4.4. SR 06-28-2010 - Laserfiche WebLink

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Attachment A -Business Plan Description oFBusiness Elk River Leased Housing Associates III, Limited Partnership was formed for the acquisition and rehabilitation of Dove Tree Apartments located at 1105 Lions Park Drive in Elk River, MN. The partnership will oversee the acquisition, rehabilitation, and future management of Dove Tree. Ownership The Dove Tree Apartments will be owned by Elk River Leased Housing Associates III, Limited Partnership. This partnership is made up of a General Partner, which will own 0.01% of the partnership and an Investor Limited Partner which will own 99.99% of the partnership. Elk River Leased Housing Associates III, LLC will be the General Partner of the partnership. The General Partner is controlled by two individuals, David Brierton and Paul Sween. Mana ement Dominium Management Services, LLC (DMS) will be responsible for the day-to-day management of Dove Tree Apartments. DMS currently manages Dove Tree and has been managing the property for the past 14 years. Keeping DMS in place will result in a smooth transition following the property acquisition and during the project rehabilitation. Dominium Management Services has been managing affordable housing for over thirty years and is currently managing properties in 18 states across the country. DMS is a well-established management company that has earned national recognition for excellence from the Institute of Real Estate Management as an Accredited Management Organization. Date Established /Products and Services Elk River Leased Housing Associates III, Limited Partnership was formed in April of 2010 specifically to acquire and rehabilitate the Dove Tree Apartments. Members of the General Partner, Elk River Leased Housing Associates III, LLC, have been acquiring, developing, and managing affordable multifamily housing for 38 years. Future plans Following the acquisition of Dove Tree, Elk River Leased Housing Associates III, Limited Partnership will begin the project rehabilitation which will exceed $15,000 per unit in construction costs. The acquisition and rehabilitation of Dove Tree will be partially financed through the syndication of Low Income Housing Tax Credits, which will serve to maintain the project as affordable housing for an additional 15 years.