed activity. Understanding that the HOME Program Regulations are an important part of applying for this funding. The federal regulations (24 CFR Part 92) governing the program are available, by request from Hennepin County or by visiting the HUD web site for the HOME Program (See Related Links - External Links.) All requests Hennepin Housing Consortium HOME funds must be received with the required application and all attachments, no later than 4:30 p.m. on THURSDA ~ FEBRUARY 21, 2008. The deadline for all qualified CHDO requests may be extended until all funds reserved for CHDOs have been committed. Deliver lMail to: Hennepin County - HOME RFP Attn: Tonja West-Hafner 417 North Fifth Street, Suite 320 Minneapolis, MN 55401-1362 Applications must be computer generated. The tabulation format should not be altered in any way. The application should not be altered in any way. Incomplete or altered applications, applications missing documentation or not received in duplicate will not be acceptable for review. Applicants must submit TWO HARD COPIES (one original and one copy) OF THE COMPLETE APPLICATION PACKAGE that are: G Unbound G Single-Sided G Indexed and tabbed to correspond with the Application Checklist. In instances where the documentation is not available or not applicable the tab and a single sheet, indicating as much, must be included in the package. Applicants MUST ALSO submit ELECTRONICALLY (by CD or e-mail) the following items: o 2008 HOflllE Remtai 2008 (.rtf form) Spreadsheet (excel format) c If you are unable to access the RFP, application, CHDO forms or have any questions, please contact Tonja West-Hafner at (612) 348-2599 or bye-mail at Tonja. W est-Hafner@co.hennepin.mn.us. 2008 He HOME Homeo\vnership Application 1. APPLICATION CHECKLIST Required attachments, as specified in the Application, along with the Application Forms, must be included and appropriately tabbed. Following are detailed instructions for attachments that are not self-explanatory or otherwise included in the application packet. TAB ....; < DESCRIPTIO'\ta rid INSTRUCTIONS Completed Application Form and Application Spreadsheet A CHDO Certification or Recertification Checklist and required attachments, if applicable. B ! Qualification documentation of team members. C Project Specifications, Floor plans and line Drawings. Attach line drawings of the floor plan(s). If line drawings are not available on 8 V2 x 14 size paper or smaller, indicate this and do not include. I D I Location Map(s) identifying location of services, schools, shopping, transportation, etc. AND Photographs of the project site and surrounding area. E Site Control Documentation. Provide documentation of site control in the form of a ! copy of the deed, long-term lease, and contract for purchase or option. i F fair Market Determination. If available, include a copy of the Appraisal, MLS listing or other real estate professional determination for any real property. G Information on occupied units to be purchased (rental or owner-occupied, for sale on the open market/targeted for redevelopment, etc.) If the property is currently rental you must provide a Relocation Plan AND Rent Rolls from the three months prior to this application. H i I Project Zoning Confirmation Letter. If applicable, include a letter from the units of I local government indicating whether the property is appropriately zoned for the project. I I I I I Utility Availability Letters. For new construction projects: if utilities are currently I I available, provide documentation from local utility companies. i I I I IJ IK Il I I I [\I p I Site Plan Approval. If site plan approval available, provide written documentation. I Building Permits. Provide copies of any issued building permits. I Environmental Attachments. Phase I summary, lead testing, asbestos, etc. for Applicants with firm commitments for financing must include commitment letter(s) from the source of financing. Commitment letters should be on the letterhead of the organization providing the commitment. The letterhead mus~ include the mailing address and phone number of the organization. The letter must ! I include the name of the contact person, contact person phone number, eligible uses of I I committed funds, terms and conditions of the commitment, including but not limited to I I repayment provisions, loan period, interest rate, and loan-to-value and debt coverage . I ratios, expiration date of the commitment, if any. Signature and typed title and name of :..' authorized official. i I Written Program Guidelines, I Selection and Marketing plans QiA policies, I of !ieed, I list of projects, noting the current status. I Oi I of, Include the most recent financial statements of . the project developer. For-profit entities provide most recent financial statements. 2008 He HOME Homeovmership Application 2 2. GENERAL APPLICANT AND PROJECT jPROGRAM INFORMATION I Applicant Contact Information Applicant: Project for Pride in living, Inc. I I Check all that Type of Applicant ~ Developer D Sponsor DOwner (check one): apply: CHDO I ~ I If the above box is checked, CHDO Contact Name: Barbara McCormick Certification OR Recertification must be completed and attached as TAB A. , - Mailing Address: 11035 E. Franklin Ave SOlllth I For Profit D Street Address: (if different from Local Government D mailing) City jStatejZip: 1 Minneapolis, MN 1 Public Agency 1 D Telephone: I (612)455-5100 I Other I D I I I Contact Title' I Fax: I Email Address: i I Co-Applicant: I Check all that apply: I I Contact Name: I Contact Title: I Mailing Address: I Street Address: Ii (if different from mailing) I City jStatejZi p: I Telephone: I I Fav' I A, i i Email Address: I I Vice President PPl Non Profit I ~ I I (612)455-5101 I barbara.mccormick@ppHnc.org I I D Developer D Sponsor DOwner I I I I If other, specify: II Federa I Tax ID No. 23-7232208 I II Type of Co-Applicant (check one): I Non-profit I D I For-Profit D I Local Government D Public Agency I I ( I ( I " J I Other I D I If other, specify: I Federal Tax ID No. ) j' 2008 He HOIvIE Homeo\Y11ership Application " .J I Amount of HOME funds Requested $ 440,000 (5 new/ll Total HOME units). I Briefly describe the desired use and terms of the HOME assistance. Assistance is usually provided in the form of a loan (deferred, interest bearing, or non-interest bearing). Desire terms will be taken into consideration however, the specific terms will be determined by Hennepin County. I Project Team Complete for each project or program team member that is identified at the time of this application. Team members identified after the application are subject to review. The selection of team members should follow the agency/applicant written procurement standards. Please keep documentation of this process on file for review by Hennepin County. Attach resumes, references, lists of previously completed federally-funded projects or other documentation for each team member at TAB B. Developer Project for Pride in Living,Inc 1612-455- I 5100 Project Manager Chris Dettling [612-455- [ ~hris.dettling@ppl- 5219 mC.or Project Coordinator I Mary Novak 1612-455- I ~ary.novak@ppl- I 5199 mc.org Fiscal Mana er I I I I I I Arch itect I Kent Simon, Roger Howley: I 612-332- i rhowley@millerhan Miller Hanson Partners 15420 son.com Construction I Weis Builders, Inc. [612.243.500 I Renae_Anderson@ Contractor/bu i Ider I ,0 weisbuilders.com I Consultant I I I I Home Mortgage Lender I Wells Fargo Home Mortgage: I ~12.667.125 I Patricia.j.gleason@ I Pat Gleason, Amy Grayson i wellsfargo.com Realtor I Earl Cutter: Edina Realty I 612-328- i EarlCutter@edinare i 2125 I I' I a'C .com Other: I [Vlatt Mullins:Maxfield 1612.338- I Research 0012 Other: I Mindspark Creative, Inc. I 612-331- I ji~@mindsparkcre I 14467 I , a'Clve.com 2008 He HOME Homeownership Application 4 3. PROJECT INFORMATION I Type of Activity (check one) Separate applications must be submitted for each type of activity. New Construction I r;g] Acquisition (existing property that I 0 does not need rehabilitation) Acquisition and rehabilitation of existing properties I 0 Rehabilitation of owner occupied existing properties I 0 I Type(s) of Property I Single-family detached o Townhouses o I Other: r;g] I Condominium Units o I Twin-home/Duplex I I Type(s) of Ownership r;g] I Fee Simple o I Lease Hold (Land Trust) o I Other: i Architectura! Plans and Project Specifications: Yes No [:gj 0 Are architectural plans and/or written specifications complete or in preliminary stages? Include any specs and/or proposed floor plan(s) at TP.B C. If nOI when are they scheduled to be completed? (date) 2008 He HOME HomeO\vuership Application 5 I Project Timeline: Projected start date 10.31.2006 Site # (as shown on Page 6) 1 Projected com letion date Site Address 9.26.2007 5445 Boone Ave N I Applicants must provide a schedule for the project that lists major project activities and indicates I when they will be executed. Attach separate Project Timelines for EACH SITE where the acquisition, rehabilitation, construction and the sale of the home are accomplished on a lot-by-Iot basis. Activity Code Review ecifications/Drawin s 4/06 5/06 8/06 Yes Yes Yes 2008 He HOME Homeo'\vnership Application 6 4. PROJECT SITE INfORMATION SINGLE SITE PROJECTS: Projects that are on a single site must have identified the site prior to applying. SCATTERED SITE PROJECTS: D Sites have been identified - information on these sites is provided below. Complete the project location and acquisition information for each site. Attach additional pages if necessary. D Sites will be identified by (date) IProject Location and Acquisition Information Complete for each site to be acquired. Copy and attach additional pages if necessary. Provide Map of location(s) at TAB D. I SITE #1 ~ Single Site D Scattered site # Address: 5445 Boone Ave North City/Zip: New Hope, MN 55428 The site has been or will be acquired a related party ~ an unrelated party D from: Name of Seller Project for Pride in Living, Inc. Address 1035 E. Franklin Ave City/State/Zip Minneapolis, MN 55404 Phone Number Total Cost of $ 1 Cost includes: Land ~ Site only Does the site include acreage in excess of what will be used for this housing project? If yes, explain: 612.455.5100 Land and building(s) No ~ Yes D I SITE #2 Scattered site # Address: City/Zip: The site has been or will be acquired from: a related party D an unrelated party D Name or Seller Ad dress City /State/Zi p Phone Number Total Cost of ~ Cost includes: Land D Site ..,., only Does the site include acreage in excess of what will be used for this housing project? If yes, explain: 2008 He HOME Homeownership Application Land and U building(s) No DYes D 7 ISite Control Indicate type of site control as of the date of application submission. If different for multiple sites this information should be provided for EACH SITE. Provide documentation at TAB E. [;g] Applicant or owner/developer controls site(s) by: [;g] deed D long-term lease Expiration date of lease: D Applicant or owner/developer holds a contract(s) or option(s) for: D purchase D long-term lease Length of lease: Property to be acquired by deed or leased no later than: D The property(ies) has/have been identified, but no contract or option has yet been negotiated. Identified property(ies) is/are to be: D purchased D leased Projected date of purchase/lease: Scattered-site projects only - properties have not yet been identified. IAcquisition and Relocation Information Uniform Relocation Assistance and Real Property Acquisition Policies Act (Uniform Act or URA) 49 CIFR Part 24. The activities triggering the Uniform Act are Acquisition, Demolition or Rehabilitation (not including voluntary homeowner rehabilitation). Acquisition includes purchasing real estate, including vacant parcels, even if the actual purchase is with non-federal funds if the subsequent construction activity is HOME-assisted. It also includes providing purchase assistance to homebuyers. All activities will trigger the need for one or more disclosure notices for the sellers, buyers and/or occupants. They are provided at different times during the project. The timing and which notices will depend upon the type of project and the entity completing the project. Assistance with the required process and sample Notices are available upon request. Any activities that will result in temporary or permanent displacement and the relocation or tenants require the creation of a temporary or permanent Relocation Plan. Yes No [;g] Has the Fair Market Value or the property(ies) been established? If yes; an Appraisal, Multiple Listing Service (IYJLS) or other real estate proressional determination should be attached at TAB F for each site. This is the value that should be used in the required offer letter to the owner for each site. [gJ D Has the required acquisition or relocation notice(s) been provided to the ovvner or any property occupants? If yes, should be attached at TAB IF ror each site. If no, when will they be sent? 2008 He HOME Horneo\vnership Application 8 Yes No o ~ Will this project involve the need for 0 temporary AND/OR 0 permanent relocation of current occupants (will the occupants have to move out of their current unit in the property in order for the project to be completed)? o ~ Does the entity that will be purchasing the property(ies) have the power (city, county, state agency or an entity acting on behalf of the government agency) to take the property by eminent domain? If yes, are they willing to use that right? _ If the governmental agency is not willing to use their right of eminent domain, then they must provide a letter to that effect and must be attached at TAB G. ~ 0 Is the property(ies) located in a "designated redevelopment area?" If yes, attach documentation (map, plan, etc.) at TAB G. Yes No Maybe o ~ 0 Will the project result in the demolition, conversion or change in use of any existing affordable housing unites)? An affordable housing unit is any unit that could be rented for an amount including tenant paid utilities (calculated using an approved UT Allowance sheet) at or below the current HUD established Fair Market Rent (FMR), regardless if the unit is rental or owner occupied at the time of the application. If yes or maybe to any of the questions above, '" Costs of relocation must be reflected in the Program Budget; and '" A Relocation Consultant should be listed as part of the Project Team; and e A Relocation Plan, Common Application #12, should be completed and attached at TAB G; and e Rent Rolls for any existing rental units for the three months prior to the application should be attached at TAB G. I Handicapped Accessible Units - 504 Rehabilitation Act of 1973 and Fair HOiJIsing Act Yes No ~ 0 Is the project new construction, rehabilitation or substantial rehabilitation (cost of rehabilitation is 75 percent or more of the after rehabilitation value, as evidenced by an appraisal). If yes, the 504 requirements apply to your project. Under 504 following the UFAS standards, 5 percent of all new or rehabilitated units (rounded up) must be fully accessible for mobility impairments and an additional 2 percent of all new construction units (rounded up) must be fully accessible for sensory impairments. Additional requirements apply to the common areas. The 5 percent and the 2 percent cannot be the same units. Number of units that will be fully accessible to mobility impairments 3 (physically handicapped) Number of units that will be fully accessible to sensory (vision or 1 hearing) impairments Yes No [g] 0 Are there five or more units in the project? If yes, in all new construction and rehabilitation projects involving buildings with four or more units must also comply with the minimum accessibility requirements of the Fair Housing Act. All ground floor units must be accessible in buildings with no elevator, when feasible, if built prior to March 13, 1991. Buildings built after iY]arch 13, 1991 must comply. For building with elevators, all units must be accessible. Additional requirements apply to the common areas. 2008 He HOME Homeownership Application 9 IZoning, Utilities, Site Approval, and Building Permits If different for multiple sites this information should be provided for EACH SITE. Yes No nJa ~ 0 0 Is site properly zoned for this development? (documentation! if available! should be attached TAB H) If no, when will the zoning issue be resolved? ~ 0 0 Are all utilities presently available to the site? (documentation! if available! should be attached TAB I) If no, which utilities must be brought to site? AND Who has the responsibility of bringing utilities to site? ~ o o If the project is responsible! are all costs reflected in the budget? ~ 0 0 Has the local government approved the site plan? (documentation! if available! should be attached at TAB J) If no, when will the site plan be approved? ~ 0 0 Has the local government issued a building permit? (permits! if available! should be attached at TAB K) If no, when will the building permit(s) be issued? Environmental Every project utilizing federal funds must be assessed for potential environmental effects of the project. If different for multiple sites this information should be provided for EACH SITE. The previous use of the site(s) was/were Vacant and the source of this information is Phase 1. Yes No ~ 0 at TAB L Has a Phase I been completed for the project? If yes! attach a copy of the summary o r;g] Has there been an evaluation of asbestos hazards? If yes! what was the result? Please attach a copy of the evaluation or testing at TAB L o r;g] resu It? Has there been an evaluation of lead-based paint hazards? If yes! what was the Please attach a copy of the evaluation or testing at TAB L Yes No Unknown o ~ 0 Will any part of the project be undertaken in or adjacent to a floodplain? If yes, flood insurance will be required, o r;g] 0 If the project involves acquisition and rehabilitation! will any part of the project involve units that are 50 years old or older? o ~ 0 Will any part of the project be undertaken in any known geological hazard areas! or affect historical! archaeological or cultural resources? If yes, what is the hazard or resource? o r;g] 0 Are there any underground fuel storage tanks present on the subject property? If yes, address the following: # of tanks ! capacity ! usage ! location 2008 He HOME Homeow"llership Application 10 , age , date of last tank and delivery system tightness test , and test results . If there are unused tanks or tanks that were removed and there was soil testing done, attach a copy of the test at TAB l. Yes No Unknown ~ 0 0 Is there major roadway within 1,000 feet or a railroad track within 3,000 feet, or an airport within five miles of the property? If yes, which one(s) and please state the distance. Railroad = 1.250'; Crvstal Airport = 2 mi o ~ 0 Are there any wells on the site? If yes, please address what is the current usage, location, have they been capped under the Minnesota Department of Health and local requirements. o ~ 0 Are there known or evidence of former methamphetamine (meth) manufacturing labs within the subject property? If yes, provide any information you have on this. ~ 0 Are the structures or proposed structures at least 10 feet away from all gas line and power line easements? o ~ 0 Are there any power, television, or microwave towers on or near the site? If yes, what is the height of the tower? AND What is the distance to the subject site? o cg] 0 Is there visual evidence of mold growth on any interior surfaces; or are there known leaks that might contribute to conceal water damage or mold? If yes, where? Please attach any evaluation or testing at n~,B l. 2008 He HOME Homeownership Application 11 5. POPULATION SERVED INFORMATION I Proposed Income level's) Served: Households at or below 50% of 0 0 AMI: Households at or below 60% of 3 7% AMI: Households at or below 80% of 19 46% AMI: Unrestricted Units: 2 2% Other: Households at or below 39 95% 115% of AMI: Total Number of Units in Project: 41 100% o o o o 11 100% o o o 100% I Priority Population Set-Asides: Complete only if the project will specifically set-aside units for a priority population. Points will be assessed only for set-aside units. Set-asides will be enforced through agreement provisions. The number of units listed below should total the number in the project. Please explain any overlap in your project description in the required narratives. Permanent supportive housing for persons with mental illness with income below 50 percent of area median income. Homeless families and individuals with income below 50 percent of area median income. Provide increased opportunities for homeownership to households with incomes below 80 percent of area median income. Maintain housing owned or rented by households with income below 50 percent of area median income. Preserve existing HUD-assisted and other affordable rental housing for households with income below 50 percent of area median income. 0 0 0 0 10 46 ---' 0 0 0 0 22 54 41 100% NON-Priority jOther units 2008 He HOME Homeownership Application 12 6. BUDGET STATEMENTS Full disclosure of all financing sources available is required. Letters of Commitment must be attached at TAB M. If after submittal of the application, additional financing sources are obtained, these sources must be immediately reported to Hennepin County. Additionally, Hennepin County will require final uses and sources underwriting if all sources are not firm at the time of application. The Sources and Uses Statements for the Construction Period should be kept separate from the Sources and Uses Statements for Permanent Financing. **REMINDER** We have developed the 2008 Homebuyer Application Spreadsheet, which contains FOUR worksheets to capture and separate the financial information. The entire 2008 Homeownership Application Spreadsheet should be completed if you are asking for both development gap and buyer gap funding. Construction Financing Budget Sources and Uses - DEVELOPMENT GAP The Construction, Cash Flow and the Profit and Loss Worksheets cover the development of the project for the initial acquisition, construction and/or rehabilitation of the property. They should be completed to demonstrate if there is a "development gap,r' I $390,000 Permanent Owner Financing - BUYER AFIFORDABIILITY GAP The Homebuyer Wlliortgage Analysis worksheet covers the permanent sources, sales proceeds, etc. It should be completed to demonstrate if there is a "buyer affordabiiity gap." Use the average sales price of the properties I $50,000 I Please state the amount of HOME funding being requested for a buyer I affordabiiity gap. 7. HCHv'!EBUYER PROGP-.Afv'! I Homebuyer Requirements: Attach a copy of program guidelines, which should include the underwriting guidelines, home buyer selection process/policies, minimum contribution, homebuyer education, inspections, closing processes, etc. that will be used for the project at TAB W'<1I. Yes No [;g] Will homebuyers be required to be "First-Time Buyers" (not had an ownership interest in their principal residence in the three years prior to purchase)? [;g] D Will homebuyers be required to provide a minimum contribution? If yes; please indicate the amount required: $ iVlinimum down-Davment allowed bv their rinancinq 2008 He HOIvIE Homeownership Application 13 Pre-purchase counseling must be provided either by the applicant or a housing counseling agency(ies). Counseling will be provided by: 110 Applicant [2J Housing counseling agency(ies): Agency # 1: I Powderhorn Residents Group (PRG) I Contact Person: I I Phone Number: I (612) 721-7556 Agency #2: I Community Action Partnership for Suburban Hennepin(Various Locations) I Contact Person: I I Phone Number: I 952-933-9639 Describe how the buyers will be educated on how your program works and more specifically on the requirements of the HOME resale/recapture provision(s) since these are not ordinary requirements of homeownership. HOME eligible buyers will be informed of the recapture reauirements during multiple staaes of the orocess, including during marketing, reservation/purchase agreement negotiation, home buyer training, and pre-c1osina. Edina Realty and Wells Fargo Home Mortgage were chosen for their knowledge and experience with the various program requirements and their ability and willinaness i to fully inform orosoective eliaible buyers of the various requirements. I Marketing jB\Ulyer Selection Describe your efforts or design features that will attract eligible targeted populations from all racial, ethnic, and gender groups in the community, including any collaborations and partnerships proposed with members or organizations addressing the needs of the targeted population. Attach a copy of written Marketing Pian/Policies at TAB O. PPL will continue to coordinate our marketing efforts with area aaencies, specificallY Northside Neighborhood Housina Services (NHS), Community Action for Suburban Henneoin (CASH), and Powderhorn Residents Grouo (PRG), which soecialize in servina underserved oooulations throuah homebuyer workshoos. The agencies are spread throughout the Twin Cities in order to best serve all ootential buyers. NHS is located in North Minneapolis, PRG in South Minneapolis and CAPSH has various locations. These oraanizations orovide certified homebuyer trainina courses, as well as one-to-one counselina for primarily first-time homebuyers. They target their outreach to persons who lack access to more traditional avenues to purchasing a home, due to lanquaae and/or cultural barriers, unfamiliarity with the standard documentation required bv lenders, and/or orevious negative experiences with unscruoulous members of the housina industry. PPL will continue to provide marketing and contact information on these houses to all of these organizations, which, in turn, will continue to refer interested homebuyers who have completed their training course(s). All agencies maintain a list of people interested in for sale oroperties. Both PPL and NHS/PRG/CASH work together with orospective homebuyers interested in one of I these houses to identify a reputable lender or link up with one of special financing programs offered I throuah the Citv or State. The homebuyer trainina to be orovided bv NHS, CASH and/or PRG is 2008 He HOME Homeownership Application 14 critical since most financing programs available from the City or State, and many offered through private lenders, require completion of a certified homebuver training course. PPL utilizes a "Purchase Agreement Guidelines and Preferences" sheet (see Tab N) during the marketing period. The sheet, which outlines our guidelines and preferences, allows PPL to assure that our properties are sold to the targeted populations. In addition to these special marketing efforts, PPL has recently selected Edina Realtv to be the marketing/listing agent. PPL, Edina Realty and MindSpark Creative have developed a marketing plan to achieve the greatest market exposure. Other less traditional marketing efforts and even options of last resort have been developed as well incase our current efforts are not sufficient. A summary of our marketing plan and strategies are attached as Tab O. The project has many unique features that will appeal to the underserved population we are targeting. We are proposing a variety of unit designs and sizes that will work well for a variety of household types.. Young families with children, extended families, single parents, the differently- abled and seniors will all find plans and options that will well serve their needs and lifestvles. Finallv, PPL has a strong reputation for providing quality housing at affordable prices and is known for our willingness and skill in serving homebuvers' needs before, during, and after the sale. S, APPliCATION NARRATIVES I Project Description Provide a brief description of the project. Discuss any unique features of the project and provide a precise description of the targeted population(s) to be served including the anticipated income levels and affordability of the units for the targeted population. (Limit one page) In September 2007, PPL completed the construction of Linden Park Condominiums, a 41 unit condominium project I\Jew Hope. To date we have closed on 11 units (includino 1 HOME unit), Prices for the l+den, 2, 2+den, and 3+den units range $139,900 to $199,900. Sales of approximatelv half of the units are restricted to households earnino 80% or less of the Area fv'ledian Income and the balance are market rate. Based on the previous two years of marketing the taroet market for this development has been voung as well as mature households with few or no children, with emplovment. familv or social connection in and around the New Hope area. Manv of these I households earn around the median income or less and thev have found the sales prices to be both affordable and competitive compared to comparable developments. Interest in the development has been strono since we beoan presales in 2005, however, the tiohtening of the mortgage credit markets have made purchasing no lonoer an option for manv families and the overall downturn in the real estate market has sionificantly decreased our anticipated sales absorption rate to about 1 unit per month. ror example, empty nesters have found this development to be attractive but thev have either been reluctant to sion purchase agreements or have delaved their c1osinos because of the difficulty thev face in sellino their existino homes. This soft market has resulted in projected financing gap of approximately $650,000. Based on the current absorption schedule, without additional assistance we project that we will not earn a developer fee and in fact will lose approximatelY $200,000. iv'linnesota Housino has committed an additional $100,000 in value gap financing to the proiect to help close the oap. 2008 He HOME Horneo\\'11ership Application 15 Our request to Hennepin Countv is is for $390,000 in value gap assistance to increase the per unit HOME subsidy amount on the original 6 HOME units from $45,000 to $60,000 and to support an additional 5 HOME units at $60,000 per unit (total of 11 HOME units). We are also requesting $50,000 in affordability gap to assist 5 additional HOME buyers. We are aware that we are asking Hennepin County to increase the per unit HOME subsidy amount above the typical per unit amount and we do not make this request lightly. We have taken numerous steps and made significant efforts in the hopes of keeping this project in balance without the need for additional assistance. Here are just a few: -Changed General Contractors after the bid. In doing so we were able to reduce the construction cost by nearly $400K through value engineering (bringing it back in line with the original budget) and increase the quality of the construction at the same time. -Successfully petitioned the State Department of Revenue for a sales tax exemption for building materials, saving over $100,000. -Renegotiated the construction loan saving approximately $50,000 durinq the 12 month construction period. -Increased marketing efforts and changed approach. Such as increased print and direct advertisinq, enhanced marketing materials, participated in the Parade of Homes and Affordable Home Tour, and changed realtors as of 1.1.08. -Reduced our developer fee. Our primary objective at this point is to sell units and increase the absorption rate. The longer it takes to sell out, the higher our holding costs and construction loan interest will be. Bringing additional HOME value gap assistance into the project will benefit the proiect in a number of ways. First, a reduction in the construction loan of $390,000 will save the project about $30,000 annually in interest. Next, the additional assistance will improve our bottom line which will allow us the flexibilitv to reduce prices if that is necessary to keep to our absorption goals (I would note that we would likely reduce prices on the HOME units since the sales of the HOME-assisted units have not kept pace thus far). Finallv, additional subsidy will reduce the amount of equity we will have to put into the project and therefore reduces the likelihood that we will default on the construction loan with the construction lender. Defaulting on the oroiect not only has dire consequences for PPL but I also wipes out any affordability requirement attached to the project. I We are hooeful that with the continued supoort of our oartners and with a siGnificant oroanizational and financial commitment on our Dart we will be able to realize a hard-foucht but successful c1ose- I out of this oroiect. I I I We also ask that the term of the existinG HOME assistance be extended. I Describe how the project creates new affordable housing units; preyents the loss of viable units or significantly changes the composition of those units. The oroiect creates 41 new units with very affordable sales orices. Our larger reauest will create 5 additional HOrVlE units and the additional assistance may in fact prevent the loss of viable units. Finally, additional assistance will eliminate or lessen our losses on the oroiect and supoorts the financial will beina of our orGanization ensurina our ability to continue to be a siGnificant producer of affordable housina in the I win Cities. 2008 He HOME Homeo\vnership Application 16 I Project Affordability Describe the length of time the project is proposed to provide long-term affordable housing and how this will be achieved and the applicants/others involvement long term to ensure this. I Describe the desired terms of the HOME assistance to address the required Resale/Recapture provisions for all HOME-assisted homeownership units. The term of the value gap assistance is to be a grant. The affordabilitv assistance made directly to the buver will be secured bv a 15-vear mortqaqe. Describe the need in the market for this homeownership option. Describe any other options for the population you intend to serve. For proposed land trust models include a specific description of the market for the land in the area and how it influences the cost of housing in the market. Attach any documentation (market study! local comprehensive plans! etc.) for project need at TAB P. Although the real estate market has slowed, the need for affordable for-sale housing of this tvpe in New Hope is still great. New Hope is an attractive communitv with excellent amenities and a growing employment base. The market study developed by Maxfield Research forecasts rapid iob growth in New Hope and even stronger job growth in Plymouth (located immediatelv west of the project site), however, manv of the iobs created pav low to moderate wages and there are few ownership opportunities affordable to these workers. Resale values of townhomes and condominiums in the Studv Area increased from a median price of $106,558 in 1999 to $165,595 as of June 2003, a gain of 55.4% in less than four vears. The tvpe of emplovment growth in this reqion combined New Hope's location as a first ring suburb creates a natural market and need for ownership opportunities for households earning less than 80% of the area median income. The need is there currentlv, and will continue to be there, however the soft market means that absorption rates are lenathened. Other factors illustrate the need for new affordable ownership options in New Hope as well. Typically, multi-familv for sale housing provides the most affordable ownership option in a community and this housing tvpe has been very limited in New Hope. At the time of the Market Study, there were three active for-sale townhome developments in the Market Area: Town Gardens in Brooklyn Parle Parkside Acres in Crystal. and Sunrise Marsh in Plymouth. Prices are from the low $200's to the low $400's. Since 2006 there have been three other for-sale multifamily developments completed in New Hope: a 180 unit Ryland townhome development with sales from the $180's to the $300's; a townhouse development by Master Engineering with sales from the $220's to $300,000; and a senior cooperative near our project site with 2-bedroom units with sales from the $150's to the $250's. According to the fv1LS data as of Feb 2008 the median sale price of townhomes built in New Hope since 2000 is $237,175. The median sale price of condos/coops built since 2004 in New Hope (including Linden Park) is $164,955. I , Also, this deyelopment creates life-cycle housina choice and we have found that market has responded well to this. The 11 units we have closed to date represent both ends of the spectrum of the demoaraphic continuum--from singles Durchasina their first home to empty nesters downsizina from their sinqle-family homes. Finally, the need for this proiect is consistent with the aoals articulated for the HOME program; 1. Supports a Hiah Prioritv aoal of the 2005-2009 Hennepin Countv Five-Year Consolidated Plan of 2008 He HOME Homeovmership Application 17 providing increased opportunities for homeownership to households with incomes below 80% of the area median income. 2. Development creates new affordable units. 3. Provides additional housing choices by creating lower priced L 2 and 3 bedroom condominium units. 4. Location on a bus line in an established inner-ring suburb provides links to transportation, iobs, and services. The market study prepared by Maxfield Research in 2003 that was submitted with our original annlication is attached as Tab P. Property lLocation(s) Describe how the location(s) of the housing opportunities in whole or part, of the HOME assistance, provide and promote greater choice and will not create undue concentration of poverty of any given area. The proposed development is in a suburb of Minneapolis that is not povertv concentrated. As stated earlier, the project's location in a city with a homogenous housing stock is designed to provide expanded choice for households who are not currently well served in the area. The development provides greater housing choice by creating housing types (such as entry-level and move-down housing for empty nesters, accessible housing, association maintained housing, etc.) that is not present in the City of New Hope, is not being developed, or is not affordable to the target population. Describe how the project location(s) will connect the population to jobs, transportation, and community resources. Linden Park Condominiums are located on Boone Avenue North in New Hope, 1/4 mile south of Countv Road 10 Transit Corridor (Bass Lake Road) which will be of particular benefit to residents. Public transit routes are located on both of these routes orovide connections to area services and emplovment centers such as New Hooe Mall (Route 756 on Boone Ave), Brookdale (Route 715 on 54th St), and Crossroads North Business Park, North Hennepin Communitv Colleqe, Henneoin Technical College and the MN Workforce Center (Route 721 on Bass Lake Rd). Other nearbv employers include Liberty Diversified Industries located in the manufacturinq and technolooy I business park adjacent to Hwy 169 and North Ridge Care Center located across the street. I The project is located nearby a variety of communitv resources including city oarks and fields, I schools, recreational facilities, retail and convenience centers, and healthcare providers (see the Map attached as Tab D). I Project Team Experience Describe the extent AND of experience the applicant has in owning or developing similar housing projects. Specifically noting experience with HOME funding or other programs with long- term affordability compliance requirements. Attach a list of projects funded with HarVIE funds showing the current status of the projects at TAB Q, Over its 32 vear history, Proiect for Pride in Living, has had extensive experience implementino major development activities in partnership with businesses, government agencies, financial institutions and the communities. PPL has built or rehabilitated nearly 1500 units of housinq and 2008 He HOME Homeowl1ership Application 18 provided 162 co-op units. PPL now owns and manages nearly 700 housing units. the vast majoritv of which are occupied by families headed by single parents and are families of color. PPL has become a widely respected. strong and stable organization whose mission is aligned with todav's social concerns and changes. In 1998. PPL was selected by the Fannie Mae Foundation as one of 10 national winners of its "Sustained Excellence" award for communitv development. PPL's track record in the Twin Cities community is verv strong in serving underserved populations, especially people of color. Over the past ten years. PPL has built or rehabbed and sold over 100 units of housing. almost all of which were sold to families with incomes at less than 80% of the area median. In the past year, PPL has designed accessible houses in the Cities of New Hope and Robbinsdale. In each project. PPL worked with the city to develop a design that incorporated the features necessary for disabled individuals while keeping the construction costs low. I I See the attached PPL Development Historv (TAB 0). Describe the applicant staff levels and expertise specific to the implementation of this activity including their experience working with the targeted population. Barbara McCormick -- Vice President of PPL and Director of Housing and Development Barbara McCormick brings nearly 20 vears of work in the nonprofit housing field to her position as Director of Housing and Development. Beginning with a community-based development corporation in St. Paul. the West Seventh/Fort Road Federation. Ms. McCormick has developed single-family homes for sale. with a special interest in historic preservation. Her experience then extended to multi-familv rehabilitation and new construction over several vears experience at Twin Cities Housing Development Corporation (TCHDC). with experience in svndicating Historic Preservation tax credits, Older Building credits and Low-Income Housing Tax Credits. In addition to development. Ms. McCormick was the Asset Manager for nearlv four vears for much of TCHDC's portfolio of approximatelv 500 units of inner citv and suburban affordable rental housing. After a vear as Field Officer for a housing funding orqanization. Greater Minnesota Housing Fund, Ms. McCormick returned to the work of developing and operating affordable housing in her position at Project for Pride in Living (PPL), overseeing the develooment. construction and management services PPL offers. Ms. McCormick holds an MBA and is a licensed Minnesota Real Estate Broker. [YJs. McCormick's role in the proposed oroiect is to orovide regular project updates to PPL's Board. to review and sign, if acceptable, all purchase agreements and other legal documents related to the oroiect, and to oversee the overall financial oosition of each PPL oroiect and PPL's Housing and Develooment Deoartment. Chris Wilson - Real Estate Development [YJanager At PPL, Chris Wilson is resoonsible for all commercial and housing development activitv from project inception throuah completion. PPL currentlv has under construction oroiects totalinq in excess of 15 million dollars with additional projects totaling 45 million dollars in the pioeline. Also, Chris oversees the Emerqency Reoair Proaram, which orovides reoair services to low income homeowners. Chris has over fifteen years of project manaaement and architectural experience. He holds an Architecture dearee from the Universitv or Minnesota and a B.A. in English from the University or Chicaao. Mr. Wilson oversees the entire proiect from ore-development to condo sale closinas and creation and turnover of the Home Owner's Association. Chris Dettlinq - Senior Project Manaqer I Chris ioined PPL's Develooment Team in 2003 to assist with development oroiects primarilv in the 2008 He HOME Homeownership Application 19 II suburban communities of Minneapolis and St. Paul. Chris has 12 years of experience in housing and community development in the public and nonprofit sectors and originally came to PPL in 1999 as a Housing Coordinator through a contract with the Phillips Community of Minneapolis. In addition to I his service at PPL Chris has worked for the Carver County Housing and Redevelopment Authority, for the Center for Urban and Regional Affairs at the University of Minnesota, and as a consultant to the National American Indian Housing Council in Washington D.C. Chris holds a masters degree in Urban and Regional Planning from the Humphrey Institute at the University of Minnesota and a bachelors degree in History and American Indian Studies also from the U of M. Mr. Dettling supports the project managers involved the day-to-day task of the development process including concept creation and development, fundraising, closing, construction oversight budget monitoring, marketinq, and closing condo sales. Rick Blackmon - Development Project Manager Rick Blackmon joined the PPL's Development Team as a Project Manager in 2004. He has completed many new construction and rehabilitation projects in New Hope, Bloomington. and Minneapolis, oroviding both Construction Management and/or Project Management services. These projects included single family and multifamily housing. Rick has over 10 years of experience in the housing industrv including oroperty management and experience in new housing construction and the remodeling industry prior to starting with PPL. Rick has a BA in Business Administration from Fort Lewis College in Durango. Colorado. Mr. Blackmon managed the construction of the project and assisted with buyer uoarades. Mary Novak - Project Manager Mary Novak has over ten years of housina and communitv develooment experience. She has worked on many housing developments in Southern California and the Twin Cities. Ms. Novak joined PPL's Development Team in 2005 to manage the development of multi-family rental and for- sale housing projects. She oversees all stages of the development process from budgeting. desian. construction management. marketing and more. Mary has a B.A. in Social Work from the College of St. Benedict and a Master's Degree in Urban Planning from the University of California-Los Angeles. Besides her work in housing. [VJs. Novak volunteers in the community and is a Board Member and teacher for a youna orofessional arouo called Civics Connection. rv'is. Novak coordinates the marketina effort and reoresents PPL in unit c1osinas. 2008 He HOME Homem:vnersmp Application 20 9. HENNEPIN HOUSING CONSORTIUM APPLICANT AFfIDAVIT, RELEASE AND CERTIFICATION FORM I/We certify that this application is presented in good faith and that the information is true, accurate and completed to the best of my/our knowledge, and should the application be approved, IjWe am/are prepared to enter into any agreement/s necessary to initiate the implementation of the proposed activity and assure compliance with all requirements related thereto. (Applications by partnerships will require organizational signatures from all parties.) Project for Pride in Living, Inc. Applicant(s) Vice President 2.21.08 I Signature Title Date and, as necessary, IA I I I Signature I Title I Date and, as necessary, I I I Applicant(s) I I I I I I Signature I Title I Date 2008 He HOME Homeownersbip Application 21