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HRA 07/09/1992 - 63729 HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, JULY 91 1992 7 :30 P.M. William Burns Executive Director of HRA CITY OF FRIDLEY A G E N D A HOUSING & REDEVELOPMENT AUTHORITY MEETING THURSDAY, JULY 9, 1992, 7:30 P.M. Location: Council Chambers Fridley Municipal Center 6431 University Avenue N.E. CALL TO ORDER ROLL CALL APPROVAL OF MINUTES: May 14, 1992 (Included with June agenda) ACTION ITEMS: CONSIDER CONCEPT APPROVAL OF LOAN AGREEMENT WITH SHEET METAL CONNECTORS . . . . . . . . . . 1 - lA CONSIDER RESOLUTION TO APPROVE MODIFICATION TO REDEVELOPMENT PROJECT NO. 1 TO REFLECT INCREASED GEOGRAPHIC AREA AND INCREASED PROJECT COSTS . . . . . . . 2 - 2I CONSIDER APPROVAL OF TEMPORARY CONSTRUCTION EASEMENT FOR MISSISSIPPI STREET IMPROVEMENT PROJECT . . . 3 - 3D CONSIDER REVISED REQUEST FOR TIF ASSISTANCE, FRIDLEY TOWN SQUARE PROJECT . . . . . . . . . 4 - 4K CLAIMS AND EXPENSES . . . . . . . . . . . . . . . . . . . 5 - 5H INFORMATION ITEMS: RICE PLAZA UPDATE . . . . . . . . . . . . . . . . . . . . 6 - 6C ONAN EXPANSION UPDATE . . . . . . . . . . . . . . . . 7 - 7C OTHER BUSINESS ADJOURNMENT 1 Q Community Development Department D HOUSING AND REDEVELOPMENT AUTHORITY City of Fridley DATE: June 30, 1992 TO: William Burns Executive Director of HRA ,At`� FROM: Barbara Dacy, Community Development Director SUBJECT: Consideration of Concept Approval of Loan Agreement with Sheet Metal Connectors Based on the HRA discussion at the May 14, 1992, meeting, and after discussion with the City Council, staff is requesting concept approval from the HRA to enlarge the redevelopment project area to enable the HRA to extend a loan to Sheet Metal Connectors to encourage its location in our community. Sheet Metal Connectors is proposing to build a 100,000 sq. ft. building on the west side of Main Street on a 6 acre site opposite 59th Avenue N.E. A tax increment district is not proposed; however, in order to assist Sheet Metal Connectors, it is necessary to include the parcel in the redevelopment project area. State Statues require the same public hearing process to be conducted when property is added to the redevelopment project area. The proposed loan amount is $200,000. The money would be advanced to the company when construction is completed. The interest rate is 5% and would commence two years after the money is advanced. The principal and interest payments would be amortized evenly over years 8 through 10 of the loan with semi - annual payments of $16,095. Interest would be deferred for the second year of the loan; and for years three through ten, the principle, interest, and deferred interest would be amortized evenly with semi- annual payments of $16,095. Given the HRA's concerns regarding the costs to establish a district, this option not only assists a good company in locating in Fridley, but also provides the HRA with a payback of its assistance. Recommendation Staff recommends that the HRA approve the concepts of the proposed loan to Sheet Metal Connectors and authorize staff to prepare the development agreement for action by the HRA at its July 9, 1992, meeting. BD:ls M -92 -430 612 334 3382 612- 334 -33e2 CAS'SERLYMOLZAHNFL I NT 273 P02/02 TUN 09'92 16:46 METAL2 CITY OF FRIDLEY, MINNESOTA PREPARED BY CASSERLY MOLZAHN & ASSOCIATES 09- Jun -92 1 -A PROPOSED METAL CONNECTORS PROJECT - 10 YEAR LOAN SCHEDULE BEGINNING TOTAL ENDING BALANCE PRINCIPAL INTEREST PAYMENT BALANCE --.. 12 / - - -- 1992 ----------------------------------------- 200,000 0 0 - 0 - - - -- ---- 200,000 6 / 1993 200,000 0 0 0 200,000 12 / 1993 200,000 0 0 0 200,000 6 % 1994 200,000 0 0 0 200,000 12 / 1994 200,000 0 0 0 200,000 6 / 1995 200,000 10,320 51000 15,320 189,680 12 / 1995 189,680 10,578 4,742 15,320 179,102 6 / 1996 179,102 10,842 4,478 15,320 168,260 12 / 1996 168,260 11,113 4,207 15,320 157,147 6 / 1997 157,147 11,391 3,929 15,320 145,756 12 / 1997 145,756 11,676 3,644 15,320 134,080 6 / 1998 134,080 11,968 3,352 15,320 122,112 12 / 1998 122,112 12,267 31053 15,320 109,845 6 / 1999 109,845 12,574 2,746 15,320 97,271 12 / 1999 97,271 12,888 2,432 15,320 84,383 6 / 2000 84,383 13,210 2,110 15,320 71,173 12 / 2000 71,173 13,540 1,779 15,320 57,633 6 / 2001 57,633 13,879 11441 15,320 43,754 12 / 2001 43,754 14,226 1,094 15,320 29,528 6 / 2002 29,528 14,582 738 15,320 14,946 12 / 2002 14,946 14,946 374 15,320 (0) 200,000 45,117 245,117 PRINCIPAL 200,000 INTEREST RATE 5.00% YEARS 1 - 2 NO INTEREST YEARS 3 - 10 AMORTIZED 16 SEMI ANNUAL PAYMENTS PREPARED BY CASSERLY MOLZAHN & ASSOCIATES 09- Jun -92 1 -A r� Community Development Department 2, HOUSING AND RmEWLOPMENT AUTHORITY City of Fridley DATE: June 4, 1992 TO: William Burns, Executive Director of HRA FROM: Barbara Dacy, Community Development Director SUBJECT: Resolution to Approve'Modification to Redevelopment Project No. i to Reflect Increased Geographic Area and Increased Project Costs In order to provide assistance to Sheet Metal Connectors, it is necessary for the HRA to add the parcel to the redevelopment project area. Attached is a resolution prepared by Jim Casserly which authorizes the addition of the proposed parcel. The City Council will conduct a public hearing regarding this issue on June 29, 1992, and will consider final approval, of its resolution to include the parcel on July 6, 1992. The Planning Commission will review the matter on June 24, 1992. Recommendation Staff recommends that the HRA approve the Resolution to Approve Modification to Redevelopment Project No. 1 to Reflect Increased Geographic Area and Increased Project Costs. BD:ls M -92 -372 ✓' HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY COUNTY OF ANOKA STATE OF MINNESOTA RESOLUTION.NO. A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO..1 TO REFLECT INCREASED GEOGRAPHIC AREA AND INCREASED - PROJECT COSTS WITHIN REDEVELOPMENT PROJECT NO. 1 AND MODIFYING THE TAX INCREMENT FINANCING PLANS FOR'TAX INCREMENT FINANCING DISTRICTS NO. 1 THROUGH NO. 12 TO REFLECT INCREASED PROJECT COSTS WITHIN REDEVELOPMENT'PROJECT NO. 1. BE IT RESOLVED by the Board of Commissioners (the "Commissioners ") of the Housing and Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority "), as follows: Section 1. Recitals. 1.01. It has been proposed that•the.Authority modify the Modified Redevelopment Plan for Redevelopment Project No. 1 to reflect increased project costs and increased geographic area, pursuant to and in accordance with Minnesota Statutes; Sections 469.001 to 469.047; inclusive, as amended and supplemented from time to time. 1.02. It has been - further proposed that the Authority modify the Modified Tax Increment Financing Plans for Tax Increment.Financing Districts No. 1 through No. 12 to reflect increased project costs within Redevelopment Project No. 1, pursuant to Minnesota Statutes, Section 469.174 through 469.179, inclusive, as amended and supplemented from time to time. 1.03. The Authority has investigated the facts and has caused to be prepared with respect thereto,.a Modified Redevelopment Plan.for Redevelopment Project No. 1 to reflect increased project costs and increased geographic area and Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 to reflect increased project costs within Redevelopment Project No. 1. _.11 2 -C Section 4. Modification of the Modified Tax Increment Financina,Plans for Tax Increment Financing Districts No. 1 through No. 12. 4.01. The modifications of the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 to reflect increased project costs within Redevelopment Project No 1 are hereby approved and adopted by the Commissioners of the Authority and are forwarded to the Fridley City Council -for public hearing, review and approval. Section S. Filing of Plans. 5.01. Upon approval and adoption of the Modified Redevelopment Plan and the Modified Tax Increment Financing Plans (collectively the "Plans "), the Authority shall cause said Plans to be filed with the Commissioner of Revenue. Adopted by the Board of Commissioners of the Authority this 11th day of June, 1992. ATTEST: Executive Director Chairman CERTIFICATION I, William W. Burns, Executive Director of the Housing and Redevelopment Authority in and for the City of Fridley, County of Anoka, Minnesota, hereby certify that the foregoing is a true and correct copy of Resolution No. passed by the Authority on the 11th day of June, 1992. William W: Burns, Executive Director 3 2 -D EXHIBIT I -A -4 DESCRIPTION OF ADDITIONAL PROPERTY WITHIN REDEVELOPMENT PROJECT NO. 1 AS MODIFIED FEBRUARY 26, 1990 Tax Increment Financing District No. 10 P.I.N. 11- 30 -24 -31 -0002 Tract A of Registered Land Survey #78 AS.MODIFIED JANUARY 6, 1992 Tax Increment Financing District No. 12 P.I.N. 10- 30- 24 -14- 0049 10- 30 -24 -14 -0050 (included in project area only) 10- 30 -24 -14 -0051 11- 30 -24 -23 -0020 11- 30 -24 -23 -0021 AS MODIFIED.JULY 6, 1992 P.I.N. 22- 30 -29 -14 -0003 I -A -4 EXHIBIT I —B -3 BOUNDARY MAP OF REDEVELOPMENT PROJECT NO. 1 AS MODIFIED JULY 6, 1992 :? T 30 R. 2 4 Teas R e4A IN rK;wl e4 COU AS 1 afFUrs A/ftCrWC :rtF .w_. vaawa r" o"Wmc d ro er US:J a y foe FR /D.L E Y effFefMCf wr�-s = t:� r< Ca. • d HOr efSiO"W" FOR F:1 lt:AC- CUeACOS Mfif -V M.rAN.YO. 53922 6 '21' I —B -7 44 8 w R.W. " .r i. ry �. 4 iv .c I 7 1� a v co (,. ti hoer. o y I Z is 6 «I 1 Z I: �N /GL N D: O F- a Q i. see 1P s� 2 =E 20 Professional Fees Administrative Fees Total Maximum Estimated Total Bonded Indebtedness* 15,000 72,000 $ 587,000 $ 737,000 *This a m mount includes capitalized interest in an aount sufficient to pay interest on the bonds from the date of issue until• the date of collection of sufficient tax increment revenues to meet scheduled interest payments when due. AS.MODIFIED JANUARY 6, 1992 TAX INCREMENT FINANCING DISTRICT NO. 12 (MCGLYNN BAKERIES) Acquisition $1,050,000 Ponding and Drainage 25,000 Professional Fees 15,000 Administrative Fees 900000 Total $1,180,000 Maximum Estimated Total Bonded Indebtedness* $1,125,000 *This amount includes capitalized interest in.an amount sufficient to pay interest on the bonds from the date of issue uritil the date of-collection of sufficient tax increment revenues to meet scheduled interest payments when due. AS MODIFIED.JULY 6, 1992 (SHEET METAL CONNECTORS) Acquisition Soil Correction, Drainage and Landscaping Design, Planning, Administrative Fees, Professional Fees and Contingency Total 1 - 17 $ `175,000 50,000 25.000 $ 250,000 2 -F 2 -G Subsection 1.10. Public Improvements and Facilities Within Redevelopment Project No. 1_ Publicly financed improvements within Redevelopment Project No. 1 include but are.not limited to: a. The acquisition and sale and /or lease of the parcels identified in Subsection 1.7. hereof; b. Soil corrections, including excavation and backfill; c. Installation and /or upgrading of utilities and other public improvements; d. Development of proper traffic circulation patterns and improved ingress and egress on public and private roadways; e. Funding of the Reserve Program; and. f. Other authorized uses as provided by State law. (The following amendment of Subsection 1.10 to the Modified Redevelopment Plan was approved November 18, 1985.) .Additional public improvement costs.to -be incurred within Redevelopment Project No. 1 and to be financed by tax increments derived from all tax increment financing districts within Redevelopment Project No. 1 are estimated to be: Land Acquisition $3,500,000 Streets, Intersections, Walkways and Lighting 4,100,000 Parking Facilities 1,500,00.0 Soil Correction, Drainage and Landscaping 2,300,000 Engineering, Design and Planning, Legal, Fiscal, Bond Issuance Expenses and Discount and Miscellaneous 1,050,000 Contingency 300,000 Bond Debt Service Reserves 2,612,000 Capitalized Bond Interest 3,138,000 Total Project Costs. $18,500,000 Maximum Bonded Indebtedness $18,500,000 1 - 18 A 2 -H (The following amendment of Subsection 1.10 hereof was approved on September 22, 1986.) Additional public improvement costs to be incurred within Redevelopment Project No. 1 and to be financed by tax increments derived from all tax increment financing districts within Redevelopment Project NO. 1 are estimated to be: Land Acquisition /Writedown Costs $ 100,000 (The - following amendment of Subsection 1.10 hereof was approved on December 22, 1986.) Additional public improvement costs to be incurred within Redevelopment Project No. 1 and to be financed by tax increments derived from all tax increment financing.districts- within Redevelopment Project No: 1 are estimated to be: University Avenue /84th Street Housing Project: Land Acquisition /Improvement /Writedown Costs $ 850,000 Capitalized Interest Bond Discount 290,091 , Issuance Costs and Contingency 26,579 Total Additional Project Costs and /or Bonded Indebtedness $1,190,000 Maximum-Additional Administrative Costs $ 94,000 Subsection 1.11. Environmental Controls. The proposed development in Redevelopment Project No.- 1 does not present significant environmental concerns. All municipal actions, public improvements and private development shall be carried out in a manner consistent with existing environmental standards. Subsection 1.12. Proposed Reuse of Property. The public improvements needed to bring about development and redevelopment as set forth in Subsections 1.9. and 1.10. above include acquisition and sale of land, relocation of existing public improvements, demolition and site improvements. The Modified Redevelopment Plan does not contemplate the acquisition of private property until such time as a private developer presents an economically feasible program for the reuse of that property. Proposals for the reuse of private property must be within the framework of the above cited goals and objectives of 1 - 19 2 -1 the Authority and the City. Acquisition and sale of with the Y shall be subject to a binding ycontract the reusepandhredevelopment ofnthepprOpriate restrictions regarding such contract or sale Authority Property. Before an' adequate funds will be avai shall be satisfiedpthatng any associated with the proposed acquisitiony the public costs Subsection 1.13. Administration Ma Redevelo ment pr��_-No. �, and intenance of public improvements in Redevelopment Project Noperation of the responsibility of the Executive Director of the Authority 1 will be the . Y (the The Administrator will administer Redevelopment project No. 1 pursuant to the Act; provided Provisions of the Housing � t ,however, that such g and Redevelopment the direction of the Authority. Powers ma y Y�onl be exercised at Administrator pursuant to theyabo140 action nedken by the effective without authorization by the Authority. shall be Subsection 1,14, Redevelopment Project Noeh?bilitation. Owners of properties within their p will be encouraged to rehabilitate properties to conform with the a codes and ordinances, n well as pplicable state and local Properties who purchase any design standards. pr 1 from the Authority Property within Redevelopment Project of properties as a may be required to rehabilitate their will provide such orehabilitation assistance land. from federal, as may.behavailablety state or -local sources. Subsection 1.15. Relocation. responsibility for The Authority accepts its Sta- utes_, Section 469.v ing for relocation Pursuant to Minnesota 1 - 20 i"_ t Community Development Department D HOUSING AND REDEVELOPMENT AUTHORITY City of Fridley DATE: June 4, 1992 TO: William Burns, Executive Director of HRA FROM: Barbara Dacy, Community Development Director SUBJECT: Temporary Construction Easement for Mississippi Street Project Anoka County has requested a 5 ft. by 270 .ft. temporary construc- tion easement between the north side of the Target building and the south side of Mississippi Street. The temporary easement would be in effect until December 31,-1993. The easement is for additional area during the construction of a retaining wall. Enclosed is a memorandum from the County and maps outlining the area to be reserved in the easement. The HRA is the fee owner of the property immediately surrounding the Target building, thus the necessity for the HRA to approve this easement. While I do not have the easement.document in hand for preparation of the packet, I do anticipate receiving it from Anoka County by Thursdays meeting. Recommendation Staff recommends that the HRA authorize the Executive Director and the Chairperson to execute a temporary construction easement for a 5 ft. by 270 ft. long strip along the south side of Mississippi Street, such easement to terminate on December 31, 1993. P.B. Anoka County will be going out to bids for the project in late June for a possible August 1, 1992, start date. BD:ls M -92 -376 3 612 754 3532 06/02/92 15:55 FAX 612 754 3532 ANOKA CO HWY DPT QD 00 3 -A COUNTY OF ANOKA Department of Highways Paul X Ruud, Highway Engineer 1440 BUNKER LAKE BLVD- NW, ANDOVER, MINNESOTA 55304 612 - 7543520 MEMORANDUM To: Barbara Dacey City of Fridley From: Michael Kelly Anoka County Subject: Project SAP 02- 606-08 Mississippi Street June 2,1992 As we have discussed, the plans for this project include a retaining wall along the south right-of-way line in front . of the Target Building. In order to construct this wall, it will be necessary to acquire a temporary easement. This easement will be 5 feet wide by 270 feet long (Sta. 21+30 to Sta. 24 +00) and will be needed until December 31, 1993. Thank you for your assistance in this project. dar Affirmative Action / Equal Opportunity Employer b11 (j4 ODOZ G 06/02/92 15_:56. FAX- 612 7544 3532 ANORA CO HWY DPT o�m n 3 j m z Qr rn :Ed rn - m r r O m z n C; w `' { D STA. 21+00 �:` • �dfNE �. 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I!J' of .ri. /1•� % A jµ��r� � $ - IV - ' i� AUDI; ORS ' - +- -•� --- — � �- %� .:..�� 'YZ Yl�/ • .'r r - r �" (fed f W ' �� t•J��,/ r • •� s �+�' , it ...�-.G:�.2�I's 4 �b►''. :� � it it ck - E...._. ois tl!��smal C . • f. -.9e .r.•• �a.i -� - ',. ;- ,;t.Y, :! /+' � /• «_ `4 06/02/92 13:52 FAX 612 754 3532 ANOFA CO HW DPT A rr.r- r rc- r �,I � 01003 390.00. -- os•11 1S1 AF pp t N 00A uNdy O gga85 ��}— v y 9? 72 EAS�C W. as c -a -- 60.00 37 2 0 ,n I Ai2eAr p • �A ..r,W. o A �� z, I I S� 0.00 � 6 � I • -EA97 0.00 I. ZA y 30A EAST t87 44RI lie I O • ow f ' P, ' m � JS � j sr I 170.00 r�� .s �37rt 8.3 74 • M 1•••' � to t A s• �` z $ 44.00 h ~ W6 S7 lop N89 °07'59'W 8179 $'w � 89.79 w � 74 -09 y t: x/89 °t2 "46 "W 179.06 wc ,` i R . o A tQ h 179 2! _ ' MEMORANDUM ® Municipal Center 17ik 6431 University Avenue N.E. Office of the City Manager Fridley, MN 55432 William W. Burns CITYOF (612) 571 -3450 FRIDLEY TO: Housing and Redevelopment Authority Members FROM: William W. Bums, Executive Director of HRA nn_ dl. DATE: July 1, 1992 SUBJECT: Fridley Town Square Project I received a telephone call and the attached letter from Scott Ericson. He is requesting that the HRA provide TIF assistance in the amount of $250,000 for a scaled -down Fridley Town Square project. In essence, this project would consist of two separate buildings that would house Walgreen Drug Store and Burger King. The remainder of the proposed 28,000 square .foot shopping center would be identified as Phase Two to be built within an indefinite period of time. It is my understanding from Mr. Ericson that the new construction value is approximately $1.3 million. The $250,000 request would amount to nearly 20 percent of the total. In view of the sizeable equity contribution being requested, it is my recommendation that the HRA deny Mr. Ericson's request. It appears that the contribution is disproportionate to the tax value being created. Additionally, we may have higher priorities for this kind of expenditure. I indicated to Mr. Ericson that although I disagreed with his proposal I forward his letter to you for your informal consideration. Staff requests your direction. Thank you. Attachment 4 U � 4735 Hiawatha Avenue June 22,1992 Ivy: Bill Burs CRY huriager Cdr of Fridley 6431 Unirrersity Ave N.E. Fridley, Mn 55432 JUN 2. 11991 MIDWEST COMMERCIAL BROKERAGE, INC. 4-A Minneapolis, MN 55406 (612) 724 -1791 Re: Fridley Town Square - TIF assistance Dear Bill, Fax (612) 724 -2274 As 1 stated to you in our phone conversation last week we hate determined the only way Fridley Town Square can get off the ground is by utilizing a two phase financing approach. Phase one will include a freestanding Wakreen store and freestanding Burgerking. The overall site plan will remain unchanged with phase M o including the proposed retail shop space between Walgreens and Burger King. Two phase financing is necessary due to the restrictive corrrnerciat lending requirements in the uarentmarket Phase two will be slatted only after the cornpletion of phase one and upon additional financing being secured. Current lending requrernert s will only allow financing of credit rated National Companies such as Walgreens atthis tirrie. In order to meet construction and perrnnanent financing requrernertts TIF assistance in the arnount of $250,000 is absolutely critical. Without this amount of assistance there is effectively no alternative method to acquire the necessary financing for the project. We remain enthusiastic about this project and need the cortinued support of the city of Fridley in order to make this redevelopment a realky. f you have any questions or need additional infornnation please call me. -PS - I have enclosed an article from the publication Shopping Center Works regarding redevelgp nt tfiat you may find irtormaWe Development - Leasing - Management fiR-rie.i.er. rpm -":ru1V6 III:). 155 u F. or- V}+4*i10 A.* CEPTA.X uV0P4 b SM, "i>vB L. t c.A- -r10W B Getting Help From City.Hall Downtown redevelopment projects and other marketing strategies no longer are limited to big cities and big developers. 1he concept of a public/private partnership once seemed anoth- er of those trendy terms that pro- liferated during the 1970s and. 1980s, a buzzword popular among planners and academics but used by private developers mostly to gain brownie points with local officials and financiers. In today's much altered de- velopment landscape, the term takes on greater significance. Few��ro'ec��ts get off the drawine board �v�n Fn municipal participation occurs on many levels, the simplest of which is Without help from the city, Hycel Propeitles Co. may never have been able to assemble a large enough parcel of land an which to, expand Said Louis Galleria. 14 By John McCloud often the most overlooked. The fact is, the city or other local jurisdiction is at some level always a participant in any kind of development. It is the local gov- ernment that approves plans, grants permits and either constructs or ar- ranges the construction of the infras- tructure necessary for a project to funs lion. Although at one time many juris- dictions allowed developers pretty much to have their own way, that is seldom the case today. Rare is the pro- ject that does not have to go through serious public scrutiny and much give and take before gaining approval. While many developers continue to re- gard governmental oversight as un- welcome interference, those with more wisdom and experience recognize the validity of community concerns and at- tempt to work with local governments in creating a project that tries to ad- dress everybody's interests. Developers are not alone More and more, however, cities also assume an active role in development,. becoming conceptual, legal and/or fi- nancial partners in retail development. The mo*t obvious way in which this is accomplished is through official rede- velopment programs. At one time the province. primarily of only large older cities, government - sanctioned rede- velopment is now used even by sub- urbs. But there are many other mecha- nisms apart from official redevelop- ment that cities can employ to promote retail growth. Several states have adopted enterprise zone-programs that give developers and businesses special tax advantages for locating in speci- fied districts. Many local governments have hired marketing coordinators to help lease private space and advertise local businesses. Some have set up tax increment districts to fund public im- provements designed to attract shop- pers to private businesses. Others have established centralized management programs where individual property owners in shopping districts are orga- nized in the manner of a private shop- ping mall. In a few cases, a govern- ment or quasi - government body has become an actual joint venture part- ner in a specific development. "It's the only way to go today," says Lee Wagman, chairman of St. Louis- based Hycel Properties Co., in regard to public participation in private de- velopment. "With development oppor- tunities drastically reduced, the only 'g projects that are going to get done are public/private partnerships." co Hycel developed the 1.2 million sq. 0. ft. Saint Louis Galleria, which opened last August, in a legally designated re- June 1992 SHOPPING CENTER WORLD development district in Richmond Heights, Mo. According to Wagman, the city assisted the developer in a number of ways, beginning with nego- tiations with 150 separate land own- ers in order to assemble a large enough parcel to build the project as envi- sioned. "We negotiated in good faith, but we were backed by the city's ability to use the power of eminent domain if a prop- erty owner would not budge;- Wagman says. The city also floated $14.5 million in bonds to pay for infrastructure im- provements to make the project possi- ble, which Hycel then bought, he adds. To pay off the bonds, the city helped Hycel arrange a tax increment financ- ing scheme through which a portion of the increase in revenues on the prop- erty, brought about through more in- tense use of the land, would go toward retiring the debt. "What's important to understand is that we assume the risk on the bonds, but they could not be issued without the city's participatioe Wagman says. For the city's part, he notes, Richmond Heights gets 1 cent in sales tag on ev- ery dollar spent at the Galleria plus a much expanded employment base both in the short term from construction jobs and the long term from retail and service jobs. The same kind of scenario has been played out in city after city and occa- sionally by counties on unincorporated land outside any municipal jurisdic- tion. The pioneer among private de- velopers in this area is generally re- garded to be The Rouse Co., Columbia,. Md., which created such redevelop- ment projects as Faneuil Hall Mar - ketPlace in Boston, South Street Sea- port in New York, and Harborplace in Baltimore. But Indianapolis -based Melvjh Si- mon & Associates Inc. also has been active, with redevelopment projects ei- ther complete or under. way in St. Louis, San Jose, Hollywood, New York and Indianapolis, as has The Hahn Co., best -known in this regard for Hor- ton Plaza in its own hometown of San Diego and now proceeding on Down- town Plaza in Sacramento. Smaller companies getting involved The Martin Group, a regional de- veloper based in San Francisco, has redevelopment projects on the board for four Northern California towns — Marin City, Vallejo, Pleasant Hill and Richmond. In each case, Martin will SHOPPING CENTER WORLD June 1992 be working with co- developers on mul- tifaceted projects that combine retail with other commercial, residential and even cultural/recreational develop- ment. For example, in Richmond, Martin will build a small supermarket/drug What's changing is the involvement of small- and medium -sized developers as more small cities and towns begin to take advantage of redevelopment mechanisms. . center adjacent to a low-cost residential complex built by BRIDGE Develop - ment, a private, non -profit developer of affordable housing. The project will include a new city park, funded partly by The Martin Group. Martin also will work with BRIDGE in Marin City, where various parks and community facilities will be included along with housing and a retail center. Contribu- tion to these public amenities is con- sidered part of the cost of winning the award for retail development rights, acknowledges David Martin, president of The Martin Group. The benefits Martin receives in re- turn are low- interest bonds to finance construction, tax increment financing to pay off the debt and relatively low land costs — not to mention simply the opportunity to develop at all. Although Marin City is relatively poor, the surrounding county is one of the most affluent in the nation. De- 4 -C velopment constraints in this environ- mentally conscious area are severe, with permits for retail construction dif- ficult to obtain. By allying himself with the Marin County Redevelopment Agency, Martin will be able to tap into a market he might otherwise find closed. Developers are understandably touchy about contributions to non -pro- ject elements, but this is becoming more and more common for any kind of development whether in a redevelop- ment zone or not. In exchange for their permit, developers may be required to pay traffic mitigation fees, contribute to low -cost housing programs, provide free or low -rent space for libraries or other public facilities, institute job training for low - skilled workers or set aside a certain percentage of both con- struction and permanent jobs for dis- advantaged local residents. Also factoring into the redevelop- ment game, inevitably, are long delays. Consequently, as a rule, only develop- ers with deep pockets or at least some steady and. dependable source of in- come to cover overhead while a project slowly wends its way to construction can risk getting involved with them. Therefore, many cities have discovered much simpler — and less expensive — ways to participate in promoting re- tail growth. Cities aim to promote growth The city of Bolingbrook, Ill., estab- lished the Bolingbrook Local Develop- ment Corp. (LDC), a non -profit entity partially funded by the city but oper- ating separately from it to help market the community to both developers and retailers. According to the corporation's Executive Director Steve Schau, the LDC began by inventorying retail ser- EVER SEE AN ENTIRE CITy RENOVATED? BARRY SWENSON BUILDER CORDIALLY INVITES YOUR BUSINESS TO EXPLORE THE NEW SAN JOSE.' We offer locations that iiatum •Excellent vPu7ntll0 from both the light Rail mass transit syd m and su f= streets •Rey loadions on major intenedimu •nigh Tiok Cour+ "w 29,0 O got rail riders per day, ova 20,210 gags per day, 11,444 bus ays and over 6,677pedeshia- -a total of 68,nl visitors perday! Many gdhoal attractions and points of destination within easy walking distance: •SANJOSELIMLAmeriaa's Original Sports Bar's largest establishment in California! •Ike San Jose Convention Center • Ike Fairmont Hotel -the mast kwriaus hotel in the South Bay! •Ike Hilton Hotd.77,e St Claire Hotd -7he San Jose Museum ofArt • 7ke Centerfor the Pa*rmiagArts•7ke Children's Discovery Museum • Ike pavUioa-home of the bvged enntatainment complex in the Bay Area! •San Jose State Universi"er33,000 students and faadty • 7ke San Jose Arena home of the NHL's newest hockey team, the San Jose Sharks! Your Business Can share the Growth and Prosperity as San Jose Crowd R.S.V.P. BARRY SWENSON BUILDER FOR A LOCATION TO SUIT YOUR BUSINESS NEEDS Contact Craig D. Matt ® (408) 287 -0246 Circle No. 11 On Reader Service Card is vices already located in Bolingbrook, then identified what niches remained to be filled. The group worked with Kmart to lo- cate a suitable site for development, finding the company a property on which a 300,000 sq. ft. center ulti- mately was built. The group also worked with Wal -Mart to find a loca- tion in town. But the work doesn't stop there. "We also help developers market the area to retailers," Schau adds. "We have a package that shows a retailer every- thing he would want to know about Bolingbrook." To demonstrate the value of his or- ganization's efforts, Schau points to a drop in the retail vacancy rate from 30 percent 1hree years ago to 12 percent today. Last year saw 300,000 sq. ft. of retail construction, with another 250,000 sq. ft, anticipated for 1992 and 300,000 sq. ft. for 1993. Retail sales have gone from $3,000 per capita to $5,000 per capita, climbing 22 percent compared to a national average of about 1 percent, and sales tax revenues jumped from $1.9 million in 1990 to $2.3 million in 1991, a 21 percent in- crease. - The last figure, says Schau, is par - ticul»rly crucial. "Me whole macro en- vironment is one where local govern- ments have to be more active in finding revenue, and retail development is where the money's at. Retail is a mini - money machine for loca? ernmeis," He 'b es rem. proauuccee more ax revenue an inausmal or ouner commercial 1- opm'�ht'iii -Tm n5'�y' eaasst,' In the case of 8000 Sunset area residents played a . major role in determining how the center would he mans ed. ing to diversify its economy by at- tracting more retail and office devel- opment, "especially retail." The reason for favoring retail, he continues, is that in Colorado, retail sales tax revenue is the dominant source of revenue. Two thirds of most cities' general fund comes from sales taxes," he says. Harald's organization, like Schau's, has been tasked with marketing the city to retailers and retail developers. "We're doing advertising in trade pub- lications to make people aware of our demographics, .and we also do other outreach efforts like going to the ICSC convention and other trade forums. We are able to provide detailed informa- tion about sites, availability, price, zon- ing and market analyses. We have ev- erything at hand that a developer or retailer would need." In addition, says Harald, the city is taking a pro - active stance by creating a physical foundation that retailers can build upon. "We have the street and water system in place and ready to go in areas where new development is likely," he says.."WWe have the land zoned and ready to go, clearing away as much red tape as possible before- hand." Many cities follow suit Various other cities have set up or- ganizations similar to Schau's and Harald's. Miami, for example, estab- lished the Downtown Development Au- thority to market downtown Miami to all kinds of business prospects. Ac- cording to the authority's business de- velopment administrator Mickey Mi- nagorri, the group plays upon Miami's nois — is collected by the city imme- mates ,.ratner than once a year as with 00, op , e , t o er axro la o %il is ° ee to Stour times what it wo be for in usMa or o ce eve opme. . SchaUT—asses—sment or Ine TO 111 P T f retail sales taxes to cities is seconded by Clifton Harald, executive director of the Broomfield Economic Develop- ment Corp. in Broomfield, Colo., a sub- urban town midway between Denver and Boulder. He says, the city is try- 16 role as a gateway to Latin America and its attraction to an international clien- tele. "We were getting a lot of Brazilians, Venezuelans and Argentineans," says Minagorri. "Now we're getting Ger- mans, Canadians and the French. We work with our merchants and aggres- sively look at how to increase our in- ternational market." The authority maintains a list of all property owners and what spaces and properties are available for lease or de- "Developers have got to realize that the public has legitimate concerns.... When we build a large project, it has a major impact on the surrounding community, and people are quite justified in wanting to know what those impacts will be." velopment. The group goes out to re- tail companies to make them aware of the kinds of sales retailers can expect in Miami, pointing to such statistics . as 3 million sq. ft. of retail space down- town, a 97 percent occupancy rate and an annual sales average of $600 per sq. ft. To developers, he points to an- nual rents of $80 per sq. ft. to $120 per sq. ft. "This is the best kept secret in the world," Minagorri quips, holding that the common view of Miami as a haven for drugs and crime is a severely dis- torted one. "Our job is to make people aware of just how good a city for busi- ness this is." Across Florida from Miami, the city of Clearwater has set up a particular- ly ambitious retail and business de- velopment program for its downtown area The city established a Downtown Development Board in 1970 and has been actively working for revitaliza- tion ever since then. The board pro- duces a quarterly newsletter that goes both to local businesses to keep them up to date on downtown activities and plans and to companies that might be interested in doing business in Clear- water. For example, on April 1, the city is- sued a Request for Qualifications to attract developers for a proposed mixed -use project on 25 -acre parcel of mostly cleared municipal land along . the eastern edge of downtown. Jerry Sternstein; the city's economic devel- opment director, says development of the project will benefit existing retail- ers by bringing in more customers and retail property owners by boosting the value and marketability of their spaces. "We feel that Clearwater's de- mographics are superb, and when cou- pled with the tourist trade our retail capacity is outstanding," he adds. In San Jose, similar programs have been implemented, says Juan Pifarre, retail coordinator for the city's rede- velopment agency. He points out that the city also spent close to $1 billion in redevelopment funds to completely rebuild the once moribund downtown June 1992 SHOPPING CENTER WORLD 4 -D r 1 i area. In a highly unusual move, the city subsidized merchants during dis- ruptive construction periods, even pay- ing some of them to move to tempo- rary locations away from the turmoil. More recently, the city applied to have a large part of the downtown des- ignated an official state enterprise zone, which entitles business owners, including retailers, to special tax in- centives for purchase of certain equip- ment and for po from d providing pool quali- fied applicants of disadvantaged residents. "We gained 35 new retailers last year," Pifarre reports, "and downtown has become a major destination for night life. We now have about 20 nightclubs and entertainment venues in addition to restaurants and major cultural organizations like the sym- phony and opera." Citizens play major role In all the preceding cases, the city or other jurisdiction has officially par- ticipated at some level in promoting retail development. But there is a more subtle level in which cities participate, and it is on this level that many pro- jects become hamstrung. Neighborhood groups, environmental activists and even individual self -ap- pointed citizen watchdogs east a very critical eye on anything that threat- ens to change the status quo and have become extremely adept at devising disruptive tactics to block develop- ments they do not like. In a few ex- treme instances, some opponents have resorted to sabotage. In San Francisco, for example, neighborhood opposition to development of a Thrifty Drug out- let a few blocks from Golden Gate Park culminated in arson, destroying not only the building under construction but several neighboring apartment buildings as well. While the majority of neighborhood activists clearly do not support such action, this tragic event reveals just how angry a few people can become over development. A developer that re- fuses to consider the ordinary resident as part of any publictprivate partner- ship is only asking for trouble. The 8000 Sunset Partnership, a di- vision of Los Angeles -based Hazama USA Inc., recognized the importance of listening to neighborhood concerns when developing 8000 Sunset, a $75 million mall on the site of the former Schwab's Drugstore, the Hollywood home of the lunch counter where Lana Turner purportedly was "discovered" by an influential casting agent. The 8000 Sunset Partnership pur- chased a. row of buildings, a mostly va- cant eyesore which had become the site of drug deals and other sordid activi- ties," recounts former project commu- nications director Joanne Schaus. "Anything would have been an im- provement, but even so homeowners were ready to protest the project at first." As Tom Rau, project manager for 8000 Sunset points out, the main is- sue at hand is primarily psychological — people want the opportunity to have input. "The problem here is a differ- ence between perceived priorities," ex- plains Rau. "We see that project adds vitality and tax revenues.... The resi- dents primarily see congestion and a different look to their beloved neigh- borhood." As a result of numerous meetings and correspondence with homeowner groups and other interested parties, the developers agreed to a myriad of managment and leasing suggestions- "Ultimately, this is to our benefit," says Rau. "Listening to a community's needs and wants could take a good deal of the guesswork out of a project." Hycel Properties' Wagman agrees. "Developers have got to realize that the public has legitimate concerns;" he says. "It's not 'ust a matter of being forced intro a partne7l!. IT t =N ecause s bus ROM, e o y op- on or buliGIng "Unow.11,zireco - mzng we are bul,idmg for in mum , no or nurse vas." 0 Finaliv, A Seminar About The 50+ Targeting The Mature Market': Beyond The Basics Tru Keys To Effkr" -;&, fthfJng &- A*NffJUtg America is aging. The effects on society will be dramatic. Ken Dydrtwald Ph. D. and Age Wave, Inc, Beyond can show you how to effectively tap this massive market. We'll take you beyond the basics Age Wave, Inc., is the nation's leading research, marketing services, and custom publishing company with a focus on the current and future mature market. At the Age Wave Summer Institute you'll hear from both the Age Wave team and success stories from prominent industry leaders. This is not just a market summary. This is concrete tactical advice on how to effectively reach the 50+ audience. Market Go" The Institute program includes: �. S A . . • All generations are not seated equal: A unique Age Wave analysts of the ru generational differences between men and women 35-09, 50-64, 65-80 and 80 +. • Who has the money and what will they spend it on? A map of mature wealth. • Lifestage Marketing - tomorrow's morketing weapon: Life events, not age as the key driver for sales. • Success models: An Age Wave review and analysis of ten of the best mature marketing programs. • The first annual Age Wave Advertising Awards. Age Wave's choice for the very best mature - oriented print and television campaigns. Space is limited Discounts for early registration or groups. sT+TM Cat/ or write today for more informafion or to regrster. Age wove, Inc. 1900 Powell Sheet, Y' Age Wave. 510- 652 -9099 Suite 800, Emeryville (A 94608 Circle No. 13 On Reader Service Card June 1992 SHOPPING CENTER WOR 4 -F HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAR. 14, 1991 PAGE 5 Ms. Dacy stated she A de stands that, and she made that clear to Mr. Fitch. He pla s to make a decision by March 19. She stated Mr. Fitch has een very cooperative. He wants to get the deal completed, but also wants to wait for more information regarding.14he Amoco station site. MOTION by Mr. Prairie, econded by Ms. Schnabel, to approve the conveyance of easem t to Anoka County for the road work and widening of. Mississi i Street west of University Avenue. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRI D UNANIMOUSLY. Mr. Commers stated that taff should discuss the 40 foot statement with Anoka Count 5. APPROVE AND AWARD BIDS FOR POINTE MAINTENANCE PROJECT: Mr. Commers stated the HRA ha received a copy of the bid from Greenmasters Industries, Inc. in the amount of $27,680 for the maintenance service to mow and fertilize the grass at Lake Pointe and tree /fertilizer mai tenance. Ms. Dacy stated that at the J uary 10, 1991, HRA meeting, Mr. Meyer had asked staff to ch ck to see if the maintenance service contract includes wee control to preserve the investment put into the lawn. a stated she did check.and weed control is included in the m intenance service contract. MOTION by Ms. Schnabel, seconded b' Mr. Meyer, to approve the bid and award the contract for Lake Pointe Maintenance Project #218 to Greenmasters Industries, Inc., in the amount of $27,680. UPON A VOICE VOTE, ALL VOTING AXE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 7. ESTIMATES /CLAIMS: MOTION by Mr. Prairie, seconded by Mr. Meyer, to approve the check register, #2106 - 2114, dated Ma ch 7, 1991. UPON A VOICE VOTE, ALL' VOTING AYE, `CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 8. UPDATE ON FRIDLEY TOWN SQUARE DEVELOPMENT AGREEMENT: Ms. Dacy stated Bill Burns has written a separate memo that the HRA had received at the meeting. It describes in more detail the Council's intent for approving the redevelopment 4 -G HOUSING & REDEVELOPMENT AUTHORITY MEETING. MAR. 14. 1991 PAGE 6 project at their February 25, 1991, Council meeting. The redevelopment project was approved on a 3 -2 vote. Ms. Dacy stated that Mr. Casserly will talk about one of the components of the redevelopment, the equity participation component. Mr. Casserly stated staff again needs some direction from the HRA of whether staff should keep pursuing this equity participation concept. The final form will definitely depend on a number of factors, not the least of which are the various kinds of security arrangements that have to be acceptable to the HRA and the underwriters in this project. At this point, he is not certain if the proposed security arrangement, the concept of the second mortgage, is.going to be acceptable to the investment bankers financing this project. He suspected this project still has a 20 -30o chance of not going forward. Mr. Commers stated he believed the HRA has already approved the equity participation concept, and it was just a question of what the numbers were going to be. Mr. Casserly stated this project has been around for about a year. The original concept essentially agreed upon by the HRA was that the HRA was going to participate because it was a redevelopment project. The reason the project qualified for HRA assistance was because the site costs were.unduly high. At that time, it was no risk to the HRA. It was going to be done as a limited revenue note. The developer was going to finance the project 100 %, and the HRA was going to help assist the public purpose part by returning to the developer taxes he paid over a period of years. Mr. Casserly stated that market conditions then changed, preleasing requirements increased, and financing became extremely difficult. The developer worked on the project through the summer and fall and came back to the HRA and requested that the pay -as- you -go or revenue note approach was not going to work, that the under - writers in the project were requiring that additional cash be put in up front, and that it was not adequate to be receiving those sums over a period of years. Mr. Casserly stated the HRA discussed this at some length, and the HRA agreed that they would change their financing approach and that they would assist the developer with up front cash input. At that meeting, he recommended to the HRA that there nothing unusual about the HRA operating in that fashion. But, because of the nature of the project, because of its location, and because now the HRA was enduring a greater risk, the HRA thought they should have an extra little potential of getting something back out of the project. The t. HOUSING & REDEVELOPMENT AUTHORITY MEETING. MAR. 14, 1991 PAGE 7 tax increment that the project would generate would repay the HRA in full its $250,000 investment, and it would take 8 -9 years or 10 -13 years, depending on whether they create.a new district that would be attached to the existing redevelopment district. Mr. Casserly stated that the way the project is designed, even if that second district is not created, there is enough project in the existing redevelopment district that all the tax increment from the taxes of some 12 -13 years would completely reimburse the HRA for its $250,000 investment in the project. It is important that they keep that concept in mind, because when they go on to the recapture and the equity participation, that amount is over and above any tax increment they are getting out of the project. And, that is the issue before the HRA. Mr. Casserly stated that in the proposal he has outlined an equity participation in which the HRA puts in the $250,000 after the project is completed. The HRA has the option of getting back. either zero, because the project goes into default and their security is wiped out, or they could get $100,000 as a minimum. Mr. Casserly stated he wanted the HRA to review the concept again, because the project seems to have a fair amount of controversy. If there are a lot of reservations, either about the concept or about the project, it would prudent to express those now. In his judgement, the project is clearly dead without any HRA investment. Mr. Casserly stated this is a concept the HRA has not used before. The whole idea of recapture is a concept used with other Authorities. It takes many different forms. The concept he is drawing from is used principally in multi- family housing projects in which an HRA helps with the mortgage payments and at the end of the period of time, there is a sale and the HRA gets back part of its investment through a participation. Mr. Commers stated the HRA has discussed this at length in the past. He believed the HRA minutes reflect that the HRA was in agreement with the concept. The HRA was concerned that the HRA was putting in approximately 70% of what the developer was committing to the project; and, in addition, he was going to get a 15% return each year the project was in existence, plus his money back before the HRA really shared in the project. The HRA had talked about getting a little bit more money up front, understanding that the developer has to make a reasonable profit and a certain amount of incentive in order to put in his $350,000. He thought at that time that there were some suggestions about either increasing the front end 4 -H 4 -1 HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAR. 14, 1991 PAGE 8 a little bit or increasing the back end. So, he did not believe the HRA had any problem with the equity participation concept, just the level of participation and how they would arrive at that and what would be fair to the developer. Mr. Meyer stated his objection to-the whole project was based on three basic concerns: 1. Increased traffic at a very important intersection; 2. Possibility of problems with the neighborhood and downgrading the neighborhood by the addition of this development; 3. _ Jeopardizing the financial wellbeing of other developments in the immediate area. Mr. Meyer stated that since that time, Burger King has come into the picture, and the HRA has never discussed the addition of Burger King or taken another vote of what the HRA's, participation should be on this project with the addition of Burger King. It is his contention that the addition of Burger King is going to exacerbate all three of his concerns very noticeably. Burger King will create more traffic and is going to further jeopardize a very fine residential neighborhood. He believed it also the HRA's job to be mindful of downgrading the quality of residential areas in the City. If they do downgrade the quality of residential areas in the process of establishing new businesses, then they are not doing their job. Mr. Meyer stated that Burger King will be moving from the southwest quadrant, and there are already businesses in Rice Plaza that are not doing well financially and may want to move into the Fridley Town Square development. Mr. Meyer stated this might .be the appropriate time for the HRA to discuss whether or not the advent of Burger King changes their minds in their participation in the project. He definitely has a very negative attitude toward giving any financial assistance to this project. It is not necessarily the economics of the proposal as it is his overall concern with the project. Mr. Commers stated it is true that any time they bring a new project on line, it may drain away from other existing projects. The other side of it is that the purpose of bringing on redevelopment projects is to try to upgrade those areas that are in existence. If the Fridley Town Square development takes some businesses out of Rice Plaza, theoretically, that is supposed to be for the better. The Burger King has presented a real problem. There was a lot of 4 -J HOUSING A REDEVELOPMENT AUTHORITY MEETING, MAR. 14, 19.91 PAGE 9 discussion at the Planning Commission about traffic and the odors emitted from Burger King. Ms. Dacy stated the Planning Commission and City Council did look at all.the site related issues. The applicant, at the - City's request, again hired Barton - Aschman to take another look at the traffic study. The original traffic study based the estimates on the assumption that the center would generate 100% new traffic. They know that is not true, because 40 -50% of the traffic that will use the new center is already out on the street. So, the traffic consultant took .a worst case look at the traffic situation, and said that the intersection could operate at an acceptable level. Ms. Dacy stated that when Burger King came into the picture, staff was very concerned about the traffic and the odor issues. Barton- Aschinan did another traffic analysis and found that moving Burger King across the street does, in fact, help the function of the intersection because the movements now are a right east and a right north instead of going across the intersection. Staff was satisfied that the traffic issues had been addressed. Ms. Dacy stated that as far as the odor issue, the developer hired Intertech, Inc., to look at the odor issue. There is a double baffle filtration system the Burger Kings are now using where odors cannot be detected 150 -175 feet from the restaurant. Staff feels confident that the site will work. When the HRA looked at this in January, it was the HRA's direction that they wanted the City Council and Planning Commission to deal with the site issues. What the HRA has to focus in on is: Does the project meet the HRA's redevelopment goals for the downtown area? Mr. Meyer stated he did not agree with the traffic study done by Barton - Aschman. He had a hard time understanding how-the traffic consultant can say that the traffic is at level D now, will be at level D with the addition of Walgreen, and will still be at level D with the addition of Walgreen and Burger King. Ms. Dacy stated that if the HRA wanted, she could invite Dave Koski of Barton- Aschman to the HRA to explain the traffic study, or she could make copies of the report available to the HRA. The HRA members should also remember that Anoka County will be widening Mississippi Street this summer which will also help the function of the roadway. Mr. Commers stated it is the consensus of the HRA for staff to continue to work with the developer and to talk in terms of equity participation. In the meantime, the HRA should be brought up to date on the Barton - Aschman traffic study after HOUSING & REDEVELOPMENT AUTHORITY MEETING, MAR. 14, 1991 PAGE 10 8. the addition of Burger King. They can look at the traffic study and updates to that study at the next meeting; and then if they wish to invite the traffic consultant, they can-make that decision at the meeting. Ms. Schnabel stated she would like copies of both the Planning Commission and City Council minutes where these items were discussed so the HRA has the benefit of those discussions also. Mr. Commers stated tha at the last meeting, the HRA reconsidered and refunde to the school districts for this year approximately $260,00 to assist them with their programs and budgets. Mr. Commers stated the HRA received at the meeting a letter dated February 13, 1991, fr Dr. Dennis Rens, Superintendent of School District 14, in w ich Dr. Rens is asking that the HRA notify the School Dist ict of any changes in planned funding amounts one year adva ce, so it would be July 1, 1991, for their 1992 -93 budget (7/1 92 - 6/30/93). Mr. Prairie stated he believ d the letters dated March 7, 1991,. sent to the four schoo districts puts them all on notice that the HRA may put a ap on money to be returned to the school districts in the fut re. He stated he has talked to a number of School District A members, and they understand that this money might not alway be available. Mr. Commers stated he is not su a if the HRA will be in a position to make a commitment th t early for over a year's lead time in terms of the School istrict.l4 budget. 9. MEMO REGARDING RESPONSE TO SUH'S P OPOSAL: Mr. Commers stated it is the HRA's legal counsel's recommendation that there is no nee for the HRA to take any action at this time. 10. Mr. Pribyl stated this memo answer a lot of issues brought up at the February 14, 1991, meeting The HRA really has three particular areas of insurance: General Liability, Municipal Errors & Omissions, and Inve a Condemnation. The coverage for the HRA is covered unde Municipal Errors & Omissions. Mr. Commers stated that there is coverac but it appears to be based on two members of'the HRA. l 4 -K Community Development Department's HOUSING AND REDLIMLOPmENT AUTHORITY City of Fridley DATE: June 4, 1992 TO: William Burns, Executive Director of HRA 16- FROM:, Barbara Dacy, Community Development Director SUBJECT: Miscellaneous Items Pertaining to Claims and Expenses 1. At the May 14, 1992, HRA meeting, the HRA questioned the expenditure for replacement of wood chips at various spots at the Lake Pointe site. I spoke with Jon Thompson in the Engineering Department, and he stated that the wood chips were originally installed in 1986 and had deteriorated severely and were in very poor condition. Planning Assistant, Michele McPherson, who has a degree in Landscape Architecture, advised me that wood chips, when deteriorated, are a prime breeding ground for weeds. 2. At the May 14, 1992, meeting the HRA also inquired about the charge to the HRA for the 3rd Street extension through the southwest quadrant and the parking lot. The charge to the HRA was not reviewed by myself or you as I understand it and was charged in error. The check has been cancelled, and the City Will pay for those costs. 3. In this month's Claims and Expenses is a bill for $2,400 for irrigation repair. Apparently during the winter, there, were several sprinkler heads that were damaged because of snow- plowing and stacking of snow along the curbs. The Public Works Director has since advised his staff to move the snow elsewhere. The HRA budgeted $10,000 for irrigation repair so we are well within budget. BD:ls M -92 -379 Attachment B Budget Detail Form Submitted by Barbara Dacy /Paul Hansen Budget Year 1992 5 -A Department Division COMMUNITY DEVELOPMENT HRA 30,000 as,9ys' Dollar 150 Account 703 Amount City Manager's. Council's No. Description Requested Recommendation Decision 2,500 Inc. /Dec. 5,000 Over Last Year 42400 Services Contracted: 20,938 Non — Professional Total Budget Requested 76,238 Courier service to chair, clients, consultants Lake Pointe maintenance service Lake Pointe tree/fertilizer maintenance Microfiche (for Finance Department) Micro computer charge Mini computer Mini computer hardware and software (1 yr only) Sprinkler maintenance Rice Plaza maintenance Rice Plaza tenant space refinish Appraisal fees Total 76,238 T ' 250 30,000 as,9ys' 7,500 150 703 1,630 14,505 10,000 4,000 2,500 5,000 76,238 m L E E { C H A F E R 0 w r If f ma. 111 ' �n the. roo o CONSIDER THE workers' com- pensation costs of Steve Karel, who, with his brofher, owns the Garlock- French Roofing Com- pany in Minneapolis. Roofing a house is not the safest occupation, as Karel would be the first to admit. His com- pany, however, has implemented safety measures, both to protect workers and in hopes of reducing its insurance premiums for work- ers' comp. In the latest three full years, workers at the small com- 5 -B pany — which employs up to 45 ABui people — filed claims of only $82,000. Has the three -year focus on safety reduced Garlock -Frenc ' would premiums? Well, no, Karel ys. consci hat was more than this de [in profits] forthose ely another insurer appy to have a safety- .__ per dollar of a roofer's wages. Karel's only alternative is the state pool, where the published rate for next year will be about 73 cents perdollarin wages. In Wisconsin, mpany like Garlock- . Karel discovered, the published His insurer Zexplained s agent French as a lent? Not so, Karel rate for next year is 35.84 cents that, becaoney in says. The c pany's agent per dollar. Minnesota to raise couldn't find an er insurer that Thehighcostofworkers ' comp Garlock -FOver the . would write work 'comp cov- is a big, enough problem for arlock- erage for roofers in innesota. Garlock- French, but it is com- French s insurance premiums Garlock- French's orkers' pounded when many of the amounted to $482,000. Says compensation premium, before company's competitors sidestep Karel: "I can say with some cer- the rate increase, was 54.23 cents that cost altogether. Karel says 22 M A V 1 9 9 2 5 -C ( �q 7ANO. 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H i i z � i i I t O (),a- C-4 .+ N . t U i fi � { I I I- i U I w i O f i.G t u. o I H i t- 1 CL i H 1 U i m I w I a 1>- f Ld D 1 W E I of Q Y w z mU i r- Le 3 t1 � I Uri Cz1 wl Q1 al t- I H w01 0 wzf L, I 00000000 00 u N N t- 1 t a Q � t•- J 00.1.100000 1 Coz > cmlJw aE3 w NNIOONNON - L 1 CL A� 0L'i w w-1 i w 0 Le wI - Ir_Z i- iC3 i UH L Ufa H z1 wU f Hie l- ([H CI- Y wF 1 YLwi - CcL, HL to CL -10 wU f ww3wwwo Qt- i zz XZZCLz I OOWH »w0 0couZZw. I 7"73 -1'7a7 i t-NU »U I mm0000NO0o0o mta NNNNNNNN a I i CJCwOaOOO 6i63 .+�N0wD00 tT P di`- 0N10.0w (),a- C-4 .+ N . t 0, 0• 00000000 00000000 u t- 0 00000000000 J 00.1.100000 aE3 w NNIOONNON - L A� NMfNN N N w w-1 1010 a.0a10Va i- iC3 MMM.-1MMNM z1 wU 00000000 wF 00000000 -10 wU a.dd0'1.dOa Qt- MMMOMMOM I I I I f i l t 0couZZw. 000.-10000 t-NU »U aaa0aaaa zooz NNNNNNNN -1 w0Uw o ct x L i w= 2 w i-0 it0Oh z r-- !1. I- i- IL O Q H C C H L)0Qmm0 NNNNNNNN aaaaaaaa CdC•1C1NC•lCJNNI 00000000 O O O II N N M C M M M M M M M M GcTi w'170iiv0i CI 1 5 -F TO: FRIDLEY H.R.A. FROM: CITY OF FRIDLEY RE: BILLING FOR OPERATING EXPENSES FOR MAY, 1992 AND MAY 1992 ADMINISTRATIVE EXPENSES ADMINISTRATIVE BILLING: MAY ADMINISTRATIVE PERSONAL SERVICES 13,631.00 MAY 6DMINISTRATIVE OVERHEAD 252.25 TOTAL ADMINISTRATIVE BILLING 13,883.25 MAY OPERATING EXPENSES: FINANCIAL STATEMENT COVERS RESOLUTION BOOK HRA GUIDEBOOK - PHOTOS MARCH MANAGEMENT FEE - RICE PLAZA PRINTING - ENVELOPES, REPORT COVERS TIF MAPS,.TRANSPARENCIES . APRIL MANAGEMENT FEE - RICE PLAZA MINNEGASCO - RICE PLAZA NSP - RICE PLAZA NSP - RICE PLAZA MINNEGASCO - RICE PLAZA NSP - RICE PLAZA MINNEGASCO - RICE PLAZA SIGN REPAIRS - RICE PLAZA FEBRUARY GARBAGE HAULING BID NOTICE - LAKE POINTE MAINTENANCE NSP - LAKE POINTE YEAR -END COPIER ALLOCATION TOTAL OPERATING EXPENSES FOR MAY 8.31 98.91 72.26 173.29 65.15 179.80 477.56 7.52 243.05 13.98 29.98 65.11 10.35 891.00 89.00 162.18 36.00 64.30 2,687.75 TOTAL EXPENDITURES 16,571.00 l 5 -G 5 -H TO: FRIDLEY H.RA. FROM: CITY OF FRIDLEY RE: BILLING FOR OPERATING EXPENSES FOR JUNE, 1992 AND JUNE 1992 ADMINISTRATIVE EXPENSES ADMINISTRATIVE BILLING: JUNE ADMINISTRATIVE PERSONAL SERVICES JUNE ADMINISTRATIVE OVERHEAD 13,631.00 252.25 TOTAL ADMINISTRATIVE BILLING 13,883.25 JUNE OPERATING EXPENSES: POSTAGE 25.70 DELIVERY SERVICE 6.69 MAY MANAGEMENT FEE - RICE PLAZA 132.07 NSP - RICE PLAZA 97.74 MINNEGASCO - RICE PLAZA 8.48 TOM MADSEN - BUILT FENCE & REPAIR TOILET 475.00 MAY MOWING - RICE PLAZA 95.40 NSP - LAKE POINTE 15.16 GASKETS - MCGLYNN - GLEN CREEK POND 378.23 GEOTEX ROLL - MCGLYNN - GLEN CREEK POND 275.00 CEMENT - MCGLYNN - GLEN CREEK POND 62.37 CONCRETE SLABS - MCGLYNN -GLEN CREEK POND 495.64 PVC LENGHTS, LOBE - MCGLYNN - GLEN CREEK POND 3,052.38 INSTALL AIR CONDITIONER - RICE PLAZA 1,475.00 TOTAL OPERATING EXPENSES FOR JUNE 6,594.86 TOTAL EXPENDITURES 20,478.11 r 6�----% Community Development Department l� HOUSING AND REDEVELOPMENT AUTHORITY City of Fridley DATE: June 4, 1992 ,,JJ TO: William Burns, Executive Director of HRA FROM: Barbara Dacy, Community Development Director SUBJECT: Rice Plaza Issues I authorized replacement of the air conditioning unit in the former T's Hair Plus space at Rice Plaza. According to Kordiak, it had completely broken down (see attached letter). Kordiak advised me that the HRA is responsible for it, because it was a complete replacement of the unit. The cost'for the replacement was about $1,400. This expense, coupled with the sign repairs that were completed earlier this year, totals approximately $2,800. As you recall, the HRA had budgeted about $2,500 for ongoing maintenance repairs at Rice Plaza. I don't anticipate any more expenses for the remainder of the year; however, if expenses do arise, I will notify the HRA prior to expenditure. Children's Charm has vacated the building; however, because we did obtain a new tenant (Bargains, Bargains), we will still be able to break even this year. Again, as we have discussed with the HRA previously, if another tenant leaves, we will have to re- evaluate the Rice Plaza project. BD:ls M -92 -375 0 I nnn� nnn� The Kordiak Company 3948 Central Ave. N.E., Minneapolis, MN 55421 788 -9651 781 -9375 6_A n Real Estate n Property Management Il Appraisals n Income Tax Service June 2, 1992 Barb Dacy Community Development Director Fridley Municipal Center 6431 University Avenue N.E._ Fridley, Minn. 55432 Dear Barb, On 4/1/92 we signed a lease with Lynn Cochran of Bargains- Bargains at a rate of $710.00 per month. In the lease I did warrant that the unit would have operating heating and air conditioning systems upon occupancy. I was aware that there may be a problem as I had been informed by the prior tenant Terri Mau that the air conditioning unit required considerable costly repair to keep it running. Shortly after her tenancy Lynn informed me that the air conditioning did not work. I sent Kevin Hanson of Sharp Heating to inspect the unit and he provided the attached report. The compressor ( the most vital part of an- air conditioner) was old, damaged and costly to replace. Even after replacement Kevin advised that the remaining operating systems were equally old and likely to break down. The cost of combined repairs could be approximately the cost of a new system. Upon Kevins advise and based upon my past experience I did recommend that the unit be replaced. While such an expense is unfortunate I am confident that it was the best decision. I would be happy to offer any further information if you desire it. FKncerelyordiak SHARP .e HEATING AND AIR CONDITIONING, INC. 4854 Central Avenue N.E. Minneapolis, Minnesota 55421 (612) 572 -0459 Frldlt.Y r N',N 55-;32 Bargains.... rir. HVAC SERVICE ORDE1 INVOICE Job Number :1 6 -B ❑ C.O.D. O CHARGE ❑ NO CHARGE MAR* 6• J MOW. r 1. r... A e r f U e DAIS NE 5— F,._. ;! - DESCRIPTION OF WORK PERFORMED -TERIALV & SEA e«e..Aro Columbia rif+ it,111ts, M.N PpowsEO AMOUNT LaS 1.•uiN4t11 bL'•1,w WORK PERFORMED � ( CAL. pEEURf ii — H 1 - ❑ A.M. i rte) yJ `r ! r f r /�� Sc „) S `E✓ CONOENSINO UNIT CON018ATE DRAINS Li . • •• ❑ P. M. �? �/ f�% ' �•' /E> tFVltlo � Ct.EANED MA04 0144.4 A..I.wwrEU 8Y . �1 HRS. LABOR • �' © .� ,JVV� �RL IO t:Y4 pLi....rt: i, .,... .•t��•,�.t,l:�. 7;.�.s :;E:)rd2:is J 7- r•� :wfC.tU AI M1IM..m 1. lY 4 r1 Sy:^ Lm at 1 L ' Y — f i . a cior. e ad -.1. -�c�/ parts and equipment are warrarll�d by the manu• facturers• or suppllers 14 'Gt. .l as Nl r'Law/ N n0111) "AP.A,"� FUR. _ • — .t major - r lems CITY. -TERIALV & SEA e«e..Aro aUNiT PRICE AMOUNT LaS 1.•uiN4t11 bL'•1,w I I I I I I ' I I I I I I 1 I I FILIERy x X I I I I I I • I I I I Ft 7EH� x I A I All. :fl, •b.t aEL7<_ 1 j I I RECOMMENDATIONS TOTAL MATERIALS Ht.'• ataAl HRS. LABOR I > RATE AMOUNT lo .APA(.110K I I I I I I •"''•• -•.- _ TOTAL LABOR I I LIMITED TER MS la' -• WARRANTY: All materials, NlAI fACN parts and equipment are warrarll�d by the manu• facturers• or suppllers RE ACED NEAT E[CN wntten warranty only. All labor performed by the above tidnied company is warranted for 30 nays — -- UI .is u�hcl wise uldr cared ,It WfrlUlfl. Ih•.• pill", 11•Inled Company • • •., �•• ...1. 1• . . 1 •..•..,,•11:.1 w:k.r•: v..1r.11 .1..a lk:r:.1 fAl.�lel'1•l. makes n0 Othet wall.0 q, e] 1! a1111:.1� (If Iltl }Jlll'd. •, .. ••• �.....•`,'�1�,1,.•. ..... 11 r.•�.�•P•,11•i11.-I.r1 YCt1rr.,N._I••A Iw11.1••; Ihwl d /ld 115 a(Jenlh Or 11'Ct111tcodlis Are• 1101 ptllhoriled • • •. •• • . ,•. • .—.4 •-rP..i.r•..:rtr r• A: 1•.r vrav:r if 1a rrtepr: II UeVnu:.,l .a •1.111x1,..1,• • I .... N1 $1;111:x- a,•a,�u.1a1• AAV 10 Make (illy •..4.....•wr.i.lY .,.1 .1. .p $r111w1a AwrneN.:.L•a1111n•y l..l.r; such Wwfanl.e' On twhalf of above named c(,nlparly. t�REGULAR _I WARRANTY ❑ SERVICE CONTRACT pAll — pP NfV1 ACLU t�•Sa Ntr1 Al LV . OR PAN COIL :NENMIA•W,P11 Nlw1 AL tU ( L14WRlSStN1 e«e..Aro EVAPOAATORCOI.L MVI(M Atl,uS Ito UL.i 1.•uiN4t11 bL'•1,w kf W 4LtU wL... DUCT At All. :fl, •b.t 1 .. A.Yba. r•a u1 Al rl, 11r.: NIPa AL ItI Nf.1N1lA :} Ht.'• ataAl tlLAr W 1 V ML.1..w 1t1•L Sf A1fl .APA(.110K lA lU dt ANMan IfPLACfD � APAC, OR I.kAIV(U EANED OR NlAI fACN �U! CONIACtOp RE ACED NEAT E[CN NfV1 ACLU t�•Sa Ntr1 Al LV • :NENMIA•W,P11 Nlw1 AL tU ( L14WRlSStN1 NlVAAi L L yAt Yt EVAPOAATORCOI.L elP.A(tL vALwt Nl Vt•1l:iU tAP VALK CLlANlll N1,NNENS aUwuS1EU fl.P VALVE DUCT - • ..ant• e^•t.• t ul.A .aaMb} (W .tvi Lll, .:La ELECT.HTR. Nt M AC' U f 1NR Nt PI ACfII A11A W VAINfU W N AU1uS1rU THERMOSTAT N•11_aL wll u.•.:.I. CLG TOWER t PUMP(S) •dn1 M,i„1N., 1w11 n•.,.I• FILTERS I IILLeanw i_,t ..+; rt. TOTAL SUMMARY TOTAL MATERIALS TOTAL - -� LABOR TRAVEL CHARGE TAX TOTAL N O I 7) I T O F- Z Q N O O r CL w U a- 6 -C N O O O O ti (O S O O N O N O rs�>d cO N O to C� C) n CY 04 ;Tgt(v)Or(O T 0 0 N N >CO00000 N N CO M1�0000 0 O O O (fl r O CO N00 OOr1� r` (O O r- 0 - O (O NN N »ON0000 N 0 Oc00000 O O '0 ' OD 00 LO F. (O O (h LO N N >000000 0 0 (o00000 N LA 0 0 0 0 0 CV CV (L' OD O O O T C7 0 CO O T LA 0 c7 CA N LA O N ><ov-oo00 v O 0000000 0 N `OmOO co r r` (O O 0_ o coo M0 Ld <C)m 0000 (h Lo • D�NOO(O U) O O pOj ui Nf`(OO 0 T 0 O 0 r r N O O O O N N 0 M Opp O O .(q 0 titiOO(6 Ln N LA N 0 o co O cm 0 T 0 0 .... w Q j Z Co Q 2YUYQZ ZZa�Zt z O wOwOZOC F- Z _j <�C3�Q(�F_- F- Q J Z Cn Z Q EL O w O Z a Q F- >- ' :E 0 a- 6 -C Community Development Department D HOUSING AND REDEVELOPMENT AUTHORITY City of Fridley DATE: June 4, 1992 TO: William Burns, Executive Director of HRA FROM:. Barbara Dacy, Community Development Director SUBJECT: Status of Onan Corporation Expansion The City Council agreed to the $1 million assistance package to offer Onan for. its research, development, and office facility expansion. At the time of this memorandum, we have not heard from Onan regarding whether or not they will pursue the Fridley site or the Huntsville, Alabama, site. We will give the HRA a-verbal report at Thursday's meeting. BD:ls M -92 -377 7 L c+; ,, yt� 6;�c; • 7 -A FRIDLEY MUNICIPAL CENTER • 6431 UNIVERSITY "I- N.E. FRIDLEY, MN 55432 - (612) 571 -3450 • FAX (612) 571 -1287 June 1, 1992 Mr. Woody Nelson Onan Corporation 1400 - 73rd Avenue N.E. Minneapolis, MN 55432 Dear -Woody: In our last telephone conversation, I explained that the City Council and the HRA have provided a concept approval to provide Onan with $1 million of assistance for its research, development and office facility expansion. Since we have talked about different proposals and various mechanisms for providing the assistance, I thought it best to send you a letter outlining this proposal. The $1 million of assistance would be provided in the following manner: 1. $250,000 would be secured by the City from the State as an Economic Development Recovery Grant which the State has indicated on several occasions that it will make available. The State would prefer that we loan the money and develop a system of repayments. However, we have told the State that we need the assistance in the form of a grant. The State's primary interest is securing increased employment. If the new facility is vacated or Onan's level of employment were not to increase, the State would undoubtedly want to recover its grant. We had similar provisions with McGlynn Bakeries, and these requirements are not onerous. 2. $250,000 would be made available to pay for stormwater management. These funds would be available as needed to make the improvements: The City would most likely go through the normal assessment process to assess the Onan property for these improvements; however, the improvements would actually be paid from the tax increment that is generated from the new construction. Oran should have no repayment obligation. 3. $500,000 would be paid in semi- annual installments plus interest at 9 percent per annum. The total payments amount to $760,640 which would have a value of $500,000. Interest or the $500,000 would start from the completion of the building which we assume would be in 1993. The lilI A would issue a tax increment knitted revenue note to Onan with the above terms. 7 -B Mr. Woody Nelson June 1, 1992 Page Two Attached is a schedule which shows the assumptions and calculations we have used in structuring the assistance package. The columns labeled "Revenue Note, "Semi - Annual Payment," and "Semi- Annual PV" illustrate the amounts referenced above. The bottom half of the page shows the various assumptions used in calculating the estimated tax increment. Since both the Council and the HRA have provided concept approval to this proposal, we only need your assurance that the project will go forward so we can prepare the necessary documentation. If you find this .proposal acceptable, we can move expeditiously since we do not have to publish any legal notices. The approval of a Redevelopment Contract which will contain the provisions affecting the HRA can be approved at its meeting in July or August Those provisions dealing with the Economic Development Recovery Grant are approved by the City Council which can be done e-a any one of its regular meetings. We have spent considerable time trying to put this package together. The $1 million value of this-assistance is approximately 25 percent of the $4 million estimated market valuation for property tax purposes. I believe this percentage of assistance to value is greater than any other project we have done in the HRA's history. Your continued presence and expansion is important to our city, and so we have worked hard to assemble the best posse 'ble package. We look forward to hearing from you. Sincerely, William W. Bums City Manager WWB:rsc Enclosure cc: Gary L. Brisbin, Esq. CITY OF FRIDLEY 7_C PROPOSED ONAN REDEVELOPMENT Original Tax Capacity. Estimated Market Value: Square Footage Construction/Square Foot: Construction Completion: Estimated Tax Capacity. Certified Tax Capacity Rate: Estimated Tax Increment: Current Tax Capacity Rate: Estimated Total Taxes: Estimated Total Taxes/SF: Administrative/Program Expenses: Inflation (6196): Stormwater Management Program: Principal: Rate: Revenue Note_ Principal: Rate: yj 80.00% 3,960,000 75.000 66.00 <:= ::•::: Revenue` Note. :.;. 50.00% %: ? }i:::::J ?::':JV't ?:ii: .J: }J:p }1;:: iti-: -:rip i:: >ii }$i::::.ii::•:::}tY::}} ::.Y •.:.�.: :.:�- :.�..J: t:- J ".JYn: }::S:JJiv{ :. .;. •y..{ :` {:i::f :::r " %:::J:::' ... .....: .. -;.: Semi- Ann<::Serrii= "'.i:::iiiY.i }::yiiJ ? {J::i:::: :.:::: i::::f:u:.:: r. - ;D.evelo (rient P b t .: .i'.. :: _.:.:v:.iii:�: is i. +• -. .. �..Y :. .. .. ..... Anne ::::St i 'vJ: :�::'. ::.r ......... .. -An . nn > .v Semi =Ann: i:':: '.'ii:: •::: :...:::- Semt -Ann:. 1.03339 1995 186,589 2.49 5.000/o- 2.00% 6/1992 2/1992 6/1993 2/1993 611994 44,127 2,206 41,921 11.900 11,163 25,945 23,759 4,076 4,076 211994 44.127 2,206 41.921 11,900 10.811 25.945 22.736 4,076 8,151 611995 88.254 4.413 83,841 22.600 19,886 50.625 42,452 10,616 18.768 211995 88,254 4,413 83.841 22,600- 19.260 50.625 40,624 10,616 29,384 611996 90,019 4,501 85,518 22,600 18,654 50.625 38,875 12.293 41,677 211996, 90,019 4.501 85.518 22,600 18.067 50.625 37,201 12.293 53.971 611997 91.820 4,591. 87.229 22,600 17.498 50.625 35.599 14.004 67.974 211997 91,820 4.591 87,229 22.600 16,947 50,625 34,066 14,004 81.978 6/1998 93,656 4.683 88.973 22.600 16.414 50.625 32.599 15.748 97.726 2/1998 93,656 4,683 88.973 22,600- 15.897 50.625 31.195 15,748 113.474 6/1999 95.529 4,776 90,753 22,600 15,397 50.625 29.852 17,528 131,002 2/1999 - 95,529 4,776 90,753 22.600 14.912 50,625 28,566 17,528 148,530 6/2000 97,440 4,872 92.568 22.600 14.443 50.6.25 27,336 19,343 167,872 2/2000 97.440 4,872 92.568 22,600 13,988 50,625 26,159 19.343 187,215 612001 99.388 4,969 94,419 22.600 13,548 50,625 25,033 21,194 208,409 212001 99.388 4,969 94,419 22,600 13,121 50,625 23,955 21,194 229.603 ::: �::;':.;:< p:.:'J> :J ..:.:.:::.:.:..:.:i..::..,•:� :•JJJ Ji,. :::iv}:'- 'lie::: .. ....- ..---- .:....:..:1:1113 ......... ....... . .. }. - :4......7..23 .. �..----•-- A................... A...... :.:::..:,..:...:.,f- 530443:::_;> :..:::..::: - .:,:>...;:::.:J:-:.:..:.::J:::::.: .0=1200<�: ::: :: =..A .. ......,.- ::;>.::.._::: p: p..p:::::.....:::::.:;;.:::.:.J,: >- '' - = >:; .,.�5.0•U051_: >::::;�: -:�: -: X0640.`:: �'.;:...J.:J: p..:--J;.::::.:;>::: .: :.:...,..;,:•- 50. 0' 0. 04. .:. �.::.:..;J::.:...:::.: :.:p.;:..;:.,.�....:J- .:.. ;:- :::::.X29.:6Q3::'229:603�: ..J -:.J >. ., .. Original Tax Capacity. Estimated Market Value: Square Footage Construction/Square Foot: Construction Completion: Estimated Tax Capacity. Certified Tax Capacity Rate: Estimated Tax Increment: Current Tax Capacity Rate: Estimated Total Taxes: Estimated Total Taxes/SF: Administrative/Program Expenses: Inflation (6196): Stormwater Management Program: Principal: Rate: Revenue Note_ Principal: Rate: yj 80.00% 3,960,000 75.000 66.00 1992 50.00% 1993 1 00.00% 3.00% 4.60% 180,560 1989 0.97756 1995 176,508 1992 1.03339 1995 186,589 2.49 5.000/o- 2.00% 250,005 6.50% 500,004 9.00%