2025-10-09T12:46:47-05:00 2024-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2024-01-01 411350071 Artspace Projects Inc ARTS 6123339012 528 Hennepin Ave 700 Minneapolis MN 55403 Beth Chalmers CFO 6123339012 2025-10-07 1 1 Deb Nelson CPA P01264758 6122536500 2025-10-07 2024 2025-03-06 01:10:19Z L Kelley Lindquist 528 Hennepin Ave 700 Minneapolis MN 55403 32698123 0 X www.artspace.org X 1978 MN To create, foster, and preserve affordable space for artists, entrepreneurs, and organizations. 34 34 44 40 29507 0 13288151 15249115 14164735 14213213 968163 3110795 722381 125000 29143430 32698123 1930101 803939 0 0 7120406 6526328 0 0 595003 21334462 34907745 30384969 42238012 -1241539 -9539889 98678653 93960270 63302701 68119710 35375952 25840560 X Artspace's Mission is to Create, Foster, and Preserve Affordable and Sustainable Housing and Work Space for Artists, Entrepreneurs, and the Creative Workforce. 0 0 13950730 0 8359740 Real Estate Projects - Provides properties that are sensitive to the unique needs and environment necessary for artists, arts organizations, workforce housing and arts venues, through wholly, or partially owned limited partnerships which own commercial and/or residential properties. These real estate projects provide space for artists to work on their particular means of artistic expression. As an example, a painter or dancer needs space to produce a huge painting, or to practice their dance steps. 1547325 0 4112438 Development - Develops workforce housing, artist live/workspaces and cultural facilities with both public agencies and private groups by involvement in real estate projects as project coordinator, developer, co-developer, and general contractor; informs and educates the general public and key decision makers about projects and issues related to workforce housing, space, artists and art facilities. 729857 0 361486 Consulting - Artspace Consulting helps organizations and local governments design spaces for community services. We combine real estate expertise with insights into the creative sector to offer support, feasibility studies, and coaching. Our focus is on creating sustainable, affordable, and equitable spaces, and we've assisted over 300 communities and arts organizations in advancing projects that benefit creative communities. 6342857 803939 1350042 Asset & Performance Property Management - Asset Management oversees the Organization's limited partnership holdings to establish and maintain long-term financially and physically stable assets. It works closely with partners, funders, and management companies to ensure stability. Performance Property Management provides services for various projects and is responsible for overseeing daily operations, including financial management, physical conditions, tenant communications, and reporting on project statuses, particularly regarding issues that require owner input and decisions. 6342857 803939 1350042 22570769 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 28 0 1 44 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 34 34 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 AR CA HI IN MD MI MN NY TN X Beth Chalmers 6123339012 528 Hennepin Ave Suite 700 Minneapolis MN 55403 L Kelley Lindquist President 40.00 10.00 X 271989 0 23546 William Law Chief Operating Officer 40.00 10.00 X 201793 0 24555 Greg Handberg until Dec Sr. VP - Properties 50.00 2.00 X 192988 0 21063 Beth Chalmers Chief Financial Officer 50.00 2.00 X 163460 0 21383 Wendy Holmes Sr. VP - Consulting 50.00 2.00 X 150212 0 17484 Kathleen Kvern Sr. VP - National Advancement 40.00 10.00 X 156404 0 23902 Stacey Mickelson VP - Governmental Relation 40.00 10.00 X 149530 0 13737 Naomi Chu VP - Asset Management 40.00 2.00 X 118586 0 18278 Andrew Michaelson VP - Properties 40.00 2.00 X 108160 0 2493 Betty Massey Chair 1.00 1.00 X X 0 0 0 Matthew E Damon Vice Chair 1.00 1.00 X X 0 0 0 Mary Margaret MacMillan Immediate Past Chair 1.00 1.00 X X 0 0 0 Gary Cunningham Secretary 1.00 1.00 X X 0 0 0 Barbara Portwood Treasurer 1.00 1.00 X X 0 0 0 Mark W Addicks Board Member 1.00 1.00 X 0 0 0 Devon Akmon Board Member 1.00 1.00 X 0 0 0 Osh Ashruf Board Member 1.00 1.00 X 0 0 0 Peter Beard Board Member 1.00 1.00 X 0 0 0 Terry Benelli Board Member 1.00 1.00 X 0 0 0 Randall Boursheidt Board Member 1.00 1.00 X 0 0 0 Diane Dalto Board Member 1.00 1.00 X 0 0 0 Louis Lou DeMars Board Member 1.00 1.00 X 0 0 0 Marie Feely Board Member 1.00 1.00 X 0 0 0 Ian Friendly Board Member 1.00 1.00 X 0 0 0 Roy Gabay Board Member 1.00 1.00 X 0 0 0 Joe Gibbons Board Member 1.00 1.00 X 0 0 0 Susan Kenny Stevens PhD Board Member 1.00 1.00 X 0 0 0 Suzanne Kopplinger Board Member 1.00 1.00 X 0 0 0 Peter A Lefferts Board Member 1.00 1.00 X 0 0 0 Peggy Lucas Board Member 1.00 1.00 X 0 0 0 Mark Manbeck Board Member 1.00 1.00 X 0 0 0 Richard Martin Esq Board Member 1.00 1.00 X 0 0 0 Dan C Mehls Board Member 1.00 1.00 X 0 0 0 Sarah Oquist Board Member 1.00 1.00 X 0 0 0 Ken Peterson Board Member 1.00 1.00 X 0 0 0 Amit Poddar Board Member 1.00 1.00 X 0 0 0 Elizabeth Redleaf Board Member 1.00 1.00 X 0 0 0 Joel Ronning Board Member 1.00 1.00 X 0 0 0 Christopher Scott Board Member 1.00 1.00 X 0 0 0 Gloria Sewell Board Member 1.00 1.00 X 0 0 0 Jason Stamm Board Member 1.00 1.00 X 0 0 0 Chandler Wilson Board Member 1.00 1.00 X 0 0 0 Irene Quarshie Board Member 1.00 1.00 X 0 0 0 1513122 0 166441 9 0 1 0 Alyssa Kelley 118 York Ave West Pittston PA 18643 Consulting - Grant Management 128455 1 3547642 11701473 8172000 15249115 Rental Revenue 531190 8389247 8359740 29507 Developer Fees 531390 4112438 4112438 Property Management Fees 531390 930498 930498 Consulting Services 531390 361486 361486 419544 419544 14213213 943949 943949 2166846 0 2166846 2166846 2166846 Debt Forgiveness 900099 125000 125000 125000 32698123 14183706 29507 3235795 728939 728939 75000 75000 1271514 694950 349046 227518 4164257 3587697 325556 251004 211175 173144 22585 15446 470182 398227 43392 28563 409200 324705 49541 34954 143369 96384 46985 260168 174906 85262 1387915 933069 454846 42539 26752 15457 330 570146 307042 238271 24833 2233856 2120316 113540 265490 160881 92254 12355 2381197 1970178 411019 2250896 2233921 16975 915988 816016 99972 Bad Debt 17038303 445974 16592329 Impairment Loss 3666767 3666767 Equipment & Maintanance 1140882 1025673 115209 Master Leases 906330 906330 1703899 1703898 1 42238012 22570769 19072240 595003 5835511 9344143 3031860 1745367 14527059 16383437 310063 1073536 80075 129828 93516911 47506195 55175151 46010716 60263 19658671 19273243 98678653 93960270 15907450 15229460 443320 5566258 46473864 46815494 478067 508498 63302701 68119710 X 29736360 22288228 5639592 3552332 35375952 25840560 98678653 93960270 -9539889 4497 0 X 0 1 X 1 0 X 8453629 8779806 14176887 13288151 15249115 59947588 8453629 8779806 14176887 13288151 15249115 59947588 13184544 46763044 740642 749704 722562 944914 943949 4101771 334383 1037399 175000 722381 125000 2394163 66443522 83427414 0.70380 0.80320 X Schedule A, Part II, Line 10, Explanation of Other Income: Debt Forgiveness - 2020 Amount: $ 334,383. 2021 Amount: $ 1,037,399. 2022 Amount: $ 175,000. 2023 Amount: $ 722,381. 2024 Amount: $ 125,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 22570769 22570769 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 250000 250000 250000 250000 1000000 1500000 10534315 10534315 81438868 47506195 33932673 1543728 1543728 46010716 Investments & Receivables With Related Parties 19273243 19273243 Security Deposits 508498 508498 X Part X, Line 2: Artspace believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. Artspace would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. 1 Little Eagle Arts Foundation PO BOX 523 Wisconsin Dells WI 53965 462999453 501(c)(3) 75000 0 Pathway Program Stipend Native American Community Development Institute 1414 E Franklin Ave 1 Minneapolis MN 55404 412117257 501(c)(3) 75000 0 Pathway Program Stipend Racing Magpie 801 E St Andrew Steet Rapid City SD 57701 834658072 501(c)(3) 75000 0 Pathway Program Stipend Rosy Simas Danse Inc 1500 Jackson St NE Suite 331 Minneapolis MN 55413 812281254 501(c)(3) 75000 0 Pathway Program Stipend Zuni Youth Enrichement Project 13 Chimoni Drive Zuni NM 87327 263259987 501(c)(3) 75000 0 Pathway Program Stipend First Nations Development Institute 2432 Main Street Longmont CO 80501 541254491 501(c)(3) 75000 0 Pathway Program Stipend The Cowles Center 528 Hennepin Ave 700 Minneapolis MN 55402 271173436 501(c)(3) 278939 0 Grant for Dance program. 7 0 Grant - Pathways Program Stipend 1 75000 Part I, Line 2: Artspace Projects, Inc maintains an ongoing relationship with the recipient organizations and all recipients have met the requirements of their grant before funds are released. X X 1 0 0 0 0 0 0 1 0 L Kelley Lindquist President 255598 0 16391 0 0 0 5862 0 18141 0 295992 0 0 0 William Law Chief Operating Officer 201793 0 0 0 0 0 4731 0 20385 0 226909 0 0 0 Greg Handberg until Dec Sr. VP - Properties 192988 0 0 0 0 0 4453 0 16610 0 214051 0 0 0 Beth Chalmers Chief Financial Officer 163460 0 0 0 0 0 2585 0 19592 0 185637 0 0 0 Wendy Holmes Sr. VP - Consulting 150212 0 0 0 0 0 2450 0 15449 0 168111 0 0 0 Kathleen Kvern Sr. VP - National Advancement 156404 0 0 0 0 0 3692 0 20718 0 180814 0 0 0 Stacey Mickelson VP - Governmental Relation 108770 0 0 0 40760 0 1165 0 12573 0 163268 0 0 0 Part I, Line 4a During the tax year, the organization paid severance compensation to two individuals in connection with a strategic restructuring of the organization. Stacey Mickelson received $40,760.40 and Naomi Chu received $6,952.50." Part I, Line 7 The organization determines the total amount avaialable for bonuses and that amount is then allocated to individuals based on their compensation and contributions to the organization. The final list of individuals receiving bonus payments is reviewed and approved by the Board Chair, President, and Chief Operating Officer. X 1 8172000 FMV 0 0 1 0 Part I, Column (b): Number of contributors. Form 990, Part VI, Section A, line 1a The Executive Committee consists of all officers of the Corporation who are also directors, plus such at-large directors as the Board shall determine from time to time. The Executive Committee is empowered and authorized to act upon such matters as require action prior to the next regularly scheduled Board of Directors meeting and any such actions of the Executive Committee shall have the same force and effect as an action of the Board of Directors. The Executive Committee shall employ, discharge and determine the duties and compensation of the President. Form 990, Part VI, Section B, line 11b The Form 990 is reviewed and approved by the CFO and Finance Committee and also provided to the entire board prior to filing. Form 990, Part VI, Section B, line 12c Board members are required to sign off on the Conflict-of-Interest policy and review the policy annually. An interested person may present the facts of the proposed transaction or arrangement but may not discuss or vote on approval. The Chair of the Board or the respective Committee determines, if appropriate, if a disinterested person or committee needs to be appointed to investigate alternatives to the proposed transaction or arrangement. Form 990, Part VI, Section B, line 15 Compensation for the President of Artspace Projects, Inc. is established by the Executive Committee based on comparable data available for various non-profit and for-profit real estate development salary surveys. Surveys for both non-profits and for-profits are used because staff retention is affected by both areas. The Board Chair reviews the President's performance on an annual basis. The Board Chair discusses this review with other Board Officers. Increases are done only if budget is available and have not occurred since 2022. Compensation for other officers is determined by the President and Chief Financial Officer in consultation with the Board Chair. Compensation is based on comparable data available for various non-profit and for-profit real estate development salary surveys. Only cost of living or no increases have been provided since 2022 due to budget restraints. Form 990, Part VI, Section C, line 19 The Articles of Incorporation, Bylaws, Conflict of Interest policy, and financial information are provided upon request. Artspace Baltimore LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 25829 848136 Artspace Projects Inc Artspace Brainerd LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 201367855 Holding Company MN -11 401344 Artspace Projects Inc Artspace Bridgeport LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 412018262 Holding Company MN 0 0 Artspace Projects Inc Artspace Bridgeport LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company CT 791737 5431551 Artspace Projects Inc Artspace CAFAC LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 94090 833783 Artspace Projects Inc Artspace Chicago LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 196612 1693979 Artspace Projects Inc Artspace Everett LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 8864 1515467 Artspace Projects Inc Artspace Harvester Artist Loft LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company IA -19 2303781 Artspace Projects Inc Artspace Hiawatha LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 0 0 Artspace Projects Inc Artspace Kaplan LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company WA 1043696 5219553 Artspace Projects Inc Artspace Mt Baker Commerical LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 178817 1974791 Artspace Projects Inc Artspace Mt Rainier LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MD 510651 6289141 Artspace Projects Inc Artspace Northern Warehouse Commerical Unit LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 472004838 Holding Company MN 504133 389971 Artspace Projects Inc Artspace Northrup King LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 2234519 6432093 Artspace Projects Inc Artspace Tannery LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 263695585 Holding Company CA 436789 521512 Artspace Projects Inc Artspace Tennessee Nonprofit LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 811744380 Holding Company TN -46 7464788 Artspace Projects Inc Bell School Landowner LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company LA 0 295080 Artspace Projects Inc Brookland Artspace Loft Minnesota LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN -48 204390 Artspace Projects Inc City Hall Commerical 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 203301 2829355 Artspace Projects Inc Hamilton Plaza LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 0 148334 Artspace Projects Inc The Historic National Hotel Artist Lofts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411975810 Holding Company TX 438707 2279407 Artspace Projects Inc Historic Westside School LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 134342116 Holding Company MN 0 499984 Artspace Projects Inc Jackson Flats LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 0 129690 Artspace Projects Inc Kaddatz Artist Loft LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 112498 818377 Artspace Projects Inc Ola Ka Ilima Arts Center LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 244122 67733 Artspace Projects Inc Peformance Property Management Company LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411928196 Holding Company MN 2113863 734044 Artspace Projects Inc Riverside Artist Lofts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411957459 Holding Company MN -19588 671340 Artspace Projects Inc Tashiro Arts Building LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company WA 356960 947828 Artspace Projects Inc Towns on Grove LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MD 0 0 Artspace Projects Inc Washington Studios LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 406654 558241 Artspace Projects Inc Shubert Landholding LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 271080431 Holding Company MN 0 3772745 Artspace Projects Inc Hennepin Center Arts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411350071 Holding Company MN 336751 6156692 Artspace Projects Inc Artspace Affordable Family Housing I LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 352248133 Holding Company MN -1099676 7722932 Artspace Projects Inc The Cowles Center 250 3rd Avenue North Suite 400 Minneapolis MN 55401 271173436 Theater MN 501(c)(3) Line 7 Artspace Projects Inc 1 Artspace Affordable Family Housing I LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 352248133 LIHTC Rental Housing NY Artspace Affordable Family Housing GP LLC -1099731 8317430 0 1 0.00500 Artspace Bell School LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 452821231 LIHTC Rental 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Suite 700 Minneapolis MN 55403 812431074 LIHTC Rental Housing MN Artspace Trinidad GP LLC -134 8145622 0 1 0.00010 Artspace Uptown Artist Lofts LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 471799091 LIHTC Rental Housing MN Uptown Artists Lofts LLC -45 2910737 0 1 0.00010 Brookland Artspace Lofts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 264203805 LIHTC Rental Housing DC Brookland Artspace Loft Minnesota LLC -48 204390 0 1 0.00010 City Hall Artist Lofts Ltd Dividend Housing Assoc LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 463342384 LIHTC Rental Housing MN City Hall Artist Lofts LLC -44 5002951 0 1 0.00010 El Barrio Artspace LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 383749676 LIHTC Rental Housing NY El Barrio Artspace LLC -314 5397320 0 1 0.00010 Elgin Artspace Lofts LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 264595718 LIHTC Rental Housing MN Elgin Artspace Lofts LLC -51 3057502 0 1 0.00010 Hamilton Artspace Lofts LP 528 Hennepin Ave Suite 700 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320511861 LIHTC Rental Housing MN Pullman Artspace LLC -58 3043994 0 1 0.00010 Silver Spring Artspace Lofts LLLP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 320524829 LIHTC Rental Housing MN Silver Spring Artspace Lofts LLC -124 639517 0 1 0.00010 South Main Artspace Lofts LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 812413448 LIHTC Rental Housing TN Artspace Tennessee Nonprofits LLC -46 7464788 0 1 0.00010 Tannery Artists Lofts LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 651287815 LIHTC Rental Housing CA Tannery Artsists Lofts LLC -57 545590 0 1 0.00010 Brandt Jens Kluge LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411706530 LIHTC Rental Housing MN Artspace Projects Inc -934 15105 0 1 0.49500 Tilsner Building LP 528 Hennepin Ave Suite 700 Minneapolis MN 55403 411735426 LIHTC Rental Housing MN Artspace Projects Inc -160 487448 0 1 0.00490 Artspace Riverside Partnership LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 810944775 LIHTC Rental Housing NV Riverside 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MN 55403 200902980 Holding Company FL Artspace Projects Inc C -38 84044 1.00000 1 Silver Spring Artspace Lofts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 814224912 Holding Company MN Artspace Projects Inc C -124 639517 1.00000 1 Tannery Artists Lofts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 263695585 Holding Company CA Artspace Projects Inc C -57 545590 1.00000 1 Uptown Artist Lofts LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 471798856 Holding Company MN Artspace Projects Inc C -45 2910737 1.00000 1 Artspace Loveland Feed & Grain MM LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 883455313 Holding Company MN Artspace Projects Inc C -328181 11238949 1.00000 1 Artspace NKB Loft GP LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 884279895 Holding Company MN Artspace Projects Inc C 13071399 1.00000 1 Artspace Utica GP LLC 528 Hennepin Ave Suite 700 Minneapolis MN 55403 921714461 Holding Company MN Artspace Projects Inc C 6851824 1.00000 1 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 Affordable Family Housing D 1605294 FMV Affordable Family Housing R 1576919 FMV Affordable Family Housing S 1828529 FMV Artspace Bell School LP D 12242085 FMV Artspace Bell School LP Q 550106 FMV Artspace Bell School LP R 2653333 FMV Artspace Brainerd Limited Partnership D 453920 FMV Artspace Brainerd Limited Partnership Q 270994 FMV Artspace Brainerd Limited Partnership R 60213 FMV Artspace Brainerd Limited Partnership S 694940 FMV Artspace Bridgeport Limited Partnership D 821339 FMV Artspace Bridgeport Limited Partnership R 2571735 FMV Artspace Colorado Springs LP D 8050000 FMV Artspace Colorado Springs LP Q 272312 FMV Artspace El Paso Lofts Limited Partnership D 2937704 FMV Artspace El Paso Lofts Limited Partnership Q 189611 FMV Artspace El Paso Lofts Limited Partnership S 86310 FMV Artspace Everett Limited Partnership D 942525 FMV Artspace Everett Limited Partnership R 769052 FMV Artspace Hastings Lofts LLLP R 460370 FMV Artspace Hiawatha Limited Partnership D 1699925 FMV Artspace Jackson Flats Limited Partnership D 207858 FMV Artspace Jackson Flats Limited Partnership Q 295362 FMV Artspace Jackson Flats Limited Partnership R 57286 FMV Artspace Jackson Flats Limited Partnership S 53520 FMV Artspace Loveland Feed & Grain LP D 96138 FMV Artspace Loveland Feed & Grain LP Q 1423469 FMV Artspace Loveland Feed & Grain LP R 6372303 FMV Artspace Loveland LP D 1012590 FMV Artspace Loveland LP S 68047 FMV Artspace Mesa Limited Partnership D 1100000 FMV Artspace Mesa Limited Partnership Q 354970 FMV Artspace Mt Baker Lofts LLLP D 515799 FMV Artspace Mt Baker Lofts LLLP S 58930 FMV Artspace Northern Warehouse Limited Partnership D 1800432 FMV Artspace Northern Warehouse Limited Partnership Q 962635 FMV Artspace Northern Warehouse Limited Partnership R 684054 FMV Artspace Patchogue Lofts Limited Partnership D 314568 FMV Artspace Patchogue Lofts Limited Partnership Q 1009458 FMV Artspace Ridgway Limited Partnership D 2533324 FMV Artspace Ridgway Limited Partnership Q 220925 FMV Artspace Ridgway Limited Partnership R 200000 FMV Artspace Ridgway Limited Partnership S 62568 FMV Artspace Trinidad LP D 6644710 FMV Artspace Trinidad LP Q 722815 FMV Artspace Trinidad LP R 350000 FMV Artspace Trinidad LP S 386787 FMV Artspace Uptown Artist Lofts LP D 1798932 FMV Artspace Uptown Artist Lofts LP Q 306226 FMV Artspace Uptown Artist Lofts LP S 647024 FMV Brookland Artspace Lofts LLC D 644966 FMV Brookland Artspace Lofts LLC S 175078 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP D 3283607 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP Q 556672 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP S 880939 FMV El Barrio Artspace LP D 1125836 FMV El Barrio Artspace LP Q 293518 FMV El Barrio Artspace LP R 1575000 FMV El Barrio Artspace LP S 112695 FMV Elgin Artspace Lofts Limited Partnership D 2806585 FMV Elgin Artspace Lofts Limited Partnership R 2025000 FMV Hamilton Artspace Lofts Limited Partnership D 671574 FMV Hamilton Artspace Lofts Limited Partnership Q 300499 FMV Harvester Artist Lofts Limited Partnership D 2039142 FMV Harvester Artist Lofts Limited Partnership S 225876 FMV Kaddatz Artist Lofts Limited Partnership R 83959 FMV Karcher Artspace Lofts Limited Partnership D 2199623 FMV Karcher Artspace Lofts Limited Partnership Q 582754 FMV Karcher Artspace Lofts Limited Partnership R 313307 FMV Minot Artspace Lofts LP D 2433627 FMV Minot Artspace Lofts LP S 686166 FMV Northside Artspace Lofts LP D 1293897 FMV Northside Artspace Lofts LP Q 1098082 FMV Northside Artspace Lofts LP R 2044178 FMV Northside Artspace Lofts LP S 142376 FMV Ola Ka Ilima Lofts LLLP D 641653 FMV Ola Ka Ilima Lofts LLLP Q 643303 FMV Ola Ka Ilima Lofts LLLP R 15355128 FMV Pullman Artspace Lofts LP D 2585833 FMV Pullman Artspace Lofts LP S 136081 FMV Riverside Artist Lofts Limited Partnership D 1501892 FMV Riverside Artist Lofts Limited Partnership S 1183975 FMV Silver Spring Artspace LoftsLLLP D 639092 FMV Silver Spring Artspace LoftsLLLP Q 1065166 FMV Silver Spring Artspace LoftsLLLP S 63910 FMV South Main Artspace Lofts Limited Partnership D 3780000 FMV South Main Artspace Lofts Limited Partnership Q 830211 FMV South Main Artspace Lofts Limited Partnership R 2832676 FMV Tannery Artists Lofts Limited Partnership R 1121516 FMV Tilsner Building Limited Partnership D 273535 FMV Artspace Utica Lofts LP D 1233877 FMV Artspace Utica Lofts LP Q 720854 FMV Artspace Little Rock LP Q 512160 FMV Artspace Little Rock LP R 9502000 FMV Part IV STATEMENT OF ELECTION UNDER INTERNAL REVENUE CODE SECTION 168(h)(6)(F)(ii) Name of Taxpayer: Artspace Utica GP LLC Address of Taxpayer: 528 Hennepin Ave, Suite 700 Minneapolis, MN 55403 Taxpayer Identification Number: 92-1714461 Purpose of Election: The election pursuant to Section 168(h)(6)(F)(ii) may be made by an entity that is a tax-exempt controlled entity. Generally, an entity is a tax-exempt controlled entity if it is a corporation which is not tax-exempt and if 50% or more of the stock of such corporation is owned by one or more tax-exempt entities. An entity making the election pursuant to Section 168(h)(6)(F)(ii) shall not be treated as a tax-exempt entity for purposes of Internal Revenue Code Sections 168(h)(5) and 168(h)(6). Any gain recognized by a tax-exempt entity on any disposition of an interest in such entity (and any dividend or interest received or accrued by a tax-exempt entity from such tax-exempt controlled entity) will be treated as unrelated business taxable income. The purpose of this election is to treat Artspace Utica GP LLC's allocable share of depreciable property owned by the partnership in which Artspace Utica GP LLC has an investment as property which is not tax-exempt use property. Artspace Utica GP LLC is entitled to make such election because it is a corporation or has elected to be treated for federal tax purposes as an association which is taxable as a corporation and is 100% owned by Artspace Projects, Inc. Artspace Utica GP LLC hereby elects pursuant to Internal Revenue Code Section 168(h)(6)(F)(ii) not to be treated as a tax-exempt entity for purposes of applying the rules in Internal Revenue Code Sections 168(h)(5) and 168(h)(6). The tax-exempt status of Artspace Projects, Inc is not affected by this Statement f Election. Applicable Period: This Statement of Election is effective beginning with the taxable year ending December 31, 2024.