2023-06-27T08:33:31-05:00 2022-12-31 411397419 Abdo LLP 5201 Eden Ave Ste 250 Edina MN 55436 990 2022-01-01 061665031 City of Lakes Community Land Trust CITY 6125947150 1930 Glenwood Avenue Minneapolis MN 55405 Jeff Washburne Executive Director 6125947150 2023-06-21 1 Jeff Washburne XXX-XX-XXXX 0 Steven D Anseth CPA P00552219 9528359090 2023-06-21 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z Jeff Washburne 1930 Glenwood Avenue Minneapolis MN 55405 3871557 0 X www.clclt.org X 2002 MN Creating community ownership that preserves affordability and inclusivity is the mission of the City of Lakes Community Land Trust. 15 15 8 40 0 0 4929863 1925547 340435 286938 1342 2072 -205903 52295 5065737 2266852 541491 2307366 0 0 610129 575383 0 0 8297 1176367 1425383 2327987 4308132 2737750 -2041280 16464418 15797710 8596231 9970803 7868187 5826907 X Creating community ownership that preserves affordability and inclusivity is the mission of the City of Lakes Community Land Trust. 0 0 1890049 0 278480 In 2022, the City of Lakes Community Land Trust celebrated their 20th anniversary and grew the land trust to 354 homes. While that figure is pretty impressive, it doesn't acknowledge the total of 470+ households assisted by the CLCLT through initial sales and resales over the years. The CLCLT has now served over 1,200 individuals through CLCLT homeownership over the past 20 years. In 2022, the CLCLT assisted 31 new low-income households achieve homeownership. Fourteen of these were new properties brought into the CLCLT and seventeen were resales. The CLCLT continued to grow in 2022 with some exciting projects. In September, the CLCLT broke ground on a 17-unit Townhome development in the Harrison neighborhood with co-Developer Twin Cities Habitat for Humanity. All 17 units will be perpetually affordable through the CLCLT. In October, the CLCLT began significant rehab on the 628 Franklin building in partnership with Hope Community. The building will be transformed into seven perpetually affordable condo units. In both of these developments the CLCLT will be working closely with neighborhoods to create affordable homeownership opportunities for current neighborhood renters earning less than 60% of Area Median Income. In 2022, the CLCLT initiated a Seller Leveraged Program (SLP) and was able to secure funding in support of the program. The CLCLT seeks a minimum 20% discount off the appraised value from the sellers in the SLP. The CLCLT acquired three properties through the Seller Leveraged Program in 2022. Owners of these properties, on average, have discounted the sale of their homes by 41% to assist the CLCLT in creating and preserving perpetual affordability for these homes. The CLCLT is actively working with several other SLP sellers and fundraising to develop a more comprehensive program. 2337862 2307366 In 2022, the Commercial Land Trust Initiative (CLTI) was fully transferred to Partnership in Property Commercial Land Trust (PIPCLT) when PIPCLT obtained its tax-exempt status effective May 2021. All CLTI restricted funds were disbursed from CLCLT to PIPCLT in 2022, at which time the fiscal relationship and agreement between CLCLT and PIPCLT was terminated. In 2021, CLCLT was awarded funding in excess of $2,500,000 on behalf of PIPCLT resulting in significant income in excess of expenses and a significant net asset increase in CLCLT's 2021 financial statements. CLCLT recognized at that time it would more than likely realize a significant decrease in net assets in 2022 with expenses in excess of income when the CLTI restricted funds were transferred to PIPCLT. 34100 60753 City of Lakes Community Realty (CLCR), a Minnesota Limited Liability nonprofit company, was formed to facilitate Land Trust resales, purchases, and sell residential real estate on behalf of CLCLT, and to represent real estate transactions of partner organizations providing affordable home ownership. The activities are supported primarily from commissions on real estate sales. 4262011 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 34 0 1 8 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X X Jeff Washburne 6125947150 1930 Glenwood Avenue Minneapolis MN 55405 Nataly Sanchez Chair 2.00 2.00 X X 0 0 0 Andrea Reese Vice Chair 2.00 2.00 X X 0 0 0 Christina A Jennings Treasurer 2.00 2.00 X X 0 0 0 Alicia Smith Secretary 2.00 2.00 X X 0 0 0 Sheila Bland Member 1.00 1.00 X 0 0 0 J Ralph Pace Member 1.00 1.00 X 0 0 0 Michael A Dill Member 1.00 1.00 X 0 0 0 Lao Lu Hang Member 1.00 1.00 X 0 0 0 Dave Higgins Member 1.00 1.00 X 0 0 0 Matthew C Sargent Member 1.00 1.00 X 0 0 0 Peggy Moore Member 1.00 1.00 X 0 0 0 Taylor Smirkarova Member 1.00 1.00 X 0 0 0 Jackline Mukiibi Member 1.00 1.00 X 0 0 0 Minkara Tezet Member 1.00 1.00 X 0 0 0 Libby Murphy Member 1.00 1.00 X 0 0 0 Jeff Washburne Executive Director 37.00 3.00 X 163006 0 8150 Staci Horwitz Operations Director 36.50 3.50 X 94706 0 15233 Mollie Mosman Finance Director 36.50 3.50 X 93803 0 11603 351515 0 34986 2 0 1 0 Meridian Properties LLC PO Box 582881 Minneapolis MN 55458 Property Management services 512388 J Lewis Building & Remodeling LLC 20071 Nowthen Blvd NW Nowthen MN 55330 Construction services 439788 2 29074 1052426 844047 6626 1925547 Land lease revenue 532000 80202 80202 Commissions 532000 55953 55953 Building rents 532000 50190 50190 Miscelaneous income 532000 48543 48543 Service and organization fees 532000 12150 12150 39900 39900 286938 2072 2072 1657000 1604705 52295 52295 2266852 339233 0 2072 2307366 2307366 386502 357318 22939 6245 119200 119200 9344 9344 25143 25143 35194 33124 1656 414 8429 8429 20203 19384 667 152 109037 105813 2627 597 10746 10091 540 115 33895 32579 1104 212 1458 1133 312 13 9597 9597 33230 32253 754 223 18619 17528 1033 58 Rehabilitation projects 628439 628439 Home ownership subsidie 498700 498700 Outreach and developmen 15334 15150 147 37 Dues & subscriptions 15146 14413 586 147 22550 17007 5459 84 4308132 4262011 37824 8297 1914224 313156 696501 696056 125771 349305 2914703 3151124 16390 20875 689652 340752 384835 348900 10411994 10918294 16464418 15797710 245496 124708 40000 65000 425597 374191 7875465 9406904 9673 8596231 9970803 X 5108571 5300246 2759616 526661 7868187 5826907 16464418 15797710 -2041280 0 X X 0 1 X 1 0 X 2268701 2023753 2447659 4929863 1925547 13595523 2268701 2023753 2447659 4929863 1925547 13595523 2086829 11508694 151 772 686 1342 2072 5023 52295 52295 13652841 1395063 0.84300 0.78450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10260 10260 662892 324252 338640 16500 16500 0 348900 Land Held In Trust 10918294 C 10918294 X Part X, Line 2: CLCLT is classified as a tax-exempt organizaiton under Minnesota statute 290.05 and section 501(c)(3) of the Internal Revnenue Code, are exempt from private foundation status under section 509(A)(1) of the Internal Revenue Code and is subject to income taxes only on net unrelated business income. Income from operation of the rental property is subject to unrelated business income taxes because the buildling is debt financed. No Income taxes were paid in 2021 and 2022. Management believes CLCLT does not have any uncertain tax positions. 1 Partnership in Property Commercial Land Trust 1819 Lowry Ave N Minneapolis MN 55411 871177063 501(c)(3) 2307366 0 Redevelop and preserve long-term affordable commercial spaces through community driven needs. 1 Part I, Line 2: CLCLT received PIPCLT contracts and award letters on behalf of PIPCLT, reviewed costs for eligibility according to the contracts, paid vendors directly in some circumstances and received invoices/receipts for reimbursement to PIPCLT in other circumstances. CLCLT received written approval from all funders with unspent Commercial Land Trust grant funds prior to transferring contracts and cash to PIPCLT when they received official 501(c)(3) status. X 0 0 0 0 0 0 0 0 0 Jeff Washburne Executive Director 163006 0 0 0 0 0 8150 0 0 0 171156 0 0 0 Form 990, Part VI, Section A, line 6 The regular members of the corporation shall be all natural persons, eighteen years of age or older, who lease land or housing from the corporation, or who lease or own housing that is located on land leased by another entity from the corporation (lessee members). All other natural persons, eighteen years of age or older, who have paid membership dues as set by the Board of Directors (General Members). Form 990, Part VI, Section A, line 7a The Directors shall be elected by the lessee and general members present and voting at the annual meeting. Form 990, Part VI, Section A, line 7b This approval is required for the dissolution of the Organization, the sale of CLCLT assets (homes), and a change in CLCLT ground lease document. Form 990, Part VI, Section B, line 11b The Executive Director provides a narrative and the Board reviews. Form 990, Part VI, Section B, line 12c The Directors have to sign a form where they must state any conflicts of interest that they have. The Board members must announce any other affiliations and they should be reflected in the Board minutes. A Board Member that has a conflict of interest may be present for the discussion to answer questions, but may not advocate for the action to be taken and must leave the room while a vote is taken. Form 990, Part VI, Section B, line 15 For the Executive Director the executive committee performs a review of similar salaries in the field and nonprofit salary review done every couple of years and makes a recommendation to the Board of Directors for approval. For key employees the Executive Director determines the salary by reviewing comparative salaries in the industry and by examining the annual budget. Form 990, Part VI, Section C, line 19 A photocopy or electronic version is available upon request. Form 990, Part XII, Line 2c: This process has not changed from the prior year. City of Lakes Community Realty LLC 1930 Glenwood Avenue Minneapolis MN 55405 812392198 Purchase and sell real estate MN 60988 121089 City of Lakes Community Land Trust Neighborhood Housing Services 1930 Glenwood Avenue Minneapolis MN 55405 411386993 to promote neighborhood stabalization through sustainable home ownership MN 501(c)(3) Line 7 City of Lakes Community Land Trust 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 Neighborhood Housing Services Q 99151 Cost