2023-08-30T15:48:51-05:00 2022-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2022-01-01 411350071 Artspace Projects Inc ARTS 6123339012 250 3rd Avenue North 400 Minneapolis MN 55401 Steve Stanley CFO 6123339012 2023-08-28 1 Steve Stanley 999009999 1 Kim Hunwardsen CPA P00484560 6122536500 2023-08-28 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z L Kelley Lindquist 250 3rd Avenue North 400 Minneapolis MN 55401 31449801 0 X www.artspace.org X 1978 MN To create, foster, and preserve affordable space for artists and arts organizations. 40 40 51 40 141424 0 8779806 14176887 23938296 16375352 745312 510004 1037399 175000 34500813 31237243 1646057 734479 0 0 5820193 6670577 0 0 589088 25097325 23806873 32563575 31211929 1937238 25314 90966612 88532198 63013206 60426934 27953406 28105264 X Artspace's Mission is to create, foster, and preserve affordable space for artists and arts organizations. 0 0 19327621 0 1590283 Real Estate Projects - Provides properties that are sensitive to the unique needs and environment necessary for artists, arts organizations, 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. 1227099 0 7399192 Development - Develops artists' live/work space 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 artists, space and art facilities. 1746217 0 517104 Consulting and Strategic Partnerships - Provides a computerized registry and handout of spaces available for rent or purchase; consulting services to arts organizations and individual artists around the country; support on real estate development projects, community building, diversity in the arts, and neighborhood development and the arts. 6547530 734479 6727349 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. 6547530 734479 6727349 28848467 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 0 0 0 1 29 0 1 51 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 40 40 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 Steve Stanley 6123339012 250 3rd Avenue North Suite 400 Minneapolis MN 55401 L Kelley Lindquist President 40.00 10.00 X 248606 0 31401 William Law Chief Operating Officer 40.00 10.00 X 211860 0 29564 Greg Handberg Sr. VP, Properties 50.00 0.00 X 202648 0 22616 Wendy Holmes Sr. VP, Consulting 50.00 0.00 X 192136 0 36046 Kathleen Kvern Sr. VP, National Advancement 40.00 10.00 X 164604 0 24284 Steve Stanley Chief Financial Officer 50.00 2.00 X 156877 0 33154 Stacey Mickelson VP, Government Relations 40.00 10.00 X 147106 0 18993 Naomi Chu VP, Asset Management 40.00 0.00 X 114494 0 20518 Teri Deaver VP, Consulting 50.00 0.00 X 109347 0 18598 Herman J Milligan Jr PhD Chair/Past Chair 1.00 0.00 X X 0 0 0 Betty Massey Vice Chair/Chair 1.00 0.00 X X 0 0 0 Irene Quarshie Vice Chair 1.00 0.00 X X 0 0 0 Gary Cunningham Secretary 1.00 0.00 X X 0 0 0 Mark Manbeck Treasurer 1.00 0.00 X X 0 0 0 Peggy Lucas Board Member 1.00 0.00 X 0 0 0 Joel Ronning Board Member 1.00 0.00 X 0 0 0 Marie Feely Board Member 1.00 0.00 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 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 Woosnam 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 Janis Lane-Ewart 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 Bonnie Heller Ended Mar Board Member 1.00 0.00 X 0 0 0 Burton Kassell Board Member 1.00 0.00 X 0 0 0 Peter A Lefferts Board Member 1.00 0.00 X 0 0 0 Ceil Cirillo 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 Roger Opp Ended Nov Board Member 1.00 0.00 X 0 0 0 Sarah Oquist Board Member 1.00 0.00 X 0 0 0 Gloria Sewell Board Member 1.00 0.00 X 0 0 0 Barbara Portwood Board Member 1.00 0.00 X 0 0 0 Elizabeth Redleaf Board Member 1.00 0.00 X 0 0 0 Annamarie Saarinen Board Member 1.00 0.00 X 0 0 0 Susan Kenny Stevens PhD Board Member 1.00 0.00 X 0 0 0 Curtis Thornhill Board Member 1.00 0.00 X 0 0 0 Cree Zischke Board Member 1.00 0.00 X 0 0 0 Osh Ashruf Board Member 1.00 0.00 X 0 0 0 Suzanne Koepplinger Board Member 1.00 0.00 X 0 0 0 Christopher Scott Board Member 1.00 0.00 X 0 0 0 Neal Richardson Board Member 1.00 0.00 X 0 0 0 Jason Stamm Board Member 1.00 0.00 X 0 0 0 Joe Gibbons Board Member 1.00 0.00 X 0 0 0 Mary Margaret McMillan Board Member 1.00 0.00 X 0 0 0 Chandler Wilson Board Member 1.00 0.00 X 0 0 0 1547678 0 235174 9 0 1 0 Spectrum General Contractors 5135 E 38th Avenue Denver CO 80207 Construction/Architecture 484184 Kevin Daly Architects 3617 W Exposition Boulevard Los Angeles CA 90016 Construction/Architecture 390163 RATIO Architects 101 S Pennsylvania Street Indianapolis IN 46204 Construction/Architecture 358711 HHL Architects 172 Allen Street Buffalo NY 14201 Construction/Architecture 327508 Cuningham Group Architecture 201 Main St SE Ste 325 Minneapolis MN 55414 Construction/Architecture 206386 8 8789412 5387475 14176887 Rental Revenue 531190 7540616 7399192 141424 Developer Fees 531390 1590283 1590283 Property Management Fees 531390 1073848 1073848 Consulting Services 531390 517104 517104 Project Fees 531390 49550 49550 5603951 5603951 16375352 722562 722562 212558 -212558 -212558 -212558 Debt Forgiveness 900099 175000 175000 175000 31237243 16233928 141424 685004 734479 734479 1165898 770203 341583 54112 4457905 3899705 224367 333833 147833 129510 5816 12507 554902 494201 27484 33217 344039 290279 31189 22571 25416 17342 4577 3497 87552 59739 15768 12045 518759 353961 93428 71370 51520 40818 1914 8788 677534 509922 146721 20891 2274753 2087540 187213 516217 451294 48666 16257 1901470 1635888 265582 2063408 2063408 705300 593137 112163 Bad Debt 12373587 12273569 100018 Equipment & Maintanance 1069865 901983 167882 Master Leases 1013595 1013595 Project Management 194355 194355 333542 333539 3 31211929 28848467 1774374 589088 12204379 7992024 249840 1669730 17884349 14208906 94674 246059 85106663 37375869 46118501 47730794 310563 310563 14104306 16374122 90966612 88532198 9618252 10839437 3182666 2945731 49782988 46173101 429300 468665 63013206 60426934 X 23095894 23761359 4857512 4343905 27953406 28105264 90966612 88532198 X 25314 126544 X 0 1 X 1 0 X 10978829 14458823 8453629 8779806 14176887 56847974 10978829 14458823 8453629 8779806 14176887 56847974 6139445 50708529 702351 800552 740642 749704 722562 3715811 140753 1809247 334383 1037399 175000 3496782 64060567 86687730 0.79160 0.80060 X Schedule A, Part II, Line 10, Explanation of Other Income: Debt Forgiveness - 2018 Amount: $ 140,753. 2019 Amount: $ 1,809,247. 2020 Amount: $ 334,383. 2021 Amount: $ 1,037,399. 2022 Amount: $ 175,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 28848467 28848467 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 44166 29167 73333 250000 250000 250000 250000 1000000 1500000 10036715 10036715 73947130 37375869 36571261 1122818 1122818 47730794 Investments & Receivables With Related Parties 16374122 16374122 Security Deposits 468665 468665 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) 734479 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 236606 0 12000 0 0 0 12600 0 18999 0 280205 0 0 0 William Law Chief Operating Officer 201610 0 10250 0 0 0 10763 0 18999 0 241622 0 0 0 Greg Handberg Sr. VP, Properties 192998 0 9650 0 0 0 10132 0 12682 0 225462 0 0 0 Wendy Holmes Sr. VP, Consulting 182486 0 9650 0 0 0 10132 0 26111 0 228379 0 0 0 Kathleen Kvern Sr. VP, National Advancement 156604 0 8000 0 0 0 8400 0 16081 0 189085 0 0 0 Steve Stanley Chief Financial Officer 148877 0 8000 0 0 0 8000 0 25352 0 190229 0 0 0 Stacey Mickelson VP, Government Relations 147106 0 0 0 0 0 7418 0 11774 0 166298 0 0 0 Part I, Line 7 The organization determines the total amount available 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 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 126,544. Artspace Baltimore LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 0 539478 Artspace Projects Inc Artspace Brainerd LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 201367855 Holding Company MN 0 1850344 Artspace Projects Inc Artspace Bridgeport LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 412018262 Holding Company MN 0 0 Artspace Projects Inc Artspace Bridgeport LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company CT 368355 6228761 Artspace Projects Inc Artspace CAFAC LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 141984 850920 Artspace Projects Inc Artspace Chicago LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 195453 1602587 Artspace Projects Inc Artspace Everett LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 0 1480377 Artspace Projects Inc Artspace Harvester Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company IA 0 2260022 Artspace Projects Inc Artspace Hiawatha LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 0 1123909 Artspace Projects Inc Artspace Mt Baker Commercial LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 191901 2198967 Artspace Projects Inc Artspace Mt Rainier LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MD 401220 6798733 Artspace Projects Inc Artspace Northern Warehouse Commercial Unit LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 472004838 Holding Company MN 486024 524594 Artspace Projects Inc Artspace Northrup King LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 2135130 11131323 Artspace Projects Inc Artspace Tannery LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 263695585 Holding Company CA 418789 548471 Artspace Projects Inc Artspace Kaplan LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company WA 949640 6221927 Artspace Projects Inc Artspace Tennessee Nonprofit LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 811744380 Holding Company TN 0 7459021 Artspace Projects Inc Bell School Landowner LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company LA 0 280332 Artspace Projects Inc Brookland Artspace Lofts Minnesota LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 0 204459 Artspace Projects Inc City Hall Commercial LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 215331 2566596 Artspace Projects Inc Hamilton Plaza LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 0 168376 Artspace Projects Inc The Historic National Hotel Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411975810 Holding Company TX 233465 2348981 Artspace Projects Inc Historic Westside School LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 134342116 Holding Company MN 0 1903378 Artspace Projects Inc Jackson Flats LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 0 129690 Artspace Projects Inc Kaddatz Artsist Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 98400 951242 Artspace Projects Inc Ola Ka Ilima Arts Center LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 228870 148556 Artspace Projects Inc Performance Property Management Company LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411928196 Holding Company MN 1417657 361932 Artspace Projects Inc Riverside Artist Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411957459 Holding Company MN 0 3746908 Artspace Projects Inc Tashiro Arts Building LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company WA 339154 1072096 Artspace Projects Inc Towns on Grove LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MD 13664 17593 Artspace Projects Inc Washington Studios LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411350071 Holding Company MN 380740 721838 Artspace Projects Inc Everett Stations Lofts LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411923434 Holding Company MN 0 0 Artspace Projects Inc Shubert Landholding LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 271080431 Holding Company MN -14414 3801573 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 550629 0 0 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 18609326 0 0 0.00010 Artspace Brainerd LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 201387993 LIHTC Rental Housing MN Artspace Brainerd LLC Rentals 1850344 0 0 0.00010 Artspace Colorado Springs LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 883562090 LIHTC Rental Housing MN Artspace Brainerd LLC Rentals 3750001 0 0 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 3249010 0 0 0.00010 Artspace Everett LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 611569469 LIHTC Rental Housing MN Artspace Everett LLC Rentals 1480377 0 0 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 460222 0 0 0.00010 Artspace Hiawatha LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 205002364 LIHTC Rental Housing MN Artspace Hiawatha LLC Rentals 1123909 0 0 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 654384 0 0 0.00010 Artspace Loveland LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 461966137 LIHTC Rental Housing MN Artspace Loveland LLC Rentals 1146827 0 0 0.00010 Artspace Mesa LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 810851404 LIHTC Rental Housing MN Artspace Mesa Lofts LLC Rentals 1510749 0 0 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 290448 0 0 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 1796653 0 0 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 105001 0 0 0.00010 Artspace Ridgway LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 841911903 LIHTC Rental Housing CO Artspace Ridgway GP LLC Rentals 8733917 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 7941325 0 0 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 2716481 0 0 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 204459 0 0 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 4782617 0 0 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 5228255 0 0 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 2916154 0 0 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 1116849 0 0 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 2260022 0 0 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 3140029 0 0 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 3026593 0 0 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 6185973 0 0 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 16151243 0 0 0.00010 Pullman Artspace Lofts LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 320511861 LIHTC Rental Housing MN Pullman Artspace LLC Rentals 2157492 0 0 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 501721 0 0 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 7459021 0 0 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 682926 0 0 0.00010 Brandt Jens Kluge LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411706530 LIHTC Rental Housing MN Artspace Projects Inc Rentals 10202 0 0 0.49500 Tilsner Building LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411735426 LIHTC Rental Housing MN Artspace Projects Inc Rentals 447898 0 0 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 1397788 0 0 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 2349120 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 2418918 0 0 0.00010 TZP LLP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411769748 LIHTC Rental Housing MN Artspace Projects Inc Rentals 844562 0 0 0.50000 Sailboat Bend LP 250 3rd Avenue North Suite 400 Minneapolis MN 55401 200899374 LIHTC Rental Housing MN Sailboat Bend LLC Rentals 7175787 0 0 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 5272649 0 0 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 550629 1.00000 0 Artspace Affordable Family Housing GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 352248130 Holding Company NY Artspace Projects Inc C 110871 1.00000 0 Artspace Bell School LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 452821231 Holding Company MN Artspace Projects Inc C 18609326 1.00000 0 Artspace Colorado Springs GP LLC 250 3rd Avenue North Suite 400 Minneapolis MN 55401 883605797 Holding Company MN Artspace Projects Inc C 1.00000 0 Artspace Development Corporation 250 3rd Avenue North Suite 400 Minneapolis MN 55401 411671600 Holding Company MN Artspace Projects Inc C 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El Paso Lofts Limited Partnership D 2855866 FMV Elgin Artspace Lofts Limited Partnership D 2814935 FMV South Main Artspace Lofts Limited Partnership R 2800000 FMV Artspace Ridgway Limited Partnership D 2694651 FMV Artspace Bell School LP R 2654177 FMV Artspace Bridgeport Limited Partnership R 2571735 FMV Northside Artspace Lofts LP Q 2440178 FMV Minot Artspace Lofts LP D 2433627 FMV Karcher Artspace Lofts Limited Partnership D 2198664 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 1799451 FMV Artspace Hiawatha Limited Partnership D 1699925 FMV Silver Spring Artspace LoftsLLLP Q 1600710 FMV Affordable Family Housing R 1576919 FMV El Barrio Artspace LP R 1575000 FMV Affordable Family Housing D 1550613 FMV Affordable Family Housing S 1543239 FMV Riverside Artist Lofts Limited Partnership D 1501891 FMV Northside Artspace Lofts LP R 1451634 FMV Northside Artspace Lofts LP D 1371043 FMV Riverside Artist Lofts Limited Partnership S 1183975 FMV Tannery Artists Lofts Limited Partnersh1p R 1121516 FMV Artspace Mesa Limited Partnership D 1100000 FMV El Barrio Artspace LP D 1090104 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 800228 FMV Artspace Everett Limited Partnership Q 768953 FMV Artspace Trinidad LP Q 722815 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP S 701504 FMV Artspace Northern Warehouse Limited Partnership R 684054 FMV Hamilton Artspace Lofts Limited Partnership D 671574 FMV Ola Ka Ilima Lofts LLLP Q 643303 FMV Ola Ka Ilima Lofts LLLP D 641653 FMV Karcher Artspace Lofts Limited Partnership Q 582754 FMV Artspace Brainerd Limned Partnership S 572787 FMV Minot Artspace Lofts LP S 566340 FMV City Hall Artist Lofts Ltd Dividend Housing Assoc LP Q 556672 FMV Artspace Bell School LP Q 550106 FMV Artspace Ridgway Limited Partnership Q 550106 FMV Brookland Artspace Lofts LLC D 515488 FMV Artspace Mt Baker Lofts LLLP D 514839 FMV Artspace Uptown Artist Lofts LP S 509124 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 Artspace Patchogue Lofts Limited Partnership D 346668 FMV Hamilton Artspace Lofts Limited Partnership Q 330578 FMV Karcher Artspace Lofts Limited Partnership R 313307 FMV Artspace Uptown Artist Lofts LP Q 306226 FMV Artspace Jackson Flats Limited Partnership Q 295362 FMV El Barrio Artspace LP Q 293518 FMV Ti1lsner Building Limited Partnership D 273535 FMV Artspace Brainerd Limited Partnership Q 270994 FMV Tannery Artists Lofts Limited Partnersh1p Q 246065 FMV Artspace El Paso Lofts Limited Partnership Q 223652 FMV Artspace Jackson Flats Limited Partnership D 206038 FMV Pullman Artspace Lofts LP Q 199398 FMV Artspace Trinidad LP S 188199 FMV Harvester Artist Lofts Limited Partnership S 184245 FMV Brookland Artspace Lofts LLC S 147185 FMV Artspace El Paso Lofts Limited Partnership S 137088 FMV El Barrio Artspace LP S 91049 FMV Kaddatz Artist Lofts Limited Partnership R 83959 FMV Artspace Loveland LP S 69050 FMV Artspace Brainerd Limited Partnership R 60213 FMV Artspace Jackson Flats Limited Partnership R 57286 FMV Kaddatz Artist Lofts Limited Partnership D 51557 FMV Part IV TATEMENT OF ELECTION UNDER INTERNAL REVENUE CODE SECTION 168(h)(6)(F)(ii) Name of Taxpayer: Artspace Loveland Feed and Grain Building MM, LLC Address of Taxpayer: 250 3 Avenue North, Suite 400 Minneapolis, MN 55401 Taxpayer Identification Number: 88-3455313 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 Loveland Feed and Grain Building MM, LLC's allocable share of depreciable property owned by the partnership in which Artspace Loveland Feed and Grain Building MM, LLC's has an investment as property which is not tax-exempt use property. Artspace Loveland Feed and Grain Building MM, LLC's 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 Loveland Feed and Grain Building MM, 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 ecember 31, 2022.