7.2. HRSR 07-06-2020 - Laserfiche WebLink

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City of Elk River – Tax Increment Financing Application A. APPLICANT INFORMATION Name of Entity: Community Housing Development Corporation Address: 614 North 1st Street, Suite 100, Minneapolis, MN 55401 Primary Contact: Dan Walsh Address: 614 North 1st Street, Suite 100, Minneapolis, MN 55401 Phone: (612) 274-7817 Fax: NA Email: dwalsh@chdcmn.org Brief description of the entity business, including history, principal product or service: Community Housing Development Corporation's (CHDC) mission is to sustain high-quality and affordable homes, to enhance the community over the long term, and to create and maintain healthy living. As the owner of 44 properties and more than 3,600 housing units, CHDC takes a unique, businesslike approach to affordable housing by keeping overhead costs small and structuring its properties and operations to be financially self-sustaining over the long term. For example, at the end of 2019, CHDC’s average expense coverage ratio across its portfolio was 1.34, and it has never defaulted on any of its mortgages. Founded in 1991, CHDC has provided stability to Minnesota residents and communities for more than 25 years as a developer and owner. Brief description of the proposed project: Hillside Heights Apartments will meet part of the remaining demand for affordable and subsidized rental housing and affordable independent living senior rental housing according to Elk River’s 2018 Housing Study. CHDC proposes to develop a three-story new construction affordable apartment building on the South East corner of Twin Lakes Road NW and 175th Ave NW. The apartment building will consist of approximately 55 units with 13 one-bedroom units, 28 two-bedroom units, 14 three-bedroom units and approximately 60 parking spaces. Common amenities will likely include storage, a roof deck, fitness / physical therapy room, library, community room, patio area, ball court, playground and community garden. Attorney Name: John Stern, Winthrop and Weinsteine Address: Capella Tower, 225 South 6th St, Suite 3500, Minneapolis, MN 55402 Phone: (612) 604-6588 Fax: (612) 604-6800 Email: jstern@winthrop.com Accountant Name: Donna Stevermer, Mahoney Ulbrich Christiansen and Russ, P.A. Address: 10 River Park Plaza #800, St Paul, MN 55107 Phone: (651) 227-6695 Fax: (651) 227-9796 Email: dstevermer@mucr.com Contractor Name: Mike Benedict, Frana Companies Inc. Address: 633 2nd Ave S, Hopkins, MN 55343 Phone: (952) 908-2664 Fax: (952) 935-8644 Email: Mike@frana.com Engineer Name (Civil & Structural): BKBM Engineers, John Timm and Keith Matte Address: 5930 Brooklyn Boulevard, Minneapolis, MN 55429 Phone: (763) 843-0474 (John) / (763) 843-0446 (Keith) Fax: (763) 843-041 Email: jtimm@bkbm.com / kmatte@bkbm.com