This document summarizes the Downtown East redevelopment project in Minneapolis led by Ryan Companies US, Inc. Key points include: - The project redeveloped a formerly low-density area east of downtown Minneapolis near the new Vikings stadium into a mixed-use development with offices, apartments, parking ramps, and a new urban park. - It has included over $400 million in private investment so far and will create an estimated 5,000-6,000 new jobs in downtown Minneapolis. - The project faced challenges in coordinating with multiple stakeholders and establishing a funding plan without using tax-increment financing. However, private and public partnerships were able to finance public components like parking ramps and a new park.

1. Downtown East By Tony Barranco, Vice President of Development Ryan Companies US, Inc.
September 20, 2014

2. Transit-Friendly Location
RYAN’SSITE

3. Post-MetrodomeDevelopment –Hubert’s

4. Downtown East –Low Density, Surface Parking

5. West Side of 5th Avenue –Physical Barrier

6. Minneapolis Skyway System

7. Mill District Development -2004 Aerial Photo

8. Mill District Development -2013 Aerial Photo
St. Anthony Mills Apartments
Guthrie Theatre
Guthrie Parking Ramp
Gold Medal Park
American Academy of Neurology
Zenith Condominiums
Aloft Hotel
The Bridgewater
MacPhailCenter for Music
Mill District City Apartments

9. Transit-Friendly Location
RYAN’SSITE

10. Stadium District Per State Legislation

11. Reinventing Downtown East
We started with a Stadium, Plaza and Parking

$400 million private investment

193 apartment units (first phase)/300 residents

1,610 stall parking ramp

5,000 -6,000 downtown jobs

Connections between Stadium and Core

$3.5 million annual taxes / $1 million to Minneapolis

World-Class Urban Park

12. The Downtown East Development

13. Important Skyway Connection From Downtown to Stadium

14. Perspective View of Downtown

15. Most Significant Project Challenges
Creating A Compelling Vision for ALL Project Stakeholders

StarTribune (to allow us to control land)

Corporate Office User –Wells Fargo

Minnesota Sports Facilities Authority

Minnesota Vikings

City of Minneapolis

Neighborhoods
Expending SIGNIFICANT “at risk” Effort, $

Design

Development

Construction Management

Legal

Government Affairs

Environmental

AUAR
Creating a Funding Plan that satisfied City, Wells Fargo

No TIF
Multi-party Public Commitments Required

City of Minneapolis

MSFA (required Minnesota Vikings concurrence)
Aggressive Schedule

Fixed occupancy date by Wells Fargo
Managing Risks

Corporate User Commitment

Multi-Entity Political Decision-Making

Construction Pricing/Availability

Design Schedule

Environmental Contamination

16. Funding Plan –Public Project Components
Parking Ramps, Skyways

Owned by MSFA

Substantially funded through State legislation for Vikings Stadium
Park

Owned by City of Minneapolis
Public Funding for Park, City Portion of Parking Ramp (non-Vikings):

TIF is not an option for several key reasons
Ryan Proposed Funding Plan

Approximately $55 -$60 M G.O. bond issuance by City

Ryan manages MSFA-owned Parking Ramps
−
Ryan takes all economic risks during contract term

Ryan commits to make payments to City
−
Based on, but not tied to, parking NOI

17. Ryan’s Project Completed beforeStadium opening
-City Council Approvals
December 13, 2013
-MSFA Board/Vikings Approval
December 13, 2013
-Acquired 5 blocksfrom StarTribune
February 10, 2014
-CityIssued G.O. Bonds
March 4, 2014
-Abatementand Demolition Start
April 1, 2014
-Groundbreaking Ceremony
May 13, 2014
-Initial Office Tower Delivery
February2016
-Initial Residential Delivery
Spring2016
-Park Opening
2Q 2016
Aggressive Project Schedule

18. Phase I -Downtown East
-2 Wells Fargo buildings = 1,200,000sf
-193 apartment units facing the park
-1,610 stall parking ramp
Plus air rights development above parking ramp
(pending)
-350 apartment units with Magellan/Ryan
Air rights above parking ramp

19. It Takes a Village!

20. Downtown East By Tony Barranco, Vice President of DevelopmentRyan Companies US, Inc.
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