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HomeMy WebLinkAboutResolution - HRA 91-1 - Estoppel Certificate and Amendment to First Amended Project Agreement - Prairie Village Apartments - 06/04/1991 • RESOLUTION NO. 1- i - Approving the execution of the Estoppel • Certificate and the 1991 Amendment to the First Amended and Restate Project Management Agreement pertaining to the Prairie Village Apartments Redevelopment Project WHEREAS, the Housing and Redevelopment Authority in and for the''C•ity of Eden Prairie ( "HRA" ) is a party to the First Amended and Restated Project Management Agreement by and between the Housing and Redevelopment Authority in and for the City of Eden Prairie and Prairie Village Limited Partnership dated October 1, 1991; and WHEREAS, the Prairie Village Limited Partnership has requested the issuance by the ERA of an Estoppel Certificate and agreed to, the 1991 Amendment 'tothe First Amended and Restated an Project •Magement Agreement. NOW, THEREFORE, BE IT RESOLVED that the Estoppel Certificate and 1991 Amendment to the First Amended and Restated Project Management Agreement are hereby approved and the Chairman and • Secretary of the HRA are hereby authorized and directed to execute said Estoppel Certificate and 1991 Amendment. BE IT FURTHER RESOLVED that the staff for the City of Eden Prairie is hereby appointed to serve as the staff for the HRA. The foregoing resolution was approved by the ERA on June 4, 1991, at a meeting of the ERA convened and held at which a quorum was acting and present throughout, and is in full force and effect on* the date hereof. HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE Dated: June 4, 1991 By is ecretary • FIRST AMENDED AND RESTATED PROJECT MANAGEMENT AGREEMENT BY AND BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE (Agency) AND PRAIRIE VILLAGE LIMITED PARTNERSHIP (Developer) THIS FIRST AMENDED AND RESTATED PROJECT MANAGEMENT AGREE- MENT is made on or as of the 1'54 day of _ck-h ,e— , 1989, by and between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE, (the Agency) , a •public body corporate and politic under the laws of the State of Minnesota, and PRAIRIE VILLAGE LIMITED PARTNERSHIP (the Developer) , a limited partnership under the laws of the State of Minnesota. RECITALS: • 1. On November 19, 1985, the Agency and the Developer • entered into a Project Management Agreement (the Agreement) recorded in the records of the Hennepin County Recorder as Document No. 5055484, regarding certain land for private development in *the City of Eden Prairie, Minnesota (the Property) , upon which the Developer has agreed to develop a fifty-six (56) unit multifamily housing project to be occupied entirely by lower income senior persons (the Project) . It is now the desire of the Developer and the Agency to amend the Agreement to substitute a new schedule of Tax Increment Funds, a new schedule of rents for the .Project, and to amend the Agreement to make certain other changes as hereinafter set forth. NOW, THEREFORE, in consideration of the foregoing and of • the mutual covenants, conditions., and promises hereinafter set S f I 1 } . • forth, the parties hereto agree that the Agreement shall be amended and restated in its entirety as follows: PRELIMINARY- STATEMENT OF FACTS WHEREAS, the Agency and Developer are engaged in carrying out a redevelopment project, consisting of two fifty-six (56) unit buildings for multifamily housing and related amenities, known as Prairie Village Apartments (the Redevelopment Project) in an area of the City located on the northeast corner of the intersection of -T.H. 5 and County Road 4; and WHEREAS, Agency and Developer entered into a Purchase Agreement for the sale of land for private development (the Purchase Agreement) on November 19, 1985, pursuant to which • Agency sold and Developer purchased the Property located within the Redevelopment Project area and legally described-as follows: That part of OUTLOT B and that' part of OUTLOT C, GONYEA 4TH ADDITION lying northwesterly of a line drawn from a point on the southwesterly line of said OUTLOT C distant 92.68 feet southeasterly along said southwesterly line from the most westerly corner of said OUTLOT C to a point on the northerly line of said OUTLOT C distant 159.24 feet southwesterly long said northerly line from the most northeasterly corner of said OUTLOT C which lies southwesterly of a line bearing south 39 degrees 06 minutes 36 seconds east from a point on the northwesterly line of said OUTLOT B distant 282.11 feet northeasterly along said northwesterly line from the most westerly corner of said OUTLOT B. For the purposes of this description, the north line of Outlot B is assumed to bear south 89 degrees, 18 •minutes, 44 seconds east. WHEREAS, Developer has purchased the Property for the purpose of developing a three (3) story elevator building containing • fifty-six (56) housing units and underground parking (the Project) ; and i r WHEREAS, the Project will be part of the Redevelopment Project and will be occupied entirely by lower income persons, fifty-five (55) years of age or older (senior persons) ; NOW, THEREFORE, in consideration of the terms and coven- ants in this Agreement and for other good and valuable consid- eration, it is agreed by and between the - parties hereto as follows: 1. Project Management. Agency and Developer hereby agree that Developer's management of the Project following completion of construction thereof shall be subject to the terms and conditions set forth in this Project Management Agreement, including the remedies for noncompliance set forth herein, • contained in the Purchase Agreement or otherwise available by law. Developer agrees that the Project will be completed and operational on or before October 15, 1990.E In the event the Project is not completed and operational on or before October 15, 1990, regardless of the reason, including any act or omission by Agency or City, the Developer shall be in default of the Agreement . and subject to all remedies available to Agency. 2. Agenc 's Obligations 2.1 Agency has obtained and used Community Develop- ment Block Grant Funds in -the amount of One Hundred Twenty-eight Thousand Eight Hundred Nineteen and No/100 ($128,819.00) Dollars to reduce the cost of the- Property . to Developer as set forth in, the Purchase Agreement and has sold the Property to Developer on the terms set forth t t i . in the Purchase Agreement and shall and has complied with all of the terms of said Purchase Agreement, which is specifically adopted and incorporated herein by reference. 2.2 Agency has established the Redevelopment Project in conformance with Minnesota Statutes, Section 469.001 to 460.047 , formerly Chapter 462. 2.3 Agency has created, in conformance with Minnesota Statutes, Section 469.174 to 469.179, formerly Section 273.71 to 273.78, a Housing Tax Increment Financing District (TIP District) within the Redevelopment Project, which TIF District shall include the Project and Developer's second Prairie Village Apartment Building located immedi- ately adjacent to and west of the Project.. • 2.4 Agency has established an Interest Rate Reduction Program and regulations for the Interest Rate Reduction Program in conformance with Minnesota Statutes, ' Section 469.176, .subd. 4f, formerly Section 462.445. 2.5 If all other terms and conditions of this -Agree- ment and the Purchase Agreement have been complied with and performed, Agency shall pay to Developer or its lender the sums set forth in the column identified as "Annual Tax Increment Funds" on Exhibit "A" attached hereto. Agency's payment of annual tax increment funds shall be made in two (2) equal installments, each installment to be paid within ten (10) business days of receipt by Agency of property tax revenues from Hennepin County. Agency's obligation to make such payments is expressly contingent upon sufficient -4- i . tax increment funds being generated annually to make such payments. • In no event will the Agency be required to make any payments for the Interest Rate Reduction Program from any funds whatsoever other than those generated by the TIF District. The tax increment funds (the Tax Increment Funds) shall come from the tax increment generated by the TIP District and shall be used for the purpose of interest reduction pursuant to" the .Interest Rate Reduction Program. The Tax Increment Funds shall be the Agency's contribution to the Project. Interest reduction achieved through the Agency's contribution of the Tax Increment Funds shall be applied by Developer to reduce rents for the housing units. (Additional provisions contained on page 5a) . • .2.6 Agency shall in good faith use its best efforts to cooperate with and assist Developer in obtaining tax-exempt Multifamily Housing Revenue Bonds, to be issued by the City, in an amount sufficient to finance a long- term mortgage on the Project. 3. Developer's Obligations. 3 .1 Tenants. All housing units in the Project shall be 're nted to lower income senior persons (persons fifty- five (55) years of age or older) . Eighty (80%) percent of the units of the Project will be rented to individuals or families whose incomes do not exceed sixty (60%) percent of the median income for the Minneapolis-St. Paul Standard • Metropolitan Statistical Area,, as adjusted for family size and other factors, by HUD. Twenty (20%) percent of the • -5- t . Further, the Agency agrees that it shall not invest the tax increment reasonably expected to be used for any payment hereunder in any investment, including a bank demand deposit, other than (i) an investment earning interest excluded from gross income under Section 103 of the Internal Revenue Code of 1986, as amended; (ii) an investment which at the time of purchase has a fair market yield not in excess of 10.09% per annum, or (iii) any other investment which, in the written opinion of nationally recognized bond counsel delivered to the Agency and the Developer, will not cause interest on any bonds issued for the Project to be included in gross income for federal income tax purposes. Oo i - • 5a . r units of the Project will be rented to individuals or families whose incomes do not exceed seventy (70%) percent of the median income-for the Minneapolis-St. Paul Standard Metropolitan Statistical Area, as adjusted for family size* and other factors, by HUD. Developer must re-examine the income of each tenant household on an . annual basis. If the income of a .tenant dial not exceed the applicable income limit upon commencement of such tenant's occupancy of a unit, the income of such resident shall be treated as continuing^ to not exceed the applicable income limit. ,/This treatment shall cease to apply, however, to any resident whose income as of the most recent annual deter-, • \, mination by the Developer exceeded one Hundred forty .j (140%) percent of the applicable income limit' if, after such determination but before the next determination, any ' residential ^ unit ^ of comparable or smaller. size in _ the Project is occupied by a new resident whose income exceeds the applicable income limit. In such event, Developer will notify the tenant that the tenant must vacate the unit by the later of the date such tenant's lease expires or the date which is six (6) months from the date of notification. 3.2 Rents. The' rent charged by Developer for each unit rented to a lower income person or family, as described in subsection 3.1 above, shall not exceed thirty percent . of sixty percent or thirty percent of seventy percent of median income, as applicable, annually. Developer shall i • not rent any unit for more than the rents established in i . Exhibit B attached hereto, subject to annual increases as hereafter provided. 3.3 Rent Increases. The rents set forth on Exhibit• B '. and established by the Developer shall not be increased by more than seven and five-tenths (7.5%) a year, or the amount calculated as set forth in subsections 3.1 and 3.2 above of median income as determined by HUD from time to time, whichever is less. 3.4 Public Disclosure. Developer will provide tenants with written notice at least thirty (30) days before implementing any rent increase. ✓ 3.5 Rent Schedules. Developer must submit for • Agency's review Developer's initial and subsequent Rent Schedules for all Units in the Project. The Agency will review the rent schedules and will approve any schedules in compliance with subsection 3.2 and 3.3 above. Any rent schedule submitted by Developer will be considered approved unless disapproved. The Agency shall provide written reasons if any rent schedule is disapproved. Developer' s failure to obtain Agency's approval of rent schedules, unless such approval is improperly withheld, shall consti- tute a. default by Developer. 3.6 Refusal to Lease. The Developer may not refuse to lease any unit in the Project to a prospective tenant . on the basis of the prospective tenant's receipt of, or eligibility for, housing assistance, social security, or -7- • C r • other types of public or private assistance, nor shall Developer adopt •any policy which benefits low income persons to the exclusion of very low income persons. 3.7 Enforcement of Leases. Developer shall emphasize voluntary compliance of all tenants with their leases, but shall have the right to secure full compliance by residence with the terms and conditions of their respective leases and may terminate any tenancy when, in Developer's sole judgement, sufficient cause occurs under the terms of the tenantts lease. 3 .8 Maintenance and Repairs. Developer shall cause the buildings, appurtenances, equipment, and grounds of the Project to * be maintained and repaired according to . local codes. 3.9 Utilities and Services. Developer shall make arrangements for water, electricity, gas, fuel oil, sewage and trash disposal, vermin extermination, decorating, laundry facilities, telephone services, and such other utilities and.services are required. 3.10 Insurance. Developer shall obtain and cause to be placed in force all forms of insurance as required by the lender, including but not limited to comprehensive insurance to cover all ' risks, including fire and extended coverage, in an amount equal to the full insurable value of the property and all structures thereon. 3.11 Governmental Orders. Unless under formal appeal, processed in good faith by Developer in accordance _Q_ z with applicable law or regulation, Developer shall take such actions as may be necessary to comply promptly with any and all orders or requirements affecting the Project placed thereupon by any state, federal, county, or muni- cipal authority having jurisdiction over the Project. 3.12 Records and Reports Developer shall establish and maintain a comprehensive system of records, books, and accounts in a manner reasonably satisfactory to the Agency. The Agency may inspect same during regular business hours upon reasonable notice thereof. Developer shall submit an annual report prepared by an independent third party certifying that all tenants are qualified as • required by this Agreement. 3.13 Tenants Board. Developer shall establish a Tenants Board for the Project and shall fund the Tenants Board with an annual contribution of One Thousand and No/100 ($1,000.00) Dollars. The purpose * of the Tenants Board shall be to provide input to the management of the Project and to fund special projects or .activities as determined by the Tenants Board. The By-Laws of the Tenants Board shall be established by the Tenants and approved by Developer. 4 . Termination of Agreement. This Agreement shall remain . in full force and effect unless and until terminated as provided below. 4.1 -Termination by Mutual Consent. To the extent allowed by law, this Agreement may be terminated by mutual _ r iwritten. consent of Agency and Developer, provided that said termination must be approved by the lender to the Project, which if the Project is financed through the issuance of housing bonds, shall be the trustee for the bondholders as directed by the holders of 51% of the outstanding bonds (as herafter defined) . 4.2 Termination by Right. Developer shall have the right to unilaterally terminate this Agreement at any time following the fifteenth (15th) anniversary of the date on which fifty (50%) percent of the units in the Project, together with fifty (50%) percent of the units in the adjacent fifty-six (56) unit market rate rental project • that - is also part of the Redevelopment Project, are occupied. 4.3 Termination by Agency for Cause a. If during the term of this Agreement Developer .shall fail to comply with the terms of this Agree- ment or the Purchase Agreement, Agency may provide notice of such default or fail D.re-and.,_-if_.IIese�oiler fails to cure within sixes 60) days .or such greater time as allowed by Agency . en gency may -tei itda:nate th3.s--Agreemene"four cause upon thirty (30) days' written notice to Developer. Termina- tion of this Agreement for cause shall subject Developer * to the remedies set forth in this Agreement and to any additional remedies set forth in the Purchase Agreement or otherwise available to Agency. b. Notwithstanding any provision to the contrary, and in addition to any other remedy, the Developer shall, in the event that this Agreement is ter- minated by Agency for cause, and upon the receipt of a written demand by Agency, therefore, immedi- ately tender to Agency the sum of One Hundred Twenty-eight Thousand =Eight Hundred Nineteen and No/100 ($128,819.00) Dollars in repayment of the Community Development Block Grant Funds acquired by the Agency -and used in connection with this -10- 'M • ` \ C - i Project subject, however, to the prior rights of - the holders of the City of Eden Prairie, Minnesota Multifamily Housing Revenue Bonds (Sterling Ponds Project) Series 1989 (the "Bonds") then outstanding to payment in full of principal thereof and interest thereon. -In the event Developer fails to tender the One Hundred Twenty-eight Thousand Eight Hundred Nineteen and N0/100 ($128,819.00) Dollars as required by this provision, Agency or its assigns may, in addition to all other remedies, immediately proceed to foreclose its subordinated mortgage on the Project in accordance _with the terms of the Purchase Agreement and the Mortgage Note and Mortgage delivered in connection therewith. 4.4 Termination by Developer for Cause. In the event that during the term of this Agreement Agency fails to provide annual. Tax Increment Funds in the amount set forth in Exhibit "A" to this Agreement within ten (10) business days of receipt by Agency of property tax revenues from 00o Hennepin County, and Agency has received from -Hennepin County sufficient Tax Increment to make the .required Tax Increment Fund payments, then Agency shall be in inten- tional default of this Agreement. Developer shall provide written notice of such default and if Agency fails to cure within thirty' (30)' days or such greater time as allowed by Developer, Developer may either: a. Commence an action in Hennepin County District Court for specific performance to compel Agency to provide to Developer all Tax Increment generated by the TIF District, up to the amount of Annual Tax Increment Funds to be provided as required by Exhibit "A" to this Agreement; or b. Terminate this Agreement for cause upon ten (10) days` written notice to Agency. If this Agreement is terminated by Developer for cause due to Agency' s intentional default, •Agency shall not be entitled to any equity interest in the Project under paragraph 5 hereof and Developer shall not be obligated to repay Agency any portion of the • r a • + • One Hundred Twenty-eight Thousand Eight Hundred Nineteen and No1100 ($128,819.00) Dollars Community Development Block Grant Funds; provided, however, that all Tax Increment Funds in Developer's possession at the time of the termination •of• the Agreement shall be applied by Developer to reduce rents for the Project, thus alleviating the hardship which would be caused to tenants if the Project were immediately converted to-market rate rents. Agency and Developer shall agree on the application of said funds to reduce rents and Agency shall have the right to examine Developer's records to ensure that the Tax Increment Funds are being applied to reduce rents. 4.5 Termination Due'to Causes Beyond Agency's Control. In the event that during the term of this Agreement, :Agency fails to provide Tax Increment Funds in the amount set forth in Exhibit "A" to this Agreement within ten (10) business days of receipt by Agency of property tax revenues from Hennepin County because Agency has not received from Hennepin County sufficient Tax Increment to make the required Tax Increment• Fund Payments, then Agency shall have been unable to perform under the terms of this Agreement for reasons beyond its control. Developer shall provide written notice of such nonperformance and Agency shall have thirty (30) days, or such greater time as allowed by Developer, in which to determine whether to replace the Tax Increment Funds with payments to Developer of other City or Agency funds. If Agency elects not to replace the Tax Increment Funds, the Developer may termi- nate this Agreement upon ten (10) days' written notice to Agency. Each time Agency fails to make the required Tax • Increment Fund payments for reasons beyond its control shall constitute a separate event of nonperformance under -12- y •� this paragraph 4.5. Failure of Developer. to terminate .this Agreement due to such nonperformance shall not waive Developer' s right to terminate under .this paragraph 4.5 with respect to any future nonperformance. If this Agreement is. terminated by Developer due to nonperformance beyond the control of Agency, all of Developer's and Agency's obligations under this Project Management Agree- ment shall cease, except that, subject to the prior rights . to payment of the holders of the outstanding Bonds: a. Developer shall repay to Agency the One Hundred Twenty-eight Thousand Eight Hundred Nineteen and No/100 ($128,819.00) Dollars in Community Develop- ment Block Grant Funds; and b. Developer shall be obligated to pay Agency its • equity interest in the Project as required by paragraph 5 of this Agreement subject to the following conditions. i. If this Agreement is terminated under this paragraph 4.5 prior to the expiration of fifteen (15) years, Agency shall receive one-fifteenth (1/15) of its equity interest in the Project as calculated under paragraph 5 -for each year which this Agreement remained in effect, less One Hundred Twenty-eight Thousand Eight Hundred Nineteen and No/100 ($128,819.00). Dollars; ii. Agency shall receive no equity interest in the Project unless this Agreement is in effect for three (3) years following occupancy of the Project. 5. Agency' s Equity Interest in Project. In addition to any other payments made by Developer to Agency, Developer shall also pay to Agency at the time of the first sale of. the Project following the earlier of: • i. Termination of this Agreement; or ii. fifteen (15) years following the date of execution of this Agreement, a sum of money -13- • equal to nine (9%) percent of Developer's net ` sale proceeds from the sale of the Project. Developer's net sale proceeds from the sale of the Project shall be the cash proceeds remaining from Developer's sale of the Project after all debt, sale, and closing costs, Developer's cash contributions to development and opera- tion of the Project, including the funding of operating deficits therefore (but specifically excluding any preferred or guaranteed return of interest on such contributions) , and other fees and/or expenses chargeable to the Project, not including state and federal income taxes, have been paid. 6. Assignments. 6.1 This Agreement shall inure to the benefit of and constitute a binding obligation upon Agency and Developer, and their respective successors and assigns. Any assignee, successor, buyer, lessee, or transferee of the Developer • shall be subject to all of the terms and conditions of this Agreement. 6.2 .Developer may sell, transfer, -or assign its interest in the Project and the- Project Management Agree- ment to any buyer which expressly assumes all of Developer's obligation under this Agreement and the Purchase Agreement-. No such sale, transfer, or assignment shall be effective until Agency has received written notice thereof from Developer and has given its written approval thereof; provided, however, that Agency shall be deemed to have disapproved of said sale, transfer, or assignment within sixty (60) days of receiving notice thereof. The approval . required by this paragraph 6.2 shall not be unreasonably withheld by Agency. -1A- s • 6.3 Notwithstanding anything in this paragraph 6 to the contrary, Developer may. transfer ownership of any portion of the Project provided that Developer continues to maintain some'ownership in the Project- itself, expressly remains liable under the terms of -this Agreement, and retains authority to act on behalf of any other owners with respect to this Agreement. 7. Prohibition . on Conversion. Notwithstanding Developer's right to assigning its interest in this Agreement as set forth in paragraph 6 above, neither the Developer nor any assignee or transferee of Developer shall convert the Project to condominium ownership, during the term of this . Agreement. This prohibition on conversion. to condominium ownership shall remain in effect notwithstanding the- fact that Developer has assigned this Agreement to a third party. 8. Amendments. This Assignment and the Purchase Agree- ment between the Parties hereto constitute the entire agreement of the Agency and Developer and no amendment or modification thereof shall be valid and enforceable unless in writing, executed, and approved by both parties in the same manner as `. this Agreement. 9. Notices. Any notice required by this Agreement or by the Purchase Agreement shall be sufficient if in writing and delivered as follows: To Agency: Housing and Redevelopment Authority in and for the City of .Eden Prairie c/o City Clerk City of Eden Prairie 7600 Executive Drive Eden Prairie, MN 55344 3 1• I i To Developer: Prairie Village Limited Partnership c/o J. Michael Podawiltz Suite 203 101 South Seventh Avenue P.O. Box 1361 St. Cloud, MN 56302 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. AGENCY: THE HOUSING AND REDE�7ELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE Its % . OBy . OoIts ini or DEVELOPER: PRAI•RI VILLAGE LIMITED PARTN HIP By: Ma a a Company, a Minnesota orporation, its general p ner By Its Presi ent STATE OF MINNESOTA ) ss. _ COUNTY OF HENNEPIN ) The foregoing instrument was acknowle ged before me this .2�' day�of j��J'D,��,e 1989, by �� � 3 and the Chairman and Administrator, respectively of The Housing and Redevelopment Authority in and for the City • of Eden Prairie, a Minnesota municipal corporation, on behalf of the corporation. I max:... - - SUZANNE K.LANE 9 Notaryl Public NOTARY PUBUC-MINNESOTA HENNEPIN COUNTY �+ MY Camrusmn Expires Jens 27,2991, r ' i r•i To Developer: Prairie Village Limited Partnership c/o J. Michael Podawi.ltz Suite 203 101 South Seventh Avenue P.O. Box'1361 St. Cloud, MN 56302 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. AGENCY: THE HO\NG D REDEVELOPMENT AUTHOR D FOR THE CITY OF EDEE By Its Cha' an • BY . Its Administrator DEVELOPER: PRAIRIE- VILLAGE LIMITED PARTNERSHIP . By: Mandara Company, a Minnesota corporation, its general partner By IA�ArPresj"dent STATE OF MINNESOTA ) ss. COUNTY OF HENNEPIN ) The foregoing instrumen kndAdministrator, wledged before me this day of , 198 , and the Chairma respectively of The Housing and Redevelopmity in and for the City of Eden Prairie, a Minnesotacorporation, on behalf of the corporation. Notary Public -16- STATE OF MINNESOTA } } ss. COUNTY OF �; ,•�;, ) The foregoing instrument was acknowledged before me this day of f':,r -f:-_, 1989, by j__ tyi.�rf,lr� f3,.i.., ;-�. the Lic:17-President of Mandara Company, a Minnesota corporation, the General Partner of Prairie Village Limited Partnership, a Minnesota limited partnership, on beh4lf of the partnership. • ;fit� -��: ' �., . C i4^ Notary VaIllic THIS INSTRUMENT WAS DRAFTED BY: ��!►a�e+�ger,Jr HALL, BYERS, HANSON, STEIL &• WEINBERGER, P.A. � "'�' 0� 1010 West St. Germain 0112 r-�-19�5 Suite 600 St. Cloud, MN 56301 (612) 252-4414 -17- t� ' y EXHIBIT A: SCHEDULE OF TAX INCREMENT FUNDS YEAR ANNUAL TAX INCREMENT FUNDS 1992 $ 126,645 1993 ' 126,645 _ 1994 126,645 1995 126,645 1996 126,645 1997 126,645 1998 126,645 1999 126,645 2000 126,645 2001 126,645 2002 126,645 2003 126,645 2004 . _ 126,645 2005 126,645 2006 126,645 Total: $1,899,675 HIV SOK:FK8s . r • - - , EXHIBIT B � Rent/Month Type Unit No. of Units (Includes Garage) *One Bedroom/60% of Median 29 $ 444.00 . **Two. Bedroom/60% of Median • _}�6 .__. 507.00 **Two Bedroom/70% of Median 11 _ 592.00 Total Units 56 1,543.00 *Based on one-person household **Based on two-person household C�