Transcription

1

2

3

4

5

6

7

8

9

10

11

12 Proposal for Redevelopment of Lincoln House Site City of Merrill Prepared by: MSP Real Estate, Inc Walker St., #20 St. Louis Park, MN December 29, 2015

13 Table of Contents 1. Cover Letter with Proposal Summary 2. Project Summary and Tentative Schedule 3. Preliminary Site Plan & Elevations 4. MSP Overview 5. Development Organization 6. Project Team and Management Qualifications 7. Financial Pro Forma

14

15 2) Project Summary Outline and Tentative Schedule Below is a tentative schedule that will outline MSP s plan of execution to get the proposed 40 unit mulit-family project completed. Activity Proposed Completion Date Site Plan Design 1/04/2016 Zoning Approval 1/11/2016 TIF Financing 1/18/2016 WHEDA Application Submittal (Tax Credits) 1/29/2016 Announcement of WHEDA Tax Credits 5/2/2016 Construction & Permanent Loan Commitment 7/1/2016 Completion of plans and specifications 7/31/2016 Issuance of Building Permits 9/1/2016 Construction Start Date 9/1/2016 Construction Completion 7/1/2016

16 4 STORY BUILDING 40 UNITS GARAGE PATIO (8) - 1.1A - 1 BDRM - 1 BATH S.F. (9) - 1.1B - 1 BDRM - 1 BATH S.F. (11) BDRM - 1 BATH S.F. (6) BDRM - 2 BATH S.F. (2) BDRM BATH /- S.F. (4) BDRM - 2 BATH /- S.F. 40 TOTAL UNITS 4 STORY BUILDING 10,500 S.F./FLOOR 42,000 S.F. TOTAL AREA SITE PARKING =? GARAGE PARKING = 30 1 SITE PLAN 1" = 30'-0" 0' 7.5' 15' 30' NORTH MSP - MERRILL 6515 Grand Teton Plaza, Suite 120, Madison, Wisconsin p f dimensionivmadison.com MAIN ST. MERRILL WI SCHEMATIC SITE PLAN 12/23/2015 X

17 TRUSS BEARING 143' - 0 3/4" FOURTH FLOOR 133' /8" THIRD FLOOR 122' - 7 3/4" SECOND FLOOR 111' - 3 7/8" FIRST FLOOR 100' - 0" 6 EAST ELEVATIONS 3/32" = 1'-0" TRUSS BEARING 143' - 0 3/4" FOURTH FLOOR 133' /8" THIRD FLOOR 122' - 7 3/4" SECOND FLOOR 111' - 3 7/8" FIRST FLOOR 100' - 0" BASEMENT 90' - 0" 5 NORTH ELEVATIONS - ALLEY 3/32" = 1'-0" 4 WEST ELEVATION - COURTYARD 3 3/32" = 1'-0" NORTH ELEVATION - COURTYARD 3/32" = 1'-0" TRUSS BEARING 143' - 0 3/4" FOURTH FLOOR 133' /8" THIRD FLOOR 122' - 7 3/4" SECOND FLOOR 111' - 3 7/8" FIRST FLOOR 100' - 0" Grand Teton Plaza, Suite 120, Madison, Wisconsin p f dimensionivmadison.com WEST ELEVATIONS - ALLEY 3/32" = 1'-0" 1 SOUTH ELEVATIONS 3/32" = 1'-0" MSP - MERRILL MAIN ST. MERRILL WI ELEVATIONS 12/21/2015 X

18 19' - 0" 24' - 0" 19' - 0" A5 3 PARKING GARAGE PARKING SPACES 28' - 6" 1 00-BASEMENT 1/8" = 1'-0" 0' 2' 4' 8' NORTH MSP - MERRILL 6515 Grand Teton Plaza, Suite 120, Madison, Wisconsin p f dimensionivmadison.com MAIN ST. MERRILL WI SCHEMATIC BASEMENT PLAN 12/23/2015 X

19 A5 5 62' - 0" 27' - 0" 35' - 0" 1.1 A 3.2 A A5 4 32' - 0" 36' - 0" 53' - 0" MECH A5 3 LEASING OFFICE 115' - 0" A5 2 6 A5 62' - 0" 11' - 4" 33' - 4" 24' - 0" STAIR 11' - 4" 3.1.5C 2 STORY UNIT 1.1 B 13' - 0" 32' - 0" 27' - 0" 11' - 0" 1.1 A STAIR 3.1.5C 2 STORY UNIT CLUB ROOM BATH RETAIL 375 S.F. 16' - 8" 35' - 0" 12' - 0" 10' - 0" 13' - 0" 3.2 A 3.2 B 3.2 A 13' - 0" 13' - 0" 11' - 0" 11' - 0" 13' - 0" 13' - 0" 36' - 0" 24' - 0" 24' - 0" 36' - 0" 22' - 0" 35' - 0" 120' - 0" 1 A FIRST FLOOR 1/8" = 1'-0" 0' 2' 4' 8' NORTH MSP - MERRILL 6515 Grand Teton Plaza, Suite 120, Madison, Wisconsin p f dimensionivmadison.com MAIN ST. MERRILL WI SCHEMATIC FIRST FLOOR PLAN 12/23/2015 X

20 A A 2.1A A5 4 STAIR MECH 1.1 B A C 2 STORY UNIT STORAGE 1.1B 1.1 A STAIR 3.1.5C 2 STORY UNIT A5 2 6 A5 2.1 A 2.2 A 2.2 A 2.1A 1 A SECOND FLOOR 1/8" = 1'-0" 0' 2' 4' 8' NORTH MSP - MERRILL 6515 Grand Teton Plaza, Suite 120, Madison, Wisconsin p f dimensionivmadison.com MAIN ST. MERRILL WI SCHEMATIC SECOND FLOOR PLAN 12/23/2015 X

21 A A 2.1A A5 4 STAIR 1.1 B A5 6' - 0" B 12' - 4" STORAGE 1.1B 9' - 0" 1.1 A STAIR 2.1B 6' - 0" A5 2 6 A5 2.1A 2.2 A 2.2 A 2.1A 1 A5 1 4TH FLOOR SIMILAR 03-THIRD FLOOR 1/8" = 1'-0" 0' 2' 4' 8' NORTH MSP - MERRILL 6515 Grand Teton Plaza, Suite 120, Madison, Wisconsin p f dimensionivmadison.com MAIN ST. MERRILL WI SCHEMATIC THIRD FLOOR PLAN 12/23/2015 X

22 4) Overview of MSP Real Estate, Inc. MSP Real Estate, Inc. M S P R e a l E s t a t e, I n c. ( M S P R E ) a n d i t s s u b s i d i a r i e s H e r i t a ge A s s i s t ed Li v i ng, MS P C o ns t ruc ti o n an d M SP Property Management make up a full service real estate d e v e l o p me n t c o m pa ny. E s t a b l i s h e d i n b y M i l o P i n k e r t o n M S P R E h a s a s s e m b l e d a t e a m w i t h t h e e x p e r i e n c e a n d t e n a c i t y t o g e t t h e j o b d o n e. W e a r e a l o n g - t e r m o w n e r t h a t o w n s over 90 perc ent of what we have buil t. O ur phil os ophy is t o d e v e l o p h i g h q u a l i t y p r o p e r t i e s i n s t r a t e g i c m a r k e t s t o e n s u r e t h e b e s t i n v e s t m e n t f o r u s, o u r p a r t n e r s a n d the communi ties we bui l d in. MSPRE has experience with public/private development projects utilizing TIF, HO ME Funds, Federal Home Loan Bank F unding, CBDG, Metropoli tan Council grants, and DT ED g ra nts. M SPRE has e x tensive k no wl edg e of r ea l e s ta t e d ev el op m e nt g ained ov e r t h e pa s t 2 0 y e a rs wi th 28 projec ts totaling ov er 140 million i n v alue. Senior Housing Development M S P R E h a s b e c o m e o n e o f t h e M i d w e s t s l e a d i n g d e v e l o p e rs o f s e ni o r h o usi ng c o m mu ni ti es. T o d a te we have developed over 1600 units of senior housing in 12 c ommunities i n Wisconsin a nd Minnesota. MSP RE has d e v e l o p e d s e n i o r c o n d o m i n i u m s, i n d e p e n d e n t apartments, assis ted living and memory care. Over the past 5 years MSPRE has focused on developing s enior housi ng c ampuses to provide a c onti nuum of c are f o r i ts r esi d en ts. T h es e c om m u ni ti es c on s i s t o f m i x ed i nc o me i nd e pe n d en t s e ni o r a p a r tm e nt s, a s s i s t ed l i v i n g and memory care. Affordable Housing Development MSPRE specializes in Section 42 Affordable Ho using Tax Cre dit d evelopm ent. T o d ate MSPRE has r eceived over $10 million in tax c redit allocations in three Midwes tern s t a t e s, c o n s t r u c t i n g d e v e l o pm e n t s w i t h a t o t a l p r o j e c t c o s t o f o v e r 9 5 m i l l i o n. T h i s p o r t f o l i o c o n s i s t s o f a p p r o x i m a t e l y u n i t s o f s e n i o r h o u s i n g a n d o v e r u n i t s of family housing. MSPRE has experienc e devel oping properti es using both 9% tax credits and 4% tax credits with tax exempt bond financing. Market Rate Housing Development M S P d e v e l o p e d L o u i s i a n a O a k s A p a r t m e n t s i n , a u n i t m a r k e t r a t e devel opment in St. Louis Park, Minnesota. This property w a s r e c o g n i z e d a s t h e M A D A C S A w a r d - w i n n i n g ( Property Excellence Award Best New Development Mark et Rate ) in the Twi n Cities. MSP s old Louisiana Oaks i n Heritage Assisted Living Founded in 2000, Heritage Assisted Living is an industry l e a d i n g m a n a g e r o f a s s i s t e d l i v i n g a n d m e m o r y c a r e c o m m u n i t i e s. T o d a y w e o w n a n d o p e r a t e n i n e c o m m u n i t i e s i n W i s c o n s i n t o t a l i n g o v e r u n i t s. W e are one of the fastest growi ng Assi sted Liv ing c ompani es i n the regi on and now empl oy over 300 peopl e. MSP Construction MSP Construction is responsible for General Contracting s ervi c e for MSPRE s dev el opments. Acting as our own g e n e r al c on t r actor all o ws us t o s av e c os ts a nd e ns u re quali ty on all our devel opment projec ts. I n M S P C o n s t r u c t i o n b u i l t u n i t s w i t h p r o j e c t costs totaling ov er 30 million. In 2012, MSP Construc tion built over 300 units in 3 different communiti es. MSP Property Management M S P P r o p e r t y M a n a g e m e n t, L L C ( M S P P M ) w a s f o r m e d in 2005 to more fully service its affordable housi ng and m a r k e t - r a t e h o u s i n g i n M i n n e a p o l i s a n d N o r t h w e s t Wisconsin. MSPPM c u rr ently manag es over 500 units i n six locations. Management Team Milo Pinkerton, President Milo has developed m ore th a n 2300 units s pan ning over 30 years. Milo s unique background of architecture, real estate and c o nstruction h as enabled MSP projects to b e of consi s tent hi gh quali ty, on time and on budget. M i l o i s p r i m a r i l y r e s p o n s i b l e f o r o v e r s e e i n g a n d directing al l aspec ts of the MSP F ami ly of Compani es. E n s u r i n g s t e a d y g r o w t h, c o n s i s t e n t p r o f i t a b i l i t y a n d i n c r e a s i n g c a s h f l o w s a n n u a l l y. M i l o w o r k s h a n d s o n w i t h t h e d e v e l o p m e n t a n d c o n s t r u c t i o n c o m p a n y a n d MSP Re al Esta te a nd H erita g e Assiste d Living

23 coordinates management and direction of Heritag e and MSPPM through its various staff di rectors. Pri or to fo rming MSP Real Estate, Inc. Milo was v i c e president and manager of s pecial proj ects for ITT Real E s t a t e S e r v i c e s, w h e r e h e w a s i n c h a r g e o f t h e d i s p o s i t i o n o f $ 5 0 m i l l i o n o f t r o u b l e d r e a l e s t a t e n a t i o n w i d e. M i l o w a s a l s o p r o j e c t d i r e c t o r w i t h a regional development/construction company, Orville E. M a d s e n a n d S o n s, b a s e d i n M a d i s o n, W i s c o n s i n, i n charge of devel opi ng over 450 uni ts. Milo has a Master s of Science in Business, Real Estate I n v e s t m e n t f r o m t h e U n i v e r s i t y o f W i s c o n s i n a n d a M a s t e r of A rc hi te c t u r e De g re e f r o m t h e Un i v e r s i t y of M i nn es o ta. He i s l i c en s e d i n M i n n es ot a an d W i s c on s i n as a real estate broker. MSP Real Estate Market Rate Apartments Unit Completion City Center at Deer Creek II, New Berlin Total 75 Heritage Assisted Living Assisted/Memory Care Units Completion Lexington Heritage, Greenfield Heritage at Deer Run, Eau Claire Heritage at Deer Creek, New Berlin Heritage Court, Menomonee Falls Heritage Court, Eau Claire Heritage West Allis, West Allis Heritage Monona, Monona Heritage Monona Phase II, Monona Heritage Middleton, Middleton Heritage Elm Grove, Elm Grove Heritage Court Waukesha, Waukesha Heritage Port Washington, Port Washington Total 701 MSP Real Estate Section 42 Apartments Units Village Plaza, Paddock Lake Station House, Antigo Mill View, Kiel Courtyard, West Allis Silver Lake Pointe, Mounds View, MN Valley Farms Apartments, Westfield, IN Parkside Townhomes, Redwood Falls, MN Cityside Townhomes, Marshall, MN Lexington Village, Greenfield Silver Lake Commons, Mounds View, MN Silver Creek Village, Glendale Homestead Village, Chippewa Falls Deer Creek Village, New Berlin Lincoln Village, Port Washington Monona Senior Apartments, Monona West Allis Senior Apartments, West Allis Chippewa Senior Apart. II, Chippewa Falls City Center at Deer Creek, New Berlin Middleton Senior Apartments, Middleton New Berlin Senior II, New Berlin Meadow Ridge Apartments, Waukesha Total 1,379 Contact Information Milo Pinkerton MSP Real Estate 7201 Walker St., Suite 20 St. Louis Park, MN [email protected] (952) Completion MSP Re al Esta te a nd H erita g e Assiste d Living

24 5) Development Organization Corporate Information MSP Real Estate, Inc. Phone: Walker Street, Suite 20 Fax: St. Louis Park, MN Federal ID: Private Minnesota Corporation Date Business Started: 12/88 Date Business Incorporated: 09/88 Officer s Name: Milo Pinkerton Title: President Type of Business: Real Estate Development MSP Property Management, LLC Phone: Walker Street, Suite 20 Fax: St. Louis Park, MN Federal ID: Private Minnesota Limited Liability Company Date Business Started: 04/2005 Date Business Organized: 04/2005 Officer s Name: Milo Pinkerton Title: Manager Type of Business: Real Estate Management MSP Construction, Inc. Phone: Walker Street, Suite 20 Fax: St. Louis Park, MN Federal ID: Private Minnesota Corporation Date Business Started: 11/1992 Date Business Incorporated: 11/1992 Officer s Name: Milo Pinkerton Title: President Type of Business: Construction

25 6) Project Team Developer: General Contractor: Management & Operations: Architect: Legal Counsel: Milo Pinkerton and Mark Hammond MSP Real Estate, Inc Walker Street, Suite #20 St. Louis Park, MN Phone: Steve Saucke MSP Construction, Inc Walker Street, Suite #20 St. Louis Park, MN Phone: (608) Shawn Banks MSP Property Management, LLC 7901 W. National Avenue West Allis, WI Phone: (414) Jerry Bourquin Dimension IV Madison 6515 Grand Teton Plaza, Suite #120 Madison, WI Phone: (608) Katie Rist Foley and Lardner LLP 150 E. Gilman Street Madison, WI Phone: (608)

26 Development Team Milo Pinkerton, President Milo has developed more than 2300 units spanning over 30 years. Milo s unique background of architecture, real estate and construction has enabled MSP projects to be of consistent high quality, on time and on budget. Milo is primarily responsible for overseeing and directing all aspects of the MSP Family of Companies, ensuring steady growth, consistent profitability and increasing cash flows annually. Milo works hands on with the development and construction company and coordinates management and direction of Heritage and MSPPM through its various staff directors. Prior to forming MSP Real Estate, Inc. Milo was vice president and manager of special projects for ITT Real Estate Services, where he was in charge of the disposition of $50 Million of troubled real estate nationwide. Milo was also project director with a regional development/construction company, Orville E. Madsen and sons, based in Madison, Wisconsin, in charge of developing over 450 units. Milo has a Master s of Science in Business, Real Estate Investment from the University of Wisconsin and a Master of Architecture Degree from the University of Minnesota. He is licensed in Minnesota and Wisconsin as a real estate broker.

27 MARK HAMMOND DIRECTOR OF DEVELOPMENT Mark Hammond, as Director of Development & General Counsel, leads all real estate development activities and assists the company in identifying and overseeing legal issues in other core business units. Mark s primary responsibility is the identification and management of new development opportunities in senior housing campuses, MSP s core business category. His secondary focus is identifying market-rate multifamily and tax credit affordable housing opportunities. Mark actively manages all aspects of the development process, including site acquisition and approval, financing, design and value engineering, construction, and lease-up. Mark holds a Bachelors Degree in Economics, an MBA in Real Estate, and a Juris Doctor, all from the University of Wisconsin-Madison.

28 Construction Team Leader Steven Saucke, Vice President / Construction Steve has been in the construction industry for more than 40 years. Originally in residential construction, Steve prided himself on designing and building the best home for each and every client. In 1997, he was offered a position as a Project Manager for a multi-family developer, building market-rate apartments. As the need for secure, affordable senior housing grew in the Midwest, Steve moved in that direction, overseeing the construction of the two largest senior housing facilities in the state of Iowa and multiple senior independent, assisted living, and memory care facilities throughout Wisconsin. Now, with MSP Construction, Inc., Steve manages all aspects of construction, from site development through to turnkey completion.

29 Shawn Banks Regional Property Manager Shawn Banks, as Regional Property Manager, is responsible for the property management of a portfolio of properties under ownership of the MSP Companies. Shawn will be transitioning the entire Oakbrook portfolio properties to be managed under MSP Property Management. Shawn will also be overseeing the 3 rd party compliance and coordinating centralized maintenance. Prior to his role with MSP, he was employed at ACC Management Group INC. as a regional manager, overseeing a portfolio of 1400 units of senior and family tax credit in WI and IL. Prior to ACC, he was the Vice President of Millennium Professional Management where he oversaw 1088 units of Section 8/ Tax Credit senior and family units in WI. Maintaining occupancy of 95% or better as well as overseeing compliance and maintenance for the entire organization. Shawn currently holds a WI real estate license, certified in apartment management, tax credit specialist, certified occupancy specialist, and an associates in Science-Nursing degree from Cardinal Stritch University.

30 RESUME JERRY BOURQUIN, AIA Experience Principal Managing Partner Architect 30+ years of experience Registration/Accreditation Registered Architect in Wisconsin (1980) Registered Architect in Illinois (1980) Registered Architect in Vermont (2011) Registered Architect in Missouri (2012) Registered Architect in South Dakota (2013) National Council of Architectural Registration Boards Certification (NCARB) Certified WHEDA Capital Needs Assessment (CNA) Provider Education/Training Master of Architecture, University of Illinois, Urbana-Champaign (1978) Bachelor of Architectural Studies, University of Illinois, Urbana-Champaign (1976) Organizations/Committees/ Memberships American Institute of Architects (AIA) Heritage of Monona Senior Living Community, Monona, Wisconsin Jerry has extensive experience in the design of assisted living and senior housing facilities. He has provided architectural and construction administration services for housing projects of all types and sizes during his 30+ years as a practicing architect. Heritage of Monona Senior Living Community, Monona, Wisconsin Heritage of Middleton Senior Living Community, Middleton, Wisconsin Bell Tower Place Senior Living Community, West Allis, Wisconsin MSP New Berlin II, New Berlin, Wisconsin MSP Monona II, Monona, Wisconsin Heritage of Waukesha Memory Care, Waukesha, Wisconsin Church Hill Assisted Living, Oregon, Wisconsin Rothschild Assisted Living, Rothschild, Wisconsin Plymouth Assisted Living, Phase 3, Plymouth, Wisconsin Oshkosh Assisted Living, Oshkosh, Wisconsin Sacred Heart at Monastery Lake, Franklin, Wisconsin Appleton Assisted Living, Appleton, Wisconsin Oakwood Village Prairie Ridge Senior Living Campus, Madison, Wisconsin Oakwood Village University Woods, Madison, Wisconsin Alternative Continuum of Care, Dubuque, Iowa Chippewa Falls Senior Housing Phase II, Chippewa Falls, Wisconsin Parkview Gardens Assisted Living Phase III & IV, Caledonia, Wisconsin Blessed Sacrament Senior Housing, Madison, Wisconsin Oak Park Place at Grandview Commons, Madison, Wisconsin

31 9/30/2014 Katherine R. Rist People Foley & Lardner LLP Katherine R. Rist Senior Counsel Katherine R. Rist is a senior counsel and real estate business lawyer with Foley & Lardner LLP. Ms. Rist has experience in real estate transactions, representing financial institutions, land developers, investors, property owners and managers in real property sales and acquisitions, real estate development and zoning matters, including mixed-use and residential condominium developments, and the negotiation of commercial and industrial leases. She is a member of the Real Estate and Finance & Financial Institutions Practices. Locations P Suite East Gilman Street Madison, WI Practice Areas Finance & Financial Institutions Real Estate Ms. Rist concentrates her work in affordable housing development and finance. She has experience representing developers and investors involved in the development of affordable multifamily housing and supportive living projects that use the syndication of low income housing tax credits, rental subsidies, governmental loans and grant programs, including HOME loans and FHLB Affordable Housing Program grants. Ms. Rist also has experience in representing non-profit organizations along with for-profit developers in connection with FHA-insured multi-family loan 1/2

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55