HRA 02/02/2006 - 6230rYl^K-�`
CITY DFFR0LEY
HOUSING & REDEVELOPMENT AUTHORITY MEETING
Thursday, February 2'2OU0.7:30P�K4.
AGENDA
/
LOCATION: Council Chambers (upper level)
CALL TO ORDER:
ROLL CALL:
APPROVAL OF MINUTES:
December 1, 2005
/
«
/
V
`
/
' CONSENT AGENDA:
]
v
� 1
`JConsider (�|@innS�k Expenses —.....—.'.—. ��.''—..--.—''--_ ...........................
�_.__
Review and Approval Of Budget for 2O00 ........... ................. �........... ............ ............. —2
m/
Review & Approve Development Agreement with Blue Print Homes ...... �................................... 3
\(
Termination ofK4nG|ynn/Lnfthous8 Revenue Note —.—.—.. .............................. ...............
^� Islands Of Peace Update ....... ........... .................................. ..................... - ............ o
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Monthly Housing Report ............... .................... _............ _........ ........... __ O
CITY OF FRIDLEY
HOUSING AND REDEVELOPMENT AUTHORITY COMMISSION
DECEMBER 1sT, 2005
CALL TO ORDER
Chairperson Commers called the Housing and Redevelopment Authority Meeting to order at 7:30 p.m.
ROLL CALL:
Members Present: William Holm
Pat Gabel
Larry Commers
Virginia Schnabel
John Meyers
Others Present: Paul Bolin, Assistant HRA Director
Richard Pribyl, Finance Director /Treasurer
Gay Cerney, HRA Attorney
APPROVE HRA COMMISSION MEETING MINUTES - November 3rd, 2005.
MOTION by Commissioner Holm, seconded by Commissioner Gabel, to approve the minutes as
presented.
UPON UNANIMOUS VOICE VOTE, CHAIRPERSON COMMERS DECLARED THE MOTION
CARRIED.
CONSENT AGENDA:
• Consider Claims and Expenses
MOTION by Commissioner Schnabel, seconded by Commissioner Meyer, to approve the Consent
Agenda.
UPON UNANIMOUS VOICE VOTE, CHAIRPERSON COMMERS DECLARED THE MOTION
CARRIED.
ACTION:
• Review and Approval of Draft Budget for 2006
Mr. Pribyl asked for a motion to defer the budget for 2006 until January as staff is waiting for the tax
increment values from Anoka County. The County has changed their software that runs the property tax
data and have been unable to run a parcel inventory report for each of our tax increment districts. This
report is used to create our TIF related revenues and payments. Currently county staff is programming
this information and it should be available shortly. To date there are no changes from the information
provided to you at the November 3rd, 2005 meeting. Staff recommends to postpone the approval of the
2006 budget until the January meeting.
MOTION by Commissioner Gabel, seconded by Commissioner Schnabel, to postpone the Review and
Approval for the Draft Budget for 2006 until the January 5th, 2006 meeting.
Commissioner Meyer questioned who is required bo comply to the prevailing wages. All contractors,
subcontractors etc. and who will enforce 0r inform those who need tOcomply.
Ms. Cerney replied that she will research the language of the city ordinance and to what extent those
involved with the construction site are required tocomply. The contract does state that they must work
with the contractors and subcontractors so this would be implacable to all employees.
Commissioner Commers asked that counsel review the contract, get it into compliance and clarify the
language.
Commissioner Meyers questioned the nine stipulations listed in the agreement and mentioned that
only two nf the stipulations apply to Gateway West. Is this standard stipulation and are weinjeopardy
with State or Federal if the stipulations are not relative to Gateway West.
Ms. Cerney stated that the objectives are laid out in the HRA Redevelopment plan and are set up for
public purpose for the project. The stipulations can be adjusted bD list only those that apply bothe
development ifSVdesired.
Commissioner Meyers questioned the letter nf credit on page 11 and that it is for the entire 10 lots. It
is unclear if after the first three lots are developed are more lots required to be purchased and what
happens tO the balance of the funds.
Ms. CerneyStdted that this only applies t0the payment schedule Blue Print Homes has to agree t0.
Blue Print Homes only has an obligation to make quarterly payments. HRA will draw 0n the letter 0f
credit dS the closings occur.
Commissioner Meyers asked if the developer has the option to halt the program after the first five lots
are developed and cease activity.
Ms. Cerney clarified that after the first three lots are developed, the developer is required to take two
lots each quarter. The developer is obligated to develop all 16 lots.
Commissioner Meyers asked for clarification in the Development Agreement where it sb]i8S on page
15 of the contract that HRA needs to approve the construction based on the city building codes, warranty
etc. The contract it states that construction plans shall not be objected... etc. that could have been
raised et the preliminary plan review. HRA has seen some preliminary plans and evidently approved the
plans. By this wording in the Development Agreement, if we want to make any changes to the
construction documents w8 need todo5n now before itis too late. The typical floor plans have been
submitted and have we seen enough t0 comply with requirements. Ifvve want t0 object with anything
we have already seen, we best do so now before we see final construction plans.
Ms. Cerney stated that this is a reasonable concern but not intended if items are not in the preliminary
plan. HRA can object to a construction plan if items are something they did not see in the preliminary
plan. This isa good concern.
Mr. Bolin clarified that the plans submitted are potential homes Blue Print Homes plans to build on site.
If someone wanted to build 3 split level home, for example, it would not fit with the vision of the area
and could beobjected. Some details will b8 different but driven bv the buyer. HRA will get 10nice
homes kept in the spirit of the home plans already reviewed bv the HRA.
Commissioner Commers stated that the final construction documents with details will be submitted to
the HRA with specifications for each home.
submitted a letter asking for HRA to extend the current agreement contract to March 31, 2006. Currently
HRA is under no monitory obligation with Bancor and this letter would outline the task each group would
perform. A vote would be taken at a later date to decide whether to continue business with Bancor.
Staff recommends extending the current contract with Bancor to March 31, 2006.
Mr. Bolin stated that to determine feasibility and demand for multi level condominiums more than four
stories a different developer may need to be hired. Staff recommends the authorization to spend
$15,000 to research the housing market for the Island of Peace Project. This study will identify the
potential demand for sales of properties and what type of housing product will sell on this site. The
study would also compare results to similar projects in the Metro Area.
Mr. Bolin stated that this study will help determine if a multi story housing project is suitable for this
site. If multi story condominiums are not suitable, other options will need to be explored. If multi story
condominiums will be in demand, HRA will need to work with a different developer than Bancor. Bancor
admits that they would not be the preferred contractor if the project required higher than four story
buildings.
Commissioner Commers questioned what led the group to the conclusion that multi story
condominiums would be feasible on this site.
Mr. Bolin stated that last May, councilmember Billings mentioned that a number of multi level buildings
with underground parking would be great in this area. Bancor submitted drawings at the last joint
meeting but most people who attended the meeting wanted more upscale, higher price point buildings.
Commissioner Schnabel responded that that she was present at the joint meeting and as she was
reading into the project, Bancor was using existing buildings to create lower income rental units, followed
by single family housing with a vacant piece of land closest to the river. Banco asked for reaction of
those present and what they would like to see on this property. Many replied that a hi rise condominium
would be great. There was a lot of discussion regarding Bancors presentation and most people were not
thrilled with what they saw. The reaction of many at the meeting was that Bancor did not present the
vision in the beginning of the project.
Commissioner Meyers concurred with Commissioner Schnabel. Bancor was taking existing buildings
and rehabbing them uniquely to rent out at lower rates. He commented that if Bancor is not the right
developer, why we would want to extend their contract.
Commissioner Commers stated that Bancor has presented a research study if a hi -rise is not feasible
on this site we may want Bancor as a back up plan. We will continue to do the research to find out what
is the best development plan to put on this property.
Commissioner Meyers commented Bancor presented an interesting plan. Bancor did not say that a hi-
rise is not feasible, but it was beyond their ability.
Commissioner Schnabel stated that some present at the meeting thought the drawing was dull and
not interesting. Bancor's presentation was so different from the May meeting. Bancor did not pick up on
what we had planned for the area. If Bancor would like to submit another plan, it will not cost HRA to
extend their contract and try to review the property again. In the meantime, have another company do
an analysis to find other ideas for the property.
Mr. Bolin thought that Bancor did their homework and presented a reasonable design and product mix.
This was the idea to partner with them in the first place, but at the joint meeting HRA and Bancor was
not on the same page. Extending the contract will not cost any additional funds and an independent
analysis would be worth the effort. Currently Bancor and HRA do not have the same vision on the
total of 33 loans were given to residents and ZJ from the HRA revolving and deferred |0dn fund. Last
year total loans were 16; we have exceeded last year totals and have the month of December bo go yet.
Mr. Bolin reported that the funding sources last nOOOth were $72,000 and the new total is over $400,000
for the year.
Mr. Bolin reviewed the monthly service report. $22,000 was received in principal, $3,500 in interest
with an ending principal balance of$950,OOO. Currently there are 78 loans in the portfolio and the
community reinvestment fund |s$45]. Asa result, $27,558 was deposited back into the account.
Currently, 5 loans are indelinquency, 3 are 1-30 days late, 1is30-60 days late and 1 is 60+ days late.
The related principal loans total $54,000 total with delinquent payments at $2,800.
Mr. Bolin reported that the operation insulation and nsnn0de| pn)gn]nn is going okay. Our goal was 25
appointments and we are 8t21 for the year. Currently vve have no November OrDecember
appointments. Operation insulation is not going as vvo||. We had a gO8| Of 50 appointments and have
had 7 appointments through October. This program is not as popular as we had thought and One not
sure why the accounts are low service.
OTHERITEMS:
Mr. Bolin reported that Jim Cassedy is updating Our cash balance and position and will report back to
HRA ast0 what w8 can invest in other redevelopment projects.
Commissioner Cmmmmmers questioned those cash balances.
P0n. Bolin stated that this is the C8Sh on hand from projected funds that may be DOmp|8he or expiring.
The sources will be identified so HRA will know what funds will be available in the future.
Ms. CerneyCOnfirmed that the HRA levy for the city iSalmost paid off, the pre 1990 districts are getting
paid off and they may use these funds for other projects rather than close the districts.
Commissioner SchmabeU questioned if the storm results would incn2858 any of the loan requests or
were most damages covered by insurance.
Mr. Bolin stated that the loan requests did increase and SO did the number ofcalls they received. CE did
d mailing last month and they worked with CE, Conn Rapids and the City of Blaine for a home energy fair.
21 people from Fridley attended the energy fair.
ADJOURNMENT:
MOTION bv Commissioner Gabel, seconded bv Commissioner 5chnabe| to adjourn the meeting.
UPON A UNANIMOUS VOICE VOTE, CHAIRPERSON C0&0MERS DECLARED THE MEETING
ADJOURNED AT 8:50 P.M.
Respectfully Submitted by,
Krista M0nsrud
Recording Secretary
(a V7
II&I
M-111
MY OF
FRIDLEY
AGENDA ACTION ITEM
Date: January 26, 2006
To: William Burns, Executive Director
From: Paul Bolin, Asst. Executive HRA Director
Rick Pribyl, Finance Director
Mike Jezorski, HRA Accountant
Subiect: 2006 Budget
Attached you will find a copy of the 2006 Budget. We have now incorporated all of the value
information previously missing from the County. The County information was needed to
generate the tax increment numbers.
We will provide a brief budget presentation to the Commissioners next Thursday evening.
RDP/me
Attachment
Fridley Housing and Redevelopment
Authority
-• 11•
FRIDLEY HRA HRA TOTALS ALL FUND TOTALS
2006 BUDGET
ACCT REVENUE/EXPENDITURE DETAIL
TOTAL HRA
2006 BUDGET
100
TOTAL
GENERAL
265,267
TOTAL
HOUSING
400's
TOTAL
TIFS
REVENUES
4101 Full time - regular
73,506
73,506
4102 Full time - overtime
1000 Tax Incremental
3,406,087
4104 Temporary - regular
275
3.406.087
1000 Property Taxes
343,135
343,135
-
-
1000 Special Assessments
4112 Employees leave
3,000
3,000
4120 Medicare contribution
1000 MV Homestead Credit
2,500
-
4,600
2,500
1000 Interest Earnings
310,300
93,800
110,000
106,500
2000 Rental
9,600
9,600
-
-
2500 Grants
60
-
735
-
5100 Sale of Real Estate
362,500
100,000
-
262,500
6100 Miscellaneous
14,000
367,959
14,000
Utility services
200
TOTAL REVENUES 4,448,122
546,535
124,000 _
3,777,587
EXPENDITURES
261,471
261,471
PERSONAL SERVICES:
4330
4101 Full time - regular
73,506
73,506
4102 Full time - overtime
82,700
-
4104 Temporary - regular
275
275 - -
4105 Temporary - overtime
-
-
4107 City Admin expenses
174,000
174,000
4112 Employees leave
3,000
3,000
4120 Medicare contribution
1,070
1,070
4122 Social security contribution
4,600
4,600
4125 ICMA contribution
4,500
4,500
4131 Health insurance
-
-
4132 Dental insurance
-
-
4133 Life insurance
60
60
4150 Worker's compensation
735
735
TOTAL PERSONAL SERVICES
261,471
261,471
SUPPLIES:
4330
4212 Fuels and tubes
162,200
75,000
4217 ClothingAaundry allowance
82,700
-
4220 Office supplies
275
275 - -
4221 Operating supplies
400
400
4222 Repair & maintenance supplies
288
288
4225 Small tools and minor equipment
-
4333
TOTAL SUPPLIES
675
675
OTHER SERVICES AND CHARGES:
4330
Professional services
162,200
75,000
4,500
82,700
4331
Dues and subscriptions
425
425
-
-
4332
Communication
288
288
-
-
4333
Transportation
150
150
-
-
4334
Advertising
8,750
750
8,000
4335
Printing and binding
3,400
900
2,500
4560 Furniture and fixtures
4336
Insurance, non - personnel
20,000
20,000
-
1,235,308
4337
Conferences and school
900
900
1,766,341
367,959
433B
Utility services
200
200
178,576
57,125
4340
Services contracted
55,875
5,000
47,375
3,500
4346
Miscellaneous
15,700
1,200
4,500
10,000
4350
Payments to other governments
-
-
-
-
4355
Seminars and Training
1,000
1,000
-
TOTAL OTHER SERVICES AND CHARGES
268,888
105,813
66,875
96,200
CAPITAL OUTLAY:
4510 Land
14,777
14,777
4520 Building
235,000
235,000
4530 Improvements other than bldg
575,325
575,325
4535 Public Utilities & Improvements
4536 Parking Facilities
410,206
-
-
410,206
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY
1,235,308
1,235,308
TOTAL EXPENDITURES
1,766,341
367,959
66,875
1,331,508
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES
2,681,781
178,576
57,125
2,446,079
OTHER FINANCING SOURCES (USES):
Operating Transfers In
87,429
-
87,429
-
Operafing Transfers Out
(87,429)
(87,429)
-
Transfers to City
(1,905,394)
(87,429)
(1 817 965)
Interfund Loans
(500,000)
500,000
(1,905,394)
(587,429)
(1,317,965)
TOTAL REVENUES OVER/(UNDER) EXPENSES
776,387
(408,853)
57,125
1,128,114
BUDGET FUND BALANCE, JANUARY 1
BUDGET FUND BALANCE, DECEMBER 31
19,162,545 9,120,350 3,680,097 6,362,098
19,938,932 8,711,497 3,737,222 7,490,212
1/26/2006
FRIDLEY HRA
HRA GENERAL FUND
- $
6,057 $
-
FUND 100
2006 BUDGET
$
Operating Transfers Out
(287,429)
(287,429)
100
(287,429)
(87,429)
2005
ACCT REVENUE /EXPENDITURE DETAIL
2004 BUDGET 2004 ACTUAL
2005 BUDGET
ESTIMATED
2006 BUDGET
REVENUES
-
311 -1000 Tax Increment $
- $
$
- $
_ $
-
1000 Property Taxes - Tax Levy
292,000
262,092
321,000
321,000
343,135
1000 Special Assessments
(145,312 ) $
-
-
-
$ (408,853)
334 -1000 MV Homestead Credit
$
18,399
9,376,567 $
9,231,255
$
334 -2000 State Revenues - State refund
$ 9,120,350
-
$
8,938,042 $
9,231,255 $
335 -1000 Grants
-
-
-
-
362 -1000 Interest Earnings - Investments
130,000
80,702
132,000
90,000
90,000
362 -1500 Interest Earnings - Loans
9,320
5,527
3,959
3,959
3,800
362 -2000 Rental
9,600
9,600
9,600
9,600
9,600
362 -5100 Sale of Real Estate
150,000
46,627
105,000
105,000
100,000
362 -6100 Miscellaneous
TOTAL REVENUES $
590,920 $
422,947 $
571,559 $
529,559 $
546,535
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
71,400 $
58,866 $
70,500 $
70,500 $
73,506
4102 Full time - overtime
-
-
-
_
4104 Temporary - regular
4105 Temporary - overtime
-
-
-
-
-
4107 City admin expenses
165,900
165,900
169,200
169,200
174,000
4112 Employee leave
9,180
17,812
3,000
3,000
3,000
4120 Medicare contribution
1,122
1,136
1,025
1,025
1,070
4122 Social security contribution
2,281
4,856
4,300
4,300
4,600
4125 ICMA contribution
3,978
3,726
3,900
3,900
4,500
4131 Health insurance
9,180
5,130
-
-
-
4132 Dental insurance
184
148
4133 Life insurance
61
49
60
60
60
4135 Long -Term Disability Insurance
-
-
-
-
4150 Worker's compensation
714
1,035
275
275
735
TOTAL PERSONAL SERVICES $
264,000 $
258,660 $
252,260 $
252,260 $
261,471
SUPPLIES:
4212 Fuels and tubes $
- $
- $
- $
- $
_
4217 Clothing /laundry allowance
-
4220 Office supplies
275
192
275
275
4221 Operating supplies
400
120
400
400
4222 Repair & maintenance supplies
-
-
4225 Small tools and minor equipment
TOTAL SUPPLIES $
675 $
312 $
675 $
- $
675
OTHER SERVICES AND CHARGES:
4330 Professional services $
50,000 $
31,957 $
75,000 $
75,000 $
75,000
4331 Dues and subscriptions
425
140
425
425
425
4332 Communication
1,300
635
300
300
288
4333 Transportation
150
-
150
150
150
4334 Advertising
750
313
750
750
750
4335 Printing and binding
200
687
1,250
1,250
900
4336 Insurance, non-personnel
23,000
19,409
20,000
20,000
20,000
4337 Conferences and school
600
811
600
600
900
4338 Utility services
500
-
-
-
200
4340 Services contracted -Non Professional
400
1,038
1,100
1,100
5,000
4346 Miscellaneous
500
1,280
1,200
1,200
1,200
4350 Payments to other governments
-
-
-
-
-
4355 Seminars and Training
_
1,000
TOTAL OTHER SERVICES AND CHARGES $
77,825 $
56,270 $
100,775 $
100,775 $
105,813
CAPITAL OUTLAY:
4510 Land $
$
$
- $
_ $
-
4520 Building
4530 Improvements other than bldg
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
_ $
$
$
TOTAL EXPENDITURES $
342,500 $
315,242 $
353,710 $
353,035 $
367,959
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
248,420 $
107,705 $
217,649 $
176,524 $
178,576
OTHER FINANCING SOURCES (USES):
Operating Transfers In
$
- $
6,057 $
-
$
-
$
Operating Transfers Out
(287,429)
(287,429)
(287,429)
(287,429)
(87,429)
Transfers in from City
88,800
28,355
Interfund Loans
-
(500,000)
TOTAL OTHER FINANCING SOURCES (USES)
$
(198,629) $
(253,017) $
(287,429)
$
(287,429)
$ (587,429
TOTAL REVENUES OVER/(UNDER) EXPENSES
$
49,791 $
(145,312 ) $
(69,580)
$
(110,905)
$ (408,853)
BUDGET FUND BALANCE, JANUARY 1
$
8,888,251 $
9,376,567 $
9,231,255
$
9,231,255
$ 9,120,350
BUDGET FUND BALANCE, DECEMBER 31
$
8,938,042 $
9,231,255 $
9,161,675
$
9,120,350
$ 8,711,497
1/26/2006
FRIDLEY HRA
2006 BUDGET
265
ACCT REVENUE/EXPENDITURE DETAIL
REVENUES
HOUSING PROGRAMS FUND
FUND 265
2005
2004 BUDGET 2004 ACTUAL 2005 BUDGET ESTIMATED 2006 BUDGET
311 -1000 Tax Increment $ $ $ $ $
1000 Property Taxes - Tax Levy
1000 Special Assessments
334.1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
362 -1000 Interest Earnings - Investments 2,000
362 -1500 Interest Earnings - Loans -
362 -2000 Rental
362 -5100 Sale of Real Estate - - - - -
362 -6100 Miscellaneous (Home Show Receipts) 7,000 9,550 9,000 9,000 14,000
TOTAL REVENUES $ 9,000 $ 91550 $ 91000 $ 91000 $ 14,000
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $ $ $ $ $
4102 Full time - overtime - - - -
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation _
TOTAL PERSONAL SERVICES $ $ $ $ $
SUPPLIES:
4212 Fuels and lubes $ $ $ $ $
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $ $ $ $ $
OTHER SERVICES AND CHARGES:
$
$
10,000 $
40,000 $
40,000
4330 Professional services $
2,500 $
$
2,500 $
2,500 $
2,500
4331 Dues and subscriptions
-
-
-
-
-
4332 Communication
Transfers to City
4333 Transportation
-
-
-
-
$
4334 Advertising
8,000
3,508
3,000
3,000
3,000
4335 Printing and binding
2,500
585
2,500
2,500
2,500
4336 Insurance, non-personnel
-
-
16,141 $
18,944 $
18,944
4337 Conferences and school
BUDGET FUND BALANCE, DECEMBER 31
$
(12,734) $
18,944 $
35,069 $
4338 Utility services
-
-
4340 Services contracted -Non Professional (CEE Services)
17,375
8,041
17,375
17,375
17,375
4341 Rentals
7,500
4,613
7,500
7,500
4,500
4346 Miscellaneous
-
-
-
4350 Payments to other governments
4354 Uncollectible Accounts
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
37,875 $
16,747 $
32,875 $
32,875 $
29,875
CAPITAL OUTLAY:
4510 Land $
- $
$
$
- $
4520 Building
4530 Improvements other than bldg
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
$
_
$
$
TOTAL EXPENDITURES $
37,875 $
16,747 $
32,875 $
32,875 $
29,875
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
(28,875) $
(7,197) $
(23,875) $
(23,875) $
(15,875)
OTHER FINANCING SOURCES (USES):
Operating Transfers In
$
$
10,000 $
40,000 $
40,000
$
Operating Transfers Out
-
-
Transfers in from City
Transfers to City
TOTAL OTHER FINANCING SOURCES (USES)
$
$
10,000 $
40,000 $
40,000
$
TOTAL REVENUES OVER/(UNDER) EXPENSES
$
(28,875) $
2,803 $
16,125 $
16,125
$ (15,875)
BUDGET FUND BALANCE, JANUARY 1
$ _
16,141 $
16,141 $
18,944 $
18,944
$ 35,069
BUDGET FUND BALANCE, DECEMBER 31
$
(12,734) $
18,944 $
35,069 $
35,069
$ 19,194
-06
FRIDLEY HRA REVOLVING LOAN 1.5 FUND
FUND 267
2006 BUDGET
267
2005
ACCT REVENUE /EXPENDITURE DETAIL
2004 BUDGET 2004ACTUAL
2005 BUDGET
ESTIMATED
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
$
$
$
$
1000 Property Taxes - Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
362.1000 Interest Earnings - Investments
69,000
39,476
67,000
67,000
65,000
362 -1500 Interest Earnings - Loans
50,000
38,930
43,700
43,700
45,000
362 -2000 Rental
-
-
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
119,000 $
78,406 $
110,700 $
110,700 $
110,000
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
$
$
$
$
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
-
-
-
-
-
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL. SERVICES $
$
$
$
$
SUPPLIES:
4212 Fuels and lubes $
$
$
$
$
4217 Clothing1laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
$
$
$
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
2,000 $
220 $
2,000 $
2,000 $
2,000
4331 Dues and subscriptions
-
-
-
-
4332 Communication
12
4333 Transportation
4334 Advertising
5,000
5,000
5,000
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
-
-
-
-
-
4340 Services contracted -Non Professional
34,500
22,033
31,000
31,000
30,000
4341 Rentals
-
-
-
-
4346 Miscellaneous
4350 Payments to other governments
4354 Uncollectible Accounts
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
36,500 $
22,265 $
38,000 $
_
38,000 $
37,000
CAPITAL OUTLAY:
4510 Land $
$
- $
- $
- $
-
4520 Building
-
-
-
-
-
4530 Improvements other than bldg
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
$
$
$
TOTAL. EXPENDITURES $
36,500 $
22,265 $
38,000 $
38,000 $
37,000
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
82,500 $
56,141 $
72,700 $
72,700 $
73,000
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
87,429 $
87,429 $
87,429 $
87,429 $
87,429
Operating Transfers Out
-
(12,437)
(40,000)
(40,000)
-
Transfers in from City
Transfers to City
(87,429)
(87,429)
(87,429)
(87,429)
(87,429)
TOTAL OTHER FINANCING SOURCES (USES) $
W $
(12,437) $
(40,000) $
(40,000) $
TOTAL REVENUES OVER/(UNDER) EXPENSES $
82,500 $
43,704 $
32,700 $
32,700 $
73,000
BUDGET FUND BALANCE, JANUARY 1 $
3,486,124 $
3,566,624 $
3,612,328 $
3,612,328 $
3,645,028
BUDGET FUND BALANCE, DECEMBER 31 $
3,568,624 $
3,612,328 $
3,645,028 $
3,645,028 $
3,718,028
1/26/2006
FRIDLEY HRA
2006 BUDGET
ALL CAPITAL FUNDS
2005
ACCT REVENUE/EXPENDITURE DETAIL. 2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
3,942,500 $
3,078,427 $
4,019,000 $
3,167,201 $
3,406,087
1000 Property Taxes -Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
48,043
2,500
334 -2000 State Revenues - State refund
335 -1000 Grants
-
-
-
362 -1000 Interest Earnings - Investments
108,000
65,169
93,500
95,500
106,500
362 -1500 Interest Earnings - Loans
-
442
400
288
-
362 -2000 Rental
-
-
362 -5100 Sale of Real Estate
700,000
262,500
362 -6100 Miscellaneous
TOTAL REVENUES $
4,050,500 $
3,192,081 $
4,812,900 S
3,262,989 S
3,777,587
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular S
$
- $
$
$
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
$
$
$
S
SUPPLIES:
4212 Fuels and tubes $
$
S
$
$
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
_
TOTAL SUPPLIES $
$
$
$
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
61,000 $
69,109 $
82,700 S
74,546 $
82,700
4331 Dues and subscriptions
-
-
-
-
4332 Communication
4333 Transportation
4334 Advertising
116
566
4335 Printing and binding
-
4336 Insurance, non - personnel
4337 Conferences and school
-
4338 Utility services
116
528
-
4340 Services contracted -Non Professional
43,500
16,887
7,200
12,906
3,500
4346 Miscellaneous
-
-
-
-
10,000
4350 Payments to other governments
2,472
6,689
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
104,500 $
88,700 $
89,900 $
95,235 $
96,200
CAPITAL OUTLAY:
4510 Land $
1,275,364 $
578,269 $
1,018,484 $
629,303 $
14,777
4520 Building
144,000
184
136,500
-
235,000
4530 Improvements other than bldg
157,000
75,782
81,000
76,832
575,325
4536 Parking Facilities
1,245,000
410,275
855,000
410,206
410,206
4537 Streets and Sidewalks
-
-
-
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
2,821,384 $
1,064,510 $
2,090,984 $
1,116,341 $
1,235,308
TOTAL EXPENDITURES $
2,925,864 $
1,153,210 $
2,180,664 $
1,211,576 $
1,331,508
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
1,124,616 $
2,038,871 $
2,632,016 $
2,051,413 $
2,446,079
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
200,000 $
$
200,000 $
25,000 $
-
Operaling Transfers Out
-
(3,618)
-
-
Transfers in from City
191,559
8,441
Transfers to City
(1,733,000)
(1,673,971)
(1,700,000)
(1,697,026)
(1,817,965)
Interfund Loans
500,000
1,000,000
500,000
TOTAL OTHER FINANCING SOURCES (I $
(1,033,000) $
(1,486,030) $
(1,500,000) $
(663,585) S
(1,317,965)
TOTAL REVENUES OVER/(UNDER) EXPENSES $
91,616 $
552,841 $
1,132,016 S
1,387,828 $
1,128,114
BUDGET FUND BALANCE, JANUARY 1 $
2,202,997 $
2,165,013 $
3,428,086 $
4,974,270 S
6,362,096
BUDGET FUND BALANCE, DECEMBER 31 $
2,294,613 $
2,717,854 $
4,560,102 $
6,362,098 $
7,490,212
126/2006
Fridley HRA
2006 BUDGET
450
ACCT REVENUEIEXPENDITURE DETAIL
REVENUES
311.1000
Tax Increment S
1000
Property Taxes - Tax Levy
1000
Special Assessments
334 -1000
MV Homestead Credit
334 -2000
State Revenues - State refund
335 -1000
Grants
362 -1000
Interest Earnings - Investments
362 -1500
Interest Earnings - Loans
362 -2000
Rental
362 -5100
Sale of Real Estate
362 -6100
Miscellaneous
TOTAL REVENUES S
EXPENDITURES
PERSONAL SERVICES:
4101
Full time - regular $
4102
Full time - overtime
4104
Temporary - regular
4105
Temporary - overtime
4107
City admin expenses
4112
Employees leave
4120
Medicare contribution
4121
ICMA contribution
4122
Social security contribution
4131
Health insurance
4132
Dental insurance
4133
Life insurance
4135
Long -Term Disability Insurance
4150
Worker's compensation
TOTAL PERSONAL SERVICES $
TIF #1 CENTER CITY
2005
2004 BUDGET 2004 ACTUAL 2005 BUDGET
ESTIMATED
407,500 $ 500,957 $ 579,000 $
579,000 $
20,109
4212 Fuels and tubes S
407,500 $ 521,066 $ 579,000 $
579,000 $
S S 5
$
S S S
S
S
2006 BUDGET
537,100
537,100
FUND 450
SUPPLIES:
4212 Fuels and tubes S
S
S
S
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
5
S
S
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
S
$
S
2,062
$
4331 Dues and subscriptions
4332 Communication
-
-
-
-
-
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
5
S
$
2,062
$
CAPITAL OUTLAY:
4510 Land $
$
$
$
-
$
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
$
$
$
TOTAL EXPENDITURES $
$
$
$
2,062
$
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
407,500 $
521,066
$
579,000
$
576,938
$
537,100
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
- $
$
-
$
-
$
-
Operating Transfers Out
Transfers in from City
Transfers to City
(600,000)
(268,284)
Interfund Loans
TOTAL OTHER FINANCING SOURCES (USES $
(600,000) $
(268,264) $
$
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
(192,500) $
252,782
$
579,000
$
576,938
$
537,100
BUDGET FUND BALANCE, JANUARY 1 $
268,622 $
266,622
$
521,404
$
1,100,404
$
1,677,342
BUDGET FUND BALANCE, DECEMBER 31 $
76,122 $
521,404
$
1,100,404
$
1,677,342
$
2,214,442
1/26/2006
FRIDLEY HRA TIF #2 MOORE LAKE FUND 451
2006 BUDGET
451
ACCT REVENUE/EXPENDITURE DETAIL
REVENUES
311.1000
Tax Increment S
1000
Property Taxes - Tax Levy
1000
Special Assessments
334 -1000
MV Homestead Credit
334 -2000
State Revenues - State refund
335 -1000
Grants
362.1000
Interest Earnings - Investments
362 -1500
Interest Earnings - Loans
362 -2000
Rental
362 -5100
Sale of Real Estate
362 -6100
Miscellaneous
4221 Operating supplies
TOTAL REVENUES $
EXPENDITURES
PERSONAL SERVICES:
4101
Full time - regular 5
4102
Full time - overtime
4104
Temporary - regular
4105
Temporary - overtime
4107
City admin expenses
4112
Employees leave
4120
Medicare contribution
4121
ICMA contribution
4122
Social security contribution
4131
Health insurance
4132
Dental insurance
4133
Life insurance
4135
Long -Term Disability Insurance
4150
Worker's compensation
1,827 $
TOTAL PERSONAL SERVICES $
2004 BUDGET 2004 ACTUAL 2005 BUDGET
449,000 $ 434,521 $ 476,000 S
14,676
27,000 9,970 11,000
442 400
476,000 $ 459,609 S 487,400 S
• $ - S - S
2005
YTD ACTUAL 2006 BUDGET
450,000 S
15,000
288
513,961
20,000
465,288 $ 533,961
- S -
SUPPLIES:
4212 Fuels and lubes S
S
$
S S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
$
$
$ $
OTHER SERVICES AND CHARGES:
4330 Professional services $
2,500 $
1,827 $
2,500
$ 2,458 $
3,000
4331 Dues and subscriptions
4332 Communication
-
-
-
-
-
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non-personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
2,500 $
1,827 $
2,500
$ 2,458 $
3,000
CAPITAL OUTLAY:
4510 Land $
$
- $
$ - $
-
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
$
$ $
TOTAL EXPENDITURES $
2,500 $
1,827 $
2,500
$ 2,458 $
3,000
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE; $
473,500 $
457,782 $
464,900
$ 462,630 $
530,961
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
- $
- $
-
$ - $
Operating Transfers Out
(675)
Transfers in from City
Transfers to City
(133,000)
(1,115,131)
(100,000)
(100,000)
(1.481,543)
Interfund Loans
TOTAL OTHER FINANCING SOURCES ($
(133,000) $
(1,115,806) $
(100,000) $
(100,000) $
(1,481,543)
TOTAL REVENUES OVER/(UNDER) EXPENSES $
340,500 S
(658,024) $
384,900
$ 362,830 $
(950,582)
BUDGET FUND BALANCE, JANUARY 1 $
1,255,453 $
1,255,453 $
1,595,953
$ 2,274,646 $
2,637,676
BUDGET FUND BALANCE, DECEMBER 31 $
1,595,953 $
597,429 $
1,980,853
$ 2,637,676 $
1,687,094
1/26/2006
FRIDL.EY HRA
TIF #3 NORTH AREA
FUND 452
20D6 BUDGET
452
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
ESTIMATED
2006 BUDGET
REVENUES
311 -1000 Tax Increment S
1,034,000 $
1,040,938 $
1,342,000 $
1,050,000 S
1,100,206
1000 Property Taxes - Tax Levy
-
-
-
-
-
1000 Special Assessments
334 -1000 MV Homestead Credit
334-2000 State Revenues - State refund
335 -1000 Grants
-
-
-
362 -1000 Interest Earnings - Investments
26,000
26,260
36,000
36,000
31,000
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
11060,000 $
1,067,198 $
1,378,000 $
1,066,000 $
1,131,206
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
- $
- $
$
- S
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
$
_
S
S
SUPPLIES:
4212 Fuels and tubes $
S
$
S
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
$
$
$
S
OTHER SERVICES AND CHARGES:
4330 Professional services $
3,500 $
1,846 $
3,500 $
3,500 S
3,500
4331 Dues and subscriptions
-
-
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
3,500 $
1,846 $
3,500 S
3,500 $
3,500
CAPITAL OUTLAY:
4510 Land $
12,484 $
12,484 $
12,484 $
12,484 $
4520 Building
-
-
-
-
4530 Improvements other than bldg (Banfll)
82,000
75,782
81,000
76,832
75.325
4536 Parking Facilities
-
-
-
4537 Streets and Sidewalks
4540 Machinery
-
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
94,484 $
88,266 $
93,484 S
89,316 $
75,325
TOTAL EXPENDITURES $
97,984 $
90,112 $
96,984 S
92,816 $
78,625
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE! $
962,016 $
977,086 $
1,281,016 $
993,184 $
1,052,381
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
- $
$
- $
$
-
Operating Transfers Out
(1,209)
Transfers in from City
Transfers to City
(1,000,000)
(290,556)
(1,600,000)
(1,597,026)
33( 6,4221
Inlerfund Loans
TOTAL OTHER FINANCING SOURCES ($
(1,000,000) $
(291,765) $
(1,600,000) $
(1,597,026) $
(336,422)
TOTAL REVENUES OVER/(UNDER) EXPENSES $
(37,984) $
685,321 $
(318,984) $
(603,642) $
715,959
BUDGET FUND BALANCE, JANUARY 1 $
1,589,526 $
1,551,542 $
2,236,863 $
2,236,863 $
1,633,021
BUDGET FUND BALANCE, DECEMBER 31 $
1,551,542 $
2,236,863 $
1,917,879 $
1,633,021 $
2,348,980
1126/2006
FRIDLEY HRA TIF #6 LAKE POINTE FUND 455
2006 BUDGET
455
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
ESTIMATED
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
1,383,000 $
450,615 $
950,000 S
455,785 $
634,898
1000 Property Taxes -Tax Levy
-
-
-
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues- State refund
335 -1000 Grants
-
-
-
362 -1000 Interest Earnings - Investments
15,000
2,750
5,000
10,000
10,000
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
1,398,000 $
453,365 $
955,000 $
465,785 $
644,898
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
- $
$
$
$
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
$
$
$
$
SUPPLIES:
4212 Fuels and tubes $
$
$
$
$
4217 Clothing/laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTALSUPPLIES $
$
$
$
$
OTHER SERVICES AND CHARGES:
455 - 0000. 430 -4330 Professional services $
15,000 $
22,337 $
20,000 $
10,000 $
10,OOD
4331 Dues and subscriptions
-
-
-
-
4332 Communication
4333 Transportation
4334 Advertising
-
-
-
-
-
4335 Printing and binding
4336 Insurance, non - personnel
-
-
-
-
-
4337 Conferences and school
433B Utility services
4340 Services contracted -Non Professional
905
935
4346 Miscellaneous
-
-
4350 Payments to other governments
-
-
-
-
-
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
15,000 $
23,242 $
20,000 $
10,935 $
10,OD0
CAPITAL OUTLAY:
4510 Land $
15,000 $
- $
- $
$
4520 Building
4530 Improvements other than bldg
-
-
-
4536 Parking Facilities
1,245,000
410,275
855,000
410,206
410,206
4537 Streets and Sidewalks
-
-
-
-
-
4540 Machinery
4560 Furniture and fixtures
_
TOTAL CAPITAL OUTLAY $
1,260,000 $
410,275 $
855,000 $
410,206 $
410,206mm
TOTAL EXPENDITURES $
1,275,000 $
433,517 $
875,000 $
421,141 $
420,206
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
123,000 $
19,848 $
80,000 $
44,644 $
224,692
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
- $
$
- $
Operating Transfers Out
(226)
Transfers in from City
-
Transfers to City
Interfund Loans
#
TOTAL OTHER FINANCING SOURCES ($
_ $
(226) $
$
- $
TOTAL REVENUES OVER/(UNDER) EXPENSES $
123,000 $
19,622 $
80,000 $
44,644 $
224,692
BUDGET FUND BALANCE, JANUARY 1 $
(980,414) $
(980,414) $
(960,792) $
(960,792) $
(916,148)
BUDGET FUND BALANCE, DECEMBER 31 $
(857,414) $
(960,792) $
(880,792) $
(916,148) $
(691,456)
1/26/2006
FRIDLEY HRA
TIF #7 WINFIELD
FUND 456
2006 BUDGET
456
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
ESTIMATED
2006 BUDGET
REVENUES
311 -1000 Tax Increment S
49,000 $
48,936 $
53,000
$ 53,000
$
55,541
1000 Property Taxes - Tax Levy
-
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
-
-
-
-
362 -1000 Interest Earnings - Investments
7,000
4,462
8,000
7,000
8,000
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
56,000 $
53,398 S
61,000
$ 60,000
$
63,541
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
S
S
$ -
$
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
-
-
-
-
-
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
S
S
SUPPLIES:
4212 Fuels and tubes $
S
S
S
$
4217 Clothing/laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
5
S
S
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
S
1,605 $
1,000
S 863
$
1,000
4331 Dues and subscriptions
-
-
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
S
1,605 $
1,000
S 863
$
1,000
CAPITAL OUTLAY:
4510 Land $
S
S
S
S
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL, CAPITAL OUTLAYS
$
$
$
$
TOTAL EXPENDITURES $
$
1,605 $
1,000
$ 863
$
1,000
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE; $
56,000 $
51,793 $
60,000
$ 59,137
$
62,541
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
- $
- $
-
$
$
-
Operating Transfers Out
(271)
Transfers in from City
-
Transfers to City
-
Interfund Loans
TOTAL OTHER FINANCING SOURCES ($
$
(271) $
$
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
56,000 $
51,522 $
60,000
$ 59,137
$
62,541
BUDGET FUND BALANCE, JANUARY 1 $
341,754 $
341,754 $
393,276
$ 393,275
$
452,412
BUDGET FUND BALANCE, DECEMBER 31 $
397,754 $
393,276 $
453,276
$ 452,412
$
514,953
1/26/2006
FRIDLEY HRA
TIF #9 ONAN
FUND 458
2006 BUDGET
458
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
375,OCO $
373,470 $
365,000 S
365,000 $
301,976
1000 Property Taxes - Tax Levy
-
-
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
-
-
-
362 -1000 Interest Earnings - Investments
12,000
7,850
11,000
11,000
14,000
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sate of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
387,000 $
381,320 $
376,000 $
376,000 $
315,976
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular S
$
- $
S
S
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long-Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
S
$
SUPPLIES:
4212 Fuels and lubes $
S
S
S
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
S
$
$
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
1,500 $
1,574 $
3,000 $
1,110 $
1,500
4331 Dues and subscriptions
-
-
-
-
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
1,500 S
1,574 $
3,000 $
1,110 $
1,500
CAPITAL OUTLAY:
4510 Land $
195,100 $
198,168 $
87,000 $
121,025 $
-
4520 Building
-
-
-
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
-
-
-
-
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
195,100 $
198,168 $
87,000 $
121,025 $
TOTAL EXPENDITURES $
196,600 $
199,742 $
90,000 $
122,135 $
1,500
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE! $
190,400 $
181,578 $
286,000 $
253,865 $
314,476
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
- $
$
- $
Operating Transfers Out
(433)
Transfers in from City
-
Transfers to City
Interfund Loans
TOTAL OTHER FINANCING SOURCES ($
$
(433) $
$
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
190,400 $
181,145 S
266,000 S
253,865 $
314,476
BUDGET FUND BALANCE, JANUARY 1 $
496,837 $
496,837 $
677,982 $
677,982 $
931,847
BUDGET FUND BALANCE, DECEMBER 31 $
687,237 $
677,982 $
963,982 $
931,847 $
1,246,323
1/26/2006
FRIDLEY HRA TIF #11 UNIV / OSBORNE FUND 462
2006 BUDGET
462
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 .1 000 Tax Increment $
34,000 $
33,477 $
33,000
$
33,000 $
35,664
1000 Property Taxes - Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues- State refund
335 -1000 Grants
-
-
-
362.1000 Interest Earnings - Investments
3,000
1,869
3,000
2,00D
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
37,000 $
35,346 $
36,000
$
33,000 $
37,664
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
- $
- S
-
$
- $
-
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
-
-
-
-
4131 Health insurance
-
-
-
-
-
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
V
TOTAL PERSONAL SERVICES $
$
S
S
S
SUPPLIES:
4212 Fuels and tubes $
$
5
S
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
$
S
S
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
1,500 $
1,574 $
1,500
$
1,262 $
1,500
4331 Dues and subscriptions
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
1,500 $
1,574 $
1,500
$
1,262 $
1,500
CAPITAL OUTLAY:
4510 Land $
6,000 $
- $
-
$
- $
-
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
6,000 $
$
$
$
TOTAL EXPENDITURES $
7,500 $
1,574 $
1,50D
$
1,262 $
1,500
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE! $
29,500 $
33,772 $
34,500
$
31,736 $
36,164
OTHER FINANCING SOURCES (USES):
Operating Transfers in $
$
- $
-
$
- $
-
Operating Transfers Out
(111)
Transfers in from City
-
Transfers to City
-
interfund Loans
TOTAL OTHER FINANCING SOURCES ($
$
(111) $
$
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
29,500 $
33,661 $
34,500
$
31,738 $
36,164
BUDGET FUND BALANCE, JANUARY 1 $
132,712 $
132,712 $
166,373
$
166,373 $
198,111
BUDGET FUND BALANCE, DECEMBER 31 $
162,212 $
166,373 $
200,873
$
198,111 $
234,275
1126/2006
FRIDLEY HRA
TIF #12 MCGLYNN
FUND 463
2006 BUDGET
463
2005
ACCT REVENUEIEXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
39,000 $
39,279 b
39,000 $
39,000
$
30,691
1000 Property Taxes -Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
-
-
362 -1000 Interest Earnings - Investments
1,000
1,211
1,500
1,500
1,500
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
-
-
-
-
-
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
40,000 S
40,490 S
40,500 $
40,500
$
32,191
EXPENDITURES
PERSONAL SERVICES:
4101 Full time • regular $
S
S
$
-
$
4102 Full time •• overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
-
-
-
-
-
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
S
b
SUPPLIES:
4212 Fuels and tubes $
S
S
5
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
S
S
S
S
OTHER SERVICES AND CHARGES:
4330 Professional services $
1,500 $
2,256 $
1,500 $
1,252
$
3,000
4331 Dues and subscriptions
-
-
-
-
4332 Communication
4333 Transportation
-
-
-
-
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
-
-
-
-
-
4340 Services contracted -Non Professional
4346 Miscellaneous
-
-
-
-
-
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
1,500 $
2,256 $
1,500 $
1,252
$
3,000
CAPITAL OUTLAY:
4510 Land $
40,000 $
18,967 $
38,000 $
-
$
4520 Building
-
-
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
40,000 $
18,967 $
38,000 $
$
TOTAL EXPENDITURES $
41,500 $
21,223 $
39,500 $
1,252
$
3,000
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE! $
(1,500) $
19,267 $
11000 $
39,246
$
29,191
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
- $
- $
$
-
Operating Transfers Out
(54)
Transfers in from City
-
Transfers to City
Interfund Loans
TOTAL OTHER FINANCING SOURCES (S
$
(54) $
$
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
(1,500) $
19,213 $
1,000 $
39,248
$
29,191
BUDGET FUND BALANCE, JANUARY 1 $
63,217 $
63,217 $
61,717 $
82,430
$
121,678
BUDGET FUND BALANCE, DECEMBER 31 $
61,717 $
82,430 $
62,717 $
121,678
$
150,869
1/26/2006
FRIDL.EY HRA
TIF #13 SATELLITE LANE APTS
FUND 464
2006 BUDGET
464
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
40,000 $
34,382 $
46,000
$ 46,000
S
47,661
1000 Property Taxes - Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
5,438
334 -2000 State Revenues - State refund
335 -1000 Grants
-
362 -1000 Interest Earnings - Investments
4,000
2,563
5,000
5,000
7,000
362 -1500 Interest Earnings - Loans
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
44,000 $
42,383 $
51,000
S 51,000
$
54,661
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular S
- S
$
S -
$
-
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health Insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
S
S
SUPPLIES:
4212 Fuels and tubes $
5
$
S
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES S
$
$
S
S
OTHER SERVICES AND CHARGES:
4330 Professional services $
4,000 S
1,669 $
3,200
$ 1,160
$
1,500
4331 Dues and subscriptions
-
-
4332 Communication
4333 Transportation
-
-
-
-
-
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL. OTHER SERVICES AND CHARGES $
4,000 $
1,669 $
3,200
$ 1,160
S
1,500
CAPITAL OUTLAY:
4510 Land S
$
- $
-
S
$
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
$
$
$
TOTAL EXPENDITURES $
4,000 $
1,669 $
3,200
$ 1,160
$
1,500
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
40,000 $
40,714 $
47,800
$ 49,840
$
53,161
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
- $
-
S
$
-
Operating Transfers Out
(152)
Transfers in from City
-
Transfers to City
Interfund Loans
TOTAL OTHER FINANCING SOURCES (USE; $
$
(152) $
$
$
TOTAL REVENUES OVER/(UNDER) EXPENSES S
40,000 S
40,562 $
47,800
$ 49,840
$
53,161
BUDGET FUND BALANCE, JANUARY 1 $
185,646 $
185,646 $
226,208
$ 226,208
$
276,048
BUDGET FUND BALANCE, DECEMBER 31 $
225,646 $
226,208 $
274,008
$ 276,048
$
329,209
1/26/2006
FRIDLEY HRA
TIF #14 INDUSTRIAL EQUITIES
FUND 465
2006 BUDGET
465
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
52,000 $
51,491 $
52,000
$
26,172
S
55,166
1000 Property Taxes - Tax Levy
-
-
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
-
-
-
362 -1000 Interest Earnings - Investments
8,000
5,433
10,000
10,000
10,000
362 -1500 Interest Earnings - Loans
-
-
-
-
362 -2000 Rental
362.5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
60,000 $
56,924 S
62,000
$
36,172
$
65,166
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular S
$
- S
S
S
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
$
S
S
$
SUPPLIES:
4212 Fuels and tubes $
$
S
S
S
4217 Clothingflaundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
$
S
$
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
2,000 $
1,693 $
2,000
$
2,000
$
2,000
4331 Dues and subscriptions
-
-
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non-personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
2,000 $
1,693 $
2,000
$
2,000
$
2,OD0
CAPITAL OUTLAY:
4510 Land $
- $
- $
$
-
$
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
-
-
-
-
-
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
$
$
$
$
TOTAL EXPENDITURES $
2,D00 $
1,693 $
2,000
$
2,000
$
2,000
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE: $
58,D00 $
55,231 $
60,000
$
34,172
$
63,166
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
- $
-
$
-
$
Operating Transfers Out
(326)
Transfers in from City
-
Transfers to City
Interfund Loans
TOTAL OTHER FINANCING SOURCES ($
$
(326) $
$
$
TOTAL REVENUES OVER /(l1NDER) EXPENSES $
58,000 $
54,905 $
60,000
$
34,172
S
63,166
BUDGET FUND BALANCE, JANUARY 1 $
464,491 $
464,491 $
519,396
$
519,396
$
553,568
BUDGET FUND BALANCE, DECEMBER 31 $
522,491 $
519,396 $
579,396
$
553,568
$
616,734
1/26/2006
FRIDLEY HRA TIF #16 57TH AVE (LINN) FUND 467
2006 BUDGET
467
2005
ACCT REVENUEIEXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
17,000 $
16,715 $
18,000 $
18,000 S
20,516
1000 Property Taxes - Tax Levy
-
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
362 -1000 Interest Earnings - Investments
38
362.1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
17,000 $
16,753 $
18,000 $
16,000 $
20,516
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
- $
- $
- $
- S
-
4102 Full lime - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
_
TOTAL PERSONAL SERVICES $
$
$
S
$
SUPPLIES:
4212 Fuels and tubes $
$
$
S
$
4217 Clothing/laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
_
TOTAL SUPPLIES $
$
$
$
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
1,500 $
1,574 S
1,500 $
872 $
1,500
4331 Dues and subscriptions
-
-
-
-
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
-
-
-
-
-
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
1,500 S
1,574 $
1,500 $
872 $
1,500
CAPITAL OUTLAY:
4510 Land $
12,000 $
14,150 $
16,000 $
15,565 $
14.777
4520 Building
-
-
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY S
12,000 S
14,150 $
16,000 $
15,565 $
14,777
TOTAL EXPENDITURES $
13,500 $
15,724 $
17,500 $
16,437 $
16,277
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE; $
3,500 $
1,029 $
500 $
1,563 $
4,239
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
- $
$
$
Operating Transfers Out
(3)
Transfers in from City
Transfers to City
-
Interfund Loans
TOTAL OTHER FINANCING SOURCES ($
$
(3) $
S
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
3,500 $
1,026 $
500 $
1,563 $
4,239
BUDGET FUND BALANCE, JANUARY 1 $
(124,913) $
(124,913) $
(121,413) $
(123,887) $
(122,324)
BUDGET FUND BALANCE, DECEMBER 31 $
(121,413) $
(123,887) $
(120,913) $
(122,324) $
(118,085)
1/26/2006
FRIDLEY HRA
TIF #17 GATEWAY EAST
FUND 466
2005 BUDGET
468
2005
ACCT REVENUE/EXPENDITURE DETAIL 2004 BUDGET 2004 ACTUAL 2005 BUDGET
YTD ACTUAL 2006 BUDGET
REVENUES
311 -1000 Tax Increment S
40,000 $
33,747 $
40,000 $
40,000 $
45,128
1000 Property Taxes - Tax Levy
-
-
1000 Special Assessments
334 -1000 MV Homestead Credit
4,990
334 -2000 State Revenues - State refund
335 -1000 Grants
-
362 -1000 Interest Earnings - Investments
1,000
871
362 -1500 Interest Earnings - Loans
-
362.2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
41,000 $
39,606 $
40,000 $
40,000 $
45,128
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
$
- $
- $
- $
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
S
S
SUPPLIES:
4212 Fuels and lubes $
S
S
S
S
4217 Clothing/laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment _
TOTAL SUPPLIES $
$
OTHER SERVICES AND CHARGES:
4330 Professional services $
4,000 $
1,542 $
S
1,200 $
1,200
4331 Dues and subscriptions
-
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non - personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted -Non Professional
4346 Miscellaneous
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
4,000 $
1,542 $
$
1,200 $
1,200
CAPITAL OUTLAY:
4510 Land $
$
- $
$
- $
4520 Building
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
_ $
_ $
$
$ _
_
TOTAL EXPENDITURES $
4,000 $
1,542 $
$
1,200 $
1,200
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
37,000 $
36,066 $
40,000 S
38,800 $
43,928
OTHER FINANCING SOURCES (USES):
Operating Transfers in $
$
$
$
$
Operating Transfers Out
(43)
Transfers in from City
Transfers to City
Interfund Loans
_
TOTAL OTHER FINANCING SOURCES (USE $
$
(43) $
$
$ _
TOTAL REVENUES OVER/(UNDER) EXPENSES $
37,000 $
38,023 $
40,000 $
38,800 $
43,928
BUDGET FUND BALANCE, JANUARY 1 $
(1,024,353) $
(1,024,353) $
(987,353) $
(986,330) $
(947,530)
BUDGET FUND BALANCE, DECEMBER 31 $
(987,353) $
(986,330) $
(947,353) $
(947,530) $
(903,602)
1/26/2006
FRIDLEY HRA TIF #18 GATEWAY WEST FUND 470
2005 BUDGET
470
2005
ACCT REVENUE/EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
2006 BUDGET
REVENUES
311 -1000 Tax Increment $
$
$
$
$
1000 Property Taxes - Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
334 -2000 State Revenues - State refund
335 -1000 Grants
-
-
-
-
-
362 -1000 Interest Earnings - Investments
2,000
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
-
-
-
-
-
362 -5100 Sale of Real Estate
700,000
262,500
362 -6100 Miscellaneous
TOTAL REVENUES $
21000 $
S
700,000 $
$
262,500
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
- $
S
- $
$
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
-
-
-
-
-
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
S
S
SUPPLIES:
4212 Fuels and tubes $
S
$
S
S
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
S
S
S
S
OTHER SERVICES AND CHARGES:
4330 Professional services $
24,000 S
25,652 $
40,000 $
24,831 $
20,000
4331 Dues and subscriptions
4332 Communication
4333 Transportation
-
4334 Advertising
566
4335 Printing and binding
-
4336 Insurance, non - personnel
4337 Conferences and school
-
4338 Utility services
116
528
4340 Services contracted -Non Professional
43,500
13,905
7,200
6,431
4346 Miscellaneous
-
-
-
4350 Payments to other governments
2,472
6,689
_
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
67,500 $
42,145 $
47,200 $
41,045 $
20,000
CAPITAL OUTLAY:
4510 Land $
694,800 $
334,500 $
565,000 $
480,229 $
4520 Building
119,000
184
111,500
4530 Improvements other than bldg
75,000
-
-
500,000
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
888,800 $
334,684 $
676,500 $
480,229 $
500,000
TOTAL EXPENDITURES $
956,300 $
376,829 $
723,700 $
521,274 $
520,000
EXCESS (DEFICIT) OF REVENUES OVER EXPENSE; $
(954,300) $
(376,829) $
(23,700) $
(521,274) $
(257,500)
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
$
$
$
$
Operating Transfers Out
Transfers in from City
191,559
6,441
Transfers to City
Interfund Loans
500,000
1,000,000
500,000
TOTAL OTHER FINANCING SOURCES ($
500,000 $
191,559 $
$
1,008,441 $
500,000
TOTAL. REVENUES OVER/(UNDER) EXPENSES $
(454,300) $
(185,270) $
(23,700) $
487,167 $
242,500
BUDGET FUND BALANCE, JANUARY 1 S
(612,676) $
(612,676) $
(1,066,976) $
(797,946) $
(310,779)
BUDGET FUND BALANCE, DECEMBER 31 $
(1,066,976) $
(797,946) $
(1,090,676) $
(310,779) $
(68,279)
1/26/2006
FRIDLEY HRA ISLANDS OF PEACE FUND 471
2006 BUDGET
471
2005
ACCT REVENUEIEXPENDITURE DETAIL 2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
20D6 BUDGET
:EVENUES
111-1000 Tax Increment $
1000 Property Taxes - Tax Levy
1000 Special Assessments
134-1000 MV Homestead Credit
134-2000 State Revenues - State refund
25-1000 Grants
62-1000 Interest Earnings - Investments
162-1500 Interest Earnings - Loans
162-2000 Rental
62-5100 Sale of Real Estate
162-6100 Miscellaneous
TOTAL REVENUES
XPENDITURES
PERSONAL SERVICES:
4101 Full time - regular $
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City adrnln expenses
4112 Employees leave
4120 Medicare contribution
4121 IGMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long-Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES
SUPPLIES:
4212 Fuels and tubes $
4217 Clothing /laundry allowance
422D Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
4225 Small tools and minor equipment
TOTAL SUPPLIES $
OTHER SERVICES AND CHARGES:
433D Professional services $
5
S
5
20,784
$
30,000
4331 Dues and subscriptions
4332 Communication
4333 Transportation
4334 Advertising
4335 Printing and binding
4336 Insurance, non-personnel
4337 Conferences and school
4338 Utility services
4340 Services contracted-Non Professional
-
4346 Miscellaneous
10,000
4350 Payments to other governments
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES $
20,784
$
40,000
CAPITAL OUTLAY:
4510 Land $
4520 Building
235,000
4530 Improvements other than bldg
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
-
TOTAL CAPITAL OUTLAY $
$
235,000
TOTAL EXPENDITURES $
20,784
$
275,000
XCESS (DEFICIT) OF REVENUES OVER EXPENSES $
(20,784) $
(275,000)
THER FINANCING SOURCES (USES):
Operating Transfers In $
25,000
$
Operating Transfers Out
Transfers in from City
Transfers to City
Interfund Loans
TOTAL OTHER FINANCING SOURCES ($
25,000
$
DTAL REVENUES OVER/(LINDER) EXPENSES S
$
§
$
4,216
$
(275,000)
UDGET FUND BALANCE, JANUARY 1 $
$
$
.
$
4,216
UDGET FUND BALANCE, DECEMBER 31 $
$
$
4,216
S
(270,784)
1/26/2006
FRIDLEY HRA TIF #HR1 HOUSING REPLACEMENT
FUND 501
2005 BUDGET
501
2005
ACCT REVENUE (EXPENDITURE DETAIL
2004 BUDGET
2004 ACTUAL
2005 BUDGET
YTD ACTUAL
20D6 BUDGET
REVENUES
311 -1000 Tax Increment $
23,000 $
19,899 $
26,000 $
12,244
$
27,579
1000 Property Taxes - Tax Levy
1000 Special Assessments
334 -1000 MV Homestead Credit
2,830
2,500
334.2000 State Revenues - State refund
-
335 -1000 Grants
-
-
362 -1000 Interest Earnings - Investments
2,000
1,892
3,000
3,000
362 -1500 Interest Earnings - Loans
-
-
-
-
-
362 -2000 Rental
362 -5100 Sale of Real Estate
362 -6100 Miscellaneous
TOTAL REVENUES $
25,000 S
24,621 $
29,000 $
12,244
$
33,079
EXPENDITURES
PERSONAL SERVICES:
4101 Full time - regular S
$
- S
$
S
4102 Full time - overtime
4104 Temporary - regular
4105 Temporary - overtime
4107 City admin expenses
4112 Employees leave
4120 Medicare contribution
4121 ICMA contribution
4122 Social security contribution
4131 Health insurance
4132 Dental insurance
4133 Life insurance
4135 Long -Term Disability Insurance
4150 Worker's compensation
TOTAL PERSONAL SERVICES $
S
S
$
S
SUPPLIES:
4212 Fuels and tubes $
S
S
$
$
4217 Clothing /laundry allowance
4220 Office supplies
4221 Operating supplies
4222 Repair & maintenance supplies
-
-
-
-
-
4225 Small tools and minor equipment
TOTAL SUPPLIES S
$
$
$
S
OTHER SERVICES AND CHARGES:
4330 Professional services $
$
3,960 $
3,000 $
1,192
$
3,000
4331 Dues and subscriptions
-
-
-
-
4332 Communication
4333 Transportation
-
4334 Advertising
116
4335 Printing and binding
-
4336 Insurance, non-personnel
4337 Conferences and school
4338 Utility services
-
-
-
-
-
4340 Services contracted -Non Professional
2,077
3,540
3,500
4346 Miscellaneous
4350 Payments to other governments
-
-
-
-
-
4355 Seminars and Training
TOTAL OTHER SERVICES AND CHARGES S
$
6,153 S
_
3,000 $
4,732
$
6,500
CAPITAL OUTLAY:
4510 Land $
300,000 $
- S
300,000 $
$
4520 Building
25,000
25,000
4530 Improvements other than bldg
-
-
4536 Parking Facilities
4537 Streets and Sidewalks
4540 Machinery
4560 Furniture and fixtures
TOTAL CAPITAL OUTLAY $
325,000 $
$
325,000 $
S
TOTAL EXPENDITURES $
325,000 $
6,153 $
328,000 $
4,732
$
6,500
EXCESS (DEFICIT) OF REVENUES OVER EXPENSES $
(300,000) $
18,468 $
(299,000) $
7,512
$
26,579
OTHER FINANCING SOURCES (USES):
Operating Transfers In $
200,000 $
- $
200,000 $
$
-
Operating Transfers Out
-
(115)
-
Transfers in from City
Transfers to City
Interfund Loans
TOTAL, OTHER FINANCING SOURCES (USE S
200,000 $
(115) $
200,000 $
$
TOTAL REVENUES OVER/(UNDER) EXPENSES $
(100,000) $
18,353 $
(99,000) $
7,512
$
26,579
BUDGET FUND BALANCE, JANUARY 1 $
147,095 $
147,095 $
165,448 $
165,448
$
172,960
BUDGET FUND BALANCE, DECEMBER 31 $
47,095 $
165,448 $
66,448 $
172,960
$
199,539
1/26/2006
To: William W. Burns, Executive Director of HRA
Paul Bolin, Assistant Director of HRA
From: Richard D. Pribyl, Finance Director
Mike Jeziorski, HRA Accountant
Re: Amending Resolution Authorizing Execution of a Tax
Increment Pledge Agreement
Date: February 2, 2006
Attached you will find a resolution that was prepared by Mary Ippel from the firm of Briggs
and Morgan. This action has the effect of removing Tax Increment District #6 from the
Pledge Agreement that was executed in conjunction with the 20058 Bonds.
As staff was reviewing the transcript of proceedings for the 2005 Bond, we noticed that Tax
Increment District #6 has been mistakenly included as one of the TIF districts that had
been pledged as tax increment. TIF #6 is fully pledged to the Lake Pointe District and
should not have been used in conjunction with the repayment of the 2005 Bonds.
This resolution correctly removes TIF District #6 from the revenue pledge. After approval
by the Authority Staff we will bring this to the City Council for their approval. Staff
recommends its approval.
RDP/me
Attachment
HRA RESOLUTION NO. , 2006
AMENDING RESOLUTION AUTHORIZING EXECUTION OF A TAX
INCREMENT PLEDGE AGREEMENT
WHEREAS, by resolution duly adopted by the Board of Commissioners on June 2, 2005
(the "Authority's Resolution "), the Housing and Redevelopment Authority of the City of
Fridley, Minnesota (the "Authority "), the Authority was authorized to enter into a Tax
Increment Pledge Agreement (the "Tax Increment Pledge Agreement ") with the City of
Fridley, Minnesota (the "City "); and
WHEREAS, by resolution duly adopted by the City Council on May 23, 2005 (the "Bond
Resolution "), the City Council of the City of Fridley, Minnesota (the "City "), issued
$4,645,000 General Obligation Tax Increment Refunding Bonds, Series 2005B, dated
June 15, 2005 (the "Bonds "); and
WHEREAS, the Bond Resolution, and consequently the Authority's Resolution and the
Tax Increment Pledge Agreement, incorrectly pledged tax increments received from Tax
Increment Financing District No. 6, heretofore created by the Authority within
Redevelopment Project No. 1, to the payment of the Bonds; and
WHEREAS, the Board hereby determines that the Authority's Resolution must be
amended to correctly identify the source of the tax increments which are pledged to the
payment of the Bonds, such tax increments specifically being tax increments derived
from Tax Increment Financing Districts 1, 2 and 3; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Housing and Redevelopment Authority of the City of Fridley, Minnesota, as follows:
The Amended Tax Increment Pledge Agreement, a form of which is now on file in the
office of the Authority, is hereby approved in substantially the form submitted to the
Authority and the Chair and Executive Director are authorized and directed to execute the
same on behalf of the Authority.
The Executive Director is hereby directed to file a certified copy of this resolution and
the Amended Tax Increment Pledge Agreement with the Office of Anoka County
Property Records and Taxation (the "County "), together with such other information as
the County shall require, and to obtain from the County the certificate that this Resolution
and the Amended Tax Increment Pledge Agreement have been filed with the County,
pursuant to Minnesota Statutes, Section 469.178, Subdivision 2.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS DAY OF FEBRUARY, 2006.
LAWRENCE R. COMMERS
HRA CHAIRPERSON
ATTEST:
DEBRA A. SKOGEN — CITY CLERK
MEMORANDUM
raw
FINANCE DEPARTMENT ri RICHARD D. PRIBYL
CITY OF FRIDLEY SM&F FINANCE DIRECTOR
To: William W. Burns, Executive Director of HRA
Paul Bolin, Assistant Director of HRA
From: Richard D. Pribyl, Finance Director
Mike Jeziorski, HRA Accountant
Re: Amending Resolution Authorizing Execution of a Tax
Increment Pledge Agreement
Date: February 2, 2006
Attached you will find a resolution that was prepared by Mary Ippel from the firm of Briggs
and Morgan. This action has the effect of removing Tax Increment District #6 from the
Pledge Agreement that was executed in conjunction with the 2005B Bonds.
As staff was reviewing the transcript of proceedings for the 2005 Bond, we noticed that Tax
Increment District #6 has been mistakenly included as one of the TIF districts that had
been pledged as tax increment. TIF #6 is fully pledged to the Lake Pointe District and
should not have been used in conjunction with the repayment of the 2005 Bonds.
This resolution correctly removes TIF District #6 from the revenue pledge. After approval
by the Authority Staff we will bring this to the City Council for their approval. Staff
recommends its approval.
RDP/me
Attachment
HRA RESOLUTION NO. 2006-01
AMENDING RESOLUTION AUTHORIZING EXECUTION OF A TAX
INCREMENT PLEDGE AGREEMENT
WHEREAS, by resolution duly adopted by the Board of Commissioners on June 2, 2005
(the "Authority's Resolution"), the Housing and Redevelopment Authority of the City of
Fridley, Minnesota (the "Authority"), the Authority was authorized to enter into a Tax
Increment Pledge Agreement (the "Tax Increment Pledge Agreement") with the City of
Fridley, Minnesota (the "City"); and
WHEREAS, by resolution duly adopted by the City Council on May 23, 2005 (the "Bond
Resolution"), the City Council of the City of Fridley, Minnesota (the "City"), issued
$4,645,000 General Obligation Tax Increment Refunding Bonds, Series 2005B, dated
June 15, 2005 (the "Bonds"); and
WHEREAS, the Bond Resolution, and consequently the Authority's Resolution and the
Tax Increment Pledge Agreement, incorrectly pledged tax increments received from Tax
Increment Financing District No. 6, heretofore created by the Authority within
Redevelopment Project No. 1, to the payment of the Bonds; and
WHEREAS, the Board hereby determines that the Authority's Resolution must be
amended to correctly identify the source of the tax increments which are pledged to the
payment of the Bonds, such tax increments specifically being tax increments derived
from Tax Increment Financing Districts 1, 2 and 3; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Housing and Redevelopment Authority of the City of Fridley, Minnesota, as follows:
The Amended Tax Increment Pledge Agreement, a form of which is now on file in the
office of the Authority, is hereby approved in substantially the form submitted to the
Authority and the Chair and Executive Director are authorized and directed to execute the
same on behalf of the Authority.
The Executive Director is hereby directed to file a certified copy of this resolution and
the Amended Tax Increment Pledge Agreement with the Office of Anoka County
Property Records and Taxation (the "County"), together with such other information as
the County shall require, and to obtain from the County the certificate that this Resolution
and the Amended Tax Increment Pledge Agreement have been filed with the County,
pursuant to Minnesota Statutes, Section 469.178, Subdivision 2.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 2nd DAY OF FEBRUARY, 2006.
LAWRENCE R.. COMMERS
HRA CHAIRPERSON
ATTEST:
DEBRA A. SKOGEN — CITY CLERK
A-7V ACTION ITEM
HRA MEETING OF FEBRUARY 2,2006
MY •
FRIDLEY
Date: January 26, 2006
To: William Burns, Executive Director
From: Paul Bolin, Asst. Executive HRA Director
Subiect: GatewaV West — Development Agreement M-06-21
Based on the information agreed upon in the terms agreement, discussions with the
attorney for Blue Print Homes, and a review of the prevailing wage ordinance, legal
counsel has drafted the attached development agreement and provided a copy to Blue
Print Homes for their review and approval.
Staff had a discussion with Jeff Magdic on January 20th, during which he stated his only
concern with the development agreement, provided to them in December, had been the
prevailing wage requirements. Mr. Magdic's attorney has been working on some of his
concerns with the HRA legal counsel. Mr. Magdic is currently out of the country until
February 4th, and will not be able to sign the development agreement prior to the HRA
meeting.
Staff requests that the HRA review and approve the development agreement as
presented. If Mr. Magdic and his legal counsel still have concerns over the wording of
the agreement, staff will bring the document back for amendment on March 2, 2006.
v2 '�T v4 1 -22 -06
CONTRACT FOR PRIVATE REDEVELOPMENT
by and between the
HOUSING AND REDEVELOPMENT AUTHORITY
in and for
THE CITY OF FRIDLEY, MINNESOTA
and
BLUEPRINT HOMES, INC.
This document was drafted by:
Krass Monroe, P.A.
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section1.1 Definitions ............................................................................ ..............................3
ARTICLE II
REPRESENTATIONS, WARRANTIES AND COVENANTS
Section 2.1 Representations, Warranties and Covenants by the Authority ...........................5
Section 2.2 Representations, Warranties and Covenants by the Redeveloper .......................7
ARTICLE III
CONVEYANCE OF THE REDEVELOPMENT PROPERTY;
UNDERTAKINGS OF AUTHORITY AND REDEVELOPER
Section 3.1 Conveyance of the Redevelopment Property ....................... ..............................9
Section3.2 Letter of Credit ...................................... ............................... ............................414
Section 3.3 Conditions Precedent to Conveyance ................................. .............................44
Section 3.4 Documents at Closing ........................................................ ..............................4 -2
ARTICLE IV
CONSTRUCTION OF SITE IMPROVEMENTS,
PUBLIC IMPROVEMENTS AND MINIMUM IMPROVEMENTS
Section 4.1 Public Improvements ........................... ............................... .............................4-4
Section 4.2 Construction of Site Improvements and Minimum Improvements .................44
Section 4.3 Preliminary Plans and Construction Plans ........................ ............................4 -4
Section 4.4 Certificates of Completion ........................................... ............................... 4-6
i
ARTICLE V
IM�`ii-TWOW
Section 5.1 Redeveloper Insurance ....................................................... ..............................4-7
Section 5.2 Subcontractor Insurance ...................................................... ..............................P
ARTICLE VI
PROHIBITIONS AGAINST ASSIGNMENT
AND TRANSFER; INDEMNIFICATION
Section 6.1. Representation as to Redevelopment ................................... ............................4 -9
Section 6.2. Prohibition Against Transfer of Property
and Assignment of Agreement ......................................... ..............................4-8
Section 6.3. Release and Indemnification Covenants .............................. ............................4 -9
ARTICLE VII
EVENTS OF DEFAULT
Section 7.1
Events of Default Defined ................................................... .............................24
Section 7.2
Remedies on Default ............................................................
.............................24
Section 7.3
No Remedy Exclusive .........................................................
.............................22
Section7.4
No Implied Waiver ..............................................................
.............................22
Section 7.5
Agreement to Pay Attorney's Fees and Expenses ...............
.............................22
Section 7.6
Revesting Title in Authority Upon Happening of
Event Subsequent to Conveyance to Redeveloper ...........
.............................22
Section 7.7
Resale of Reacquired Property; Disposition of Proceeds
... .............................23
Section7.8
Subordination ......................................................................
.............................24
11
ARTICLE VIII
ADDITIONAL PROVISIONS
seefien 8.1
PFev
Section 848.1
Conflict of Interest .............................................................. .............................26
Section 8 -38.2
Restrictions on Use .............................................................
.............................26
Section 8,48.3
Provisions Not Merged With Deed
..................................... .............................26
Section 8—.58.4
Notices and Demands .........................................................
.............................27
Section 8-:68_5
Counterparts ........................................................................
.............................27
Section 8,78.6
Law Governing ...................................................................
.............................27
Section8,98.7
Termination .........................................................................
.............................27
Section X38_8
Provisions Surviving Termination ......................................
.............................27
SIGNATUREPAGES ...................................................................................... .............................28
SCHEDULE A Description of Redevelopment Property .......................... .............................21
SCHEDULE B Form of Redevelopment Property Deed .......................................................-341-
SCHEDULE C Form of Certificate of Completion and Release of Forfeiture .......................3 -3
SCHEDULE D Public Improvements ........................................................ ............................3-5
SCHEDULE E Site Improvements ........................................................... .............................36
SCHEDULEWage i'Ce QIlIei ...................................... ...............................
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CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT is made on or as of the 1 st day of December, 2005 by and between the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority'), a
public body corporate and politic of the State of Minnesota, and Blueprint Homes, Inc., a Minnesota
corporation (the "Redeveloper "),
WITNESSETH:
WHEREAS, the Board of Commissioners (the "Board ") of the Authority has determined that
there is a need for development and redevelopment within the corporate limits of the City of Fridley,
Minnesota (the "City') to provide employment opportunities, to provide adequate housing in the
City, including low and moderate income housing and housing for the elderly, to improve the tax
base and to improve the general economy of the City and the State of Minnesota;
WHEREAS, in furtherance of these objectives the Authority has established, pursuant to
Minnesota Statutes, Sections 469.001 to 469.047 (the "Act "), the Redevelopment Plan (the
"Redevelopment Plan") for its Redevelopment Project No. 1 (the "Project Area ") in the City to
encourage and provide maximum opportunity for private development and redevelopment of certain
property in the City which is not now in its highest and best use;
WHEREAS, in furtherance of these objectives and in connection with the Project Area the
Authority has also established Tax Increment Financing District No. 18 (the "Tax Increment
District ") pursuant to Minnesota Statutes, Section 469.174 et seq., as amended (the "Tax Increment
Act ");
WHEREAS, the Project contemplated by this Agreement promotes the following objectives
of the Redevelopment Plan:
1. Promote and secure the prompt redevelopment of certain property in the Project Area,
which property is not now in its highest and best use, in a manner consistent with the City's
Comprehensive Plan and with a minimum adverse impact on the environment, and thereby promote
and secure the redevelopment of other land in the City;
2. Provide for the financing and construction for public improvements in and adj acent to
the Project Area necessary for the orderly and beneficial redevelopment of the Project Area and
adjacent areas of the City;
3. Create a desirable and unique character within the Project Area through quality land
use alternatives and design quality in new or remodeled buildings;
4. Stimulate private activity and investment to stabilize and balance the City's housing
supply; and
5. Encourage and provide maximum opportunity for private redevelopment of existing
areas and structures which are compatible with the Project Area; and
WHEREAS, in order to achieve the objectives of the Authority and the City in creating the
Project Area and adopting the Redevelopment Plan, the Authority is prepared to provide assistance
in accordance with this Agreement; and
WHEREAS, the Authority believes that the development and redevelopment of the Project
Area pursuant to this Agreement, and fulfillment generally of the terms of this Agreement, are in the
vital and best interests of the Authority and the health, safety, morals and welfare of its residents, and
in accordance with the public purposes and provisions of applicable federal, state and local laws
under which the development and redevelopment are being undertaken and assisted;
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
parties hereto, each of them does hereby covenant and agree with the other as follows:
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ARTICLE I
Definitions
Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from
the context:
"Act" means Minnesota Statutes, Sections 469.001 to 469.047.
"Agreement" means this Agreement, as the same may be from time to time modified,
amended or supplemented.
"Authority" means the Housing and Redevelopment Authority in and for the City of Fridley,
Minnesota, its successors or its assigns.
"Board" means the Board of Commissioners of the Authority.
"Certificate of Completion" means a certification in the form of the certificate contained in
Schedule C attached hereto and provided to the Redeveloper pursuant to Section 4.4.
"City" means the City of Fridley, Minnesota, its successors or its assigns.
"Closing" or "Closing Date" means the date of eaeb ,.efwe.,. nee eftespective dates on which
a portion of the Redevelopment Property fis conveyed by the Authority to the Redeveloper
pursuant to Article III.
"Construction Plans" means the plans, specifications, drawings and related documents on the
construction work to be performed by the Redeveloper on the Redevelopment Property which plans
(a) shall be as detailed as the plans, specifications, drawings and related documents which are
submitted to the building inspector or building official of the City, and (b) shall include at least the
following for each building: (1) site plan; (2) foundation plan; (3) floor plan for each floor; (4)
elevations (all sides); (5) landscape plan; (6) cross sections (length and width); and (7) such other
plans or supplements to the foregoing plans as the Authority may reasonably request.
"Council" means the Council of the City.
"County" means the County of Anoka, Minnesota.
"Event of Default" means an event of default as defined in Section 7.1.
"Letter of Credit" means the irrevocable letter of credit to be provided by the Redeveloper to
the Authority pursuant to Section 3.2 to secure the Redeveloper's obligations to accept conveyance
of the Redevelopment Property and pay the Purchase Price.
3
"Minimum Improvements" means 16 single - family homes to be constructed by the
Redeveloper on the Redevelopment Property.
"Minnesota Environmental Rights Act" means Minnesota Statutes, Section 116B.01 et seq.,
as amended.
"Project" means the Redevelopment Property, the Site Improvements and the Minimum
Improvements.
"Project Area" means Redevelopment Project No. 1 established by the Authority.
"Public Improvements" means the public improvements to be performed or constructed by
the Authority on or adjacent to the Redevelopment Property and described in Schedule D.
"Purchase Price" means $700,000, or $43,750 for each of 16 home lots.
"Redeveloper" means Blueprint Homes, Inc., a Minnesota corporation, and its permitted
successors and assigns.
"Redevelopment Plan" means the Redevelopment Plan adopted by the Authority for its
Redevelopment Project No. 1, as amended.
"Redevelopment Property" means the real property described in Schedule A attached hereto.
"Redevelopment Property Deed" means a quit claim deed substantially in the form appearing
in Schedule B attached hereto.
"Site Improvements" means the improvements to the Redevelopment Property described in
Schedule E attached hereto.
"State" means the State of Minnesota.
"Tax Increment Act" means Minnesota Statutes, Section 469.174 et seq., as amended.
"Tax Increment District" means Tax Increment Financing District No. 18 created by the
Council in connection with the Redevelopment Plan.
"Tax Increment Plan" means the tax increment financing plan adopted by the Authority in
connection with the creation of the Tax Increment District.
"Termination Date" means the termination date of this Agreement pursuant to Section
"Unavoidable Delays" means delays which are the direct result of strikes or other labor
troubles, delays which are the direct result of unforeseeable and unavoidable casualties to the
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Redevelopment Property, the Project, or the equipment used to construct the Redevelopment Project,
delays which are the direct result of governmental actions, delays which are the direct result of
judicial action commenced by third parties, delays which are the direct result of citizen opposition or
action affecting this Agreement, environmental delays which are the direct result of the
implementation of an environmental agency- approved work plan for remediation, and delays which
are the direct result of anR&&ally-severe or- pr-elenged-49-a& weather which prevents or delUs
construction of Minimum Improvements, acts of God, fire or other casualty to the Project.
ARTICLE II
Representations, Warranties and Covenants
Section 2.1. Representations. Warranties and Covenants by the Authority. The Authority
makes the following representations as the basis for the undertaking on its part herein contained:
(a) The Authority is a public body duly organized and existing under the laws of the
State. Under the provisions of the Act, the Authority has the power to enter into this Agreement and
carry out its obligations hereunder. This Agreement has been or will be duly authorized by all
necessary action on the part of the Authority and has been duly executed and delivered by the
Authority. The Authority's execution, delivery and performance of this Agreement will not conflict
with or result in a violation of any judgment, order, or decree of any court or government agency.
This Agreement is a valid and binding obligation of the Authority and is enforceable against the
Authority in accordance with its terms. There is no action, litigation, condemnation or proceeding of
any kind pending or, to the best of the Authority's knowledge, threatened which would have a
material and adverse affect on the ability of the Authority to perform its obligations under this
Agreement or against the Redevelopment Property, or any portion thereof.
(b) The Authority has approved the Redevelopment Plan in accordance with the terms of
the Act.
(c) The Authority has approved the Tax Increment District pursuant to the Tax Increment
Act.
(d) The Authority, subject to Unavoidable Delays, shall convey title to the
Redevelopment Property pursuant to Article III to the Redeveloper for the Redeveloper's use in
accordance with the Plan and this Agreement.
(e) Subject to Unavoidable Delays, the Authority shall complete the Public
Improvements as soon as possible.
(f) The Authority will cooperate with the Redeveloper with respect to any litigation
commenced by third parties in connection with this Agreement.
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(g) Exeept as set fefth below, the Aitthefity makes ne fepfesentatien,
waffaat),, either- expfess er- implied, and hereby assumes ne r-espensibility er- liability as to the
of epw se "h' The Authority has no knowledge of the presence of any hazardous substances (as the
same are described in the regulations promulgated under the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and
Reauthorization Act of 1986, and/or in the environmental laws of the State of Minnesota, and
specifically including petroleum and related hydrocarbons and their byproducts, asbestos, and
polychlorinated biphenyls) in, on or under the Redevelopment Property.
( }h) The Authority shall provide the Redeveloper with all existing environmental reports,
including any Phase I and Phase II environmental site assessments, for the Redevelopment Property
as well as all existing soil tests and/or reports. The Authority shall share with the Redeveloper any
information which comes to the attention of the Authority after the final execution of this Agreement
and which relates to hazardous substances on the Redevelopment Property.
(i) The Minimum Improvements, as of the date hereof, constitute an allowed use (either
as a permitted use, a special use, or a conditional use) under the zoning ordinance of the Cites
Section 2.2. Representations, Warranties and Covenants by the Redeveloper. The
Redeveloper represents and warrants that:
(a) The Redeveloper is a corporation organized and existing under the laws of the State,
is authorized to transact business in the State, and has duly authorized the execution of this
Agreement and the performance of its obligations under this Agreement. None of the execution and
delivery of this Agreement, the consummation of the transactions contemplated by this Agreement,
or the fulfillment of or compliance with the terms and conditions of this Agreement is prevented,
limited by or conflicts with the terms of any indebtedness, agreement or instrument of whatever
nature to which the Redeveloper is now a parry or by which it is bound.
(b) The Redeveloper will purchase the Redevelopment Property from the City pursuant to
Article III and, in the event the Redevelopment Property is conveyed to the Redeveloper, the
Redeveloper will construct and maintain (until sale of the single- family homes to bona fide
purchasers), the Minimum Improvements in accordance with the terms of this Agreement and all
applicable local, State and Federal laws and regulations (including, but not limited to, environmental,
zoning, building code and public health laws and regulations).
(c) As of the date of execution of this Agreement, the Redeveloper has received no notice
or communication from any local, state or federal official that the anticipated activities of the
Redeveloper with respect to the Redevelopment Property may be or will be in violation of any
environmental law or regulation. As of the date of execution of this Agreement, the Redeveloper is
aware of no facts, the existence of which would cause it to be in violation of any local, state or
federal environmental law, regulation or review procedure or which would give any person a valid
claim under the Minnesota Environmental Rights Act.
2
(d) The Redeveloper will use its best efforts to obtain, in a timely manner, all required
permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable
local, state and federal laws and regulations which must be obtained or met before the Minimum
Improvements may be lawfully constructed.
(e) The Redeveloper shall pay the normal and customary City fees and expenses for the
approval and construction of the Project including, but not limited to, bonding requirements, building
permit fees, sewer accessibility charges (SAC), water accessibility charges (WAC) and park
dedication fees. The City has agreed to waive its normal fees for right -of -way vacations and for
replatting.
(f) Except as specifically set forth herein, and the Public Improvements to be constructed
by the Authority pursuant to Schedule D, the Redeveloper is purchasing ara�-4easing the
Redevelopment Property "as is ", based solely on the Redeveloper's examination of the
Redevelopment Property and with the understanding that there is no warranty by the City that the
Redevelopment Property is fit for any particular purpose.
(hg) The Redeveloper agrees that it will cooperate with the Authority with respect to any
litigation commenced by third parties in connection with this Agreement.
(ih) The financing arrangements which the Redeveloper has obtained or will obtain to
finance the acquisition of the Redevelopment Property and the construction of the Minimum
Improvements, will be sufficient to enable the Redeveloper to successfully complete the Minimum
Improvements as contemplated in this Agreement.
(fii) Once acquired by the Redeveloper, the Redevelopment Property will not become
exempt from the levy of ad valorem property taxes, or any statutorily authorized alternative, and any
improvements of any kind constructed on the Redevelopment Property will similarly not become
exempt until the Termination Date:
(ki) The Redeveloper agrees that it will not assign, convey or lease any interest in the
Redevelopment Property or any portion thereof, or this Agreement or any portion thereof, to any tax -
exempt entity under the U.S. Internal Revenue Code of 1986, as the same may be amended from
time to time, without the prior written approval of the Authority.
(Lk) Purchasers of homes shall be subject to a deed restriction that fencing may not be
constructed along University Avenue.
7
ARTICLE III
Conveyance of the Redevelopment Property;
Undertakings of Authority and Redevelouer
Section 3.1. Conveyance of the Redevelopment Property.
(a) Title. The Authority shall convey marketable title to and possession of each portion
of the Redevelopment Property to the Redeveloper under a quit claim deed in the form of the
Redevelopment Property Deed contained in Schedule B. At its expense, the Redeveloper shall obtain
any title insurance and endorsements it deems necessary. The Authority will cooperate with the
Redeveloper to ensure that all purchasers of homes are provided with clear and marketable title.
At its expense, the Authority agrees to obtain and shall deliver to the Redeveloper a commitment for
an owner's title insurance policy (ALTA Form B) issued by a title insurance company acceptable to
the Authority and Redeveloper (the "Title Company"), naming Redeveloper as the proposed owner -
insured of the Redevelopment Property in the amount of the Purchase Price (the "Commitment ").
The Commitment shall include removal of or endorsement over general exceptions by means of an
extended coverage endorsement. The Commitment shall have a current date as its effective date and
shall commit to insure marketable title to the Redevelopment Property in the Redeveloper. Such
insurance shall be free and clear of all mechanic's lien claims, questions of survey, unrecorded
interests, rights of parties in possession or other exceptions customarily excluded from such
insurance. Such insurance shall also be free and clear of all other liens and encumbrances. The
Commitment shall set forth all levied real estate and special assessments related to the
Redevelopment Property. The Commitment shall include such title policy endorsements as may be
reasonably requested by the Redeveloper. The Commitment shall have attached copies of all
instruments of record which create any easements or restrictions which are referred to in Schedule B
of the Commitment.
The Redeveloper will be allowed twenty (20) days after receipt of the Commitment and Survey to
make an examination thereof and to make any objections to the marketability of the title to the
Redevelopment Property, objections to be made by written notice or to be deemed waived. Upon
receipt of the Redeveloper's list of written objections, the Authority shall proceed in good faith and
with all due diligence to attempt to cause the objections made by the Redeveloper to be cured. A
title objection shall be deemed to be cured if the Title Company agrees to issue an endorsement to
the owner's title insurance policy affirmatively insuring over such objection.
(b) Survey. The Authority agrees to provide and pay for a boundary survey of the
Redevelopment Property sufficient to permit conveyance thereof (the "Survey"). The Redeveloper
shall pay for any survey(s) necessary to replat or reconvey the Redevelopment Property, or any
portion thereof.
(c) Title Not Marketable. If the title to the relevant portion of the Redevelopment
Property is not marketable as evidenced by the Commitment and the Survey, together with any
appropriate endorsements, and is not made so by the Closing Date, the Redeveloper may either:
(i) Terminate this Agreement (entirely, or only as to the affected portion of the
Redevelopment Property) by giving written notice to the Authority, in which event this Agreement
shall become null and void (entirely, or only as to the affected portion of the Redevelopment
Property) and neither party shall have any further rights or obligations hereunder; or
(ii) Elect to accept the title in its unmarketable or existing condition by giving
written notice to the Authority, in which event the Redeveloper shall (A) hold back adequate
funds from the amount of the payment due to the Authority on such Closing Date to cure the
defects, (B) apply such holdback funds to the cost of curing such defects, including attorneys'
fees, and (C) pay the unexpended balance, if any, to the Authority. If the cost to cure the defects
exceeds the amount of the payment due to the Authority on such Closing Date, the excess shall
be credited against future Purchase Price payments. If the amount of such holdback/credit
cannot be mutually agreed to by the Authority and the Redeveloper, the Title Company shall
determine the amount. The Authority will fully cooperate with the Redeveloper in attempting to
cure any and all such defects.
(d) Conveyance, Purchase Price and Closings. Subject to the terms of this Agreement,
the Authority agrees to sell and the Redeveloper agrees to purchase the Redevelopment Property
for the Purchase Price. The Authority shall execute and deliver to the Redeveloper a
Redevelopment Property Deed on each Closing. The conveyance of title to each portion of the
Redevelopment Property pursuant to the Redevelopment Property Deed shall be subject to all of
the conditions, covenants, restrictions and limitations imposed by this Agreement and the
Redevelopment Property Deed. The Redeveloper shall promptly record each Redevelopment
Property Deed.
Each Closing shall take place at the principal offices of the Authority unless the parties mutually
agree in writing that the Closing shall take place at another location. Closings shall occur according
to the following schedule:
(i) For the three (3) home lots on 57h Place NE on which the model homes will
be constructed as soon as practicable following the Authority's completion of
the Public Improvements which are required to be completed before such
conveyance and recordation of the final plat; and
(ii) For at least an additional two (2) home lots on at least a quarterly basis
thereafter.
The Purchase Price of $43,750 for each home lot shall be paid at each Closing.
(e) Inspection. At the Redeveloper's expense, the Redeveloper and its agents are hereby
granted the right for a period of 30 days following execution of this Agreement to inspect and test the
Redevelopment Property. The Redeveloper shall hold the Indemnified Parties (as defined in Section
6.3) harmless from and shall indemnify the Indemnified Parties for any liability resulting from
W
entering upon the Redevelopment Property or performing any of the tests or inspections referred to in
this Section.
(f) Taxes; Special Assessments; Other Pro Rations. Real estate taxes due and payable
prior to the year of Closing shall be paid by the Authority. Real estate taxes due and payable in the
year of Closing shall be allocated between the parties based on their respective period of ownership
in the year of Closing. Real estate taxes due and payable in the years subsequent to the Closing shall
be paid by the Redeveloper. The Authority shall pay all special assessments pending or levied as of
each Closing Date. The Redeveloper shall pay all special assessments after the Closing Date. The
Redeveloper shall bear all costs of recording the Redevelopment Property Deed except as set forth
below. The Authority shall pay the State tax due in connection with conveyance of the
Redevelopment Property and shall pay the cost of recording any document necessary to place title in
the condition described in this Agreement. The Redeveloper shall pay all other recording costs
incurred in connection with this Agreement. The parties shall equally share other closing costs. Each
party shall pay all sums in cleared funds on the Closing Date.
(g) Plat; Covenants; Easements. The Redeveloper at its expense shall replat the
Redevelopment Property. The Redeveloper shall pay all costs for plats, replats, lot splits, preparation
of restrictive covenants, easements and any other documentation necessary for the construction and
sale of the Minimum Improvements and all costs of recording any such documents.
Section 3.2. Letter of Credit.
(a) At the first Closing, the Redeveloper shall furnish or cause to be furnished to the
Authority an irrevocable Letter of Credit reasonably acceptable in form and substance to the
Authority from a financial institution reasonably acceptable to the Authority. The amount of the
Letter of Credit shall initially be in the amount of $568,750 (which is the total Purchase Price less
payment for the first three home lots) and thereafter may be reduced to the balance owing of the
Purchase Price as payments are made to the Authority.
(b) The Letter of Credit shall be held by the Authority as collateral to ensure that Closings
occur and the balance of the Purchase Price is paid as set forth above. If a Closing fails to occur due
to no fault of the Authority, the Authority may present the Letter of Credit for payment, and, at the
Authority's option, use as much of the proceeds thereof as are necessary to make the delinquent
payment(s). Any excess proceeds from the Letter of Credit not needed to make the delinquent
payment(s) shall be paid to the Redeveloper. The Letter of Credit shall be released upon payment in
full of the Redeveloper's payment obligations hereunder.
Section 3.3. Conditions Precedent to Convey.
(a) The obligation of the Authority to convey the relevant portion of the Redevelopment
Property to the Redeveloper at each Closing shall be subject to the following conditions precedent:
(i) The Redeveloper shall be in material compliance with all of the terms and
provisions of this Agreement;
10
(ii) The Authority shall be satisfied that the Redeveloper's financing is sufficient
to complete the Project;
(iii) The Authority shall have approved the Construction Plans for the Project;
(iv) The Redeveloper shall have obtained building and all other permits required
for the construction of the Minimum Improvements on lots purchased;
(v) The Redeveloper shall have paid the appropriate portion of the Purchase Price
as described in Section 3.1;
(vi) The Redeveloper shall have provided the Letter of Credit; and
(viii) Each of the Redeveloper's representations and warranties set forth in Section
2.2 shall be true as of the Closing Date and the Redeveloper shall so certify in writing at each
Closing.
(b) The obligation of the Redeveloper to purchase the relevant portion of the
Redevelopment Property at each Closing shall be subject to the following conditions precedent:
(i) The environmental condition of the Redevelopment Property to be conveyed
not including any required soil corrections, shall be suitable for the construction of the Minimum
Improvements;
(ii) The Authority shall have completed the Public Improvements required to be
completed before such conveyance and shall be in material compliance with all other terms and
provisions of this Agreement;
(iii) Title to the Redevelopment Property to be conveyed shall be acceptable to the
Redeveloper; and
(iv) Each of the Authority's representations and warranties set forth in Section 2.1
shall be true as of the applicable Date of Closing and the Authority shall so certify in writing at each
Closing.
Section 3.4. Documents at Closing.
(a) At each Closing, the Authority shall deliver to the Redeveloper:
(i) The Redevelopment Property Deed,
(ii) All certificates, instruments and other documents necessary to permit the
recording of the Redevelopment Property Deed,
11
(iii) A standard Seller's Affidavit properly executed on behalf of the Authority
with respect to judgments, bankruptcies, tax liens, mechanics liens, parties in possession, unrecorded
interests, encroachment or boundary line questions and related matters,
(iv) If applicable, the owner's duplicate certificate of title to the Redevelopment
Property. The Authority need not provide an abstract of title if the property is classified as abstract
property,
(v) An affidavit of the Authority in form and content satisfactory to the
Redeveloper stating that the Authority is not a "foreign person" within the meaning of Section 1445
of the Internal Revenue Code, and
(vi) The certification as to representations and warranties described in Section
3.3(b)(iv).
(b) At each Closing, the Redeveloper shall deliver to the Authority:
3.3(a)(viii),
(i) With respect to the first Closing only, the Letter of Credit,
(ii) The relevant portion of the Purchase Price in cleared funds,
(iii) A Certificate of Real Estate Value, and
(iv) The certification as to representations and warranties described in Section
ARTICLE IV
Construction of Site Improvements,
Public Improvements and Minimum Improvements
Section 4.1. Public Improvements. The Authority will construct at no cost to the
Redeveloper the Public Improvements set forth on Schedule D as soon as practicable, but no later
than June 1, 2006 (subject to Unavoidable Delays). The Redeveloper shall not be required to accept
conveyance of any portion of the Redevelopment Property unless the Authority has completed the
Public Improvements required to be completed before such conveyance. The Redevelopment
Pro ggy will not be specially assessed for the Public Improvements.
Section 4.2. Construction of Site Improvements and Minimum Improvements.
(a) Subject to the acquisition of the Redevelopment Property, the Redeveloper shall
perform and pay for all Site Improvements described in Schedule E in accordance with City
specifications. In addition, the City may request that the Redeveloper perform any required
12
environmental remediation, the cost of which shall be deducted from future payments of the
Purchase Price or, to the extent remediation exceeds the Purchase Price, reimbursed by the Authority
to the Redeveloper. To the extent such remediation is outside the Redeveloper's expertise, the
Redeveloper shall coordinate such remediation and shall be reimbursed for its time.
(b) The Minimum hmprovements consist of 16 for -sale single - family homes. The first
homes to be constructed shall be three model homes on the three home lots on 57th Place NE. The
Redeveloper shall use its best efforts to cause the unit sales prices of all homes to average
approximately $300,000. Floor plans and home designs will be consistent with the plans included in
the Redeveloper's response to the Authority's Request for Proposals. The quality of the Minimum
Improvements shall be comparable to or better than that currently being constructed by the
Redeveloper at its projects in Hugo, Blaine, and Oak Grove. The Redeveloper shall construct the
Minimum Improvements in accordance with the Construction Plans approved by the Authority.
Subject to Unavoidable Delays, Redeveloper shall begin construction on or about April 15, 2006 or
as soon as the lifting of winter road restrictions permit, and shall complete construction on or about
June 30, 2008. In the event the Authority fails to complete the Public hnprovements on or before
June 1, 2006, the aforementioned construction dates for the Redeveloper shall be corres op ndingly
extended without penalty.
Section 4.3. Preliminary Plans and Construction Plans.
(a) Preliminary Plans. The Redeveloper shall submit Preliminary Plans to the Authority
consisting of typical floor plans and sketches of the typical exterior and interior of the proposed
Minimum hnprovements which illustrate the size and character of the proposed buildings. The
Preliminary Plans shall not be inconsistent with this Agreement or any applicable state and local
laws and regulations, insofar as said consistency may be determined at said preliminary stage. If
approval of the Preliminary Plans is requested in writing by the Redeveloper at the time of
submission thereof to the Authority, the Authority shall approve or reject (in whole or in part) such
Preliminary Plans in writing within twenty (20) days after the date of receipt thereof. If no written
rejection is made within said twenty (20) days, the Preliminary Plans shall be deemed approved by
the Authority. Any rejection shall set forth in detail the reasons therefor. If the Authority rejects the
Preliminary Plans, in whole or in part, the Redeveloper shall submit new or revised Preliminary
Plans within a reasonable time after receipt by the Redeveloper of the notice of rejection. The
provisions of this Section relating to approval, rejection and resubmission of new or revised
Preliminary Plans shall continue to apply until the Preliminary Plans have been approved by the
Authority. The Authority's approval of the Preliminary Plans shall not be unreasonably withheld.
(b) Construction Plans. Prior to the Redeveloper's commencement of construction of the
Minimum Improvements, the Redeveloper shall submit Construction Plans to the Authority. The
Construction Plans shall provide for the construction of the Minimum hnprovements and shall be in
conformity in all material respects with this Agreement, the Preliminary Plans, and all applicable
state and local laws and regulations. The Authority shall approve the Construction Plans in writing
if. (i) the Construction Plans conform in all material respects to the terms and conditions of the
Preliminary Plans and this Agreement; (ii) the Construction Plans conform to all applicable federal,
State and local laws, ordinances, rules and regulations; (iii) the Construction Plans are adequate to
13
provide for the construction of the Minimum Improvements; and (iv) no Event of Default has
occurred and is continuing.
No approval by the Authority shall be deemed to relieve the Redeveloper of the obligation to comply
with the terms of this Agreement and applicable federal, State and local laws, ordinances, rules and
regulations, or to construct the Minimum Improvements in accordance therewith. No approval by
the Authority shall constitute a waiver of any Event of Default.
Upon the Redeveloper's submittal of the Construction Plans to the Authority, such Construction
Plans shall be deemed approved unless rejected in writing by the Authority, in whole or in part,
within twenty (20) days after the date of their receipt by the Authority. The Authority's approval
shall not be unreasonably withheld. Any rejection shall set forth in detail the reasons therefor. If the
Authority rejects any Construction Plans in whole or in part, the Redeveloper shall submit new or
corrected Construction Plans within a reasonable time after written notification to the Redeveloper of
the rejection. The provisions of this Section relating to approval, rejection and resubmission of
corrected Construction Plans shall continue to apply until the Construction Plans have been approved
by the Authority. Approval shall constitute a conclusive determination that the Construction Plans
(and the Minimum Improvements, if constructed in accordance with said plans) comply with the
provisions of this Agreement relating thereto. The Construction Plans shall not be rejected due to
any objection which could have been raised upon review of the Preliminary Plans and corrected more
economically at that time.
(c) Changes. If the Redeveloper desires to make any material change in the Preliminary
Plans or Construction Plans after their approval by the Authority, then the Redeveloper shall submit
the proposed change to the Authority for its approval. If the Preliminary Plans or Construction
Plans, as modified by the proposed change, conform to the requirements of this Section with respect
to such previously approved Plans, the Authority shall approve the proposed change and notify the
Redeveloper in writing of its approval. Such change in the Preliminary Plans or Construction Plans
shall, in any event, be deemed approved by the Authority unless rej ected in writing by the Authority,
in whole or in part, within twenty (20) days after receipt of the notice of such change, setting forth in
detail the reasons therefor.
Section 4.4. Certificates of Com lep tion.
(a) Promptly after completion of the Minimum Improvements on each home lot, the
Authority will furnish the Redeveloper with a Certificate of Completion therefor. The Certificate of
Completion shall be a conclusive determination and conclusive evidence of the satisfaction and
termination of the agreements and covenants in this Agreement and in the Redevelopment Property
Deed with respect to the Redeveloper's obligations to construct the Minimum Improvements on such
home lot.
(b) If the Authority believes the Redeveloper has failed to complete the Minimum
Improvements as to any home lot for which a Certificate of Completion is requested by the
Redeveloper, the Authority shall, within twenty (20) days after such written request by the
Redeveloper, provide the Redeveloper with a written statement, indicating in adequate detail in what
14
respects the Authority believes the Redeveloper has failed to complete the Minimum Improvements
in accordance with the provisions of this Agreement, and what measures or acts will be necessary, in
the opinion of the Authority, for the Redeveloper to perform in order to obtain a Certificate of
Completion.
(c) The construction of the Minimum Improvements for each home lot shall be deemed to
be completed in accordance with the Redeveloper's obligations hereunder when the City has issued a
certificate of occupancy for the Minimum Improvements on that home lot.
ARTICLE V
Insurance
Section 5.1. Redeveloper Insurance.
(a) The Redeveloper will provide and maintain at all times during the process of
constructing the Minimum Improvements and, from time to time at the request of the Authority,
furnish the Authority with proof of payment of premiums on:
(i) Builder's risk insurance, written on the so -called `Builder's Risk— Completed
Value Basis," in an amount equal to one hundred percent (100 %) of the insurable value of the
Minimum Improvements at the date of completion, and with coverage available in nenApeAkWon-
reporting form on the so- called "all risk" form of policy. The interest of the Authority shall be
protected in accordance with a clause in form and content reasonably satisfactory to the Authority_
The builder's risk policy shall be obtained for each of the 16 single family homes constituting the
Minimum Improvements at the time the Redeveloper acquires title to the lot on which the home is to
be constructed;
(ii) Comprehensive general liability insurance together with an Owner's
Contractor's Policy with limits against bodily injury and property damage of not less than $2,000,000
for each occurrence (to accomplish the above - required limits, an umbrella excess liability policy may
be used); and
(iii) Workers' compensation insurance, with statutory coverage.
(b) All insurance required by this Article V shall be taken out and maintained in
responsible insurance companies selected by the Redeveloper which are authorized under the laws of
the State to assume the risks covered thereby. The Redeveloper will deposit annually with the
Authority policies evidencing all such insurance, or a certificate(s) or binder(s) of the respective
insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article
V, each policy shall contain a provision that the insurer shall not cancel or modify it without giving
written notice to the Redeveloper and the Authority at least thirty (30) days before the cancellation or
modification becomes effective. Not less than fifteen (15) days prior to the expiration of any policy,
the Redeveloper shall furnish the Authority with evidence satisfactory to the Authority that the policy
15
has been renewed or replaced by another policy conforming to the provisions of this Article V, or
that there is no necessity therefor under the terms hereof. In lieu of separate policies, the
Redeveloper may maintain a single policy, blanket or umbrella policies, or a combination thereof,
having the coverage required herein, in which event the Redeveloper shall deposit with the Authority
a certificate or certificates of the respective insurers as to the amount of coverage in force upon the
Minimum Improvements.
Section 5.2. Subcontractor Insurance. The Redeveloper shall, from time to time, provide
the Authority with evidence satisfactory to the Authority that the Redeveloper's subcontractors are
maintaining workers' compensation insurance as required by all applicable laws.
ARTICLE VI
Prohibitions Against Assignment and Transfer; Indemnification
Section 6.1. Representation as to Redevelo ment. The Redeveloper represents and agrees
that its purchase of the Redevelopment Property, and its other undertakings pursuant to this
Agreement, are, and will be used, for the purpose of redevelopment of the Redevelopment Property
and not for speculation in land holding. The Redeveloper further recognizes that the qualifications
and identity of the Redeveloper are of particular concern to the Authority, in view of (a) the
importance of the redevelopment of the Redevelopment Property to the general welfare of the
Authority; (b) the substantial financing and other public aids that have been made available by the
City or the Authority for the purpose of making such redevelopment possible; and (c) the fact that
any act or transaction involving or resulting in a significant change in the identity of the party or
parties in control of the Redeveloper or the degree of such control is for practical purposes a transfer
or disposition of the Redevelopment Property then owned by the Redeveloper. The Redeveloper
further recognizes that it is because of such qualifications and identity that the Authority is entering
into this Agreement with the Redeveloper, and, in so doing, is willing to accept the obligations of the
Redeveloper for the faithful performance of all undertakings and covenants hereby by it to be
performed.
Section 6.2. Prohibition Against Transfer of Pro e�rty and Assignment of Agreement. Also,
for the foregoing reasons the Redeveloper represents and agrees that prior to the earlier of the
issuance of the final Certificate of Completion for the Minimum Improvements or the Termination
Date:
(a) Except for the purpose of obtaining financing necessary to enable the Redeveloper to
perform its obligations with respect to constructing the Minimum Improvements and any other
purpose authorized by this Agreement, the Redeveloper has not made or created and will not make or
create or suffer to be made or created any total or partial sale, assignment, conveyance, or lease, or
any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the
Redevelopment Property or any part thereof or any interest therein, or any contract or agreement to
do any of the same, without the prior written approval of the Authority. If the Redeveloper remains
11NO
liable and bound by this Redevelopment Agreement, the Authority's approval is not required. Any
such transfer shall be subject to the provisions of this Agreement. Notwithstanding the foregoing,
the Redeveloper may:
(i) Transfer the Redevelopment Property to any corporation, partnership, or
limited liability company controlling, controlled by, or under common control with the Redeveloper,
or
(ii) Enter into purchase agreements for the sale of the homes in the ordinary
course of the Redeveloper's business.
(b) In the event the Redeveloper, upon transfer or assignment of the Redevelopment
Property or any portion thereof, seeks to be released from its obligations under this Agreement, the
Authority shall be entitled to require, except as otherwise provided in this Agreement, as conditions
to any such release that:
(i) Any proposed transferee shall have the qualifications and financial
responsibility, in the reasonable judgment of the Authority, necessary to fulfill the Redeveloper's
obligations hereunder.
(ii) Any proposed transferee, by instrument in writing satisfactory to the
Authority and in form recordable among the land records, shall, for itself and its successors and
assigns, and expressly for the benefit of the Authority, have assumed all of the obligations of the
Redeveloper under this Agreement and agreed to be subject to all of the conditions and restrictions to
which the Redeveloper is subj ect; provided, however, that the fact that any transferee of, or any other
successor in interest to, the Redevelopment Property, or any part thereof, shall not, for whatever
reason, have assumed such obligations or so agreed, shall not (unless and only to the extent
otherwise specifically provided in this Agreement or agreed to in writing by the Authority) deprive
the Authority of any rights or remedies with respect to the Redevelopment Property or any part
thereof or the construction of the Minimum Improvements; it being the intent of the parties as
expressed in this Agreement that (to the fullest extent permitted at law and in equity and excepting
only in the manner and to the extent provided otherwise in this Agreement) no transfer of, or change
with respect to, ownership in the Redevelopment Property or any part thereof, or any interest therein,
whether voluntary or involuntary, shall operate, legally or practically, to deprive or limit the
Authority with respect to any rights, remedies or controls provided in this Agreement as to the
Minimum Improvements that the Authority would have had, had there been no such transfer or
change. In the absence of specific written agreement by the Authority to the contrary, no such
transfer or approval by the Authority thereof shall be deemed to relieve the Redeveloper, or any other
party bound by this Agreement or otherwise with respect to the construction of the Minimum
Improvements, from any of its obligations with respect thereto.
(iii) Any and all instruments and other legal documents involved in effecting the
transfer of any interest in this Agreement or the Redevelopment Property governed by this Article
shall be in a form reasonably satisfactory to the Authority.
17
If the foregoing conditions are satisfied, then the Redeveloper shall be released from its obligations
under this Agreement as to the portion of the Redevelopment Property that is transferred, assigned or
otherwise conveyed.
Section 6.3. Release and Indemnification Covenants.
(a) The Redeveloper covenants and agrees that the City, the Authority and the governing
body members, officers, agents, servants and employees of either of them (collectively, the
"Indemnified Parties ") shall not be liable for, and agrees to indemnify and hold harmless the
Indemnified Parties against, any loss or damage to property or any injury to or death of any person
occurring at or resulting from any defect in the Minimum Improvements, due to any act, including
negligence, of the Redeveloper or of others acting on its behalf or under its direction or control;
provided, however, that the Redeveloper's indemnification obligations in this subparagraph (a) shall
not apply to any loss resulting from negligent, willful or wanton misconduct of any of the
Indemnified Parties.
(b) The Redeveloper agrees to protect and defend the Indemnified Parties, now or
forever, and further agrees to hold the Indemnified Parties harmless, from any claim, demand, suit,
action or other proceeding by any person or entity arising or purportedly arising from this Agreement
or the transactions contemplated hereby or the construction and ownership of the Minimum
Improvements, due to any act, including negligence, of the Redeveloper or of others acting on the
behalf or under the direction or control of the Redeveloper; provided, however, that the
Redeveloper's indemnification obligations in this subparagraph (b) shall not apply to any loss
resulting from any negligent or willful misrepresentation or any negligent, willful or wanton
misconduct of any of the Indemnified Parties.
(c) None of the Indemnified Parties shall be liable for any damage or injury to the person
or property of the Redeveloper or its officers, agents, servants or employees or any other person who
may be on or about the Redevelopment Property or Minimum Improvements due to any act or
negligence of any person, other than the negligence or misconduct of an Indemnified Party.
(d) None of the Indemnified Parties shall be liable to the Redeveloper or to any third
party for any consequential or other damages that may arise out of delays of any kind relating to
activities undertaken pursuant to this Agreement, including but not limited to delays due to
environmental conditions, court challenges or elements outside the control of the Authority.
(e) All covenants, stipulations, promises, agreements and obligations of the Authority
contained herein shall be deemed to be the covenants, stipulations, promises, agreements and
obligations of the Authority and not of any governing body member, officer, agent, servant or
employee of the Authority in the individual capacity thereof.
(f) Nothing in this Section is intended to waive any municipal liability limitations
contained in Minnesota Statutes, particularly Chapter 466.
ARTICLE VII
Events of Default
Section 7.1. Events of Default Defined. The following shall be "Events of Default' under
this Agreement and the term "Event of Default' shall mean any one or more of the following events:
(a) Failure by the Redeveloper, while the owner of all or any portion of the
Redevelopment Property, to timely pay all real property taxes assessed with respect thereto.
(b) Failure by the Redeveloper to complete the Project pursuant to the terms, conditions
and limitations of this Agreement.
(dc) Failure by the Redeveloper to substantially observe or perform any other material
covenant, condition, obligation or agreement on its part to be observed or performed under this
Agreement, following notice of default to the Redeveloper as discussed herein and the expiration of
thirty (30) days to cure said alleged default.
(od) The Redeveloper shall:
(i) file any petition in bankruptcy or for any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under the United States
Bankruptcy Code or under any similar federal or state law; or
(ii) make an assignment for the benefit of its creditors; or
(iii) admit in writing its inability to pay its debts generally as they become due; or
(iv) be adjudicated as bankrupt or insolvent; or if a petition or answer proposing
the adjudication of the Redeveloper as bankrupt or its reorganization under any present or future
federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition
or answer shall not be discharged or denied within ninety (90) days after the filing thereof; or a
receiver, trustee or liquidator of the Redeveloper, or of the Project, or part thereof, shall be appointed
in any proceeding brought against the Redeveloper, and shall not be discharged within ninety (90)
days after such appointment, or if the Redeveloper shall consent to or acquiesce in such appointment.
Section 7.2. Remedies on Default. Whenever any Event of Default referred to in Section 7.1
occurs, the Authority may take any one or more of the actions set forth below if the Event of Default
is not cured within thirty (30) days after the Authority provides written notice to the Redeveloper of
such Event of Default:. Notice of default shall s pecify the nature of the default under this Agreement
and the actions necessary to cure the default.
19
not be cured, ended, remedied or assurances reasonably satisfactory to the Authority made within
ninety (90) days after written demand from the Authority to the Redeveloper to do so; or
(b) The Redeveloper fails to pay real estate taxes or assessments on the Redevelopment
Property or any part thereof when due from the Redeveloper or creates, suffers, assumes, or agrees to
any encumbrance or lien on the Redevelopment Property which is unauthorized by this Agreement
and has priority over the Authority's rights under this Agreement, or shall suffer any levy or
attachment to be made, or any materialmen's or mechanics' liens, or any other unauthorized
encumbrance or lien to attach to the Redevelopment Property, and such taxes or assessments shall
not have been paid, or the encumbrance or lien removed or discharged or provisions reasonably
satisfactory to the Authority made for such payment, removal, or discharge within thirty (30) days
after written demand by the Authority to do so; provided, that if the Redeveloper shall first notify the
Authority of its intention to do so, it may in good faith contest any real estate taxes or any
mechanics' or other lien and, in such event, the Authority shall permit such taxes or mechanics' or
other lien to remain undischarged and unsatisfied during the period of such contest and any appeal,
but only if the Redeveloper provides the Authority with a bank letter of credit or other security in the
amount of the taxes or the lien, in a form reasonably satisfactory to the Authority pursuant to which
the bank or other obligor will pay to the Authority the amount of such taxes or lien in the event that
the taxes or the lien is finally determined to be valid. During the course of such contest the
Redeveloper shall keep the Authority informed respecting the status of such defense; or
(c) There is, in violation of this Agreement, any transfer of the Redevelopment Property
or any part thereof (other than in connection with a sale of a home to a bona fide purchaser), or any
change in the ownership of the Redeveloper or the degree thereof, and such violation shall not be
cured within ninety (90) days after written demand by the Authority to the Redeveloper;
The Authority shall provide written notice to the Lender issuing the Letter of Credit and provide the
Lender ninety (90) days to cure the deficiency or default of the Redeveloper and assume all rights
and responsibilities of the Redeveloper under this Agreement If the Lender fails to assume and cure
M and all deficiencies and defaults by the Redeveloper, then the Authority shall have the right to re-
enter and re -take possession of the Redevelopment Property and to terminate (and revest in the
Authority) the estate conveyed by any Redevelopment Property Deed to the Redeveloper, it being the
parties' intent that the conveyance of the Redevelopment Property to the Redeveloper shall be made
upon, and that the Redevelopment Property Deed shall contain, a condition subsequent to the effect
that in the event of any default on the part of the Redeveloper and failure on the part of the
Redeveloper to remedy such default within the period and in the manner stated in such subdivisions,
the Authority at its option may declare a termination in favor of the Authority of the title and all the
rights and interest in and to the Redevelopment Property conveyed to the Redeveloper, and that such
title and all rights and interests of the Redeveloper, and any assigns or successors in interest to and in
the Redevelopment Property, shall revert to the Authority, but only if the events stated in Section 7.1
have not been cured within the time periods provided above.
The Authority shall have no right to re -enter or retake title to and possession of any part of the
Redevelopment Property for which a Certificate of Completion has been issued or following the
Termination Date.
21
Section 7.7. Resale of Reacquired Property Disposition of Proceeds. Upon revesting in the
Authority of title to any parcel of the Redevelopment Property or any part thereof as provided above,
the Authority shall have no further responsibility to the Redeveloper hereunder with respect to that or
any subsequent parcel and may sell or otherwise devote said parcels to such other uses as the
Authority in its sole discretion determines. Any sum remaining upon resale after payment of all
costs and expenses as allowed by this Agreement shall be paid to the Redeveloper.
Section 7.8. Subordination.
(a) The Authority recognizes that the Redeveloper intends to finance the construction of
the Project (the "Construction Loan"), that in order to do so the construction lender (the "Lender ")
may require a first mortgage or other lien ( "Mortgage ") on the portions of the Redevelopment
Property which have been conveyed to the Redeveloper which is prior to the Redevelopment
Property Deed, and that the Authority will have to subordinate such rights.
(b) The Authority will agree that the Lender of the Construction Loan shall have the right
to cure or remedy any breach or default of the Redeveloper, provided the Lender has first expressly
assumed the obligations to the Authority (by written agreement satisfactory to the Authority) to
complete the Minimum Improvements on the Redevelopment Property or the part thereof which is
subject to the lien of the Mortgage. Upon request of the Authority, the Lender will agree to notify
the Authority of any default of the Redeveloper under the terms of the Construction Loan. The
Authority shall have the right, at its option, to cure or remedy any breach or default with respect to
the Construction Loan and shall have any redemption rights in the event of foreclosure.
(c) Additional conditions for the Authority subordinating its interests in this Agreement
and approving a Mortgage include the following:
(i) The Construction Loan proceeds will be used solely for the design,
development and construction of the Project;
(ii) The Construction Loan proceeds will be disbursed by a title company pursuant
to a construction loan disbursing or similar agreement among the Redeveloper, the Lender and the
title company whereby the title company will coordinate the payment for all work which may give
rise to mechanics' liens;
(iii) The Authority shall have the right to review the Construction Loan documents
to reasonably satisfy itself that sufficient funds are or will be available to complete construction of
the Project.
(d) Upon the Redeveloper's performing the above conditions, the Authority agrees that
any and all rights of the Authority under this Agreement and the Redevelopment Property Deeds
shall be subordinate to the rights of the Lender, including without limitation:
22
(i) any and all rights of the Authority to the payment or use of the net proceeds
of insurance; and
(ii) any and all rights of the Authority to re -enter and retake possession of the
Redevelopment Property and to re -vest in the Authority the estate conveyed
by any Redevelopment Property Deed,
shall be subject and subordinate to the lien of the Mortgage and to the rights, interests and remedies
of the Lender and its successors and assigns (including the purchaser at any foreclosure sale or the
transferee of any transfer in lieu of foreclosure) under the Mortgage. The Authority further
covenants and agrees that a purchaser at a foreclosure sale or the transferee of any transfer in lieu of
foreclosure shall take title to the mortgaged property free and clear of all rights of the Authority and
its successors and assigns under this Agreement.
(e) The Authority further agrees that at the time of closing of the Construction Loan, it
will enter into a subordination agreement in accordance with this Section in form and content
reasonably acceptable to the Lender.
23
ARTICLE VIII
Additional Provisions
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Section &2 -.881. Conflict of Interest. No member, official, or employee of the Authority
shall have any personal interest, direct or indirect, in the Agreement, nor shall any such member,
official or employee participate in any decision relating to the Agreement which affects his personal
interests or the interests of any corporation, partnership, or association in which he is, directly or
indirectly, interested.
Section 8-.X8.2. Restrictions on Use. The Redeveloper shall not in marketing or sale of the
Redevelopment Property, the Minimum Improvements, or any portion of the such real property or
improvements discriminate upon the basis of race, color, creed, sex or national origin or any other
basis prohibited by applicable local, State or federal laws or regulations.
Section 8:4.8_3. Provisions Not Merged With Deed. None of the provisions of this
Agreement are intended to or shall be merged by reason of any deed transferring any interest in the
24
Redevelopment Property and any such deed shall not be deemed to affect or impair the provisions
and covenants of this Agreement.
Section 88_4. Notices and Demands. Any notice, demand, or other communication
permitted or required to be given hereunder by either party to the other shall be deemed given or
delivered if it is dispatched by registered or certified mail, postage prepaid, return receipt requested,
transmitted by facsimile, delivered by a recognized overnight carrier, or delivered personally to the
following addresses:
(a) If to the Redeveloper: Blueprint Homes, Inc., 1512 - 125th Ave NE, Suite 139,
Blaine, MN 55449, Attention: Jeff Magdik. Fax: (763) 862 -9728.
With a copy to: Felhaber, Larson, Fenlon & Vogt, 2100 Piper Jaffray Plaza, 444
Cedar Street, St. Paul, MN 55101, Attention: Stephen E. Yoch, Esq. Fax: (651) 222 -8905.
(b) If to the Authority: Housing and Redevelopment Authority in and for the City of
Fridley, Minnesota, 6431 University Avenue NE, Fridley, MN 55432, Attention: City Manager.
Fax: (763) 571 -1287.
With a copy to: Krass Monroe, P.A., 8000 Norman Center Drive, Suite 1000,
Minneapolis, MN 55437, Attention: Gay L. Cemey, Esq. Fax: (952) 885 -5969.
Section 8.8_5. CounteWarts. This Agreement may be executed in any number of
counterparts, each of which shall constitute one and the same instrument.
Section 8:8_6. Law Governing. This Agreement will be governed and construed in
accordance with the laws of the State.
Section 8:.-8.7. Termination. This Agreement shall expire on its Termination Date if it
has not been terminated before such date pursuant to any provision hereof.
Section 8:8_8. Provisions Surviving Termination. No termination of this Agreement shall
terminate any indemnification or other rights or remedies under this Agreement due to (i) any Event
of Default which occurred and was continuing prior to such termination, or (ii) any cause of action
which arose before the termination.
IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in
its name and behalf and the Redeveloper has caused this Agreement to be duly executed on or as of
the date first above written.
(Signature pages follow)
25
Dated: , 2005
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY, MINNESOTA
By
Its Chairman
I' ,
Its Executive Director
STATE OF MINNESOTA )
)ss
COUNTY OF ANOKA )
On this day of , 20_ before me, a Notary Public, personally
appeared Lawrence E. Commers and William W. Bums, to me personally known who by me duly
sworn, did say that they are the Chairman and Executive Director, respectively, of the Housing and
Redevelopment Authority in and for the City of Fridley, Minnesota, a political subdivision of the
State of Minnesota, and acknowledged the foregoing instrument on behalf of said authority.
Notary Public
Authority Signature Page - Contract for Private Redevelopment
w
Dated: , 2005
BLUEPRINT HOMES, INC.
By
Its
STATE OF MINNESOTA )
)ss
COUNTY OF )
On this day of , 20 , before me, a Notary Public, personally
appeared , the of Blueprint Homes, Inc., a
Minnesota corporation, and acknowledged the foregoing instrument on behalf of said corporation.
Notary Public
Redeveloper Signature Page - Contract for Private Redevelopment
27
SCHEDULE A
DESCRIPTION OF REDEVELOPMENT PROPERTY
SCHEDULE B
FORM OF REDEVELOPMENT PROPERTY DEED
THIS INDENTURE, made this _ day of , 20_, between the Housing and
Redevelopment Authority in and for the City of Fridley, Minnesota, a public body corporate and
politic (the "Grantor "), and Blueprint Homes, Inc., a Minnesota corporation (the "Grantee ").
WITNESSETH, that the Grantor, in consideration of the sum of One Dollar ($1.00) and
other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby
convey and quit claim to the Grantee, its successors and assigns, forever, all the tract or parcel of
land lying and being in the County of Anoka and State of Minnesota described as follows:
See Exhibit 1 hereto
TOGETHER with all hereditaments and appurtenances belonging thereto, subject to all conditions,
covenants, restrictions and limitations imposed by: (a) the Contract for Private Redevelopment by
and between the Housing and Redevelopment Authority in and for the City of Fridley, Minnesota,
and Blueprint Homes, Inc., dated , 2005 (the "Contract "); and (b) all other matters of
record.
The Grantor further states that:
The Grantee has committed to construct certain improvements pursuant to Section 4.2 of the
Contract and the Grantor has a right of re -entry in accordance with neetieZ - 4.2 and :v
resp®etively,Section 7.6 of the Contract. Title is conveyed hereby subject to the following conditions
subsequent: In the event that the Grantee defaults on its obligations in the Contract and fails to
properly cure said default, the Grantor may declare a termination of all right, title and interest
conveyed herein and all right, title and interest in the premises described in Exhibit 1 reverts to the
Grantor. Upon the performance of the Grantee's obligations in the Contract, including completion of
the improvements, with respect to all or a portion of the premises described in Exhibit 1 the release
of the right of re -entry and reverter as to all or a portion of that premises shall be evidenced by the
recording of a Certificate of Completion and Release of Forfeiture in the form attached as Exhibit 2
to this deed.
PQ
IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its
behalf by its and the first date above written.
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY,
MINNESOTA
By
Its Chairman
By
Its Executive Director
STATE OF MINNESOTA )
)ss
COUNTY OF ANOKA )
On this day of , 20_ before me, a Notary Public, personally
appeared and to me personally known who by me duly sworn,
did say that they are the and respectively, of the Housing and
Redevelopment Authority in and for the City of Fridley, Minnesota, and acknowledged the foregoing
instrument on behalf of said Authority.
This instrument was drafted by:
KRASS MONROE, P.A. (GLC)
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437
(952) 885 -5999
30
Notary Public
Tax statements for the real property
described in this instrument should be
sent to:
Blueprint Homes, Inc.
1512 - 125th Ave NE, Suite 139
Blaine, MN 55449
SCHEDULE C
FORM OF CERTIFICATE OF COMPLETION
AND RELEASE OF FORFEITURE
WHEREAS, the Housing and Redevelopment Authority in and for the City of Fridley,
Minnesota, a political subdivision of the State of Minnesota (the "Authority") by a deed recorded in
the Office of the County Recorder or the Registrar of Titles in and for the County of Anoka, State of
Minnesota, as Deed Document Number has conveyed to Blueprint
Homes, Inc., a Minnesota corporation (the "Redeveloper") certain real property described on Exhibit
1 attached to this Certificate; and
WHEREAS, the Deed contained certain covenants and conditions, the breach of which by the
Redeveloper, its successors and assigns, would result in a forfeiture and right of re -entry by the
Authority, its successors and assigns, said covenants and restrictions being set forth in the Deed; and
WHEREAS, the Redeveloper has performed said covenants and conditions with respect to
the land described on Exhibit 1 insofar as it is able and in a manner deemed sufficient by the
Authority to permit the execution and recording of this Certification;
NOW, THEREFORE, this is to certify that all building construction and other physical
improvements specified to be done and made by the Redeveloper have been completed and the above
covenants and conditions in the Deed have been performed by the Redeveloper therein and that the
provisions for forfeiture of title and right to re -entry for breach of condition subsequent by the
Authority therein are hereby released absolutely and forever insofar as they apply to the land
described herein, and the County of Anoka, State of Minnesota is hereby authorized to accept for
recording and to record this instrument, and the filing of this instrument shall be a conclusive
determination of the satisfactory termination of the covenants and conditions of the contract referred
to in the Deed, the breach of which would result in a forfeiture and right of re- entry.
Dated: , 200
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY, MINNESOTA
05
Its Chairman
By
Its Executive Director
31
STATE OF MINNESOTA )
)ss
COUNTY OF ANOKA )
On this day of , 20 before me, a Notary Public, personally
appeared and to me
personally known who by me duly sworn, did say that they are the Chairman and Executive Director,
respectively, of the Housing and Redevelopment Authority in and for the City of Fridley, Minnesota,
a political subdivision of the State of Minnesota, and acknowledged the foregoing instrument on
behalf of said Authority.
This instrument was drafted by:
KRASS MONROE, P.A. (GLC)
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437
(952) 885 -5999
32
Notary Public
SCHEDULE D
PUBLIC IMPROVEMENTS
The Authority shall construct the following Public Improvements:
• Building demolition and removal of demolition debris, basements and driveways
• Site clearance, including removal of all foundations and buildings and leaving the sites in a
condition with clean fill to level ground
• Sanitary sewer to the edge of each of the North and South Sites — the Authority shall ensure
there is sufficient sanitary sewer capacity to service the intended redevelopment
• Water mains and laterals to the edge of each of the North and South Sites — the Authority
shall ensure there is sufficient water capacity to service the intended redevelopment
• Construct new sewer and water services to the front property line for all lots
• Construct a 6" water main in 3rd Street from 58th Avenue to 57th Place
• Construct an 8" sanitary sewer main in 3rd Street to serve the unsewered lots
• Remove and replace concrete curb and gutter as necessary for utilities, utility services, and
driveways, and also as required to close vacated streets
• Remove existing bituminous pavement on 3rd Street, 57th Place, 58th Avenue, and 59th
Avenue
• Construct new bituminous pavement on 3rd Street and on 57th Place as needed
• Environmental remediation which shall place the Redevelopment Property in a condition
required by law for residential use. Such remediation shall occur if recommended by a
licensed environmental engineer
• Vacation of the public rights of way indicated on Schedule A
• Ornamental fencing along University Avenue (timing to be coordinated with Redeveloper's
construction of the Minimum Improvements)
33
SCHEDULE E
SITE IMPROVEMENTS
• Public utility r-eleeation a onnection within the Redevelopment Property
• Landscaping according to a City- approved overall landscaping plan to include screening
along University Avenue with a minimum per -unit expenditure of $5,000
• Grading and import/export of soil
• Retaining walls and fences, if needed
34
deleted
35
AGENDA ACTION ITEM
HRA MEETING OF FEBRUARY 29 2006
Date: January 26, 2006
To: William Burns, Executive Director
From: Paul Bolin, Asst. Executive HRA Director
Rick Pribyl, Finance Director
Mike Jeziorski, HRA Accountant
Subject: Termination of Contract with Lofthouse Bakery Products
Attached you will find a letter of termination in regard to the Redevelopment Contract and Note
that was originally dated January 9, 1992. On March 23, 2004, the contract and note was
assigned to Lofthouse Bakery Products, Inc., as part of the sale of the McGlynn Bakery. The
contract contains a requirement for the developer (that now being Lofthouse Bakery Products) to
submit required employment reports to the HRA on a semiannual basis. The contract provids that
should the developer not submit the reports for two successive years, it would entitle the BRA to
terminate the contract.
Staff is recommending that the HRA make a motion to terminate the contract with the Lofthouse
Bakery Products, Inc.
RDP /me
Attachment
January 27, 2006
Carla E. Laszewski, Staff Attorney
Lofthouse Bakery Products, Inc.
c/o Ralcorp Holdings, Inc.
800 Market St, Suite 2900
St. Louis, MO 63101
Re: HRA - McGlynn Redevelopment Contract and Note
Dear Ms. Laszewski:
On March 23, 2004, the Housing and Redevelopment Authority in and for the City of Fridley, MN
(the "HRA") consented to the assignment by McGlynn Bakeries, LLC (as successor to McGlynn
Bakeries, Inc.) of the Contract for Private Redevelopment with the HRA dated as of January 9,
1992 and the transfer of the Redevelopment Property (as defined in the Contract) to Sparky
Acquisition Corporation. The assignee's name has since changed to Lofthouse Bakery
Products, Inc.
Section 2.20) of the Contract required McGlynn, and now Lofthouse as its assignee, to submit to
the HRA on or before August 1, of each year, verification of employment of 200 full time
employees at the Redevelopment Project (as defined in the Contract), which verification is to be
prepared by a certified public accountant. This requirement remains in effect until the earliest of
February 1, 2009, full payment of the Note (as defined in the Contract) or termination of the
Contract.
Lofthouse failed to submit the required employment verification reports to the HRA which were
due on August 1, 2004 and August 1, 2005. Failure to file the reports for two successive years
entities the HRA to terminate the Contract pursuant to Section 8.4 thereof. This shall serve as
notice that the HRA has elected to terminate the Contract pursuant to that Section and
considers its obligation to make payments on the Note terminated.
Sincerely,
Lawrence R. Commers
HRA Chairperson
rd-W-1 INFORMATIONAL ITEM
HRA MEETING OF FEBRUARY 2,2006
MY OF
FRIDLEY
Date: January 26, 2006
To: William Burns, Executive Director
From: Paul Bolin, Asst. Executive HRA Director
Subject: Islands of Peace Housing Market Update M-06-22
There has been little time to discuss the Islands of Peace since the meeting with the
Developer in mid-November. At that time it became evident that Bancor's vision for the
site was not matching that of the Council and HRA.
The developer's ideas included rehabbing the existing apartment buildings along Island
Park Drive and constructing additional units between the existing buildings. This
concept would provide 140 units of workforce housing and would cost substantially less
than removing all buildings and starting from scratch. Bancor was also proposing 160-
200 units of market rate condominiums in 3-4 story buildings and looking to possibly
expand the project across East River Road.
Based on comments made by the Council and HRA members during a November
meeting, it was quite obvious that all new construction was preferred to rehabbing of
rental units. It also appeared that the consensus of the group was to construct high-
end, high-valued, multi-story condominiums. There did not appear to be any real
interest in purchasing the Tri-star Insulation and Longview Fiber properties to expand
the project to the East.
Because of the different visions, it was decided that a housing market study done by an
independent third party would be useful. Sam Newberg of Dahlgren, Shardlow, & Uban
was selected to provide an independent analysis on the marketability of the Islands of
Peace site for different types of housing. Sam's research indicates that the Islands of
Peace would not be a desirable location for constructing upper-end, multi-story
condominiums. His research indicates that a mix of townhomes and condominiums
priced between $175,000 to $250,000 Would be the most marketable on the site.
A draft of the market study has been provided for your review. Sam Newberg will give a
brief presentation, take comments, and then field questions during next Thursday's
meeting. We hope to hold a joint HRA/Council meeting during mid-late February to
review the final report and discuss the next steps for the Islands of Peace.
DATE:
TO:
FROM:
A-4-
January 24, 2006
UTFJW•-�
Memorandum
Members of the Housing and Redevelopment Authority
William W. Burns, Executive Director Fridley HRA op,
SUBJECT: Prevailing Wage Requirements
As you know, there has been recent discussion regarding prevailing wage
requirements and their relationship to the Gateway West Development. Paul
Bolin has researched the matter and provided the relevant minutes and
ordinance relating to the prevailing wage matter at hand. The result of the
research shows that prevailing wage requirement does not relate to owner
occupied developments. That distinction was made by the City Council in 1995
and was directly related to the Rottlund project in the South West Quadrant of
University Avenue and Mississippi Street.
At their pre-Council meeting Monday evening, staff discussed these findings with
the City Council. Steve Billings may have put it best, while addressing a question
from Bob Barnette.... "If you want to change the ordinance, then talk to your
peers on the Council and see if there are enough votes. As for Blueprint Homes,
it is too late; that project is already underway."
I know that some of you have expressed concern and you do not want to
contradict Council's intent or wishes in this regard. For that you should be
commended. You should also know; however, that Council does not expect you
to require that prevailing wage be paid for the project by Blueprint Homes.
I hope this answers any questions that you have had. Please feel free to contact
me if you wish to discuss this matter further.
M-06-23
LUZ
FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY
February 2, 2006
1. Gateway West
Pioneer Engineering is continuing to examine the title -work that has been done, clean -up the legal
descriptions, and make a determination on the possible MnDOT "turn -back" parcel along University
Avenue before they take the final Plat up to the County. It is still anticipated that they will complete all of
this work by the middle of February and it is likely the plat won't finish the County review and be back
before the Council until the end of March/beginning of April. Pioneer's review will ensure a quick
approval at the County and help to avoid any Plat recording issues down the road.
2. Home & Garden Show
This year's show is shaping up to be the best ever. All 84 of our exhibitor booth spaces have been
reserved. This year will feature some very good workshops including Gardening with Perennials, Garage
Safety & Organization, and Ways to Lower Home Energy Costs. This year's show will be held at the
Schwan's Event Center in Blaine on Saturday February 25`h, from 9AM until 2PM. The workshops will be
held at 10:30 and 12:30.
3. Gateway North - East??
Last month, I reported on a call I received from Harvey Goldstein, owner of the now-vacant Carquest
building located at 6005 University Avenue. He had called and asked if the City /HRA might be interested
in purchasing his building. He noted that it seemed we had a desire to improve the image along
University Avenue based on our Gateway East& West projects. He still hasn't put a value on his
property yet, but I expect that he will get back to me once he has placed a value on his property.
The area from the Sinclair Station south to the Carquest building would provide an opportunity to further
improve the City's image along this corridor. 'Phis area may provide a redevelopment opportunity
without much opposition. At this time, the Carquest building is for sale (2006 taxable value - $228,900)
and the old Van- O-Lite building at 6041 University is for sale at a rumored $525,000 (2006 taxable value -
$248,800). Additionally, the Sinclair Station at 6071 University has quit selling gas, recently changed
hands, and has been improperly used for heavy vehicle repair (2006 taxable value - $208,800) and the
Tae - Kwan -Do gym at 6061 University never seems to have many users (2006 taxable value - $169,500)
which may make them willing sellers. With a total market value of $856,000 for all four properties, the
HRA may want to consider acquiring some or all of the properties for a future project that would greatly
enhance Fridley's image along this well traveled corridor.
If it is determined that now is not the right time to move forward with a project in the Islands of Peace
neighborhood, perhaps the City's redevelopment efforts could be refocused on this site. If time is
available I would like to have an informal discussion of this idea after Thursday's meeting.
4. Eminent Domain - Met Council Grant Funds
Scott Hickok sent the following information to me in an e -mail, which I have cut &pasted into this
report:
Paul:
As we had discussed the HRA will likely to be extremely interested in the recent
actions by the metropolitan Council regarding eminent domain. In spite if AMM's
plea that the Met Council hold on and further evaluate the potential impacts to
redevelopment, the Met Council went ahead and approved their policy. What this
means is: any city who uses eminent domain to acquire property; cannot
qualify /use livable communities for that project, if the property does not pass
the blight tests as defined by statute.
Bonnie Balach of Minnesota Solutions has described the Council's actions very
succinctly in the following summary:
The Metropolitan Council will meet this afternoon (Wednesday, January 25) to
discuss a number of issues of importance to us including Livable Communities
Demonstration Account grant recommendations, TBRA recommendations and Livable
Communities Demonstration Account policy direction. In addition, the Council
will consider the eminent domain policy that passed out of the Community
Development Committee recently. Louis Jambois, AMM, will testify and urge the
Council to refrain from passing the policy. In the event that is not plausible,
he will urge the Council to reinstate language that that would allow the Council
to award an LCA grant for a project that involves remediation of contaminated
land. That exception had been amended out of the policy in the Community
Development Committee. I'll attend this hearing and report back.
Earlier this month.... The Metropolitan Council Community Development Committee did
endorse
an anti - eminent domain policy The policy is
limited to the disposition of Livable Communities Act funding. The
policy precludes LCA program funding for projects that require
condemnation. A broad exclusion, however, was provided for projects
meeting a blight test. "Blight," in this case, is anything meeting
any of the definitions in Minnesota Statutes Chapter 469. The bill
was amended in committee to remove any exclusion for projects that
involve contaminated land. So, the way it stands, you could use
eminent domain for a project meeting the blight definition and still
get an LCA grant, but you could not use eminent domain for a project
involving contaminated land and get an LCA grant. This is very
curious -- even the most serious opponents to the use of eminent
domain understand the importance in acquiring polluted land -- and
may have been a misunderstanding. We'll try to get it fixed when it
goes to the full Council, which is sometime next week. The policy
does not provide an exclusion for affordable housing -- at least not
directly.
Louis Jambois, AMM, did an excellent job is speaking against the
policy. He also attempted to make the Committee members aware of the
impacts of the Auto Dealer's bill on the Council and it's acquisition
activities. They were, however, determined to ignore problems with
their proposal for the most part.
As you can imagine, this further complicates redevelopment projects and will
likely only be made worse by what the legislature does to further stifle eminent
domain efforts. We will keep the Council and HRA posted.
Scott
TM
5. 6000 East River Road
The Closing for the Chester Hayes property is scheduled to take place on February 15'. Staff is
working to get the blight analysis and hazardous materials reports completed so that we can demolish
the home as quickly as possible.
If there are any items you would like covered in upcoming issues of the Non - Agenda Update please send
me an e -mail. bolinp@ci.fridleymn.us
Iv