EDA 09/23/02, , OFFICIAL FILE COPY
CITY OF NEW HOPE
EDA MEETING
City Hall, 4401 Xylon Avenue North
September 23, 2002
President W. Peter Enck
Commissioner Sharon Cassen
Commissioner Don Collier
Commissioner Mary Gwin-Lenth
Commissioner Pat LaVine Norby
1. Call to Order
2. Roll Call
3. Approval of Regular Meeting Minutes of September 9, 2002
4. Discussion Regarding Request by Armory Development II LLC, to Coordinate with City
Staff and Financial Consultant on Potential Redevelopment of Frank's Nursery Site at
5620 Winnetka Avenue North
5. Adjournment
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
Approved EDA Minutes
Regular Meeting
September 9, 2002
City Hall
CALL TO ORDER
ROLL CALL
APPROVE MINUTES
MASTER
MODIFICATION
Item 4
EDA RESOLUTION
02-05
Item 4
New Hope EDA
Page 1
President Pro tem Gwin-Lenth called the meeting of the Economic Development
Authority to order at 7:26 p.m.
Present:
Mary Gwin-Lenth, President Pro rem
Sharon Cassen, Commissioner
Don Collier, Commissioner
Pat LaVine Norby, Commissioner
Absent: W. Peter Enck, President
Motion was made by Commissioner Collier, seconded by Commissioner Cassen, to
approve the Regular Meeting Minutes of August 26, 2002. Voting in favor:
Cassen, Collier, Gwin-Lenth; Voting Against: None; Absent: Enck; Abstained:
Norby. Motion carried.
President Pro tem Gwin-Lenth introduced for discussion Item 4, Resolution
Restating the Redevelopment Plans for the Master Modification; Redesignating the
Master Modification as Redevelopment Project No. 1; Modifying the Restated
Redevelopment Plan and Tax Increment Financing Plans for Redevelopment Project
No. 1 and Tax Increment Financing Districts Nos. 80-2, 81-1, 82-1, 85-1, 85-2, and
86-1; Creating Tax Increment Financing District No. 02-1 and Adopting a Tax
Increment Financing Plan Relating Thereto.
President Pro tem Gwin-Lenth pointed out that the fore-mentioned resolution is
similar to the one presented at the council meeting under 7.1, public hearing.
Commissioner Norby noted that the city-owned property at 9200 49th Avenue North
was difficult to develop. She applauded the businesses and staff for the joint project.
Commissioner Cassen also commented on the long time in which the city has
marketed the property. She stated the major obstacle was poor soils. Ms. Cassen
noted tax increment financing is an excellent financing vehicle for this
redevelopment.
Commissioner Collier introduced the following resolution and moved its adoption
"RESOLUTION RESTATING THE REDEVELOPMENT PLANS FOR THE
MASTER MODIFICATION; REDESIGNATING THE MASTER
MODIFICATION AS REDEVELOPMENT PROJECT NO. 1; MODIFYING
THE RESTATED REDEVELOPMENT PLAN AND TAX INCREMENT
FINANCING PLANS FOR REDEVELOPMENT PROJECT NO. 1 AND TAX
INCREMENT FINANCING DISTRICTS NOS. 80-2, 81-1, 82-1, 85-1, 85-2,
AND 86-1; CREATING TAX INCREMENT FINANCING DISTRICT NO. 02-
I AND ADOPTING A TAX INCREMENT FINANCING PLAN RELATING
THERETO". The motion for the adoption of the foregoing resolution was
seconded by Commissioner Cassen, and upon vote being taken thereon, the
following voted in favor thereof: Cassen, Collier, Gwin-Lenth, Norby, and the
following voted against the same: None; Abstained: None; Absent: Enck;
September 9, 2002
NAVARRE
CORPORATION
Item 5
EDA RESOLUTION
02-06
Item 5
LAND PURCHASE
Item 6
EDA RESOLUTION
02-07
Item 6
LAND SALE
Item 7
EDA RESOLUTION
02-08
Item 7
whereupon the resolution was declared duly passed and adopted, signed by the
president which was attested to by the executive director.
President Pro tern Gwin-Lenth introduced for discussion Item 5, Resolution
Authorizing Execution and Delivery of a Contract for Private Redevelopment, by
and between the New Hope Economic Development Authority and Navarre
Corporation.
Mr. Jim Cassefly, Krass Monroe, was recognized. He stated the owners of Navarre
Corporation recently created a new entity name to hold this development. He stated
the resolutions contained in Items 5, 6, and 7 will be revised to reflect this change
using the name of New Hope LLC. He noted some issues are still being clarified
for the development, however, the EDA may adopt the items authorizing execution
of the docmnents. He noted if the issues are not resolved, the documents will not be
delivered.
Commissioner Collier disclosed that he belongs to a stock club at his place of
employment. The club has purchased Navarre stock; therefore, he will abstain from
vote of the remaining related items. He apologized for his delay in this recollection.
Commissioner Cassen advised that the abbreviation LLC stands for Limited
Liability Company. She requested that documents reflect the full name, New Hope
Limited Liability Company.
Commissioner Cassen introduced the following resolution and moved its adoption
"RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A
CONTRACT FOR PRIVATE REDEVELOPMENT, BY AND BETWEEN
THE NEW HOPE ECONOMIC DEVELOPMENT AUTHORITY AND
NAVARRE CORPORATION". The motion for the adoption of the foregoing
resolution was seconded by Commissioner Norby, and upon vote being taken
thereon, the following voted in favor thereof: Cassen, Gwin-Lenth, Norby, and the
following voted against the same: None; Abstained: Collier; Absent: Enck;
whereupon the resolution was declared duly passed and adopted, signed by the
president which was attested to by the executive director.
President Pro tem Gwin-Lenth introduced for discussion Item 6, Resolution
Authorizing a Land Purchase from the City of New Hope and the Execution of a
Note Establishing Terms for Payment.
Commissioner Cassen introduced the following resolution and moved its adoption
"RESOLUTION AUTHORIZING A LAND PURCHASE FROM THE CITY
OF NEW HOPE AND THE EXECUTION OF A NOTE ESTABLISHING
TERMS FOR PAYMENT". The motion for the adoption of the foregoing
resolution was seconded by Commissioner Norby, and upon vote being taken
thereon, the following voted in favor thereof: Cassen, Gwin-Lenth, Norby, and the
following voted against the same: None; Abstained: Collier; Absent: Enck;
whereupon the resolution was declared duly passed and adopted, signed by the
president which was attested to by the executive director.
President Pro tem Gwin-Lenth introduced for discussion Item 7, Resolution
Authorizing a Sale and Conveyance of Land to Navarre Corporation, or its
Permitted Successors or Assigns, in Accordance with the New Hope Economic
Development Authority's Terms and Conditions of Sale.
Commissioner Cassen introduced the following resolution and moved its adoption
"RESOLUTION AUTHORIZING A SALE AND CONVEYANCE OF LAND
TO NAVARRE CORPORATION, OR ITS PERMITTED SUCCESSORS OR
ASSIGNS, IN ACCORDANCE WITH THE NEW HOPE ECONOMIC
New Hope EDA
Page 2
September 9, 2002
REMODELING
PLANBOOK
Item 8
EDA RESOLUTION
02-09
Item 8
ADJOURNMENT
New Hope EDA
Page 3
DEVELOPMENT AUTHORITY'S TERMS AND CONDITIONS OF SALE".
The motion for the adoption of the foregoing resolution was seconded by
Commissioner Norby, and upon vote being taken thereon, the following voted in
favor thereof: Cassen, Gwin-Lenth, Norby, and the following voted against the
same: None; Abstained: Collier; Absent: Enck; whereupon the resolution was
declared duly passed and adopted, signed by the president which was attested to by
the executive director.
President Pro tern Gwin-Lenth introduced for discussion Item 8, Resolution
Approving Letter of Agreement Between the Brooklyn Park Economic
Development Authority and the New Hope Economic Development Authority for
the Second Suburban Remodeling Planbook Project, Split-Levels and Split-Entrys
at a Cost of $5,000 (Improvement Project No. 623).
Mr. Ken Doresky, Community Development Specialist, explained that on April 8,
2002, the EDA allocated up to $6,250 for participation in the second suburban
remodeling planbook project. He stated there are 13 agencies participating in the
project and sharing the cost. He stated the planbook would be published prior the
next year's remodeling fair. Participants will also receive materials to display on
websites. Mr. Doresky stated the £u~st planbook will also be published on-line.
Commissioner Cassen questioned why more cities participated in the last planbook
project. She also inquired why Shoreview is only contributing $3,000 rather than
$5,000.
Mr. Doresky noted that some cities do not have split-level style of housing stock
and have declined to participate. He stated he will inquire regarding the Shoreview
payment situation.
Commissioner Collier asked whether the City still has "Cape Code and Rambler"
planbooks available.
Mr. Doresky noted copies of the first planbook are available free of charge to New
Hope residents.
Commissioner Cassen introduced the following resolution and moved its adoption
"RESOLUTION APPROVING LETTER OF AGREEMENT BETWEEN
THE BROOKLYN PARK ECONOMIC DEVELOPMENT AUTHORITY
AND TIlE NEW HOPE ECONOMIC DEVELOPMENT AUTHORITY FOR
THE SECOND SURBURBAN REMODELING PLANBOOK PROJECT,
SPLIT-LEVELS AND SPLIT-ENTRYS AT A COST OF $5,000
(IMPROVEMENT PROJECT NO. 623)". The motion for the adoption of the
foregoing resolution was seconded by Commissioner Collier, and upon vote being
taken thereon, the following voted in favor thereof: Cassen, Collier, Gwin-Lenth,
Norby, and the following voted against the same: None; Abstained: None; Absent:
Enck; whereupon the resolution was declared duly passed and adopterS, signed by
the president which was attested to by the executive director.
Motion was made by Commissioner Norby, seconded by Commissioner Cassen, to
adjourn the meeting. All present voted in favor. Motion carried. The New Hope
EDA adjourned at 7:40 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
September 9, 2002
EDA
4 R] QUF_,ST FOR ACTION
Originating Department Approved for Agenda Agenda Section
Community Development .' 9-23-02 EDA
Item No.
By: Kirk McDonald By: il,//' 4
DISCUSSION REGARDING REQUEST BY ARMORY DEVELOPMENT II LLC, TO COORDINATE WITH
CITY STAFF AND FINANCIAL CONSULTANT ON POTENTIAL REDEVELOPMENT OF FRANK'S NURSERY
SITE AT 5620 WINNETKA AVENUE NORTH
REQUESTED ACTION
Staff requests that the Economic Development Authority discuss the attached proposal by Armory
Development II LLC to coordinate with city staff and financial consultant on the potential redevelopment of the
Frank's Nursery site at 5620 Winnetka Avenue North.
POLICY/PAST PRACTICE
When city staff receives requests for financial assistance from developers, they are submitted to the EDA for
consideration. In the past, the City has assisted a number of developers with projects using a variety of
financing tools.
BACKGROUND
Staff has been conducting discussions with Armory Development on a periodic basis since the spring of 2002
regarding the potential redevelopment of the Frank's Nursery site. Armory Development would like to move
forward and present the proposed project to the Economic Development Authority at this time. In
correspondence submitted to the EDA, Armory Development states:
· On behalf of Armory Development II LLC, we would like to introduce our team and our proposed project at
the site commonly referred to as Frank's Nursery. We have been working with the current ownership as
well as the city staff since February of 2001. At this time, we would like to provide the City Council more
information on our project during your September proceedings, as well as discuss possible support for the
project.
· Our team is comprised of Armory Development LLC, GSR Real Estate Services, Tushie Montgomery
Architects, and Anderson Builders. Together our principals have over 100 years of development and
construction experience. Our goal is to successfully complete the Frank's project and develop additional
sites in the City.
MOTION BY SECOND BY
Request for Action
·
Page 2
9-23-02
The project that Armory Development has planned is comprised of 56 for-sale townhomes on the site. We
have worked closely with the city staff to review the design, access, and green space of the site and
believe the plan meets all of their concerns.
The units will be two or three stories tall and will range between 1,100 - 1,400 square feet. The sales plan
calls for the units to be marketed between $150,000 - $190,000 depending on final development costs.
The target demographic will be the young professional and first-time homeowner.
At this time, Armory Development has come to an agreement on the land purchase price with the owner, a
large insurance company in Iowa. Negotiations are ongoing with Frank's Nursery on the buy-out of their
lease.'Based upon successful negotiations, we hope to break ground on the site in the spring.
Because this is a redevelopment site, there will be additional costs in the demolition of the site, refitting of
the infrastructure to meet the new development, as well as costs associated with watershed issues.
Armory Development expects these additional costs to be approximately $350,000. We are requesting that
the City include this site in its planned TIF District in order to offset this cost. The City's financial planner
has been provided a preliminary pro-forma to review our budget.
Staff started meeting with the developers prior to the time that the Developers' Roundtable was conducted in
June for the Livable Communities Task Force, although the developers agreed to participate in that process.
Their redevelopment proposal for the Frank's site was reviewed by the Livable Communities Task Force at the
August 21 task force meeting and the task force was very supportive of the proposal. Due to the fact that work
on this project started prior to the roundtable, staff and the developer are requesting to move this project along
to the EDA for consideration. It is anticipated that the proposals for the remainder of the Livable Communities
sites will be presented to the City Council by the end of the year.
Staff has requested that the financial consultant review this request on a preliminary basis and that analysis,
which is attached, shows that the project could generate enough revenue that the City could provide some
assistance for site development. Staff is requesting EDA approval to move forward in working with the
developer and financial consultant to develop more definitive numbers, discuss the type of assistance and
develop potential terms of agreement. Owner-occupied townhomes are a specific type of housing that are
needed in the City, according to both the Comprehensive Plan and the Life Cycle Housing Study.
Staff supports this proposal and recommends that the EDA authorize staff to move forward with this request.
FUNDING
Funding for the analysis could be paid for with EDA funds or incorporated into project costs, if the
development proceeds. Staff recommends that if the EDA is interested in pursuing this request, the applicant
provide a deposit to assist with consultant costs.
A'I-I'ACHMENTS
· 8/27 GSR Correspondence
· Site Maps
· Color Elevations
· Site Plan
· 8/19 Krass Monroe Memo
August 27, 2002
-REAL ESTATE SERVICES
City of New Hope City Council
c/o Kirk McDonald
Community Development Director
City of New Hope
New Hope, MN 55428
To the City Council:
On behalf of Armory Development II LLC, I would like to introduce our team and our
proposed project at the site commonly referred to as Frank's Nursery. We have been
working with the current ownership as well as the city staffsince February of 2001. At
this time we would like to provide the City Council more information on our project
during your September proceedings, as well as discuss possible support for the project.
Our team is comprised of Armory Development LLC, GSR Real Estate Services, Tushie
Montgomery Architects, and Anderson Builders. Together our principals have over one
hundred years of development and construction experience. Our goal is to successfully
complete the Frank's project and develop additional sites in the city.
The project that Armory Development has planned is comprised of 56 for-sale town
homes on the site (see enclosure). We have worked closely with the city staffto review
the design, access, and green space of the site and believe the plan meets all of their
concerns.
The units will be two or three stories tall and will range between 1,100 - 1,400 square
feet. The sales plan calls for the units to be marketed between $150,000.00 - $190,000.00
depending on final development costs. The target demographic will be the young
professional and first time homeowner.
At this time, Armory Development has come to an agreement on the land purchase price
with the owner, a large insurance company in Iowa. Negotiations are ongoing with
Frank's Nursery on the buy-out of their lease. Based upon successful negotiations, we
hope to break ground on the site in the spring.
Because this is a redevelopment site, there will be additional costs in the demolition of
the site, refitting of the infrastructure to meet the new development, as well as costs
associated with watershed issues. Armory Development expects these additional costs to
be approximately $350,000.00. We are requesting that the city include this site in its
planned TIF District in order to offset this cost. The city's financial planner has been
provided a preliminary pro-forma to review our budget.
615 First Avenue NE · Suite 500 · Minneapolis · I*IN 55413
Phone (612)338-2828 · Fax (612)338-5288
www.gsr-re.com
City of New Hope City Council
August 27, 2002
Page 2
Please review the enclosed information and schematic. I look forward to introducing the
project and answering any questions that you might have regarding the team or the
project.
Thank you.
Sincerely, ~
Charlie Nestor
Business Development Manager
CN/sln
Enclosure
REAL ESTATESERVICES
ST. THERESE
NURSING
HOME
OOB 8O0O
7910
7900
8001
7901
54~6 54~-7
54~0 5431
5426 5427
.542O 5421
54.16 5417
' 58TH 'AV-~
·
5736 5732
5720
5716
5700 5704
Z
5705
5701
LI I~11 56TH AVE N~I~III
r~524
5,518
55Ol
5559 5546
55~7
,
5520
5512
5506
5500
5446
544O
5423
Z
55TH
5444 5437
5438 54~3
5428 5429
5426, 54.27
5422
5420 I
5436 5437
5434 ~
54~0 5429
7606 5425
ST RAPHAEL DR.
I 54~°1 ~"ml 54201 541'1zl5418 I'~1 /
AVE N ~
ST. RAPHAE
CATHOLIC
CHURCH
HOSTERMAN
JR HIGH
SCHOOL
WINNETKA; ;~ .... ;"'--~ .... ; i ,
~ ELEMENTARYi ........... ~ ....ii"-': ..... r--! ..
l
0~/19/02 ~01~ ~.5:29 FAX 952 ~$ 5969 KRASS ~ONROE ~]003
I
KRASS MONROE, P.A.
ATTORNEYS AT LAW
James IL Casserly~ Esq.
EmaiI jame.~,c~_JrrtJz'smonroe, cam
Voice Mail (952) 885-1296
DRAFT
G'~I D. Johnson, CPA
Email.'greg/C~Jcra. tsmonroe, eom
Voice Mail (952) 885-5994
MEMORANDUM
City of New Hope
Attn: Kirk McDonald, Comm. Dev. Dir.
· From: James R. Casserly, Esq.
Greg D. Johnson, CPA
Date: August 19, 2002
Re:
Frank's Nursery Site
Our File No. 10048-13
INTRODUCTION
Armory Development !1 (the "Redeveloper") is considering the redevelopment of the
Frank's Nursery site (the "Site"). The redevelopment would include the demolition of the
existing building, relocation of Frank's Nursery, site preparation and storm water
improvements. Upon completion, the Site would include 56 town homes with an
average market value of approximately $160,000.
THE ISSUES
Because of the substantial costs involved in the acquisition of the Site and the relocation
of Frank's Nursery, the Redeveloper has asked the EDA to assist it with a portion of
these costs. The issues that need resolution include the following:
1. How would the EDA assist the Redeveloper with defraying these costs;
and
2. What is the amount of assistance necessary to facilitate the
redevelopment.
SUITE 1100 SOUTHPOINT OFRCE CENTER · 1650 WEST 82ND STREET · BLOOMINGTON, MINNESOTA 55431.1447
TELEPHONE 952/885-5999 · FACSIMILE 952/8~5-59~
0b/lg/0~ ~0~ 15:29 FA..,~. 952 885 8969 KRASS ~O~ROE ~004
ANALYSIS
The EDA can provide assistance by establishing a tax increment financing district. The
Site would appear to quali~ for inclusion in a redevelopment district. At the present
time, the EDA is reviewing not only the Frank's site but a number of parcels in the
Livable Communities Study area. The EDA has indicated its desire to establish such a
district to include those parcels east of Winnetka. The Site would be part of that
redevelopment tax increment district and thus the EDA would capture tax increment
resulting from the increased market valuation on this Site.
The assistance to the Redeveloper could be in the form of a tax increment revenue note
(the "Note") in which the tax increment from the Site would be pledged to pay the Note
(this process would be almost identical to the process the EDA has employed in
assisting the Navarre expansion).
Attached is a three-page tax increment analysis along with an amortization schedule for
a revenue note. These pages are numbered 1 through 4 in the upper right-hand comer.
As with previous analysis, the assumptions are on page 1 which shows the market value
per unit as $160,000. Page 2 shows the amount of tax increment that would be
generated over the life of a redevelopment tax increment district. This total amounts to
$2,861,142 as shown in column (e). Page 3 demonstrates the result of pledging fifty
percent (50%) of the available tax increment for approximately ten (10) years to pay the
Note. (Please refer to the underlined numbers at 12/01/14). Page 4 which assumes the
amount of assistance to be $300,000 is an amortization schedule for the Note at a
seven percent (7%) interest rate.
The second issue that needs resolution is to determine the level of assistance necessary
to facilitate the redevelopment of the Site. Acquisition of the Site is complicated by a
very favorable lease arrangement that Frank's Nursery, as tenant, has with Farm
Bureau Insurance, the landlord and owner of the Site. The Redeveloper has indicated
that the acquisition, demolition, relocation, site preparation and utility cost wiJJ be
approximately $1.1 to $1.3 million and that the project cannot afford costs of that
magnitude. The Redeveloper has asked for assistance of $300,000. Before the EDA
agrees to that level of assistance, we should have an opportunity to review the following:
1. The Purchase Agreement between the Redeveloper and Farm Bureau
Insurance;
A construction pro forma for the redevelopment project (the information
contained in the Redeveloper's Presentation of July 8, 2002 is not
adequately detailed and the hard cost budgeting provided by Andersen
Builder's appears to be very preliminary); and
· Page 2
08/19/02 M0N 15:30 FA.~ 952 885 5969 IO:~SS MONI~OE
3. The amount of real estate taxes projected to be paid by the completed
project are considerably less than we are projecting based on the values
that we were given. These differences need to be reconciled.
CONCLUSION
If the EDA wishes to assist this project and the amount of assistance can be properly
quantified, and assuming that the Site will qualify for inclusion in a tax increment
financing redevelopment district, then there is certainly adequate tax increment to
prb~ide the assistance and there are more than a'd~quate costs fo-~ which the EDA has
the legal authority to provide such assistance. The assistance can be in the form of a
tax increment revenue note which should not expose the City to any dsk. Furthermore,
the revenue note would only be delivered upon the completion of the agreed upon
improvements to the Site.
We look forward to further reviewing this project with you.
JRC/GDJItrg
Attachments
G:\WPDATA~NEW HOP~I~I~.ORWICD(3NALD JRC
® Pal;le 3
08/19/02 ~ON 15:30
952 885 5969
ERASS ~r0NROE
CITY OF NEW HOPE
Franks Nursery Site
ASSUMPTIONS
[~006
Original Market Values
Area of Parcel
(Acres) (Sq. Feet)
3.19 138,761
1/2/2001 Market Value (Pay 2002)
Land Building Total
Franks Nursery & Crafts
Totals
Original Tax Capacity
Commercial / Retail
Rental. Moderate
Rental
Owner Occupied .......
Phase '1
Es[imated Market Value
Estimated Tax Capacity
Es{imated Taxes
Estimated Tax Increment
05-118.-21-32-OO07
3.19 138,761
674,000
674.0OO
$ 578,0OO $ 96,000
$ 578,000 $ 96,000
~ 4.17 per sq. R. for Land
Class Rate*
2.00% = 0
1,25% = 0
1.25% = 0
1.00% = 6,740
674,000
674,000
6,740
· Final rates for Pay 2004
28 Townhomes @ 160,000 per unit
28 Townhomes ~ 2,268 per unit
28 Townhomes ~ 1,919 per unit
$4,480,000
44,800
63,515
53,730
84,6% of total taxeS
YEAR
20O4
2005
Phase 2 (combined)
Estimated Market Value
Estimated Tax Capacity
Estimated Taxes
Estimated Tax Increment
56 Townhomes ~t 160,000 per unit = 8,960,000
89,800
56 Townhomes @ 2,268 per unit = 127,030
56 Townhomes {~ 2,089 per unil = 116,975
92,1% of total taxes
20O5
2006
Phase 3 (combined)
Estimated Market Value
Estimated Tax Capacity
Estimated Taxes
Estimated Tax Increment
56 Townhomes ~ 160,000 per unit = 8,960,000
89,600
56 Townhomes ~} 2,268 per unit = 127,030
56 Townhomes l~ 2,089 per unit = 116,975
18,3 times MV increase
2006
2OO7
92.1% of total taxes
Local Tax Rate - Pay 2002 estimate
State Tax Rate - Pay 2002 estimate
Combined Tax Rate - C/I Property Only
Admin Fees
Coverage 17.6 units per acre
1.41775 ~C/I on~)J
0.57933
1.99708
* used for ~x increment calculations
10.000%
1.4%I
EffTaxRa~
State Auditor Fee
0.425%
Inflation (after 2 yrs of lull value in each tract)
0.000%
PV Rate. Rev. Note 12/1/2002 7,00%
PV Rate. City 12/112OO2 5.00%
NNETK
HOPE, MINNESOTA
DEVELOPPIENT DATA
51TI A~EA ....... 1~8,018..$F; 317 AC
TOTAL UNITS .......... r~ UNIT5
TOTAL PARKING 5PAC~5 ......... 144
ENCLOSED ............. .~
TANDEtl .............. %
SURFACE ............... 32
G ~ITE
OPTION2-5f000 ININNtETKA AX/, N.
A
TOWNH
0MES
MARCH 19,
~00~
T U S H I [
MONTGOM~{Iy