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COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended
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Apr. 30, 2014
COMMITMENTS AND CONTINGENCIES [Abstract] |
Schedule of Expected Timing of Ground and Air Rights Lease Payments | The expected timing of ground and air rights lease payments as of April 30, 2014 is as follows:
|  | (in thousands)
Year Ended April 30, |  | Lease Payments
2015 | $ | 506
2016 |  | 478
2017 |  | 449
2018 |  | 449
2019 |  | 449
Thereafter |  | 21,213
Total | $ | 23,544
Schedule of Property Cost and Gross Rental Revenue | Development, Expansion and Renovation Projects. The Company has various contracts outstanding with third parties in connection with development, expansion and renovation projects that are underway or recently completed, the costs for which have been capitalized. As of April 30, 2014, contractual commitments for these projects are as follows: NOTE 15 • continued
|  |  | (in thousands) |
Project Name and Location | Planned Segment | Square Feet or Number of Units | Anticipated Total Cost | Costs as of April 30, 2014(1) | Loans Closed or Committed | Anticipated Construction Completion
Dakota Commons - Williston, ND | Multi-Family Residential | 44 units | $ | 10,736 | $ | 9,013 | $ | 0 | FY2015 Q1
Commons at Southgate - Minot, ND(2) | Multi-Family Residential | 233 units |  | 37,201 |  | 28,065 |  | 24,480 | FY2015 Q2
Cypress Court II – St. Cloud, MN(3) | Multi-Family Residential | 66 units |  | 7,028 |  | 1,580 |  | 4,200 | FY2015 Q3
Arcata - Golden Valley, MN | Multi-Family Residential | 165 units |  | 33,448 |  | 13,018 |  | 24,250 | FY2015 Q3
Red 20 - Minneapolis, MN(4) | Multi-Family Residential and Commercial | 130 units and 10,625 sq ft |  | 29,462 |  | 13,980 |  | 21,726 | FY2015 Q3
Renaissance Heights I - Williston, ND(5) | Multi-Family Residential | 288 units |  | 62,362 |  | 39,017 |  | 43,672 | FY2015 Q4
Chateau II - Minot, ND(6) | Multi-Family Residential | 72 units |  | 14,711 |  | 2,098 |  | 0 | FY2015 Q4
Cardinal Point - Grand Forks, ND | Multi-Family Residential | 251 units |  | 40,042 |  | 6,829 |  | 24,500 | FY2016 Q1
Other | n/a | n/a |  | n/a |  | 2,496 |  | n/a | n/a
|  |  | $ | 234,990 | $ | 116,096 | $ | 142,828 |
(1) | Includes costs related to development projects that are placed in service in phases (Renaissance Heights I - $11.5 million).
(2) | The Company is an approximately 51% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.
(3) | The Company is an approximately 86.1% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.
(4) | The Company is an approximately 58.6% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.
(5) | The Company is an approximately 70% partner in the joint venture entity constructing this project; the anticipated total cost amount given is the total cost to the joint venture entity.
(6) | On December 5, 2013, this development project was destroyed by fire. As of April 30, 2014, $6.1 million of expected insurance proceeds were included in accounts receivable on the Company's consolidated balance sheet. See Note 2 for additional information.

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
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