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HRA 02/09/1989 - 6393HOUSING AND REDEVELOPMENT AUTHORITY MEETING FEBRUARY 9, 1989 City of Fridley A G E N D A HOUSING & REDEVELOPMENT AUTHORITY MTG. FEB. 9, 1989 7:00 P.M. Location: Community Education Center 6085 Seventh Street N.E. CALL TO ORDER: ROLL CALL: APPROVAL OF MINUTES: January 12, 1989 CONSIDERATION OF TANURB PROPOSAL FOR REDEVELOPMENT OF SOUTHWEST QUADRANT OF UNIVERSITY AVENUE & MISSISSIPPI STREET. . . . . . . . . . . 1 -1C CONSIDERATION OF WINFIELD PROPOSAL FOR REDEVELOPMENT OF 57TH PLACE . . . . . . . . . . . . . . . . 2 -2C CONSIDERATION OF DRAFT INVESTMENT POLICY. . . . . . . . . . 3 -3K CONSIDERATION OF AGREEMENT BETWEEN CITY OF FRIDLEY AND SCHOOL DISTRICTS. . . . . . . . . . . . 4 INFORMATION ON LRT DEVELOPMENT . . . . . . . . . . . . . . 5 -5F INFORMATION ON FRIDLEY PLAZA OFFICE BUILDING. . . . . . . . 6 CLAIMS . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 OTHER BUSINESS ADJOURNMENT CITY OF FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY MEETING, JANUARY 12, 1989 CALL TO ORDER: Chairperson Commers called the January 12, 1989, Housing & Redevelopment Authority meeting to order at 7:24 p.m. ROLL CALL: Members Present: Larry Commers, Virginia Schnabel, Duane Prairie, John Meyer, Members Absent: Walter Rasmussen Others Present: Jock Robertson, Executive Director to HRA Dave Newman, HRA Attorney William Burns, City Manager & Director of HRA APPROVAL OF DECEMBER 8, 1988, HOUSING & REDEVELOPMENT AUTHORITY MINUTES: MOTION by Ms. Schnabel, seconded by Mr. Prairie, to approve the December 8, 1989, Housing & Redevelopment Authority minutes as written. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. APPROVAL OF AGENDA: The following item was added to the agenda: Consideration of Modification of Mortgage and Subordination Agreement for the Fridley Plaza Office Building. MOTION by Ms. Schnabel, seconded by Mr. Prairie, to approve the agenda with the above addition. 1. INFORMATION ON TANURB PROPOSAL FOR SOUTHWEST CORNER OF UNIVERSITY AVENUE AND MISSISSIPPPI STREET: Mr. Robertson stated staff had two meetings with representatives from the Tanurb Development Corporation in December. The Tanurb company is a subsidiary of a Canadian -based company called Dylex 0C HOUSING i REDEVELOPMENT AUTHORITY MEETING, JANUARY 12, 1989 Limited. Tanurb's initial proposal was for a 90,000- 100,000 sq. ft. retail strip center, with major anchor tenants specializing in apparel. In the first meeting, they determined there was a shortfall in the area of about $2 million. Staff has had some subsequent discussions with a financial consultant brought in by Tanurb's local attorney, Tom Borman. They are now closer to a feasible project than they were before. The way it would work would be that there would be a second phase which would add more value to the property. He stated staff received a telephone call that morning from Tanurb's attorney saying Tanurb is very interested in the two stage proposal proposed by the local consultant. They want to meet with staff on Monday afternoon at 4:00 p.m., and staff has agreed to that meeting. Tanurb will have to put together a proforma which Jim Casserly will review. Then, if they get a feasibility study, staff will bring that back to the HRA. Mr. Robertson stated as part of the information handed out at the meeting, he had included a memo to the HRA from himself dated January 12, 1989, in which he had outlined the financial structure (taken from Jim Casserly's notes) and what staff sees as four policy issues that would be involved in it. Mr. Burns stated the City has been led to believe that Tanurb is a very reputable developer and that this project is much more realistic than others that have been proposed for this site in the past. Therefore, there is some incentive on the part of the City to try to make this work. Staff also needs to know that the HRA is behind the concept. Mr. Prairie stated he thought the HRA would like to have this development go, but they also do not want a retail center that is only half full. Mr. Commers stated this developer looks like it has the strength, and it looks like it is the best and strongest developer they have had for this site. He would think the HRA would be very anxious to work with the developer if they can. However, everyone should keep in mind that he was a little concerned that they would be working without securites which provides a risk the HRA has never borne before. 2. INFORMATION ON TAX INCREMENT FINANCING RETURNED TO SCHOOLS: Mr. Robertson stated the City Manager and the Mayor have asked that this item be tabled until a joint HRA /City Council meeting on Monday, January 30, 1989. The City Council would like to consider -2- HOUSING & REDEVELOPMENT AUTHORITY MEETING. JANUARY 12. 1989 getting some additional information and perhaps a second legal opinion. Mr. Commers stated that as he had expressed in a letter to staff, he thought the HRA should try to do everything they can to get some assistance back to the school districts. However, he was not sure whether there was any jeopardy from a financial point of view on the bond issues. If the HRA does do anything, they should review it on an annual basis. He had some hesitancy to make a commitment of $104,000 back per year for several years. Mr. Burns stated part of the reason why this was being continued until January 30th was because of the concern Mr. Commers had raised about the financial issue. Mr. Burns stated he felt it was appropriate to delay a decision until they have a chance to do a financial review. He proposed to have a very thorough financial review of the HRA's financial situation at that meeting. He also proposed to present an overview of the four major projects the HRA is currently working on in 1989 so the City Council and HRA can see the financial impact of these projects. The other issues are legal issues, and it was his recommendation to seek a second legal opinion. Hopefully, that opinion will be available for the January 30th meeting also. The HRA members were in agreement to continue this item until the joint HRA /City Council meeting on January 30, 1989. 3. CONSIDERATION OF AUTHORIZING SPECIFICATIONS AND BIDS FOR LAKE POINTE MAINTENANCE: MOTION by Ms. Schnabel, seconded by Mr. Meyer, to authorize staff to put out the specifications and bids for a maintenance contract for Lake Pointe for the 1989 season. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 4. CONSIDERATION OF A RESOLUTION DESIGNATING OFFICIAL DEPOSITORIES FOR THE FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY: OTION by Mr. Prairie, seconded by Ms. Schnabel, to approve Resolution No. HRA 1 - 1989, a "Resolution Designating Official Depositories for the Fridley Housing & Redevelopment Authority ". Mr. Commers stated he just wanted to again say for the record that the City and HRA still do not get a lot of cooperation from Fridley State Bank. He was still particularly irritated by the -3- ROUSING & REDEVELOPMENT AUTHORITY MEETING, JANUARY 12, 1989 fact that the Bank did not cooperate with the City in the exchange of property a few years ago. Mr. Robertson stated this year the Bank did not cooperate with the City in overflow parking during the construction of the parking ramp. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 5. CONSIDERATION OF A DRAFT INVESTMENT POLICY FOR THE FRIDLEY HRA: This item was continued until the next Housing & Redevelopment Authority meeting. 6. INFORMATION ON BRICKNER PROPOSAL FOR CENTRAL AVENUE & 64TH AVENUE N.E. Mr. Burns stated the City Council has some concern about the feelings of the neighborhood and has suggested that the developer conduct a neighborhood meeting. This item was continued until the next Housing & Redevelopment Authority meeting. 7. CONSIDERATION OF MODIFICATION OF MORTGAGE AND SUBORDINATION AGREEMENT FOR THE FRIDLEY PLAZA OFFICE BUILDING: Mr. Newman stated Mr. Malmon called him in late December asking about executing the Subordination Agreement. He told Mr. Malmon that the HRA had authorized that in August 1988. In that telephone conversation, Mr. Malmon asked him to have staff prepare a calculation of the amount owing under the Second Mortgage. It was Mr. Newman's recollection that it was two principle payments plus the interest. Mr. Newman stated he was surprised to receive a letter from Mr. Malmon dated January 4, 1989, in which Mr. Malmon indicated a request to roll the amount due back into the Second Mortgage. Since this was a new, request, Mr. Newman had told Mr. Malmon that it would have to be acted on by the HRA. Mr. Commers stated one thing that concerned him was a statement made by Mr. Malmon in his January 4th letter: "We take the position that this is not an obligation of the Partnership but merelyea non - recourse mortgage against the property, since there is no promissory note involved in the transaction. Therefore, if -4- HOUSING & REDEVELOPMENT AUTHORITY MEETING. JANUARY 12. 1989 in fact we do not close this transaction, Fridley will have to foreclose on its second mortgage in order to collect." Mr. Commers stated if the HRA does approve this, legal counsel should write a letter to Mr. Malmon stating the HRA does not necessarily agree with the legal issues. Mr. Meyer stated he would be in favor of going along with the proposal. Mr. Commers suggested the HRA approve the transaction with the assumption that the Partnership close on the property in January 1989. Otherwise, they could renegotiate and leave this open ended until they find a buyer. Mr. Newman agreed with the suggestion, but suggested 90 days in case the Partnership runs into some problems. The HRA members compromised on 60 days. MOTION by Ms. Schnabel, seconded by Mr. Meyer, to approve the request by the Fridley Plaza Office Partnership to roll over the balance amount of $12,617.69 into the Second Subordination Mortgage on the Fridley Office Building for 60 days. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON CONNERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 8. CLAIMS: Mr. Commers questioned the amount of rent billed to the HRA for the office building in the amount of $3,209.56 for the month of January. Mr. Robertson stated he would get information on that for the next meeting. MOTION by Mr. Prairie, seconded by Mr. Meyer, to approve the check register and claims as presented. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON CONNERS DECLARED THE MOTION CARRIED UNANIMOUSLY. ADJOURNMENT: MOTION by Mr. Prairie, seconded by Ms. Schnabel, to adjourn the meeting. Upon a voice vote, all voting aye, Chairperson Commers -5- HOUSING 6 REDEVELOPMENT AUTHORITY MEETING, JANUARY 12, 1989 declared the January 12, 1989, Housing & Redevelopment Authority meeting adjourned at 8:45 p.m. Respectfully subm' ted, Lynne aba Recording Secretary -6- OUSING and REDEVELOPMENT AUTHORITY 1 COMMISSION MEMBERS: LAWRENCE COMMERS,CHAIRMAN DUANE PRARE VROMIA SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE: TO: FROM: SUBJECT: Introduction February 2, 1989 Housing and Redevelopment Authority Jock Robertson, Executive Director to the HRA James Casserly, Financial Consultant Tanurb Development (S.W. Quadrant of Mississippi Street and University Avenue) There has been an agreement in concept between the Developer and the City staff. The concept needs some additional refining, approval by the City /HRA of several policy changes and further pro forma analysis by the Developer. The concept will be fully developed in the spreadsheets for final presentation at a later meeting. The Proposal The proposal works as follows. The developers would: 1. Purchase the property or, most likely, the City would purchase with an advance from the Developer. 2. Do demolition. 3. Be responsible for all costs of relocation. The Developer would have to advance the funds. 4. Pay all public improvement costs not to exceed $300,000 and sign a special assessment agreement making semi- annual special assessment payments for 17 years. 5. Provide a Letter of Credit for the City's debt to finance the public improvements. 6. Buy the land owned by the City for $561, 000 (the original acquisition cost) on an installment basis. EXECUTIVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. (012) 671 -3460 FRIDLEY, MN 55432 EXT. 117 IA Tanurb Development February 2, 1989 Page 2 7. Execute a Development Agreement that has the following timing: 1989 Property acquired and construction started 1990 Construction completed and project leased 1991 Project fully assessed 1992 Taxes payable 5/15 and 10/15 The Development Agreement would not have the following: A. An assessment agreement B. Any guarantee of tax increment (including corporate, personal, mortgage, letter of credit, insurance, or escrow) C. Any guarantee of debt service of City bonds The City /HRA would: 1. Sell the property to the Developer for $1.00. 2. Sell its land on an installment basis. 3. Provide short term financing for the Special Assessment public improvements (only if Developer provides the Letter of Credit). 4. Sell a long term tax exempt bond to take out the short term Special Assessment debt and to reimburse the Developer for its advances. 5. Reimburse Developer advances 14 1/2 months before the first half tax payment that results from a fully assessed 100,000 sq. ft. shopping center. 6. Issue to the Developer a Limited Tax Increment Revenue Note for 400,000 at 9% to be paid from surplus tax increments after reduction for: a. Base b. Administrative fees C. City bond(s) (Tax Increment and /or Special Assessment) 1B Tanurb Development February 2, 1989 Page 3 Source and Use A source and use of funds (exclusive of bond issuance, discount consultant's fees, etc.) are as follows: USE Acquisition $ 3,200,000 Relocation 380,000 Demolition 130,000 Public improvements 300,000 $ 4,010,000 SOURCE City bond proceeds Tax Increment $ 1,600,000 Special Assessment 300,000 $ 1,900,000 $ 1,900,000 Limited revenue note 400,000 Installment sale or city land 580,000 Cash from Developer 1,130,000 $ 4,010,000 The Risks Each party has some risk. The Developer's greatest risks are that the costs will be greater for the acquisition, demolition, and relocations; that the project will not be completed and leased in a timely fashion; and that inflation or additional improvements will not be adequate to repay the Limited Revenue Note. The City's risks include public improvement costs in excess of $300,000 and that the project becomes insolvent or generates far less taxes so that the City cannot make its bond payments. Conclusion Our conclusion is that the City has minimized, as much as possible, its risk and yet have a workable project. The City has to make a number of decisions before we can proceed and the Developer must conclude that the project is economically viable. Furthermore, there are several legal issues involving the installment sale of the City land, the letter of credit for the short term public improvement debt, the special assessment agreement and the reimbursement of the Developer that must be resolved. We are reasonably hopeful that a positive opinion will be rendered on all of these issues. OUSING and REDEVELOPMENT AUTHORITY 1) COMMISSION MEMBERS: - LAWRENCECOMMERS,CHAUtMAN DUANE PRARE VEIGNIA SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE: February 2, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director to the HRA SUBJECT: Winfield Proposal for Redevelopment of 57th Place Site The draft development agreement between the Fridley HRA and Winfield Developments, Inc., has been tentatively approved by Winfield pending resolution of the soil contamination question. Staff recommends that this question be addressed as follows: 1. An independent testing firm be retained to analyze the soil boring information submitted by Ashland Oil Company on this site. 2. Based on the above analysis, the HRA negotiate with Ashland Oil for right of entry to the property to conduct any necessary followup confirmation or supplemental soil tests. Based on the results of the above two activities, the HRA would then be in a position to proceed with the consummation of a development agreement and beginning the site acquisition process. See attached memo from David Newman dated January 6, 1989. JR:ls M -89 -63 EXECUTIVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. WI 2) 571 -3450 FRIDLEY, MN 55432 EXT. 117 W z O O LL- U) O I- 7 Lil J Q LLI Q A LL L1J V W f�1 C/) W F— 'Q A En N w O N ro cco o o 4J - to a rcl � ro B ro -6 -1 +U) 4 4J 4-4 En O; ro 4 Q J ro � - o oo a h • 4-) o Ww r-4 r N - � - 4�•1 2i �+ 01 00 cn Ch r-I 41 S � � p O 41 4-I N N N tYf l rr Lo 84 J10 R I j -� h 01 00 N r-I Q . I z LLI 84-4 t CITY OF FRIDLEY M E M O R A N D U M TO: JOCK ROBERTSON, COMMUNITY DEVELOPMENT DIRECTOR FROM: RICHARD D. PRIBYL, FINANCE DIRECTOR SUBJECT: INSPECTION SERVICE FEES DATE: JANUARY 25, 1989 At HRA meeting of January 12, 1989, the Commission members questioned the inspection service fees that were on the billing for Personal Services that occurred in December. In reviewing with Public Works to find out where these charges originated, we found they were inspection services associated with Jon Thompson's time on the Lake Pointe Maintenance Project. �o a u TH r A3e 147cm , p•aao �4o 0 a o `,g "•• So 0 .0� ��W N�.�C(s$�{gm�.m ,y8 •"aP t�gji O fill ° 7 8k$'R i i;8 e AIN �� A sit ' , ',rig S1 Il aa�r 3C � •o o» o aaa �e —coao �mK�'_ eoi•;o� L ra p. ro $. p, 3 �• aei ^w�f9- 3�o.$$ sj°oRo.'4^irPw�o� o.mao' 1000 o 9 A .. 3 3 �7o8v I a ads I e y33�� 70 So IIIa13 jj&jj 18! 9 Ucc sAu, og 01, F; ¢ or �r o. o Ram a =' m •t am cD CD C CD it 3 0 3 �=r 0 pr 7m eD a�3$ffi0 o�R �p a tr oE.a o 30. l=-bor ��p 3 70 " 8 s��3 �o ?o_m � .py 8$ iA' I w d �Ir 3 rM �•<t�eeCe �A 3' w6 � e o Ho•g. m m =�3o Wa4? � c �A.ww �3r+°O f w O a O •'11•„w„H �c6p pmn 3. R= �D �D am M �O i s8:8c'� onL� S ui �j C C 0 a -� —3.� � m Co.o• =6^aEaO.mS. ap. O.p °• 7 ��- .rT'•ccg]�� wn ?g .�S _�r' $ ��?r -E -3f x,075 _ac -Q� �p1m�Q e.a ° gRm�3 m3 =ee3 e$ � y°Q o R1a w$" oA3 ap$ac"rs. onv Fpm c�SV.v° �.e ad F am ;p mae °C� o so 3rr RP m "yetp3 �� >.g�ga !!2 �m6 9�1 $aF5 Fr '3s oco• ce$ s a d �t Il O a 3 a a i•35W v . - ' ¢ 3��0p s � C, Fairview Av., Fairview Av: y .4 A' °X m m 4•.r ,�w ,, r � S-MM Av. I SneiGng Av. i} 4 m� COECL `F y� a CA m �i 1, -•i ,r'7 CA m �i 1, -•i ,r'7 Page 10 Minnesota Red Estate hoard Jiuhumy 23. 1989 Hospmury Promises, • promises BANK WANTS PAYMENT OF NOTE FOR HOTEL he developer of the Shoreview Plana Hotel, once pan of the Best Western system and now the Holiday Inn Shoreview, is being sued by a bank seeking payment of a $200000 promissory note. First State Bank of Spring Lake Park filed suit Oct. 26.1988, in Ramsey County District Coup against_ Shoreview Plazas Hotel Asso- ciates and Louis R. Lundgren, a St. Paul architect. The suit alleges that on May 22, 1986, Shoreview Plaza Hotel Associates at cuted and delivered a 5200000 promissory note to the bank. But the limited partnership. has defaulted on monthly payments of 12 percent 0 A bank Is suing the developer of the Shoreview Plaza Hotel. Please join us when we examine Duluth in our Annual Duluth Update on February 6, 1989. This special edi- tion will focus on Duluth ... the development, the leasing, the con- struction, the successes and the failures. Our overview story will take a market by market look at the past year In Duluth real estate We will take an in -depth view at a local real estate brokerage firm, as well as people in the market that make a difference. This is one you can't miss out on — reserve your space now. Call 612/893 -1816. Double Buy Bonus: We will be profiling Superior, Wisconsin in our March 13, 1989 Bonder Watch City Profile edition. Any advertiser who reserves space in both editions will receive 10% off our insertion rates — this is in addition to any contractual discount. Advertising space reservation deadlines January 30, 1989 - 5r00 PM �it�. �►�'ATE 1o�xA[; ; dill — .ar interest, and the bank says the group own it $239,633, plus additional interest and collec- tion costs. The partnership was created in September 1982. according to the Minnesota Secretary Of state's office. Lundgren. the agent for the he group, declines to comment. Randy G. Gullickson, a Minneapolis at- torney representing the Spring Lake Park bank, says a motion for a default judgment now has been filed against the paRaership because it has railed to answer the canplaim. The bank has filed for a summary judg- ment against Lundgren. The motion is 'rhe bank says the group owes it $239, 33, plus aM- tkmal interest and coil c ion co&. scheduled to be heard Feb. 16, Gullickson says. Lundgren, meanwhile, is said to be representing himself and has served an answer on the bank. although the answer had trot been filed in district court by the time this edition went to press. Lundgren in his mower says he is pinwwg legal action against the receiver of the hotel property. which managed the facility after the limited partnership ran into financial di f fr huf- ry. Gullickson says. The mceiven;hiprnded in August 1987, he says. By that time. the hotel building and the business already were back in the hands of National City Bands of Minneapolis, which sold the hotel in July 1987 to G.J. Reding Inc. of Roseville. Reiling held a lard lease on the property. According to a certificate of teal estate value filed in the Ramsey County Assessor's office, the sale price was $3.75 million, which included $950p00 of persowl property. The estimated market value of the hotel property is $2,77500, according to the assessor's office. The 120-room facility, at MM Crtamsie Road, opened in October 1985 with the Best Western name on its marquee. But sources ssaayy bu�dness has improved since it changed its affdiatimt in February 19K Occupancy, says one hotel industry obsera, is in the upper 60 percent range and the average daily rate is in the low - to mid-$40 range. —sad ersu n—ds Sanwa seen city guarantee on convention center hotel Minneapolis — Sanwa Bank of Tokyo, the prime tending prospect for the proposed 800 -room Hilton Hotel that would serve the rig's new convention center, has asked that Minneapolis guarantee 90 percent of the financing. The Minneapolis City Council migghhtt con- sider the reweo this weep, says RoorjMarill, a principal with Attanta -based Urban Sam - ttures�Incu.. which leads the development Urban Structures is seeking a $52.5 million loan from Sanwa to wrap up the $124 million project. AlmWy the city has prom- ised tocorer half of the projectoost, iii retu n for half of the net cash flow and residuals of the hotel. In return for the city s guarantee. the developer would get a lower irdemst rate, about t Ott below market race. Marill says. Minneapolis also would we about $5001300 in debt service jmymarhts Sanww's vmoosal has raised sane ocean Page 8 AD01100611 Amt 65tta16 Jaoa6ty 18. ME APARTMWAT GUME ti 2 dorm "�' • Ow Vacancies up, vents ,�� alm 12 411111 Yw 4= •H% � @=50 AVERAGE YAGANCY RATE Id 879'6 1 a 00 a 411= a w '�t°o aw r s 004" ue acwxy rates have increased while St. Aathmy, 1.61; Hopkins, 2.16; Y11dmis PNOW � m 4�un an °AR GAM � �� average rents have slightly drop- H 2.56; and Nor Hope, 28/ s are.® m SOLID a`ff- am its s1 Pod ftomthethird to forth �s f - 011 r o ay11i11 tithe studio apart ooatam m�4 1.242 an Report. tm�hadasansocy1 ed"3.64pemm� 53 36 bedroom units tali! ®°�!o was° ow The Apartment Guide, which surveys about 1,3W individusl properties, reptesew with ace- were at blur poomt; 1,142 bldg with a 10 SOalo atrao im to ring mat than IMM multi - family residen- 49.331 tw¢bedroam unite sere at 7_53 per- om m own on am ales! 016" tial rental units -in the Twin Cities cea�andsixbnadia6awith331w4whoam Iatom so sot+ «r� os+- also in metropolitan area, estimated an overall units veer 9.09 peleeot vocant. a Ito as saa11om an vacomy,rreteroft67 percent. up from the 61 Although average ies increased, ss r n�l o •M^""^' I t �'v �`6+`�Y pdp a 611118 UM latia amU 11966.76 !pM %1 ku th quark v cony rose ausa1S0 new during � ffiQth gsailQ was 547910rep0eaddur- 1 13111W m i eD 0 am tm an 6.13 mom 0.15 i 4X75 u. $mff don the 6 percent figurenepottrdtiur- So d is mom in aa4apb� Y4% aOILII I 4a mg I199S811 Byy the St. Paul Brea had a mg The enetage Went for atudw apatome� market Sector, �0 sl smm amts LIS s15FAD 83MM ota % vacancy rate of 8 3 percent, the Mintleapolis . surveyed was $349.27. down 4 pendent e � 11111 state n salsas an 11�iJ485 ON area had a vacancy rate of (114 percent, the [tiro due third q�mi� but up 0.74 pert s asmn 001 IAO man 4O northeast suburbs were at 5.2 percent, the from the 6nwth quarter last Year. Ox- 1si r r43M alsDiaty northwest were at 5.2 percent, the southwest bedroom nets averaged $433.89. down 1113 amoo 0 $41m am M7am IoM Ewa aw% were 818 percent and the southeast suburbs percent @orru the third quarter and no 168 a 11"1 � no paw aww an 7� 11ts ins 7b were at 6.7 percent. poem from the ttsine quutcr last Yni Tuo s 01m0 OON °tau t.M- 0" aa- Among individual cities, the highest biedtoomnents 5331h&anmcrem aw r SOano overa0 vacancy rates were found in Min - ot'0.21 percent over Cam quarter and up 2.34 4r0" a 8XIM acv. 111$ - Ltw 411575 731% rleto,nka, 2067 percent; Blaine, 17.52 r- 1� quarter •�b""'°• percent am 19V fourth figures. �units rum0 ! allbom aanoo m ab 107 1 411.75 SOs.112 A" 4117 > un am a►.a all anon t.1� tb am 675 � 111100 W" ass - 1167 an cent: Shakopee, 17.47 t• South St. �ury, rat edforanaveeor r • 1tt11um �.._ - ___,_ „ Pull. 116g percent; and 11117 per $641.94. dawn OAS percent from the third , cent. The survey points out that new con- quarter, but an increese of l.6 percent GOm Loo t 441 000% a am am-% 4 an raw struction in source of these cities has resulted last The rent for bur4ndroom _ t �. 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V y Q ... a� `� 4-. e�3 > C �% U U Lv ao >rn w v, E- EliUO E o 3O E smaq fimi8 11 all& 1 jQtr2a F 88.86 -2148 alla-1 pull S 5 �1i 'ft 9mRm 1z r' CO) 0 MR IN &I 1X88 RM a +0 WSJ npp� _gai V • r fill] �illl I s°�vs 1nGC�lf� OMfV� BKiiBo"�8 8288 �'Len� S is!iXA m8 000 d..;..: 6 if all dnC'j m�m��V. OlV l70N g JIM Zb pp •� 5 ��NP1V �.•NPf �00rS CY QM00 �O1fD Pf 8NOm8 gels pw Im &R388 9CV! C�•�O RINCOO l30c; SVRO m m Ra't Pvflog SPI !yp AsAl8t �AA p� IO�f"sI O�NO� .WAfOVO F 88.86 -2148 alla-1 pull S 5 �1i 'ft 9mRm 1z r' CO) 0 MR IN &I 1X88 RM a +0 WSJ npp� _gai V • r fill] �illl I s°�vs 1nGC�lf� OMfV� BKiiBo"�8 8288 �'Len� S is!iXA m8 000 d..;..: 6 if all dnC'j m�m��V. OlV l70N g JIM Zb pp •� 5 ��NP1V �.•NPf �00rS CY QM00 �O1fD Pf 8NOm8 gels pw Im 381 fz�s8* 4�qs'j N@)VOf V4NP100 Alpi III MRS 5 IC S j. -Nl7V Gq 1p O N M N BnNN Powow 0 888 O G V N 8 � pu C N 1, C W �Mpp'� tn = CO M . V O_N —In co ;Z m In I!'1 (D a¢ °wm4A M;!N 0U7 o ; c7�N 0 0 0 0 0 m i.�coi.o U9 IQ Nr R io cm 0 Q pppp pp N CR F" 0 3a tn 6r_'n c, Edl rnm � $88� C .- N cm c) 41 fA N f7 � &R388 9CV! C�•�O RINCOO 000 SVRO m m Ra't 381 fz�s8* 4�qs'j N@)VOf V4NP100 Alpi III MRS 5 IC S j. -Nl7V Gq 1p O N M N BnNN Powow 0 888 O G V N 8 � pu C N 1, C W �Mpp'� tn = CO M . V O_N —In co ;Z m In I!'1 (D a¢ °wm4A M;!N 0U7 o ; c7�N 0 0 0 0 0 m i.�coi.o U9 IQ Nr R io cm 0 Q pppp pp N CR F" 0 3a tn 6r_'n c, Edl rnm � $88� C .- N cm c) 41 fA N f7 � Overbuilt office market will fighten, analyst sa YS ,l 4 By Susan L Peterson �. Staff Writer The' Twin Cities'. overbuilt office market will start to tighten this year, but explosive growth in retail proj- ects could lead to a glut in that sector of the comfiercial real estate market, according to Coldwell Banker market specialists. Real estate_ Continued from page 1D 14 percent by the end of 1990. Downtown St. Paul's 14 percent va cency rate is expected to decLne slightly. Suburban vacancies also are likely to fall from last year's 25 per- cent to 21 .percent by the end of the year- Suburban specialist Kurt Knoff not- ed that only four multi- tenant office buildings are - scheduled to open in the suburbs this year, compared with eight in 1988, 12 in 1987 and 21 in both 1985 and 1986. Absorption of suburban office space has surpassed 1 Analyst Whitney Peyton told more million square feet a year for the past than 600 industry representatives at four years. And in 1989, the surge in the firm's 10th annual outlook break- demand is expected to outpace con - fast Thursday that retail develop- struction for the first time in several ment is expected to continue at a 'Years, he said - torrid pace. Projects such as Bloom- ington's Mall of the Americas and several smaller centers that are scheduled to get underway this year will add more than 4 million square feet, or about 15 percent, to the cur- rent retail base of 31 million square feet. Peyton said strong interest . in the Twin Cities market by anchor retail- ers such as Bloomingdale's, Nord- strom and Neiman - Marcus — as well as expansion plans by chains such as Kids "R" Us, Best Buy and Highland Electronics = are fueling most of the new developments and rehabilitation of older centers. However, he added, future retail growth may be con- . strained by a lack of available land and a shortage of retait workers. Analysts said a slowdown itr offl a - onstruction means that " `vacan- .ies will drop in 1989. With no new While top - quality Class A office buildings are - more in demand in downtown Minneapolis than the old- er Class B buildings, that situation is reversed in the suburbs and in down- town St. Paul, according to Knoff and downtown specialist Mark McCary. "Many tenants cannot justi- fy paying a spread of $8 to $10 per square foot (in lease rates) between a Class A and a Class B . building," Knoff said. In St. Paul, unlike downtown Minne- apolis, McCary said, big companies tend to occupy their own buildings rather than being an anchor tenant in a multi- tenant building. For would - be developers of new downtown St. Paul office buildings, he said, "this absence of large. users has made the pre - leasing requirements difficult to secure, as evidenced by the delays on the First Minnesota project." ywidngs coma; on hne in down :own Minneapolis over the next two -In additiod, McCary said, Class B is for half of the down- (ears, town St. Paul office market, anc those buildings are 93 percent occu. pied. "St. Paul companies are con- servative and mostly satisfied wit' the quality of services provided b these older buildings and the corre- sponding lower, rents in these build- ings," he said Knoff said escalating property taxe_ are endangering speculative Twir. Cities development, noting thw property taxes on an average subur- ban office building have more than doubled in the past five years and are two to three times higher than an; other major U.S. city. "Speculative development will be- come virtually nonexistent as deve.- opers ponder how they can afford to pay property taxes of $4 to $5 per square foot on vacant space," he said. In the industrial market, specialist Kaye Rakow said, demand for space slowed in the last half of 1988, with the strongest growth in the northwes_ suburbs. A reduction of speculative construction, however, brought the vacancy rate down to 8.2 percent, sh, said. Demand for manufacturing anc bulk warehouse space is expected r: be strong this year but demand fo high -tech space will be down, sh said. Twin Cities apartment vacancie peaked at 8 percent in 1988, up fron 2 percent in 1985, but are expected tc decline " this year' because construc - tion has dropped considerably, said specialist Robert Fransen. He saic 1988 apartment building construc tion was down 40 percent from 198" and is expected to decline an addi- tional 25 to 30 percent this year. vacancies are expected to fall acxouq rom_the current 17 percent to about gesl estate continued on page°2D' ` + a COMMUNITY DEVELOPMENT DEPARTMENT cmroF Fwo«r MEMORANDUM TO: William Burns, City Manager Housing & Redevelopment Authority FROM: Jock Robertson, Community Development Director Barbara Dacy, Planning Coordinator DATE: January 5, 1989 REGARDING: Brickner Proposal, Old Central Avenue Tom and Rick Brickner have contacted us regarding their proposal to build 44 market rate apartment units at the southwest corner of Mississippi Street and Old Central Avenue immediately south of Sandee's restaurant. The proposal would require a rezoning from C -1, Local Business and C -2, General Business to R -3, General Multiple Dwelling. The Brickners also intend to request assistance from the HRA for soil corrections. The subject property totals 2.2. acres. The Brickners intend to construct the building and to own and operate it. Underground parking is proposed at a ratio of one space for every unit. Surface parking will also be constructed to meet ordinance requirements. Two bedroom units are proposed. The Brickners anticipate the market for these units to be "empty nesters ", middle age couples whose children now maintain their own household. Rental rates approximate $700.00 a month. The Brickners estimate the value of the project to range from $1.8 to $2 million. The Assessor's Office estimates tax revenues to be approximately $68,250. The subject parcel is indicative of the mixture of zoning districts in the immediate area. Recent zoning applications such as the Mochinski townhouse proposal have also heightened the need to analyze the zoning and land use patterns along Old Central Avenue from Rice Creek Road north to 69th Avenue. Staff will initiate a special land use study of this area in order to propose alternatives for potential development patterns along Central Avenue. The study will be submitted to the Planning Commission, City Council and the Housing & Redevelopment Authority for review. Public information meetings should also be conducted. It is anticipated that the study process, including review by all Boards, can be completed by April. L9 It 6-A Brickner Proposal January 5, 1989 Page 2 The Brickner proposal, however, can be-evaluated on its own merits despite the outcome of the land use study. The proposed use is compatible with the commercial,; zoning and uses to the north and south, as well as the duplex zoning and uses to the west. RECOMMENDATION We recommend the Housing & Redevelopment Authority authorize staff to begin preparation of the development agreement for soil correction with the developers. BD /dn M -89 -11 o tuAn cit%# testinq corporation February 7, 1989 City of Fridley Housing and Redevelopment Authority 6431 University Ave NE Fridley, MN 55432 Attn: Ms Barb Dacy Ms Dacy Subj: Cost Estimate /Proposal Soil Borings at Rapid Oil Change Site 57th Street and University Avenue Fridley, Minnesota 1.0 Introduction 662 CROMWELL AVENUE ST. PAUL, MN 55114 PHONE 612/645 -3601 Twin City Testing Corporation (TCT)-is pleased to respond to your request for a subsurface assessment at the above referenced site. It is our understanding that the site to be evaluated is iocated.at 57th Street and University Avenue in Fridley. The site is a. Rapid Oil Change that was formerly used as a retail gasoline outlet. It is not known at this time what underground storage tanks are currently in place at the site. The purpose of TCT's proposed work will be to further assess subsurface conditions near the tank and line areas. It is not the purpose of this study to determine every and all sources of contamination nor the extent of contamination of groundwater, if present. The scope of services we propose to perform is included in Section 2.0 of this workplan. Section 3.0 clarifies the client's responsibility in locating underground structures and utilities. Section 4.0 presents a short discussion of the methodology we will use to perform the services provided. Section 5.0 includes a cost estimate and Section 6.0 discusses a schedule for completing the work. We will proceed with the work only after receiving your signed authorization. Please indicate your acceptance of this proposal, including the attached "General Conditions," by endorsing the enclosed copies and returning both of them to us. A signed original will be returned for your files. By signing this proposal you are also indicating you are the financially responsible party. We appreciate the opportunity for submitting this proposal and look forward to working with you on your project. AN EQUAL oPPORfUNITY EMPLOYER City of-Fridley February 7, 1989 Page Two 2.0 ScoDe of Work The scope of work we propose to perform at this project consists of the following items: 1. reviewing the report of previous work and collecting background information, 2. advancing one deeper standard penetration boring and three to four flite auger borings near the presumed underground tank area. These borings will terminate at approximately 7' below the tank bottom elevation or approximately 21' below grade with the deeper standard penetration boring extending to the water table or S' beyond the depth of contaminated soil to a maximum of 40', 3. screening soil samples with an organic vapor detector, 4. collecting soil samples for chemical analysis if directed by the client, S. abandoning the boreholes with a cement grout mixture, and 6. preparing a report which will present our data, opinions, and recommendations. We understand the main purpose of this assessment is to gain additional information on the extent of hydrocarbon contamination present at the site. If significant hydrocarbon contamination is detected during our field operations, work scope will be reassessed accordingly and recommendations provided for further activities. 3.0 Locating Utilities Locating underground utilities and /or subsurface structures on the site is the responsibility of the client and /or property owner. If the locations,of underground utilities cannot be determined, the placement of borings will be limited. Obtaining property access from adjacent property owners, if necessary, is also the responsibility of the client. City of Fridley February 7, 1989 Page Three 4.0 Methodology 4.1 Soil Borings The flight auger borings will be advanced with a truck mounted solid -stem auger drill rig. Using this methodology, a four inch - diameter auger will be advanced to 15 ft below grade in five foot increments. The augers will be withdrawn from the boring to facilitate screening the soils with an organic . vapor analyzer. For the standard penetration borings, soil sampling is done in accordance with ASTM: D 1586 -88. Using this procedure, a 2" 0. D. split barrel sampler is driven into the soil by a 140 lb. weight falling 30 ". After an initital set of 6 ", the number of blows required to drive the sampler an additional 12" is known as the penetration resistance or N value. The N value is an index of the relative density of cohesionless soils and the consistency of cohesive soils. 4.2 Soil Screening Soils will be scanned with an hNu Model 101 photoionization analyzer equipped with a 10.2 or 11.7 eV lamp and calibrated for direct reading in ppm volume /volume of benzene. Fresh soil surfaces will be exposed and the hNu probe immediately placed within 1 inch to 2 inches of the soil surface. 4.3 Soil Sampling for Chemical Analysis If requested, soil samples will be collected for chemical analysis from the flite auger flights. The soil samples will be placed in laboratory cleaned glass jars with Teflon lined lids for delivery directly to the TCT laboratory for chemical analysis. 4.4 Chemical Analysis If requested, selected soil samples obtained from the borings will be returned to TCT's laboratory for analysis. The samples will be analyzed using the following USEPA Methods. 1. benzene, ethyl benzene, toluene, xylene, and total hydrocarbons as gasoline -- Modified EPA Method 601/602, and 2. total hydrocarbons as fuel oil -- Modified USGS Method Open File Report 83 -1004. City of Fridley February 7, 1989 Page Four 4.5 Chain of Custody Upon completion of collecting a sample, a chain of custody log will be initiated. The chain of custody record includes the following information: project, work order number, sampling point, location, field ID number, date and time, sample type, number of containers, analysis required, personnel, signatures, etc. 5.0 Cost Estimate The scope of work listed in this workplan will be performed on a time and materials basis, based on our 1989 "Schedule of Fees," a copy of which is attached. The cost estimate for completing this project is $2,750 to $3,450. An estimated cost breakdown for the project is shown below. We will not exceed a cost of $3,450 without your prior approval. 1. Review report of previous work and background information 2. TCT Drilling Services 3. TCT Environmental Field Engineer and Equipment 4. Report Preparation and Recommendations $ 350.00 - $ 400.00 $1,100.00 - $1,300.00 $650.00 - $750.00 $650.00- $1.000.00 TOTAL $2,750.00 - 3,450.00 If requested, soil samples will be analyzed at the following additional cost per analysis. Total hydrocarbons as gasoline, benzene, ethyl benzene, toluene, and xylene $ 85.00 ea Total hydrocarbons as fuel oil. $125.00 ea City of Fridley February 7, 1989 Page Five The client is responsible for informing TCT of any hazardous or potentially hazardous materials which TCT may sample as part of this work effort. Should TCT recover samples or the client submit samples to TCT which contain hazardous or potentially hazardous materials, such samples shall remain the property of the client who will be ultimately responsible for proper disposal. All samples obtained by or submitted to TCT will be returned to the client for proper disposal within (30) days of receipt of analytical results. Your signature on this proposal acknowledges your acceptance of this responsibility. 6.0 Schedule We will mobilize to the site for the purpose of drilling within fifteen working days following written authorization. We will notify you verbally of field results. We anticipate the issuance of a written report within two to four weeks of completion of the field work. 7.0 Standard of Care We will devote our best effort to perform the work and accomplish the objectives defined within the estimated cost and schedule proposed. The estimated cost and schedule proposed are based on our best judgment of the requirements known at the time of the proposal. Successful completion within cost and schedule limits can be influenced - favorably or adversely - by changes in work scope and schedules as dictated by your needs and presently unforeseen circumstances. We will notify you in advance if schedule or costs are expected to exceed the estimate. In such events, you may wish to (1) authorize additional funds to complete the work as originally defined, (2) redefine the scope of work in order to fit the remaining funds, or (3) request that work be stopped at a specific expenditure level. If option (3) is chosen, we will turn over such data, results and materials completed at the authorized level without further obligation or liability to either party except for payment for work performed. City of Fridley February 7, 1989 Page Six We appreciate the opportunity of submitting this proposal and look forward to working with you. If you have any questions concerning this proposal, please call me at (612) 649 -5580. Very truly yours Twin City Testing Corporation 1ti1" 'Jt © G1t-- Mark Oppen Project Manager 1 Robert A Wojciak Manager /UST Program MO /dm Encs City of Fridley February 7, 1989 Page Seven ACCEPTED: CLIENT: Authorized Signature: Typed Name: Title: Company: Date: Project Manager: Mark Oppen Authorized Signature: Company: Twin City Testing Corporation Date: GENERAL CONDITIONS SECTION 1: PROJECT INFORMATION 1.1 Client will make available to TCT all known information regarding existing and proposed conditions or requirements which affect the work to be performed. 1.2 Client will immediately transmit to TCT any new information which becomes available to it or its subcontractors. so that recommended actions can be reviewed. 1.3 Client will provide a representative to answer questions about the project when required by TCT. If the work to be performed requires the presence of TCT per- sonnel on Client's property, then Client will provide a representative at the job - site to supervise or coordinate the job when required by TCT upon 24 hours notice. 1.4 TCT will not be liable for any advice. judgment, or decision based on any inac- curate information furnished by Client or other contractors engaged by or for Client, and Client will indemnity TCT against liability arising out of or contributed to by such information. SECTION 2: SITE LOCATIONIACCESS/PERMITS AND APPROVALSlUTILITIES Should the services to be performed under this Agreement require TCT to evaluate Client's real property, the following provisions are applicable: 2.1 2.2 2.3 2.4 2.5 2.6 2.. Client will indicate to TCT the property lines and be responsible for accuracy of markers. Client will provide for tight -of -entry of TCT personnel and equipment necessary to complete the work. TCT will assist Client In applying for and obtaining permits and approvals nor- mally required by law; however, ultimate responsibility for obtaining the per- mits remains on Client. While TCT will take reasonable precautions to minimize any damage to property. it is understood by Client that in the normal course of the work some damage may occur. The correction of any damage is the responsibility of Client, or at TCT's option, the damage may be corrected by TCT and billed at cost plus 15% to Client. Client agrees to render reasonable assistance requested by TCT to enable per- formance of tests.and/or observations without delay or interference. and. upon request of TCT. to provide suitable work space. Client will be responsible for locating all subterranean structures or utilities. In performing this work,'TCT will take reasonable precautions to avoid damage or injury to subterranean structures or utilities identified and located by Client. Client will hold TCT harmless for am• damages to subterranean structures which are not called to TCTb attention or not correctly shown on the plans furnished. Am• damage may, at TLT's option. be repaired by TCT and billed at cost Plot- 151. to Client. SECTION 3: SAMPLES 3.1 TCT wail retain representative nonhazardous samples fora maximum of 30 lthart%a days after submission of TCT report. Upon request by Client. such samples can be shipped, charges collect, to destination selected by Client: or TCT can store them for an agreed storage charge. 3.3 Client as responsible for informing TCT of any hazardous or potentially hazar- dous materials which are either present on the job site or submitted to TCT. Should Client submit samples to TCT which contain hazardous or potentially hazardous materials or should TCT personnel encounter hazardous or poten- tially hazardous materials while retrieving samples, such samples shall remain the property of Client who shall be responsible for proper disposal. SECTION 4: FEE PAYMENT 4.1 TCT will submit invoices to client monthly. and a final invoice upon completion of services. Invoices will show charges based on current TCT Fee Schedule or other agreed upon basis. A detailed itemization of charges and backup data will be provided at Client's request for a reasonable charge. 4.2 Client will pay the balance stated on the invoice unless Client notifies TCT in writing of the particular item that is alleged to be incorrect within fifteen (IS) days tram the invoice date. 4.3 Payment is due upon receipt of invoice and is past due thirty (30) days from invoice date. On past due accounts. Client will pay finance charge of 1.5% per month, or the maximum allowed by law. SECTION 5: OWNERSHIP OF DOCUMENTSJUSE OF TCT REPORT 5.1 All documents prepared by TCT as instruments of services will remain the pro- perty of TCT. 5.2 Client agrees that all reports and other work furntshed to the Client or the agents. which are not paid tor. will be returned upon demand and will not be used by the Client for any purpose. 5.3 Unless otherwise agreed. TCT will retain all pertinent records concerning ser- vices performed for a period of at least two Q) years after the report is sent: dur- ing that time. the records will be made available to Client during TCT's normal business hours for a reasonable charge. 5.4 Client may use the TCT report in its entirety and may make copies of the entire report available to others. However, Client shall not make disclosure to others of any portions of a report constituting less than the entire report. Also. see the attached Proposal or Addendum to General Conditions for Further limitations on use of the TCT report. SECTION 6: DISPUTES 6.1 Client wail pay all reasonable litigation expenses or collection expenses including attorney tees that TCT incurs in collecting anv delinquent amount Client owes under this Agreement. In addition. Client shall pay interest at the rate of 1.5% per month on any past due balances. 6? If the Client institutes a suit against TCT which is dismissed or for which judgment is rendered for TCT. Client will pay TCT for all costs of defense. including attorne% tees. expert witness fees and court costs. In addition. Client shall pay interest at the rate of 1.5% per month on any past due balances. SECTION 7: WARRANTY 7.1 TCT senates will be performed with that level of care and skill ordinarily exer- cised by members of the profession currently practicing under similar conditions. If any failure to meet this standard appears within one (1) year from completion of the serf ice, TCT will reperform the service at its own expense. No other war. ranty, express or implied, is made. SECTION 8: LIMITATION OF LIABILITY AND INDEMINITY 8.1 Client agrees to assume entire responsibility and liability for all damages or in- jury to all persons, whether employees of Client or otherwise, and to all property. arising out of. resulting from or in any manner connected with, the execution of the work provided for in this Agreement or occurring or resulting from the use by Client. Client's agents, employees or contractors. of materials. equipment. reports from TCT, or other documents or other property, whether the same be owned by TCT, Client or third parties. Client further agrees to indemnity and save harmless TCT, its agents and employees from all such clairis including without limiting the generality of the foregoing, claims for which TCT may be. or may be claimed to be, liable, including claims based on alleged negligence or strict liability of TCT, and legal fees and disbursements paid or incurred to enforce the provisions of this paragraph. Client further agrees to obtain. main- tain acid pay for such insurance coverage as will insure the provisions of this paragraph. Client or Client's construction contractor shall have sole and com- plete responsibility for job site conditions during the course of construction. in- cluding safety of all persons and property, continuously and not limited to nor- mal working hours. 8.2 TCT's liability to Client and all contractors and subcontractors on this Pro- ject, for damages due to professional negligence, negligence or breach of any other obligations to Client or others, will be limited to the fee paid for work performed under this Agreement. SECTION 9: INSLRANCE 4 TCT %%6; i are workers compensation insurance and public liability ino oroper- ty uamace - nsurance policies which TCT consiuers adeouite. Certificates of in- wrance %% • be provided to Client upon request TCT will not be responsible for liaowi nevond the limits inn tundihons oT he insurance. TCT %%iii not be n .tximr,: a 'or anv loss or hahilit% amine from net; i1 rnce n% Client or p% other eonsuita emplove•d by Client SECTION lo: TERMINATION 10.1 This Agreement may he terminated by either part% upon seven (1 da%s written notice it t ^ere a substantial failure by the other pant• to perform. Termination will not ce effective if substantiai failure is remedied before expiration of the seven 171 days. Upon termination. TCT will be paid for services. plus reasonable termination expenses. 10.2 In the event Client fails to pay TCT within sixty 1601 days following invoice date. TCT may consider the default a substantial failure to perform this Agreement and all duties and liabilities of TCT under this Agreement terminated. 10.3 If this Agreement is terminated prior to completion of all reports contemplated by this Agreement, or suspended for more than three t3) months. TCT may com- plete anai%ses and records as are necessary to complete its files and may also complete a report on the services performed. Termination or suspension expenses will include direct costs of completing analyses. records and reports. In the event of a suspension of work under this Agreement. TCT reserves the right to adjust its fees to reflect the TCT fee schedule in effect on the date work is resumed. SECTION 11: ASSIGNS 11.1 Neither pant may assign duties or interest in this Agreement without the written consent of the other party. SECTION 12: AMENDMENTS 12.1 This Agreement may be amended only by a written amendment signed by both Client and TCT. SECTION 13: DELAYS 13.1 It TCT is deiaved in performance due to (i) any cause beyond its reasemabie con. trol. or tut a strike, fire, not. act of God. governmental action. action of a third party. or action or inaction of Client, the time for pertormince shall be e tend- ed by a period equal to the time lost by reason of the delay. If the delay is caused by Client. TCT will be entitled to payment tar its reasonable additional charges due to the delay. SECTION 14: ENTIRE AGREEMENT 14.1 This contract represents the entire Agreement betwen e the parties arid sutserx'des all prior representations or agreements. ENVIRONMENTAL ENG57EERING FEE SCHEDULE Subject to change without notice. ITEM DESCRIPTION UNIT FEE I PERSONNEL PROTECTION AT HAZARDOUS SITES The following rates are for required safety equipment. Personnel rates and all other applicable fees am outlined under appropriate sections in this fee schedule. A. Protective Attire 1. Personnel equipment for level A hazard Per Day 250.00 a. Plus breathing air canisters (30 minutes) Each 15.00 2. Personnel equipment for level B hazard Per Day 150.00 a. Plus breathing air canisters (30 minutes) Each 15.00 3. Personnel equipment for level C hazard Per Day 75.00 a Plus breathing air canisters (30 minutes) Each 15.00 4. Personnel equipment for level D hazard Per Day 30.00 Note: Site conditions may require periodic replacement of individaul items. The items are charged at Actual i 0.80 B. Safety Equipment/Materials Decontamination (Minimum one flay- rental) 1. Explosiometer Per Day 15.00 2. Oxygen meter /explosiometer Per Day 20.00 3. hNu photo-ionizer Per Day 75.00 4. Organic vapor detector (OVA) Per Day 75.00 5. TIP photovac Per Day 75.00 6. Personal air sampling pumps (low volume) Per Day 20.00 7. Personal air sampling pumps (high volume) Per Day 40.00 B. Mobile change trailer and shower Special Quotation 9. Colorimetric tubes and hand pump Special Quotation 10. Portable weather station Special Quotation 11. High - pressure steamer Special Quotation 12. High - pressure hotwater wash Special Quotation 13. Cleaning fluids Special Quotation 14. Special equipment and set-up Special Quotation ENV 1- (10/0 hurt ctv cm w - a TGxwvxw� ENVIRONMENTAL ENGINEERING FEE SCEUEDULE (CONT.) ITEM DESCRIPTION UNIT FEE II FIELD SERVICES EQUIPMENT A- water sampling 1. pH meter Per Day* 10.00 2. Conductivity meter Per Day* 10.00 3. Field filtration supplies Per Sample 10.00 4. Teflon bailers Per Day* 20.00 S. 114 " diameter submersible pump Per Day* 75.00 6. 3% ' diameter submersible pump Per Day* 60.00 7. Peristaltic pump Per Day* 12.00 B. Electric probe water level indicator Per Day* 5.00 9. Sonic water /product level indicator Per Day* 25.00 10. Coliwasa Per Day* 10.00 11. Dissolved oxygen meter Per Day* 10.00 11. * Minimum one -day rental Per Day 10.00 B. Well development and pumping 1. 1 X14 " hand pump Per Day* 30.00 2. 1% " diameter submersible pump Per Day* 75.00 3. 31A " diameter submersible pump Per Day* 60.00 4. 1% H.P. centrifugal pump Per Day* 30.00 3. Explosion -proof centifugal pump Per Day* 75.00 6. Pump service truck with operator Special Quotation 7. Nitrogen lift system Special Quotation B. Surge block and jetting (air - water) Special Quotation 9. Set -up and power supply Special Quotation 10. Data logger (3 probes) Per Day 200.00 a. Each additional probe Per Day 25.00 11. Slug test equipment Per Day 10.00 *Minimum one -day rental -ENV 2- a� (10/0 !� ttul oty X10 Tm'°°"°°" ENVIRONMENTAL ENGINEERING FEE SCHEDULE (CONT.) ITEM DESCRIPTION III FIELD DRILLING SERVICES & EQUIPMENT RENTAL A. Truck rig /pick -W/2- person crew 1. On -site time 2. Travel charge 3. Travel charge without drill rig B. All- terrain rig /pick -up/2- person crew 1. On -site time 2. Travel charge 3. Travel charge without drill rig C. Auger (only) rig /2- person crew 1. Portal to portal D. Portable skid rig/van/2- person crew 1. Portal to Portal E. Steam cleaning 1. Drill rig /tools (steamer additional) 2. Down -hole drill tools only (steamer additional) 3. Steam cleaner rental F. Monitoring well installation G. Soil sampling for chemical analysis ENV 3- (10/80) ;F tttM MY =91cm T�_._,_. UNIT FEE Per Hour 125.00 Per Hour 150.00 Per Hour 100.00 Per Hour 160.00 Per Hour 160.00 Per Hour 100.00 Per Hour 112.00 Per Hour 125.00 Per Steam 275.00 Per Steam 150.00 Special Quotation Special Quotation Special Quotation ENVIRONMENTAL ENGLN7EERLNG FEE SCHEDULE (CONT.) ITEM DESCRE ION UNIT FEE IV PERSONNEL RATES A. Senior Consultant Per Hour 95.00 B. Principal Staff Professional Per Hour 90.00 C. Senior Staff Professional Per Hour 75.00 D. Staff Professional Per Hour 65.00 E. Assistant Staff Professional Per Hour 55.00 F. Staff Technical/Professional Per Hour 50.00 G. Senior Environmental Technician Per Hour 44.00 H. Environmental Technician Per Hour 38.00 I. Draftsperson Per Hour 32.00 J. Clerical Per Hour 25.00 K. Engineering recommendations, project specific Lump Sum L. Review or preparation for litigation - Per Hour 105.00 M. Deposition (no minimum) or court time (4 -hour minimum) Per Hour 130.00 N. Speciality software applications computer time (personnel charges are additional) Per Hour 30.00 Note: Staff professionals include Environmental or Geological Engineers, Geologists, Hydrogeologists. Biologists and Information Specialists. Overtime (over 8 hours per day-or Saturday) when necessary or authorized by client or client's agent will be charged at regular rate plus 20%. Premium (Sunday or Holiday) when necessary or authorized by client or client's agent will be charged at regular rate plus 50%. ENV 4— (IOM) Pan Cew CWWW-M I ENVIRONMENTAL ENGINEERING FEE SCHEDULE (CONT.) ITEM DESCRIPTION V TRAVEL AND EXPENSES A. Vehicle Mileage' 1. Automobile 2. U -ton truck/van 3. 1-ton truck 4. %-ton truck *Note: Personnel time additional cost B. Vehicle Rental** 1. 3A -ton truck/van 2. 1-ton truck 3. %-ton truck 4. Utility trailer **Note: Mileage additional C. Expenses I. Living (Meals, Motel, etc.) 2. Equipment replacement when more economical to abandon than attempt to recover 3. Sub - contractor fees 4. Report Reproduction 5. Copier /Duplicator a. First 200 sheets b. Over 200 sheets C. Microfilm 6. Facsimile Transmitting/Receiving a. Transmit first page b. Transmit additional pages c. Receive pages 7. Freight 8. Miscellaneous Expenses not specifically covered in this schedule 9. Interest expense for unpaid invoices over 30 days ENV S- (10188) cxwac� UNIT FEE Per Mile 0.32 Per Mile 0.30 Per Mile 0.55 Per Mile 0.65 Per Hour 6.50 Per Hour 12.00 Per Hour 15.00 Per Hour 3.00 Actual cost + 0.8 Actual cost + 0.8 Actual cost _ 0.8 Minimum 50.00 Per Sheet 0.25 Per Sheet 0.15 Per Sheet 1.50 Per Page 4.50 Per Page 2.00 Per Page 1.00 Actual + 0.8 Actual + 0.8 Per Month I%% of Invoice Amt. 0 Jl -L1SdR: ICK & A E l' \` INL JA V RA. 2_H ATTORNEYS AT LAW Virgil C. Herrick David P. Newman M E M O James D. Hoeft Gregg V. Herrick To: Jock Robertson From: David P. Newmanl� Re: Winfield Development Date: January 6, 1989 Pursuant to the direction provided by the HRA at their last meeting, I have prepared an initial draft of a Development Contract with Winfield. However, due to the Holidays there were certain delays encountered by the staff in reviewing this initial draft. Consequently, the people at Winfield Development did not have an opportunity to see this first draft until Tuesday, January 3, 1989. Unfortunately, this then only allowed three days for the people at Winfield to review this draft and for the respective parties to resolve the remaining issues so that a final draft could be placed on the HRA agenda. Obviously, such a tight time frame is unworkable so we will be unable to provide a final draft to the HRA for their review at the January meeting. However, I would like to review with you briefly the general concept contained within the proposed Agreement. Simultaneous with the execution of the Development Contract the Developer will pay to the Authority the sum of $17,500.00. Coupled with'the $2,500.00 payment already received, the HRA will have received an aggregate sum of $20,000.00. The Developer then has until May 1, 1989 to provide acceptable construction plans, landscaping plans, evidence of financing, and an unconditional 10 year lease commitment from a bank for not less than 5,000 square feet. Once the above conditions have been met by the Developer and further conditioned upon him posting a Letter of Credit in the amount of $105,000.00, the Authority will then commence the necessary steps to acquire the underlying property. However, the HRA will not in fact acquire title to the property until it has satisfied itself that it is comfortable with any environmental problems that may be associated with this parcel. If in fact the HRA determines that the contaminants on the parcel are too great, it can terminate the entire arrangement. In such an event it can reimburse itself for any actual expenses it has incurred to date but then must refund the balance of the Letter of Credit to the Developer. Suite 205, 6401 University Avenue N.E., Fridley, Minnesota 55432, 612 -571 -3850 2 -B If at this point the Developer has complied with all of the above conditions and the HRA is comfortable with the level of contaminants on the site, it then will proceed to acquire all the development property. This includes the parcel which the Developer has already purchased. The Authority will then convey the property back to the Developer. The cost which the Developer will pay to the HRA for this property will be calculated by totaling all of the costs which the Authority has incurred in acquiring this parcel (including the cost of constructing utilities) and subtracting from the HRA cost the sum of $315,000.00. This difference then is the purchase price which the Developer is paying for the property. Of this purchase price he has the option to defer $100,000.00 in the form of a Second Mortgage which will accrue interest at 10.5% and which Second Mortgage will be payable in full at the end of three (3) years. As part of the HRA's obligation, they will construct certain utilities. You are more aware of the exact nature of those utilities but it is my understanding that the preliminary estimate is that their cost will range between $75,000.00 and $150,000.00 and is to be part of the form of assistance which the HRA is providing. Once the property has been fully conveyed to the Developer, it will then have a set time in which it must complete construction of the Minimum Improvements. If this time frame is not met then fee title to the underlying property will automatically revert to the HRA and we will also be able to retain the Letter of Credit. The Development Agreement will include an Assessment Agreement which will provide for an agreed minimum level of tax which the Developer will pay each year. This will be coupled by a Guaranty from the Developer that it will pay the taxes for the first three (3) years after development has been completed. This provides added protection in that normally if taxes are not paid, the only recourse is through the statutory tax forfeiture provisions. With this proposal, if tax forfeiture occurs during the first three (3) years the Developer could be sued directly as well. I would like to point out to you that we are pegging the level of the Authority's assistance to the sum of $315,000.00. This is a set amount. By doing so, if the Authority's acquisition costs increase this will be a cost passed onto the Developer. On the other hand, if our acquisition costs are less than anticipated, then this cost savings will also be passed onto the Developer. Under the circumstances, I believe that these are all the conditions which we can reasonably require of the Developer. It is my understanding that when the HRA takes final action on the Development Contract that Jim Casserly will be present for purposes of reviewing with the Authority the final projections. 2 -c However, as we all know, in order to have any redevelopment occur on this site, it will be necessary to have all increment generated from the district during the life of the district pledged to support this project. While it certainly does not provide the Authority with any significant margin for error, it is also important to remember that if there are some cost overruns the dollars are relatively small compared to some of the Authority's other projects. cc: James Casserly OUSING and REDEVELOPMENT AUTHORITY 3 COMMISSION MEMBERS:. LAWRENCE COMMERS, CHAUtMAN DUANE PRAF E VMONIA SCHNA9EL WADER RASMUSSEN JOHN MEYER CITY OF FRIDLEY In CITY OF FRIDLEY M E M O R A N D U M TO: JOCK ROBERTSON] COMMUNITY DEVELOPMENT DIRECTOR FROM: RICHARD D. PRIBYLj, FINANCE DIRECTOR SUBJECT: CONSIDERATION OF INVESTMENT POLICY FOR THE ROUSING AND REDEVELOPMENT AUTHORITY DATE: FEBRUARY 2, 1989 Attached you will find the revised version of the Investment Policy for the Fridley Housing and Redevelopment Authority. I reviewed this policy with Mr. Walter Rasmussen a few weeks ago and the only changes that were made at this particular time were to replace Tables A and B at the end of the policy. This was done so the most recent version of the State Statutes were included as our appendix. The Commission members should also be aware that this particular policy was drafted in accordance with guidelines set out by the Governmental Finance Officers Association. This policy will help to ensure that prudent investment decisions are made and increase the safety of our public capital. Attachment EXECUTIVE DIRECTOR: JOCK ROBERTSON 6491 UNIVERSITY AVE. (612) 571 -4450 FRIDLEY, MN 55432 EXT. 117 3-A D R A F T FRIDLEY HOUSING AND REDEMDPMENT AUTHORITY STATEMENT OF INVESTMENT POLICY Effective cash management is recognized as essential to good fiscal management. This is particularly true as mounting costs and expanding programs have placed ever increasing pressures on local governmental revenues. The extent to which local governments can obtain investment returns on funds not immediately required can help to reduce this pressure. Investment policies must be well founded and uncompromisingly applied in their legal, vendor, and administrative aspects. It is the policy of the Fridley Housing and Redevelopment Authority (hereafter referred to as "the Authority ") that available funds be invested to the maximum extent possible, at the highest rates obtainable at the time of investment, in conformance with the legal and administrative guidelines outlined herein. I. Legal Aspects Minnesota Statutes authorize and define an investment program for municipal governments. (Exhibit A) Investment Instruments Authorization The Authority shall invest in the following instruments allowed by Minnesota Statutes: 1. United States Treasury obligations 2. Federal Agency issues 3. Repurchase Agreements (repo's) 4. Reverse Repurchase Agreements 5. Certificates of Deposit 6. State and Local Bonds 7. Commerical Paper - prime 8. Bankers Acceptances - prime 9. Money Market Funds whose portfolios consist of United States Treasury obligations and Federal Agency issues. D R A F T FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY STATEMENT OF INVESTMENT POLICY (CONTINUED) II. Vendor Aspects W The vendor aspects of investment activity focus upon protection of taxpayer dollars and investment income, consistent with statutory authorization and financial prudence. The Authority shall seek to conduct its investment transactions with several competing, reputable investment security dealers and qualifying banks. Special care should be exercised when considering new services. A. Perfecting Collateral in a Repurchase Agreement There is currently a great deal of confusion in the court system concerning the legal status of repurchase agreements. The courts have rendered conflicting opinions and have not decided if a repurchase agreement is a secured loan or an actual purchase and /or sale of securities. Because of this we feel that the collateral in each repurchase transaction must be perfected. (Perfection is a legal concept by which a lender attains the right to take delivery and ownership of the collateral involved in a loan in the event that a debtor defaults and files bankruptcy.) With collateral perfection there is less principal risk for the lender since the claim against the collateral is in place in relation to those of other parties. For repurchase agreements with maturities of 18 days or less, collateral is considered perfected without security delivery. For repurchase agreements with maturities extending past 18 days perfection occurs only by taking possession of the securities. Therefore, it will be the policy of the Authority to insist on delivery of the securities if the repurchase agreement is for a period greater than 18 days. B. Selection of Vendors for Repurchase Agreements A legal interpretation of repurchase agreements as secured loans adds risk to a transaction even when collateral has been perfected. This is because resources can be held in stay pending the resolution of bankruptcy proceedings. In an attempt to minimize the risk of loss the Finance Director shall only purchase repurchase agreements from vendors that meet certain criteria. Those criteria are as follows: 1) The vendor must be a primary reporting dealer in United States government securities to the Federal Reserve Bank of New York; or any national or state bank in the United States which is a member of the Federal Reserve System and whose combined capital and surplus equals or exceeds $10,000,000. 3-C D R A F T FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY STATEMENT OF INVESTMENT POLICY (CONTINUED) 2) The qualifying dealer or bank must have demonstrated over a significant period of time a successful, profitable, and reliable operation. 3) The qualifying dealer or bank must have an established managerial team and a knowledgeable, professional staff capable of ensuring the continued success of the enterprise. C. Certificates of Devosit The Authority will follow Minnesota Statutes 118.01 and 118.005 (Exhibit B). The Authority will give preference to small local financial institutions when the rate matches or exceeds other certificate bids. If the investment exceeds the FDIC maximum the excess must be collateralized according to the above mentioned statute. D. Bankers Acceptances and Commercial Paper The use of these instruments does involve more risk than instruments of the Federal government or Federal agencies. This is particularly true of commercial paper which is an unsecured debt of the issuing corporation. Therefore, the Authority will invest in these instruments only when the yield is greater than the yield on United States Treasury Obligations or Federal Agency Issues of similar term to maturity. 1) Bankers Acceptances a. Purchase is restricted to the issues of the domestic operations of the largest 40 banks in the United States (measured by deposit), First Bank Minneapolis, and Norwest Bank Minneapolis. Bankers acceptances in any of these banks will not be made if any news items cause the Finance Director concern over the financial condition of the institution. b. The broker, dealer, or banker will verify that the bankers acceptance is eligible for purchase by the Federal Reserve System. 2) Commercial Paper a. Purchase is restricted to issues which mature in 270 days or less with a rating of A -1 (Moody's), P -1 (Standard & Poors), or F -1 (Fitch) among at least two of the three rating agencies. b. Purchase shall be through reporting dealers in commercial paper or qualifying banks. M D R A F T FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY STATEMENT OF INVESTMENT POLICY (CONTINUED) III. Administrative Process The primary objectives of the investment program of the Authority are safety, liquidity, and yield. Safety recognizes the fact that investments should be purchased which are reasonably assured of preserving the capital in the overall portfolio. By following the guidelines presented in sections I and II of this document preservation of capital should be attained. Liquidity refers to the fact that it is necessary to have sufficient funds available to transact the day to day business of the Authority. It is therefore the goal of the investment program to tie short term maturities to dates that the money will be needed for expenditures. By remaining fairly liquid the Authority will also avoid losing market value on its investments when the economy fluctuates. In order to maintain liquidity and also take advantage of higher yields at longer maturity dates it will be the policy of the Authority to invest in no individual instrument which has a maturity of more than three years unless it is specifically purchased to retire bonded debt at a date later than 3 years. For the overall portfolio it will be the goal of the investment program to have an average maturity of 18 months or less. While recognizing that the Authority is concerned foremost with safety and liquidity it is also understood that the maximization of yield is an important factor in the investment program. It will be a goal of the investment program that the portfolio attain a market average or better rate of return during each year taking into account the risk constraint of the Authority as well as the cash flow characteristics of the portfolio. In order to assure that the highest yield is obtained the Authority will follow a policy of competitive bidding. All trades will be bid competitively and investments will be placed with qualified vendors yielding the highest return to the Authority. The Authority reserves the right to reject the most favorable bid if it is potentially disruptive of its investments strategy, particularly in relation to the asset mix of the portfolio. Other reasons why the most favorable bid may be rejected would include a vendors lack of skill to perform under the conditions outlined or a lack of ability and /or desire displayed by the vendor to provide consistant service to the Authority. Everyone participating in the investment process shall seek to act responsibly as custodians of the public trust. Investment officials shall avoid any transaction that might impair public confidence in the Authority's ability to govern effectively. By the same token, in the event of a loss in the portfolio due to bankruptcy, fraud, or any other reason, it shall be the policy of the Authority that all officials involved in the investment process including but not limited to the City Manager, the Finance Director, and the Assistant Finance Director shall be held harmless providing that they have acted in good faith and have followed prudent investment practices as outlined by State Statute and in this policy statement. 3-E D R A F T FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY STATEMENT OF INVESTMENT POLICY (CONTINUED) A. Cash Management and Investment Procedures 1. Each morning cash balances are prepared based on cash received the previous day, checks paid the previous day, and sizeable checks or wire transfers that present an investment opportunity. 2. Each morning the investment records are reviewed and updated as investments mature or are purchased. 3. Each month the investment records are balanced to the general ledger. 4. Each month the Finance Director shall submit a report of the Authority's investments to the Housing and Redevelopment Commission. That report shall contain the following items: a. Total dollar amount of investments. b. Percentage breakdown of portfolio by instrument. c. Percentage breakdown of portfolio by institution. d. Average maturity of the portfolio. e. Average yi(� 1 d 5. Interest earned will be allocated to the various funds of the Authority at least yearly. B. Banking Depositories Investment procedures also include selecting qualifying institutions where Authority funds may be deposited. All Authority funds are centralized in one bank account: 1. Effective August 1, 1985 Minnesota Statute 118.005 was amended to read "The governing body may authorize the treasurer or chief financial officer to exercise the powers of the governing body in designating a depository of the funds." It shall be the policy of the Authority to authorize the Finance Director to exercise these powers. In the selection of depositories for Authority funds, if all criteria are considered to be equal then preference will be given to banks located within the City of Fridley. 2. Minnesota Statutes 118.005 and 118.01 require that all deposits be collateralized in the amount of 110% of deposits (140% if the collateral is mortgages) in excess of federal government insurance coverage. (Exhibit B) MAt A' 4 IIFI r .1��pbt�servioe r� amp secured ad px`e tai Oo�as w� deposited in inteeertfiearia�g a000bats, and sorb _ . e . _ �4 d a .. lm q of deposit wit" Bbed asamritiea. cask fbr` ° fiat in vessm redemptioI premiums when daev "raipaC! a t6- ob�� amvioe feed is awa*"Ingrovided WOWS bvestois Sec special mot, orblleil,6910110e8 appso�riated asp D to August 1. 1 saw receipts in a depository beak ar bsatb drily si of Dt�rge ao� i and r aneh texit - by (iaf ties t>lii' Wit; tube expel ahaD be withdrawable aadce:tdbaeta afdepi 's ieatore and sbafl tbg United SW ur bar norm payable at timLs andiim am iaof the g Wim ban, ashers ace bodyorits arotbaradlow4 t wb w Federal Reserve Systeo decisions, wffpmvm -b cub' jNdWthfik=j'ftir'tic amson" raq - rad'#tllspwpo■sa . (e) in oomaeraaal of the debt service fnad, provided bowew, that the po�enioS bey may andwrime the sobsidiar n brat is of t purchase of loam term iav pojoct as as. a tetntiee)t..m rye shay iaves�ents at times and myisfdtWiiiafraUt mated to be so M in paranteied r'e9d- commercial banks or d `-` •` ,� :' companies or their Car -(1) a bank quolified n depositoiy of *dn*WWSP meat contracts rank on (2) any national orstatebank in theUmted States a c[ mbaralter fedaal P seal. (1) unaec reserve system aodidioie aombineddoW and swift as eeooeeBs $10,000,00* b� c:a (3) a primary reporting dealer in United . - Bgvetaatent securities to the federal reserve bank of New York ct _ ` _� rating Obliptior (4) a securities broker dealer having its principal executive office in i�nnasoU, spy tecapiud ra licensed pursuant to chapter 80A, or an affiliate of it rgpbiW by the securities and exchange commission and maintaining a combined � and surplus of 540.000,000 � � of cred or more, exclusive of subordinated debt. obligations would be rai um (1) any federal reserve bank - > ;, �.: Y' : ratiaig agency, or (2) inc (2 an bank authorized under the laws of the United States or any state to arerGiae unsecured debt of the is ._ . , in , but am _BMW tg t>se back from which the inveo m+e lit of the iawer or meat is ptutitased; obligations-would be rat, () a perry reporting CorPwad , Moody's L fedasl naecve bank of New Y in United . SWs _o .. _aer�ritiea� to _tom (4) a secmities bsakff4WW r described in subdivision 1; _ : :Win: , . The fimd may also t provided that the mumcipality's owe rddp of an mcmiddIr is Nhieb the fbad 5 as shall iaare which is o yci sa shad be agreed to by inverted is evidenced by wr icimood P % enta identif ft due securities, by the an issue prior to maturity �names �of�the isseen maturity dales, %et at serial numbem or otbtie such investment be may ed rma11abd 3. Subje a� P t� was w um bwiw Solid. 4. Any obl p (a) in governmental bonds. aatah 11111 1 band other securities, which ate be canceled at any time t direct obligations-or are guara�edar �trtnldiata�es Ode United State, its agencies, securing obligations paye its immnmeatslities, or awnczatiemdt aoeatad by ss act of Ableeya (1938.11) it (b) in sharer of an any (1) regia- W is131�. Federal bnmal, 18161 c 96 s P lid c 3010 ENO CIOMPONVA0,01 IPM whose ebares aieli ual t iire.Fedenrll Seewi�s a 13.26, 1977 a 117 a 1,2; Act of 1933; ailid (2) echoes, only . ifo is (i3 ae Bred is the 121.1; 1987 c 34 s 9x 1' D clams (n� g�mrsrl � sretaa�ef ? Iwl �l or better try a i. ^�r ra nadood bai d iiati� iervim asdf (n9zmrwrq� 4W or revesse reput+cbase 47 7 ROMNDING B fhBf calhltstalrmed biyr thait3" gil Cam. reveiae rzpuriitaiie='sb'e edwidi'rdiviaiaa 1. No p dealers that repack m the Federd -Rearm BakkaAber York tbe_1 lily for the porix United States'ma� dal banly, , r s ?. , 3 adnen nod inquim into, (a) in any qty which is (1) a general obliSatia of t1wiWO- W1dH�iosaslt r : _ obi The dttezinii ...a . ,a f. Wi t t D MM - ' :•uk< Me :..:- y. a _�Sapbd. 3. Any giall pay esubanp or any oth{ • - - '!lea- �?.. - ..� .. '�-{ - :.Jf�t� ;k. ^fi• "- 1;"ra'... ?tt %pi 49 deposited d tOd and ShBu a f -I &W e1�llow dd�aab not�lep# ■l , � 11 Depoaswr Doe& -d -&M nL : _ . a mid �d �r�i�i �IislMi R' ' Y �Jkt of W&dM wmteetR p err ' „ I IL 12 IMMUN" of team '�tT'+ , I ILU 0000 of �ew&la �2bTA 11x14 a_tfo�S1A� *q�-i t� treasure ��y 11LOP aaMba d�� 118,19 nn0ft- .nor soft fedad w - � t9 to cant 11LIG Pailm+o to py cars aaLt11� � ,_ any sur�las W the d 4 _ A omaod 6vm d�a Wcu dattaw="�A�lseti � g ;? :i, sus dy - �r�r€t s�:,- � ; other collateral, as .;� ce t :nriai a . trotioe from the dept: 1ILM DESIGNA'TWK P201E[7ON CW DF.POBtr to the depository. Subdivision 1. The governing body of every municipality, as defined in section depository so long a 118.01, which has the power to receive cad disburse finds, shall designate sa a xe : _ Subd. S. The c depository of the fumh soda notional, insured state banks or thrift institutions as depository and no defined in section 51 A.02, subdivision 54, as it may deem Proper. The governing body wptblish the default. may authorize the treasurer or Chief financial officer to eoaCM the powers of the ly become due and l governing body in designating a depository of the funds. Subd. 6. All o For purposes of this chapter, a credit union is a thrift institution. slicer of the monici institution approved Subd. 2. In the event the bank or insured thrift in>eltution selected as a depository financial officer, a is a member of the federal deposit insurance corporation or the federal savings and loan We Wnistration, the officer: The collates a insurance corporation, or is insured by the national credit union custodian of the fug may deposit an amount not to exceed the maximum amount of institution furnishin "Mun: insurance on the deposits. In the event it is desired to deposit a greater amount in any institution to the deposit the governing body or office shall require Subd. 7. school district, hose bank or thrift prior the bank or thrift institution to furnish a bond, executed by a corporate suarety company alai, special district, l authorized to do business in the state in a yam at least equal to the estimated sum to In lieu the bond, the relief association, in firefighter's s relief as be deposited in excess of the maximum amount of insurance. of depository shall assign to the custodian of the funds collateral security in accordance o special lav with section 118.01. employers of a man or of its subdivision Hhltory:1969 c 294 s 1, 1978 c 747 s 4, 1985 c 239 s 1. 1985 c 292 s 8, 1988 c 666 Histor. . (1973 -1 s74 c 560 s 14, 1963 c 5) 118 I DEPOSITORY BONDS AND COLLATERAL- 1973 c 123 art 5 s 7,• c 91 s 1. 1985 c 239 Subdivision 1. Any bank trust company or thrift institution authorized to do business in this state may, in lieu of the corporate or personal surety bond required to 118.92 EFFECT O be furnished to scare deposited funds, deposit with the custodian of the funds as by first mortgages of future maturity, upon which Nothing in sec- collateral security, notes secured interest is not past due, on improved real estate free from delinquent taxes, within the mating contract or body or other author county wherein the depository is located, or within. counties immediately adjoining the county in the state of Minnesota, the oNigations which are legally authorized invest. contract with any de meats for debt service funds uundea section 475.66, subdivision 3, and qualified state the terms hereof for or local government obligations acceptable to the treasurer or chief financial office. Mh"y: (1973 -: Qualified obligations must be general obligations rated "A" or better by MOWS Investors Service, Inc. or Standard 8c Pooes Copporatia. -. 1 [ . Subd. 2. Except for notes secured by first mortgage of futue maturity, the total IMN (ObsoW in amount of the came al computed at its madoet value shall be at lest tea percent 118A ' [Red more than the amount on deposit at the close of the business day, in excess of any 118,96 Iced inured portion, which would be permitted if a corporate or PWWUd w:ay bond wee 118.87 [Repealed famished. The total amount of collateral consisting Of Data se cared by first mortiW _ of future uwtm computed 8t its madot value shall beat 6W 40 percent mow a the y 118.E CERTAIN', the amount on deposit at the close of the bas�1 km oflmty insured powm which would be permitted if a � were furnished. 7Ue In every case wl the 1equred amok clontm 381, merges bond depository may furnish both a aggro Wi LZ no am-ft w tK apphafim run& j buft Ma bmd ad ow MOL fined in section designate as a institutions as governing body powers of the � as a depository savings and loan linistration, the mum amount of r amount in any cer " require surety Company stimated man to of the bond, the ty in accordance 22s8; 1988 c 666 guthorind to do bond required to ri of the funds as city, upon which L taxes, within the the wnvest and qualified state financial Officer. etter by Moody's maturity, the tQW, .t Ina rem f, in excess or any I surety bond were I b or4PPs MWWPB Paiew More than acre DEpoSrIORM CW pUsM FUNDS 118A Subd. 3. Any COURMIal so deposited " be accompanied by M ass*nment thereof to the municipality firom the depository. The assignment " recite that the depository shall pay ova 10 the UUMM of chief financial officer on demand, free of exchange or any other charges, except for early withdrawal penalties on time dcPWt% an money deposited therein at any time during the Period the Collateral shall be so deposited and " Pay tM MICIPON thereon when due at tbOW11011 nae; and that,. in 9aae of any default upon the part of the depository, the governing body Of the munici- pality or the tremirer or chief financial officer may sell the collateral, or as much thereof as may be ==MY to realize the full amount due the municipality and to pay over any surplus to the depository or its assigns • Subd. 4. A depository may nV&e withdrawals of exam collateral or substitute other collateral, as defined in subdivision 1, an receipt by the municipality of written notice from the depository. Authority is vested in the treasurer to MUIM the collateral to the depository. AD interest On the 000neW go deposited 1" in 'PIW to the depository so long as it is not in default. Subd. S. The dosing of a depositNT JIMB m be deemed &*fault on the part of the depository and no demand on the part of the municipality shall be necessary to - " immediate- establish the default. Ha depository Closes. nydeposit placedt.— ly become due and payable. Subd. 6. All collateral shall be deposited with the treasurer Or Chief financial officer of the municipality or placed in safekeeping for the municipality in a financial institution approved by the governing body of the municipality or the treasurer or chief financial officer, if approval authority is designated to the treasurer or chief financial officer. The collateral shall not be redeposited in the bank, trust company or thrift institution furnishing it. Subd. 7. "Municipality" for the purpose of this section means a county, city, town, district, hospital district, public authority, public corporation, public commis - school sue, spwial district, police or salaried firefighter's relief association, volunteer firefighter's relief association, independent nonprofit firefighting Corporation having a subsidiary firefighter's relief association, or any retirement association established pursuant to statute or special law holding funds intended to support or pay retirement benefits for uapioyees of a municipality, any other political subdivision, or an agency of the state or of its subdividom ":' HhMwr. (1973-1) 1925 c 773 s 1;1929 c 370 S 1, 1933 c 41 s 1;19;7 c c 698 s 1; 1961 c 560 s 14. 1963 c 511 s J; 196 7 c 528 s 1. 1969 c 18 s 1; 1969 c 18 s 1. 1969 c 294 s 2. M C jgj 44M c 618 s 1, 1981 c 224 s 30, 1983 - - 1978 c 747, j 5. J 1973 ; 123 an 5 j 7, c 91 S 1, IM c 239s 2 119M EFFECT OF EXWING CONTRACT&mi W, b-9b"I" IJB Nothing in section I I&OI.Aball be Construed as modifying or impairing rY Cxistijk@ contract or obliption, but authority is hereby conferred upon any governing body of other authority authorized to desiPate depositories to terminate any =6=9 contract with any dqpoWIMY by mutual consent and to make a new designauOn under the tams hereof for the uneaphad per "O"WOMM caw I W . I - '_' � -I;-, _- 4._ tat UL06 702s UWr_� in V AM MAY BE DZPOsnpaz& ft.pWi&Wof L&ws 4927, Ohp i *0ch is A97* AM "M V, or Coliq&jdates another bank under the charter of either such Ukerps J-A !7 �i K, M P.; =A MOVKramus OF Pusax nolhw n% na- ipimt its " ameolidated buk IhMA in ftici i6dki�' 1■" DEPOSrr the laws of dkli'�___ oonsolidatim an paid as by law, be Any town bow di&k to Wbik moogys under Laws 1927, chapter 3W pwWledinsection Mom V&AWVWV T#& W-VORM—M treasurer of the cou IQN ow toft, okkeepingdqWU of socb, secwitie lien TRLAStMM Ird st JqKU*MW�,WIFM Wsom an What the treasurer onlifipm statut"i ft. or 0" the ftw& don sball if tff& ldq deposit in or bank shall keep d all adopt annow : reimburse the town or city for hn Of Hods W" 411 any depository insolvent sods town or city" reimburse the treasurer for 'Votin or any of them Ove _41 the money so paid when a majority of the dWW thereon at the annual town Hh"r. (1971 meeting or at any brae special city election vote so to do; provided, that the notice of the at electim shall specity dotta 1I8.14 EXCLUSI therm, H Is W r. 0 9 7 5:0110 ft 'e- 3Y.-M I c 2 19 -el 5 19 We W 1* 0 The funds invc in section 118. 13, s treasurer is DZp(Rmm Emsumm UNIM FEDERAL ACT EXCUSED FMOM 11M WIX) Hbmr. (1973 Gtvm swultm To ExTENr OF DmuquNm covERAGL No bank or trust compam► whorized to-do a banking busimem; -in this sate, 1181s [Repeab designated n a depository of state, county, town, school district. hospital district, or county sanitnium F n- i 1 1 Amds, and can howsoever 019MMA as provided by JIL16 FAILUM law, the deposits of which bank or trust company are insured in whole or in part under Notwithstand, the provisions of the a" vt Coop= of " U*"4 Stan of June 16, 1933, creating the Federal Deposit Insurance Corporation and the temporary federal deposit ussur " act as a dept ance fund, shall be required to furnish any corporate or personal surety bond, or deposit not pay sales and any collateral in lieu of bond, to secure such fends, in so for as such funds shall HkWr. 1969 constitute "insured deposit liabilities" of such bank or trust company within the provisions of that act of Congress. Nothing in this section shall be construed to release 1I8.17 [Repeal any bank or trust company from furnishing surety bond or collateral for all deposits in excess of the insurance afforded by the national banking act. ' HlstoW. (1973-10) EW9341c..02 s 1; IW.; 51-1 s Z 1969 c 18 s Z- 1973 c 123 art 5s7 118.11 LEWFAT[ON OF D NOT ON CAPITAL AND SURPLUS; APPLICATION. No designation of a bank bust company or thrift imtitntion as a depository of state county, town, city, school district, hospital district, or county sanitarium commis- non funds and no deposit of the funds in the designated depository shell be limited by the amount of the capital or surplus of the depository, but the audxm* designating the depository may nevertheless fix the limit of deposit to be made therein and shall require security tbutfor as provided by law. This section shall, apply to all cities, however organized. it bwr.- (imiz 13) lots "M iTtl- m c St 's s;*,. r its 9 c 123 an Ss 7, 1978 c 747 s 7 1I8.12 INVESTMENT OF 1MWN FUNDS. When the town board of any town in this note, by a unanimous resolution, deem it advisable, such town board may invest such amount of fWmb in such town treasury as will not, in the opinion of such baud, be nadedby such tow daring the fiscal year, in any of the bonds of any county. city. town, school district, drainage or **er district created to law for public purposes in hGanesots, Iowa, Winconxim. mad Pkah and South Dakota, or in bonds of the United Stan at or in the booms --3— 1 1. - . - . MhA az city, county, town, school dutrict, drainer or edgr I Ito public purposes in the United States, contzinW kI limit 3,560 dul the total bonded ' 'd- Of any su*PFOM:p@Werr district . ;- ton percent of its grow tsar capacity. 1– '9 A `7 1 Elllaw:.'OMIW MY-c 250��#Mv 1: 1973 c-MOVIt?f �, JIM M5 m4etIM-c7l9art5s8t P'x- %Ok J- MMO7 77-7, 11 * OW-1 000 aril a sr OMPOMMU=s or runic FUNDS UU6 st its shares under MA3 DEPOSIT OFMICEN IWIR squired by bM.0 Ater 391. =Any tow board investmuch g s Surplus finds in such authorized secunnes as Ater provided in section 118.12 don deposit such securities for safekeeping with the county uessuza of the county wherein such roars is bated or with any bank maintaining a safekeepmg department Such county treasurer or bank shall give a receipt for each and 20 of such securities to the town board, as the cow may be, and such county treasurer - fourth Class shall or bask shall beep such securities for safekeeping until such time as such town board on deposit in any shall adopt a resolution requesting the county uumw or bank to turn such securities se the treasurer for or any of them over to the treamw of such town. at the annual town ElIstorr. (1973-15) 1937 c 23 s 2. 1953 c 567 s 1. 1987 c 398 an 7 s 2 14 that the notice will be considered II8.14 EXCLUMIGN OF WYMM FE NN FROM BOND COVERAGE. The funds invested in such securities and deposited by the town board as provided 19M c 747 s 6 in section 118. 13, shall not be included within the amount of money for which the town MCUSED FROM treasurer is required by law to give a bond to the town. 7WF- Hbtwr. (1973-16) 1937 c 250 s 3, 1953 c 567 s Z- 1987 c 398 art 7 s 3 iness in this state, tospital district, IILIS PLepealed, 1%7 c 479 a 1,2] or md, as provided by At or in part under 118.16 FAMUM TO PAY SALES AND USE TAXES. 16, 1933, creating Notwithstending any law or rule to the contrary, no banking or thrift institution feral deposit inffiff- shall act as a depository for any public funds if the banking or thrift institution does .ty bond, or deposit not Pay mks and use taxes Pursuant to chapter 297A to the state of Minnesota. is such funds shall '11111sterr. 1969 c 303 s 1. IM c 747 s 8, 1985 c 248 s 70 )mpany within the construed to release 1IL17 fRepeded, 1978 c 74.7 6 9] eral for M deposits - - Z- 1973t V3 wt IN CAPITAL AND i as a depository of sanitarium oolmob- Y shell be limited by 3rity dedgeaft 1-be sire and shall require r& c M* k 1973 c Muli-, W oodt !k such town 7 �I Lys nscalmli, rin thy: d any r d pursunt to for d AP ?q wbitant% pt6dM p ,trict shall not encood ARM - MCI OUSING and REDEVELOPMENT AUTHORITY 4 COMMISSION MEMBERS: - LAWRENCECOMMERS,CHAIRMAN DUANE PRAP E VIRGINIA SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY CITY OF FRIDLEY M E M O R A N D U M TO: JOCK ROBERTSON, COMMUNITY DEVELOPMENT DIRECTOR FROM: RICHARD D. PRIBYL, FINANCE DIRECTOR SUBJECT: AGREEMENTS TO TURN BACK REFERENDUM LEVIES TO THE SCHOOL DISTRICTS DATE: FEBRUARY 2, 1989 Based on the decision that the City-Council and the Fridley Housing and Redevelopment Authority reached on the evening of January 30, 1989, I have directed Mr. James P. O'Meara, Briggs & Morgan to modify the draft agreements. These draft agreements will be worded so that they are are two years in duration. The first agreement period will include the taxes that were payable for _1988 and will be payable in 1989. These agreements will not be available until after the agenda has been put together on Friday afternoon. I would like to have these agreements mailed to each member of the HRA as soon as they become available. They will then have the agreements in their position to review in plenty of time before the HRA meeting. I will also include at that time the worksheet that we reviewed showing the dollars that were involved with this agreement for the School Districts. If the Commission members for the HRA approve the agreements, it will be possible to bring these particular agreements to the City Council at one of their next meetings and proceed to the School Districts for their authorization. EXECUTIVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. (612) 671 -3460 FRIDLEY, MN 55432 EXT. 117 IOUSING and REDEVELOPMENT AUTHORITY 5 COMMISSION MEMBERS: LAWRENCECOMMERS,CHAIRMAN DUANE PRAIRIE VIRGINIA SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY V%%f, _ arssa... rc��.uoa.jr .a, 1�0� TO: Housing & Redevelopment Authority FROM: Jock Robertson, Executive Director of HRA Barbara Dacy, Planning Coordinator SUBJECT: Light Rail Transit Issues The City has appointed three representatives to attend the LRT Committee meetings to recommend a preferred light rail transit route to the Anoka County Regional Railroad Authority. The alternative that appears to maximize ridership, maximize economic benefits and decrease travel time is the route which begins at Northtown Mall and travels along the east side of University Avenue to I -694, along I -694 to Highway 65 and then south into Minneapolis. The Committee representatives are seeking input from the Planning Commission and the HRA to determine whether the proposed route should be a "commuter" route versus an "urban" route. Either concept is compatible with the proposed University Corridor improvements. The commuter concept is one which would mean fewer stops along the route so that travel time between Northtown and downtown Minneapolis is decreased. Commuter stations would be located at various points along the route to accommodate park and ride facilities and access from feeder buses. An urban concept is one which would mean more stops along the route, approximately at half mile intervals, with various walk -up and park and ride station locations. Attachment #1 is a map which outlines the preferred route through Fridley into Minneapolis. It also identifies an optional route if the I -694 crossover is not approved by MnDOT. The optional route would have a crossover along 73rd Avenue to Highway 65. Attachment #2 is the proposed station locations along the proposed route. Attachment #3 provides the travel time comparison for the LRT corridor alignments. The far right hand column, University /I- 694 /Central, compares the travel times between commuter service and urban service. With the urban service concept, seven stops -would be provided in Fridley and the overall travel time to downtown Minneapolis would be 30.8 minutes. The commuter service alternative would only have four stations north of I -694 with a total travel time to downtown Minneapolis at 25.7 minutes. Attachment #4 is a comparison of the transit concept issues between commuter versus urban. EXECUTIVE DIRECTOR: JOCK ROBERTSON $431 UNIVERSITY AVE. ($12) 571 -3450 FRIDLEY9 MN 55432 EXT. 117 5-A Light Rail Transit February 3, 1989 Page 2 The following summarizes the characteristics of either concept for Fridley: URBAN 1. The proposed urban stations at 1. 81st Avenue, Osborne Road, Mississippi Street, 57th Avenue and 53rd Avenue are all at major intersections where significant commercial or industrial development exists, thereby providing access to shopping centers or work locations. 2. 2. The number and variety of urban stations would provide a maximum amount of access for Fridley residents wanting to travel to 3. Northtown or other locations in Fridley or to downtown Minneapolis. 3. Studies in other cities in the nation having an LRT system show that the LRT system tends to increase the retail sales per square foot for existing commercial developments. This would provide a positive economic impact to the Center City project and 57th Place project. 4. Because of the crossover option along I -694 to Central Avenue, a station at Lakepointe Center could also serve that develop- ment as well as the neighborhood around it. 5. More urban stations, however, would increase travel time to downtown Minneapolis which may discourage those employees needing to get downtown quickly. Light Rail Transit February 3, 1989 IAW � I � to Y Constructing only commuter stations at key points along the route, such as Columbia Arena,Mississippi Street and 57th Avenue would decrease travel time to points south. These stations would also provide urban service to those wanting to make local trips. The commuter station at Columbia Arena has a dis- advantage that is does not have good east /west access to points east in Fridley (traffic would have to use University Avenue to access the site). 5-B Page 3 RECOMMENDATION If the City were to pursue an urban concept, the station locations would maximize the potential for positive economic impacts at major commercial centers, such as the Center City project, 57th Place /Holiday, as well as the Osborne and 81st Avenue intersections (development of YMCA and other vacant commercial properties, Springbrook Apartments) . The commuter concept would install stations only at Columbia Arena, Mississippi Street and 57th Avenue and could prohibit future station location additions. The consultant has advised that it is more cost effective to design for the stations during the system design in order that property can be acquired and the specific design issues for stations can be addressed during the engineering phase. Staff advises the HRA to recommend the urban concept including a station location at the Lakepointe Center site along the I -694 crossover. BD /dn M -89 -65 c r. •. 1 5—C ••r , ••• • • u ' John.IR '1 • w v. MAIM. CUM . 4 t / ry IUWIUS ww • n••. w e 11� nl. M •1 !. .. W. CAM t : 17 a v.. , w •1 r' t 'LEXINGTON le•, ••. ` CIRCLE. !•a1 • own . • j PINE J ` J ��.• 61LIear• �� LAKLAK •r \ .,..� E � ,�, � .L' c — 13Rra PARK-4. PARK• . s II PARK °"' /a • t. ,... of Of 4 J' �n Y • 1 }}s t SwHfU VIEW • r•. r. • a sa. a • .. •.. VIEW � 7 kl � ♦ � �/•v II • O 1 t _� 7rnN = � . �' �•Ir r � f r _'� T q it / L...�4 M Z ` re•a•I • It j X.— j� _ ti 7' a .u•un, ti �� F.w OOKL a •w — — CENTER , .. 1,•a. -- •4 -117 � ,� I - ,:t. � • A 'M• 1'11.n•, • ,r ,1 , �•..'� ! •,1.••1 NI .•n . 1T GH L••. 4.1••d 1 . l�rl I — � •./ • T R O �'�' ® t..c. n r�l _ ��r��•"+.��.._ L•..� �w r•�n .ate L � •••� «a a • � � OL[lA H ItA !, � Iyi� j/�� - lun. n q t • ' r�' L• WIIO �.• ..� ♦ EIt 115 S.hw V t " 1 i .e . /rq.• W ! 1NSD LE n. ap • r ! wM .t�! Ah••r _ f t• L of 1 • a� .w • _ ��' e� NTFIONY ♦.. t � �11`.i- I N I• .../• w , I S / ItC EVILLF.G mrlr Ssr• r ♦ r It Ir 1DE IIAL / VALLE .- ` .•... ? = as Le a / •mod••••.. 1 �' y 1,; ` •" tL• N d .G it ! ._ --_ A tq�t • t' _• 1. . r..`S'1� � 1�• I`•.. rte.. Northeast Corridor Study PREFERED ROUTE Comprehensive LRT System Plan Anoka Count > M O E ■ OPTIONAL ROUTE /llenaeQ/n County Regional Railroad Arr[bori[[es Figure c , 2 North kDo A %MW &Z* �D a `i�� •o j u -; � 1 a :. .w • 1 t' • a r RAPS ww •a • 1, � �� w m •1 t 4...� W 10 •� w t 1.F�LiNGTON ' 1 .a+•. ie cpRC1.8 1®:f O• • on, �� 1 � J q . ♦h M • � 1. N. q — ..irNb e....1. st..t.. rM /l ..•. Oae m w m . ter— —_ +�vl.CO 1 _ M , lem • 4 � �[ r • _ _ 4r ' 7�1. /ate � _ , t � • `TtvW LIII IWA00OW RARE Northeast 1 1 Station Locations • 1 ii i ii i for IWA00OW u C O1 w co . 1A 1a � Es, H F� Z W C7 w J Q H J C' G w O V Z W 0 z 0 Q W 1� 5-E J W ci ^ e^ r wfOO O ^mwm ID W m> H N N N .r N Q1 N 9 at W In Off yyO 1� �NiJ V r ~ a N r1 O► O W+ in N 0 w ID {A P.- r0.1 PI N N N N N t0 N > N w V Z W QO A fp N N N N ^ O m O d' =-9 > W Z 0 m0 s� N m cc W V N e N 101 10q m 10 1� 01 y� ^ O N N � O W t0 v n tt C*j pp N W m oe Coe co 40 f" w O O W .� N V) W Z. Q Z W J W u HH -0 N-0 � N N N N OI C e w! Z O Z W Z 10 in � N W N V V W W <ci — ^qr so ^ ♦�of -1 N A�ON 01 _ w> r1 N N N N rl N W > O N r1 Q w Q' W1f N W4 N N N m 4 iD O N c" Z N .Or � V N m 4 0 m m o r+3E .:tE .: "" vo O 0qr N 001 �+�- 000.�- 6 t %- O 1 OL 1 + H Z Q 1 a 1 (- L 10 f1 gV o gH "° p O J O O Q A7��t�T�3 5-F BRW, Inc. 9/28/88 TRANSIT PHILOSOPHY ISSUES The major transit philosophy issues are the frequency of system access, overall LRT travel speed, and the types of access accommodated at stations. The general range of options in each area are summarized below. The major conflict in defining service characteristics is balancing travel speed and station spacing. The desired system characteristics must be identified prior to the detailed analysis of the final range of alternatives. FREQUENCY OF LRT ACCESS (STATIONS) o Commuter 1 -2 mile station spacing o Urban .25 -1 mile station spacing. LRT OPERATING SPEED Station Spacing No Stations 2 mile 1 mile .5 mile .25 mile TYPES OF STATION ACCESS o Walk o Bus o Car (Drive, drop -off) AVERAGE SPEED WITH STOPS Exclusive Street Right -of -Way Right -of -Way 55 MPH 40 MPH 43 MPH 34 MPH 35 MPH 29 MPH 25 MPH 23 MPH 17 -MPH 16 MPH IOUSING and REDEVELOPMENT AUTHORITY 6 COMMISSION MEMBERS: . LAWMMCECOMQAERS,CHADIMAN DUANE PRARE VMGNIA SCHNASEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE :. February 2, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director to the HRA SUBJECT: Information on Fridley Plaza Office Building At the January meeting, a question was raised about the amount of rent billed to the HRA for the office building for the month of January in the amount of $3,209.56. In checking with Rick Pribyl, he confirmed that this amount represents a monthly charge for rent for the month of January. At this time, the closing for the sale of the building is scheduled within the next several days. The buyers and sellers have ageed to make arrangements for correcting several electrical and fire protection deficiencies which will cost in the neighborhood of $2,000. JR:ls M -89 -64 'f e EXECUTIVE DIRECTOR: JOCK ROBERTSON $431 UNIVERSITY AVE. ($12) 571 -3450 FRIDLEY, MN 55432 EXT. 117 7 CLAIMS SAT MEETING)