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HRA 10/12/1989 - 64001!� A11 i am Burris, City Manager Director of HRA t N ff y'M i� 5 f r '*f K — 1!� A11 i am Burris, City Manager Director of HRA "C. t N ff � i� 5 r '*f K — s4 T, «aiei x � a .y sr _ �I. -E _3 J'4 � � 5 v� t. a — t t {`+. t .t yf "C. N ff i� 5 r — s4 T, «aiei a .y sr _ �I. -E _3 J'4 � � 5 r* t. t {`+. t .t yf "C. N ff i� 5 r S •. T, «aiei a .y sr _ �I. -E _3 J'4 � � 5 r* t. t "C. N ff i� 5 r S •. _ e ]ikif -E _3 F, iL 11 \ City of Fridley A G E N D A HOUSING & REDEVELOPMENT AUTHORITY MTG. OCT. 12, 1989 7:00 P.M. Location: Fridley Municipal Center 6431 University Avenue N.E. City Council Chambers CALL TO ORDER: ROLL CALL: APPROVAL OF MINUTES: August 10, 1989 1 CONSIDERATION OF OUTLINE FOR CREATING A TIF DISTRICT AND FOR A REDEVELOPMENT AGREEMENT WITH SBF DEVELOPMENT CORPORATION . . . . . . . . . . . . . .1 - lA CONSIDERATION OF PLAZA LANDSCAPE REVISIONS. . . . . . . . .2 - 2D INFORMATION ON PARKING RAMP CONSTRUCTION COSTS. . . . . . .3 - 3D INFORMATION ON BIDS FOR ANTI- GRAFFITI SEALER FOR PARKING RAMP . . . . . . . . . . . . . . . . . .4 - 4B INFORMATION ON RON CLARK CONSTRUCTION, ATLAS DEVELOPMENT, AND BOISCLAIR PROPOSALS FOR THE SOUTHWEST QUADRANT OF UNIVERSITY & MISSISSIPPI. . . . . . .5 - 5C INFORMATION ON OUTLINE OF DEVELOPMENT AGREEMENT WITH PRO - ENGINEERING . . . . . . . . . . . . . . .6 ESTIMATES: RAY JORDAN & SONS, INC. - MOORE LAKE COMMONS & LAKE POINTE MAINTENANCE . . . . . . . . . . .7 - 7A GREENMASTERS, INC. - LAKE POINTE MAINTENANCE . . . . .8 - 8A CLAIMS. . . . . . . . . . . . . . . . . . . . . . . . . .9 OTHER BUSINESS ADJOURNMENT 11' CITY OF FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY MEETING, AUGUST 101 1989 CALL TO ORDER: Vice - Chairperson Schnabel called the August 10, 1989, Housing & Redevelopment Authority meeting to order at 7:05 p.m. ROLL CALL: Members Present: Virginia Schnabel, Duane Prairie, John Meyer, Walter Rasmussen Members Absent: Larry Commers Others Present: Jpck Robertson, Executive Director of HRA William Burns, City Manager and Director of HRA David Newman, HRA Attorney Julie Burt, Finance Officer APPROVAL OF JUNE 8. 1989 HOUSING & REDEVELOPMENT AUTHORITY MINUTES• MOTION by Mr. Prairie, seconded by Mr. Meyer, to approve the June 8, 1989, Housing & Redevelopment Authority minutes as written. UPON A VOICE VOTE, ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. 1. CONSIDERATION OF DEVELOPMENT AGREEMENT FOR STINSKI /HILLWIND CENTRE OFFICE BUILDING: Mr. Robertson stated that at the April 13, 1989, meeting, the HRA approved the conceptual outline for the Stinski /Hillwind project. Because so much time has passed, staff felt it was important for the HRA to review the development agreement before execution of the final agreement. The staff is satisfied that the development agreement meets the general direction made by the HRA in April and recommend approval. Mr. Newman stated this is direct land writedown of $109,500. Construction has already started, even though the Development Agreement has not been signed, and the developer will receive the money when the project is completed. The attorney for the developer is in agreement with the recommended changes. n HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 2 Ms. Schnabel asked if the developer deviates from the plans and specifications, does the contract with the HRA become null and void? Mr. Newman stated that is correct. Mr. Robertson stated the HRA previously directed Mr. Commers and himself to sign the agreement. Unless the HRA members have any objection, staff will proceed as directed. The HRA members were in agreement that Jock Robertson and Larry Comers should proceed to execute the final development agreement as previously directed. 2. CONSIDERATION OF ELECTRONIC SECURITY AND ANTI- GRAFFITI SEALER FOR FRIDLEY PLAZA RAMP: Mr. Robertson stated Mr. Burns has expressed an interest in security cameras and wanted the HRA to reconsider what was previously discussed last fall and winter in addition to getting cameras and monitoring equipment for some of the holding areas in the Police Department. Mr. Burns stated a few weeks ago they found that the cameras for the Police Department were not in the package for audio visual in the Council Chambers, and they sought quotes for six cameras in the Police Department. While they were doing that, it was his suggestion to seek an alternate quote for a camera somewhere in the doorway area of the lower level of the ramp. He thought it might be a good idea to have at least one camera that might serve a dual purpose of screening the traffic that is coming into the Police Department and perhaps screening what is going on in one of the darker, secluded areas of the ramp. Mr. Burns stated that in discussions with Bill Hunt, Tim Turnbull, and himself, they came to the conclusion that in addition to a camera, some sound protection devices are also needed. As the HRA members recalled, the last time electronic security for the ramp was discussed, the Police Department objected to having cameras because they would have to have a staff person monitoring the TV monitor, and they did not have a person to do that. Mr. Burns stated that with the sound devices, however, the person in the Police Department need not devote full attention to the monitor. Perhaps they could have the sound devices that would be activated by a cry for help or a loud pitched disturbance. They ultimately came up with a plan to mount approximately six speakers that have the capability of hearing any level of voice or noise in n the ramp, depending on how they are set for loudness. The quotes came in at approximately $3,500 -3,600 for the camera and e if A HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 3 approximately $7,000 for the speaker system. Total estimated cost is $10,000- 11,000. Mr. Prairie asked if having this camera and sound system would reduce the cost of insurance needed for the ramp. Mr. Burns stated they have had the risk management company look at this, but they do not believe it will impact the insurance in any way. The City Attorney, Virgil Herrick, thinks that in terms of liability, it is a discretionary matter. Mr. Newman stated $11,000 is pretty cheap compared to a legal suit sometime in the future. Mr. Meyer stated having the extra security will give people some piece of mind. Mr. Burns stated that the lower level will be a little darker in the wintertime because of snow storage by the chain link fence, and he thought a camera and sound device will give people a better sense of security. Ms. Schnabel stated that at an earlier meeting, Mr. Turnbull had �-. said that people should not feel secure just because there is a camera, as a camera can give people a false sense of security. Mr. Burns agreed, however, he stated the camera may also act as a deterrent to a potential perpetrator. Mr. Burns stated he is concerned that the camera be mounted inside Lexan or something that will protect the camera so it cannot be easily stolen or vandalized. Mr. Rasmussen asked if the company that installs the camera has any kind of policy whereby they will maintain the camera and sound device. Mr. Burns stated that is something that will have to be taken into consideration, and maybe they can have a maintenance contract with the company. There would be some additional expense for a maintenance contract. RMI MOTION by Mr. Meyer, seconded by Mr. Rasmussen, to authorize the HRA staff to advertise and receive bids on the camera and monitoring equipment to be reviewed by the HRA at the September HRA meeting. UPON A VOICE VOTE,. ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. R HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 4 Mr. Robertson stated that even though the HRA earmarked funds for painting the lower level white, the Public Safety Director, Jim Hill, and the Public Works Director, John Flora, feel the lighting level is adequate. However, John Flora, pointed out that it would cost less money to paint a sealer on the lower level which would reduce maintenance costs in the future if there are acts of vandalism and graffiti. Staff is recommending that the HRA use part of the money earmarked for painting the interior white to be used instead for a concrete sealer which will make any future graffiti easier to remove. Ms. Schnabel asked if the sealer comes in colors. Mr. Robertson stated he believed a pigment can be added to the sealer. Ms. Schnabel stated that if the sealer comes in colors, maybe the ramp could be painted with a white sealer. Mr. Robertson stated he had asked that question, and was told it would increase the costs significantly back to the level of just buying the white paint. n Ms. Schnabel stated that if in the future it is determined that the walls should be lighter, can paint be applied over the sealer? Mr. Meyer stated he believed they could apply a pigment sealer over the original sealer in later years. Mr. Robertson stated another thing to think about is if they apply a color, either paint or a pigment sealer, then where do they stop when painting the columns? Do they paint one side or all four sides of the column? If they are satisfied with the natural concrete color, then it has an architectural unity because they are not creating different surfaces. NOTION by Mr. Meyer, seconded by Mr. Prairie, to authorize the Public Works Director to advertise and receive bids and accept the low bid for applying a clear anti - graffiti sealer to the lower level ramp, unless the bid exceeds the amount originally earmarked for white paint. UPON A VOICE VOTE, ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. Mr. Robertson stated he would like to call the HRA members' attention to the last paragraph of Mr. Flora's memo on agenda page 2 -B regarding the light fixtures that were not purchased. Right now they have temporary wooden bases covering up the electrical system. He would propose the HRA wait on this, because they are going ahead with the TV monitoring. The HRA might decide they want t, 1110�. HOUSING AND REDEVELOPMENT AUTHORITY MEETING PAGE 5 decorative metal caps in the future, and it is not necessary to act on this at this time. Ms. Schnabel asked that regarding the stress cracks that have appeared in the main joists of the ramp, can they be assured that the parking ramp structure is sound? Do they need another opinion on the stress cracks? Mr. Meyer stated he would be willing to take a look at the cracks and see if there is any reason to solicit another opinion on the soundness of the ramp. 3. CONSIDERATION OF FINANCIAL ASSISTANCE TO RETROFIT EXISTING GARAGE AND CONSTRUCT DRIVEWAY AT 5755 CENTRAL AVENUE N.E. Mr. Robertson stated that in December 1986 when the redesign of the Hathaway/Hackmann/Hil lwind/ Central intersection was approved, it was pointed out that Mr. Flaten's driveway would have to be rerouted. At that time, Mr. Flaten agreed to that and was directed to get some bids for changing the orientation of his garage from the north to the south. Staff had hoped to include the driveway paving in this year's street project. The Public Works Department took another look at the original proposal and decided there would be a savings in constructing the new driveway by taking the driveway out on the west elevation rather than on the south elevation. Mr. Robertson stated staff has proceeded and have the low bid for the retrofit of the gar authorize the payment reconstruction of his Director to remove the driveway from Hackmann � Also, staff recommends property indicated on ac intersection is construc said property. ige of $2,475. Staff recommends the HRA of $2,475 to Mr. Flaten towards the garage and authorize the Public Works existing driveway and construct a new ,venue to the garage at a cost of $3,500. the HRA consider granting the excess enda page 3 -A to Mr. Flaten after the new :ed in return for his agreement to maintain MOTION by Mr. Rasmussen, seconded by Mr. Prairie, to authorize the payment of $2,475 to Mr. Flaten towards the reconstruction of his garage and authorize the Public Works Director to remove the existing driveway and construct a new driveway from Hackmann Avenue to the garage at a cost of $3,500. Also, the HRA agrees to grant the excess property to Mr. Flaten after the new intersection is constructed in return for his agreement to maintain said property. UPON A VOICE VOTE, ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. s �►.� HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 6 4. INFORMATION ON THE COUNCIL CONFERENCE ON SENIOR HOUSING: Mr. Robertson stated Mr. Meyer and Mr. Commers attended the July 31, 1989, Council Conference meeting concerning senior housing policy. On July 31, the Council discussed potential policies regarding senior housing and directed staff to research the types of financial tools that are available to assist senior housing. Mr. Robertson stated that he assumes that on specific senior housing proposals, the Council's direction to the HRA is to wait for City Council direction. Mr. Burns stated he feels the City Council needs to have some informal discussions soon and make some decisions on timing and policy. He stated he did not think staff has a clear sense of direction at this point from the City Council. 5. INFORMATION ON COUNCIL CONFERENCE ON CENTRAL AVENUE REDEVELOPMENT: Mr. Robertson stated that at the July 31, 1989, City Council Conference meeting, the Council also reviewed a first draft of the proposed long range plan for the renovation of Central Avenue, primarily from Moore Lake Commons north past Onan, Medtronic, and the junkyards to Osborne Road. This would be one of the components of the updated Comprehensive Plan. A number of economic development, land use conflicts, and sign issues have come up over the last couple of years, and there is an urgent need for some consistent long range vision as to how to treat some of these proposals in this area. Mr. Robertson stated that as a result of this, the plan identified a number of potential redevelopment projects in the area, the idea being that as Moore Lake Commons begins to draw traffic into this area, this may trigger other development proposals. However, there are a number of potential, very expensive projects, both in public works, landscaping, and boulevard treatments on either side of Central Avenue, as well as redevelopment projects such as relocating and redeveloping the junkyards. The sense of the City Council, Mr. Commers, and Mr. Meyer was to send the staff back to produce a scaled -down version of the original long range plan which would stress those components of the original draft which are doable and financeable in the foreseeable future. Mr. Prairie stated he would like to see them get their priorities straight. He stated University Avenue is the most visible to the community. He would not like to see them get 20 -30% done on 2 -3 projects without finishing one project. ,9 �: HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 7 Mr. Burns stated he believed that On the other hand, there is not Fridley, so it makes sense to have development in this area. was Mr. Commers' concern also. much developable land left in some policies in place to guide Mr. Robertson stated he hopes to have a draft of the proposed long range plan for Central Avenue at the September HRA meeting. 6. INFORMATION ON 57TH PLACE ENVIRONMENTAL TESTING AND RAPID OIL: Mr. Robertson stated he spoke with the geologist from Delta Environmental who is performing tests on the site. Based on what the geologist found, there is sufficient indication of potential ground water contamination and Delta Environmental is requesting three more testing wells. Mr. Robertson stated Dave Newman, the HRA's attorney, is advising that the HRA take no further action on the proposed redevelopment of the larger 57th Place area until the results of this report are available. Mr. Robertson stated the HRA should also be aware that Ashland Oil has submitted an application for a special use permit and variances to redevelop the site. The site does not include the single family lot to the east previously purchased by Rapid Oil Change. Ashland Oil is proposing to build a two bay drive- through facility very similar to the one at 73 1/2 Avenue /Highway 65. 7. ESTIMATE: GREENMASTERS - LAKE POINTE MAINTENANCE MOTION by Mr. Prairie, seconded by Mr. Meyer, to approve the estimate to Greenmasters in the amount of $4,644.14. UPON A VOICE VOTE, ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. 8. ESTIMATE: ROYAL ELECTRIC - EAST MOORE LAKE IRRIGATION MOTION by Mr. Meyer, seconded by Mr. Rasmussen, to approve the estimate to Royal Electric in the amount of $2,221.96. UPON A VOICE VOTE, ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. 9. CLAIMS (1916- 1931): NOTION by Mr. Rasmussen, seconded by Mr. Prairie, to approve the check register dated August 10, 1989. !� UPON A VOICE VOTE, ALL VOTING AYE, VICE - CHAIRPERSON SCHNABEL DECLARED THE MOTION CARRIED UNANIMOUSLY. 11` HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 8 Ms. Burt gave the HRA members a copy of the Financial Report for December 31, 1988. 10. OTHER BUSINESS: a. SBF Development Corporation Mr. Robertson stated the HRA members had received a copy of a letter from SBF Development Corporation addressed to him dated August 4, 1989. SBF Development Corporation is proposing the redevelopment of the Cub Food store site on the southwest corner of Osborne Road /University Avenue. Contrary to their expectations and their reassurance to the City Council that they would be able to secure total financing for the project, they are asking the City to examine the feasibility of using its T.I.F. program to underwrite about 10% of what is represented as a $5 million project. Mr. Robertson stated he had asked Jim Casserly to prepare an analysis of what alternatives are available to the HRA if there is such a mechanism of underwriting part of the primary financing. That analysis was just received that morning, and staff has not had time to review it. He is suggesting that staff review Mr. Casserly's alternatives and have a recommendation for the HRA at their September meeting. b. Proposed Pro Engineering Manufacturing Facility Mr. Robertson stated the HRA had also received a copy of a letter from Pro Engineering, Inc., addressed to him dated August 9, 1989, and a memo he had written to' the HRA dated August 9, 1989. Pro Engineering is outgrowing its existing facilities in Maple Grove and is considering relocating in Fridley. They are proposing a 24,000 sq. ft. expandable building on the north side of Fireside Drive between Viking Chevrolet and American Service Corporation. Mr. Robertson stated this is very similar to the Metal -Tek proposal reviewed and approved by the HRA last winter (which subsequently fell through). The total cost of land and building are about $1,000,000. There is no soil correction, but it will bring in about 20 -30 new jobs and tax base. It is a classic T.I.F. -type project where there is a minimum type of exposure. They would accept a second mortgage of 10 -15% of the total project costs. Mr. Robertson stated staff will analyze this proposal further and will bring a proposal back to the HRA at their September meeting. /"� HOUSING AND REDEVELOPMENT AUTHORITY MEETING - PAGE 9 c. Ron Clark Construction Mr. Robertson stated the HRA had received a copy of a letter from Ron Clark Construction, Inc., addressed to him dated August 8, 1989. This developer is interested in the southwest corner of Mississippi /University Avenue. They are interested in pursuing a proposal of approximately 50,000 sq. ft. of retail and a three - story, 100 -unit apartment building. Total development costs are $1o,000,000. It is in the same price range as the Tanurb proposal, but the mix is different; therefore, he believed taxes on apartments are about 60% of what they would be on commercial floor area. Mr. Robertson stated he will have a quick analysis done comparing this proposal with the general parameters of the Tanurb proposal of what kind of increment would be available and what kind of assistance would be available. He hoped to have this information for the HRA at their September meeting also. ADJOURNMENT: MOTION by Mr. Rasmussen, seconded by Mr. Prairie, to adjourn the meeting. Upon a voice vote, all voting aye, vice - Chairperson Schnabel declared the August 10, 1989, Housing & Redevelopment Authority meeting adjourned at 8:50 p.m. Respectfully subm' ted, Lynn aba Recording Secretary h t n OUSIVG and REDEVELOPMENT AUTHORITY 1 COMMISSION MEMBERS: LAWRENCE COMMERS, CHAIRMAN DUANE PRARE VRGIIIA SCHNABEL W ALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE: October 5, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director of HRA SUBJECT: Proposed SBF Redevelopment of Cub Foods Store Site The proposed SBF Cinerlark redevelopment of the old Cub Foods store site still qualifies as a TIF Redevelopment District under the latest tax law changes. Staff has reviewed the summary prepared by Casserly, Molzahn, & Associates for financial assistance alternatives. The consultant has concluded that a loan guarantee would not be cost effective and recommends instead the use of a limited revenue note as a no -risk option and the creation of a tax increment financing redevelopment district (see packet). The second mortgage option is not available to us. Trusco, the Canadian equity partner, already has pledged a second mortgage on this project. An optional 3 -5% grant at substantial completion, at the 3 -5% traditional range, would yield $126,000- 210,000, using Farrell's estimated project costs of $4.2 million. A redevelopment tax increment district for just this parcel would yield a tax increment of approximately $125,000 a year based on estimated market value computed by Leon Madsen, City Assessor. Mr. Farrell has reviewed this computation and agrees with it. We recommend that the HRA authorize staff to initiate the process of creating a redevelopment tax increment financing district to include, not only the Cub Foods site, but possibly the older commercial properties on the other side of Osborne Road to the corner of Osborne and University Avenue. Second, we recommend initiating an outline of a development agreement with SBF Corporation in the form of a limited revenue note for a total of $255,000 to be paid at $85,000 a year for the first three years that taxes are received on the project. Mr. Farrell has informed us that such a revenue enhancement would be useful to him in helping secure the primary financing for the development. Third, we recommend that these HRA actions be contingent on Planning Commission and City Council approval of a revised site plan and circulation plan. JR:ls M -89 -605 EXECUTIVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. (612) 671 -3460 FRIDLEY, MN 55432 EXT. 1 17 SBF DEVELOPMENT CORP. August 4, 1989 Mr. Jock Robertson Director of Community Development City of Fridley - Civic Center 6431 University Avenue NE Fridley, MN 55432 Dear Mr. Robertson: 1 -A SUNSET RIDGE BUSINESS PARK 5871 CEDAR LAKE RD. ST. LOUIS PARK. MN 55416 TELEPHONE: (612) 541 -4728 This is to confirm our conversation of August 3, 1989 during which we discussed the possibility of some Tax Increment Financing assistance for our re- development of the Cub Foods building in Fridley. It is my understanding that, at my request, the City of Fridley will be exploring the possibility of designating 250 Osborne Road a Tax Increment district. In conjunction with this, the City will also be examining the practical and political feasibility of using its T.I.F. program to underwrite 10 %, or $420,000, of our project. We fully expect the City to require some sort of security for its partial underwriting of our project. I look forward to working with you on this endeavor and appreciate your efforts on our behalf. We both, I believe, have a common objective: to re- develop the property with a movie - theatre anchor. Thank you for your assistance. Very truly yours, J ell F /ge R OUSNG and REDEVELOPMENT AUTHORITY 2 COMMISSION MEMBERS: LAWRENCE COMMERS, CHARMAN BUANE PRARE VRQR" SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE: September 7, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director of HRA SUBJECT: Plaza Landscape Revisions The trees in the Fridley Plaza are about ten years old and apparently will need to be replaced in the next several years. I refer to the attached recommendations from the City Public Works Director and the Kraus Anderson Construction Company. In addition, when the trees are replaced, it is recommended that the surrounding red brick pavers be replaced with cast iron grates in order to ensure.proper moisture and air for healthy growth. The total cost for this renovation would be approximately $11,000. n At this time, there appears to be several options: 1. Do nothing at this time and wait several years until more trees have died before replacing. 2. Replace all the trees at this time as recommended by Public Works. 3. Remove all trees and replace with paving materials instead. 4. Remove dead trees and those with 50% or less healthy canopy. 5. Remove all trees and replace with fewer, more widely spaced larger trees. I believe that the budget for any of these options must come from funds separate from the landscaping around the new Plaza parking ramp. Since we are waiting to see how the finances are going to work out on some of our major HRA projects that are on hold at this time, I would recommend that the HRA wait for at least one year before taking action on the Plaza landscaping. In the meantime, I would recommend we ask our staff Landscape Architect to draw up some brief sketches of alternative proposals for the HRA to review in 1990. JR:ls M -89 -538 EXECUTIVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. (012) 671 -3460 FRIDLEY, NN 55432 EXT. 117 Engineering flC',O Sewer Waler ParkStr eets Maintenance MEMORANDUM In: —Jock Robertson, Executive Director - BRA PW89 -326 Fib'!: Jahn G. F1orarPublic Works Director MM: August 24, 1989 SUBJECT: Plaza T aryl cre Revisions 2 -A We have been advised by our Project Manager, our Architect, our landscape Contractor and our staff Planning Assistant that the installation of locust Trees in the Plaza is not the best species of trees to be placed at this location based upon the stress and amount of space available for tree growth. Accordingly, they have recoQ¢nended that the Locust Trees be replaced with a Summit Ash which is more adaptable to this type of environment. In addition, it has been recommended that the red brick pavers currently used in the tree areas be replaced with cast iron grates in order to insure that the tree root structure receives the proper amount of moisture and air for continued growth. The above parties indicate that the placement of brick pavers will substantially affect the tree development and require periodic replacement in order to maintain the proper aesthetic appearance of the Plaza area. As a result of these comments, we have requested identification of costs associated with modifying the landscape contract to incorporate the Ash Trees and the installation of cast iron grates. In addition, we have deleted the suggested planting for the individual planting boxes because of the freeze /thaw affect on the roots and replacing theta with flower bulbs and plants. The net result of these changes is a $11,112.00 addition to the landscape contract. The deletion of the existing eight (8) locusts, brick pavers and additional landscaping amounts to $7,000.00. The addition of fifteen (15) Ash Trees and to plant the bulbs amcxutts to $8,262.00 and the procurement and installation of the cast iron grates amounts to $9,850.00. Based upon the recmmnendaticns of all of our consultants, I would suggest the HRA consider modifying the landscaping contract with SeefeYt- Hines for an amount of $11,112.00. affecting the replacement of the Plaza Locust Trees with Summit Ash Trees and the installation of cast iron grates at the tree bases. JGF /ts cc: William W. Burns CnYOF FWDLIY Q 2-B KRAUS- ANDERSON CONSTRUCTION COMPANY CONTRACoTOF46 C CONSTRUCTION MANAGEPIO August 24,1989 Mr. John Flora Ci of Fridley 6431 University Avenue NE Fridley, MN 55432 Re: Fridley Civic Center Fridley, Minnesota K/A Project No. 3789 Landscape Revisions Dear Mr. Flora: I have reviewed with Seefert- Heins, the landscape contractor, several revisions that have been requested by the City of Fridley and Boarasan & Associates, They are as follows: n Delete eight (8) Sunburst Locust trees at Plaza as described in Alternate #1 of the landscape bid package. Delete reinstallation of avers at eight (8) trees. Delete thirty -seven (371'Choke Cherry shrubs. Delete four (4) Colorado Omen Spruce Delete two (2) Agoda Dogwood Total amount of deduct ($7,000.00) Add the following work: Add fifteen (15) Ash trees with a minimum of 31/2" caliper. Add two hundred ten (210) bulbs in planters at front entrance including fifty -four (54) mum plants. b $8,262.00 Provide fifteen (15) Neenah Tree Grades #R8738 -1, FOB Jobsite - ADD: $7,350.00 Modify fifteen (15) sidewalk openings and install tree grates ADD: $2.500.00. MINNEAPOLIS DIVISION 525 SOUTH EIGHTH STREET, WNNEAPOLIS, MINNESOTA 55404 PHONE: 812- 332.7281 Equal Opportunity Employer 6123326173 SENT DY :Xerox Telecopier 7020 : 6-24 -89 : 1 :43PM ; n City of Fridley -2- This quotation is valid until September 15, 1989. 6123326173-* 612 571 1267;8 3 2 -C August 24,1989 Please review and advise if you want to proceed with these revisions. Very truly yours, TJS:ng Enclosures cc: Jon Rall Rick Pribyl Brian Turnquist COMPANY Nip c° o ti. ntn�� 2 -D KRAUS- ANDERSON CONSTRUCTION COMPANY September 14, 1989 Mr. John Flora City of Fridley 6431 University Avenue NE Fridley, MN 55432 Re: Fridley Civic Center �L Fridley, Minnesota K/A Project #3789 Seefert-Heins Landscape Contract Dear Mr. Flora: CONTRACTORS & CONSTRUCTION MANAGERS In accordance with the above subject matter, we request that you approve a change order DEDUCT in the amount of SIX THOUSAND SEVENTY -ONE AND N01100 DOLLARS ($6,071.00). 1 understand that the City of Fridley would like to delete alternate #1 to the Seefert-Heins contract as well as make some other changes; I have provided breakdown pricing below: Delete Alternate #1 Landscaping DEDUCT <$6,071.00> Add 210 bulbs and 54 mum plants in ADD 900.00 front entrance planters Delete 37 Choke Cherry Shrubs and Delete 2 Agoda Dogwoods DEDUCT <$900.00> TOTAL <$6,071.00)> This quotation is valid until September 20, 1989. Enclosed is our backup data to justify the amount of this request. Very truly yours, W ONS CTION COMPANY rojecanager TJS:ng Enclosure cc: Jon Rall Rick Pribyl Jock Robertson Brian Turnquist MINNEAPOLIS DIVISION 525 SOUTH EIGHTH STREET, MINNEAPOLIS, MINNESOTA 55404 PHONE: 612 -332 -7281 Equal Opportunity Employer TO: MM: DIM: 80k3 WT: Engineering Sewer Water Parks Sweets Maintenance MEMORANDUM Jock Pmbertson, Executive Director -2A John G. Flora,rl?zlic Works Director September 1, 1989 Municipal Ramp Construction Suzy Update PW89 -333 Mie following breakout of the Municipal Ramp costs lists the items, oust and originator of the work. Staff represents the City and the Architect. Omitted represents items that were left out of the drawings or not submitted to the contractors in their bid packets. The cost amounts reflect the information available as of this date. ORIGINAL COk!TlRACT ANB3W $ 750, 878.00 Additions and Qmnges P.R. ITEM COST ORIGINAMR 5 TV monitoring $ 8,975.00 BRA it Iawn sprinkling sleeves 3,754.00 Staff 19 Stairway enclosure 3,900.00 BRA 32 Additional light pole bases 15,220.00 HRA 33 Bain link fence 3,859.00 HRA 36 Tree planter 2,638.00 Staff 74 Boulevard curb island 4,053.00 Omitted 74A Concrete walkway waterproofirig 5,447.00 Omitted 82A Ekposed aggregate islands 2,307.00 Staff 83 Concrete insulation an bridge 12;440.00 Omitted 87 Sidewalk modifications 3,956.00 Omitted 88 Curb modifications /insulation 748.00 Omitted 89 & trance la mling 5,009.00 Omitted 94 Drainage Swale 835.00 Omitted 1941 Core Drill 305.00 Omitted 1943 Ramp beam pockets 2,000.00 Omitted 1945 Walk demolition 2,116.00 Omitted 1946 Snow removal 425.00 Omitted Landscaping ccntract 56,132.00 Signage of ramp 28,350.00 Sealing of concrete 5,000.00 Staff Ramp adjustment 29,202.00 Staff Asphalt contract 12,565.00 Plaza Tree Replacement 8,262.00 Staff Plaza Tree Grates 9,850.00 Staff Plaza Landscaping Change ( 7,000.00) Staff Security System 11,000.00 $ 231.348.00 MVISM CONTRACT ANi M $ 982.226.00 JGF /ts ri FWDLJEY 3 -A CC MEMORANDUM TD: Jock Robertson, Ebcecutive Direct'.or HRA Ph'89 -199 FTZK: John G. Flora, Public Works Director I DATE: July 25, 1989 sUH7D(.'P: Municipal Ramp Construction Summary Update ORIGDZAL CONTRACT AMOUNT $ 750,876.00 Additions and Charges P. R. = 5 TV monitoring $ 8,975.00 11 Lawn sprinkling sleeves 3,754.00 19 Stairway enclosure 3,900.00 32 Additional light pole bases 15,220.00 33 Chain link fence 3,859.00 36 Tree planter 2,638.00 74 Boulevard curb island 4,053.00 74A Concrete walkway waterproofing 5,447.00 82 Exposed aggregate islands 2,307.00 83 Concrete insulation on bridge 12,440.00 87 Sidewalk modifications 3,956.00 88 Curb modifications /insulation 748.00 89 Entrance landing 5,009.00 94 Drainage swale 835.00 Iandscaping contract 56,132.00 Signage of ramp 28,350.00 Sealing of concrete 5,000.00 Rang adju bTent 29, 202.00 Asphalt contract 12,565.00 1941 Core Drill 305.00 1943 Ranp beam packets 2,000.00 1945 Walk demolition 2,116.00 1946 Snow removal 425.00 OMA S 209,236.00 REV= CXRMC'r AMDURT $ 60.114.00 a ,:4 We 3 -B Proposal Request #36 The landscape concept as designed by the landscape architect required a cast -in -place planter for the required plantings needed at gridline G between grids 14 and 15 over the mechanical room #63. A prefabricated S x S planter was unavailable because of its size. Therefore, we cast -in -place a S' x S', 36" inch deep planter with 4" thick sidewalls and provided drain tile, waterproofing, and insulation as required. $ 2,63E.00 Proposal Request #74 and 74A Concrete curb at the south elevation of the parking facility between the parking facility and adjacent asphalt par}dng lot were changed from a B6= to a B61 R. This provided a boulevard Wpe curb island with removable bollards at 10' on center including 3/4" diameter chain barriers strung from bollard to bollard. A credit for the original curb was provided by Park Construction including a 2' wide strip of bituminous that was replaced with the curbine. This credit was allowed at the time the asphalt work was bid in the spring. All of these changes were requested by the Owner. 9 , 5 C 0. 0 0 Proposal Request #82 This item was requested by the Owner and Architect to provide for exposed aggregate concrete finish to cap the parking ramp boulevards. Original documents showed this as crushed rock; landscape drawings show this area to be a brick paver material. The final conclusion was to handle this area with exposed concrete aggregate. 2,307.00 3 -C Proposal Request #83 Pedestrian bridge changes were required after further clarifications of the pedestrian bridge spanning the alley between the Fridley Civic Center and the Target parking lot as described by Bakke Koppe. This work included the addition of foundation walls, footings and grade beam including reinforcing steel. The work also included the removal of the northern span of precast plank, removing curbs and foundation wall that supported the northern end of the existing precast, removal of planting bed materials, cutting riglets in walls for waterproof membrane, providing tapered insulation at roof of police garage, relocation of an existing light fixture, and the addition of one section of horizontal hand railing to meet OSHA code for hand railing height. The reinsulation of the garage roof and relocation of the existing light fixture were requested by the Owner. 5 i : , 4 � . 0 C Proposal Request #87 Replaced sidewalk; and Ya.ers in plaza area of the colonnade sidewalk- which was displaced due to excavation for the addition of the south colonnade footing and piers required to support colonnade steel. This proposal request was required due to the lack of coordination by the former Construction, Manager to provide sheeting and shoring to protect additional sidewalks areas when excavation was in process. 3, 956. 0 0 Proposal Request #89 Owner requested changes to curb line plus exterior concrete stoop at police entry, door OS 1 B; including waterproofing and insulation of the pedestrian bridge and grouting the precast plank next to poured curb area. 5 , 009. 0 0 Proposal Request #94 Delete the planting beds and shrubbery along the south elevation of the building at the south vestibule entry and to provide PVC sleeving for lawn irrigation system and provide concrete to fill in between sidewalk and building. A credit for the planting beds, shrubs, mulch and irrigation heads were provided under the landscape bid package. Owner requested item. it 3 J . 0 0 �iA , [m, q.ncenng , y wer clx'o.: Y ater O rks reets V ainlenance MEMORANDUM TO: William W. Burns, City Manager PW89 -343 FROM: John G. F1ora,�Public Works Director DATE: September 12, 1989 SUBJECT: Municipal Center Construction Status At the Construction Meeting of September 11, 1989, the following items were brought forward and are submitted for your information: 1. Country Cabinets is behind schedule in completing the recreation front counter. It is hoped that they will make delivery by September 19. This is a major item which will effect the completion of the Recreation area. 2. Kraus - Anderson Const. Co. is contacting Country Cabinets bonding company in an attempt to obtain quicker response and more corrective actions by the company. *3. Boarman & Associates is to follow up with Bakke -Koppe in determining when the parking ramp concrete corrective action is to be initiated. At this point, it is unsure if they desire to complete it this month or to delay the work until next spring. 4. The sheet metal contractor will be requested to investigate the HVAC unit servicing the Council Chambers to determine if the unit needs adjustment or if a vibration barrier can be installed in the duct work to eliminate the noise and vibration in the Council Chambers. 5. Boarman & Associates will attempt to receive a second quote for the anti - graffiti painting of the ramp. 6. The Police lockers are due in on or about September 19. 7. The Police have proposed that they will be painting the holding cell bunks. S. Current plans call for moving the Recreation Department to their area on or after September 27. cnyoF FNDLEY C. J OUSNG and REDEVELOPMENT AUTHORITY 4 COMMISSION MEMBERS: LAWRENCE COMMERS, CHARMAN OUANE PRARE VIRGINIA SCHNABEL WALTER RASMUSSEN JOHN MEYEi I CITY OF FRIDLEY DATE: October 5, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director of HRA SUBJECT: Bids for Anti- Graffiti Sealer and Paint on Parking Ramp r As authorized by the HRA on August 10, 1989, we have advertised and received bids for a clear anti - graffiti sealer to be applied to the lower ramp level. The bid amounts for sealer are double those for white paint. Inasmuch as we have not experienced any graffiti problems around the Municipal Center in the recent past, I recommend that the HRA delay action on this expense until next summer. JR:Is M -89- 608 EXECUTIVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. ($12) 671 -3460 FRIDLEY, MN 55432 EXT. 117 11roposal Page No. of Pages _ ' BUFFALO PAINTING Inc. 308 B Brighton Avenue 4-A r + ! Buffalo, MN 55313 (612) 682.3887 PROPOSAL SUBMITTED TO PHONE DATE City Of Fridley 9 -20 -89 STREET JOB NAME 6431 University Ave. N.E. Parking Ramp CITY. STATE AND ZIP CODE JOB LOCATION Fridley, Mn. 55432 Same ARCHITECT DATE OF PLANS JOB PNONE We hereby submit specifications and estimates for: Anti Graffitti coating on all vertical surfaces of concrete on upper and lower levels of the parking ramp. Material- Textured Coatings Of America, Ty -cote and Graffiti Guard 111S. One coat of Ty -cote and 2 coats of finish. All work per manufacturers specifications. Concrete prep by high pressure power washing. Price includes all labor and materials. Base Bid $16940.00 Alternate- Paint all surfaces with 11 coats of Gliddens Exterior masonry paint. Alternate price $8250.00 IN& lirDpage hereby to furnish material and labor — complete in accordance with above specifications. for the sum of: Sixteen Thousand, Nine Hundred and Forty dollars ($ 16940.00 1 Payment to be made as follows: 30 Days _ - -- - All material as guaranteed to be as specified Ad work to be compiewd on a workinaMike manner according to standard practices Any alteration or deviation groin above svecaica Authorized tions involving tetra crisis will be executed only upon written orders. and wid become an Signature extra charge over and slave the esbmale AD agreemenh contingent upon strikes. accidents Lathan U t t e r b e r g or delays beyond our contra. Owner to carry fire. tornado and other necessary insurance Note: This proposal may be Our workers we fully covered by wmlimee's compensation Insurance. withdrawn by us if not accepted within days. Arrepta ire Df f rapasal —The above prices. specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined above Drlr of Acceptance. Signature Signature wl Proposal . Page No 1 of Pages INC. 4 -B GUILLAUME & ASSOC. Commercial and Industrial Painting Contractors 12955 16th Avenue North * Plymouth, MN 55441 • 612- 557 -0100 PHONE DATE PROPOSAL SUBMITTED TO' September 25, 1989 JOB NAME Fridley Civic Center Fridley Civic Center STREET 6431 University Avenue N.E. Fridley, MN 55432 CITY STATE Attn: Bob Nordahl ARCHITECT I DATE OF PUNS We hereby submit specifications and estimates for GUILLAUME 6 ASSOCIATES, INC. is pleased to quote the following prices for painting at the parking structure. Apply Graffitti Gard (2 coats finish, 1 coat primer) to all areas except deck floor and deck ceiling (beams included) ......... $20,400.00 Paint all areas except deck foor and deck ceiling (walls, columns, light pole bases, precast panels, stair walls, bridge walls and beams) ....... ............................... ......................$8,000.00 All material is guaranteed to be as specified All work to be completed in a workmanlike manner according to standard practices Any alteration or deviation from above specifications involving extra costs. will be executed only upon written orders. and will become an extra charge over and above the estimate. All agreements contingent upon strikes. accidents or delays beyond our control Owners to carry fire. tornado and other necessary insurance Our workers are fully covered by Workmen's Compensation Insurance Payment Terms: Lblu �+ A 0 — ' Authorized Signature l� /1.��UV � - -- Due Upon Completion Kelli Larson NOTE This proposal may be withdrawn by us if not accepted within days Acceptance of Proposal The above prices. specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified Payment will be made as outlined above 11 \ Accepted Signature Date Signature IOUSNG and REDEVELOPMENT AUTHORITY 5 COMMISSION MEMBERS: LAWRENCE COMMERS, CHARMAN WANE PRARE VROMIA SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE: October 6, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director of HRA SUBJECT: Ron Clark, Atlas, and Boisclair Project Proposals for Southwest Quadrant Ron Clark On August 10, 1989, the HRA authorized staff to undertake a preliminary analysis of the Ron Clark Construction proposal to develop approximately 50,000 sq. ft. of retail space and a three story, 100 -unit apartment development. The Clark project is very comparable to the Tanurb project. Both projects would have generated in excess of $4,000,000 of tax increment through the year 2007. Both would have approximately $1,600,000 available for developer reimbursement. Tanurb was to pay $300,000 in special assessments and purchase the City's land for $580,000. After payment of the City's bond and the special assessments, Tanurb was to receive the balance of the taxes by a revenue note. The Clark proposal will have all the same problems as the Tanurb proposal, however, if Ron Clark were to make essentially the same offer as Tanurb, the HRA might find the project acceptable. As we go to press, we are now waiting for Clark to conclude their financial analysis of the proposal based on two analysis by Casserly (see packet). Atlas Development On August 21, 1989, the City received a proposal from Atlas Development Corporation to develop 50,000 sq. ft. of retail space and approximately 160 low and moderate income housing units as the project coordinator for the City (see packet). The City would own the project and finance all of its development through tax exempt bonds. Debt service on the bonds would be insured by a HUD co- insurance program. This approach would probably lower project costs through: 1. Lower interest rates on financing 2. Lower payments in lieu of real estate taxes 3. No sales tax on construction materials f IVE DIRECTOR: JOCK ROBERTSON 6431 UNIVERSITY AVE. (0 12) 571 -3450 FRIDLEY, MN 55432 EXT. 117 n 5 -A Ron Clark, Atlas, and Boisclair Proposals October 6, 1989 Page 2 Additionally, the City could potentially make a profit on the sale of the project at some time in the future. The risks of this approach would involve City funding of unanticipated operating shortfalls. This risk is probably greater than those risks associated with borrowing from outside the TIF district in the more conventional approach of TIF assistance to a private developer. Boisclair On September 12, 1989, Boisclair responded to the HRA's previous comments and financial analysis by proposing two new options (see packet). Option I, the "Concrete" option, contains 350 housing units and 85,000 sq. ft. of commercial space. Two hundred twenty - five units and 55,000 sq. ft. of commercial space would be completed in 1991 with the balance of 125 units, and 30,000 sq. ft. of commercial space would be completed in 1994. Boisclair has indicated that it needs approximately $9.4 million of total capitalized assistance or subsidy in order to complete the Concrete option. The Redevelopment Site generates at least $4.2 million which leaves approximately $5 million needed from outside the Redevelopment Site. The second proposal, the "Wood Frame" option, contains 210 housing units and 85,000 sq. ft. of commercial space. In the Wood Frame option, 150 housing units and 55,000 sq. ft. of commercial space would be completed in 1991, and 60 housing units and 30,000 sq. ft. of commercial space would be completed in 1994. This option requires a total capitalized assistance or subsidy of $6 million. At least $3.1 million can be generated from the Redevelopment Site requiring $2.9 million of assistance to be generated from outside the Redevelopment Site. Both options depend on reducing the redevelopment expenses from $4,010,000 to $2,227,000. This would be accomplished by two of the property owners, Suh and Levy, converting part of their land value in the amount of $1,280,000 to partnership equity and the City taking a note for its land in the amount of $503,000. If these assumptions are not accurate, then the increased land costs require additional subsidy which again would have to come from outside the Redevelopment Site. 5 -B �. Ron Clark, Atlas, and Boisclair Proposals October 6, 1989 Page 3 Conclusion - Only 15 -16 years of tax revenue are left in the Center City Redevelopment District and potential total TIF revenue is declining every year. _ The southwest quadrant property owners have had about a year on their request to initiate a workable development and have failed to produce such a project. - If the Clark, Atlas, or Boisclair proposals are not acceptable, we recommend the HRA simultaneously: JR:ls M -89 -613 1. Get the best available MIA appraisal for potential acquisition in mid -1990. 2. Start RFP process for developer to start mid -1990. SOUTHWEST QUADRANT 5m i )-L-j acbRN£R Mississi i and Universit i. I t ZZ 1 , W N L 5 F -t -: .t a• : „- [ w l 1 I%jj 1 , • r , 1 1 1 1 1 1 1 •1 1 , •J i 4a, av C b Jl.aaa improvements Address /PIN /Legal Owner /Business 8q. Peet Market Values 8q. Feet Dollars 6490 University Riffe's Auto 15,625 70,300 @ 4.50 1,588 44,100 A 14- 30 -24 -32 -0001 Lot 5 -9, Block 1 Sylvan Hills +5 6460 University 39,415 113,800 @ 2.88 14- 30 -24 -32 -0047 Jai M Suh B Lot 1, Block 1 Sylvan Hills /5 6550 University Shopping Center 15,813 45,500 @ 2.88 14,000 217,900 14- 30 -24 -32 -0047 Jai M Suh C Lot 1, Block 1 Sylvan Hills #5 D 6410 University Burger Ring 28,451 82,000 @ 2.88 2,470 150,500 14- 30 -24 -32 -0048 Jai M Suh 6460 University Rwikki Car Wash 9,690 27,900 @ 2.88 2,079 17,900 E 14- 30 -24 -32 -0049 Jai M Suh Lot 1, Block 1 Sylvan Hills /5 F 14- 30 -24 -32 -0050 Public R.O.W 7,500 2,200 @ .29 City of Fridley 280 Mississippi Dairy Queen 11,625 48,800 @ 4.00 738 20,400 14- 30 -24 -32 -0051 Ernest Fitch G Lot 3, Block 1 Sylvan Hills #3 214 Mississippi Liquor Store 83,963 209,900 @ 2.50 11,904 318,600 14- 30 -24 -32 -0056 City of Fridley H Lot 1, Block 1 Sylvan Hills ;6 248 Mississippi Rice Plaza 202,050 351,400 @ 1.74 10,875 210,600 ' 14- 30 -24 -32 -0058 Fred Levy Lot 1, Block 1, Sylvan Hills /7 TOTAL 414,132 931,800 0 2.72 43,654 980,000 0 IOUSNG and REDEVELOPMENT AUTHORITY 6 COMMISSION MEMBERS: LAWRENCE COMMERS, CIIARMAN DUANE PRARE YOGNIA SCHNABEL WALTER RASMUSSEN JOHN MEYER CITY OF FRIDLEY DATE: September 7, 1989 TO: Housing and Redevelopment Authority FROM: Jock Robertson, Executive Director of HRA SUBJECT: Proposed Pro - Engineering Manufacturing Facility At the August 10, 1989, meeting, the HRA authorized staff to proceed with a feasibility study and outline of a potential development agreement with this firm. At this time, Mr. Marvin J. Schmidtz, President of the firm, is negotiating for an option on the proposed site. If successful in securing a price, Mr. Schmidtz has said he would be more interested in our TIF grant assistance to run 3 -5% of the total project cost as opposed to a 10 -15% second mortgage. He is also looking into additional financing through an SBA 504 loan for part of the project costs and new capital equipment. At this time, it appears that if successful, the project would be constructed in the spring of 1990. I will continue to monitor this application and keep the HRA informed. JR:Is M -89 -537 EXECUTIVE DIRECTOR: JOCK ROBERTSON 6481 UNIVERSITY AVE. (S 12) 671 -3460 FRIDLEY, MN 55432 EXT. 117 RAY JORDAN & SONS, INCe Landscape Contractors Telephone 786 -2350 1985 105TH AVENUE N.E., MINNEAPOLIS, MINN. 55434 7 r 1 Sold to City of Fridley INVOICE NO. 62 -89 Mr. John Thompson September 20, 1989 6431 University Avenue N.E. Fridley, MN 55421 J Fridley & Lake Point OUANTITY DESCRIPTION UNIT PRICE AMOUNT 22 Hours of Mowing at Moore Lake Project @15.00 $ 330.00 "`15' Hours of watering at Moore Lk, project @40.00 969.00 4 Hours of Bobcat rental at Lake Point @40.00 160.00 39 C.Y. Topsoil at Lake Point @ 7.20 280.80 $1,739.80 i i 7 =A RAY JORDAN & SONS, INCO Landscape Contractors Telephone 786 -2350 1985 105TH AVENUE N.E., MINNEAPOUS, MINN. 55434 r � Sold to INVOICE NO. 64 -89 City of Fridley Mr. John Thompson September 25, 1989 6431 University Avenue N.E. I Fridley, MN 55421 J Lake Pointe 1 QUANTITY I DESCRIPTION I UNIT PRICE I AMOUNT 1,120 S.Y. Sod Furnished and placed as per agreement i i @1.50 1 $1,680.00 A ` { pia+ r `43 - I _ .,. 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Say r ; C�stratt -QUO LSed" ti ,tt " �.x TW F Wit: ia: r Maly > .. : ,vIlk � b f� jy.� �yRL Jam. .N A 4I�4 ult, 14 71 �il f Y " "�-i': � i YA 3wM ate,.. � <. �i''J�$��, �t':�`;i�I -�tI',�lu`.C`+#�c$� �� tote �'�s ril;e #�",-''�-� tt3►,�fi�� fin` *��s Ar *rl no tit " "' ` �Y ...�.,��'�.... �...�s «►�. -- rte+'- u�w�r��.�a�+�+r+r+.,. .�..�o ,�"� .�.�,�.�,.:.r...�.��.� ��,.. low .' r i ` , - Sf� " • L: " - vvw W- CLAIMS (AT MEETING) w J ALTAS DEVELOPMENT corporation BUSINESS AND REAL ESTATE DEVELOPMENT PROPOSAL OF ATLAS DEVELOPMENT CORPORATION FOR DEVELOPMENT AND CONSTRUCTION OF A RETAIL /HOUSING DEVELOPMENT IN FRIDLEY, MINNESOTA 1. INTRODUCTION. We are pleased to submit this proposal to the City of Fridley ( "City ") to assist the City in the development, construction, marketing and management of a retail and housing development ( "Project ") on the property located at the southwest corner of University Avenue Northeast and Mississippi Street Northeast. Atlas Development Corporation is a joint venture between Dunbar Development Corporation and Ron Signorelli. We would serve as Project Coordinator to assist the City in the formulation and realization of the Project. We have significant development experience and expertise in the areas of regulatory and governmental approvals, structuring of development financing, coordination of architectural and engineering design, construction supervision and marketing and management, all of which will enable the Project to be a success. We also have unique experience in utilizing essential function bonds which we are proposing as financing for the Project. The Project and essential function bond financing are explained in greater detail below. 2. PROJECT DESCRIPTION. Our initial concept for the Project would include approximately 160 resi- dential units, 360 parking stalls, 160 of which would be underground and enclosed, and 50,000 square feet of retail space. The retail portion of the Project would be located at the corner of the Property with good street access and visibility and the residential units would be set back further on the Property for a more secluded and private setting. The income restriction currently associated with the essential function bonds program would enable the Project to provide quality, market -rate units. This conceptual description is obviously very preliminary. Prior to finalization of the design concept, we and DDC, together with the City would spend considerable time with a selected market analyst and architectural firm �—. to ensure that the Project best addresses the market needs and enhances the community. 1128 Harmon Place • Suite 304 • Minneapolis, MN 55403 • (612) 338 -7640 Proposal of Atlas Development Corporation August 18, 1989 Page 2 3. PROJECT STRUCTURE. We are proposing the use of essential function bonds as the financing for the Project. They are formally known as the Multifamily Governmental Housing Revenue Bond Program. Under the program, the City (or related govern- ment entity) would own the Project and would finance all of its development costs through the issuance of tax exempt bonds. Debt service payments on 100% of the bonds are insured through a HUD co- insurance program. Under this program, HUD insures approximately 85% and an approved private co- insurer insures approximately 15% of the debt service amounts. Therefore, there is minimum risk to the City for bond debt service payments. The advantages for the Project and City by utilizing essential function bonds are simply stated ash follows: 1. Because the bonds will be tax exempt for federal income tax purposes, a lower interest rate will be obtained on the financing. 2. Because the bonds are essential function bonds, the interest paid thereon would generally not be a tax preference item included in the calculation of a bond holder's alternative minimum tax, again permitting a lower interest rate on the financing. 3. Because the City is the owner of the Project, it will make payments in lieu of real estate taxes which will be less than the taxes on comparable privately owned developments. This obviously helps to hold down operating expenses for the Project, which reduces the risk of operating shortfalls and permits lower rents for the tenants. 4. Because the City is a government entity and exempt from sales tax requirements, the purchase of materials used to build the Project will be tax exempt. This savings accrues directly to lower Project costs and, therefore, lower rents. 5. Because the City is the owner of the Project, at the time the City determines it is appropriate to sell the Project to an institution or other member of the private sector, it will enjoy the benefit of any appreciation on the value of the Project. The bonds may be prepaid in the event of sale of the Project. The risk to the City in owning the Project would be its responsibility to fund any unanticipated operating shortfalls. An initial amount would be budgeted in the bond amount to fund shortfalls during the initial lease -up period, but the City exposure would arise if shortfalls continued after that budgeted deficit was exhausted. The likelihood of these shortfalls will be minimized by the reduced payments in lieu of real estate taxes and through the use of an aggressive, performance- compensated marketing and management company. Tax increment funds from other redevelopment projects could also be pledged to reduce any shortfalls. Proposal of Atlas Development Corporation August 18, 1989 Page 3 4. PROJECT COORDINATION. Because the City may not have the practical expertise or the staff to effectively develop, market and manage the Project and implement the essential function bond financing, it is recommended that the City hire Atlas Development Corporation as Project Coordinator. We have worked extensively with Miller & Schroeder Financial and the Washington County HRA to implement an essential function bond program similar to the one described in this proposal. In addi- tion to arranging the financing, we would also be responsible for advising the City regarding the acquisition of the land, engineering and design, zoning compliance, construction, marketing and management for the Project. We, as Project Coordinator, would be compensated on a fee basis as a consultant and would have no ownership interest in the Project. Compensation for we would be tied to achievement of certain performance standards so as to provide adequate incentive for us to ensure a quality Project for the City. 5. CONCLUSION. The increasing difficulty of the private sector to provide quality, yet �..� affordable, housing, makes it necessary for the City to take affirmative measures to ensure that an adequate supply of affordable housing is available. This proposal attempts to provide the City with a program to provide those housing opportunities within the community. The program is a complicated one and we encourage the City to engage knowledgeable bond counsel to advise the City on the legal intracacies of the essential function bond program. We request the opportunity to participate in any future presentations to City officials concerning the Project. We will contact you within the next week to answer any questions or comments you may have concerning the proposal. We look forward to working with the City to realize this Project. r � 6123328739 SENT BY:KRAUS- ANDERSON September 14,1989 9-14 -89 ; 2 :52PM : 6123328739- 612 571 1287;# 2 KRAUS- ANDERSON CONSTRUCTION COMPANY Mr. John Flora City of Fridley 6431 University Avenue NE Fridley, MN 55432 Re: Fridley Civic Center Fridley, Minnesota K/A Project #3789 Seefert-Heins Landscape Contract Dear Mr. Flora: CONTRACTORS & CONSTRUCTION MANAGERS In accordance with the above subject matter, we request that you approve a change order DEDUCT in the amount of SIX THOUSAND SEVENTY -ONE AND N01100 DOLLARS ($6,071.00). I understand that the City of Fridley would like to delete alternate #1 to the Seefert-Heins contract as well as make some other changes; I have provided breakdown pricing below: Delete Alternate #1 Landscaping DEDUCI' <$6,071.00> Add 210 bulbs and 54 mum plants in ADD 900.00 front entrance planters Delete 37 Choke Chevy Shrubs and Delete 2 Agoda Dogwoods DEDUCT This quotation is valid until September 20, 1989. Enclosed is our backup data to justify the amount of this request. /A &T?U04 LTEPI Very truly yours, KRAUS -AND CONS CI'IC)N COMPANY Thomas J. Sack tt Project Manager TJS:ng Enclosure co; Jon Rall Rick Pribyl Jock Robertson Brian Tumquist I wil(yor�� w+�� MINNEAPOLIS DIVISION 525 SOUTH Eir-1 '- - TREET, MINNEAPOUS. MINNESOTA 55404 PHONE 812.332 -7281 K A' COMMUNITY DEVELOPMENT DEPARTMENT OW OF FWEXLY MEMORANDUM DATE: September 13, 1989 TO: Housing i Redevelopment Authority Members Planning Commission Members FROM: Jock Robertson, Community Development Director /Executive Director of the HRA SUBJECT: Status of the Contamination Testing at 57th Place N.E. On Monday, September 11, 1989 I received an update from Mary Siedlecki of Delta Environmental, concerning progress on the bores and testing at the site. Ms. Siedlecki reported that the additional bore on the site in the tank basin area hit contaminated soil. But, they found no ground water contamination, which she characterized as unusual and unexpected. In the monitoring well on the 57th Street right -of -way north of SuperAmerica, they found no contaminated soil. Similarly, at the monitoring well on the University Avenue right -of -way east of Hardees Restaurant, no contaminated soil was found. The groundwater testing will be done in acid- September when the groundwater system stabilizes after being disturbed by the bore holes being drilled. The schedule for completion anticipates the water quality results being returned by mid - October. An additional three weeks will then be required to complete the written report which will be forwarded to Art Nuby at Rapid Oil approximately the second week in November. Based on past experience, Ms. Siedlecki estimates that it will take Mr. Nuby one and a half to two weeks to review the written report and pass it on to the Pollution Control Agency. This would then bring us into the end of November. JLR/dn M -89 -555 y Engineering Sewer Water Parks Streets Maintenance MEMORANDUM TO: William W. Burns, City Manager PW89 -352 FROM: John G. Flora,tPublic Works Director DATE: September 15, 1989 SUBJECT: Municipal Center Change Orders derI , This memorandum is in response to Councilwoman Jorgenson's request for information regarding the Municipal Center costs and the explanation of the change orders. The attached sheet provides the summary of the change order costs associated with the Municipal Center, Fire Station and Ramp. Change Order No. 1 dealt with the roof and column modifications necessary as a result of opening up the old building and observing construction different from the original plan. Change Order No. 2 dealt with the HRA's desire to provide for additional conduiting for future lighting and surveillance systems within the ramp. Change Order No. 3 included some Fire Station revisions as a result of exposing structural deficiencies and some revisions to the electrical room. Change Order No. 4 dealt with the modification of the "L"- shaped piers on the exterior of the building which were incorporated into the new colonnade. Change Order No. 5 added the Employee Restrooms and relocated the Fire Department air compressor. Change Order No. 6 incorporated the Police Detention Area requirements and changes to the Fire Station ceiling and entrance way plus security lighting for the ramp. Change Order No. 7 added code requirements dealing with the duct work, floor drains, elevator pit and fire dampers, plus changes to the radiant heating in the fire apparatus bays. ri M D9 Page Two - PW89 -352 Change Order No. 8 added stonesd work to the masonry piers on the colonnade and the installation of a chain link fence on the lower ramp. Change Order No. 9 provided for electrical changes in the building and some modifications to the electrical system within the Fire Station. Change Order No. 10 adjusted the estimate for the employee restrooms and added the ramp, pedestrian bridge, curbing and waterproofing of the ramp structure. Change Order No. 11 was a housekeeping change to amend the actual costs for some of the previous change orders. Change Order No. 12 provided for additional smoke detectors and a number of work orders for incidental work requested to complete the Municipal center areas. It also provided for emergency power backup for the Fire Station as well as adjusting the estimate for the air compressor relocation and included some additional concrete work on the Plaza ramp. Change Order No. 13 consists of the modification to the screen and speakers in the Council meeting and Chambers area. JGF /ts Attachment ti r"\ TOTAL CIVIC FIRE CENTER STATION RAMP TOTAL TOTAL ORIGINAL CONTRACTS 2,204,391.00 226,786.00 712,500.00 3,143,677.00 CONTRACT ADJUSTMENTS (8,049.00) 580.00 4,846.00 (2,623.00) PARK SETTLEMENT 0 0 29,202.00 29,202.00 SUB TOTAL 2,196,342.00 227,366.00 746,548.00 3,170,256.00 CHANGE ORDERS 1 13,374.00 2,596.00 $15,970.00 2 8,975.00 $8,975.00 3 8,834.00 8,793.00 3,530.00 $21,157.00 4 30,700.00 $30,700.00 5 25,000.00 6,000.00 $31,000.00 6 32,597.43 4,319.00 15,220.00 $52,136.43 7 33,673.00 1,784.16 $35,457.16 8 12,817.00 3,859.00 $16,676.00 9 3,323.00 3,375.00 35.00 $6,733.00 10 (9,700.00) 549.00 41,531.00 $32,380.00 11 580.00 $580.00 12 18,820.00 (2,972.00) 1,870.00 $17,718.00 13 8,896.00 $8,896.00 TOTAL CHANGE ORDERS $178,914.43 $24,444.16 $75,020.00 $278,378.59 TOTAL CONSTRUCTION CONTRACTS & ADJUSTMENTS $2,375,256.43 $251,810.16 $821,568.00 $3,448,634.59 MEMORANDUM I' city of Fridley Office of the City Manager 6481 University Avenue N.E. William W. Burns Fridley, Missosots 66482 'hose (612)671 -8460 MEMO TO: John Flora, Public Works Director FROM: William W. Burns, City Nanager / SUBJECT: Civic Center Change Orders DATE: September 12, 1989 Nancy Jorgenson has asked me to prepare some information that would enable her to converse with constituents about the Civic Center. In particular she wants to know the original cost for the Civic Center and the Fire Station as well as the original cost for the ramp. She would also like to have change orders detailed for each of the three parts of the project as well as a revised cost estimate for the completion of each of the three parts of the project. She says that she needs these in a couple of days. Thanks for your help. WWB /jb Draft 3/12/86 AGREEMENT By and Between THE CITY OF FRIDLEY, MINNESOTA And VANTAGE PROPERTIES, INC. THIS INSTRUMENT WAS DRAFTED BY: Herrick 6 Newman P.A. 6279 University Avenue N.E. Fridley, Minnesota 55432 4� U "'� Section 4.3. Commencement and Completion of Construction. Subject to Unavoidable Delays, the Company shall commence construction of the Minimum Improvements to be constructed on Parcel I within 120 days of execution of this Agreement and on Parcel II within 60 months of eifecu- tion of this Agreement or on such other date as the Parties shall mutually agree in writing. Subject to Unavoidable Delays, the Company shall have substantially completed the construction of the Minimum Improvements on Parcel I within 9 months of the date of this Agreement and on Parcel II' within 72 months of the date of this Agreement. Section 4.4. Uses. It is agreed that on the Southeast Parcel there shall not be located or constructed any busi- ness or building that engages in automotive or motor vehicle repairs or service, or that sells gasoline, fuels or motor — vehicle parts. j <'�' Section 4.5. Setback. It is agreed that the "setbacks" (as used in the Fridley Zoning Code) for Parcels I and II along the service shall bedasated in the Develop ment provided in the Fridley Zoning Code. Section 4.6. Billboard. It is agreed that the bill- board currently leased to Naegele and located adjacent to University Avenue on the Development Property shall be removed at no expense to the City on or before December 31, 1986. 4 - 2 .. "' I i STwt[1 % o-. �.. a T III I i i � �•� Ob - = t± o •' 1 _ rI 11 ♦�♦ o�'' 1� 1 r- i STwt[1 % o-. �.. a T •�i a rQ„, Y • 'u �° al 7 4• 6 i� -•--r -rte. �_-r .Y I - i N In 9 n •' a r � • 4l1,y l; i •i � � sty•' 1•I FED ,; � lie li e • 'r EI:e, •g a9•' II O r • r 1 C , t o '• 1 A y • r 0�- �ii t / r � / N I I 1 i / • w I I ;� j= o 1 • 1 1 u ' 116 tf I e� i tt ttt.glt ° A t � j_.:• r I tf ri f ! ei f l�� s fi i $• t;ifE•::•.t � - - _ s' n r � ��' -�, � ft e,• �I � � t= Iii • r �_ ;;�,;. , is �`t� t �ii {, t i t Irilmia � - s • _ � � � � qI+ S s ! 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[t � j��I �• :g;_Tt9t� • i i !r [ 1 ! � _� r! ' ! — < t I � ; � . � 6 � - . a d � � ° i •t� :'.,!. _, td , � �t r ,i ;tt ��, i, r,f Pr f i a r� t e a .` f f fir [ ° t 'i =t '�'t '•_' i f� �' �� t t �!� 4 . e . P ` = r [s•j'L�i �9 S a fvf t t ., tlii �t 3. € � � � � :i .. � e i �fl !lees,; ; r � �!� = �; iii t� � 1�• � �i a c a f t Ir d :•'3'i� f �t 1 `t tljl tl ( iit r CA M cDonalds. a m a - ._.....��........._.._...�.. - -- dam,..,.... ; 1 MCDONALD'S RESTAURANT 6 t + ; GIST STREET t UNWERSITr AVE FFMXEY. rw "i: = f SITE PLAN •� V G� �` a r y_ • _ f E} _ i -""*4 ow ;a IT 0 Poo a PC Lod O y O - Z m 00.0- TIM Pp IL lot :via ilia I I .+ v fill RM IL ON A0400 • �c _ $ 161sol'u] /'1 Casserly Molzahn & Associates, Inc. 215 South 11th Street. Suite 200 - Minneapolis - Minnesota 55403 Office (612) 342 -2277 - Fax (612) 332 -4765 M E M O R A N D U M TO: City of Fridley Jock Robertson, HRA Director William Burns, City Manager David Newman, HRA Attorney FROM: James R. Casserly Mary E. Molzahn RE: Cinemark Project DATE: August 8, 1989 INTRODUCTION We have been asked to determine what subsidies might be available to assist Jerry Farrell with the development of a retail and theater project referred to as the Cinemark Project. In this project there is an additional problem of establishing an appropriate district in order to generate tax increments to provide assistance. This memo will briefly describe each of the problems and suggest possible solutions. TAX INCREMENT DISTRICT It is our understanding that the site for the Cinemark Project is not in the City's development program nor in a tax increment 11-1� district. Normally this type of commercial project would necessitate the creation of an economic development tax increment Page 2 City of Fridley August 8, 1989 district. However, Section 469.176, subd. 4c of Minnesota Statutes, states that: "revenue derived from tax increment from an economic development district may not be used to provide loans, subsidies . . . or assistance in any form to developments consisting of buildings and ancillary facilities, if 25% of the buildings and facilities (determined on the basis of square footage) are used for the purposes listed in Section 144(a)(8) of the Internal Revenue Code of 1986 ." That section of the Internal Revenue Code lists among objection- able uses "the provision of recreation or entertainment." Since the theater is to comprise more than half of the square footage of the project, this provision clearly prohibits the use of an economic development tax increment district. The only other suitable type of district would be a redevelopment district as described in Section 469.174, subd. 10. It is our understanding that the project comprises a single parcel with one building. In order to qualify as a redevelopment district the building would have to be found to be "structurally substandard" which the statute in subd. 10(5)(b) defines as: "containing defects in structural elements or a combination of deficiencies in essential utilities and facilities, light and ventilation, fire protection including adequate egress, layout and condition of interior partitions, or similar factors, which defects or deficiencies are of sufficient total significance to justify substantial renovation or clearance." 4 Page 4 City of Fridley August 8, 1989 2. Loan. This method of assistance was just used in the Kittleman or Advance Project. Customarily the loan has been limited to 15% of the market value of the project so that in this project the loan would amount to approximately $405,000. The interest rate, deferred payments, term and interest abatement are all subject to negotiation. 3. Revenue Note. The most notable and infamous use of a revenue note has been the Lake Pointe Project. However, that project demonstrates the virtue of using such an approach. The HRA does not provide any money at the inception of the project but only pays with increments that are generated from the development activities. When the entire assistance, unlike Lake Pointe, is generated by way of a revenue note, there is no risk to the City. The revenue note allows for substantial flexibility in structuring the assistance. If we assume that the project needs approximately $400,000 of assistance, then the HRA can pledge to the developer the tax increments that are generated by the project. The three schedules that are attached are simply the present value, computed at a rate of 10 %, of the available tax increment based on differing Page 5 City of Fridley August 8, 1989 assumptions of the square foot estimated taxes. Page 1 which is titled "Proposed Cinemark Project (taxes at $3.00 per square foot)" shows the original tax capacity of the existing site, the estimated tax capacity based on $3.00 per square foot, the estimated tax increment, administrative expenses computed at 5% of the tax increment and the available tax increment which finally generates the semi - annual present value and cumulative present value. If the assumptions are accurate, the spreadsheet demonstrates that $798,440 of available tax increment, at a present value rate of 10 %, generates a present value of $389,817 using ten years of tax increments. Page 3 demonstrates that if the taxes are at $2.75 per square foot the available tax increment drops to $692,010 with a resulting cumulative present value of $337,855. Page 4 illustrates the amount available if the taxes are at the higher rate of $3.25 per square foot. (Page 2 is the structure of a limited revenue note based on the Page 1 assumptions and assuming the HRA was willing to pledge the entire increment. The Cumulative Present Value (389,817) on Page 1 is the .. Page 6 City of Fridley August 8, 1989 Beginning Balance of the note on Page 2 and the Available Tax Increment column on Page 1 corresponds to the Total Payment column on Page 2). A revenue note approach offers myriad variations. The developer need only receive a percentage of the total tax increment generated; the amounts can be weighted so f that more value is received in the earlyyears or there can be a combination using grants and /or loans as part 10 of the assistance. In other cities with projects that are generally considered more economic development, we limit the tax increment assistance to soil corrections, improvements and related infrastructure assistance. The developer pays for those improvements and when the City issues the Certificate of Occupancy it delivers to the developer a revenue note. The tax increment revenue note is becoming better understood by lending institutions, and developers are finding it easier to pledge the notes and receive loans from those institutions collateralized by the note. A revenue note also allows the City to avoid analyzing the credit worthiness of a project. Page 7 City of Fridley August 8, 1989 In a growing number of cities with actual redevelopment projects a combination of grants and revenue notes are used to make the projects feasible. 4. Guarantees. Minnesota Statutes 469.176, subd. 4 states that tax increment revenues shall be used for the following purposes: of . by a municipality or redevelopment agency to finance or otherwise pay premiums for insurance or other security guaranteeing the payment when due of principal of and interest on the bonds pursuant to chapter 462C, sections 469.152 to 469.165, or both, or to accumulate and maintain a reserve securing the payment when due of the principal of and interest on the bonds pursuant to chapter 462C, sections 469.152 to 469.165, or both, which revenues in the reserve shall not exceed, subsequent to the fifth anniversary of the date of issue of the first bond issue secured by the reserve, an amount equal to 20 percent of the aggregate principal amount of the outstanding and nondefeased bonds secured by the reserve." About six years ago the City adopted a resolution allowing for the establishment of a reserve to help secure the issuance of debt authorized by the industrial development revenue bond statutes, now Sections 469.152 to 469.165. Only a couple of cities have established reserve systems to securitize their debt (the St. Paul Port Authority being the most notable). Because of the complexity of the system and the number of users needed to �'� make if cost effective, it would probably not be prudent for a, Page 8 City of Fridley August 8, 1989 Fridley to establish such a program at this time. As the statutes suggest debt can also be securitized by the Authority paying for a letter of credit, insurance or other guarantees. The only legal obstacle is that the debt must be issued pursuant to Sections 469.124 to 469.134 (industrial development revenue bonds). The industrial development revenue bonds (IDB's) were normally issued to get the advantage of a tax exempt 4rate. The use of these bonds has been severely limited so that only a small number of uses actually qualify for tax exempt treatment. In the Cinemark Project, for example, a commercial use is expressly prohibited. To utilize this section, a developer would issue a taxable bond through the Authority and then the Authority would use tax increments to pay for security enhancement. Using ax increments to g pay for security enhancements is not necessarily less expensive than using tax increments to pay for other authorized expenses. The HRA is not putting its revenues behind the project but is only paying for certain defined costs associated with the project, that is, the cost of a letter of credit, insurance premium or other security enhancement. It seems to us that the use of this provision is cumbersome and expensive. In almost all cases, the same result could be achieved by determining the cost of the credit A' Page 9 City of Fridley August 8, 1989 enhancement and paying for it by means of a land write down or soil correction or infrastructure improvement. The use of a revenue note can help generate funds on an annual basis if this is the desired goal. Different projects and different sets of circumstances will result in different conclusions. However, for the Cinemark Project given our present state of understanding, we believe that the use (of the guarantee would not be cost effective. CONCLUSION With our present understanding of the Cinemark Project, we recommend the use of a limited revenue note combined, if necessary, with a small grant or loan if feasible. To utilize the tax increment, we recommend the amendment of your development program to include the Cinemark parcel, the establishment of a redevelopment tax increment district and the adoption of a finance plan. JRC /db t 'f t A Cass rlr Molzahn & Associates, Inc. 215 So h 11th Street, Suite 200 • Minneapolis • Minnesota 55403 Office (11, 342 -2277 • Fax (612) 332 -4765 t r M E M O R A N D U M TO: City of Fridley Housing and Redevelopment Authority Jock Robertson, Development Director William Burns, City Manager Richard Pribyl, Finance Director David Newman, HRA Attorney FROM: James R. Casserly Mary E. Molzahn DATE: October 5, 1989 RE: New Development Proposals by Boisclair for Redeveloping the Southwest Corner of Mississippi Street and University Avenue Northeast INTRODUCTION Boisclair has presented the HRA with two proposals for the redevelopment of the Southwest Corner of Mississippi Street and University Avenue Northeast (the "Redevelopment Site "). As with the previous Boisclair proposals, there must be assistance which is to be generated from outside the Redevelopment Site. The amount of the outside assistance would be either approximately $2.9 million or $5 million depending on the option selected. The earlier Boisclair proposals required outside assistance of $4.7 million to $5.3 million. N k Page 2 City of Fridley HRA October 5, 1989 THE ANALYSIS The previous Boisclair proposal had the developer constructing between 265 and 300 housing units and 85,000 square feet of commercial space. That proposal was extensively analyzed in our memo of June 2, 1989 and our conclusion was that the HRA would need to invest in the Redevelopment Site $4.7 to $5.3 million from outside the Redevelopment Site itself. Boisclair has responded to the HRA's comments and our analysis by proposing two new options. Option I, which we will refer to as the "Concrete" option contains 350 housing units and 85,000 square feet of commercial space. Two hundred twenty -five units and 55,000 square feet of commercial space would be completed in 1991 with the balance of 125 units and 30,000 square feet of commercial space completed in 1994. The second proposal we will refer to as the "Wood Frame" option contains 210 housing units and 85,000 square feet of commercial space. In the Wood Frame option 150 housing units and 55,000 square feet of commercial space would be completed in 1991 and 60 housing units and 30,000 of commercial space would be completed in 1994. CONCRETE OPTION The financial analysis for the Concrete option is contained on the attached spreadsheets labeled "Concrete: 350 Housing Units N Page 3 City of Fridley HRA October 5, 1989 . . . Phase I Only" and "Concrete: 350 Housing Units . Phase II Only ". The "bottom line" of this analysis is shown in the Source and Uses Statement on page 3 under Development Reimbursement. In Phase I, the developer reimbursement is $2,733,750 and in Phase II the developer reimbursement is $1,458,000, for a combined potential reimbursement of $4,191,750. In addition, there i* unused tax increment of $554,000 (resulting from excess coverage of annual debt service) and an additional $500,000 that is earmarked for administrative expenses. Boisclair has indicated that it needs approximately $9.4 million of total capitalized assistance or subsidy in order to complete the Concrete option. The Redevelopment Site generates at least $4.2 million which leaves approximately $5 million needed from outside the Redevelopment Site. WOOD FRAME OPTION The financial analysis of public investment in the Wood Frame option is described on the accompanying spreadsheets titled "Wood Frame: 210 Housing Units . . . Phase I Only" and "Wood Frame: 210 Housing Units . . . Phase II Only ". The developer reimbursement shown on page 3 in Phase I is $2,106,000 and in Phase II it is $996,300 for a combined reimbursement of � $3,102,000. In addition, the site generates excess tax Page 4 City of Fridley HRA October 5, 1989 increments of $428,000 and administrative fees of $374,000. The Wood Frame option requires a total capitalized assistance or subsidy of $6 million. At least $3.1 million can be generated from the Redevelopment Site requiring $2.9 million of assistance to be generated from outside the Redevelopment Site. The level of subsidy described above depends on reducing the redevelopment expenses from $4,010,000 to $2,227,000. This would be accomplished by two of the property owners, Suh and Levy, converting part of their land value in the amount of $1,280,000 n to partnership equity and the City taking a note for its land in the amount of $503,000. If these assumptions are not accurate, then the increased land costs require additional subsidy which again would have to come from outside the Redevelopment Site. CONCLUSION Boisclair has been helpful in defining for the HRA the required subsidies for the different options. As we have seen from Boisclair's analysis and that of other developers, greater density requires greater assistance. Variations have ranged from all commercial, requiring the least assistance to a multi -use development containing 350 housing units and 85,000 commercial square feet, requiring $5 million in assistance from outside the Redevelopment Site. Proposals between those extremes, such as qi Page 5 City of Fridley HRA October 5, 1989 Boisclair's Wood Frame option, require less assistance. With any option involving more than land write -down and basic public improvements, legal analysis will be necessary to determine how the subsidy can actually be invested in the project. 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Q 215 outh .11th Street, Suite 200 • Minneapolis • Minnesota 55403 j Off i . (612) 342 -2277 • Fax (612) 332 -4765 M E M O R A N D U M TO: City of Fridley Housing and Redevelopment Authority Jock Robertson, Community Development Director William Burns, City Manager Richard Pribyl, Economic Director David Newman, HRA Attorney FROM: James R. Casserly Mary E. Molzahn DATE: September 27, 1989 and Revised October 5, 1989 RE: The Clark Project On September 18, 1989 David Sebold of Ron Clark Construction, Inc., Sid Inman, Jock Robertson and myself met at City Hall to review Clark's proposal for developing the southwest quadrant of Mississippi Street and University Avenue. The Clark proposal includes the construction of 100 apartment units and 50,000 square feet of commercial space. For that meeting we prepared a short memo and a spreadsheet assuming taxes on each apartment unit at $1,200 per year and for the commercial space at $2.75 per square foot. Attached you will find that memo and the �I accompanying spreadsheet identified as Exhibit I. j Page 2 City of Fridley September 27, 1989 Both Sid Inman and David Sebold thought that our tax estimates might be too conservative and they recommended that we do an analysis in which the apartments are taxed annually at $1,400 each and the commercial space at $3.00 per square foot. Attached you will find a spreadsheet marked Exhibit II reflecting those changes. Not surprisingly, the increased taxes generate over $600,000 of additional tax increment and when added to the special assessment payments increases the amount available for developer reimbursement from $1.6 million to $2.1 million. Exhibit II incorporates the special assessment payments, and we re- insert the land sale payments which are identical to the payments we had negotiated with Tanurb last January. Dave Sebold also asked whether or not we could exclude the Burger King property from the development proposal since the costs associated with the Burger King are approximately $750,000. By excluding Burger King the redevelopment costs could be brought down to approximately $3.25 million. With the City's land sale being deferred, the inclusion of special assessments and the likelihood of higher taxes as shown on Exhibit II, the project cash flows better than any other project we have examined thus far, especially if the Burger King site is removed. With the developer acquiring the property and providing for the public improvements and paying the carrying costs (the developer would Page 3 City of Fridley September 27, 1989 be reimbursed out of a subsequent bond issue), then this project becomes even more financially feasible. Very little, if any, tax increment would be required from outside the district. As we have mentioned in past memos, there are still a number of legal and financial issues that must be resolved before this project can proceed. i JRC /db A N O O � A t0 W t0 W t0 W tD w 10 W t0 W t0 W t0 W t0 W t0 W t0 w t0 W t0 W 10 W t0 w 1 O )s 1 �t O O (A / \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ to tD 40 l0 10 w w {0 w w LO tp w w w w w w I � 1 O O V A A W W IV N -+ J O O w w W W V V O1 m Ir to A A W w N N J �+ w O 1 1 1(10 O Z L -� W V v O O O O 1 1 y w I N w A I� 1N0 tN0 tND tN0 tND tN0 tN0 1N0 1N0 IND tN0 tN0 t0 t0 t0 tN0 tD 1N0 t0 D 1N0 D 0 W tb 10 10 11 V O AD V !00 !0 co col OD1 OD co co CD (D 0OD1 co CyD1 cyo1 C�D1 m � 1 -TI M W A {co BCD yco yCDI �OD1I {{01��111 WW1 {CND {co {0{�31 {c{�o1 {mo ym1 yW yC1> {CD A P A A A A A A A A A A A? A$ A A A A A A A?? A$ ic A A c 1 w (A !�1 1 Im N N \ N J J J J J J J J J J J J J J J J J J N Q1 pf O1 01 �1 U �I A A A A A IV N A A O O� 01 W W t0 t0 N N � i p i N w t0 tA0 W V1 Q! 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Molzahn James R. Casserly DATE: October 5, 1989 RE: The Clark Project Developer Proposal Enclosed please find a revised analysis regarding the proposed Clark Project in the City of Fridley. This new scenario incorporates the developer's most recent proposal. This new analysis is comparable to the previous proposal labeled Exhibit II and dated September 26, 1989. A copy of this analysis is also enclosed. Both scenarios are based on 100 apartments with taxes at $1,400 /unit and 50,000 square feet of commercial space with taxes of $3.00 /square foot. The City's proposal includes administrative expenses of $233,247, special assessment payments of $616,093 and land sale payments of $1,397,617 over a 16 year period. The developer is proposing the elimination of these three items. By eliminating administrative expenses Page 2 City of Fridley October 5, 1989 (revenue to the City) the total tax increment available increases from $4,431,685 to $4,664,932. However, by excluding the special assessment payments, total revenue available for debt service decreases from $5,047,778 to $4,664,932. This revenue stream will support $2,410,000 in bonds which generates approximately $1,952,100 available for developer reimbursement. The City's proposal supported $2,600,000 in bonds and provided approximately $2,106,000 for developer reimbursement. Additionally, the excess tax increments payable to the developer, after payment of debt service, has a present value at 7.5% or $150,878 under the City's proposal; $110,491 under the developer's proposal. Finally, with the elimination of the land sale payments, the City would not be reimbursed the $580,000 plus interest for the land. The bottom line of the developer's proposal appears to be that a total of $1,952,100 is available for land acquisition and public improvements versus $2,406,000 available from the City's Exhibit II. In addition, the City would not receive the $233,247 in administrative expense nor the $580,000 plus interest in land sale payments. �11"N� C7 O O r rn 0 7S 9 t7 1 M D A N y w�owww�owIcw4owtow %Dwtowtow%Dwwwwwtowww i p i rr z o m %00 �o w w w b w in A w w N N J J co t0 t0 V V 01 Of J i m 1 D m Cn U1 A A W W N N O O I N N N 11 to IND t0 tD tD t0 Ip IO tD b tN0 t0 tN0 1ND INp INp � In 110 � m I N w CD CD 0' 0' C7 CD m m m CO CC OD CO CO (V fD m CO CO C7 m W C7 CO 00 0D CO m m I Vl 1 v7 m I I 1yyyyp O I I m ,yO I A i m J J — J J J J J J J J J J J J J J J J m m m m V V V V C1 01 01 41 /!1 VI {JI !71 A A N N N N N W M N to 01 N N A O O� a1 N IV (!1 tD 10 10 10 t0 D I D I VI !0 01 Of 0 C3 Ch pppp pppp y�y�t yWytt C�11oIf {{o1att C�t7oIf C17ot Cyy1>1 QpQ�� N1 tNJ� tam �NO1 A j N N W b X i trail 1 N N VI OR O Of Of P W .AD J In to O 0 A A A A P A A O 1 m 19 I H H _ J J J J J J J J J J J J J J J J J yyVt V N N m �7t {p71�W,7 W p Np �tJpp 11tt�p�p N V ��J111 �+ 0 0 0 J 1 mZZ -i m QI a A {Olt VI 0 10 100 11t t�71 Oat Oaf 0 0 0 0 0 0 0 --1 1 1 Q D 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o i m Z 1 J J J J J J J J J J J J J J J J i ~ a to N VI N �aa A A a V1 V1 J Of Of N N � � •r � . 01 Of N N m Oi N N ; N V V -�s+ V V IN IIV m m g' m �j 0 to 4D to 1� V `7 m Of 0 a p w vl -+ J o 1D ID !r N J 07 1 m -+ 0 0 0 0 0 0 1 11 a v m n 040 O O O O O O O O O O O O O O O O O O O O O O O O O o O N Z -I 1 J J J J J J J J J J J J J J N Vf J Of Of N N QC1I AA A O O 01 O1 N N G1 {J1 I 1 O � �{JI tVn V N N _O w 1 so to to w 1 H 1 0 0 0 0 V IV71 N (11 CR 1 -1 1 (� D V1 QD 01 A J N ul V1 Vpl �t11 O tp�71 � O �i�71 tAJI {QpwJ1 1 1 H i (7 r �O pO O O O p o p < I r I to to D• a O+ Of V V V V V V m m w w m GD C� 10 w f0 10 1D w Of to tJf J V V N N Q1 t0 t0 N r t11 V V f0 0 0 0 0 0 0 i m 1 70 2 R. 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