2025-07-15T17:09:45-05:00 2024-12-31 411647057 MAHONEY ULBRICH CHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2024-01-01 411675502 SEWARD TOWERS CORPORATION SEWA 6124350275 2619 EAST FRANKLIN AVE MINNEAPOLIS MN 55406 DIANN ANDERS PRESIDENT 6124350275 2025-07-10 1 1 ELIZABETH F BARCHENGER P01270090 6512276695 2025-07-10 2024 2025-03-06 01:10:19Z DIANN ANDERS 3230 EAST 24TH STREET MINNEAPOLIS MN 55406 1603336 0 X N/A X 1990 MN SEWARD TOWERS CORPORATION WAS FORMED TO PRESERVE 640 UNITS OF AFFORDABLE HOUSING. 11 11 0 11 0 0 0 0 4475298 1229077 241689 373959 201 300 4717188 1603336 0 0 0 0 0 0 0 0 0 21354 109668 21354 109668 4695834 1493668 33571001 35236438 21516831 21516831 12054170 13719607 X TO PROMOTE THE LONG-TERM VIABILITY OF SEWARD TOWERS, 640 UNITS OF QUALITY AFFORDABLE HOUSING WITH SERVICES TAILORED TO THE NEEDS OF THE RESIDENTS AND TO FOSTER THE INTEGRATION OF THOSE RESIDENTS INTO THE LARGER SEWARD COMMUNITY. 0 0 0 1229377 SEWARD TOWERS CORPORATION WAS FORMED IN 1990 TO PRESERVE TWO BUILDINGS COMPRISING ONE OF THE LARGEST AFFORDABLE HOUSING PROJECTS IN MINNESOTA AND WHOSE RESIDENTS WERE AN INTEGRAL PART OF THE SEWARD COMMUNITY. A UNIQUE OWNERSHIP STRUCTURE WAS CREATED IN ORDER TO ENGAGE RESIDENTS AND MANAGEMENT OF THE BUILDING (COMMONBOND COMMUNITIES) WITH ORGANIZATIONS REPRESENTATIVE OF THE LARGER COMMUNITY (SEWARD NEIGHBORHOOD GROUP AND SEWARD REDESIGN) EACH OF THOSE GROUPS CONTINUE TO APPOINT THE GOVERNING BOARD OF DIRECTORS. ADDITIONAL SEATS ON THE BOARD OF DIRECTORS ARE HELD FOR RESIDENTS OF THE TWO BUILDINGS. BY 2015, THE BUILDINGS WERE 45 YEARS OLD AND IN NEED OF MAJOR CAPITAL REPLACEMENTS. THE BOARD AND THE ENTITIES WHO APPOINT THEM DECIDED TO WORK TOGETHER TO RESTRUCTURE THE OWNERSHIP IN ORDER TO EXTEND SECTION 8 CONTRACTS PROVIDING RENTAL SUPPORT TO VERY-LOW-INCOME RESIDENTS AND TO ACCESS THE CAPITAL NEEDED TO RENOVATE THE BUILDINGS. A NEW ENTITY WAS FORMED, SEWARD TOWERS RENOVATION LP, WITH SEWARD TOWERS CORPORATION AND COMMONBOND COMMUNITIES AS ITS GENERAL PARTNERS. SEWARD TOWERS CORPORATION RENEWED THE SECTION 8 CONTRACTS FOR AN ADDITIONAL 20 YEARS AND THEN SOLD THE BUILDING TO THE NEW ENTITY ON JANUARY 14, 2016 AND COMPLETED THE WHOLESALE RENOVATION OF THE BUILDINGS BY THE FOLLOWING YEAR. LOW-INCOME HOUSING TAX CREDITS WERE UTILIZED IN PART TO SECURE THE NEEDED CAPITAL. SEWARD TOWERS CORPORATION HAS RETAINED A RIGHT-OF-FIRST-REFUSAL AND OPTION TO REPURCHASE THE BUILDINGS FOLLOWING THE 15-YEAR TAX CREDIT COMPLIANCE PERIOD IN 2031. IN THE SALE, SEWARD TOWERS CORPORATION WAS PAID WITH A NOTE RECEIVABLE FROM THE AFFILIATED LIMITED PARTNERSHIP. SEWARD TOWERS CORPORATION PLANS TO UTILIZE THE NOTE RECEIVABLE TO REPURCHASE THE PROPERTY UNDER THE RIGHT-OF-FIRST-REFUSAL OR OPTION IN ORDER TO CONTINUE TO ASSURE AFFORDABILITY OF THE PROPERTY AND PRESERVE THE UNIQUE GOVERNANCE STRUCTURE THAT BRINGS MANAGEMENT, RESIDENTS AND THE COMMUNITY TOGETHER. PAYMENTS RECEIVED ON THE NOTE WILL BE APPLIED TOWARD THAT PURPOSE AS THE CENTRAL MISSION OF THE CORPORATION. PAYMENTS RECEIVED ARE CONSIDERED PROGRAM SERVICE REVENUE AS THEY ARE APPLIED FOR THAT PURPOSE OR FOR OTHER PURPOSES DEEMED CRITICAL TO THAT MISSION ON A CURRENT BASIS. 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 1 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X SEWARD REDESIGN INC 6123388729 2619 EAST FRANKLIN AVENUE MINNEAPOLIS MN 55406 X DIANN ANDERS PRESIDENT 1.00 X X 0 0 0 MARK RUFF VICE PRESIDENT 1.00 X X 0 0 0 SHELDON MAINS SECRETARY/TREASURER 1.00 X X 0 0 0 MELODIE BRIDGEMAN DIRECTOR 1.00 X 0 0 0 DAVID HOFFMAN-DACHELET DIRECTOR 1.00 X 0 0 0 NANCY CARDINAL DIRECTOR 1.00 X 0 0 0 TARIKU BELAY DIRECTOR 1.00 X 0 0 0 MAHAD DISH DIRECTOR 1.00 X 0 0 0 MOHAMED OMAR DIRECTOR 1.00 X 0 0 0 RON SCHLATTER DIRECTOR 1.00 X 0 0 0 HEKMA DIMITRIS DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 INT INCOME ON NOTE REC 531390 1229077 1229077 1229077 373959 373959 OTHER INCOME 900099 300 300 300 1603336 1229377 0 373959 X 4311 4311 2400 2400 98371 98371 170 170 4247 4247 BANK FEES 140 140 DUES AND FEES 29 29 109668 0 109668 0 258453 578872 251104 251134 21516831 21516831 8627011 9149764 2917602 3739837 33571001 35236438 21516831 21516831 21516831 21516831 X 12054170 13719607 12054170 13719607 33571001 35236438 1493668 171769 0 X 0 0 0 X 426836 421839 92955 4475298 1229077 6646005 426836 421839 92955 4475298 1229077 6646005 0 0 0 6646005 64062 20069 100 241689 373959 699879 64062 20069 100 241689 373959 699879 490898 441908 93055 4716987 1603036 7345884 0.90470 0.94490 0.09530 0.05510 X 0 RESIDUAL RECEIPTS RESERVE 33986 INVESTMENT IN SEWARD TOWERS RENOVATION LP 3705851 3739837 FORM 990, PART VI, SECTION A, LINE 3 THE BOARD DELEGATED CONTROL OVER ASSET MANAGEMENT DUTIES TO SEWARD REDESIGN, INC. A RELATED ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CORPORATION CONSIST OF INDIVIDUALS FROM SEWARD REDESIGN, SEWARD NEIGHBORHOOD GROUP, AND COMMONBOND COMMUNITIES. ALL APPOINT MEMBERS TO THE SEWARD TOWERS CORPORATION BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS REVIEWS THE 990 BEFORE IT IS SUBMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD COMPLETES ANNUAL CONFLICT OF INTEREST FORMS AND DISCUSSES CONFLICTS DURING BOARD MEETINGS. FORM 990, PART VI, SECTION C, LINE 19 THE ASSET MANAGER (SEWARD REDESIGN, INC.) HAS THE DOCUMENTS, AND MAKES THEM AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 23,371. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 23,371. ADVANTAGE SERVICES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 75,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 75,000. SEWARD TOWERS RENOVATION LLC 1080 MONTREAL AVENUE SAINT PAUL MN 55116 473834956 AFFORDABLE HOUSING MN N/A RENTAL REAL ESTATE -72 25006023 0 1 0.49000 SEWARD TOWERS RENOVATION LIMITED PARTNERSHIP 1080 MONTREAL AVENUE SAINT PAUL MN 55116 371782382 AFFORDABLE HOUSING MN N/A 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SEWARD TOWERS RENOVATION LIMITED PARTNERSHIP D 21516831 FAIR MARKET VALUE - SELLER NOTE SEWARD TOWERS RENOVATION LIMITED PARTNERSHIP A 1229077 CASH PAYMENT ON SELLER NOTE