2024-11-11T14:18:40-06:00 2023-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-01-01 411350071 Artspace Projects Inc ARTS 6123339012 528 Hennepin Ave 700 Minneapolis MN 55403 Beth Chalmers CFO 6123339012 2024-11-11 1 1 Deb Nelson CPA P01264758 6122536500 2024-10-28 2023 2024-10-15 13:58:12Z X L Kelley Lindquist 528 Hennepin Ave 700 Minneapolis MN 55403 29143430 0 X www.artspace.org X 1978 MN To create, foster, and preserve affordable space for artists, entrepreneurs, and organizations. 36 36 46 47 34646 0 14176887 13288151 16375352 14164735 510004 968163 175000 722381 31237243 29143430 734479 1930101 0 0 6670577 7120406 0 0 559810 23806873 21334462 31211929 30384969 25314 -1241539 88532198 98678653 60426934 63302701 28105264 35375952 X Artspace's Mission is to create, foster, and preserve affordable space for artists and arts organizations. 1 0 15927516 0 2725501 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. 3387517 0 7757320 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. 929903 0 591412 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. 7534259 1930101 3055856 Asset & Property Management - Asset Management oversees and collaborates with artists cooperatives, arts tenants, partners, funders, and management companies of the Organization's limited partnership holdings, to establish and maintain long-term financially and physically stable assets. Property Management provides services for various projects, and is responsible for overseeing and coordinating the daily status of the project including financial, physical and tenant communications, and reporting on the ongoing status of the projects and with regard to issues requiring owner input and decisions. 7534259 1930101 3055856 27779195 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 38 0 1 46 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 36 36 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 6122606338 528 Hennepin Ave Suite 700 Minneapolis MN 55403 L Kelley Lindquist President 40.00 10.00 X 239316 0 29160 William Law Chief Operating Officer 40.00 10.00 X 201610 0 30427 Wendy Holmes Sr. VP - Consulting 50.00 2.00 X 189398 0 29973 Greg Handberg Sr. VP - Properties 50.00 2.00 X 192998 0 23371 Kathleen Kvern Sr. VP - National Advancement 40.00 10.00 X 156395 0 28187 Stacey Mickelson VP - Governmental Relations 40.00 10.00 X 150148 0 19467 Naomi Chu VP - Asset Management 40.00 2.00 X 118310 0 21325 Steven Stanley - To Sep Chief Financial Officer 50.00 2.00 X 103377 0 15604 Teri Deaver - Jan - Nov VP - Consulting 50.00 2.00 X 107562 0 17527 Kimberly Moore - Jan - Nov Dir - Asset Management 40.00 0.00 X 100579 0 15932 Andrew Michaelson VP - Properties 40.00 2.00 X 108160 0 5408 Beth Chalmers - From Sep Chief Financial Officer 50.00 2.00 X 52642 0 4768 Betty Massey Chair 1.00 0.00 X X 0 0 0 Irene Quarshie Vice Chair 1.00 0.00 X X 0 0 0 Mary Margaret MacMillan Immediate Past Chair 1.00 0.00 X X 0 0 0 Herman J Milliga Jr Jan - Oct Immediate Past Chair 1.00 0.00 X X 0 0 0 Gary Cunningham Secretary 1.00 0.00 X X 0 0 0 Barbara Portwood Treasurer 1.00 0.00 X X 0 0 0 Mark W Addicks Board Member 1.00 0.00 X 0 0 0 Devon Akmon Board Member 1.00 0.00 X 0 0 0 Osh Ashruf Board Member 1.00 0.00 X 0 0 0 Peter Beard Board Member 1.00 0.00 X 0 0 0 Terry Benelli Board Member 1.00 0.00 X 0 0 0 Randall Boursheidt Board Member 1.00 0.00 X 0 0 0 Diane Dalto Board Member 1.00 0.00 X 0 0 0 Matthew E Damon Board Member 1.00 0.00 X 0 0 0 Louis Lou DeMars Board Member 1.00 0.00 X 0 0 0 Marie Feely Board Member 1.00 0.00 X 0 0 0 Ian Friendly Board Member 1.00 0.00 X 0 0 0 Roy Gabay Board Member 1.00 0.00 X 0 0 0 Joe Gibbons Board Member 1.00 0.00 X 0 0 0 Burton Kassell Board Member 1.00 0.00 X 0 0 0 Susan Kenny Stevens PhD Board Member 1.00 0.00 X 0 0 0 Suzanne Kopplinger Board Member 1.00 0.00 X 0 0 0 Peter A Lefferts Board Member 1.00 0.00 X 0 0 0 Peggy Lucas Board Member 1.00 0.00 X 0 0 0 Mary Margaret McMillan Board Member 1.00 0.00 X 0 0 0 Mark Manbeck Board Member 1.00 0.00 X 0 0 0 Richard Martin Esq Board Member 1.00 0.00 X 0 0 0 Dan C Mehls Board Member 1.00 0.00 X 0 0 0 Sarah Oquist Board Member 1.00 0.00 X 0 0 0 Ken Peterson Board Member 1.00 0.00 X 0 0 0 Elizabeth Redleaf Board Member 1.00 0.00 X 0 0 0 Joel Ronning Board Member 1.00 0.00 X 0 0 0 Christopher Scott Board Member 1.00 0.00 X 0 0 0 Gloria Sewell Board Member 1.00 0.00 X 0 0 0 Jason Stamm Board Member 1.00 0.00 X 0 0 0 Chandler Wilson Board Member 1.00 0.00 X 0 0 0 Cree Zischke Board Member 1.00 0.00 X 0 0 0 Janis Lane-Ewart - Jan - Oct Board Member 1.00 0.00 X 0 0 0 Ceil Cirillo - Jan - Oct Board Member 1.00 0.00 X 0 0 0 Annamarie Saarinen - Jan - Oct Board Member 1.00 0.00 X 0 0 0 Curtis Thornhill - Jan - Apr Board Member 1.00 0.00 X 0 0 0 Neal Richardson - Jan - Oct Board Member 1.00 0.00 X 0 0 0 1720495 0 241149 12 0 1 0 AMR Architects 1424 S Main St Little Rock AR 72202 Architecture & Design 496572 AVM Construction 132 Hardman Ct South Saint Paul MN 55057 Architecture & Design 236630 Eide Bailly 800 Nicollet Mall Minneapolis MN 55402 Professional Services 122265 3 6059832 7228319 13288151 Rental Revenue 531190 7791966 7757320 34646 Developer Fees 531390 2725501 2725501 Property Management Fees 531390 1166646 1166646 Consulting Services 531390 591412 591412 Project Fees 531390 182989 182989 1706221 1706221 14164735 944914 944914 23249 0 23249 23249 23249 Debt Forgiveness 900099 722381 722381 722381 29143430 14130089 34646 1690544 1930101 1930101 1298415 739642 331319 227454 4715174 4301929 268582 144663 147846 136528 8645 2673 594146 541400 38638 14108 364825 310900 33684 20241 248602 219159 22591 6852 148155 130608 13463 4084 2903872 2559948 263885 80039 80979 36202 25569 19208 618077 445858 136863 35356 2341669 2156973 184696 457250 362202 89916 5132 3004037 2652773 351264 2100819 2100819 953277 912892 40385 Bad Debt 5686983 5643093 43890 Equipment & Maintanance 1314303 1121729 192574 Master Leases 877821 877821 Project Management 234120 234120 364498 364498 30384969 27779195 2045964 559810 7992024 5835511 1669730 3031860 14208906 14527059 310063 246059 80075 100480556 45305405 47730794 55175151 310563 60263 16374122 19658671 88532198 98678653 10839437 15907450 2945731 443320 46173101 46473864 468665 478067 60426934 63302701 X 23761359 29736360 4343905 5639592 28105264 35375952 88532198 98678653 X -1241539 853522 7658705 X 0 1 X 1 0 X 14458823 8453629 8779806 14176887 13288151 59157296 14458823 8453629 8779806 14176887 13288151 59157296 5156414 54000882 800552 740642 749704 722562 944914 3958374 34646 34646 1809247 334383 1037399 175000 722381 4078410 67228726 79949656 0.80320 0.79160 X Schedule A, Part II, Line 10, Explanation of Other Income: Debt Forgiveness - 2019 Amount: $ 1,809,247. 2020 Amount: $ 334,383. 2021 Amount: $ 1,037,399. 2022 Amount: $ 175,000. 2023 Amount: $ 722,381. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 27779195 27779195 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 29167 29167 250000 250000 250000 250000 1000000 1500000 10351616 10351616 1481720 87165307 45305405 43341622 1481913 1481913 55175151 Investments & Receivables With Related Parties 19658671 19658671 Security Deposits 478067 478067 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 The Cowles Center 250 3rd Ave N Suite 400 Minneapolis MN 55401 271173436 501(c)(3) 1930101 0 Grant for Dance program. 1 0 Part I, Line 2: Artspace Projects, Inc maintains an ongoing relationship with the recipient organization and has access to all financial records. This allows API to monitor the use of all funds. X X 0 0 0 0 0 0 0 1 0 L Kelley Lindquist President 239316 0 0 0 0 0 12600 0 16758 0 268674 0 0 0 William Law Chief Operating Officer 201610 0 0 0 0 0 11157 0 19468 0 232235 0 0 0 Wendy Holmes Sr. VP - Consulting 189398 0 0 0 0 0 10504 0 19668 0 219570 0 0 0 Greg Handberg Sr. VP - Properties 192998 0 0 0 0 0 10504 0 13065 0 216567 0 0 0 Kathleen Kvern Sr. VP - National Advancement 156395 0 0 0 0 0 8708 0 19677 0 184780 0 0 0 Stacey Mickelson VP - Governmental Relations 150148 0 0 0 0 0 7570 0 12095 0 169813 0 0 0 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. Form 990, Part III, line 2 Feasibility II The new second step in the path to an Artspace project, Feasibility II follows the completion of a Preliminary Feasibility Study. This phase further analyzes the PFS finds to address challenges and build upon opportunities unearthed during the initial phase with the objective of advancing towards predevelopment for an affordable arts development. The service is framed around six critical components to community development: project concept, creative sector, local leadership, funding/financing, potential sites, and alignment with community goals. This service became available in December 2023. 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 annually to show that they understand the policy. The conflict of interest statement was collected from all board members in the fall of 2020. 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. Only cost of living or no increases have been provided since that time. The last review of the President was conducted in July of 2018. Compensation for other officers is determined by the President and Chief Operating 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 that time. Form 990, Part VI, Section C, line 19 The Articles of Incorporation, Bylaws, Conflict of Interest policy, and financial information are provided upon request. Form 990, Part XI, line 9: Acquisition of Properties 7,658,705. Artspace Baltimore LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 224171 815210 Artspace Projects Inc Artspace Brainerd LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 201367855 Holding Company MN 1913477 Artspace Projects Inc Artspace Bridgeport LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 412018262 Holding Company MN Artspace Projects Inc Artspace Bridgeport LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company CT 779432 5873038 Artspace Projects Inc Artspace CAFAC LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 91952 817239 Artspace Projects Inc Artspace Chicago LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 199532 1716241 Artspace Projects Inc Artspace Everett LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 1494762 Artspace Projects Inc Artspace Harvester Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company IA 2290748 Artspace Projects Inc Artspace Hiawatha LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN Artspace Projects Inc Artspace Kaplan LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company WA 915621 5940124 Artspace Projects Inc Artspace Mt Baker Commercial LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 178716 2071064 Artspace Projects Inc Artspace Mt Rainier LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MD 463155 6544248 Artspace Projects Inc Artspace Northern Warehouse Commercial Unit LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 472004838 Holding Company MN 419869 502425 Artspace Projects Inc Artspace Northrup King LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 2335788 10940550 Artspace Projects Inc Artspace Tannery LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 263695585 Holding Company CA 422117 534885 Artspace Projects Inc Artspace Tennessee Nonprofit LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 811744380 Holding Company TN 7494463 Artspace Projects Inc Bell School Landowner LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company LA 280001 Artspace Projects Inc Brookland Artspace Lofts Minnesota LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 204428 Artspace Projects Inc City Hall Commercial LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 235416 2544502 Artspace Projects Inc Hamilton Plaza LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 158355 Artspace Projects Inc The Historic National Hotel Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411975810 Holding Company TX 356762 2291380 Artspace Projects Inc Historic Westside School LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 134342116 Holding Company MN 597381 2058756 Artspace Projects Inc Jackson Flats LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 129690 Artspace Projects Inc Kaddatz Artsist Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 108101 879627 Artspace Projects Inc Ola Ka Ilima Arts Center LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 232680 126590 Artspace Projects Inc Performance Property Management Company LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411928196 Holding Company MN 1717300 463227 Artspace Projects Inc Riverside Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411957459 Holding Company MN 3679343 Artspace Projects Inc Tashiro Arts Building LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company WA 322242 1012616 Artspace Projects Inc Towns on Grove LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MD 109828 Artspace Projects Inc Washington Studios LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 364325 613020 Artspace Projects Inc Shubert Landholding LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 271080431 Holding Company MN 3787159 Artspace Projects Inc Artspace HCA LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 8362153 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 250 3rd Avenue North Suite 400 Minneapolis MN 55401 352248133 LIHTC Rental Housing NY Artspace Affordable Family Housing GP LLC Rentals 425027 0 1 0.00400 Artspace Bell School LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 452821231 LIHTC Rental Housing MN Artspace Bell School LLC Rentals 16358936 0 1 0.00010 Artspace Brainerd LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 201387993 LIHTC Rental Housing MN Artspace Brainerd LLC Rentals 1913477 0 1 0.00010 Artspace Colorado Springs LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 883562090 LIHTC Rental Housing MN Artspace Brainerd LLC Rentals 8626741 0 1 0.00010 Artspace El Paso Lofts Housing LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 471830262 LIHTC Rental Housing MN Artspace El Paso Lofts LLC Rentals 3277603 0 1 0.00010 Artspace Everett LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 611569469 LIHTC Rental Housing MN Artspace Everett LLC Rentals 1494762 0 1 0.00010 Artspace Hastings Lofts LLLP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 475430917 LIHTC Rental Housing MN Artspace Hastings Lofts LLC Rentals 460193 0 1 0.00010 Artspace Hiawatha LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 205002364 LIHTC Rental Housing MN Artspace Hiawatha LLC Rentals 0 1 0.00010 Artspace Jackson Flats LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 800825121 LIHTC Rental Housing MN Artspace Jackson Flats LLC Rentals 693586 0 1 0.00010 Artspace Loveland LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 461966137 LIHTC Rental Housing MN Artspace Loveland LLC Rentals 1148023 0 1 0.00010 Artspace Mesa LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 810851404 LIHTC Rental Housing MN Artspace Mesa Lofts LLC Rentals 1521831 0 1 0.00010 Artspace Mt Baker Lofts LLLP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 900926924 LIHTC Rental Housing MN Artspace Mt Baker Lofts LLC Rentals 306196 0 1 0.00010 Artspace Northern Warehouse LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 300500976 LIHTC Rental Housing MN Artspace Northern Warehouse LLC Rentals 1646603 0 1 0.00010 Artspace Patchogue Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 262299573 LIHTC Rental Housing NY Artspace Patchogue Lofts GP LLC Rentals 7836031 0 1 0.00010 Artspace Ridgway LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 841911903 LIHTC Rental Housing CO Artspace Ridgway GP LLC Rentals 3047885 0 0 0.00010 Artspace Trinidad LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 812431074 LIHTC Rental Housing MN Artspace Trinidad GP LLC Rentals 8049122 0 1 0.00010 Artspace Uptown Artist Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 471799091 LIHTC Rental Housing MN Uptown Artists Lofts LLC Rentals 2831608 0 1 0.00010 Brookland Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 264203805 LIHTC Rental Housing DC Brookland Artspace Loft Minnesota LLC Rentals 204428 0 1 0.00010 City Hall Artist Lofts Ltd Dividend Housing Assoc LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 463342384 LIHTC Rental Housing MN City Hall Artist Lofts LLC Rentals 4897444 0 1 0.00010 El Barrio Artspace LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 383749676 LIHTC Rental Housing NY El Barrio Artspace LLC Rentals 5273321 0 1 0.00010 Elgin Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 264595718 LIHTC Rental Housing MN Elgin Artspace Lofts LLC Rentals 3014141 0 1 0.00010 Hamilton Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 454533940 LIHTC Rental Housing MN Hamilton Artspace Lofts LLC Rentals 1078418 0 1 0.00010 Harvester Artist Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 261274535 LIHTC Rental Housing IA Artspace Harvester Artist Lofts LLC Rentals 2290748 0 1 0.00010 Karcher Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 453013687 LIHTC Rental Housing NY Karcher Artspace Lofts LLC Rentals 3135894 0 1 0.00010 Minot Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 275153835 LIHTC Rental Housing MN Minot Artspace Lofts LLC Rentals 3065533 0 1 0.00010 Northside Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 832395364 LIHTC Rental Housing MN Northside Artspace Lofts GP LLC Rentals 4733625 0 1 0.00010 Ola Ka Ilima Lofts LLLP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 462951365 LIHTC Rental Housing MN Ola Ka Ilima Artspace Lofts LLC Rentals 16151067 0 1 0.00010 Pullman Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 320511861 LIHTC Rental Housing MN Pullman Artspace LLC Rentals 2199178 0 1 0.00010 Silver Spring Artspace Lofts LLLP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 320524829 LIHTC Rental Housing MN Silver Spring Artspace Lofts LLC Rentals 570504 0 1 0.00010 South Main Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 812413448 LIHTC Rental Housing TN Artspace Tennessee Nonprofits LLC Rentals 7494463 0 1 0.00010 Tannery Artists Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 651287815 LIHTC Rental Housing CA Tannery Artsists Lofts LLC Rentals 782501 0 1 0.00010 Brandt Jens Kluge LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411706530 LIHTC Rental Housing MN Artspace Projects Inc Rentals 142713 0 1 0.49500 Tilsner Building LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411735426 LIHTC Rental Housing MN Artspace Projects Inc Rentals 487945 0 1 0.00490 Artspace Riverside Partnership LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 810944775 LIHTC Rental Housing NV Riverside Artist Lofts LLC Rentals 1341543 0 1 0.60000 Riverside Artist Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 880424838 LIHTC Rental Housing NV Riverside Artist Lofts LLC Rentals 2337800 0 0 0.49500 Oglala Lakota Arts Center LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 474759489 LIHTC Rental Housing MN Artspace Projects Inc Rentals 2315539 0 1 0.00010 TZP LLP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411769748 LIHTC Rental Housing MN Artspace Projects Inc Rentals 739052 0 1 0.50000 Sailboat Bend LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 200899374 LIHTC Rental Housing MN Sailboat Bend LLC Rentals 6933428 0 1 0.00010 Artspace Loveland Feed & Grain Building LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 464473028 LIHTC Rental Housing MN Artspace Loveland Feed & Grain MM LLC Rentals 9914581 0 1 0.00010 Artspace Utica Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 881293234 LIHTC Rental Housing MN Artspace Projects Inc Rentals 2182136 0 1 0.00010 Artspace Affordable Family Housing Development Corp 250 3rd Avenue North Suite 400 Minneapolis MN 55401 753201620 Holding Company NY Artspace Projects Inc C 425027 1.00000 1 Tannery Artists Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 263695585 Holding Company CA Artspace Projects Inc C 782501 0.90000 1 Silver Spring Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 814224912 Holding Company MN Artspace Projects Inc C 570504 1.00000 1 Sailboat Bend LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 200902980 Holding Company FL Artspace Projects Inc C 6933428 1.00000 1 Pullman Artspace LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 472757400 Holding Company MN Artspace Projects Inc C 2199178 1.00000 1 Ola Ka Ilima Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 464251071 Holding Company MN Artspace Projects Inc C 16151067 1.00000 1 Northside Artspace Lofts GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 843296269 Holding Company MN Artspace Projects Inc C 4733625 1.00000 1 Minot Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 275153874 Holding Company MN Artspace Projects Inc C 3065533 1.00000 1 Karcher Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 453669042 Holding Company MN Artspace Projects Inc C 3135894 1.00000 1 Hamilton Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 464510083 Holding Company MN Artspace Projects Inc C 1078418 1.00000 1 Elgin Artspace Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 453367984 Holding Company MN Artspace Projects Inc C 3014141 1.00000 1 El Barrio Artspace GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 383749674 Holding Company CA Artspace Projects Inc C 5273321 1.00000 1 City Hall Artists Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 472263133 Holding Company MN Artspace Projects Inc C 4897444 1.00000 1 Uptown Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 471798856 Holding Company MN Artspace Projects Inc C 2831657 1.00000 1 Artspace Trinidad GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 825181449 Holding Company MN Artspace Projects Inc C 8049122 1.00000 1 Artspace Patchogue Lofts GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 262299526 Holding Company NY Artspace Projects Inc C 7836031 1.00000 1 Artspace Northern Warehouse LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 454444950 Holding Company MN Artspace Projects Inc C 1646603 1.00000 1 Artspace Mt Baker Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 465046950 Holding Company MN Artspace Projects Inc C 306196 1.00000 1 Artspace Mesa Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 822891923 Holding Company MN Artspace Projects Inc C 1521831 1.00000 1 Artspace Loveland LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 464287192 Holding Company CO Artspace Projects Inc C 1148023 1.00000 1 Artspace Hastings Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 822891923 Holding Company MN Artspace Projects Inc C 460193 1.00000 1 Artspace Jackson Flats LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 460978548 Holding Company MN Artspace Projects Inc C 693586 1.00000 1 Artspace El Paso Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 474699430 Holding Company MN Artspace Projects Inc C 3277603 1.00000 1 Artspace Development Corporation (Grain Belt) 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411671600 Holding Company MN Artspace Projects Inc C 2602039 1.00000 1 Artspace Colorado Springs GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 883605797 Holding Company MN Artspace Projects Inc C 8626741 1.00000 1 Artspace Bell School LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 452821231 Holding Company MN Artspace Projects Inc C 16358936 1.00000 1 Artspace Affordable Family Housing GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 352248130 Holding Company NY Artspace Projects Inc C 106257 1.00000 1 Artspacde Ridgway GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 853878494 Holding Company MN Artspace Projects Inc C 3047885 1.00000 1 Artspace Loveland Feed & Grain MM LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 883455313 Holding Company MN Artspace Projects Inc C 9914581 1.00000 1 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 Ola Ka Ilima Lofts LLLP R 16150000 FMV Artspace Bell School LP D 12723215 FMV Artspace Colorado Springs LP D 7950000 FMV Artspace Trinidad LP D 6643620 FMV Artspace Loveland Feed & Grain LP R 5915000 FMV South Main Artspace Lofts Limited Partnership D 3803862 FMV El Barrio Artspace LP R 3475000 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP D 3283607 FMV Artspace El Paso Lofts Limited Partnership D 2919476 FMV South Main Artspace Lofts Limited Partnership R 2832676 FMV Elgin Artspace Lofts Limited Partnership D 2819935 FMV Artspace Bell School LP R 2654177 FMV Pullman Artspace Lofts LP D 2629719 FMV Artspace Ridgway Limited Partnership D 2572234 FMV Artspace Bridgeport Limited Partnership R 2570747 FMV Minot Artspace Lofts LP D 2433627 FMV Karcher Artspace Lofts Limited Partnership D 2199624 FMV Northside Artspace Lofts LP R 2044113 FMV Harvester Artist Lofts Limited Partnership D 2039142 FMV Elgin Artspace Lofts Limited Partnership R 2025000 FMV Artspace Northern Warehouse Limited Partnership D 1800432 FMV Artspace Uptown Artist Lofts LP D 1798932 FMV Artspace Hiawatha Limited Partnership D 1699925 FMV Affordable Family Housing S 1682405 FMV Affordable Family Housing R 1576919 FMV Affordable Family Housing D 1555294 FMV Riverside Artist Lofts Limited Partnership D 1501891 FMV Northside Artspace Lofts LP D 1371043 FMV Artspace Loveland Feed & Grain LP Q 1262089 FMV Riverside Artist Lofts Limited Partnership S 1183975 FMV Tannery Artists Lofts Limited Partnership R 1121516 FMV Artspace Mesa Limited Partnership D 1100000 FMV Northside Artspace Lofts LP Q 1098082 FMV El Barrio Artspace LP D 1090104 FMV Silver Spring Artspace LoftsLLLP Q 1065166 FMV Artspace Loveland LP D 1011200 FMV Artspace Patchogue Lofts Limited Partnership Q 1009458 FMV Artspace Northern Warehouse Limited Partnership Q 962635 FMV Artspace Everett Limited Partnership D 942525 FMV South Main Artspace Lofts Limited Partnership Q 830211 FMV Artspace Bridgeport Limited Partnership D 813089 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP S 791222 FMV Artspace Everett Limited Partnership Q 768952 FMV Artspace Trinidad LP Q 722815 FMV Artspace Northern Warehouse Limited Partnership R 684054 FMV Hamilton Artspace Lofts Limited Partnership D 671574 FMV Ola Ka Ilima Lofts LLLP D 641653 FMV Ola Ka Ilima Lofts LLLP Q 641653 FMV Artspace Brainerd Limited Partnership S 632085 FMV Brookland Artspace Lofts LLC D 611074 FMV Minot Artspace Lofts LP S 606133 FMV Karcher Artspace Lofts Limited Partnership Q 582754 FMV Artspace Uptown Artist Lofts LP S 576400 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP Q 556672 FMV Artspace Bell School LP Q 550106 FMV Artspace Mt Baker Lofts LLLP D 515799 FMV Silver Spring Artspace LoftsLLLP D 500000 FMV Artspace Brainerd Limited Partnership D 465135 FMV Artspace Hastings Lofts LLLP R 460370 FMV TZP LLP R 358629 FMV Artspace Mesa Limited Partnership Q 354970 FMV Artspace Trinidad LP R 350000 FMV Karcher Artspace Lofts Limited Partnership R 313307 FMV Artspace Uptown Artist Lofts LP Q 306226 FMV Artspace Patchogue Lofts Limited Partnership D 302643 FMV Hamilton Artspace Lofts Limited Partnership Q 300499 FMV Artspace Jackson Flats Limited Partnership Q 295362 FMV El Barrio Artspace LP Q 294118 FMV Tilsner Building Limited Partnership D 273535 FMV Artspace Brainerd Limited Partnership Q 270994 FMV Artspace Trinidad LP S 249556 FMV Tannery Artists Lofts Limited Partnership Q 246065 FMV Artspace Colorado Springs LP Q 233870 FMV Artspace El Paso Lofts Limited Partnership Q 223652 FMV Artspace Ridgway Limited Partnership Q 220925 FMV Artspace Jackson Flats Limited Partnership D 206038 FMV Artspace Ridgway Limited Partnership R 200000 FMV Harvester Artist Lofts Limited Partnership S 194273 FMV Brookland Artspace Lofts LLC S 161131 FMV El Barrio Artspace LP S 101872 FMV Artspace El Paso Lofts Limited Partnership S 100290 FMV Kaddatz Artist Lofts Limited Partnership R 83959 FMV Artspace Loveland LP S 71845 FMV Artspace Brainerd Limited Partnership R 60213 FMV Artspace Jackson Flats Limited Partnership R 57286 FMV Artspace Mt Baker Lofts LLLP S 53396 FMV Hamilton Artspace Lofts Limited Partnership R 50001 FMV Part IV STATEMENT OF ELECTION UNDER INTERNAL REVENUE CODE SECTION 168(h)(6)(F)(ii) Name of Taxpayer: Artspace Colorado Springs GP LLC Address of Taxpayer: 250 Third Avenue North, Suite 400, Minneapolis, MN 55401 Taxpayer Identification Number: 88-3605797 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 Colorado Springs GP LLC's allocable share of depreciable property owned by the partnership in which Artspace Colorado Springs GP LLC has an investment as property which is not tax-exempt use property. Artspace Colorado Springs 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 Colorado Springs 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 of Election. Applicable Period: This Statement of Election is effective beginning with the taxable year ending December 31, 2023.