HomeMy WebLinkAboutDecember 02, 2025 - EDA Packet 111111"tgill
SHAKOPEE
Shakopee Economic Development AuthorityRegular Meeting
Tuesday, December 2, 2025
7:00 PM
City Hall, 485 Gorman Street
1. Roll Call
2. Approval of Agenda
3. Consent Business
3.a Approval of EDA Meeting Minutes
4. General Business
4.a Approval of Transfer of Guarantee and Contract for Private Development from
DECO Shakopee, LLC to LOUMIN HOLDINGS DECO LLC.
5. Reports
5.a EDA Bill List
6. Adjourn to January 6, 2026, at 7:00 pm
Note to EDA Members: If you have any questions or need additional information on any of
the above items, please call Michael Kerski, prior to the meeting at (952)233-9346.
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PIIIShakopee Economic 3.a
SHAKOPE E Development Authority
December 2, 2025
Agenda Item: Approval of EDA Meeting Minutes
Prepared by: Rick Parsons
Reviewed by:
Action to be considered:
I move to approve the EDA meeting minutes for November 5, 2025
Motion Type:
Simple Majority
Background:
The November 5, 2025 EDA meeting minutes are ready for approval.
Recommendation:
Approve the above requested motion.
Budget Impact:
none.
Attachments:
EDA Minutes 11-05-2025.pdf
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SHAKOPE E
Economic Development Authority
City Hall
485 Gorman Street
Shakopee, MN, 55379
Wednesday, November 5, 2025
7:00 p.m.
Vision: Shakopee is a place where people want to be! A distinctive river town, with a
multitude of business, cultural and recreational opportunities in a safe, welcoming, and
attractive environment for residents and visitors.
Mission: Our mission is to deliver high quality services essential to maintaining a safe
and sustainable community. We commit to doing this cost-effectively, with integrity and
transparency.
1) Roll Call
PRESENT:
Commissioner DuLaney, President Whiting, and Commissioner Contreras
ABSENT:
Commissioner Lara, and Commissioner Lehman
ALSO PRESENT:
None.
2) Approval of Agenda.
Commissioner Contreras made a motion to approve the agenda, second by
Commissioner DuLaney and the motion passed. 3 - 0
3) Consent Business
3.a) Approval of EDA Meeting Minutes
Commissioner Contreras made a motion to approve the consent business,
second by Commissioner DuLaney and the motion passed. 3 - 0
4) General Business
1/2 3
4.a) Purchase Agreement for 124 Sommerville Property_
Commissioner Contreras made a motion to approve the Purchase
Agreement with Kim Robson for $75,000 for PID No. 270011810, 124
Sommerville Street, South, Shakopee, second by President Whiting and
the motion passed. 2 - 1
Nays: Commissioner DuLaney
4.b) Demolition and Remediation Contracts for 124 Sommerville
Commissioner Contreras made a motion to approve the contracts with
Scherber Companies for a total of $55,739 for building demolition and
site remediation and with Bergo Environmental for $1,514 for Asbestos
removal, second by President Whiting and the motion passed. 2 - 1
Nays: Commissioner DuLaney
5) Reports
5.a) EDA Bill List
6) Adjourn to December 2, 2025, at 7:00 pm
Commissioner Contreras made a motion to adjourn to December 2, 2025, at
7:00 pm, second by Commissioner DuLaney and the motion passed. 3 - 0
2/2 4
Pliiil Shakopee Economic 4.a
SHAKOPE E Development Authority
December 2, 2025
Agenda Item: Approval of Transfer of Guarantee and Contract for Private
Development from DECO Shakopee, LLC to LOUMIN HOLDINGS DECO
LLC.
Prepared by: Michael Kerski, Planning and Development Director
Reviewed by: Michael Kerski
Action to be considered:
Approve resolution.
Motion Type:
Simple Majority
Background:
Enclave developed the building on the former City Hall site along Holmes Street and
subsequently assigned the property to its affiliate, DECO Shakopee, LLC, a Minnesota
limited liability company.
The Limited Partners in the project have chosen to redirect their capital into another
investment and are therefore transferring ownership of the property to a new entity that
has agreed to assume all obligations under both the Contract for Private Development
and the Guaranty. The proposed new owner is Loumin Holdings DECO LLC, a Minnesota
limited liability company. Additional information about Loumin is attached for reference.
The purchasing entity has executed all required documents. EDA concurrence—through
adoption of the Resolution and execution of the associated agreements—is now
necessary to authorize the transfer and allow the closing to proceed.
Recommendation:
Approve Resolution E2025-005 Approving the Assignment and Assumption of the
Contract for Private Development and Transfer of Redevelopment Property from DECO
Shakopee, LLC to LOUMIN HOLDINGS DECO LLC.
Budget Impact:
NA
5
Attachments:
DOCSOPEN-#1062467-v1-Resolution_Approving_Assignment_of CPD.docx
Guaranty.pdf
A&A of Contract for Private Development - missing EDA signature.pdf
LouMin Presentation - 1 1 .25.25.pdf
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ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE,MINNESOTA
RESOLUTION NO.E2025-005
RESOLUTION APPROVING ASSIGNMENT AND ASSSUMPTION
OF CONTRACT FOR PRIVATE REDEVELOPMENT AND
TRANSFER OF REDEVELOPMENT PROPERTY
WHEREAS,the Economic Development Authority of the City of Shakopee(the"Authority")entered
into a Contract for Private Redevelopment, dated May 1, 2019 (the "Contract") with Enclave Development,
LLC ("Enclave") for the sale of the Redevelopment Property (as defined in the Contract) and development
of approximately 89 market-rate apartment units, including underground parking, at grade enclosed
parking, and approximately 1,500 square feet commercial space; and
WHEREAS, at the request of Enclave, on September 3, 2019, the Authority approved an
Assignment and Assumption of Contract for Private Redevelopment, dated September 3, 2019, which
assigned all of Enclave's rights and duties under the Contract to its affiliate, DECO Shakopee, LLC, a
Minnesota limited liability company("DECO Shakopee"); and
WHEREAS, DECO Shakopee now desires to convey the Redevelopment Property and to assign to
LOUMIN HOLDINGS DECO LLC, a Minnesota limited liability company("LOUMIN") all of DECO
Shakopee's rights and interests in the Contract and its obligations under the Contract,and LOUMIN desires
to assume such rights and interests and such obligations of DECO Shakopee under the Contract; and
WHEREAS, there has been presented before this Board of Commissioners of the Authority (the
"Board") a form of Assignment and Assumption of Contract for Private Development (the "Assignment
and Assumption Agreement")proposed to be executed by the Authority,DECO Shakopee,as assignor,and
LOUMIN, as assignee, pursuant to which the Authority will consent to DECO Shakopee's assignment of,
and LOUMIN's assumption of, DECO Shakopee's rights and interests in and its obligations under the
Contract;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority for the City of Shakopee,Minnesota as follows:
1. The Board approves the Assignment and Assumption Agreement in substantially the form on
file in City Hall. The President and Executive Director are authorized and directed to execute and deliver the
Assignment and Assumption Agreement. All of the provisions of the executed Assignment and Assumption
Agreement shall be deemed to be a part of this Resolution as fully and to the same extent as if incorporated
verbatim and shall be in full force and effect from the date of execution and delivery. The Assignment and
Assumption Agreement is approved, with such omissions and insertions as do not materially change the
substance thereof, or as the President and the Executive Director, in their discretion, shall determine. The
execution of the Assignment and Assumption Agreement by the President and the Executive Director shall be
conclusive evidence of such determination.
2. The Board consents to the transfer of the Redevelopment Property to LOUMIN.
3. This Resolution is effective upon the date of its adoption.
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Sworn and Executed Under My Hand this 2nd day of December, 2025.
President,Jay Whiting
Executive Director,William Reynolds
City Clerk
2
8
a)
GUARANTY
THIS GUARANTY AGREEMENT(the"Guaranty") is made this day of November, 2025, by
LOUMIN HOLDINGS DECO LLC, a Minnesota limited liability company (the "Guarantor"), for the
benefit of the ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE,
MINNESOTA, a public body corporate and politic under the laws of the State of Minnesota (the
"Authority"). All capitalized terms used herein and not otherwise defined herein shall have the meaning
given such terms in the Contract for Private Redevelopment,dated May 1,2019(the"Agreement").
Assignment and Assumption; Termination of Prior Guaranty.
This Guaranty constitutes an assignment and assumption of that certain Guaranty from 2019 signed by
DECO Shakopee, LLC in ("Prior Guarantor") in favor of the Authority (the "Prior Guaranty"). Effective
as of the date of this Guaranty,(i)the Prior Guaranty is hereby assigned to and assumed by the undersigned
Guarantor,(ii)the undersigned Guarantor accepts and assumes all obligations of the Prior Guarantor under
the Prior Guaranty arising from and after the date of this Guaranty, and (iii) the Prior Guaranty is hereby
terminated and of no further force or effect as to the Prior Guarantor, who is released from all obligations
thereunder from and after the date hereof. For the avoidance of doubt, this Guaranty supersedes the Prior
Guaranty in its entirety.
WITNESSETH:
WHEREAS, the Authority and Enclave Development, LLC ("Original Guarantor") entered into the
Agreement,which was subsequently assumed and assigned to Prior Guarantor,via that certain Assignment and
Assumption of Contract for Private Redevelopment dated September 17, 2019 and which was subsequently
assumed and assigned to Guarantor of even date herewith, under which the Authority agreed to convey certain
property referred to in the Agreement (the "Redevelopment Property"), and the Original Guarantor, as
Redeveloper under the Agreement, agreed to develop approximately 80 market-rate apartment units,
including underground parking, at grade enclosed parking, and approximately 1,500 square feet of
commercial space (the "Minimum Improvements"), within Tax Increment Financing District No. 20 (the
"TIF District"), a redevelopment district located within the Minnesota River Valley Housing and
Redevelopment Project No. 1; and
WHEREAS, pursuant to the Agreement, the Original Guarantor agreed to make certain public
improvements, and the Authority granted the Original Guarantor funds (the "Redevelopment Grant") for
the costs of site improvement, public infrastructure, and a parking structure related to the Minimum
Improvements and other costs eligible to be reimbursed with tax increment; and
WHEREAS,on September 17,2018,the City Council of the City adopted a resolution authorizing an
interfund loan(the"City Interfund Loan")in a principal amount of up to$300,000,the proceeds of which were
used to pay the costs of demolishing the old City Hall previously located on the Redevelopment Property, the
costs of environmental remediation, and administrative costs of the TIF District.
WHEREAS,on November 7,2018,the Board of Commissioners of the Authority adopted a resolution
authorizing an interfund loan (the"Authority Interfund Loan") in a principal amount of up to $2,132,400,the
proceeds of which the Authority will use to make the Redeveloper Grant to the Original Guarantor;and
WHEREAS, the City Interfund Loan and the Authority Interfund Loan are referred to herein as the
"Interfund Loans"; and
WHEREAS, prior to providing the Redevelopment Grant, the Authority requires that the Guarantor
O
guaranty the repayment of the Redeveloper Grant in the event that Tax Increment generated from the property
within the TIF District is not sufficient to reimburse the Authority Interfund Loan and the City interfund Loan;
and
NOW,THEREFORE, in consideration of the premises and to induce the Authority to provide the
Redevelopment Grant,the Guarantor hereby agrees as follows:
Section 1. The Guarantor hereby unconditionally guarantees to the Authority that the Authority shall
receive at least$202,000 in Tax Increment each year for the remaining life of the TIF District,commencing
in the year 2026. Commencing in the year 2026 and thereafter, if the Tax Increment derived from the TIF
District each year is less than $202,000, the Authority shall draw on the Guaranty in the amount of the
difference between the Tax Increment received by the Authority during the year and $202,000 (the "TIF
Shortfall"). This Guaranty will ensure that the Authority and the City are reimbursed for the Interfund Loan
with interest accruing at a rate of 3.0% per annum. All payments made under this Guaranty shall be paid in
lawful money of the United States of America.
Section 2. The obligations of the Guarantor under this Guaranty shall be absolute and unconditional
and shall remain in full force and effect until the Interfund Loan has been repaid,and such obligations shall not
be affected, modified or impaired upon the happening from time to time of any event, including, without
limitation,any of the following:
(a) The failure to give notice to any person of the occurrence of an event of default under
the terms and provisions of this Guaranty;
(b) Any lack of validity or enforceability of this Guaranty or the Agreement or any other
agreement or instrument relating thereto;
(c) The extension of the time for payment of principal of or interest under this Guaranty;
(d) Any failure,omission,delay,or lack on the part of the Authority to enforce,assert,or
exercise any right,power, or remedy conferred on the Authority in this Guaranty or other instruments
executed and delivered in connection with the loan contemplated thereby, or any other act or acts on
the part of the Authority; and
(e) The default or failure of the Guarantor to perform any of the obligations set forth in
this Guaranty;and
(f) Any Transfer of any of the Redevelopment Property by the Guarantor to any third
party, unless the Authority expressly releases the Guarantor in whole or in part from its obligations
under this Guaranty,as required under the Agreement,or otherwise.
Section 3. No set-off, counterclaim, reduction, or diminution of any obligation,or any defense of any
kind or nature that the Redeveloper or the Guarantor have or may have against the Authority shall be available
hereunder to the Guarantor against the Authority.
Section 4. In addition to the ability to draw on the Guaranty pursuant to Section 1 hereof, in the event
of a default under the Agreement by the Redeveloper that causes the Tax Increment collected by the Authority
to decrease below $202,000 annually, the Authority may proceed hereunder; and the Authority, in its sole
discretion,shall have the right to proceed first and directly against the Guarantor for the full amount of the TIF
Shortfall due without proceeding against or exhausting any other remedies it may have as to the Guarantor,as
Redeveloper under the Agreement. For the avoidance of doubt,the full amount due is the remaining principal
2
of and interest on the Authority Interfund Loan and the City Interfund Loan.
Section 5. The Guarantor hereby expressly waives notice from the Authority of acceptance of or any
reliance upon this Guaranty. The Guarantor agrees to pay all the costs,expenses,and fees,including attorneys'
fees, which may be incurred by the Authority in enforcing or attempting to enforce this Guaranty whether the
same shall be enforced by suit or otherwise.
Section 6. This Guaranty is entered into by the Guarantor with the Authority for the benefit of the
Authority,which shall be entitled to enforce performance and observance of this Guaranty.
Section 7. The Guarantor is duly authorized and empowered to execute and deliver this Guaranty and
perform all obligations hereunder.
Section 8. The performance or observance of any promise or condition set forth in this Guaranty may
be waived, amended, or modified only by a writing signed by the Guarantor and the Authority. No delay in
the exercise of any power,right,or remedy operates as a waiver thereof,nor shall any single or partial exercise
of any other power,right,or remedy.
Section 9. This Guaranty is made and shall be governed in all respects by the laws of the State of
Minnesota. Any disputes, controversies, or claims arising out of this Guaranty shall be heard in the state or
federal courts of Minnesota, and all parties to this Guaranty waive any objection to the jurisdiction of these
courts,whether based on convenience or otherwise.
Section 10. If any provision or application of this Guaranty is held unlawful or unenforceable in any
respect, such illegality or unenforceability shall not affect other provisions or applications that can be given
effect, and this Guaranty shall be construed as if the unlawful or unenforceable provision or application had
never been contained herein or prescribed hereby.
Section 11. All notices required hereunder shall be given by depositing in the U.S. mail, postage
prepaid, first class mail, return receipt requested, to the following addresses(or such other addresses as either
party may notify the other):
To the Guarantor: Loumin Holdings Deco LLC
Attn: Brad Swenson, Manager
4821 Royal Oaks Drive
Minnetonka,MN 55343
To the Authority: Shakopee EDA
485 Gorman Street
Shakopee, MN 55379
Attn: Executive Director
Section 12. This Guaranty constitutes the complete and exclusive statement of all mutual
understandings between the parties with respect to this Guaranty, superseding all prior or contemporaneous
proposals, communications, and understandings, whether oral or written, concerning the Guaranty. Nothing
contained herein shall effect or impair the Authority's rights under Agreement executed by the Redeveloper
for the benefit of the Authority and dated as of the date hereof.
Section 13. This Guaranty shall terminate on the date that the principal of and interest on the Authority
Interfund Loan and the City Interfund Loan have been paid in full.
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N
ve-
IN WITNESS WHEREOF,the Guarantor has caused this Guaranty to be executed as of the date first
above written.
LOUMIN HOLDINGS DECO LLC
By
Name: Brad Sweets n
Its: Manager
S-I
M
ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE
REDEVELOPMENT
THIS ASSIGNMENT AND ASSUMPTION OF CONTRACT FOR PRIVATE
REDEVELOPMENT, made as of November , 2025 (the "Assignment"), is between DECO
SHAKOPEE, LLC, a Minnesota limited liability company (the "Assignor"), LOUMIN
HOLDINGS DECO LLC, a Minnesota limited liability company (the "Assignee"), and the
ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE,MINNESOTA,
a public body corporate and politic of the State of Minnesota (the "Authority").
RECITALS
Enclave Development, LLC and the Authority were parties to that certain Contract for
Private Redevelopment, dated May 1, 2019 (the "Contract"), filed October 8, 2019, as Document
No.Al 076223 (Abstract), and filed October 8, 2019, as Document No. T257743, which Contract
was subsequently assigned to Assignor via that certain Assignment and Assumption of Contract
for Private Redevelopment dated September 17, 2019, filed October 8, 2019, as Document No.
A1076224 (Abstract), and filed October 8, 2019, as Document No. T257744 (Torrens), pursuant
to which the Authority agreed to convey to the Assignor, as the Redeveloper thereunder, the land
legally described in EXHIBIT A attached hereto(the"Redevelopment Property"),and the Assignee
agreed to develop approximately 80 market-rate apartment units, including underground parking,
at grade enclosed parking, and approximately 1,500 square feet commercial space (the Minimum
Improvements"); and
WHEREAS, in order to make the Minimum Improvements economically feasible, the
Authority agreed to provide a grant to the Assignor in the amount of up to $2,132,400 for the
Public Redevelopment Costs; and
WHEREAS, Assignor has completed the Minimum Improvements and a Certificate of
Completion for the Minimum Improvements has been issued; and
WHEREAS,pursuant to Section 8.2 of the Contract,the Assignor is permitted to assign its
rights and interests in the Contract and its obligations under the Contract if it obtains the prior
written consent of the Authority; and
WHEREAS, the Assignor desires to assign to the Assignee all of its rights and interests in
the Contract and its obligations under the Contract, and the Assignee desires to assume such rights
and interests of the Assignor in the Contract and such obligations of the Assignor under the
Contract, including the Minimum Assessment Agreement and the Guaranty;
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:
1. Definitions.All capitalized terms not defined herein shall have the meanings given
such terms in the Contract.
2. Assignment and Assumption of Contract. Section 8.2 of the Contract allows the
Assignor to assign its rights and duties under the Contract to another entity if: (a) the proposed
transferee has the qualifications and financial responsibility, in the reasonable judgment of the
Authority, necessary and adequate to fulfill the obligations undertaken in the Contract by the
Assignor; and(b)any proposed transferee expressly assumes all of the obligations of the Assignor
under the Contract and agrees to be subject to all the conditions and restrictions to which the
Assignor is subject. The Assignor hereby assigns to the Assignee all of its rights and interests in
and obligations under the Contract. The Assignee hereby accepts such rights and interests and
assumes such obligations, subject to the terms of this Assignment. The Authority acknowledges
and consents to such assignment.
3. Covenants of the Assignee. The Assignee expressly assumes all of the obligations
of the Assignor under the Contract and agrees to be subject to all the conditions and restrictions to
which the Assignor is subject to under the Contract.
4. Release of Assignor. This Assignment shall be deemed to release and discharge the
Assignor from any obligations of the "Redeveloper" under the Contract, such obligations having
been assumed by the Assignee.
5. Assignee Address. For purposes of notice under the Contract, the Assignee's
address is:
LouMin Holdings Deco LLC
4821 Royal Oaks Drive
Minnetonka, MN 55343
With a copy to:
Barna, Guzy & Steffen, Ltd. (TRW)
200 Coon Rapids Blvd., Suite 400
Minneapolis, MN 55433
6. Governing Law. It is agreed that this Assignment shall be governed by, construed
and enforced in accordance with the laws of the State of Minnesota.
7. Entirety of Agreement. This Assignment shall constitute the entire agreement
between the parties and any prior understanding or representation of any kind preceding the date
of this Assignment shall not be binding upon either party except to the extent incorporated in this
Assignment.
8. Modification. Any modification of this Assignment or additional obligation
assumed by either party in connection with this Assignment shall be binding only if placed in
writing and signed by each party or an authorized representative of each party.
9. Execution in Counterparts. This Assignment may be executed, acknowledged and
delivered in any number of counterparts and each of such counterparts shall constitute an original
but all of which together shall constitute one agreement.
(The remainder of this page is intentionally left blank)
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Execution page of the Assignor to the Assignment and Assumption of Contract, dated as of the
date and year first written above.
ASSIGNOR:
DECO SHAKOPEE, LLC
By: Enclave EP Manager, LLC, a North Dakota limited
liability company
Its: Manager
By:
Austin J. orris, Manager
STATE OF NORTH DAKOTA )
) ss
COUNTY OF CASS )
The foregoing instrument was acknowledged before me this V day of 400.4hkeir , 20 by
Ivjrj. j p , a Manager of Enclave EP Manager, LLC, a North Dakota limited liability
g
company, Manager of j , a tkAi ( iti t l half of the
limited liability company.
LISA OSLAND
NotaryPublic `�
State
of North Dakota Notary Public
My Commission Expires November 15,2027
N.
it-
ASSIGNEE:
LOUMIN HOLDINGS DECO LLC
(----,2_
B y: 1),--1-1., .
Brad Swenson, anager
STATE OF MINNESOTA )
) ss
COUNTY OF HENNEPIN )
4
The foregoing instrument was acknowledged before me this day of November, 2025,
by Brad Swenson, the Manager of LouMin Holdings Deco LLC, a Minnesota limited liability
company, on behalf of the limited liability company.
......-........-ab-m......-0.-4. 91P7L
r;, State of Minnesota
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:� :����: � Notary Public
�' Notary Public
I Heather Ann Haars..;j#. 112026
`-2,; : My Commission Expires 1/3 1
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Execution page of the Authority to the Assignment and Assumption of Contract, dated as of the
date and year first written above.
AUTHORITY:
ECONOMIC DEVELOPMENT AUTHORITY FOR
THE CITY OF SHAKOPEE, MINNESOTA
By:
By:
STATE OF )
) ss
COUNTY OF )
The foregoing instrument was acknowledged before me this day of
20 , by , the
of Economic Development Authority For The City Of Shakopee, Minnesota on behalf of the
Authority.
Notary Public
0
it-
EXHIBIT A
LEGAL DESCRIPTION OF LAND
Lots 1 and 2 except the North 45 feet thereof, all of Lot 3 and the West 1/2 of the South 102 feet
of Lot 4, all of Block 23 in the City of Shakopee according to the plat of SHAKOPEE on file and
of record in the Office of the Register of Deeds in and for Scott County, Minnesota.
Torrens Certificate No. 57331
AND
The North 45 feet of Lots 1 and 2 in Block 23 in the City of Shakopee according to the plat of
SHAKOPEE on file and of record in the Office of the Register of Deeds in and for Scott County,
Minnesota.
Abstract property.
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Core Acquisition 0 Strategic Location 01
Suburban locations exhibiting strong market conditions
Requirements
Market Demand and Supply
Positive market fundamentals and strong rental demand
LouMin Holdings, LLC is Minnesota
based and is dedicated to acquiring
and revitalizing multifamily properties, Property Physical Condition
creating value for investors, and Construction integrity must be sound
providing quality housing for
communities and prospective er e Vinta & Propert Size
residents. •• g p y
"" 50-250 units per property ranging between $10M -$70M.
• Primarily focused on properties newer than the year 2000
The below metrics must be met or
mitigated before pursuing an Yield
acquisition: % Average annual cash on cash to exceed 8%overtheterm of
the investment
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Target properties _ primary markets
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,• •, ;raft : `..• ;¢7{ . j �, Broader Midwest with a focus on markets
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:�; :,:., �., . .. where ourcompany, Mia Rose has
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., Minn-..oiis, :;z. , existing properties and sites and where we
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. t. CwiscoNSIN -.0 have existing strategic relationships.
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A. �, - , MICHI AN •"}'
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' Existing Opportunistic/Strategic
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. •` t i-Chicago .�.. /' :, • St. Louis, MO • Ohio
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• Northwest Arkansas • Wisconsin
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,�ILLINo S; IN _ :.• Indianapolis, IN • Nebraska
Kan ity �� Indianapolis`
Cincinnati
f`ti, �`St �Loui / '-�, ,,; • Kansas City, MO • Minnesota
KANSAS 4A �.
MISSOURI ' .• .44'�
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„i Pi - -.,ttl • . 'c KENTUCK�Y
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OKLAHOMA "�'4 '� TENNESSEE 23
1. -• Memphis` • t —mi
........
Value Creation & Risk Mitigation 03
.............
LIIIIII Strength of Team
Our team is our largest competitive advantage. A team
We differentiate ourselves through our local of seasoned professionals with a diverse set of skills
and expertise in Commercial Real Estate.
relationships, efficient property
management, and maintaining a competitive
advantage by utilizing our strategic % rve) MRH develops luxury, high-end multi-family, and
mixed-use and has experts in many different areas of
partnerships and dedicated team. - 111._ real estate including development, construction, and
MIA ROSE
HOLDINGS property and asset management.
S*11. Sail is a high-performance property management and
marketing firm focused on delivering best-in-class
operations for owners, partners, and residents. Sail
manages —3,000 units and their executive team has
experience managing over 33,000 units nationally.
1LL is a global commercial real estate and investment
(( JLL management company, providing investment sales as
well as debt and structured finance options to
multifamily clients and more.
24
.........
Acquisition Process 04
Underwriting
Undergo a thorough and disciplined underwriting consisting
Pursue well-located properties in markets of financial review, market and rent analysis, and
where we have an in-depth knowledge of the understandingthelegalstatus and post-saletaxliability.
apartment industry throughout those markets.
Due Diligence
If the deal aligns with LouMin's investment Relentless, in-person due diligence to ensure the integrity
strategy, we will furtherpursue the opportunity
of construction and overall physical condition of the site
gy' and
property.
by performing the following steps.
r, . Debt
ar
�:
k.
. Utilize our strong, existing lending relationships to
'' i141 s . determine the best structure for each opportunity.
':- s".t r. sue. j a � � +-, .
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, „-:.
•
ts,,.,. ,-.
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�' a`_� r}- =: Exit Strategy
Identify clear exit plan for each acquisition to make the
iz- .
best decision on behalf of the investment partners.
1111°‘*.
111111L 4. 4::iri-:
,flit?: Long-Term Hold Refinance Sale
25
te. .,. <
Primary
or .; Brad is local to the Twin Cities and has a diverse background in Commercial Real Estate
triN't
j
consisting of lending to all CRE segments, multifamily development, asset management, with
his primary expertise in acquisitions in the multifamily industry. He most recently worked at a
• national family-owned company located in Minneapolis acquiring over 5,000 units during his 6
years with the firm. Most of the acquisitions that Brad led were acquired using agency loans with
others utilizing bank facilities or HUD loan assumptions. Brad has developed strong
' �''\ relationships with owners and brokers across the countrywith a primaryfocus on the
p
•
Minneapolis and St. Louis markets. Brad knows these markets well and are markets where
LouMin will remaing focused.
i • Brad is responsible for creating new investment opportunities by sourcing and analyzing new
Brad Swenson and existing real estate markets and underwriting potential property acquisitions. With each
Co-Founder&President new acquisition, he leads the due diligence process, develops the business plan for the
LouMin Holdings
property, coordinates all efforts for closing, and plays an active role as the Asset Manager once
the property is acquired.
Acquisitions during 2018 - 2025
• 16 properties (4 Freddie Mac, 7 Fannie Mae, 2 HUD, 3 Bank)
• 5,000+ units (Midwest Markets) with a value of more than $750M.
26
,......,
Primary Team Members
........
=. Tom Kaiman is the Co-Founder of LouMin Holdings and the Founder and President of
_.- Mia Rose Holdings, a real estate development firm he launched in 2014 located in
,... .-..., ii St. Louis, MO. With more than 22 years of experience and a portfolio exceeding $2.5
r,;; /_ billion, Tom has led the design, construction, and development of multifamily,
s mixed-use, and nonprofit sports facilities across several markets.
•��,...- Itl" Tom has driven the development or acquisition of over $1 billion in real estate,
o including 19 multifamily communities and seven full-cycle exits. He oversees the
firm's growth strategy, development pipeline, investor relations, and banking.
•
Tom Kaiman
Co-Founder, LouMin Holdings Tom saw a need in the Missouri region to align resources and partnerships to
Founder of Mia Rose Holdings support the growing needs of the community related to real estate development.
Tom blends his passions for real estate and youth sports through community-driven
projects, including the development of nonprofit sports facilities.
27
, , - ,, -117
2024 Acquisition [7-if:j 11
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InDecember2O24, LouMinacquiredThe �••: ;- E. •••iiirilien;11.u-' ■, -IIIIP
Ar.;1 Winn..
nil."" A • ��► .. .� •..: ..,.. .zfihIII
•
R I ,. , 1;;gi...r�• ►i ..,...i- -'. - �� '� :..,r.:-flit%I{i 1 .,
Sullivan apartments, a 144-unit, class-A „� -- . ••.x ►,r ,. -� },
apartment building located in Lake St. Louis, = • • — °� '
Mille ;.ter
r t,,f airs: ,- ..- .f
MO. Wewereabletoacquirethepropertywith ~ : .,
-1-•
favorable terms consideringthe volatile interest = J-"� ti
• �' iV �7 :
_ •., ,‘. _,.. , ..,.. ,..• ;.-- . ,„,,, ..,. ,
rate environment. During the first year, the
is performingwelt and stain ' 1 ... _-
property Y g
occupied. aik
• Loan Size: $20 99M • 95+% occupied I lig_ ti--.
is
kel .
Pi
• Interest Rate: 5.28% Fixed • Exceeding proforma --...:-::. ----11rir 410dmilii....r ' - ,
•
Term: 7-years, 3-years I/O '
i
28
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PIIIIII Shakopee Economic 5.a
SHAKOPE E Development Authority
December 2, 2025
Agenda Item: EDA Bill List
Prepared by: Becky Smith, Accounting Specialist
Reviewed by:
Action to be considered:
Review EDA Bill List
Motion Type:
Informational only
Background:
EDA Bill List provided to EDA Commissioners
Recommendation:
Information Only
Budget Impact:
N/A
Attachments:
30