HomeMy WebLinkAboutRes.2983.04-18-2016BILL NO. 16-77 RESOLUTION NO.
A RESOLUTION APPROVING A REDEVELOPMENT AGREEMENT IN
CONNECTION WITH A PORTION OF THE RPA 1 REDEVELOPMENT
PROJECT DESCRIBED IN THE REDEVELOPMENT PLAN FOR THE
DOWNTOWN TAX INCREMENT FINANCING DISTRICT, CAPE
GIRARDEAU, MISSOURI, 2015
WHEREAS, the City Council has approved the "Redevelopment
Plan for the Downtown Tax Increment Financing District, Cape
Girardeau, Missouri, 2015" and the "RPA 1 Redevelopment Project"
described therein; and
WHEREAS, the City desires to enter into a redevelopment
agreement with Old Town Cape Historic Landmark Preservation
Group, LLC (the "Developer") with respect to the completion of a
portion of the RPA 1 Redevelopment Project consisting of the
renovation of the H&H Building and the Marquette Center for
hotel and restaurant use and the renovation of the Marquette
Tower for office and retail/restaurant uses (collectively, the
"Developer Project");
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS:
ARTICLE 1. The City Council hereby finds and determines
that it is necessary and desirable to enter into a redevelopment
agreement with the Developer in substantially the form of
Exhibit A attached hereto in connection with the Developer
Project (the "Redevelopment Agreement"). The City Manager is
hereby authorized and directed to execute the Redevelopment
Agreement on behalf of the City. The City Clerk is hereby
authorized and directed to attest to the Redevelopment Agreement
and to affix the seal of the City thereto. The Redevelopment
Agreement shall be in substantially the form attached to this
Resolution, which Redevelopment Agreement is hereby approved by
the City Council with such changes therein as shall be approved
by the officers of the City executing the same.
ARTICLE 2. The officers, agents and employees of the
City are hereby authorized and directed to execute all documents
and take such steps as they deem necessary and advisable in
order to carry out and perform the purpose of this Resolution
and the Redevelopment Agreement.
M
ARTICLE 3. The sections of this Resolution shall be
severable. If any section of this Resolution is found by a
court of competent jurisdiction to be invalid, the remaining
sections shall remain valid, unless the court finds that: (a)
the valid sections are so essential to and inseparably connected
with and dependent upon the void section that it cannot be
presumed that the City Council has or would have enacted the
valid sections without the void ones; and (b) the valid
sections, standing alone, are incomplete and are incapable of
being executed in accordance with the legislative intent.
ARTICLE 4. This Resolution shall take effect and be in
full force after its passage by the City Council,
PASSED AND ADOPTED THIS M 'DAY OF _, 2016.
arry E. ediger, Mayor
ATTEST: /mss
ruce Tayl , Deputy City Clerk
Ary
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REDEVELOPMENT AGREEMENT
This REDEVELOPMENT AGREEMENT (the "Agreement') is made and entered into as of
2016 (the "Effective Date") by and between the CITY OF CAPE GIRARDEAU,
MIS OURI. a home-rule city organized and existing under the laws of the State of Missouri (the "City").
and OLD TOWN CAPE HISTORIC LANDMARK PRESERVATION GROUP, LLC. a limited
liability company organized and existing under the laws of the State of Missouri(the"Developer").
RECITALS:
1. The Real Property Tax Increment Allocation Redevelopment Act. Sections 99.800 to
99.865 of the Revised Statutes of Missouri. .as amended (the "Act"). authorizes municipalities to
undertake redevelopment projects in blighted, conservation or economic development areas, as defined in
the Act.
2. Pursuant to Ordinance No. 4803. adopted on January 4. 2016. the City Council approved
the"Redevelopment Plan for the Downtown Tax Increment Financing District, Cape Girardeau. Missouri.
2015" (the "Redevelopment Plan") and designated the redevelopment area described therein (the
"Redevelopment Area")as a"redevelopment area"pursuant to the Act.
3. Pursuant to Ordinance No. 4844, adopted on April 18. 2016. the City Council approved a
redevelopment project (the "RPA I Redevelopment Project") for the portion of the Redevelopment Area
described in the Redevelopment Plan as "RPA I."
4. In response to a request for proposals. the Developer submitted a proposal to the City
regarding a portion of the RPA I Redevelopment Project (the "Proposal"). which Proposal includes the
redevelopment of the building known as the Marquette Tower for office and retail/restaurant uses and the
redevelopment of the H&H Building and the Marquette Center for hotel and restaurant uses(as more fully
described on Exhibit A. the "Developer Project").
5. The Proposal requests tax increment financing assistance to reimburse the Developer for
a portion of the costs of completing the Developer Project.
6. Pursuant to Resolution No. 2983. adopted on April 18. 2016. the City Council has
authorized the City to enter into this Agreement to provide the terms and conditions upon which the
Developer will construct the Developer Project and be reimbursed for certain costs. as contemplated by
the Act and the Redevelopment Plan.
AGREEMENT
NOW, THEREFORE. in consideration of the premises and mutual promises contained herein
and other good and valuable consideration, the adequacy and sufficiency of which are hereby
acknowledged. the parties hereto agree as follows:
Section 1. Development.
(a) The Developer hereby agrees to complete the Developer Project described on Exhibit A
attached hereto at its own expense no later than December 31. 2018. Completion of the Developer
Project shall be deemed to have occurred when the City issues occupancy permits pursuant to its
municipal code for the hotel to be constructed in the H&H Building and Marquette Center and at least
30.000 square feet of tenant space in the Marquette Tower. Following receipt of the last occupancy
permit. the Developer shall submit a Certificate of Reimbursable Project Costs in substantially the form
attached hereto as Exhibit B evidencing the costs of the Developer Project for which the Developer
requests reimbursement pursuant to Section 5 below.
(b) The City shall review the Certificate of Reimbursable Project Costs and provide written
objections. if any. to the Developer within 30 days from receipt thereof. If any objections are provided.
the Developer shall cure such objections and resubmit the Certificate of Reimbursable Project Costs. If
no objections are provided within 30 days of receipt, the Certificate of Reimbursable Project Costs shall
be deemed approved by the City on the 31st day following receipt (unless affirmatively approved by the
City prior to such date).
Section 2. Standards; Parking.
(a) The Developer will complete the Developer Project according to all applicable federal.
state and local ordinances, laws. regulations and codes. The City may inspect the Developer Project in
accordance with the applicable federal. state and local ordinances, laws. regulations and codes to ensure
proper completion thereof.
(b) The City will take such actions as may be reasonably required to ensure that the on-street
diagonal parking on the east side of the 200 block of N. Fountain Street is available to serve the
Developer Project.
Section 3. Submission and Approval of Construction Plans. The Developer shall submit
construction plans for the Developer Project to the City as follows:
(a) Initial Approval. The Developer will submit construction plans for the Developer Project
and the City will review such plans for compliance with all applicable laws. statutes and ordinances. rules
and regulations. including but not limited to the safety and zoning regulations of the City. The Developer
will not begin the Developer Project until it has received all requisite approvals from the City and other
applicable agencies as required by federal, state, and local law, in accordance with a phased construction
schedule agreed upon by the City and the Developer.
(b) Changes. The Developer may make changes to the construction plans in accordance with
federal, state, and local law.
Section 4. Release and Indemnification.
(a) Notwithstanding anything herein to the contrary. the City, its governing body. officials.
agents. employees and independent contractors shall not be liable to the Developer for damages of any
kind or nature whatsoever if any ordinance adopted by the City or transaction completed by the City in
connection with this Agreement is declared invalid or unconstitutional in whole or in part by the final (as
to which all rights of appeal have expired or have been exhausted)judgment of any court of competent
jurisdiction, and by reason thereof either the City is prevented from performing any of the covenants and
agreements herein or the Developer is prevented from enjoying the rights and privileges hereof.
(b) The Developer releases from and covenants and agrees that the City and its governing
body, officials, agents. employees and independent contractors shall not be liable for, and agrees to
indemnify and hold harmless the governing body. officials. agents. employees and independent
contractors thereof against. any loss or damage to property or any injury to or death of any person
occurring at or about or resulting from any defect in the construction of the Developer Project. except as
such may be caused by the willful misconduct or negligence of the City. its governing body. officials.
agents. employees or independent contractors.
(c) The Developer agrees to indemnify, defend and hold harmless the City. its governing
body, officials, agents. employees and independent contractors from and against any and all suits, claims
and attorneys' fees resulting from, arising out of, or in any way connected with (i) the construction of the
Developer Project or (ii) the negligence or willful misconduct of the Developer, its managers. officials.
agents. employees or independent contractors in connection with the management. development.
redevelopment and construction of the Developer Project, except as such may be caused by the willful
misconduct or negligence of the City. its governing body. officials, agents. employees or independent
contractors.
(d) The Developer agrees to indemnify. defend, and hold harmless the City. its governing
body. officials. agents. employees and independent contractors from and against any and all claims.
demands, costs. liabilities. damages or expenses. including reasonable attorneys' and consultants' fees.
investigation and laboratory fees. court costs and litigation expenses. arising from: (i)any now-existing or
hereafter-arising violation. actual or alleged. or any other liability. under or in connection with any
environmental laws relating to any products or materials previously, now or hereafter located upon.
delivered to or in transit to or from the Developer Project in connection with the construction of the
Developer Project. regardless of whether such violation or alleged violation or other liability is asserted or
has occurred or arisen before the date hereof or hereafter is asserted or occurs or arises and regardless of
whether such violation or alleged violation or other liability occurs or arises as the result of any act.
omission, negligence or misconduct of the City or any third party or otherwise: or(ii) any breach. falsity
or failure of any of the representations. warranties, covenants and agreements of the like.
(e) The City and its governing body. officials, agents. employees and independent
contractors shall not be liable for any damage or injury to the persons or property of the Developer or its •
officers. agents. independent contractors or employees or any other person who may be about the
Redevelopment Area or the Developer Project due to any act of negligence of any person. except as such
may be caused by the willful misconduct or negligence of the City. its governing body. officials. agents.
employees. or independent contractors.
(f) No member of the governing body officials. agents, employees or independent
contractors of the City shall be personally liable to the Developer in the event of a default or breach by
any party under this Agreement.
(g) All covenants, stipulations. promises. agreements and obligations of the City contained
herein shall be deemed to be the covenants. stipulations. promises. agreements and obligations of the City
and not of its governing body. officials. agents. employees or independent contractors in their individual
capacities.
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Section 5. Installment Payments by the City.
(a) For purposes of Sections 5 and 6 of this Agreement. the following terms shall have the
following meanings:
"Available TIF Revenues" means 90%of the incremental real property taxes and, subject
to annual appropriation by the City Council. economic activity taxes described in Sections
99.845.1(2)(a) and 99.845.3 of the Act. respectively, generated from the Developer Project and
deposited in the City's Special Allocation Fund; provided, however. (i) the City shall have no
obligation to include incremental utility taxes (if any) within this definition unless the Developer
provides the City with copies of utility bills from businesses located in the Developer Project
prior to the end of the applicable Calculation Period. (ii) the City Council may or may not, in its
sole discretion, declare as "surplus" pursuant to the Act any economic activity taxes attributable
to businesses that relocate into the Developer Project from elsewhere in the City and (iii) no
revenues that are subject to a challenge or protest shall be included in the definition of Available
TIF Revenues until such challenge or protest is resolved.
"Calculation Period" means initially, the period from the Commencement Date to the last
day of the second month preceding the first Payment Date (i.e.. if the Commencement Date is
January I. 2017 and the first Payment Date is May I. 2017. the initial Calculation Period runs
through March 31. 2017); and thereafter. each period from the end of the previous Calculation
Period to the last day of the second month preceding the next Payment Date, except that that the
Calculation Period for the April 17. 2039 Payment Date will be from the end of the penultimate
Calculation Period to February 28. 2039.
"Commencement Date" means the first day of the month following the first month in
which the City receives sales tax revenues generated from the Developer Project.
"Payment Date" means every May I and November 1 following the Commencement
Date and on April 17, 2039 (i.e.. the date that is 23 years from the approval of the ordinance
approving the RPA 1 Redevelopment Project).
"Reimbursable Developer Project Costs" means the costs of the Developer Project
identified on the Certificate of Reimbursable Project Costs approved by the City in accordance
with this Section in the maximum amount of$2,497.242 plus interest on such costs accruing at a
rate of- 3.0% per annum (assuming a 30/360 year) from the date that the Certificate of
Reimbursable Project Costs is approved or deemed approved by the City pursuant to Section 1.
(b) On each Payment Date, the City shall apply the Available TIF Revenues during the
preceding Calculation Period as follows:
(i) The sum of$1,000 shall be retained by the City as an administrative fee: and
(ii) The remaining Available TIF Revenues shall be paid to the Developer or its
designee for the reimbursement of the Reimbursable Developer Project Costs.
On each Payment Date. the City shall provide the Developer with a written accounting showing
the amount of Available TIF Revenues collected during the Calculation Period. the application of the
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Available TIF Revenues pursuant to this Section and the outstanding balance of the Reimbursable
Developer Project Costs(including accrued, but unpaid interest)not yet reimbursed.
(c) Notwithstanding anything to the contrary contained herein, in lieu of the payments
described in (b). the City may issue bonds. notes or other obligations secured by Available TIF Revenues
and use the sale proceeds of the bonds. notes or other obligations to pay the Reimbursable Developer
Project Costs due to the Developer. The Developer shall cooperate in good faith if the City decides to
pursue any such issuance of bonds. notes or other obligations.
(d) The Developer shall cause all businesses generating taxable retail sales located in the
Developer Project to provide a consent to the release of confidential sales tax information to the City, in a
form acceptable to the City, for the limited purpose of preparing and approving budgets, appropriation
requests and other actions contemplated by this Agreement. The Developer shall also require each
"seller" (as that term is defined in Section 144.010(10) of the Revised Statutes of Missouri) located in the
Developer Project to supply or cause to be promptly supplied to the City's Finance Director, monthly or
quarterly sales tax information of each "seller" (as that term is defined in Section 144.01000) of the
Revised Statutes of Missouri) in a form substantially similar to the sales tax returns filed by such seller
with the Missouri Department of Revenue.
Section 6. Annual Appropriation of Economic Activity Taxes.
(a) The City's obligation to pay economic activity taxes pursuant to Section 5 is limited to
those funds budgeted and appropriated for that purpose during the City's then-current fiscal year. The
City agrees to cause the officials and employees in charge of drafting a budget to include the
appropriations contemplated by this Agreement in the annual budgets presented to the City Council for its
consideration. If Available TIF Revenues are generated. but economic activity taxes are not legally
appropriated or otherwise legally made available to make the required payments by this Agreement. the
City must immediately post notice of such event on the EMMA system maintained by the Municipal
Securities Rulemaking Board (or if the EMMA system has been discontinued. a system nationally
recognized for communicating material events relating to municipal bonds).
(b) The obligation of the City to pay economic activity taxes hereunder constitutes a current
expense of the City. is from year-to-year. and does not constitute a mandatory payment obligation of the
City in any fiscal year beyond the then-current fiscal year of the City. The City's obligation to pay
economic activity taxes hereunder shall not in any way be construed to be a debt of the City in
contravention of any applicable constitutional. charter or statutory limitation or requirement concerning
the creation of indebtedness by the City. nor shall anything contained herein constitute a pledge of the
general credit, tax revenues, funds or moneys of the City.
Section 7. Representations, Warranties and Covenants.
(a) By the City. The City represents. warrants, covenants and agrees as a basis for the
undertakings on its part contained herein that:
(i) The City is a home-rule City organized and existing under the laws of the State
of Missouri and its Charter. and by proper action has been duly authorized to execute, deliver and
perform this Agreement.
(ii) To the best of the City's knowledge. there are no lawsuits either pending or
threatened that would affect the ability of the City to perform this Agreement.
(b) By the Developer. The Developer represents. warrants, covenants and agrees as the
basis for the undertakings on its part herein contained that:
(i) The Developer is a limited liability company duly organized and existing under
the laws of the State of Missouri. and has power to enter into. and by proper action has been duly
authorized to execute. deliver and perform. this Agreement.
•
(ii) Neither the execution and delivery of this Agreement. the consummation of the
transactions contemplated hereby, nor the fulfillment of or compliance with the terms and
conditions of this Agreement. conflicts with or results in a breach of any of the terms, conditions
or provisions of any restriction, agreement or instrument to which the Developer is now a party or
by which the Developer is bound.
(iii) There are no lawsuits either pending or threatened that would affect the ability of
the Developer to proceed with the completion or operation of the Developer Project.
(iv) The Developer agrees to maintain commercial general liability insurance for the
Developer Project in a policy amount of not less than the then-current absolute statutory waivers
of sovereign immunity in Sections 537.600 and 537.610 of the Revised Statutes of Missouri, as
amended, as may be revised annually by the Missouri Department of Insurance. The Developer
further agrees to name the City as an additional insured with respect to such policy and to
annually provide evidence of such insurance policies to the City.
(v) The Developer agrees to annually provide evidence of contractual liability
insurance (in form and substance reasonably acceptable to the City's legal counsel) that insures
the Developer's obligations to indemnify the City. as provided in this Agreement.
Section 8. Termination. This Agreement shall terminate upon the earliest of any of the
following:
(a) the hotel portion of the Developer Project is vacant for more than twelve (12)
consecutive months (after the first three (3) consecutive months of vacancy, the Developer shall
commence monthly meetings with the City to discuss efforts to fill the vacancy until such time as
the vacancy is filled or this Agreement is terminated):
(b) the office/retail/restaurant portion of the Developer Project has greater than 75%
vacancy for more than twelve (12) consecutive months (after the first three (3) consecutive
months of reaching threshold vacancy. the Developer shall commence monthly meetings with the
City to discuss efforts to fill the vacancy until such time as the vacancy is filled or this Agreement
is terminated):
(c) the satisfaction of all payments due under Section 5(b): or
(d) April 17. 2039.
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Section 9. Default and Remedies.
(a) Events of Default. The following shall be events of default ('Events of Default') with
respect to this Agreement:
(i) If any material representation made by a party in this Agreement. or in any
certificate. notice, demand or request made by a party, in writing and delivered to the other party
pursuant to or in connection with this Agreement proves to be untrue or incorrect in any material
respect as of the date made:
(ii) Breach by a party of any material covenant. warranty or obligation set forth in
this Agreement: or
(iii) Failure to maintain the hotel included in the Developer Project in a manner that
would qualify it as a "Midscale" or higher hotel on the STR U.S. Chain Scales (or similar hotel
rating service if the STR Chain Scales is no longer produced). For reference, the 2015 STR
Chain Scales can be found at:
http://www.str.com/Med i a/Default/Documents/STR_Chai n_Scales.pdf.
(b) Remedies on Default. In the case of an Event of Default by a party hereto or any
successor to such party. such party or successor shall, upon written notice from another party. take
immediate action to cure or remedy such Event of Default within sixty (60) days after receipt of such
notice. If the Event of Default is not cured or remedied within such sixty (60) day period (or, in the case
of Events of Default that cannot be cured within a sixty (60) day period, the defaulting party does make
reasonable process toward curing the default and does not notify the aggrieved party of when default will
be cured). then the aggrieved party may terminate this Agreement or institute such proceedings as may be
necessary or desirable in its opinion to cure or remedy such default, including but not limited to,
proceeding to compel specific performance by the party in default of its obligations.
(c) Other Rights and Remedies of Parties: Delay in Performance Waiver.
(i) Any delay by a party in instituting or prosecuting any actions or proceedings or
otherwise asserting their rights under this Agreement shall not operate to act as a waiver of such
rights or to deprive them of or limit such rights in any way (it being the intent of this provision
that the parties should not be constrained so as to avoid the risk of being deprived of or limited in
the exercise of the remedies provided in this Agreement because of concepts of waiver. laches or
otherwise): nor shall any waiver in fact made by a party with respect to any specific Event of
Default by a party under this Agreement be considered or treated as a waiver of the rights of a
party under this Section or with respect to the particular Event of Default, except to the extent
specifically waived in writing by the other parties.
(ii) The rights and remedies of the parties to this Agreement (or their successors in
interest) whether provided by law or by this Agreement. shall be cumulative, and the exercise by
any party of any one or more of such remedies shall not preclude the exercise by it, at the time or
different times. of any other such remedies for the same Event of Default by another party. No
waiver made by any party with respect to the performance. nor the manner of time thereof. or any
obligation of another party or any condition to its own obligation under the Agreement shall be
considered a waiver of any rights of the party making the waiver with respect to the particular
obligation of another party or condition to its own obligation beyond those expressly waived in
writing and to the extent thereof, or a waiver in any respect to regard to any other rights of the
party making the waiver or any other obligations of another party.
(iii) Neither the City nor the Developer, nor any successor in interest, as the case may
be. shall be considered in breach of. or in default of. any of its obligations under this Agreement
or otherwise with respect to the Developer Project. or progress in respect thereto, in the event of
delay in the performance of any such obligations due to unforeseeable causes beyond its control
and without its fault or negligence, including, but not restricted to acts of God. acts of a public
enemy, acts of federal, state or local government (other than the City). litigation instituted by
third parties. acts of the other party. fires. floods, epidemics, quarantine restrictions, strikes.
embargoes. acts of nature, unusually severe weather or delays of subcontractors due to such
causes: it being the purpose and intent of this provision that in the event of the occurrence of any
such delay. the time or times for performance of such obligations by the City or the Developer
shall be extended for the period of the enforced delay: provided. that the party seeking the benefit
of the provisions of this Section. shall within thirty (30) days after the beginning of any such
enforced delay. have first notified the other party thereof in writing, of the cause or causes
thereof, and requested an extension of the period of delay.
Section 10. Amendment or Modification. The parties to this Agreement may amend or
modify this Agreement only by written instrument duly executed by the parties hereto.
Section 11. Third Party Rights. No person or entity who or which is not a part- to this
Agreement will have any right of action under this Agreement.
Section 12. Scope. This Agreement constitutes the entire Agreement between the parties.
and no statements, promises or inducements that are not contained in this Agreement will be binding on
the parties.
Section 13. Severability. If any part. term or provision of this Agreement is held by a court
of law to be illegal or otherwise unenforceable. such illegality or unenforceability will not affect the
validity of any other part. term or provision. and the rights of the parties will be construed as if the part.
term or provision was never part of this Agreement.
Section 14. Transferability. This Agreement may not be assigned by the Developer without
the express written approval of the City unless such assignment is (i) to an entity succeeding to all or
substantially all of the business of the Developer or to an entity controlled by the Developer or under
common control with the Developer(in which case the Developer shall provide notice to the City of such
assignment within 10 days from the date of such assignment): (ii) made for the purpose of a collateral
assignment by the Developer to secure loans. advances or extensions of credit to finance or from time to
time refinance all or any part of the Redevelopment Project, or (iii) made by the transferee of any such
collateral assignment to transfer such interest by foreclosure or transfer in lieu of foreclosure under such
collateral assignment.
Section 15. Notice. Any notice required or permitted by this Agreement will be deemed
effective when personally delivered in writing or three (3) days after notice is deposited with the U.S.
Postal Service. postage prepaid. certified, return receipt requested.and addressed as follows:
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The City: City of Cape Girardeau
401 Independence Street
Cape Girardeau. Missouri 63702
Attn: City Manager
With a copy to: City of Cape Girardeau
401 Independence Street
Cape Girardeau. Missouri 63702
Attn: City Attorney
And: Gilmore & Bell. P.C.
One Metropolitan Square
211 N. Broadway. Suite 2350
St. Louis. Missouri 63102
Attn: Mark D. Grimm. Esq.
The Developer: Old Town Cape Landmark Preservation Group. LLC
1610 N. Kingshighway. Suite 301
Cape Girardeau. Missouri 63701
Attn: Jeff Maurer. Manager
With a copy to: Spencer Fane LLP
2144 E. Republic Road Ste. B300
Springfield. Missouri 65804
Attn: S. Shawn Whitney. Esq.
Section 16. Immunity. Nothing contained in this Agreement constitutes a waiver of the
City's sovereign immunity under any applicable state law.
Section 17. Jurisdiction and Venue. Personal jurisdiction and venue for any civil action
commenced by either party to this Agreement shall be deemed to be proper only if such action is
commenced in the Circuit Court of Cape Girardeau County. Missouri. The Developer expressly waives
its rights to bring such action in or to remove such action to any other court whether state or federal.
Section 18. Missouri Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Missouri.
Section 19. Federal Work Authorization Program. Simultaneously with the execution of
this Agreement. the Developer will provide the City with an affidavit and documentation meeting the
requirements of Section 285.530. RSMo.
Section 20. Counterparts. This Agreement may be executed in several counterparts. which
shall constitute one and the same instrument.
Section 21. City Fees. Simultaneously with the execution of this Agreement. the Developer
shall pay the City the sum of$3.500 for legal and other fees and expenses incurred in connection with the
preparation of this Agreement.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and the City
has caused its seal to be affixed hereto and attested as of the date first written above.
CITY OF CAPE GIRARDEAU, MISSOURI
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Title: City Manager
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Title: City C -rk
OLD TOWN CAPE HISTORIC
LANDMARK PRESERVATION GROUP,
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By: d.+^/ tcLbr1
Name: JeI S Maw,er
Title: Mancua, )ic ,,hsc OeuGupeii, LIG
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EXHIBIT A
DEVELOPER PROJECT DESCRIPTION
Marquette Tower
• Located on Parcel Nos. 211070009011000000 (338 Broadway) and 211070009013000000 (0 N.
Fountain(PT LOT)/Parking).
• Redevelopment of property to accommodate approximately 60.000 square feet of office and
restaurant/retail uses. including interior demolition and rehabilitation and renovation of tenant
spaces. building systems and common areas on floors 1-7.
H&H Building/Marquette Center
• Located on Parcel Nos. 211070008006001001 (400 Broadway. units I. 2. 3 and 5).
211070008006001002 (400 Broadway. unit 4). 21 1070008006001000 (400 Broadway, common
area). 21 1070008004000000 (221 N. Fountain Street). and 21 1070008004001000 (0 N. Fountain
(PT LOT)/Parking).
• Redevelopment of property to accommodate an approximately 96-room hotel and accessory
restaurant use, including roof replacement. tuckpointing. demolition of non-historic interior
spaces and new interior buildout.
•
A-1
EXHIBIT B
FORM OF CERTIFICATE OF REIMBURSABLE PROJECT COSTS
Certificate of Reimbursable Project Costs
TO: City of Cape Girardeau. Missouri
401 Independence Street
P.O. Box 617
Cape Girardeau. Missouri 63702
Attention: Assistant City Manager
Re: Marquette Tower/H&H Building/Marquette Center Project
Terms not otherwise defined herein shall have the meaning ascribed to such terms in the
Redevelopment Agreement dated as of . 2016 (the "Agreement") between the City of Cape
Girardeau. Missouri (the "City") and Old Town Cape Landmark Preservation Group. LLC (the
"Developer"). In connection with said Agreement. the undersigned hereby states and certifies that:
1. Each item listed on Schedule I hereto is a Reimbursable Developer Project Cost that was
incurred in connection with the completion of the Developer Project.
2. These Reimbursable Developer Project Costs have been paid by the Developer and are
reimbursable under the Act and the Agreement.
3. There has not been filed with or served upon the Developer any notice of any lien. right
of lien or attachment upon or claim affecting the right of any person. firm or corporation to receive
payment of the amounts stated in this request. except to the extent any such lien is being contested in
good faith.
4. All necessary permits and approvals required for the Developer Project are in full force
and effect.
5. If any cost item to be reimbursed under this Certificate is deemed not to constitute a
"redevelopment project cost' within the meaning of the Act. the Developer shall have the right to
substitute other eligible Reimbursable Developer Project Costs for payment hereunder.
6. The Developer is not in default or breach of any term or condition of the Agreement.
Dated this day of . 20
OLD TOWN CAPE HISTORIC
LANDMARK PRESERVATION GROUP,
LLC
By:
[Name]. [Title]
B-1
REDEVELOPMENT AGREEMENT
This REDEVELOPMENT AGREEMENT (the "Agreement") is made and entered into as of
, 2016 (the "Effective Date") by and between the CITY OF CAPE GIRARDEAU,
MISSOURI. a home-rule city organized and existing under the laws of the State of Missouri (the "City").
and OLD TOWN CAPE HISTORIC LANDMARK PRESERVATION GROUP, LLC, a limited
liabilit company organized and existing under the laws of the State of Missouri (the"Developer").
RECITALS:
1. The Real Property Tax Increment Allocation Redevelopment Act. Sections 99.800 to
99.865 of the Revised Statutes of Missouri. as amended (the "Act"). authorizes municipalities to
undertake redevelopment projects in blighted, conservation or economic development areas. as defined in
the Act.
2. Pursuant to Ordinance No. 4803, adopted on January 4, 2016, the City Council approved
the "Redevelopment Plan for the Downtown Tax Increment Financing District, Cape Girardeau, Missouri,
2015" (the "Redevelopment Plan") and designated the redevelopment area described therein (the
"Redevelopment Area")as a"redevelopment area"pursuant to the Act.
3. Pursuant to Ordinance No. , adopted on April . 2016, the City Council approved a
redevelopment project (the "RPA 1 Redevelopment Project') for the portion of the Redevelopment Area
described in the Redevelopment Plan as'RPA 1.-
4. In response to a request for proposals. the Developer submitted a proposal to the City
regarding a portion of the RPA 1 Redevelopment Project (the -Proposal"). which Proposal includes the
redevelopment of the building known as the Marquette Tower for office and retail restaurant uses and the
redevelopment of the H&H Building and the Marquette Center for hotel and restaurant uses (as more fully
described on Exhibit A.the "Developer Project").
5. The Proposal requests tax increment financing assistance to reimburse the Developer for
a portion of the costs of completing the Developer Project.
6. Pursuant to Resolution No. , adopted on April , 2016, the City Council has
authorized the City to enter into this Agreement to provide the terms and conditions upon which the
Developer will construct the Developer Project and be reimbursed for certain costs, as contemplated by
the Act and the Redevelopment Plan.
AGREEMENT
NOW, THEREFORE. in consideration of the premises and mutual promises contained herein
and other good and valuable consideration. the adequacy and sufficiency of which are hereby
acknowledged. the parties hereto agree as follows:
CITY O CAPE
GIRARDEAU
APPLICATION FOR TAX INCREMENT FINANCING OR OTHER PUBUC INCENTIVES
Applicant's Name: Old Town Cape Historic Landmark Preservation Group, LLC
Street Address : 1610 N. Kingshighway, Suite 301
City/State/Zip: Cape Girardeau. MO 63701
Applicants' Federal Tax Identification Number(FEIN): 81-1782775
MITS/Missouri ID Number: n/a
Name and Title of Responsible Officer: Mr. Jeff Maurer, Manager
Telephone: 573-450-2285 (cell)
E-mail: Jeff.Maurer JMaysonCapital.com
Attorney for or Authorized Representative of Applicant:
Ms. Mary Anne O'Connell/Husch Blackwell LLP
E-mail: MarvAnne.00onnell(a`HuschBlackwell.com
Telephone: 314-480-1715
Street Address: The Plaza in Clayton
190 Carondelet Plaza, Suite 600
St. Louis, MO 63105
Application Format: Please answer the following questions on a separate sheet of paper.
Upon request, proposals will be kept confidential to the extent permitted by low.
DEVELOPMENT TEAM:
1) Provide the relevant information on the Applicant's background and development experience.
Demonstrate that the Applicant possesses the technical ability to complete and operate the
project. Include resumes of key individuals assigned to the project.
The Applicant is controlled by Scott Rhodes. Mark Rhodes. Jim Maurer and
Jeff Maurer.
Scott and Mark Rhodes (brothers) own and operate the Plaza Tire chain of
retail tire stores across a 4-state region. They also control a General
Contracting firm (Boulder Construction) and have a significant commercial
real estate portfolio. Locally. they re-developed the southeast corner of
William Street and S. Kingshighway with a CVS and new Plaza Tire location.
They also developed the southeast corner of N. Kingshighway and Mount
AuburnfLexington with Banterra Centre. a Plaza Tire store and a strip center.
Jim and Jeff Maurer(father/son) own controlling interest in the Rhodes 101
Stop chain of convenience stores in southeast Missouri and southern Illinois.
They also own a private investment firm (Mayson Capital:
www.MaysonCapital.com) and have a commercial real estate portfolio.
Locally, the Maurers developed Cape West Crossings (I-55. S. Mt. Auburn,
Bloomfield). Regent's Parc and CityCentre.
Scott Rhodes and Jeff Maurer are the primary contacts for the Applicant. Their
. individual profiles are included in Exhibit A.
2) Identify the Applicant's consultants (i.e.,architect, civil engineer, legal counsel and other
professionals) involved or proposed to be involved in the project. Provide addresses and other
contact information for each consultant.
Role Name a on Address Phone
Architect Alvah 8630 Delmar,Suite 220
Levice Associates 314-991-5600
(Marquette Tower) Levine St.Louis,MO 63124
Architect Tim 319 N.4th Street,Ste.1000
Lawrence p Rowbottom S 63102
St.Louis,MO314-231-5700
(H&H Center) _-_
Chris 194 Coker lane
Civil Engineer Koehler Engineering Koehler Cape Girardeau,MO 63701 573-335-3026
FITC Development Sliver Tree Jay 302 Campusview Drive,Ste.211
573-875-5151
Advisor Companies Burchfield Columbia,MO 65201
Historic
Deb 29 South Ninth St.
Preservation n/a 573-874-3779
Sheals Columbia,MO 65201
Consultant
HTC Legal Coundl Spencer Fane 417-8881015
Shawn 2444 E.Republic Rd.Suite B300
Whitney Springfield,MO 65804
Elliott,Robinson& Jacob 2305 S.Blackman Road Suite D
HTC Accounting 417-887-0585
Company,LLP Sanders Springfield,MO 65809
The Plaza in Clayton
General Legal Husch Blackwell MaryAnne 190 Carondelet Plaza Suite 600 314-480-1715
Counsel O'Connell
St.Louis,MO 63105
Real Estate Counsel Limbaugh Firm Nancy 407 N.Kingshighway,Ste.400 573-335-3316
Browne Cape Girardeau,MO 63701
3) Primary principal(s)and development team must be in good standing with the City,County,
State and Federal governments, including:being current with taxes and fines owed,licensing is
current and up-to-date and must not be in any outstanding disputes that may put the City in
precarious situations.
All principals and development team are in good standing the City, County.
State and Federal governments.
PROJECT DESCRIPTION:
4) Identify the location of the project by street address and parcel number(s).
Project 1: Marquette Tower Property. LLC:
338 Broadway—Parcel#211070009011000000
0 N. Fountain(PT LOT 1)/Parking—Parcel#211070009013000000
Project 2: H&H Center Property. LLC:
400 Broadway Units 1. 2. 1 5—Parcel #211070008006001001
400 Broadway Unit 4—Parcel #211070008006001002
400 Broadway Common Area—Parcel#211070008006001000
221 N. Fountain Street—Parcel #211070008004000000
0 N. Fountain Street (PT LOT)/Parking—Parcel #211070008004010000
5) Describe the proposed project,including the size and scope and phasing of the proposed
project. Include a site plan that illustrates the project(i.e., building uses, parking spaces,
driveways,sidewalks,etc.)and,if available,a floor plan.
The first proposed component of the project is the Marquette Tower Property.
This part of the project involves the building known as the Marquette Tower,
which would serve as the epicenter of the more broadly defined Marquette Tech
District throughout downtown Cape Girardeau. The project would be anchored
by Codefi. a co-working and technology incubator organization that began in
summer 2014. The Marquette Tower could also be the location of two
significant business and community development organizations, corporate
offices for more than 10 business startups. a coffee shop. tapas and martini
lounge, as well as two floors available for new office expansions. The project
encompasses approximately 60.000 square feet and total project cost is forecast
to exceed $3.6 million dollars.
Exhibit B provides more details about the Marquette Tower Property. This
exhibit can also be viewed at this link: http://bit.ly/1 SLVy4H
The second component of the proposed project is the H&H Center Property.
This project would include the renovation of both the H&H Building and the
Marquette Center. These two properties would be combined to provide space
for a 96-key branded hotel and a casual dining restaurant. The Applicant has
already been awarded a license for a branded hotel in Cape Girardeau. The
Applicant is in the process of transferring the license from another site to this
project site. A downtown hotel was identified as a significant development
opportunity in Cape Girardeau's Downtown Strategic Plan approved by the
City Council in August.2009.The project encompasses just over 85.000 square
feet and total project cost is projected at$17.5 million dollars for the real estate
development components of the project.
Exhibit C provides more details about the H&H Center Property.
Proposed Phasing once building permits are obtained and financing in place:
Marquette Tower Property, LLC
o Phase 1:
• May 2016—Demo to begin in Carriage House and Floors 1, 4, 5. 6.
and 7. Remodeling of tenant spaces,building systems and common
areas to follow as soon as architectural drawings are completed and
permits are issued.
o Phase 2:
• October 2016 — Substantial completion of Phase 1 and remodel
begins on floors 2,3 and 7. Projected completion of all construction
renovation in Summer 2017.
H&H Property LLC Development
• May 2016—Site work begins along with exterior renovation(i.e.. H&H
roof replacement, brick façade tuck pointing, etc.)
• August 2016 — demolition of H&H interior that not is deemed
historically relevant and start of construction renovation in Marquette
Center
• September 2016—start of construction on H&H interior build-out
• Fall 2017— Hotel and Restaurant open
6) Identify the current owner(s)of the real property included in the project. If the Applicant and
the current owner(s)are not the same entity,describe the relationship between such entities
(i.e., related entities,Applicant has contraction option to purchase the property,etc.)
The Applicant has contractual options executed with the current properties listed
below.
• 400 Broadway Units 1. 2. 3. 5—Parcel #211070008006001001 —Merriwether
Investments
• 400 Broadway Unit 4—Parcel #211070008006001002—Merriwether
Investments
• 400 Broadway Common Area—Parcel#211070008006001000—Merriwether
Investments
• 338 Broadway—Parcel#211070009011000000—Great Southern Bank
• 221 N. Fountain Street—Parcel #211070008004000000—Great Southern
Bank
• 0 N. Fountain Street—Parcel#211070008004010000—Great Southern Bank
• 0 N. Fountain (PT LOT I)/Parking—Parcel#211070009013000000—Great
Southern Bank
7) Is the property currently zoned for the propose use? If not,what zoning change will be
required?
Yes, the property is currently zoned for the proposed use.
STATUTORY EUGIBIUTY REQUIREMENTS:
8) State the need and justification for TIF assistance. Provide the"but-for"affidavit in the form
attached.
The Applicant has developed financial models for the Marquette Tower
Property and the H&H Center Property. These models suggest the mixed-use
commercial real estate project and the hotel/restaurant project are viable
business models, subject to project costs being comparable with costs of
similar projects elsewhere in town. In the case of these three historic
buildings, however, the building ages and poor current conditions will require
extraordinary renovation costs that make the projects unfeasible without the
assistance of incentive programs. The total cost of the real estate renovation
part of the project is estimated to be approximately$21.2 million.
Our bankers have established the maximum amount they are willing to loan
on these projects based on their underwriting standards. These maximum loan
amounts are based on loan-to-value and debt service coverage ratios. Total
senior debt is projected to be $7.3 million for permanent financing.
The Applicant's financial models also anticipate proceeds from the sale of
federal and state historic tax credits and New Market Tax Credits that could
amount to as much as$7.5 million at the conclusion of construction.
The Developer/General Contractor has also agreed to defer payment for a
significant portion of their fees for up to 6 years. This allows these fees to be
paid from operating cash flows after the construction is completed and the
tenants and hotel begin operating. These deferred fees are projected to be
$714k.
Equity from Old Town Cape Historic Landmark Preservation Group. LLC is
based on investor commitments that depend on projected returns being
comparable with other commercial real estate investments with similar risk
profiles and time lines. Based on the performance expectations set out in the
financial models.the investors are prepared to contribute up to $3.3 million in
cash for the real estate portion of these projects. While it is not directly
relevant to this application, it is important to note that the investors are
committing up to$3 million of additional capital for the hotel and restaurant
operating companies to purchase all the fixtures. furniture and equipment
required for those businesses. These two operating companies are the only
tenants in the H&H Center Property and are therefore critical to the projected
net rental income for the H&H Center Property. When considering the real
estate part of this development project and the two operating companies that
will occupy the H&H Center, the investors are contributing a substantial
amount of cash equity, in addition to the capital provided by different
incentive programs.to make this project happen.
The Applicant's financial models project total costs of$21.2 million to
acquire and renovate all three buildings for the proposed uses. The senior
bank loans. proceeds from tax credit sales, deferred fees to Developer/GC and
investor equity provide$18.8 million ($7.3 + $7.5 + $714k+$3.3). This
leaves a gap of$2,497.242 in sources of funds for the project to proceed. This
TIF application is a request for$2.497.242 (present value of 90%of
incremental tax revenues)to close this gap and allow the entire development
project to proceed.
Exhibit D includes the"But-for'' Affidavit.
9) Attach a letter from a financial institution indicating(a)that the Applicant has sufficient financial
resources to obtain the private financing for the project and(b)that the financial institution is
committed to provide such private financing,subject to normal underwriting criteria.
Financial institution commitment letter is provided in Exhibit E.
PROJECT COSTS/FINANCING:
10) Identity sources,amount,and status of all debt financing and/or equity funding available to
complete the project. With respect to each source of funds, identify a contact person who can
verify such source.
• Senior Bank Debt: $7.3 million
o Southern Bank—Brian Rivenburgh
BRivenburgh@BankWithSouthern.com
o Commitment letter has been issued and is attached as Exhibit E.
• Equity Funding: $3.3 million committed to real estate renovation
o Old Town Cape Historic Landmark Preservation Group. LLC
o Contact is Jeff Maurer(Jeff.Maurer 2 MaysonCapital.com)
o Commitments have been made; funding planned for April 2016
11) Provide and outline the costs associated with the development of the proposed project(s).
Construction budget are as follows:
• Marquette Tower Property $3.616,455
• H&H Center Property $17,537.065
Additional details are provided in Exhibit F for both projects.
12) List the other public incentives,if any,which are being sought by the Applicant in furtherance of
this project.
Federal Historic Tax Credits
State Historic Tax Credits
Federal New Market Tax Credits
13) Provide a pro forma financial statement,showing the projected return on investment if the
project is built without TIF assistance,and the projected return on investment if the project is
built with TIF assistance.
See pro forma financial statements in Exhibit G.
Without TIF assistance, the internal rate of return (IRR)on cash flows for the 10-yr
period projected in Applicant's financial models is -1.1%. With TIF assistance, the 1RR
on cash flows is 6.3%.
This application is based on Applicant receiving 90%of the projected incremental tax
revenues for the entire 23-yr period. The gap is projected to be $2,497.242 plus interest
(estimated at 7%over entire period) for the 23-yr period.
See TIF schedule in Exhibit H.
14) Provide an estimate of the market value of all taxable personal property to be located at the
project site following completion of the project.
The Applicant estimates the hotel operating company(OTC Hospitality. LLC).a tenant
in the H&H Center Property will be assessed similar to other local hotels at a rate of
approximately $50 per hotel room for personal property tax.
There will be additional personal property purchased by the three proposed restaurants in
the overall project, but no estimates are available at this time.
I hereby certify all the information in this application is true and complete to the best of my knowledge.
I acknowledge submitting this application is not a guarantee of public assistance. Each proposal will be
evaluated to determine how well it supports the City's objectives for the Redevelopment Area and if
public incentives are warranted. The City may reject all or port of any redevelopment proposal.
Approval of the redevelopment proposal or any port thereof will be mode in the sole discretion of City.
!also acknowledge the public assistance through the use of Tax Increment Financing will be on a 'pay as
you go'basis.
t1/1
OVAR April 14, 2016
APPLICANT DATE
TITLE: MANAGER
COMPANY: OLD TOWN CAPE HISTORIC LANDMARK PRESERVATION GROUP, LLC
Additional Information about Development Project
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Organizational Chart
of Legal Entities
• Local investor group
Old Town Cape Historic • 't ohne."
,y.
Landmark Preservation i eritage Developers, LLC
Group, LLC Jeff Maurer / Jim Maurer
• Scott Rhodes / Mark R ode
• Initial planned capitalization of .1 illion
Marquette Tower
Property, I.IC.
Mayson,Capital Partners,LLC
tri i'a c I ll l' J 11 i f'ti t�
Jeffrey J. Maurer
President
Mr. Maurer co-founded Mayson Capital Partners, LLC (Mayson Capi-
tal) for placing private capital into small- and mid-market businesses
and a commercial real estate portfolio. Mayson Capital investments
vary widely in size and structure. Each investment opportunity is eval-
.; uated in terms of its risk/return profile, its liquidity prospects and the
--- quality of its management team. Goal congruency among management
)1IL and stakeholders is a fundamental priority.
* Mayson Capital's investment platforms include convenience stores, a
r f regional bank, urgent medical care clinics, hospitality developments
and a venture fund associated with a co-working business incubator in
Cape Girardeau, Missouri. The current portfolio of passive investments includes a general
contracting company, a smart grid technology provider,a biopharmaceutical company,a med-
ical software and data warehousing firm,a fertilizer manufacturing business and a silica mine.
Prior to founding Mayson Capital, Mr. Maurer held executive management positions with
PAJCO, Inc. PAJCO operates a chain of convenience stores in southeast Missouri and south-
ern Illinois branded as Rhodes 101 Stops and Mercato. Mr. Maurer subsequently led project
teams on several commercial real estate developments in southeast Missouri, including Re-
gent's Parc, Cape West Crossings, and CityCentre. He continues to participate directly in
portfolio businesses and serves on the board of directors for several of these businesses.
Mr. Maurer earned an M.B.A. from Columbia Business School in New York, NY and an
M.B.A. from London Business School in London.UK. He also earned a B.A. in biology from
Saint Louis University. Jeff lives in Cape Girardeau,Missouri with his wife, Lauren,who also
earned M.B.A. degrees from Columbia Business School and London Business School. Jeff
and Lauren have a son, Rennold, and daughter, Grayson.
Mr. Maurer serves on the Board of Directors for Big Brothers Big Sisters of Eastern Missouri
(BBBS-EMO)and is Chairman of the BBBS Regional Development Board. Jeff also partici-
pates as a Big Brother. Mr.Maurer currently serves as Chairman of the Competition Commit-
tee leading the 1 sT54K startup competition based in Cape Girardeau, Missouri.
Contact information is:
Cell: 573-450-2285 (preferred phone contact)
E-mail address: Jeff.MaurergMaysonCapital.com
December 2015
16111N.EingshigimitSai1e 301! 140 637111
Scott M. Rhodes
Scott is co-owner of Plaza Tire Service, Inc. and The Rhodes Group. Plaza Tire Service. Inc.
owns, and operates 58 retail tire stores throughout MO, IL, KY &AR, along with a whole-
sale division. Plaza Tire Service is one of the 10 largest privately owned tire retailers in the
country.
The Rhodes Group is primarily a real estate holding and management company that owns
various commercial and multi-family properties,throughout MO, IL, KY&AR. The group
owns over 60 tire store properties, commercial office buildings, strip centers and mini storage
complexes. In addition to real estate it also holds an interest in a commercial general con-
struction company.
Both Plaza Tire Service and The Rhodes Group was founded by Scott's father, Vernon "Pee-
wee"Rhodes.Now Scott&his brother Mark own and manage Plaza Tire Service.The
Rhodes Group is also managed by Scott& Mark and is co-owned with other members of the
Rhodes Family.
Scott lives in Cape Girardeau, Missouri with his wife Samantha and their two children. Scott
and his family attend St Andrew Lutheran Church. Scott previously served on the Cape
Girardeau Planning Commission for 7 years and was on the regional board for Big Brothers
Big Sister of Eastern Missouri.
Scott is a graduate of Southeast Missouri State University.
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By investing in a 19,000+ square-foot facility, Codefi will support more startup and tech-based businesses
with more education and support and new youth and adult programs for coding. Our members and partners
will have area's most tech-powered and modern space to continue growing the innovation and
entrepreneurial ecosystem in southeast Missouri.
The historic Marquette building and surrounding downtown Cape Girardeau is a prime location that allows
Codefi to anchor the Marquette Tech District and build a united technology and startup community.
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Proposed Floorplan Notes
• General Comments:
We are proposing combining two buildings that are currently separated by a 15'alley
Front bulking(drawn on left)is known as H&H Building,it is 5 levels plus a basement
Back building(drawn on right)is known as Marquette Center;it is 2 levels plus a
basement
We propose to connect with a walkway on ground level along with a tower that will
house a shared staircase and service elevator that can access all levels of bctn'zinldings
For onentation,Broadway is on left side of drawing and Fountain Street is along bottom;
North is to Right;Parking lot is along top and right side of building as shown in
floorplans.
• Basements(Sheet AO)
Plan to incorporate as many small meeting roans as possitie in ri&H Budding;not likely
to actually complete as many as shown here oue to varying ceiling heights
Laundry and Fitness both included in Marquette Center
• Ground Floor(Sheet Al)
Proposed porte-cochere is as dose to Broadway as possible while not interfering with
histoncafy relevant exterior facade;also allows us tc enter hotel in center so Lobby is
flanked by Lounge/Theatre to nght lwhen entering)and Cafe/Bistro to left
Existing bank vault is retained as'Marker;plan is to renovate hotel side of ground floor
in H&H to original bank style from early 1900s
Proposed stand-alone restaurant to be determined in other half of ground floor
• Upper Floors(Sheet A2)
IMPORTANT Floors 2-5 in'H&H;looks like an H'are stacked with identical floorplan
Guest elevators include two existing in center of H and one in east side of rear building;
we're adding a service elevator in new shaft between buildings
Room Matrix Chart:
King: 71
Q/Qi 18
Kung Suites 7
TOTAL 96 rooms
STATE OF MISSOURI
COUNTY OF CAPE GIRARDEAU
AFFIDAVIT
I,the undersigned, am over the age of 18 years and have personal knowledge of the matters stated
herein.
1. I am a Manager of Heritage Developers,LLC,which is the Manager of Old Town Cape Historic
Landmark Preservation Group, LLC(Applicant)and I am authorized to attest to the matters set
forth herein.
2. Marquette Tower Property, LLC and H&H Center Property, LLC have contracts to purchase
property located at 338 Broadway and 400 Broadway, respectively, in Cape Girardeau, Missouri.
The property has not been subject to growth and development through investment by private
enterprise,and would not reasonably be anticipated to be developed without the adoption of
tax increment financing.
4414-911, 1
Printed Name: Jeffrey J. Maurer
Subscribed and sworn to before me this 14th day of April, 2016.
/43 .f��
Notary Public
My commission expires on:
PATRICIA S. SCHAEFER
1 Notary Public, Notary Seal
State of Missouri
Scott County
Commission # 13456475
my Commission Expires August 09. 201 7
Southern
BANK
April 4, 2016
Mr.Jeff Maurer
1610 N Kingshighway, Suite 301
Cape Girardeau,MO 63701
Dear Jeff,
Southern Bank is pleased to present to you the following conditional loan approval. The creation of a
legally binding commitment or obligation is subject to the delivery, of documents requested by Southern
Bank,final approval of the Borrower's request for a loan,and the execution and delivery of an
agreement by both Borrower and Southern Bank to the transactions contemplated hereby,and the
consummation of such transactions will be subject to the satisfaction of the conditions set forth therein.
Borrower: H&H Property, LLC
Guarantor: OTC Real Estate Fund,LLC
OTC Hospitality, LLC
Marquette Tower Property, LLC
Loan Amount: $14,308,184
Purpose: The purchase and renovation of the H&H Building
Rate: Prime floating plus .25%
Fee: $15,000
Term: 24 months draw period,interest only during draw period
Collateral: 400 Broadway,Cape Girardeau,MO 63701
Conditions:
• Copy of acceptable environmental due diligence with regards to asbestos containment and lead based
paint-
• Verification and review of Marriott site approval.
• Verification of Historical Tax Credits and final review of the structure and validity of those credits by
the bank's attorney.
• Verification of TIF application.
• Review and approval of final construction cost sheet.
1205 South Main Street • Sikeston, Missouri 63801 • 573-471-1901 • fax 573-471-3301
www.bankwithsouthexn.com
i -
• Updated appraisal of project as is and subject to improvements by a qualified real estate appraiser
acceptable to the bank with final collateral values being within the hank's loan policy.
• Copy of contract to purchase to the properties to be provided.
• Copy of Organizational Documents for borrower and all guarantors.
• Copy of Investment Agreement for OTC Real Estate Fund, LLC
• Copy of Investment Agreement for OTC Hospitality and Premier Management
• Investors providing bank with a personal financial statements, even though they will not personally
guarantee the loans.
• Minimum upfront injection of cash into project with funds held at Southern Bank of$2,115.277 and
back end cash into project of$769,590.
• Covenants limiting investor distributions to only those which are needed for entity specific tax
ramifications without prior bank approval.
• DDA account to be maintained at Southern Bank for the operational accounts during and after
completion.
• Reviewed and acceptable title insurance showing first lien priority and free from all exceptions except
those approved by the bank on the property to be issued for the benefit of the bank in an amount no less
than the loan amount.
• Title Company to handle all construction disbursements and inspections during the construction phase
and documentation of all construction draws and lien waivers to be provided to the bank.
• Monthly compliance updates related to historical tax credit compliance, as issued by third party.
• Casualty insurance and flood insurance(if applicable) issued by insurance companies acceptable to the
bank, insuring the collateral against loss for its replacement value, but in no event less than the loan
balance with the bank named as mortgagee/loss payee.
• Southern Bank agrees to the confidentiality of the proposed project but would reserve the right to
actively seek a participating lender to participate in this project after all parties are in agreement to the
proposal for financing of this project and sufficient information is provided to complete underwriting
and submission for review by a participating lender. That lender would be approved by all parties prior
that submission of a participation request.
• Meets all applicable regulatory requirements from the Missouri Division of Finance and/or Federal
Reserve Board.
This proposal is provided solely for your benefit and shall not be reproduced, distributed, quoted, or
otherwise made reference to except between the senior management, officers and legal counsel of the
borrower. Please review and sign and send hack to Bank.
Respec •. lv
Bri. •urgh
Vice President
Southern Bank
Agreed to as set forth above:
By:
Title:
Date:
This commitment must be accepted 90 days from the date of the commitment.
Southern
BANK
April 4,2016
Mr.Jeff Maurer
1610 N Kingshighway, Suite 301
Cape Girardeau,MO 63701
Dear Jeff,
Southern Bank is pleased to present to you the following conditional loan approval. The creation of a •
legally binding commitment or obligation is subject to the delivery of documents requested by Southern
Bank,final approval of the Borrower's request for a loan,and the execution and delivery of an
agreement by both Borrower and Southern Bank to the transactions contemplated hereby,and the
consummation of such transactions will be subject to the satisfaction of the conditions set forth therein.
Borrower: Marquette Tower Property,LLC
Guarantor: OTC Real Estate Fund, LLC
H&H Property, LLC
OTC Hospitality, LLC
Loan Amount: $2,217,251
Purpose: The purchase and renovation of the Marquette Tower Property
Rate: Prime floating
Fee: $5,000
Term: 18 months draw period,interest only during draw period
Collateral: 338 Broadway,Cape Girardeau,MO 63701
Conditions:
• Review of leases and requirement of assignments of all leases.
• Copy of acceptable environmental due diligence with regards to asbestos containment and lead based
paint.
• Verification of Historical Tax Credits and final review of the structure and validity of those credits by
the bank's attorney.
• Verification of TIF application.
• Review and approval of final construction cost sheet.
1205 South Main Street • Sikeston, Missouri 63801 • 573-471-1901 • fax 573-471-3301
www.banIcwithsouthern.com
• Updated appraisal of project as is and subject to improvements by a qualified real estate appraiser
acceptable to the bank with final collateral values being within the bank's loan policy.
• Copy of contract to purchase to be provided.
• Copy of Organizational Documents for borrower and all guarantors.
• Copy of Investment Agreement for OTC Real Estate Fund, LLC.
• Investors providing bank with a personal and business financial statements,even though they will not
personally guarantee the loans.
• Minimum upfront injection of cash into project with funds held at Southern Bank of$1,253,769 and
back end cash into project of$527,400.
• Covenants limiting investor distributions to only those which are needed for entity specific tax
ramifications without prior bank approval.
• DDA account to be maintained at Southern Bank for the operational accounts both during and after
completion.
• Reviewed and acceptable title insurance showing first lien priority and free from all exceptions except
those approved by the bank on the property to be issued for the benefit of the bank in an amount no less
than the loan amount.
• Title Company to handle all construction disbursements and inspections during the construction phase
and documentation of all construction draws and lien waivers to be provided to the bank.
• Monthly compliance updates related to historical tax credit compliance,as issued by third party.
• Casualty insurance and flood insurance (if applicable)issued by insurance companies acceptable to the
bank,insuring the collateral against loss for its replacement value,but in no event less than the loan
balance with the bank named as mortgagee/loss payee.
• Meets all applicable regulatory requirements from the Missouri Division of Finance and/or Federal
Reserve Board.
This proposal is provided solely for your benefit and shall not be reproduced,distributed, quoted,or
otherwise made reference to except between the senior management, officers and legal counsel of the
borrower. Please review and sign and send back to Bank.
Respectfully,
F
Bri.i ' - •urgh
Vice President
Southern Bank
Agreed to as set forth above:
By:
Title:
Date:
This commitment must be accepted 90 days from the date of the commitment.
Exhibit F
SOl R( unstruction Funding
Maximum Construction Loan • $16,525,435
Construction Management Fee 90%r $1,335,625
Builder/Developer Fee Deferral 90% SO
Equity Needed r $3,292,460
Total Project Cost • $21,153,520
SOURCES-Permanent Financing:
Mortgage Loan • $7,344,766
Present.Value(PV)of IIF t+eimbtrsements • $2,497,242
Convection Management Fee Deferral $714,412
Budder/Developer Fee Deferral -- SO
Final Sale O(Historic Tax Credits(Federal) • $2,844,950
Final Sale Of Historic Tax Credits(State) • $2,212,739
Final Sale ofNew Market Credit _` $2,414,782
Equity Needed 0 3,124,629
Total Project Cost S21,153,520
USES-Development Costs:
Buildi�Ptrchase Price • $3,520,000_
Penn Loan Potts(.05 point) -- T-- 22,500
Construction Loan Potts(.50 poit) • S15,000
Hard Costs • 13,655,700
General Requirements 0
Builder's Overhead 0
Builder's Profit 0
Soft Costs r 881,703
Construction Period Interest-Basis 90,000
Construction Period lrterest-Non Basis 0
Contingency • 1,365,570
Ope.riling Reserve 0
Construction Management Fee • 1,603,047
Developer's Proft SO
Total Project Cost r 521,153,520
Marquette Tower Property
Cost Summary
TOTAL PER SQ. FT. QRE N on.QRE
HARD COSTS __
Buildings S 1,416,632 28.00 1,274,969 141,663
Project Contingency 10.00% 141,663 2.80 127,497 14,166
- 0.00 0
TOTAL HARD COSTS $1.558,295 • 30.80 1.402,466 155,830
. ---
SOFT COSTS - - - - �-
Legal & Accounting $ 35,000 0.69 17,500 17,500
Architectural 50,000 _ 0.99 45,000 5,000
Structural Engineering 5,000 . _ 0.10 4,500 500
Mechanical Engineering _ 5,000 0.10 4,500 500
Civil Engineering 2,500 0.05 0 2,500
Construction Loan Fees 7,500 0.15 7.500 0
Construction R/E Taxes 1,500 0.03 1,500 0
Construction Interest 15,000 0.30 13,500 1,500
Const Period/ Builders Risk Insurance 2,500 0.05 2,250 250
Cost Certification 20,000 0.40 20,000 0
Historic Preservation 13,500 0.27 13,500 0
NPS Fees 6,270 0.12 - i 6,270
Appraisal 3,500 0.07 - 3,500 0
Environmental Study 3,500 0.07 3,500 . 0
Marketing 8 Promotion -- _ - - 0.00; 0 , 0
!DED Fee 2.50% 10,667 " 0.21. 10,667 0
Perm Loan Fees 2,500 0.05 0 2,500
Operating Reserve __ - 0.00 0 0
Construction Management Fee - 10 00% 174,223 - 3.44 15.6,801 1 17,422
Developer Fee 0.00% - 0.00 0 ' 0
TOTAL SOFT COSTS $ 358,160 ' 7.08 304,218 53.942
TOTAL CONSTRUCTION COSTS 1,916,455 37.88 1,706.683 209,772
Marquette Tower 1,700,000 33.60: 0 1,700.000
. Land Value 200,000 ; 0.00' 0 0
TOTAL COST i ;3,616,455 71.48 1,706,683 1.909,772
H&H Center Property, LLC
Cost Summary
. _.
TOTAL PER SQ. FT. QRE Non-QRE
HARD COSTS
Building-Marquette Center $ 3,018,968 35.35 2,766,218 252,750
Building-H&H $ 9,220,100 . 8,224,551 : 995,548
Project Contingency 10.00% 1,223,907 14.33 1,121,440 102,466
FFE (Mcmed to OP-CO) - 0.00 0.00 0 .
TOTAL HARD COSTS $13,462,974 ' 157.63 12,112,210 1,350,764
SOFT COSTS
Legal&Accounting $ 35,000 0.41 17,500 17,500
....
Architectural & Engineering 500,000 5.85 449,834 50,166
Construction Loan Fees 7,500 . 0.09 7,500 0
Construction R/E Taxes 12,000 0.14 12,000 0
Construction Interest 75,000 0.88 67,475 7,525
Const Period/ Builder's Risk Insurance 20,000 0.23 17,993 2,007Cost Certification 20,000 • 0.23- 20,000 0
Historic Preservation 13,500 0.16; 13,500 0
NPS Fees 27,151 0.32 - 27,151
Appraisal 3,500 0.04• 3,500 0
Environmental Study 3,500 0.04 3,500 0
Marketing& Promotion 0.00 0 0
DED Fee 2.50% 88,116 1.03 88,116 0
Perm Loan Fees 20,000 0.23: 0 20,000
Operating Resene - 0.00-7 0 0
'Cordruction Management Fee 10.00% 1,428,824 16.73, 1,285,468 - 143,356
Dftelopes Fee 0.00% - 0.00 0 • 0
TOTAL SOFT COSTS $ 2,254,091 v 26.39 1,986,386 267,705
.7TOTAL CONSTRUCTION COSTS 15,717,065 184.03 14,098,596 1,618,469
H&H Acquisition 1,420,000 , 16.63 0 1,420,000
Marquette Centre 400,000 . 4.68 0 400,000
TOTAL COST $17,537,065 205.34 14,098,596 3,438,469
Exhibit G
Old Town Cape Historic Landmark Preservation Group, LLC
2013 2017 2018 2019 2020 2021 2022 2023 2024 2028 2028
Const Year1 Year2 Year Year4 Years Year Year Year8 Year9 Year 10
INCOME
Con-inercialhcome $1,246,193 $1,332,771 $1,391,781 $1,427,663 51,541,506 $1,572,336 $1,603,782 $1,635,858 $1,668,575 $1,701,947
GROSS RENTAL INCOME 0 $1,246,193 $1.332,771 $1,391,781 $1,427,663 $1,541,508 $1,572,338 $1,603,782 $1,635,858 $1,608,575 $1,701,947
Other Income(CAM) 49
$182,138 $185,781 51897 _S193,287 $197,152 $201,098 $205,117 $209,220 $213,404 $217,672
Vacancy 0 ($205,062) ($205,062) ($205,062) ($205,0(2) ($205,062) ($205962) ($205062) ($205962) 0205,062) ($205062)
EFFECTIVE GROSS INCOME 0 S1.223,269 $1,313,490 $1,376,216 $1,415,888 $1,533,596 $1.568,369 $1,603,838 $1,640,016 $1,676,917 $1,714,557
EXPENSES
,Properly.-Taxes .......... 0..........(5220,000) jS220,W0)„ ,($229,000), .._($220,000).,... ($220,000). ($220,000) ($220,Q00) (4220,000). i5210,000 ($22(900):
Eievab[_ ......... . ..._.___.,...---.•---....-.--- ..----..... 0....._.... .($9,600) -. ($9,792) .(59,988), (S10,188). ($10,3911. -j$10,599)... ($10,811) ($1.1,027), ($11,248)1 ......($11,4731.
Liability&Propertyhsixance _..._.___.... 0. .. .....($58,359) ($69_,) 171,763).
Utilities-Common Areas 0 (518,317.) ._.._.1$J 1). ($19,427)- (520,610) (520610)- - ($21229)-----.- ($21.,885) ... ($22,521).... 023,19 7), (523,893).
Repairs 8 Maintenance ...__ 0 ($12 8491 (513,028) ($13,419)-- _..($13,8211_ ($14,230) _--1$14,663) ($151031_.___.($15„,556) .. (S16,0231 ($16,5031
Trash Service 0 (52,400) ($2,472) ($2546) ($2,623)_ ($2,701) ($2,782) ($2,868) ($2,952) ($3,040) ($3,131)
Janlonal-COmmonAreas 0 ($18,000) ,-1518-540 , _(519,096) ($.19,669) ($20259) ($20,867) -)521,493) .($22,138) ($22,802) (5234862
HVAC Mairtenance 0 ($2,530) _.._......(52806) ..- _.($2 684)............($2,761) 02.644..... __029P1..... _-..($3,021).__._ .($3111).;... (S3,205.),......._-($3,301),
Professional Fee .,._._..----__...__........................._._...__ 0 ($25,297)'. _1$26,,056)......_($26838):....____1527,643),.___......_(528,472)'-_._...($29,326) ($30.,206) .....(531112);... ($32.045),__..-....($33,007).
Marketing _........_L._. ...._.... _. 0 ..,. ($1,500)....- ($1,545).._..., ,._($1,591).. ...-.($1,699) ($1,688).__..... ($1,739) ._. (51,791)....._.... ($194 5) ($1,900)......._($19'7).
Management Fee 1, ($42,000) ($42,000) ($42,0001 ($42,040) ($42,000) ($42,000) ($42,000) ($42,000) ($42,000)+ ($42,000)
TOTAL EXPEN SE S (0) (5407.287) ($411,550) ($415,938) ($420,457) ($425,108) ($429,890) ($434,829) ($439,906) ($445,132)' ($450,514)
NET OPERA71NONCOME 0 $815,982 $901,940 $960278 $995.431 $1,108,488 $1,138,471 $1,169,009 $1,200,110 $1,231,785 $1,264,043
CAPITAL COSTS
Replacement Reserves 0 ($12,849) ($12,649) ($12,649) (512649) ($12,649) (S12,649) (512649) ($12,649) ($12,649) ($12,649)
TOTAL CAPITAL COSTS 0 ($12,649) ($12,649) ($12,649) ($12,649) ($12,649) ($12,649) ($12,649) ($12,649) ($12,1349) (512,649)
OPERATING CASH FLOWICAPITALQED NOI 0' $803,334 $889,291 $947,629 $982,783 $1,095,839 $1,125,823 $1,156,361 $1,187,462 $1,219,137 $1251,395
Debt Senice-Construction Loan 0 SO
Debt Seance•Permanent Loan 0 ($521,089) (5521,089) ($521,089) ($521,089) ($521,089) ($521,089) (5521,089) ($521,089) ($521,089) ($521,009)
CASH FLOW AFTER DEBT $0 $282,244 $368,202 $426,540 $481,893 $574,750 $604,734 5835,271 $668,372 $898,047 $730,305
Deferred ConsticbonMgnt Fee Remaining $714,412 $432,168 $63.966
Less Cash Fbw Applied to CM Fee ($282,244) (S368,202) ($63,966)
Balance of Defeeed Cons Mgrrt Fee $432,168 $63,966 SO
Deferred Derebper Fee Remaining S0 SO $0 SO
Less.Cash Flow Applied to Dev.Fee SO SO SO SO
Balance of Deferred De eloper Fee SO SO SO SO
CASH FLOW AVAILABLE TO INVESTORS• (5,116 844) SO SO $362.574 $481,693 $574,750 $604,734 5635271 $866,372 $698,047 $730,305
. (RR 08 4.1%
Old Town Cape Historic Landmark Preservation Group, LLC
orr,,V3., r ,. -(11 'f.-t` ii 1.' i i`' (.i : k "i..re Ira
2013 2017 2018 2019 2020 2021 2022 2023 2024 2026 2026
Coml. Year Year2 Year3 Year4 Veer Year6 Year? Year8 Year9 Year10
INCOME
Commercial income $1,248,193 $1,332,771 $1,391,781 $1,427,663 $1,541,506 $1,572,336 $1,603,782 $1,635,858 $1,888,575 $1,701,947
GROSS RENTAL INCOME 0 $1,246,193 $1,332,771 $1,391,781 $1,427,863 $1,541,506 $1,572,338 $1,603,782 $1,635,858 51,688,575 $1,701,947
Other icome(CAM) $182,138 $185,781 $189,497 $193,287 $197,152 2201,096 $205,117 $209,220 $213,404 $217,672
Vacancy 0 ($205,062) ($205,062) ($205,062) ($205,062) ($205,062)_ ($205,082)- ($205.062) ($205,062) ($205,062) 0205.062)
EFFECTIVE GROSS INCOME 0 $1,223,269 $1,313,490 $1,376,216 $1,415,888 $1,533,596 $1,568,389 31,803,836 $1,640,018 $1,676,917 $1,714,557
EXPENSES
Properly Taxes 0 , ($220,000) ($220,000) ($220.000) ($220,000) ($220,000) ($220.000) ($220,000) ($220,000), ($220,000) ($220,000)
Elevator + 0 ($9.600) ($9,792), ($9,988) ($10188) ($10,391)` ($10,599) ($10,811) ($11,027) ($11.248) ($11,473)
Liability 8 Property Insurance ., 0 ($55.000) ($56,650) ($58,350) ($60.100)._ (561,903), ($63,760), ($65.673) ($67,643) ($69.672) ($71,763)
Utilities-Common Areas 0 ($18,312)^ 1518,8811 ($19,427) ($20.010) _1$20,610) ($21,229) ($21.885) ($22,521) ($23,197) ($23,893)
Repairs&Maintenance ` 0 $12,649) ($13,028) 5513,419) ($13.821) ($14.236) __($14,663). ($15.103) ($15,556) ($16,023) ($16,503)
,Trash Service 0 ($2,4001. ($2,472) ($2,546) .($2,623) ($2,701) ($2,7825 ($28G6) . (52,952) 153,0401` ($3.131)
Janitorial-CommonAreas _ 0 ($18,000)_ ($18,540)! ($19,096) ($19,669) ($20259) ($20,867) ($21,493)^ ($22,138) ($22,802) __($23,486)
HVAC Maintenance 0 ($2,530) ($2,606); ($2,664) ($2,764) ($2,847) ($2,933) ($3,021) ($3.111) ($3,205) ($3,301)
Professional Fee 0 ($25,297) ($28,056) (526.8381_ (527,643) ($28_472) 1$29,326) ($30,206) ($31,112) ($32.045) ($33,007)
Marketing0 ($1,500) ($1,545) ($1,591) ($1,639) ($1,688) __($1739) ($1,791) ($1,845) -_ ($1,900) ($1,9571
Management Fee a 10) ($42,000) ($42,000) 442,000) ($42.000) ($42,000) ($42,000) ($42,000) ($42,000) ($42.000) ($42,000)
TOTAL EXPENSES (0) ($407.287) ($411,550) ($415,938) ($420.457) ($425,108) ($429,898) ($434,829) ($439,908) (5445.132) ($450,514)
NET OPERATING INCOME 0 $815,982 $901,940 $980,278 $995,431 $1,108,488 $1,138,471 $1,169,009 $1,200,110 $1,231,785 $1,264,043
CAPITAL COSTS
Replacement Reserves 0 ($12,649) ($12,649) ($12,649) ($12,649) ($12.649) ($12,649) ($12,649) ($12,649) ($12,649) ($12,649)
TOTAL CAPITAL COSTS 0 ($12.849) ($12,649) ($12.649) ($12,649) ($12,649) ($12,849) ($12,649) ($12.649) ($12,849) ($12,649)
OPERATING CASH FLOW/CAPITALIZED NOI 0 $803,334 $889,291 $947,629 $982,783 $1,095,839 $1,125,823 $1,156,361 $1,187,462 $1,219,137 $1,251,395
Debt Service-Construction Loan 0 $0
Debt Service-Permanent Loan 0 ($521,089) ($521.089) ($521.089) ($521.089) ($521,089) ($521,089) ($521.089) ($521,089) ($521.089) ($521,089)
CASH FLOW AFTER DEBT $0 $282.244 $368,202 $426,540 $461,693 5574.750 $604,734 $635,271 $666,372 $698,047 $730,305
Deferred Construction Mgmt Fee Remaining 5714,412 $432,168 $63,966
Less:Cash Flow Applied to CM Fee ($282.244) ($368,202) ($63,966)
Balance of Deferred Cons.Mgmt Fee $432,168 $63,966 $0
Deferred Developer Fee Remaining $0 $0 $0 $0
Less:Cash Flow Applied to Dev.Fee $0 $0 $0 SO
Balance of Deferred Developer Fee $0 50 $0 $0
CASH FLOW AVAILABLE TO INVESTORS it (3.124,629) 50 $0 $362,574 $461,693 $574,750 $604,734 $635,271 $866,372 $698,047 $730,305
IRR• 8.3%
Exhibit H
Old Town Cape Historic Landmark Preservation Group,LLC
TIF Schedule of Cash Flows
%requested of incremental property tax 90%
County/City Sales Tax rate: 3.75%
DOR payment discount: 3.00%
Projected 2015
Projected
Weekly NPV Base 1 2 3 4 5
Amount
Revenues Amount
7.00%
Marquette Tower-Property tax S - $ 992,016 $ 2216 $ 100,000 $ 88,005.60 $ 88,006 $ 88,006 $ 88,006 $ 88,006
Marquette Tower-EATS(BCB) S 7,500 $ 79,955 $ - $ 7,093 $ 7,093 $ 7,093 $ 7,093 $ 7,093 $ 7,093
Marquette Tower-EATS(Skal) $ 10,000 $ 106,607 $ - $ 9,458 $ 9,458 $ 9,458 $ 9,458 $ 9,458 $ 9,458
$ 1,178,577
H&H Building-Property tax $ - $ 907,376 $ 10,559 $ 100,000 $ 80,496.90 $ 80,497 $ 80,497 $ 80,497 $ 80,497
Marquette Center-Property tax $ - $ 198,075 $ 2,428 $ 20,000 $ 17,572 $ 17,572 $ 17,572 $ 17,572 $ 17,572
H&H/Center-EATS(restaurant) $ 20,000 $ 213,213 $ - $ 18,915 $ 18,915 $ 18,915 $ 18,915 $ 18,915 $ 18,915
$ 1,318,664
Amount of TIF reimbursements: $2,497,242