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HomeMy WebLinkAbout2013-05-08 HEDC Packet AGENDA CITY OF MAPLEWOOD HOUSINGAND ECONOMIC DEVELOPMENT COMMISSION Wednesday,May 8, 2013 7:00P.M. Council Chambers -Maplewood City Hall 1830 County Road B East 1.Call to Order 2.Roll Call 3.Approval of Agenda 4.Approval ofMinutes: a.April 10, 2013 5.NewBusiness: a.Review of Adopted Gladstone Neighborhood Master Plan b.Review of Updated Market Study for Gladstone Neighborhood c.Potential Redevelopment of Maplewood Bowl Site, 1955 English Street 6.UnfinishedBusiness: 7.Visitor Presentations: 8.CommissionPresentations: 9.Staff Presentations: a.Development Summary (No Report) 10.Adjourn MINUTES OF THE HOUSING AND ECONOMIC DEVELOPMENT COMMISSION 1830 COUNTY ROAD B EAST, MAPLEWOOD, MINNESOTA 7:00 P.M., WEDNESDAY,APRIL 10, 2013 1.CALL TO ORDER A meeting of the Commissionwas held in the City Hall Council Chambers and was called to order at 7:00p.m.byChairperson Ulrich. 2.ROLL CALL Commissioners Gary Kloncz, CommissionerPresent Mark Jenkins, CommissionerPresent Jennifer Lewis, CommissionerPresent Absent Joy Tkachuck, Commissioner Beth Ulrich, ChairpersonPresent Dennis Unger, CommissionerPresent Warren Wessel, CommissionerPresent Staff Michael Martin, Planner 3.APPROVAL OF AGENDA Commissioner Klonczmoved to approve the agenda as submitted. Seconded by CommissionerJenkins.Ayes –All The motion passed. 4.APPROVAL OF MINUTES Commissioner Wessel moved to approve the HEDC minutesforFebruary 28,2013, as submitted. Seconded by CommissionerLewis.Ayes –All The motion passed. 5.NEW BUSINESS a.Tom Snell,White Bear Lake Area Chamber ofCommerce Mike Ericson, Economic Development Consultant with the City of Maplewood addressed the commission and then introduced the speaker, Tom Snell. Tom Snell, Executive Director of the White Bear Area Chamber of Commerceaddressed the commission. Mr.Snellhanded out information and then spoke about “Grow Minnesota” and shared how the chamber of commerce can assist the City of Maplewood and the businesses in Maplewood. No action required. April 10, 2013 1 Housing and Economic Development CommissionMeetingMinutes 6.UNFINISHED BUSINESS a.Green Building Program Ordinance i.Assistant Building Official, Nick Carver gave the presentation on the Green Building Program Ordinance. Commissioner Jenkins moved to approve the Green Building Program base documents and incentive program. Seconded by Commissioner Lewis.Ayes –All The motion passed. b.Review of HEDC Work Plan i.Planner, Mike Martin, gave a review of the HEDC work plan. Planner Martin reviewed the economic development priorities and redevelopment, business retention, implementation activities and timeline and possible future activities. No action required. c.Consideration of Revolving Loan Program i.Planner, Mike Martin, reviewedconsiderationofa revolving loan program. The commission discussed the idea of a revolving loan program in Maplewoodand the pros and cons of the program. They also discussed the different loan programs in Woodbury and Oakdale as presented in the staff report. No action required. 7.VISITOR PRESENTATIONS None. 8.COMMISSIONPRESENTATIONS Commissioner Jenkins asked if staffhad an update on the TIF legislative that was submitted on behalf of the 3M project? Staff stated there is no update yet,possibly late spring and staff will bring it forward to the commission when there is further information. 9.STAFF PRESENTATIONS a.Planner, Mike Martin gave a brief development summaryon the latest projects in Maplewood. 10.ADJOURNMENT Chairperson Ulrichadjourned the meeting at 9:05p.m. April 10, 2013 2 Housing and Economic Development CommissionMeetingMinutes Agenda Item 5a MEMORANDUM TO: James Antonen, City Manager FROM: Michael Martin, AICP, Planner SUBJECT:Review of Adopted Gladstone Neighborhood Master Plan DATE: April 30, 2013 INTRODUCTION In April of 2007, the city council adopted the Gladstone Neighborhood Master Plan. This plan identified future land uses and desired urban form for redevelopment opportunities within the neighborhood. The Shores at Lake Phalen represents the first major phase of redevelopment within the neighborhood. In addition, the city has invested around $8 million in right-of-way- improvements and within the Gladstone Savannah. DISCUSSION In 2012, the business and economic development commission adopted a work plan to guide the commission’s work and focus through 2013 and 2014. Thiscommission has since been folded into the existing housing and economic development commission (HEDC). In the work plan, the Gladstone neighborhood was identified as an area of concentration for redevelopment opportunities. Staff has been meeting intensively with property owners and potential developers in seeking opportunities for private investment within the neighborhood. At the May 8, 2013 HEDC meeting, staff would like to go over the adopted master plan for this neighborhood to ensure the commission has a good understanding of the plan and intent. In addition to this item, later in the meeting a perspective developer will be presenting to the HEDC on a potential project at the Maplewood Bowl site. Attached to this report is a copy of the adopted plan. This copy is being provided to all HEDC members to give them a chance to review the document prior to the meeting. RECOMMENDATION No action required. Attachments: 1.Gladstone Neighborhood Master Plan, April 2007 Agenda Item 5b MEMORANDUM TO: James Antonen, City Manager FROM: Michael Martin, AICP, Planner SUBJECT:Review of Updated Market Study for Gladstone Neighborhood DATE: April 30, 2013 INTRODUCTION In 2003, the city hired Maxfield Research to produce a market studyfor the Gladstone Neighborhood. This market study worked to inform the master plan that was later developed for this area. In late 2012, the city again worked with Maxfield Research to update this document to ensure it reflected thechanging market conditions and constraints. DISCUSSION It is city staff’s intent to have all plans and policy documents produced to be reflective and realistic in terms of market conditions. In addition the work plan for the housing and economic development commission (HEDC) calls for the city to utilize market studies for areas of economic development focus. At the May 8, 2013 HEDC meeting, staff would like to go over the updated market studyfor this neighborhood to ensure the commission has a good understanding of the document. In addition to this item, later in the meeting a perspective developer will be presenting to the HEDC on a potential project at the Maplewood Bowl site. Attached to this report is a copy of the updated study. This copy is being provided to all HEDC members to give them a chance to review the document prior to the meeting. RECOMMENDATION No action required. Attachments: 1.Gladstone Area Market Study, November 2012 Agenda Item 5c MEMORANDUM TO: James Antonen, City Manager FROM: Michael Martin, AICP, Planner SUBJECT:Potential Redevelopment of Maplewood Bowl Site LOCATION: 1955 English Street DATE: May 1, 2013 INTRODUCTION Andrew Hughes, of Sherman Associates, Inc., has approached city staffwith a proposal to redevelopthe Maplewood Bowl site into a three-phased mixed use project. The Maplewood Bowl, which had been leased by AMF, has gone out of business potentially leaving a large amount of land as vacant on the visibleintersection of Frost Avenue and English Street. City staff has been working with the property owner in exploring potential uses for this site. DISCUSSION Mr. Hughes would be proposing to build a three-phased mixed use project. The first phase wouldconsist of a 55-unit building with one, two and three bedroom units. These units would include affordable housing. Phase two would consist of approximately 65 units of senior independent living apartments. Finally, phase three would consist of approximately 6,000 square feet of neighborhood-oriented retail.Refer to the attached site plan. Mr. Hughes is requesting the city consider the use of tax-increment financing (TIF) and the reduction or waiving of development fees in order to make the proposed project feasible. According to Mr. Hughes, Sherman Associates’ gap is $1,000,000 and TIF would have the potential of generating up to $775,000. The city has not done any analysis on these numbers and for the city council to consider TIF it would require an application be made at which point the city’s financial consultant would work to verify Mr. Hughes’ numbers. The above request would only pertain to the first phase of the development. City staff has been workingwith the existing property owner and Mr. Hughes on a potential application to the Metropolitan Council for availableLivable Communities Demonstration Accountgrant dollars. A “pre-concept” application was submitted to the Metropolitan Council which only allows Maplewood city staff to receive feedback from the Metropolitan Council on the viability on such an application. In order for the city to submit a full application and apply for grant dollars, the city council would have to adopt a resolution supporting the application, which willbe consideredlater this summer. The purpose of the grant dollars would be to work towards successful phases two and three. Included with this report are several attachments submitted by Mr. Hughes. This information provides a good picture of what the applicant would like to see happen with this site. In addition, Mr. Hughes has provided a company profile enabling the commission to get a better understanding of Sherman Associates. No land use applications have been made for this potential development. City staff wanted to bring this before the HEDC to gauge itsreactions before the process got any further along. If the project does proceed, the community design review board and planning commission would also have the opportunity for review and comment as they would on any development project. SUMMARY The housing and economic development commission is being asked to consider support for potential city financial assistance in order to redevelopthe Maplewood Bowl site. Again, any specific requests would be considered and approved by the city council with the city’s financial  consultants providing a thorough review and analysis. RECOMMENDATION Consider whether the city should provide potential city assistance for the redevelopment of the Maplewood Bowl site. Attachments: 1.Cover Letter from Mr. Hughes, dated May 1, 2013 2.Draft Site Plan 3.Phase I Redevelopment Summary 4.Phases II and III Redevelopment Summary 5.Sherman Associates Company Profile Attachment 1  TO:‡„‡”•‘ˆ–Š‡ ‘—•‹‰Ƭ…‘‘‹…‡˜‡Ž‘’‡–‘‹ssionǡ‹–›‘ˆƒ’Ž‡™‘‘† FROM:†”‡™ —‰Š‡•ǡ”‘Œ‡…–ƒƒ‰‡”ǡŠ‡”ƒ••‘…‹ƒ–‡• DATE:ƒ›ͳǡʹͲͳ͵ RE:Frost-‰Ž‹•Š‡†‡˜‡Ž‘’‡–ȋƒƒǡ BowlȌ Š‡”ƒ••‘…‹ƒ–‡•ƒ†Kaas-‹Ž•‘”…Š‹–‡…–•have„‡‡™‘”‹‰–‘’”‡’ƒ”‡ƒƒ„‹–‹‘—• re†‡˜‡Ž‘’‡–…‘…‡’–ˆ‘”–Š‡ ‘™Ž•‹–‡ƒ––Š‡‘”–Š™‡•–…‘”‡”‘ˆ ”‘•–˜‡—‡ƒ†‰Ž‹•Š –”‡‡–Ǥ—”’”‘’‘•ƒŽ™‹ŽŽ„”‹‰Š‹‰Š-“—ƒŽ‹–›†‡•‹‰ƒ†‡™—•‡”•–‘–Š‡ƒ”‡ƒǡ”‡˜‹–ƒŽ‹œ‹‰an ‹’‘”–ƒ–‹–‡”•‡…–‹‘Ǥ—”’Žƒ™‘—Ž†”‡“—‹”‡–Š‡ˆ‹ƒ…‹ƒŽ’ƒ”–‹…‹’ƒ–‹‘‘ˆ–Š‡‹–›‹‘”†‡”–‘ …‘‡–‘ˆ”—‹–‹‘Ǥ ƒ††‹–‹‘–‘—’†ƒ–‹‰‡„‡”•‘ˆ–Š‡‘‹ssion‘‘—”’”‘‰”‡••–‘†ƒ–‡ǡ™‡ ™‘—Ž†Ž‹‡–‘‡‰ƒ‰‡‘‹••‹‘‡„‡”•–‘•‘Ž‹…‹–ˆ‡‡†„ƒ…‹ƒ–‹…‹’ƒ–‹‘‘ˆ•—„‹––‹‰ƒ ƒ’’Ž‹…ƒ–‹‘ˆ‘”–Š‡‹–›ǯ•ƒ••‹•–ƒ…‡ˆ‘”ƒ’‘”–‹‘‘ˆ–Š‡”‡†‡˜‡Ž‘’‡–Ǥ  Š‡’”‘’‘•‡†”‡†‡˜‡Ž‘’‡–™‘—Ž†‹…Ž—†‡–Š”‡‡’Šƒ•‡•Ǣ’Ž‡ƒ•‡•‡‡‡…Ž‘•‡†”ƒˆ–‹–‡ŽƒǤ •—ƒ”›‘ˆ‡ƒ…Š’Šƒ•‡‹•’”‘˜‹†‡†„‡Ž‘™ǡ™‹–Šƒ††‹–‹‘ƒŽ†‡–ƒ‹Ž‹…Ž—†‡†‹–Š‡‡…Ž‘•‡† summaries. Šƒ•‡ ǣŽ‘…ƒ–‡†‹–Š‡•‘—–Š™‡•–…‘”‡”‘ˆ–Š‡•‹–‡ǡ–Š‹•’Šƒ•‡™‘—Ž†‹…Ž—†‡ƒ’’”‘š‹ƒ–‡Ž› 55unit•‘ˆ™‘”ˆ‘”…‡Š‘—•‹‰Ǣ Šƒ•‡ ǣŽ‘…ƒ–‡†‘–Š‡‘”–Š‡”ŠƒŽˆ‘ˆ–Š‡•‹–‡ǡ–Š‹•’Šƒ•‡™‘—Ž†‹…Ž—†‡ƒ’’”‘š‹ƒ–‡Ž›͸ͷ —‹–•‘ˆ•‡‹‘”‹†‡’‡†‡–Ž‹˜‹‰ƒ’ƒ”–‡–•Ǣ Šƒ•‡ ǣŽ‘…ƒ–‡†‘–Š‡•‘—–Š‡ƒ•–…‘”‡”‘ˆ–Š‡•‹–‡ǡ–Š‹•’Šƒ•‡™‘—Ž†‹…Ž—†‡ ƒ’’”‘š‹ƒ–‡Ž›͸ǡͲͲͲ•“—ƒ”‡ˆ‡‡–‘ˆ‡‹‰Š„‘”Š‘‘†-‘”‹‡–‡†”‡–ƒ‹ŽǤ  Š‡”ƒ••‘…‹ƒ–‡•‹•™‘”‹‰™‹–Š‹–›•–ƒˆˆ‘ƒƒ’’Ž‹…ƒ–‹‘–‘–Š‡‡–‘—…‹Žˆ‘”ˆ—†•–‘ƒ‹† ‹–Š‡†‡˜‡Ž‘’‡–‘ˆŠƒ•‡• ƒ† Ǥ  Šƒ•‡ Šƒ•ƒˆ—†‹‰‰ƒ’‘ˆƒ’’”‘š‹ƒ–‡Ž›̈́ͳǡ0ͲͲǡͲͲͲǤŠ‡”ƒ••‘…‹ƒ–‡•”‡“—‡•–•–Šƒ––Š‡‹–› …‘•‹†‡”ˆ—†‹‰–Š‹•‰ƒ’–Š”‘—‰Šƒ…‘„‹ƒ–‹‘‘ˆ ƒ†waiver•‘ˆǡƒ†ˆ‡‡•ǤŠ‡ ˆ‘ŽŽ‘™‹‰ƒ”‡‡•–‹ƒ–‡•ˆ‘”‡ƒ…Š‘ˆ–Š‡•‡•‘—”…‡•ǣ  ǣƒ’’”‘š‹ƒ–‡Ž›̈́͹ʹ5,000–‘̈́͹͹ͷǡͲͲͲǢ SAC:̈́͹ǡͳͷͲȋ̈́ͳ͵Ͳ’‡”—‹–ȌǢ WAC:̈́ͳͷǡͶͲͲȋ̈́ʹͺͲ’‡”—‹–ȌǢ PAC:̈́ͳͻͶǡ͹ͲͲȋ̈́͵ǡͷͶͲ’‡”—‹–ȌǤ  ‘”†‡”–‘ƒ‡–Š‡’”‘Œ‡…–‘”‡…‘’‡–‹–‹˜‡ˆ‘”‘–Š‡”funding•‘—”…‡•ǡŠ‡”ƒ••‘…‹ƒ–‡• ”‡“—‡•–•–Šƒ––Š‡‹–›…‘•‹†‡”†‡˜‹ƒ–ingˆ”‘‹–•–”ƒ†‹–‹‘ƒŽƒ’’”‘˜ƒŽ’”‘…‡••ˆ‘”‹–›ƒ••‹•–ƒ…‡Ǥ ‡†‹‰–Š‡‘—–…‘‡‘ˆ–Š‡‘‹ssion‡‡–‹‰ǡŠ‡”ƒ••‘…‹ƒ–‡•™‘—Ž†•—„‹–ƒƒ’’Ž‹…ƒ–‹‘ ˆ‘” ˆ‘”–Š‡‹–›ǯ•ˆ‹ƒ…‹ƒŽƒ†˜‹•‘”ǯ•”‡˜‹‡™ǤŠ‡”ƒ••‘…‹ƒ–‡•™‘—Ž†”‡“—‡•–’”‡Ž‹‹ƒ”› ƒ’’”‘˜ƒŽ‘ˆ–Š‡ ƒ––Š‡‹–›‘—…‹Žǯ• —‡ͳ͵ǡʹͲͳ͵ǡ‡‡–‹‰Ǥ ‹ƒŽƒ’’”‘˜ƒŽ™‘—Ž†„‡•‘—‰Š– ˆ‘ŽŽ‘™‹‰Š‡”ƒ••‘…‹ƒ–‡ǯ•ƒ™ƒ”†‘ˆ‘–Š‡”’”‘Œ‡…–ˆ—†•ǡ–Š‡‹–›ǯ•ƒ’’”‘˜ƒŽ‘ˆ–Š‡†‡˜‡Ž‘’‡– †‡•‹‰ƒ†‘–Š‡”•–‡’•–Š‡‹–›†‡‡•ƒ’’”‘’”‹ƒ–‡Ǥ   ƒ‰‡ͳ‘ˆʹ Enclosures: 1)”ƒˆ–‹–‡Žƒ; 2)Šƒ•‡ ‡†‡˜‡Ž‘’‡–—ƒ”›; 3)Šƒ•‡• ƒ† ‡†‡˜‡Ž‘’‡–—ƒ”›; 4)Š‡”ƒ••‘…‹ƒ–‡•‘’ƒ›Profile.  ƒ‰‡2‘ˆ2 Attachment 2 Attachment 3 Frost-‰Ž‹•Š‡†‡˜‡Ž‘’‡– Šƒ•‡‡ ”ƒˆ–‡˜‡Ž‘’‡–”‘’‘•ƒŽ PhaseOne‘ˆ–Š‡’”‘’‘•‡†”‡†‡˜‡Ž‘’‡–™‹ŽŽ„‡ƒͷͷ-—‹–ǡͶ-•–‘”›’”‘’‡”–›…‘–ƒ‹‹‰‘‡ǡ–™‘ ƒ†–Š”‡‡„‡†”‘‘—‹–•ǤŠ‡’”‘’‡”–›™‹ŽŽ’”‘˜‹†‡ƒ1:ͳ—†‡”‰”‘—†’ƒ”‹‰ratioƒ† ƒ††‹–‹‘ƒŽ•—”ˆƒ…‡’ƒ”‹‰Ǥ‘–Š‡‡š–‡––Š‡‹–›‹•‹–‡”‡•–‡†ǡŠ‡”ƒ••‘…‹ƒ–‡•ƒ†‹–• ƒ”…Š‹–‡…–…ƒ”‡ˆ‹‡–Š‡†‡•‹‰…‘…‡’––‘ƒ‡–Š‡†‡•‹‰‘”‡—”„ƒƒ†…‘’ƒ–‹„Ž‡™‹–Š–Š‡ ‡‹‰Š„‘”Š‘‘†‡†‡˜‡Ž‘’‡–Plangoalsȋ‡Ǥ‰Ǥǡ”‡†—…‡•‡–„ƒ…•ǡƒ††–‘™Š‘—•‡ ‡–”ƒ…‡•–‘ ”‘•–Avenueǡ‡–…ǤȌǤ  ‹–‹šƒ†”‘’‘•‡†ƒ”‡– Š‡’”‘’‘•ƒŽ™‹ŽŽcontain™‘”ˆ‘”…‡Š‘—•‹‰ǡ™‹–Š”‡–•ƒˆˆ‘”†ƒ„Ž‡–‘‘†‡”ƒ–‡™ƒ‰‡‡ƒ”‡”•ȋ‡Ǥ‰Ǥǡ ̈́Ͷͻǡ͵ͺͲˆ‘”ƒˆ‘—”-’‡”•‘Š‘—•‡Š‘Ž†‹ƒ͸ͲΨ —‹–ȌǢ•‡‡„‡Ž‘™ˆ‘”ƒ††‹–‹‘ƒŽ†‡–ƒ‹Ž‘–Š‡ ’”‘’‘•‡†—‹–‹šƒ†”‡–Ȁ‹…‘‡”‡•–”‹…–‹‘•Ǥ……‘”†‹‰ƒ”‡–ƒƒŽ›•‹•’”‡’ƒ”‡†„›ƒšˆ‹‡Ž† ‡•‡ƒ”…Šˆ‘”–Š‡C‹–›ǡ–Š‡ƒ”‡–ƒ”‡ƒŠƒ•ƒͶά˜ƒ…ƒ…›ˆ‘”–Š‹•Š‘—•‹‰–›’‡Ǥ  —„‡”‘ˆ ‡– …‘‡ Count BedroomsRentRestrictionRestriction ͳ‡†”‘‘6$836͸ͲΨ ͸ͲΨ  ʹ‡†”‘‘14$988͸ͲΨ ͸ͲΨ  ͵‡†”‘‘7$1,105͸ͲΨ ͸ͲΨ  ͳ‡†”‘‘4$741ͷͲΨ ͸ͲΨ  ʹ‡†”‘‘11$838ͷͲΨ ͸ͲΨ  ͵‡†”‘‘4$980ͷͲΨ ͸ͲΨ  ͳ‡†”‘‘3$231͵ͲΨ ͸ͲΨ  ʹ‡†”‘‘4$278͵ͲΨ ͸ͲΨ  ͵‡†”‘‘2$642͵ͲΨ ͸ͲΨ  55 ”‘’‘•‡†‡˜‡Ž‘’‡–—†‰‡– Š‡–‘–ƒŽ†‡˜‡Ž‘’‡–…‘•–•ƒ”‡‡•–‹ƒ–‡†–‘„‡ƒ’’”‘š‹ƒ–‡Ž›̈́ͳͲǡͷͲͲǡͲͲͲǤŠ‡†‡˜‡Ž‘’‡–™‹ŽŽ „‡•—„•–ƒ–‹ƒŽŽ›ˆ‹ƒ…‡†„›’”‘…‡‡†•ˆ”‘–Š‡•ƒŽ‡‘ˆ ‘—•‹‰ƒš”‡†‹–•(70Ψ‘ˆ†‡˜‡Ž‘’‡– costs)ƒ†ƒ ‹”•–‘”–‰ƒ‰‡ȋ15%)ǤŠ‡”ƒ••‘…‹ƒ–‡•‹–‡†•–‘ƒ’’Ž›ˆ‘”„‘–Š‘ˆ–Š‡•‡•‘—”…‡• ˆ”‘‹‡•‘–ƒ ‘—•‹‰‹ —‡ǡ™‹–Šˆ—†‹‰†‡…‹•‹‘•ƒ‘—…‡†‹Žƒ–‡-October.  Š‡’”‘’‘•‡††‡˜‡Ž‘’‡–„—†‰‡–”‡•—Ž–•‹ƒ’”‘Œ‡…–‡†‰ƒ’‘ˆƒ’’”‘š‹ƒ–‡Ž›$1,00ͲǡͲͲͲǤ Š‡”ƒ••‘…‹ƒ–‡•’”‘’‘•‡•–Šƒ––Š‡”‡ƒ‹‹‰‰ƒ’„‡ˆ—†‡†„›ƒ…‘„‹ƒ–‹‘‘ˆ ƒ†™ƒ‹˜‡” ‘ˆ‹–›ˆ‡‡•ȋǡǡPACǡ‡–…ǤȌǤ ƒ††‹–‹‘–‘ƒ‹‰–Š‹•’Šƒ•‡ˆ‹ƒ…‹ƒŽŽ›ˆ‡ƒ•‹„Ž‡ǡ•—…Šƒ ˆ—†‹‰…‘‹–‡–ˆ”‘–Š‡‹–›™‹ŽŽ”‡•—Ž–‹ƒ‘”‡…‘’‡–‹–‹˜‡ƒ’’Ž‹…ƒ–‹‘ˆ‘”‹‡•‘–ƒ ‘—•‹‰ˆ—†‹‰Ǥ  ‘’ƒ”ƒ„Ž‡‡˜‡Ž‘’‡–• Š‡”ƒ••‘…‹ƒ–‡•Šƒ•†‡˜‡Ž‘’‡†—‡”‘—•’”‘’‡”–‹‡••‹‹Žƒ”–‘™Šƒ–‹•„‡‹‰’”‘’‘•‡†ˆ‘” Frost-EnglishǤšƒ’Ž‡•‹…Ž—†‡ ƒŽ…‘ ‡‹‰Š–•’ƒ”–‡–•ȋ ƒŽ…‘ ‡‹‰Š–•Ȍƒ†Š‡”‘••‹‰•ƒ– ƒŽŽ‡›‹‡™ȋBloomingtonȌǤŠ‡”ƒ••‘…‹ƒ–‡•‹•ƒ˜ƒ‹Žƒ„Ž‡–‘ƒ””ƒ‰‡ƒ–‘—”‘ˆ–Š‡•‡’”‘’‡”–‹‡• ˆ‘”‹–›•–ƒˆˆǤ Attachment 4 Frost-‰Ž‹•Š‡†‡˜‡Ž‘’‡– Phase•™‘ƒ†Š”‡‡ ”ƒˆ–‡˜‡Ž‘’‡–”‘’‘•ƒŽ Šƒ•‡•™‘ƒ†Š”‡‡‘ˆ–Š‡”‡†‡˜‡Ž‘’‡–ƒ”‡…‘–‹‰‡–—’‘‡–‘—…‹Žˆ—†‹‰–‘ƒ…“—‹”‡ –Š‡„ƒŽƒ…‡‘ˆ–Š‡•‹–‡ƒ†’”‡’ƒ”‡‹–ˆ‘””‡†‡˜‡Ž‘’‡–Ǥ Š‡”ƒ••‘…‹ƒ–‡•proposesto™‘”™‹–Š–Š‡‹–›–‘‡•—”‡that–Š‡’”‘’‘•ƒŽ‹•…‘’‡–‹–‹˜‡ˆ‘” ‡–‘—…‹Žˆ—†•ƒ†™‡™‘—Ž†ƒ–‹…‹’ƒ–‡—•‹‰–Š‡•‡ˆ—†•ˆ‘”•‹–‡ƒ…“—‹•‹–‹‘ǡ†‡‘Ž‹–‹‘ƒ† ‹ˆ”ƒ•–”—…–—”‡…‘•–•Ǥ  Šƒ•‡™‘ Šƒ•‡™‘‹•’”‘’‘•‡†–‘…‘–ƒ‹ƒ’’”‘š‹ƒ–‡Ž›͸ͷ—‹–•‘ˆ•‡‹‘”‹†‡’‡†‡–Ž‹˜‹‰ƒ’ƒ”–‡–•Ǥ ……‘”†‹‰–‘ƒšˆ‹‡Ž†‡•‡ƒ”…Šƒ”‡–†ƒ–ƒ’”‡’ƒ”‡†ˆ‘”–Š‡‹–›ǡ–Š‡†‡ƒ†ˆ‘”ƒˆˆ‘”†ƒ„Ž‡•‡‹‘” ‹†‡’‡†‡–Ž‹˜‹‰ƒ’ƒ”–‡–•‹•‡–„›‡š‹•–‹‰•—’’Ž›ǡ„—–ƒ††‹–‹‘ƒŽ—‡–†‡ƒ†‹•’”‘Œ‡…–‡† ˆ‘”ƒ”‡–”ƒ–‡•‡‹‘”‹†‡’‡†‡–Ž‹˜‹‰ƒ’ƒ”–‡–•Ǥ  Š‡”ƒ••‘…‹ƒ–‡•‘’‡”ƒ–‡••‡˜‡”ƒŽ‹š‡†-‹…‘‡ǡ•‡‹‘”‹†‡’‡†‡–Ž‹˜‹‰…‘—‹–‹‡•‹–Š‡ ƒ”‡ƒȋ‹––Ž‡ƒƒ†ƒǡŠ‘”‡˜‹‡™ƒ† ƒŽ…‘ ‡‹‰Š–•Ȍƒ†Šƒ••‡‡…‘•‹•–‡–†‡ƒ†ˆ‘”–Š‹• ’”‘†—…––›’‡ǤŠ‡”ƒ••‘…‹ƒ–‡•ƒŽ•‘ˆ‡‡Ž•–Š‡ƒ††‹–‹‘‘ˆ–Š‹•’”‘†—…––›’‡–‘–Š‡ƒ”‡ƒ™‹ŽŽ ’”‘˜‹†‡Š‘—•‹‰…Š‘‹…‡•complementƒ”›to–Š‡‡™Ž›-‘’‡‡†DzŠ‡Š‘”‡•‘ˆƒ‡ŠƒŽ‡dz …‘—‹–›ǡŒ—•–™‡•–‘ˆ–Š‡•‹–‡Ǥ  Š‡‡•–‹ƒ–‡†–‘–ƒŽ†‡˜‡Ž‘’‡–…‘•–•ˆ‘”–Š‹•’Šƒ•‡™‘—Ž†„‡ƒ’’”‘š‹ƒ–‡Ž›̈́ͳʹǡͲͲͲǡͲͲͲǤ  Šƒ•‡Š”‡‡ Šƒ•‡Š”‡‡‹•’”‘’‘•‡†–‘…‘–ƒ‹ƒ’’”‘š‹ƒ–‡Ž›͸ǡͲͲͲ•“—ƒ”‡ˆ‡‡–‘ˆ‡‹‰Š„‘”Š‘‘†-‘”‹‡–‡† ”‡–ƒ‹ŽǤŠ‡”ƒ••‘…‹ƒ–‡•ƒ‰”‡‡•™‹–Š–Š‡ˆ‹†‹‰•‘ˆ–Š‡ƒšˆ‹‡Ž†‡•‡ƒ”…Šƒ”‡–ƒƒŽ›•‹•ǡ ™Š‹…Šˆ‘—†–Šƒ––Š‡ƒ”‡ƒǯ•Ž‘™–”ƒˆˆ‹……‘—–…ŠƒŽŽ‡‰‡†–Š‡ˆ‡ƒ•‹„‹Ž‹–›‘ˆƒŽƒ”‰‡””‡–ƒ‹Ž development.  Š‡”ƒ••‘…‹ƒ–‡•†‘‡•„‡Ž‹‡˜‡–Š‡”‡–ƒ‹Ž•’ƒ…‡™‹ŽŽ‰ƒ‹vƒŽ—‡ˆ‘ŽŽ‘™‹‰–Š‡completion‘ˆŠƒ•‡• ‡ƒ†™‘Ǥ‡„‡Ž‹‡˜‡–Šƒ–‹ˆƒ…“—‹•‹–‹‘ƒ†•‹–‡’”‡’ƒ”ƒ–‹‘…‘•–•…ƒ„‡”‡†—…‡†™‹–Š‡– ‘—…‹Žˆ—†•ǡ”‡–•…ƒ„‡—†‡”™”‹––‡Ž‘™‡‘—‰Š–‘ƒ––”ƒ…–‡‹‰Š„‘”Š‘‘†-‘”‹‡–‡†”‡–ƒ‹Ž—•‡”•Ǥ  Š‡‡•–‹ƒ–‡†–‘–ƒŽ†‡˜‡Ž‘’‡–…‘•–•ˆ‘”–Š‹•’Šƒ•‡™‘—Ž†„‡ƒ’’”‘š‹ƒ–‡Ž›̈́ͳǡͲͲͲǡͲͲͲǤ   Attachment 5 '314%2=463*-0) &YMPHMRK'SQQYRMXMIW)RVMGLMRK2IMKLFSVLSSHW  1MWWMSR7XEXIQIRX 7LIVQER%WWSGMEXIWMWGSQQMXXIHXSXLITVSHYGXMSR SJUYEPMX]YVFERLSYWMRKTVSHYGXW;MXLXLIFIPMIJ XLEXXLILIEPXLMIWXRIMKLFSVLSSHWEVIGSQTVMWIHSJE ZEVMIX]SJTISTPIERHYWIW[IWXVMZIXSGVIEXIQM\IH YWIHIZIPSTQIRXW[LMGLMRGSVTSVEXIEZEVMIX]SJ &IGEYWIXLIWITVSNIGXWEVIRIZIVIEW][IIRHIEZSV XSGSRXMRYEPP]HIZIPSTWXVSRKVIPEXMSRWLMTW[MXL XLIWEQIZMWMSR{WXVSRKYVFERTVSNIGXW[MXLLSYWMRK STTSVXYRMXMIWJSVEPP 4EVO%ZIRYI7SYXL7YMXIc1MRRIETSPMW12 4LSRI  c*E\   [[[WLIVQEREWWSGMEXIWGSQ CONTENTS COMPANY PROFILE: Contents INTRODUCTION Sherman Associates Sherman Associates, Inc. is an award-winning development firm specializing in the design, construction and financing of quality commercial and housing properties in Minnesota, Wisconsin, Iowa, Missouri and Colorado. Having earned a strong reputation for quality and follow-through, cities around the country have turned to Sherman Associates to pioneer redevelopment in their highest priority urban neighborhoods. Over the past 35 years, Sherman Associates has become an industry leader in tax credit, affordable housing and tax increment financing projects. Such developments have been successful for the participating cities, investors, residents and businesses. Sherman Associates has developed approximately 8,500 multifamily, townhouse and single-family homes, and 600,000 square feet of commercial and hotel space. COMPANY PROFILE: Introduction Capacity and Process 7LIVQER%WWSGMEXIWWTIGMEPM^MIWMRFSXLRI[GSRWXVYGXMSRXLIVILEFMPMXEXMSRSJI\MWXMRKFYMPHMRKWSVLMWXSVMGEHETXMZI VIYWI;MXLSZIV]IEVWSJHIZIPSTQIRXERHGSRWXVYGXMSRI\TIVMIRGI7LIVQER%WWSGMEXIWLEWHIZIPSTIHSV VILEFMPMXEXIHLSYWMRKVIXEMPSJJMGILSXIPERH[EVILSYWIFYMPHMRKW;MXLMRXLIWIQYPXMTPIJEGIXWSYVXIEQMWEFPIXS SJJIVXLIJSPPS[MRKHMZIVWIVERKISJWIVZMGIWMRXLIGSQQIVGMEPWMRKPIJEQMP]ERHQYPXMJEQMP]QEVOIXW c(IZIPSTQIRX7IVZMGIW c(IWMKR&YMPH7IVZMGIW c*MRERGMEP%REP]WMW*IEWMFMPMX] c/RS[PIHKISJ*IHIVEP7XEXIERH0SGEP,SYWMRK4VSKVEQW c4VSTIVX]1EREKIQIRX c'SRWXVYGXMSR c7MXI%REP]WMW c1EVOIXMRK4PERWERH*IEWMFMPMX] c)UYMX]ERH(IFX*YRHMRK 7LIVQER%WWSGMEXIWLEWIWXEFPMWLIHERMQTVIWWMZIERHTVSPMJMGXVEGOVIGSVHGSQTPIXMRKSZIVFMPPMSRMRVIEPIWXEXI HIZIPSTQIRX3RE]IEVP]FEWMWSYVTMTIPMRIGSRWMWXWSJQMPPMSRXSQMPPMSRMRHIZIPSTQIRXSJGSQQIVGMEP ERHVIWMHIRXMEPTVSNIGXW COMPANY PROFILE: Introduction Biographies and Staffing George Sherman George Sherman has planned and delivered multi- and single-family housing for more than 35 years. As principal in developing more than 7,000 rental units and more than 1,200 for-sale housing units, to date the total value of his development portfolio exceeds $2 billion. Development: Led directly by George Sherman, the development department has a proven track record of successfully leveraging complex financing packages and strong relationships with local governments and community leaders. It is made up of experts in multiple disciplines, including commercial real estate, affordable housing finance and conventional real estate finance, who continue to build strong relationships throughout the major markets in which Sherman Associates operates. Key Staff: George Sherman, Tony Kuechle, Paul Keenan, Chris Sherman, Jackie Nickolaus, Andrew Hughes Legal: Sherman Associates’ in-house legal team spearheads the closing of all projects while also navigating issues that arise in a diverse real estate company. Consisting of staff with high-level knowledge of real estate and land use matters, as well as affordable housing and conventional real estate finance, this team is essential to the Sherman Associates process. Led by Susan Fauver, the team works hand-in-hand with the development group to ensure the stability and long-term success of Sherman Associates projects. Key Staff: Susan Fauver, Anne Stephenson, Lis Peterson, Lisa Merk Residential Property Management and Affordable Housing Compliance: Sherman Associates’ professional management team is made of industry veterans with substantial knowledge and experience in the management of low-income, market-rate and special-needs housing projects. The department consists of over 200 employees ranging from caretakers and maintenance staff to upper-level property management and compliance staff. This dynamic and diverse team, led by Don Cappaert, manages both the day-to-day and global processes that allow Sherman Associates’ robust, multi-faceted rental portfolio to remain financially successful and to cater to the needs of some 20,000 residents throughout the Midwest and Colorado. Key Staff: Don Cappaert, Shiva Anderson, Eduardo Christ, Simone Achkar, Joe Keilen Condominium Sales: With a vast portfolio ranging from single-family homes to multi-million dollar high-end luxury condominiums, Brad Goering has led the for-sale department at Sherman Associates through numerous successful sales. His extensive knowledge of homeowner association matters, together with his ability to manage multiple selling agents, marketing efforts and homeowner association warranty concerns in multiple regional markets, has allowed Sherman Associates to progress and continue to grow in spite of the recent economic recession and the significant downturn in the home ownership market. Key Staff: Brad Goering, Lisa Merk COMPANY PROFILE: Introduction Commercial Property Management: The commercial team at Sherman Associates manages real estate and brokerage throughout the five-state portfolio. Leveraging important community connections and strong tenant relationships, this group has been a key on-the- ground presence. They have added important community amenities to Sherman Associates’ mixed-use developments, ensuing the long-term growth of the neighborhoods and local economies in which they are located. Key Staff: Rob Kost, Katherine Marinac, Heather Nelson, Tony Kuechle Hotel Operations Sherman Associates’ hotel operations have added a key component to our ever-expanding portfolio of diverse and highly-acclaimed projects. Boasting a hotel ranked in the top five of all Sheraton hotels nationwide, the aloft and the Sheraton have continually operated with high occupancy and regional acclaim. With the second largest staff pool in the company, consisting of upwards of 175 employees, this department is professionally managed by leaders with decades of experience in the field. Key Staff: Adam Herbranson, Troy Whelan, Karen Pionk, Doug Bremer, Deanna Somvong Construction and Facilities Management: The construction and facilities management team at Sherman Associates is one of the most essential components to the completion of development projects and the continued maintenance of the portfolio. Led by Rich Kiemen, this team coordinates with general contractors, architects, engineers and the property management staff on a daily basis. Their continued diligence has been integral to Sherman Associates in staying on schedule and within budget to deliver new construction, occupied rehabilitation and historic rehabilitation projects. This group is also responsible for the oversight of day-to-day maintenance operations and preparation for numerous required site inspections throughout the portfolio. Key Staff: Rich Kiemen, Ron Wagner, Gordy Willey Accounting: With the complexity of financing in many projects, along with the vast diversity and sheer volume of products offered, the accounting department at Sherman Associates is fundamental to the daily operations of the company. Managing property accounting, financial reporting, relationships with financial institutions, support of the property management, commercial, and home ownership teams, the department acts as the core linkage between the internal and external transactions for the company. Led by Deanna Somvong, the team consists of staff with expertise in residential accounting, commercial accounting and high-level auditing. Key Staff: Deanna Somvong, Renee DeRosia COMPANY PROFILE: Introduction DEVELOPMENT EXPERIENCE Completed Projects and Selected Experience The following pages outline a full list of Sherman Associates’ completed projects in Rental Housing, Commercial Real Estate, Hotels and For Sale Housing. We have also included detailed descriptions of selected projects that successfully demonstrate Sherman Associates’ commitment to producing effective quality developments in urban markets with opportunities for users of all income levels. COMPANY PROFILE: Development Experience Completed Rental Projects Year Mixed Project NameCityStateCompleted# UnitsProject TypeLIHTCHistoricUse 1.3100 ClintonMinneapolisMN199012Rehabilitation 2.3100 Fourth AvenueMinneapolisMN199210Rehabilitation 3.Autumn RidgeBrooklyn ParkMN2007366Rehabilitation 4.Bell BuildingMinneapolisMN198525Rehabilitation 5.Blaine Town Square Senior ApartmentsBlaineMN200587New Construction 6.Bottineau Commons ApartmentsMinneapolisMN2003119New Construction 7.Bottineau LoftsMinneapolisMN200337Adaptive Reuse 8.Boulevard ApartmentsMilwaukeeWI2007235Rehabilitation 9.Browns MeadowCoon RapidsMN1992148New Construction 10.Castle ApartmentsMinneapolisMN199011New Construction 11.Central Avenue LoftsMinneapolisMN200766New Construction 12.Community PlazaSt. PaulMN199940Rehabilitation 13.Cromwell Commons (Marvin Gardens)MinneapolisMN199618Rehabilitation 14.East Phillips CommonsMinneapolisMN200434New Construction 15.Falcon Heights MultifamilyFalcon HeightsMN2004119New Construction 16.Falcon Heights Senior ApartmentsFalcon HeightsMN200456New Construction 17.Farmington TownhomesFarmingtonMN200116New Construction 18.Gateway TerraceGrand ForksND1994New Construction 19.Grand Boulevard LoftsKansas CityMO2009134Adaptive Reuse 20.Grande Market PlaceBurnsvilleMN2003113New Construction 21.Greysolon ApartmentsDuluthMN2006150Adaptive Reuse 22.Guardian Angels of HastingsHastingsMN200230New Construction 23.Harrison LoftsDavenportIA*UC60New Construction 24.Highland ChateauDuluthMN199960Rehabilitation 25.Highland ParkMilwaukeeWI2008150Rehabilitation 26.Irving SchoolDuluthMN201144Rehabilitation 27.Jefferson Square ApartmentsDuluthMN200025Rehabilitation 28.Le Sueur Meadows ApartmentsLe SueurMN200240New Construction 29.Lexington ShoresShoreviewMN200268New Construction 30.Lodge at Little CanadaLittle CanadaMN200379New Construction 31.Longfellow StationMinneapolisMN*UC180New Construction 32.Lyons Court*St. PaulMN200560New Construction 33.Merritt SchoolDuluthMN200419Adaptive Reuse 34.Metro LoftsDes MoinesIA2010111New Construction 35.Midtown ExchangeMinneapolisMN2005219Adaptive Reuse 36.Mount Royal ManorDuluthMN2002114Adaptive Reuse 37.New Paris ApartmentsBensonMN198540Rehabilitation 38.Phalen Senior LoftsSt. PaulMN200673New Construction 39.Phoenix on the FaxDenverCO201250New Construction 40.River Run ApartmentsMinneapolisMN200574New Construction 41.Riverside PlazaMinneapolisMN20121303Rehabilitation 42.Rumely LoftsDes MoinesIA200966Adaptive Reuse 43.Russell LamsonDes MoinesIA201290Adaptive Reuse 44.Seward Flats (2)MinneapolisMN1997123Rehabilitation 45.Sibley Court Apartments*St. PaulMN2003122New Construction 46.Sibley Park Apartments*St. PaulMN2001114New Construction 47.Stradford FlatsMinneapolisMN*UC62Rehabilitation 48.Straus ApartmentsSt. PaulMN200349Adaptive Reuse 49.Syndicate TrustSt. LouisMO200770Adaptive Reuse 50.The Chateaus (3 Buildings)DuluthMN1998141Rehabilitation 51.The Crossings at Valley ViewBloomingtonMN200950New Construction 52.The RooseveltCedar RapidsIA200896Adaptive Reuse 53.Vine Street Lofts*Des MoinesIA2004110New Construction 54.West Gate TownhomesDuluthMN200128New Construction 55.West Side FlatsSt. PaulMN*UC178New Construction TOTALS: 5,89438816 COMPANY PROFILE: Development Experience Completed Condominium Projects 1.Zenith - Phase IMinneapolisMN200864New ConstructionCondominiums 2.The SyndicateSt. LouisMO2007102Adaptive ReuseCondominiums 3.311 SuperiorDuluthMN200733New ConstructionCondominiums 4.Vista San JacintoSan JacintoCA200734New ConstructionTownhomes 5.Homes of Emerson HillWest St. PaulMN200735New ConstructionTownhomes 6.Groveland TerraceMinneapolisMN2007128Adaptive ReuseCondominiums 7.The Villas of Little CanadaLittle CanadaMN200745New ConstructionTownhomes 8.The Brownstones at River RunMinneapolisMN200710New ConstructionTownhomes 9.The Bridges of BlaineBlaineMN200612New ConstructionTownhomes 10.The ChicagoMinneapolisMN200688Adaptive ReuseCondominiums 11.Printer's Row*St. PaulMN200642New ConstructionCondominiums 12.Midtown Lofts*MinneapolisMN200572New ConstructionCondominiums 13.Keene Creek TownhomesHermantownMN200544New ConstructionTownhomes 14.9th Street Lofts*St. PaulMN200549Adaptive ReuseCondominiums 15.Water Street Brownstones*Des MoinesIA200437New ConstructionCondominiums 16.Bottineau Commons TownhomesMinneapolisMN200327New ConstructionTownhomes 17.The Dakota*St. PaulMN200332New ConstructionCondominiums 18.Capital Heights City HomesSt. PaulMN200325New ConstructionTownhomes 19.Landings at Sawmill RunMinneapolisMN200358New ConstructionTownhomes 20.The ShoresShoreviewMN200315New ConstructionTownhomes 21.The Essex*St. PaulMN200238New ConstructionCondominiums 22.City Homes on Park AvenueMinneapolisMN200029New ConstructionMix 23.3100 Fourth AvenueMinneapolisMN19929New ConstructionSingle Family 24.3100 ClintonMinneapolisMN19908New ConstructionSingle Family 25.Parkway TerraceMaplewoodMN199090New ConstructionSingle Family 26.Highland TerraceMinneapolisMN199022New ConstructionSingle Family 27.Kenwood IslesMinneapolisMN198840New ConstructionTownhomes 28.Lakes CitihomesMinneapolisMN198583New ConstructionTownhomes 29.Boardwalk and Park Place TownhomesMinneapolisMN198263New ConstructionTownhomes 1,270 * Lander-Sherman Development COMPANY PROFILE: Development Experience Completed Commercial Projects 1.Zenith CommercialMinneapolisMN2007 10,000SFNew Construction 2.Syndicate Trust BuildingSt. LouisMO2007 20,000SFRehabilitation 3.Wentworth CommonsWest St. PaulMN2007 13,000SFNew Construction 4.Blaine Town SquareBlaineMN2005 50,000SFNew Construction 5.Robert Street RetailSt. PaulMN2005 4,400SFNew Construction 6.Garfield Business ParkDuluthMN2005 50,000SFNew Construction 7.Grande Market SquareBurnsvilleMN2004 30,000SFNew Construction 8.Village of Little CanadaLittle CanadaMN2004 20,000SFNew Construction 9.Grande Market PlaceBurnsvilleMN2004 14,000SFNew Construction 10.The Lodge at Little CanadaLittle CanadaMN2004 12,000SFNew Construction 11.Deephaven CourtDeephavenMN2003 18,200SFRehabilitation 12.Sibley Park Place*St. PaulMN2003 12,000SFNew Construction 13.The Straus BuildingSt. PaulMN2003 10,000SFRehabilitation 14.233 ParkMinneapolisMN2001 60,000SFRehabilitation 15.Deephaven SquareDeephavenMN1999 25,000SFRehabilitation 16.Canal Park SquareDuluthMN1998 60,000SFRehabilitation 17.Hawthorne CrossingsMinneapolisMN1997 50,000SFNew Construction 18.Camden CenterMinneapolisMN1997 15,000SFNew Construction 473,600SF 1.Aloft HotelMinneapolisMN2007 155roomsNew Construction 2.Sheraton Duluth HotelDuluthMN2007 147roomsNew Construction 302rooms COMPANY PROFILE: Development Experience RIVERSIDE PLAZA Minneapolis, MNProject Details Riverside Plaza represents the largest housing • Historic Rehabilitation and Stabilization development project in the state of Minnesota and • 1,303 Total Apartments in 11 Buildings one of only two projects in the United States that • 1,174 Tax Credit Units (60% AMI) were built as part of a HUD pilot program called • 669 Project-Based Section 8 Units “New Town, In Town.” Originally constructed • Project Value: $132 Million between 1971-1973, Riverside Plaza consists of • Financing: Federal 4% LIHTC Equity, HUD- 1,303 rental units. Sherman Associates acquired the Guaranteed 1st Mortgage, Federal and State property in 1988 and at that time performed the first Historic Tax Credits, MN Housing Finance substantial rehab of the complex utilizing low-income Agency EDHC & PARIF, City of Minneapolis housing tax credits and a HUD-insured mortgage as AHTF, Greater Metro Housing Corp Funds, Met the primary sources of financing.Council LHIA, Family Housing Fund, Met Council/ Brownfield TBRA, Hennepin County/Brownfield In January of 2011, Sherman Associates closed on Environmental Response Fund, Deferred one of the largest tax credit rehabilitation projects in Developer Fee the nation’s history and began a $132 million, two- year refinance and renovation of this iconic property. Role: Developer, General Partner, Property Manager In the process, Riverside Plaza was placed on the National Register of Historic Places less than 40 Rehabilitation Completed: November 2012 years after it was initially constructed. The historic designation was in part due to the concepts and Awards and Recognition: design brought forward by world renowned architect • 2012 Best in Real Estate: Multifamily Development Ralph Rapson. During the construction period, the or Redevelopment building remained occupied, conducting a temporary relocation that is unmatched in size and complexity. The rehabilitation, completed in November of 2012, focused on substantial upgrades to the mechanical and electrical systems, along with exterior and site work that returned the Riverside Plaza complex to its original 1970s appearance. COMPANY PROFILE: Development Experience GRAND BOULEVARD LOFTS Kansas City, MissouriProject Details The former Dierks Building, a 17-story, steel frame,• Historic Acquisition and Rehabilitation brick-clad office building in the heart of downtown• 134 Affordable Apartments Kansas City, sat vacant for a decade. Through the• 6,700 Square Feet Retail - Ground Floor help of City, State and Federal funds, this project now• Project Value: $33.3 Million houses 134 families offering them rental opportunities• Financing: State and Federal Low Income Housing that are integral to Kansas City’s efforts towardsTax Credits, State and Federal Historic Tax downtown revitalization.Credits, HUD Insured Mortgage, MHDC TCAP Soft Loan, Kansas City CDBG Loan Re-christened Grand Boulevard Lofts, this project represents Sherman Associates’ first move into theRole: Developer, General Partner, Property Manager Kansas City housing market. Opening to fanfare from city officials, the community has gained tremendousCompleted: December 2010 support from community organizations such as The Urban Core Group. The building is listed on theAwards and Recognition: National Register of Historic Places and contains two• 2011 Capstone Award by Kansas City Business first floor and sub-level commercial spaces which areJournal being marketed to top-rate national and local retailers.• 2011 T. Timothy Anderson Award for Best Historic Rehab involving LIHTC - Finalist COMPANY PROFILE: Development Experience THE SYNDICATE St. Louis, MissouriProject Details The Syndicate Trust Building is a prominent historic• Historic Acquisition and Rehabilitation property located at the intersection of 10th and Olive • 28 Affordable Apartments - Floors 4-5 Streets in the heart of downtown St. Louis. Originally • 42 Market-rate Apartments - Floors 6-8 built in 1907, the 16-story building is comprised of • 102 Condominiums - Floors 9-17 approximately 450,000 square feet and was previously • 20,000 Square Feet Retail - Ground Floor used for office and retail space. The building was • Project Value: $81 Million placed on the National Register of Historic Places • Financing: City of St. Louis, Federal Low Income because of its notable architecture.Housing Tax Credits, New Markets Tax Credits, Federal Historic Tax Credits, Missouri State Retail has returned to the Syndicate Trust Building Historic Tax Credits, Missouri State LIHTC, with top-rate national and local retailers located in theBrownfield Redevelopment Credits street level space. Loft condominiums, located on floors 9 through 16, and rental apartments, locatedRole: Developer, General Partner, Property Manager on floors 4 through 8, provide residents with the convenience, features and amenities associated withCompleted: December 2008 urban living. Awards and Recognition: • 2008 Development of the Year COMPANY PROFILE: Development Experience ALOFT HOTEL & ZENITH CONDOMINIUMS Minneapolis, MinnesotaProject Details In 2008, Sherman Associates opened the new 155-• New Construction room aloft Hotel along Washington Avenue South • 155-Room Hotel in downtown Minneapolis. Part of Starwood Hotels, • 64 Condominiums aloft has five stories with guest rooms on 2 through 5. • 4,000 Square Feet of Retail in the aloft The ground level includes approximately 4,000 square • 7,800 Square Feet of Retail in the Zenith feet of retail space and the hotel’s common areas.• Project Value: $61 Million • Financing: New Market Tax Credits, Environmental Adjacent to the project is the Zenith Condominiums. Grant Located in the prestigious Mill District, the project provides an opportunity for contemporary living Role: Developer, Owner, Sales Broker in a dynamic downtown neighborhood. Just steps from the exciting new Guthrie Theater, and a few Completed: August / November 2008 blocks from the heart of downtown, the Zenith offers dramatic views of the Minneapolis skyline and the Awards and Recognition: Mississippi River. With shops, river trails and light • 2008 Finalist in Hospitality Development/ rail service all within walking distance, this project Redevelopment by Minneapolis/St. Paul Business provides high-end housing in the downtown market.Journal • 2010 Honor Award for Excellence in Concrete Design & Construction COMPANY PROFILE: Development Experience GREYSOLON PLAZA | SHERATON HOTEL | 311 SUPERIOR Duluth, MinnesotaProject Details In 2006, Sherman Associates acquired and • Historic Acquisition and Rehabilitation rehabilitated the historic Greysolon Plaza building in • 150 Affordable Senior Apartments downtown Duluth, Minnesota. Built in 1910 as the • 147 Guest Rooms and Suites Hotel Hotel Duluth, Greysolon Plaza’s guests have included • 33 Condominiums several former US presidents. The building was • Project Value: $55 Million converted to affordable senior housing in the 1990s. • Financing: Federal Historic Tax Credits, Federal As part of its redevelopment plan, Sherman Associates Low Income Housing Tax Credits, Minnesota has rehabilitated and preserved this affordable senior Housing Finance Agency Soft Debt, Section 8, housing.New Market Tax Credits, Tax Increment Financing Across the street, Sherman Associates constructed Role: Developer, General Partner, Owner, Property a new building that includes the Sheraton Duluth Manager Hotel which is connected to the historic ballroom of the Greysolon Plaza by skyway. Five floors of Completed: Summer 2007 luxury condominiums have been constructed on top of the six-story, full-service hotel. The renovation and construction of the two buildings are part of a multi-project redevelopment of the historic “Old Downtown” area of Duluth. COMPANY PROFILE: Development Experience MIDTOWN EXCHANGE | CHICAGO LOFTS Minneapolis, MNProject Details In 2004, a collaboration between developers Sherman • Historic Rehabilitation and Mixed-Use Conversion Associates and Ryan Companies transformed the • 41 Market-rate Apartments mammoth 1.2 million square-foot historic Sears, • 178 Affordable Apartments Roebuck building in South Minneapolis into a mixed-• 88 Condominiums use masterpiece featuring 88 loft and penthouse condo • Project Value: $77 Million units, 219 rental units (including affordable units), the • Financing: Federal Low Income Housing Tax headquarters of Allina Health Systems and a global Credits, US Bank first mortgage (Housing Revenue food market. The Global Market features a variety of Bonds), Minnesota Housing Finance Agency, City small businesses started by local entrepreneurs.of Minneapolis, Hennepin County,Tax Increment, Metropolitan Council Midtown Exchange was designed, developed and financed in record time spanning only six months initial Role: Co-Developer, General Partner, Property inception to the beginning of construction. Sherman Manager Associates took the lead on the development of the condominiums and apartments at Midtown Exchange, Completed: December 2005 which remains one of Sherman Associates’ most celebrated projects earning continued awards and Awards and Recognition: recognition from both local and national sources.• 2010 Property Excellence Award by Minnesota Multi Housing Association • 2009 Best of the Decade by Minneapolis/St. Paul Business Journal • 2007 Affordable Housing Finance Magazine: Best Historic Rehabilitation • 2006 National Trust/HUD Secretary’s Award for Excellence in Historic Preservation • 2005 Best in American Living by Professional Builder Magazine • 2004 Best in Real Estate: Best Overall by Minneapolis/St. Paul Business Journal COMPANY PROFILE: Development Experience VINE STREET | WATER STREET Des Moines, IowaProject Details Completed in 2004, Vine Street Lofts and its sister • 65 Market-Rate Apartments condominium project, Water Street Brownstones,• 44 Affordable Apartments were the first significant new construction residential• 32 Condominiums projects in Des Moines in over 20 years. Located on• Project Value: $15 Million a prime site overlooking the Des Moines River, the• Financing: HUD, Fannie Mae, City of Des Moines, parcel had been a surface parking lot for decades.Polk County Housing Trust Fund, Neighborhood Finance Corporation, Federal Low Income Selected through a competitive request for proposalHousing Tax Credits, Tax Abatement process, Sherman Associates and partner Lander Urban Development introduced a model that was Role: Developer, General Partner, Property Manager untried in Des Moines high-end home ownership opportunities; market-rate rental units and affordable Completed: September 2004 rental units on the same block sharing the same underground parking system. The project is a resounding success and is considered the project that jump-started the downtown housing market. COMPANY PROFILE: Development Experience WACOUTA COMMONS Saint Paul, MinnesotaProject Details Wacouta Commons is a multi-phase redevelopment of • Retail Space: Approximately 14,000 sq ft the previously blighted industrial space in downtown • Dakota on the Park / 38 Units - For Sale Housing • Essex on the Park / 38 units - For Sale Housing St. Paul. The area was redeveloped to include mixed- • Sibley Park Apartments / 113 Units - Rental income rental and ownership housing along with Housing ground level retail space. The multi-faceted project • Sibley Court Apartments / 121 Units - Rental fully revitalized the entire northeast quadrant of Housing downtown Saint Paul and remains an essential housing • 9th Street Lofts / 49 Units - For Sale Housing component to the city’s continued redevelopment. • Printer’s Row / 48 units - For Sale Housing • Lyons Court/60 units - Senior Rent • Total Project value: $96.2 million Role: Developer, Property Manager, General Partner Completed: 2001 through 2006 Awards and Recognition: • 2001 Best in Real Estate by Minneapolis/St. Paul Business Journal COMPANY PROFILE: Development Experience PHOENIX ON THE FAX Denver, ColoradoProject Details Sherman Associates brought its expertise in urban• New Construction redevelopment to Denver with the Phoenix on the• 4,500 Square Feet Retail - Ground Floor Fax project. Located southeast of City Park along • 50 Affordable Apartments Colfax Avenue, and midway between downtown • Project Value: $10.5 Million Denver and the employment centers in the • Financing: Federal Low Income Housing Tax Fitzsimmons redevelopment area, it represents the Credits, Tax Credit Assistance Program, HUD first new construction development in an area of Insured Mortgage, City of Denver HOME Funds, Denver quoted to have an “infamous” past.State of Colorado HOME Funds. Phoenix on the Fax has garnered the support of TheRole: Developer, General Partner, Property Manager Fax Partnership, Denver City Council, Denver Office of Economic Development, State of Colorado, HUD,Completed: February 2012 Colorado Housing Finance Agency, and local investor RBC Capital Markets. The new construction project features 50 affordable rental units and 4,500 square feet of retail space. Completed in February of 2012, Phoenix on the Fax had tremendous interest from renters and leased up very quickly. COMPANY PROFILE: Development Experience THE ROOSEVELT Cedar Rapids, IowaProject Details The historic Hotel Roosevelt is a 12-story masonry • Historic Rehabilitation building located in downtown Cedar Rapids. After • 96 Affordable Apartments sustaining damage from the Flood of 2008, the • 15,522 Sq. Ft. Commercial Space adaptive reuse converted the hotel into 96 apartment • Project Value: $11.0 Million • Financing: Iowa Finance Authority Mortgage, units with income restricted units at 60% AMI and Federal Low Income Housing Tax Credits, State market-rate units. The second floor houses project Historic Tax Credits, City of Cedar Rapids, EZ amenities that include a large community room, a fully- Tax Credit Equity, IFA 1602 Funds equipped fitness center, a laundry room and a business center equipped with computers for resident use. Role: Developer, General Partner, Property Manager The first floor contains over 15,000 SF of commercial space, and the remaining space in the basement was Completed: October, 2010 converted into additional, secure resident storage lockers. The historic designation of the building dictated the exterior restoration of the brickwork, the refurbishing of the windows, and the revitalization of the interior corridors and doors. After 12 months of construction, the Hotel Roosevelt now provides four studio, 59 one-bedroom and 33 two-bedroom units with upgraded amenities, including new flooring and fixtures, central heat and air conditioning, and a secure intercom entry system. COMPANY PROFILE: Development Experience THE RUSSELL LAMSON Waterloo, IowaProject Details The Russell Lamson Apartments is an eight-story masonry • Historic Rehabilitation and concrete building originally constructed in 1914. In • 90 Affordable Units that same year, an edition of the Hotel Bulletin refered to • 12,105 Sq. Ft. Commercial the Hotel Russell Lamson as “one of the most complete, • Project Value: $15.3 Million up-to-date and modern hotels to be found anywhere on the • Financing: FNMA Mortgage, Federal Low Income American continent. It bears a very favorable comparison Housing Tax Credits, Federal Historic Tax with the best to be seen in any of the largest cities.” The Credits, State Historic Tax Credits, EZ Tax Credit building has been on the National Register of Historic Equity, EZ Sales Tax Rebate Places since 1988. Before the renovation began, the building had been Role: Developer, General Partner, Property Manager previously converted into 75 apartment units on floors 3 though 8, with commercial space on the first and second Completed: August, 2012 floors. To minimize the relocation of existing residents, construction was completed in two stages. This allowed approximately half of the current residents as well as all the commercial tenants on the street level to remain in the building during the renovation. The newly renovated building contains 90 affordable housing apartments. The layouts consist mainly of studio and one- bedrooms, with a few two- and three-bedroom units. Within the units, the historic windows were refurbished, kitchens were replaced and bathrooms were upgraded. A new exercise facility was built in addition to a laundry facility. During the renovation, forgotten architectural pieces like the magnificent windows in the lobby were also rediscovered and restored. The end result provided high- demand affordable housing while revitalizing a Waterloo icon. COMPANY PROFILE: Development Experience RUMELY LOFTS Des Moines, IowaProject Details As a historic landmark in downtown Des Moines, this • Historic Rehabilitation six-story structure was transformed into 66 affordable • 66 Affordable Units • 5,345 Sq. Ft. Commercial apartments and approximately 7,000 square feet of • Project Value: $17.1 retail space. The building boasts a large 1,500 SF • Financing: Iowa Finance Authority Mortgage, community room and is accompanied by a computer State Historic Tax Credits, Federal Historic learning center, a fitness center and an on-site leasing Tax Credits, Federal Low Income Housing Tax office on the main level. Bike storage and surface Credits, Other Funding Sources parking is also available at the site. Role: Developer, General Partner, Property Manager The units provide historic details coupled with modern finishes. Original windows were restored Completed: October, 2010 and provide wonderful views of downtown and the surrounding area. In addition to the historical details of the apartments, residents enjoy unit upgrades that include in-unit washer and dryers, dishwashers and sink garbage disposal systems. COMPANY PROFILE: Development Experience METRO LOFTS Des Moines, IowaProject Details Located in downtown Des Moines, Metro Lofts is a • New Construction four-story new construction development with a total • 102 Affordable Units • 11 Market-Rate Units of 111 apartment units. The building offers an amenity • Project Value: $21.0 Million package including a large community room, fully- • Financing: HUD Insured 1st Mortgage, Federal equipped exercise room, a computer learning center, Low Income Housing Tax Credits, IDED - EZ Tax underground parking, secure entry, and an on-site Credits and Sales Tax Credits, IFA 1602 Funds, leasing office and manager. CIty of Des Moines, Other Sources The apartment units have modern, durable finishes. Role: Developer, General Partner, Property Manager Residents enjoy central air conditioning, in-unit washers and dryers, high-speed internet connection, Completed: December, 2010 energy-conserving fixtures, and an additional interior storage closet. Select units have walk-in closets, patios or balconies. With downtown Des Moines right outside its front door, Metro Lofts offers quality affordable housing in a convenient location. COMPANY PROFILE: Development Experience LONGFELLOW STATION Minneapolis, MinnesotaProject Details Longfellow Station is a 180-unit transit-oriented • New Construction development located along the Hiawatha Light Rail • 180 Rental Apartments Line in Minneapolis. Located within the mill district of • 10,000 SqFt Commercial / Retail Space the Longfellow Neighborhood, Longfellow Station will • 36 Market-Rate Apartments appeal to families and single adults that rely on public • 144 Affordable Apartments transportation to connect them to employment and • Project Value: $28.3 Million educational opportunities. It is conveniently located • Financing: US Bank Construction Loan, Mass Mutual a few miles south of downtown Minneapolis with 1st Mortgage, Low Income Housing Tax Credits, easy access to major job centers such as Downtown MHFA Challenge Fund, Family Housing Fund, Minneapolis, Mall of America, The University of Affordable Housing Trust Fund, Minneapolis CPED Minnesota, Fairview-Riverside Medical Campus, and Deferred Loan, Hennepin County Affordable the Minneapolis/St. Paul International Airport. The Housing Investment Funds, Met Council Livable development of the Central Corridor Light Rail Communities Demonstration Funds, Line will give additional benefit to the residents of Longfellow Station when completed. Role: Developer, General Partner, Property Manager Emphasis in the design process has been placed on Anticipated Completion: November, 2013 unit and common area amenities in order to compete with market-rate product in the area. Units feature open layouts, dishwasher, in-unit washer & dryer, a built-in office niche, and fiber optic wiring. Common area amenities include a community room, coffee area, business center, fitness room, theatre room, bike repair area, bike storage, heated underground parking, a dog run, and tot-lot. Project Currently Under Construction COMPANY PROFILE: Development Experience HARRISON LOFTS Davenport, IowaProject Details Harrison Lofts is a new construction development • 3-Story New Construction of mixed-use housing and retail located on the 14th • 60 Apartments, 2 Retail Spaces block of Harrison Street in Davenport, Iowa. On the • 54 Affordable Units (40% & 60% AMI) street level, there are two retail spaces positioned • 6 Market-Rate Units along each of the 14th and 15th street corners. • 3,100 SqFt Commercial Residential parking is located behind the building, • Project Value: and retail customers will utilize the ample street • Financing: Iowa Finance Authority Mortgage, Low parking on 14th and 15th Street. The community Income Housing Tax Credits, EZ Tax Credit room has a large area for tenants to gather or watch Equity, EZ Sales Tax Rebate, City of Davenport television, and also provides workstations complete NSP Funds with computer and internet access. In addition to the community room there is a fully-equipped exercise Role: Developer, General Partner, Property Manager room and a laundry facility. The building will also have an on-site leasing office and is fully-equipped with a Anticipated Completion: July 2013 24/7 monitored security system. The 60 apartment units consist of efficiency, one- bedroom and two-bedroom layouts. As a mixed- income building providing affordable housing, the project targets single individuals and families. The units feature high quality interior finishes and amenities such as high ceilings, oversized windows, in-unit washer and dryers, energy efficient fixtures and appliances, and additional tenant storage. Project Currently Under Construction COMPANY PROFILE: Development Experience Public Profile 2I[W%REP]WMWERH'SQQIRXEV]3R%JJSVHEFPI,SYWMRK'SQQYRMX](IZIPSTQIRXERH6IRI[EFPI)RIVK]8E\'VIHMXW ceqc 1EVGL:SPYQI---WWYI---4YFPMWLIHF]2SZSKVEHEG 'SQTER]004 (IZIPSTIV&IKMRW1EOISZIVSJ0EVKIWX%JJSVHEFPI ,SYWMRK(IZIPSTQIRXMR1MRRIWSXE ce q q q t s „„  f ‘ ‘d ‘ gh &].IRRMJIV(SGOIV]%WWMKRQIRX)HMXSV2SZSKVEHEG 'SQTER]004 ‘ „t 6 MZIVWMHI4PE^E%TEVXQIRXWvGSPSVJYPI\XIVMSVVITVI  q q‘ q i WIRXWEGSPSVJYPTEWX8LIETEVXQIRXGSQTPI\[EWXLI  „ e FER(IZIPSTQIRX ,9( VIZMXEPM^EXMSRTVSKVEQORS[REW 2I[8S[R-R8S[R[LMGLTPERRIHXSGVIEXIEYRMX QM\IHMRGSQIwYXSTMERZMPPEKIxMR1MRRIETSPMW1MRRvW je ‘ LSQISJ1EV]8]PIV1SSVIvWGLEVEGXIVMRPEXIVWIEWSRWSJ klmct d 8LI1EV]8]PIV1SSVI7LS[=IX[MXLMREJI[]IEVWSJMXW n d GSQTPIXMSRXLIHIZIPSTQIRXLEHJEPPIRSRLEVHXMQIW ,9(LEHWGVETTIHXLI2I[8S[RTPER8LIHIZIPSTQIRX c JEGIH[EXIVWLYXSJJWVIRXWXVMOIWERHQSVXKEKIHIJEYPXW-R n ‘ 7LIVQER%WWSGMEXIWERHSXLIVWYWIHXLIREWGIRXPS[k o MRGSQILSYWMRKXE\GVIHMX 0-,8' TVSKVEQXSEGUYMVIXLI ‘ ‘ ‘ n HIZIPSTQIRX8[IRX]XLVII]IEVWPEXIV6MZIVWMHI4PE^EMW TSMWIHJSVEGSQIFEGO7LIVQER%WWSGMEXIW[MPPYWIEREP  „ q q PSGEXMSRSJ0-,8'WEPSRK[MXLWXEXIERHJIHIVEPLMWXSVMGXE\‘ q ‘d ‘ f GVIHMXW ,8'W XE\I\IQTXFSRHW 8)&W E,9(PSERERH ceqec‘cicq stt„ttddfghsttdsjt„dhsg est q q q klqelceqc thd„tdtsm„tdttjtjn „ PMSRQEOISZIVSJXLIYRMXHIZIPSTQIRX cceqcprleevccwcx ostf„tog„ttutn „ce 4LSXS'SYVXIW]SJ7LIVQER%WWSGMEXIW f‘ %7XSVMIH,MWXSV] 6MZIVWMHI4PE^E%TEVXQIRXWSVMKMREPP]GEPPIH'IHEV7UYEVI;IWX Sherman Associates The following pages highlight some of Sherman Associates’ recent awards and press coverage. More can be found at www.sherman-associates.com/media-center. COMPANY PROFILE: Public Profile Awards and Recognition 2012 Best In Real Estate - Multifamily Development or Redevelopment: Riverside Plaza 2012 Minnesota Public Health Achievement Award: Sherman Associates 2012 Property Excellence Award - Senior Housing: Blaine Town Square Senior Apartments 2012 Property Excellence Award - Affordable Housing 101+Units: Midtown Exchange 2011 Lifetime Achievement Award - Minneapolis/St. Paul Business Journal: George Sherman 2011 Capstone Award - Multifamily: Grand Boulevard Lofts 2011 T. Timothy Anderson Award for Best Historic Rehab Involving LIHTC Finalist: Grand Boulevard Lofts 2011 Honorable Mention for Historic Rehabilitation: Grand Boulevard Lofts 2010 Property Excellence Award - Affordable Housing 101+Units: Midtown Exchange 2009 Best of the Decade by Minneapolis/St. Paul Business Journal: Midtown Exchange and The Chicago Lofts 2008 Development of the Year: Syndicate Trust Building, St. Louis 2007 Affordable Housing Finance Magazine: Best Historic Rehabilitation: Midtown Exchange and The Chicago Lofts 2006 National Trust/HUD Secretary’s Award for Excellence in Historic Preservation: Midtown Exchange and The Chicago Lofts 2006 Project of the Year: Adaptive Reuse by Multifamily Executive Magazine: Midtown Exchange and The Chicago Lofts 2005 Best in American Living by Professional Builder Magazine: Midtown Exchange and The Chicago Lofts 2005 Trillium Award by Builders Association of the Twin Cities: Midtown Exchange and The Chicago Lofts 2004 Best in Real Estate: Best Overall by Minneapolis/St. Paul Business Journal: Midtown Exchange and The Chicago Lofts 2003 Best in Real Estate by Minneapolis/St. Paul Business Journal: Falcon Heights Town Square 2002 Best in Real Estate by Minneapolis/St. Paul Business Journal: Burnsville Heart of the City 2001 Best in Real Estate by Minneapolis/St. Paul Business Journal: Wacouta Commons COMPANY PROFILE: Public Profile „  COMPANY PROFILE: Public Profile q | | COMPANY PROFILE: Public Profile COMPANY PROFILE: Public Profile COMPANY PROFILE: Public Profile 2I[W%REP]WMWERH'SQQIRXEV]3R%JJSVHEFPI,SYWMRK'SQQYRMX](IZIPSTQIRXERH6IRI[EFPI)RIVK]8E\'VIHMXW 4YFPMWLIHF]2SZSKVEHEG 'SQTER]004 1EVGL:SPYQI---WWYI--- (IZIPSTIV&IKMRW1EOISZIVSJ0EVKIWX%JJSVHEFPI ,SYWMRK(IZIPSTQIRXMR1MRRIWSXE &].IRRMJIV(SGOIV]%WWMKRQIRX)HMXSV2SZSKVEHEG 'SQTER]004 6 MZIVWMHI4PE^E%TEVXQIRXWvGSPSVJYPI\XIVMSVVITVI  WIRXWEGSPSVJYPTEWX8LIETEVXQIRXGSQTPI\[EWXLI  FER(IZIPSTQIRX ,9( VIZMXEPM^EXMSRTVSKVEQORS[REW 2I[8S[R-R8S[R[LMGLTPERRIHXSGVIEXIEYRMX 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