HRA 05/06/2010 - 6251WWj
MAY 6, 2010
HRA Meeting
Regular Meeting Agenda
7.30 P.M.
City Hall, Council Chambers
Call to order
Roll call.
Action Items
1. Approval of expenditures
2. Approval of March 23, 2010, Meeting Minutes
3. Public Hearing to consider the proposed sale of property to Fridley Assisted
Living, LLC
Informational Items
1. HRA Fund Balances for Planning Purposes
2. Housing Replacement Program
3. Home Remodeling Demonstration Program
4. Housing Loan Program Update
Adjournment
PLEASE NOTE:
The annual Council /Commission Survey meeting will start at 6PM in the lower level
meeting rooms. Dinner will be provided.
The regular HRA meeting will then follow at 7:30PM.
H:WIy Documents\HRA12010 AGENDASWIay 6 -2010 Agenda Outline.docH:Wiy Documents\HRA\2010 AGENDASVWay 6 -2010
Agenda Outline.doc
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AY 6, 2010
HRA Meeting
Regular Meeting Agenda
7:30 p.m.
City Hall, Council Chambers
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Call to order ���4 1v
Roll call. ` b
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Action Items
1. Approval of expenditures
2. Approval of March 23, 2010, Meeting Minutes
3. Public Hearing to consider t osed sale of property to Fridley Assisted
Living, LLC —A
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Informational Items
1. HRA Fund Balances for Planning Purposes
2. Housing Replacement Program
3. Home Remodeling Demonstration Program
4. Housing Loan Program Update
Adjournment
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PLEASE NOTE:
The annual Council /Commission Survey meeting will start at 6PM in the lower level
meeting rooms. Dinner will be provided.
The regular HRA meeting will then follow at 7:34PM.
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CITY OF FRIDLEY
HOUSING AND REDEVELOPMENT AUTHORITY COMMISSION
MARCH 23, 2010
CALL TO ORDER:
Chairperson Commers called the HRA Meeting to order at 7:00 p.m.
ROLL CALL:
MEMBERS PRESENT: William Holm
Pat Gabel
Larry Commers
Stephen Eggert
John Meyer
NONMEMBERS PRESENT: Paul Bolin, HRA Assistant Executive Director
Scott Hickok, Community Development Director
Jim Casserly, Development Consultant
Richard Pribyl, Finance Director
ACTION ITEMS:
1. Approval of Expenditures
MOTION by Commissioner Holm to approve the expenditures as presented. Seconded by
Commissioner Gabel.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
2. Approval of February 4, 2010, Meeting Minutes
MOTION by Commissioner Holm to approve the minutes as presented. Seconded by
Commissioner Meyer.
Commissioner Gabel asked for corrections on pages 2 and 4 of the minutes.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MINUTES APPROVED AS AMENDED.
3. Approval of Resolution Designating Official Depositories
Richard Pribyl, Finance Director, said that annually the City and HRA designates an official
bank. Wells Fargo has been the official bank for the both the City and HRA for a number of
n years. Wells Fargo is responsive and easy to work with and flexible with investment
management. Staff recommends approval of the resolution designating Wells Fargo as the
official depository for the Authority.
MOTION by Commissioner Gabel to approve the resolution designating official depositories.
Seconded by Commissioner Eggert.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
4. Approval of 2010 Mowing Contract
Paul Bolin, HRA Assistant Executive Director, said that the HRA has contracted with Complete
Grounds Maintenance since 2004. The service has been reliable and responsive. 2010 service
rates will continue at the 2009 rates. Staff Recommends the HRA continue with Complete
Grounds Maintenance for mowing services for 2010.
Chairperson Commers asked if there would be any mowing services needed where the
buildings were demolished.
Mr. Bolin said that currently there is black dirt and the area will be seeded and once it is grown,
those properties will be mowed as well.
Commissioner Gabel asked how fees for the mowing are determined.
Mr. Bolin said th eve hing is priced on a per hour basis, $36 dollars per hour, and an
estimated time is iv �p lot that is mowed.
MOTION by Com i oner Meyer to approve the 2010 Mowing Contract. Seconded by
Commissioner Gabel.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
5. Approval of Realtor and Contractor for Home Improvement Demonstration Project
Paul Bolin, HRA Assistant Executive Director, said that HRA purchased a rambler at 831
Mississippi Street NE consisting of 3 bedrooms, 2 baths, 1,028 sq. ft, built in 1959. The home is
approximately 1,028 square feet and HRA acquired the property for $128,573.29. The current
average list price for comparables was $179,959 and the average sales price for recent
comparable homes is $156,333. The home at 871 Mississippi listed for $194,900.
Mr. Bolin said that this program will spur reinvestment in Fridley's housing stock by
showcasing a wide array of potential upgrades / improvements to make older homes more
livable, demonstrating home energy efficiency, encouraging reinvestment in Single Family
housing stock and promoting our loan program and remodeling advisor services.
o.
Mr. Bolin said that a Remodeling Contractor was selected after a thorough process. 16
Contractors provided their qualifications; the top three were interviewed and then submitted their
remodeling ideas and estimated costs. Lennox Builders were the unanimous staff choice.
Lennox Builders has experience with the Coon Rapids program and a depth of expertise.
Mr. Bolin said that the real estate broker was also selected through a similar process. 15
Realtors supplied statements of qualifications /interest; the top three were interviewed and Tim
Van Auken of Counselor Realty had the most innovative marketing ideas and demonstrated
interest in participating in the entire project.
Mr. Bolin said that staff recommends that the Authority approves the selection of Lennox
Builders to be the contractor for the program and Tim Van Auken/Counselor Realty be the
realtor for the program. Staff further recommends the Board Chair and Executive Director be
authorized to sign the necessary agreements on behalf of the Authority. Pending approval, the
following timeline has been developed with the Contractor and Realtor.
Pre - remodel open house and kick -off event held Sunday April 1 I`h
Remodeling work begins on April 12`x'.
Mid -point open houses held Sunday May 23rd and Wednesday May 26`x'.
Websites will be updated regularly
Series of open houses held after completion and home listed for sale, starting on Saturday
July 17t'.
L �issioner Gabel asked who this home would be marketed to. She had concerns about the
only being two bedrooms on the main floor which would not make it attractive to a young
y
Mr. Bolin said that was a concern but as the home was looked at closer, it was decided that for a
showcase home and the greatest appeal to a wide variety of residents it would be best to have a
larger bedroom and the option for additional bedrooms in the basement.
Commissioner Gabel asked about the area underneath the addition.
Mr. Bolin said that area would be for storage. There is not a way to find a home that will suit
everyone's needs. There is also a single garage that isn't ideal for everyone. The home has a lot
of plusses to balance out any negatives. This proposal offered the best variety of all the designs
that were presented.
Commissioner Gabel asked if there was room to expand the garage.
Mr. Bolin answered no but said that a detached double garage could be built behind the home.
If that is something the homeowner would need, that option is available.
Scott Hickok, Community Development Director, added that one of the things in the
Comprehensive Plan is that there is a desire for more opportunities for seniors to stay in their
home and this would offer that opportunity.
ba
Commissioner Gabel asked if the laundry was on the main level.
Mr. Bolin said that there is room for that where the panty is located or in the walk in closet.
Commissioner Meyers said that he is amazed what they are going to do for the money. He
thought the designer did a great job and was very impressed.
MOTION by Commissioner Holm to approve the realtor and contractor for home improvement
demonstration project. Seconded by Commissioner Eggert.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
Tim VanAuken, Counselor Reality, said that he has a history of selling homes in Fridley and
has represented numerous sellers. Recently he developed a twin home where he currently
resides. He has worked with an investor in Fridley and did similar project by rehabilitating a
dated home and resold the property.
Commissioner Meyers asked if he had any experience with Lennox Builders.
Mr. VanAuken answered no, but he did meet them today and was impressed with ideas of the
remodel and the direction they are taking. The bonus this home has is the marketing capability. �..�
Lennox Builders has a good grasp on the marketing and working together as a whole, not just the _
property itself. This home renovation has potential to be very successful.
Mr. VanAuken addressed the concern with the two bedrooms which was also his concern but
agreed with Mr. Hickok that there are aging residents that want to stay in Fridley and this home
would meet their needs. Also there are aging families that will be able to see that extra
bedrooms can be added to the lower level. A lot of homeowners cannot sell their homes and this
will help them be able to stay in Fridley. The loan programs available to the residents will help
people to stay in their homes.
Chairperson Commers said that it sounded like Mr. VanAuken has a lot of experience and the
HRA would like this to be successful so another home rehabilitation program could be started.
6. Approval to Set Public Hearing for Potential Land Sale
Paul Bolin, HRA Assistant Executive Director, said that HRA has received an offer, from Jim
Faulkner / Faulkner Construction, to purchase two vacant properties the HRA has owned since
early 2000. The properties are located at 6352 Old Central Avenue and1271 E. Moore Lake
Drive.
Mr. Bolin said that HRA purchased the two parcels in early 2000 for a total price of $143,000.
The parcels are not buildable in their current state due to the depth of organic soils. Over
$500,000 is needed to correct the soils and the properties have been off tax roles for 10 years.
Mr. Bolin said that the Faulkner Group is seeking to obtain parcels for $100,000. Faulkner will
correct soils on both sites upon closing of the sale; will construct a senior assisted living project
upon completion of soil corrections, which will generate nearly $15,000 / year to the City in
property tax and will construct a commercial building in near future, generating an additional
$7,000 / year in City tax revenue.
Mr. Bolin said that Faulkner will need City approval on the "master plan" for the site as it is
located in an S -2 Redevelopment District. Staff recommends the Authority set May 61' as the
date to hold a public hearing on the potential land sale. Staff also recommends that the Authority
authorize the Board Chair to sign on to the "master plan" land use application as the property
owner.
Chairperson Commers asked if ponding was needed for this property. .
Scott Hickok, Community Development Director, said that the property was originally
purchased because it had soil issues. This property would sit there and be undeveloped for a
long period of time. Each site in that neighborhood would not be required to have their own
pond and it was thought that if a pond wasn't developed on each site the projects could do a
regional pond concept. The project at the Sandy Site and Select Development Site could have
their own ponding which does prove that the properties can develop without the regional pond
concept.
Commissioner Holm asked what it meant to have the ability to get the property back.
Mr. Bolin said that once the soil corrections are done if the HRA wanted the property back some
of the expenses would need to be reimbursed. Staff hopes to avoid all of that by requiring all soil
corrections be completed upfront.
Jim Casserly, Development Consultant, said that once the agency has financing for the senior
project secured, the city would require all soil corrections be done throughout the site. If the
commercial project is not completed in 3-4 years the property would be in default of the
agreement and HRA would have the right to get the property back. HRA would have provisions
in the agreement to protect them from certain circumstances.
Chairperson Commers asked if HRA would get the property back by default.
Mr. Casserly said that HRA would get the property back by default and if the developer doesn't
perform. This provision has been used in a number of projects but HRA has never had to
exercise that option.
Commissioner Eggert asked what the time frame is for the project.
Attorney Casserly said that the time frame has not been set; but given the cost of the soil
correction they would probably not move forward unless they have financing for the senior
r'n'� housing project. A reasonable period of time will need to be built in just for the soil correction.
Chairperson Commers asked if money could be saved on the soil correction.
Attorney Casserly said that bids came in the mid $600,000 for all soil correction but they are
using specifications from the city on max cubic yards of soil that needs to be taken out and
replaced. Because of the expense involved, they will try to find cheaper soil through a project
with excess soil available.
Commissioner Gabel asked if the area had to be dug out 12'.
Commissioner Meyers said that he would be surprised if it is that deep and would like to see the
soil borings.
Mr. Hickok said that pilings were considered and it was determined they would prefer soil
corrections.
Chairperson Commers asked if the taxes would start in 2013 or if it would get pushed back.
Attorney Casserly said he didn't know. This project is market driven and they have tried to be
optimistic.
Commissioner Holm asked if the soil issue was throughout the site.
Mr. Bolin said that it appears to be throughout both sites and is well distributed.
Commissioner Holm asked about ponding on the hard surface and if it was a good space on
both sites to combine.
Mr. Hickok said that they have been speaking with the Public Works Director on that issue to
see what ponding requirements would be in that area. If needed they could consider subsurface
holding facilities rather than an open pond. That is preferred when the area for a ponding is tight.
MOTION by Commissioner Holm to set public hearing for potential land sale. Contract.
Seconded by Commissioner Eggert.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
INFORMATIONAL ITEMS:
Housing Loan Program Update
Paul Bolin, HRA Executive Assistant Director, said that in February/March two RLF loans were
closed which makes a total of three year to date. No remodeling advisor visits have been made
so far this year. A direct mailing will go out to residents the first week in May to promote these
programs.
Mr. Bolin said that the Home and Garden Show was held on February 26 and over 1,000 people
attended. Positive comments have been heard from those who attended. The next HRA meeting
is on May 6, 2010.
NONAGENDA UPDATE:
None
ADJOURNMENTS:
MOTION by Commissioner Gabel to adjourn. Seconded by Commissioner Holm.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY AND THE MEETING ADJOURNED AT
8:45 P.M.
Respectfully Submitted,
�,,1 Krista Monsrud, Recording Secretary
ACTION ITEM
ON HRA MEETING OF MAY 65 2010
CITY OF
FRIDLEY
Date: May 6, 2010
To: William Bums, City Manager
From: Paul Bolin, Asst. Executive HRA Director
Subiect: Public Hearinq For & Authorization of Potential Land Sale
Mr. James Faulkner, a builder /architect/developer of specialized senior housing, has made an
offer to purchase two lots currently owned by the HRA. The two sites Mr. Faulkner wishes to
purchase are adjacent to each other and located at 6352 Old Central Avenue and at 1271 E.
Moore Lake Drive. Mr. Faulkner plans to develop a 40 unit assisted living / memory care
building for seniors on the Old Central property and a 19 unit memory care facility on the E.
Moore Lake Drive site.
The HRA purchased these two sites in the spring of 2000 for a total of $143,000. As indicated in
a report prepared for the HRA prior to the purchase, the properties are not buildable in their
current condition due to the excessive depth of organic soils. It is because of these soil
conditions that Mr. Faulkner is offering a price of $100,000 for the land.
Mr. Faulkner has also made an application to the City for a "master plan" approval for the site, as
it is zoned S -2 Redevelopment District. The Planning Commission reviewed and approved the
item during their meeting on April 21 st. The City Council will act on the "master plan" during
their May 10th meeting.
Recommendation:
Staff recommends the Authority hold a public hearing on the potential land sale, to the Faulkner
Group. Staff further recommends that the HRA authorize sale of land to Faulkner group.
WHITE PINE SENIOR LIVING
FRIDLEY, MINNESOTA
MASTER PLAN NARRTIVE
We are pleased to present a narrative of our proposed Assisted Living and Memory Care
Facility.
SITE: We have made a purchase offer to the Fridley HRA for three parcels of adjacent land at
the comer of Moore Lake Drive and Central Avenue. The sites are collectively 105,069
square feet and will support 25,584 square foot Phase I and a 10,135 square foot Phase II
buildings.
Our Master Plan application has been submitted using the C 1 Zoning Ordinance for site
planning standards. Included in our submittal are a Master Plan, Site Plan, Building Floor
Plans, Building Elevations and Landscaping Plan with exterior improvements. The Phase II
building and parking pads will be completely prepared, including utilities, ready for
construction. The site will be seeded and maintained by our staff until construction.
BUILDING PHASE I: Our Phase I project will be a forty resident Assisted Living and
Memory Care Facility. The "building is one story with pitched roofs, composite lap siding and
n stone veneer. Eighteen seniors will reside in the assisted living wing and twenty seniors will
reside in the memory care wing. Each wing has dining and leisure time space as well as
support services including office space, common toilet rooms with showers, personal care and
laundry.
BUILDING PHASE U: Our Phase II will include nineteen additional memory care resident
rooms and support services. Dining for the residents will be within this facility with food
prepared in Phase I kitchen. Occupancy of the Phase I community will determine the schedule
of construction of Phase II.
FACILITY MANAGEMENT: Our facility will be managed by Comforts of Home White
Pine Management Company. COHWP is located in Mendota Heights, Minnesota and also
manage our 42 resident WBL facility. Please visit their website at www.cohseniorliving.com.
RESIDENTS: We are especially pleased to offer our senior community to the residents and
families of the City of Fridley. Market study indicates a substantial need within the
community and we are prepared to meet this need with our development plans and experience
in the design, construction and management of six Minnesota based Assisted Living and
Memory Care Facilities.
Prepared by:
Jim Faulkner, Partner
Fridley Assisted Living, LLC
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CITY OF FRIDLEY
HOUSING AND REDEVELOPMENT AUTHORITY COMMISSION
MARCH 23, 2010
CALL TO ORDER:
Chairperson Commers called the HRA Meeting to order at 7:00 p.m.
ROLL CALL:
MEMBERS PRESENT: William Holm
Pat Gabel
Larry Commers
Stephen Eggert
John Meyer
NONMEMBERS PRESENT: Paul Bolin, HRA Assistant Executive Director
Scott Hickok, Community Development Director
Jim Casserly, Development Consultant
Richard Pribyl, Finance Director
ACTION ITEMS:
1. Approval of Expenditures
MOTION by Commissioner Holm to approve the expenditures as presented. Seconded by
Commissioner Gabel.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
2. Approval of February 4, 2010, Meeting Minutes
MOTION by Commissioner Holm to approve the minutes as presented. Seconded by
Commissioner Meyer.
Commissioner Gabel asked for corrections on pages 2 and 4 of the minutes.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MINUTES APPROVED AS AMENDED.
3. Approval of Resolution Designating Official Depositories
Richard Pribyl, Finance Director, said that annually the City and HRA designates an official
bank. Wells Fargo has been the official bank for the both the City and HRA for a number of
years. Wells Fargo is responsive and easy to work with and flexible with investment
management. Staff recommends approval of the resolution designating Wells Fargo as the
official depository for the Authority.
MOTION by Commissioner Gabel to approve the resolution designating official depositories.
Seconded by Commissioner Eggert.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
4. Approval of 2010 Mowing Contract
Paul Bolin, HRA Assistant Executive Director, said that the HRA has contracted with Complete
Grounds Maintenance since 2004. The service has been reliable and responsive. 2010 service
rates will continue at the 2009 rates. Staff Recommends the HRA continue with Complete
Grounds Maintenance for mowing services for 2010.
Chairperson Commers asked if there would be any mowing services needed where the
buildings were demolished.
Mr. Bolin said that currently there is black dirt and the area will be seeded and once it is grown,
those properties will be mowed as well.
Commissioner Gabel asked how fees for the mowing are determined.
Mr. Bolin said that everything is priced on a per hour basis, $36 dollars per hour, and an
estimated time is give per lot that is mowed.
MOTION by Commissioner Meyer to approve the 2010 Mowing Contract. Seconded by
Commissioner Gabel.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
5. Approval of Realtor and Contractor for Home Improvement Demonstration Project
Paul Bolin, HRA Assistant Executive Director, said that HRA purchased a rambler at 831
Mississippi Street NE consisting of 3 bedrooms, 2 baths, 1,028 sq. ft, built in 1959. The home is
approximately 1,028 square feet and HRA acquired the property for $128,573.29. The current
average list price for comparables was $179,959 and the average sales price for recent
comparable homes is $156,333. The home at 871 Mississippi listed for $194,900.
Mr. Bolin said that this program will spur reinvestment in Fridley's housing stock by
showcasing a wide array of potential upgrades / improvements to make older homes more
livable, demonstrating home energy efficiency, encouraging reinvestment in Single Family
housing stock and promoting our loan program and remodeling advisor services.
11�
Mr. Bolin said that a Remodeling Contractor was selected after a thorough process. 16
Contractors provided their qualifications; the top three were interviewed and then submitted their
remodeling ideas and estimated costs. Lennox Builders were the unanimous staff choice.
Lennox Builders has experience with the Coon Rapids program and a depth of expertise.
Mr. Bolin said that the real estate broker was also selected through a similar process. 15
Realtors supplied statements of qualifications /interest; the top three were interviewed and Tim
Van Auken of Counselor Realty had the most innovative marketing ideas and demonstrated
interest in participating in the entire project.
Mr. Bolin said that staff recommends that the Authority approves the selection of Lennox
Builders to be the contractor for the program and Tim Van Auken/Counselor Realty be the
realtor for the program. Staff further recommends the Board Chair and Executive Director be
authorized to sign the necessary agreements on behalf of the Authority. Pending approval, the
following timeline has been developed with the Contractor and Realtor.
Pre - remodel open house and kick -off event held Sunday April 1 It'.
Remodeling work begins on April l2`h.
Mid -point open houses held Sunday May 23`d and Wednesday May 26th.
Websites will be updated regularly
Series of open houses held after completion and home listed for sale, starting on Saturday
July 17`h.
Commissioner Gabel asked who this home would be marketed to. She had concerns about the
home only being two bedrooms on the main floor which would not make it attractive to a young
family. Liu nv L4.-
Mr. Bolin said that was a concern but as the home was looked at closer, it was decided that for a
showcase home and the greatest appeal to a wide variety of residents it would be best to have a
larger bedroom and the option for additional bedrooms in the basement.
Commissioner Gabel asked about the area underneath the addition.
Mr. Bolin said that area would be for storage. There is not a way to find a home that will suit
everyone's needs. There is also a single garage that isn't ideal for everyone. The home has a lot
of plusses to balance out any negatives. This proposal offered the best variety of all the designs
that were presented.
Commissioner Gabel asked if there was room to expand the garage.
Mr. Bolin answered no but said that a detached double garage could be built behind the home.
If that is something the homeowner would need, that option is available.
Scott Hickok, Community Development Director, added that one of the things in the
Comprehensive Plan is that there is a desire for more opportunities for seniors to stay in their
home and this would offer that opportunity.
Commissioner Gabel asked if the laundry was on the main level.
Mr. Bolin said that there is room for that where the panty is located or in the walk in closet.
Commissioner Meyers said that he is amazed what they are going to do for the money. He
thought the designer did a great job and was very impressed.
MOTION by Commissioner Holm to approve the realtor and contractor for home improvement
demonstration project. Seconded by Commissioner Eggert.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
Tim VanAuken, Counselor Reality, said that he has a history of selling homes in Fridley and
has represented numerous sellers. Recently he developed a twin home where he currently
resides. He has worked with an investor in Fridley and did similar project by rehabilitating a
dated home and resold the property.
Commissioner Meyers asked if he had any experience with Lennox Builders.
Mr. VanAuken answered no, but he did meet them today and was impressed with ideas of the
remodel and the direction they are taking. The bonus this home has is the marketing capability.
Lennox Builders has a good grasp on the marketing and working together as a whole, not just the
property itself. This home renovation has potential to be very successful.
Mr. VanAuken addressed the concern with the two bedrooms which was also his concern but
agreed with Mr. Hickok that there are aging residents that want to stay in Fridley and this home
would meet their needs. Also there are aging families that will be able to see that extra
bedrooms can be added to the lower level. A lot of homeowners cannot sell their homes and this
will help them be able to stay in Fridley. The loan programs available to the residents will help
people to stay in their homes.
Chairperson Commers said that it sounded like Mr. VanAuken has a lot of experience and the
HRA would like this to be successful so another home rehabilitation program could be started.
6. Approval to Set Public Hearing for Potential Land Sale
Paul Bolin, HRA Assistant Executive Director, said that HRA has received an offer, from Jim
Faulkner / Faulkner Construction, to purchase two vacant properties the HRA has owned since
early 2000. The properties are located at 6352 Old Central Avenue and1271 E. Moore Lake
Drive.
Mr. Bolin said that HRA purchased the two parcels in early 2000 for a total price of $143,000.
The parcels are not buildable in their current state due to the depth of organic soils. Over
$500,000 is needed to correct the soils and the properties have been off tax roles for 10 years.
n
Mr. Bolin said that the Faulkner Group is seeking to obtain parcels for $100,000. Faulkner will
correct soils on both sites upon closing of the sale; will construct a senior assisted living project
upon completion of soil corrections, which will generate nearly $15,000 / year to the City in
property tax and will construct a commercial building in near future, generating an additional
$7,000 / year in City tax revenue.
Mr. Bolin said that Faulkner will need City approval on the "master plan" for the site as it is
located in an S -2 Redevelopment District. Staff recommends the Authority set May 6,' as the
date to hold a public hearing on the potential land sale. Staff also recommends that the Authority
authorize the Board Chair to sign on to the "master plan" land use application as the property
owner.
Chairperson Commers asked if ponding was needed for this property. .
Scott Hickok, Community Development Director, said that the property was originally
purchased because it had soil issues. This property would sit there and be undeveloped for a
long period of time. Each site in that neighborhood would not be required to have their own
pond and it was thought that if a pond wasn't developed on each site the projects could do a
regional pond concept. The project at the Sandy Site and Select Development Site could have
their own ponding which does prove that the properties can develop without the regional pond
concept.
'� Commissioner Holm asked what it meant to have the ability to get the property back.
Mr. Bolin said that once the soil corrections are done if the HRA wanted the property back some
of the expenses would need to be reimbursed. Staff hopes to avoid all of that by requiring all soil
corrections be completed upfront.
Jim Casserly, Development Consultant, said that once the agency has financing for the senior
project secured, the city would require all soil corrections be done throughout the site. If the
commercial project is not completed in 3-4 years the property would be in default of the
agreement and HRA would have the right to get the property back. HRA would have provisions
in the agreement to protect them from certain circumstances.
Chairperson Commers asked if HRA would get the property back by default.
Mr. Casserly said that HRA would get the property back by default and if the developer doesn't
perform. This provision has been used in a number of projects but HRA has never had to
exercise that option.
Commissioner Eggert asked what the time frame is for the project.
Attorney Casserly said that the time frame has not been set; but given the cost of the soil
correction they would probably not move forward unless they have financing for the senior
housing project. A reasonable period of time will need to be built in just for the soil correction.
Chairperson Commers asked if money could be saved on the soil correction.
Attorney Casserly said that bids came in the mid $600,000 for all soil correction but they are
using specifications from the city on max cubic yards of soil that needs to be taken out and
replaced. Because of the expense involved, they will try to find cheaper soil through a project
with excess soil available.
Commissioner Gabel asked if the area had to be dug out 12'.
Commissioner Meyers said that he would be surprised if it is that deep and would like to see the
soil borings.
Mr. Hickok said that pilings were considered and it was determined they would prefer soil
corrections.
Chairperson Commers asked if the taxes would start in 2013 or if it would get pushed back.
Attorney Casserly said he didn't know. This project is market driven and they have tried to be
optimistic.
Commissioner Holm asked if the soil issue was throughout the site.
Mr. Bolin said that it appears to be throughout both sites and is well distributed.
Commissioner Holm asked about ponding on the hard surface and if it was a good space on
both sites to combine.
Mr. Hickok said that they have been speaking with the Public Works Director on that issue to
see what ponding requirements would be in that area. If needed they could consider subsurface
holding facilities rather than an open pond. That is preferred when the area for a ponding is tight.
MOTION by Commissioner Holm to set public hearing for potential land sale. Contract.
Seconded by Commissioner Eggert.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY
INFORMATIONAL ITEMS:
Housing Loan Program Update
Paul Bolin, HRA Executive Assistant Director, said that in February/March two RLF loans were
closed which makes a total of three year to date. No remodeling advisor visits have been made
so far this year. A direct mailing will go out to residents the first week in May to promote these
programs.
n
Mr. Bolin said that the Home and Garden Show was held on February 26 and over 1,000 people
attended. Positive comments have been heard from those who attended. The next HRA meeting
is on May 6, 2010.
NONAGENDA UPDATE:
None
ADJOURNMENTS:
MOTION by Commissioner Gabel to adjourn. Seconded by Commissioner Holm.
UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED
THE MOTION CARRIED UNANIMOUSLY AND THE MEETING ADJOURNED AT
8:45 P.M.
Respectfully Submitted,
Krista Monsrud, Recording Secretary
1�'
MONROE
MOxNESS
BERG
8000 Norman Center Drive 7 952.885.5999
Suite 1000 F 952.885.5969
Minneapolis, MN 55437 -1178 www.MMBLawF!rm.com
James R. Casserly
jcasserly@krassmonroe.com
Direct 952.885.1296
MEMORANDUM
To: City of Fridley Housing and Redevelopment Authority
Attn: Paul Bolin, HRA Assistant Executive Director
From: James R. Casserly, Esq.
Date: April 29, 2010
Re: Contract for Private Redevelopment between the HRA and Faulkner
Our File No. 9571 -75
Attached is a Contract for Private Redevelopment between the HRA and Faulkner
Construction, Inc. (the "Contract ") and a Resolution for the HRA to adopt the Contract.
The Contract acts as a purchase agreement whereby the HRA sells its property to
Faulkner Construction, Inc. (the "Redeveloper"). However, the HRA is requiring that
certain improvements take place or it wants its property returned. Because of these
additional requirements, the format for a contract for private redevelopment has been
followed.
In short, the Contract does the following:
• The HRA sells its property (the "Redevelopment Property") for $100,000.
• The Redeveloper agrees to perform Site Improvements, which is
principally soil correction, that will allow for the construction of the
Minimum Improvements.
• The Minimum Improvements are in two phases with Phase I being a 40-
unit assisted living and memory care facility and Phase II being a 19 -unit
memory care facility.
• Improvements to the site are to commence on or before September 1,
2010 and to be completed by December 31, 2011.
• While the Contract is very clear that the project contemplates both
Phases, the Redeveloper meets the requirements of the Contract if (i)
Phase I is completed and (ii) the soil corrections are completed that will
allow for the construction of Phase II Minimum Improvements.
One of the Authority's goals is to increase the market valuation of the City
and generate additional property taxes. As a result, the Contract prohibits
the Redevelopment Property from becoming tax exempt until the year
2033.
Please let me know if there are any questions or issues that should be addressed. I will
be available at the HRA meeting to respond to any concerns.
J RC /al
Enclosures
cc: Faulkner Construction, Inc.
Attn: James A. Faulkner
KM: 4813 - 7566 -8485, V. 1
2
111�
RESOLUTION NO.
A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A
CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN HOUSING
AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY FRIDLEY, AND
FAULKNER CONSTRUCTION, INC.
BE IT RESOLVED by the Board of Commissioners (the "Commissioners ") of Housing and
Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority") as follows:
Section 1. Recitals.
1.01. It has been proposed that the Authority enter into a Contract for Private Redevelopment (the
"Contract ") with Faulkner Construction, Inc., a limited liability company (the "Redeveloper").
Section 2. Findings.
2.01. The Authority hereby finds that the Contract promotes the objectives as outlined in its
Redevelopment Plan established pursuant to Minnesota Statutes, Section 469.001 et seq.
Section 3. Authorization for Execution and Delivery.
3.01. The Chairman and the Executive Director (the "Officers") are hereby authorized to execute
and deliver the Contract when the following conditions are met:
Substantial conformance to the Contract presented to the Authority as of this date with such
r"1 additions and modifications as the Officers may deem desirable or necessary as evidenced by the
execution thereof;
Adopted by the Board of Commissioners of the Authority this day of , 2010.
Lawrence R. Commers, Chairman
ATTEST:
William W. Bums, Executive Director
KM: 484398145798, v. 1
DRAFT: As of April 27, 2010
CONTRACT FOR PRIVATE REDEVELOPMENT
by and between the
HOUSING AND REDEVELOPMENT AUTHORITY
in and for
THE CITY OF FRIDLEY, MINNESOTA
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This document was drafted by:
Monroe Moxness Berg PA
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437
Section 1.1
Section 2.1
Section 2.2
Section 3.1
Section 3.2
Section 3.3
Section 4.1
Section 4.2
Section 4.3
Section 5.1
Section 5.2
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Definitions.................... ...............................
ARTICLE H
..................... ..............................2
REPRESENTATIONS, WARRANTIES AND COVENANTS
Representations, Warranties and Covenants by the Authority ...........................4
Representations, Warranties and Covenants by the Redeveloper ......................5
ARTICLE III
CONVEYANCE OF THE REDEVELOPMENT PROPERTY;
UNDERTAKINGS OF AUTHORITY AND REDEVELOPER
Conveyance of the Redevelopment Property 7
Letterof Credit . ............................... ............................. .............................10
Conditions Precedent to Conveyance ............................... ...............................
ARTICLE IV
CONSTRUCTION OF SITE IMPROVEMENTS,
PUBLIC IMPROVEMENTS AND MINIMUM IMPROVEMENTS
Construction of Site Improvements and Minimum Improvements .................10
Preliminary Plans and Construction Plans ...................... .........................•....I
Certificates of Completion ........................................... ...............................
ARTICLE V
INSURANCE
Redeveloper Insurance ........................................................ .............................12
Subcontractor Insurance ...................................................... .............................12
1
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,
ARTICLE VI
PROHIBITIONS AGAINST ASSIGNMENT
AND TRANSFER; INDEMNIFICATION
Section 6.1. Representation as to Redevelopment .................................. .............................13
Section 6.2. Prohibition Against Transfer of Property
and Assignment of Agreement .............................
Section 6.3. Release and Indemnification Covenants ............................. .............................13
ARTICLE VII
EVENTS OF DEFAULT
Section 7.1
Events of Default Defined ................................................... .............................14
SCHEDULE B
Section 7.2
Remedies on Default ........................................................... .............................15
SCHEDULE C
Section 7.3
No Remedy Exclusive ......................................................... .............................16
SCHEDULED
Section7.4
No Implied Waiver .............................................................. .............................16
SCHEDULE E
Section 7.5
Agreement to Pay Attorney's Fees and Expenses ............... .............................16
SCHEDULE F
Section 7.6
Revesting Title in Authority Upon Happening of
Prohibition Against Tax Exemption ............................. .............................30
Event Subsequent to Conveyance to Redeveloper ........... .............................16
Section 7.7
Resale of Reacquired Property; Disposition of Proceeds ... .............................17
Section7.8
Subordination ...................................................................... .............................17
ARTICLE VIII
ADDITIONAL PROVISIONS
Section 8.1 Conflict of Interest .............................................................. .............................19
Section 8.2 Restrictions on Use ............................................................. .............................19
Section 8.3 Provisions Not Merged With Deed . ...............................
Section 8.4 Notices and Demands ......................................................... .............................19
Section8.5 Counterparts ........................................................................ .............................19
Section 8.6 Law Governing ................................................................... .............................19
Section 8.7 Termination ...................... ...............................
Section 8.8 Provisions Surviving Termination ...................................... .............................20
SIGNATUREPAGES ...................................................................................... .............................21
SCHEDULE A
Description of Redevelopment Property .......................... .............................23
SCHEDULE B
Form of Redevelopment Property Deed .......................... .............................24
SCHEDULE C
Form of Certificate of Completion and Release of Forfeiture
......................26
SCHEDULED
Site Plan ........................................................................... .............................28
SCHEDULE E
Site Improvements ........................................................... .............................29
SCHEDULE F
Declaration of Restrictive Covenants and
Prohibition Against Tax Exemption ............................. .............................30
ii
CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT is made as of the day of , 2010 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 Faulkner Construction, 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, 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 Proj ect 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 adjacent 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
,11�.
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:
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 respective dates on which a portion of the
Redevelopment Property is 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
1.,4 following for each building: (1) site plan; (2) foundation plan; (3) floor plan for each floor; (4)
2
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.
"Declaration of Restrictive Covenants and Prohibition Against Tax Exemption" means those
restrictive covenants substantially in the form of Schedule F.
"Event of Default" means an event of default as defined in Section 7.1.
"Minimum Improvements" means 59 assisted living and memory care units to be constructed
by the Redeveloper on the Redevelopment Property as illustrated on the Site Plan. The Minimum
Improvements are to be constructed in two phases. Phase I consists of an approximately 25,584
square foot building containg a 40 -unit assisted living and memory care facility (approximately 22 of
the units are for memory care) and space for support services. There will be 21 parking stalls are
also included in Phase I (the Phase I Minimum Improvements). In Phase 11, there will be 19 memory
care units and 10 parking stalls (the Phase Il Minimum Improvements).
"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.
"Phase I Minimum Improvements" and "Phase H Minimum Improvements" (see Minimum
Improvements above).
"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 $100,000.
"Redeveloper' ' means Faulkner Construction, 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.
3
,/"�
"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.
"Site Plan" means the Site Plan illustrating the Minimum Improvements described in
Schedule D attached hereto.
"State" means the State of Minnesota.
"Termination Date" means the date on which the City issues the final Certificate of
Completion or this Agreement is terminated pursuant to Section 7.2(b).
"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
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 severe weather which prevents or 'delays 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 Authori ty. 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.
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(b) The Authority has approved the Redevelopment Plan in accordance with the terms of
the Act.
(c) 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.
(d) The Authority will cooperate with the Redeveloper with respect to any litigation
commenced by third parties in connection with this Agreement.
(e) The Authority has no Imowledge 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.
(f) 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.
(g) 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 City.
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 party or by which it is bound.
(b) The Redeveloper will purchase the Redevelopment Property from the Authority
pursuant to Article III and, in the event the Redevelopment Property is conveyed to the Redeveloper,
the Redeveloper will construct 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
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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.
(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.
(f) Except as specifically set forth herein, the Redeveloper is purchasing 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.
(g) The Redeveloper agrees that it will cooperate with the Authority with respect to any
litigation commenced by third parties in connection with this Agreement.
(h) 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.
(i) 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 before December 21, 2032.
0) 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.
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ARTICLE III
Conveyance of the Redevelopment Property;
Undertakings of Authority and Redeveloper
Section 3.1. Conveyance of the Redevelopment Property.
(a) Title. The Authority shall convey marketable title to and possession 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.
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.
(b) Surve . The Authority will not provide a survey of the Redevelopment Property.
(c) Title Not Marketable. If the title to the Redevelopment Property is not marketable as
evidenced by the Commitment, together with any appropriate endorsements, and is not made so by
the Closing Date, the Redeveloper may either:
(i) Terminate this Agreement by giving written notice to the Authority, in which
event this Agreement shall become null and void; or
111"�
(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
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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 amount of such
holdback 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 at the Closing. The conveyance of title to 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 the Redevelopment Property Deed.
The Closing shall take place at the principal offices of the Authority or the title company unless the
parties mutually agree that the Closing shall take place at another location.
The Purchase Price shall be paid at the Closing.
(e) Ins ection. At the Redeveloper's expense, the Redeveloper and its agents are hereby
granted the right at any time or times after the date hereof 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 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
the 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 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. Conditions Precedent to Conveyance.
(a) The obligation of the Authority to convey the Redevelopment Property to the
Redeveloper at the 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;
(ii) The Redeveloper shall have provided evidence satisfactory to the Authority
that the Redeveloper has obtained financing or a commitment for financing sufficient to finance the
construction of the Minimum Improvements;
(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;
(v) The Redeveloper shall have paid of the Purchase Price as described in Section
3.1;
(vi) The Redeveloper shall have executed and recorded the Declaration of
Restrictive Covenants and Prohibition Against Tax Exemption in the form attached as Schedule F
with respect to the Redevelopment Property and evidence thereof shall have been provided to the
Authority; and
(vii) 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 Redevelopment Property at the
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 be in material compliance with all 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
Closing.
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r� Section 3.3. Documents at Closing.
(a) At the 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,
(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:
3.2(a)(vii).
(i) The Purchase Price in cleared funds,
(ii) A Certificate of Real Estate Value, and
(iii) The certification as to representations and warranties described in Section
ARTICLE IV
Construction of Site Improvements and Minimum Improvements
Section 4.1. Construction of Site Improvements and Minimum Improvements. The
Redeveloper agrees that it will construct the Site Improvements and Minimum Improvements on
the Redevelopment Property in accordance with this Agreement and the Construction Plans
approved by the City and the Authority. Subject to Unavoidable Delays, the Redeveloper shall
r"'� commence construction of the Minimum Improvements on or before October 1, 2010.
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Section 4.2. Completion of Construction.
(a) Subject to Unavoidable Delays, the Redeveloper shall have substantially completed the
construction of the Site Improvements and the Phase I Minimum Improvements by December 31,
2011. All work with respect to the Minimum Improvements to be constructed or provided by the
Redeveloper on the Redevelopment Property shall be in conformity with the Construction Plans as
submitted by the Redeveloper and approved by the City and the Authority.
(b) The Redeveloper agrees for itself, its successors and assigns, and every successor in
interest to the Redevelopment Property, or any part thereof, and the Redevelopment Property Deed
shall reference the covenants contained in this Section 4.2 and in Section 7.3 of this Agreement,
that the Redeveloper, and its successors and assigns, shall promptly begin and diligently prosecute
to completion the redevelopment of the Redevelopment Property through the construction of the
Minimum Improvements thereon, and that such construction shall in any event be completed within
the period specified in this Section 4.2.
Section 4.3. Certificate of Completion.
(a) Promptly after completion of the Phase I Minimum Improvements in accordance
with the provisions of this Agreement relating to the obligations of the Redeveloper to construct
such improvements (including the date for completion thereof), the Authority will furnish the
Redeveloper with a Certificate of Completion. 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
obligations of the Redeveloper, and its successors and assigns, to construct the Minimum
Improvements and the date for the completion thereof.
(b) If the Authority shall refuse or fail to provide the Certificate of Completion in
accordance with the provisions of this Section 4.3 the Authority shall, within twenty (20) days after
written request by the Redeveloper, provide the Redeveloper with a written statement, indicating in
adequate detail in what respects the Redeveloper has failed to complete the Minimum
Improvements in accordance with the provisions of this Agreement, or is otherwise in default, and
what measures or acts will be necessary, in the opinion of the Authority, for the Redeveloper to
take or perform in order to obtain a Certificate of Completion.
(c) The construction of the Phase I Minimum Improvements shall be deemed to be
completed when the City has issued its Certificate of Completion.
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/-11,
\ ARTICLE V
Real Property Taxes and Insurance
Section 5.1. Real Property Taxes. Prior to the Authority issuing its Certificate of
Completion, the Redeveloper shall pay when due, prior to the attachment of penalty, all real
property taxes payable with respect to the Redevelopment Property in the years subsequent to the
delivery of the Redevelopment Property Deed.
Section 5.2. 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
nonreporting 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;
(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 in 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 or certificates or binders 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 nor modify it
without giving written notice to the Redeveloper and the Authority at least thirty (30) days before
the cancellation or modification becomes effective.
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ARTICLE VI
Prohibitions Against Assignment and Transfer; Indemnification
Section 6.1. Representation as to Redevelopment. 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, 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 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 parties in control of the Redeveloper or the
degree of their control is for practical purposes a transfer or disposition of the property,then owned by
the Redeveloper, the qualifications and identity of the Redeveloper are of particular concern to the
Authority. 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 further willing
to accept and rely on the obligations of the Redeveloper for the faithful performance of all undertakings
and covenants hereby by it to be performed.
Section 6.2. Prohibition ALYainst Transfer of Property and Assignment of Agreement.
Also, for the foregoing reasons the Redeveloper represents and agrees that prior to the earlier of the
issuance of the Certificate of Completion or the termination of this Agreement, the Redeveloper shall
comply with the following: Except for the purpose of obtaining financing necessary to enable the
Redeveloper or any successor in interest to the Redevelopment Property, or any part thereof, to perform
its obligations with respect to constructing the Minimum Improvements under this Agreement, 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, 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. Notwithstanding the foregoing,
the Redeveloper may transfer the Redevelopment Property to any entity controlling, controlled by or
under common control with the Redeveloper.
Section 6.3. Release and Indemnification Covenants.
(a) The Redeveloper covenants and agrees that the City and the Authority and the
governing body members, officers, agents, servants and employees thereof shall not be liable for
and agrees to indemnify and hold harmless the City and the Authority and the governing body
members, officers, agents, servants and employees thereof against any loss or damage to property
or any injury to or death of any person occurring at or about or resulting from any defect in the
Minimum Improvements, except for any loss resulting from negligent, willful or wanton
misconduct of any such parties, and provided that the claim therefore is based upon the acts of the
Redeveloper or of others acting on the behalf or under the direction or control of the Redeveloper.
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(b) Except for any negligent or willful misrepresentation or any negligent, willful or
wanton misconduct of the following named parties, the Redeveloper agrees to protect and defend
the City, the Authority and the governing body members, officers, agents, servants and employees
thereof, now and forever, and further agrees to hold the aforesaid harmless from any claim,
demand, suit, action or other proceeding whatsoever by any person or entity whatsoever arising or
purportedly arising from this Agreement or the transactions contemplated hereby or the acquisition,
construction, installation, ownership, and operation of the Minimum Improvements, except for the
use of eminent domain if exercised by the Authority to acquire the Redevelopment Property, and
provided that the claim therefore is based upon the acts of the Redeveloper or of others acting on
the behalf or under the direction or control of the Redeveloper.
(c) The City and the Authority and the governing body members, officers, agents,
servants and employees thereof shall not be liable for any damage or injury to the persons or
property of the Redeveloper or its officers, agents, servants or employees or any other person who
may be about the Redevelopment Property or the Minimum Improvements due to any act of
negligence of any person, other than the negligence and misconduct of the City or the Authority
employees or those employed or engaged by the City or the Authority.
(d) 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.
(e) Nothing in this Section or this Agreement 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 Site Improvements and the Phase I
Minimum Improvements pursuant to the terms, conditions and limitations of this Agreement. Site
Improvements and the Phase H Minimum Improvements shall not be an Event of Default.
(c) 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
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Agreement, following notice of default to the Redeveloper, as discussed herein, and the expiration of
thirty (30) days to cure said alleged default.
(d) 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 ofDefault 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 specify the nature of the default under this Agreement
and the actions necessary to cure the default.
(a) The Authority may suspend its performance under this Agreement until it receives
assurances from the Redeveloper, deemed adequate by the Authority, that the Redeveloper will cure
its default and continue its performance under this Agreement.
(b) The Authority may cancel and rescind this Agreement.
(c) The Authority may withhold the Certificate of Completion. Upon cure of such Event
of Default, and provided that Redeveloper is in compliance with this Agreement, the Authority shall
release the Certificate of Completion that was withheld pursuant to this subsection.
(d) Take whatever action, including legal, equitable or administrative action, which may
appear necessary or desirable to the Authority, including any actions to collect any payments due
under this Agreement, or to enforce performance and observance of any obligation, agreement, or
covenant to the Redeveloper under this Agreement.
The Authority may elect to take no such action, notwithstanding an Event of Default not having been
cured within said thirty (30) days, if the Redeveloper provides the Authority with written assurances
15
satisfactory to the Authority that the Event of Default will be cured as soon as reasonably possible.
No notice shall be required with respect to an Event of Default referred to in Section 7.1(d).
Section 7.3. No Remedy Exclusive. No remedy of the Authority hereunder is intended to be
exclusive of any other available remedy or remedies, but each and every such remedy shall be
cumulative and shall be in addition to every other remedy given under this Agreement or now or
hereafter existing at law or in equity. No delay or omission to exercise any right accruing upon any
default shall impair any such right or shall be construed to be a waiver thereof, but any such right
may be exercised from time to time and as often as may be deemed expedient.
Section 7.4. No Implied Waiver. In the event any agreement contained herein should be
breached by any party and thereafter waived by the other party, such waiver shall be limited to the
particular breach so waived and shall not be deemed to waive any other concurrent, previous or
subsequent breach hereunder.
Section 7.5. Ageement to Pay Attorney's Fees and Expenses. Whenever any Event of
Default occurs and the Authority employs attorneys or incurs other expenses for the collection of
payments due or to become due or for the enforcement or performance of any obligation or
agreement on the part of the Redeveloper herein contained, the Redeveloper agrees that it shall, on
demand therefor, pay to the Authority the reasonable fees of such attorneys and such other
reasonable expenses so incurred by the Authority.
Section 7.6. Revesting Title in Authority pon Happening of Event Subsequent to
Conveyance to Redeveloper. In the event that subsequent to conveyance of the Redevelopment
Property to the Redeveloper and prior to the Termination Date:
(a) Subject to Unavoidable Delays, the Redeveloper fails to carry out its obligations with
respect to the construction of the Project (including the date for the completion thereof), or abandons
or substantially suspends construction work, and any such failure, abandonment, or suspension shall
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, 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;
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 after a Certificate of Completion has been issued or following the
Termination Date.
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 Lender may require a first mortgage
or other lien ( "Mortgage ") on the Redevelopment Property or a portion thereof 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 l�1
17
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 Deed shall
be subordinate to the rights of the Lender, including without limitation:
(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.
ARTICLE VIII
Additional Provisions
Section 8.1. 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 8.2. 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 8.3. 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
Redevelopment Property and any such deed shall not be deemed to affect or impair the provisions
and covenants of this Agreement.
Section 8.4. 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: Faulkner Construction, Inc., 2350 County Road J.
White Bear Lake, MN 55110, Attention: James A. Faulkner. Fax: (651) 426 -0045.
With a copy to:
, Attention: , Esq. Fax: (_)
(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: Monroe Moxness Berg PA, 8000 Norman Center Drive, Suite 1000,
Minneapolis, MN 55437, Attention: James R. Casserly, Esq. Fax: (952) 885 -5969.
Section 8.5. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall constitute one and the same instrument.
Section 8.6. Law Governing. This Agreement will be governed and construed in accordance
with the laws of the State.
19
Section 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. Provisions Surviving Termination. Termination of this Agreement shall not
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 addition, termination of this Agreement shall not terminate
any Declaration of Restrictive Covenants and Prohibition Against Tax Exemption which has been
recorded against the Redevelopment Property.
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)
20
Dated: 92010
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 }
W
On this day of , 20_ before me, a Notary Public, personally
appeared Lawrence E. Commers and William W. Burns, 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
21
( Dated:
W
2010
FAULKNER CONSTRUCTION, INC.
Its
STATE OF MINNESOTA )
)ss
COUNTY OF )
On this day of
appeared James A. Faulkner, the
James A. Faulkner
20_, before me, a Notary Public, personally
of Faulkner Construstion, Inc., a Minnesota
corporation, and acknowledged the foregoing instrument on behalf of said corporation.
Notary Public
Redeveloper Signature Page - Contract for Private Redevelopment
22
SCHEDULE A
DESCRIPTION OF REDEVELOPMENT PROPERTY
Lots 2 and 3, Block 1, Herwal Rice Creek Terrace, subject to easement of record.
Lot 5, Block 1, Herwal Rice Creek Terrace, subject to easement of record.
23
� SCHEDULE B
W
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 Faulkner Construction, 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 Faulkner Construction, Inc., dated (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 4.1 of the
Contract and the Grantor has a right of re -entry in accordance with 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.
24
IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly executed in its
behalf by its Chairman and Executive Director as of the first date above written.
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY,
MINNESOTA
By
Its Chairman
RV
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 Chairman and Executive Director, 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:
MONROE MOXNESS BERG PA
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437
(952) 885 -5999
25
Notary Public
Tax statements for the real property
described in this instrument should be
sent to:
Faulkner Construction, Inc.
2350 County Road J.
White Bear Lake, MN 55110
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 Faulkner
Construction, Inc., a Minnesota corporation (the "Redeveloper ") certain real property described on
Exhibit 1.
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
i-� 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.
N
Dated: , 200_
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY, MINNESOTA
LIMA
Its Chairman
By
Its Executive Director
26
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, apolitical subdivision of the
State of Minnesota, and acknowledged the foregoing instrument on behalf of said Authority.
This instrument was drafted by:
MONROE MOXNESS BERG PA
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437
(952) 885 -5999
27
Notary Public
n
r"\
SCHEDULE D
SITE PLAN
SCHEDULE F
DECLARATION OF RESTRICTIVE COVENANTS
AND PROHIBITION AGAINST TAX EXEMPTION
This Declaration is made and executed as of the day of , 20
by Faulkner Construction, Inc., a Minnesota corporation ( "Declarant ").
A. Declarant is fee owner of the premises located in the County of Anoka, State of
Minnesota described below (the "Property "):
B. The Housing and Redevelopment Authority in and for the City of Fridley, Minnesota,
a public body corporate and politic (the "Authority") has entered into a Contract for Private
Redevelopment dated (the "Redevelopment Agreement "), with the
Declarant. The Redevelopment Agreement provides for certain assistance, financial and otherwise,
to be provided by the Authority in connection with the construction of single - family homes (the
"Building ") on the Property.
NOW, THEREFORE, in consideration of the foregoing, Declarant, for itself and its
successors and assigns, does hereby declare that the Property shall be owned, used, occupied, sold
and conveyed subject to the following covenants and restrictions:
1. No part of the Property shall become tax exempt from the levy of ad valorem property
taxes, or any statutorily authorized alternative, until December 31, 2032.
2. The covenants and restrictions herein contained shall run with the title to the Property
and shall be binding upon all present and future owners and occupants of the Property; provided,
however, that the covenants and restrictions herein contained shall inure only to the benefit of the
Authority and may be released or waived in whole or in part at any time, and from time to time, by
the sole act of the Authority, and variances may be granted to the covenants and restrictions herein
contained by the sole act of the Authority. These covenants and restrictions shall be enforceable only
by the Authority, and only the Authority shall have the right to sue for and obtain an injunction,
prohibitive or mandatory, to prevent the breach of the covenants and restrictions herein contained, or
to enforce the performance or observance thereof.
3. The covenants and restrictions herein contained shall remain in effect until December
31, 2032 and thereafter shall be null and void.
Im
4. If any one or more of the covenants or restrictions contained in this Declaration are
held to be invalid or enforceable, the same shall in no way affect any of the other provisions of this
Declaration, which shall remain in full force and effect.
FAULKNER CONSTRUCTION, INC.,
a Minnesota corporation
Its
STATE OF MINNESOTA )
)ss
COUNTY OF )
James A. Faulkner
On this day of , 20_, before me, a Notary Public, personally
appeared James A. Faulkner, the of Faulkner Construction, Inc., a Minnesota
corporation, and acknowledged the foregoing instrument on behalf of said corporation.
This Instrument Drafted By:
MONROE MOXNESS BERG
8000 Norman Center Drive, Suite 1000
Minneapolis, MN 55437 -1178
(612) 885 -5999
KM: 485M948 -8646, v. 1
31
Notary Public
CITY OF FRIDLEY
HRA
2010 HRA CASH FLOW PROJECTIONS UPDATE
Over the past 3 years, TIF district 1, 2 & 3 have been decertified, adding 2,830,000
of additional tax capacity to the City (7.9% of 2009 total)
2 HRA repaid final amounts owed on loan from City in Jan, 2009
3 HRA paid off remaining Tax Increment G.O. bonds in Feb, 2010
4 Remaining funds in TIF #1 will be returned to County this year which will result in a
one -time return of funds to the City based on its share of the local tax rate.
5 Other 2008 / 2009 Financial Activity
a. Purchased Northstar Station Land
b. Purchased property in Gateway NE area
6 Other 2010 Financial Activity
a. Additional purchases in Gateway NE area
b. Home remodel demo
c. Planned sale of land to Faulkner for new development (no TIF District created)
d. Planned sale of remaining lots in Gateway West TIF District q u Tc' q-zal ( —
7 By the end of 2010, HRA cash balances are projected to have dropped 47% from
12/31/2006.
8 2010 Legislature re- authorized Housing Replacement Program for Fridley
9 Future happenings:
a. Creation of new TIF District in Gateway NE area
b. Redevelopment of area surrounding Northstar Station, with emphasis on transit
oriented development (JLT site opportunities)
� Opportunity to redevelop Columbia Arena site
C)- .Additional 200,000 of tax capacity added to City in 2012 from Medtronic
development. W kw'v� L �' &acitly �k UV
e. TIF #7 decertified in 2012, adding approximatdly 63,000 off ax ca to City
f. Expansion of Housing Replacement Program
g. Continuing promotion and use of Revolving Loan Funds gyp,
KM: 4816-8253 -4662, v. 1
��r
t
ri INFORMATIONAL ITEM
HRA MEETING OF MAY 612010
CRY of
FRIDLEY
Uaie: /'lpnl zo, LUIU
To: William Bums, City Manager
From: Paul Bolin, Asst. Executive HRA Director
Subiect: Re- Authorization of Scattered Site Housinq Replacement Proaram
After nearly being approved the past 2 sessions, staff was optimistic that our scattered site
housing replacement bill would finally be approved this year. On April 6th the Governor signed
legislation giving the City of Fridley, along with seven other cities, the ability to create multi-
phased scattered site housing replacement Tax Increment Districts. The attached memo and
summary from Attorney Casserly provide more detail on the program.
Staff has been working with Attorney Casserly to determine the best and most efficient approach
to implement and run this program. Because there is currently so much competition for
foreclosed properties, Staff is investigating a partnership with the non -profit Twin Cities
Community Land Bank. The partnership would provide an opportunity to purchase foreclosures
directly from the lenders before they hit the open market through their "First Look" program.
The "First Look" program requires some quick turnaround times for the HRA to make decisions
on whether or not to move forward with a purchase. We are still studying this option and will
present more details to you at your meeting next week. This program would require that staff be
given some general authority to make purchase offers on properties meeting specific criteria.
Staff will continue to analyze the most efficient way to move forward with the Housing
Replacement Plan and bring a recommendation forward at the June 3rd HRA Meeting. Because
of the strange market conditions and desire to minimize the HRA's expense and staff time, we
simply need to spend a bit more time examining the implementation of the program.
MONROE
BERG
James R. Casserly
jcasserly @krassmonroe.com
Direct 952.886.1296
MEMORANDUM
ro
8000 Norman Center Drive T 952.885.5999 a
Suite 1000 F 952.885.5969
Minneapolis, MN 55437 -1178 www.MMBLawFlrrn.com
To: City of Fridley Housing and Redevelopment Authority
Attn: Paul Bolin, HRA Assistant Executive Director
From: James R. Casserly, Esq.
Date: April 29, 2010
Re: Fridley Housing Replacement Program
Our File No. 9571 -13
On April 6, 2010, the Fridley Housing Replacement Program was reauthorized by Laws
of Minnesota 2010, Chapter 216, Section 42, a copy of which is attached (Attachment I).
Also attached are the original sections contained in Laws of Minnesota 1995 as
amended for the last 15 years up to and including this most recent Legislation
(Attachment II). The new changes are blacklined and are shown on Page 2.
Fridley originally adopted a Housing Replacement District Plan on October 23, 1995
which incorporated a Phase I of the Plan identifying the specific parcels to be included
in that Phase. The Housing Replacement District Plan was amended three additional
times as shown by the summary of the Municipal Action Taken which is also attached
(Attachment III). In all, 22 parcels have been included in the Fridley Program.
The Legislation authorizing the Program allows it to have a number of unique features
which include the following:
The Program is a market rate housing program unlike other housing
programs that utilize tax increment. The housing must not exceed 150%
of the average market value of single family housing in Fridley.
The Program is designed to deal with vacant sites, parcels containing
vacant houses or parcels containing houses that are structurally
substandard (using the redevelopment definition contained in the Tax
Increment Act).
• Tax increment is calculated by determining the value of the improvements
on the parcel. The value of any existing improvements are ignored. As a
result, the value of the entire structure is used in the calculation to
determine the tax increment (this allows the HRA to buy structures to be
demolished or to buy homes that need substantial rehabilitation without
being penalized).
A simpler process is allowed to amend a housing replacement plan to
include additional parcels. Both the HRA and the City Council must still
approve any amendments.
The Housing Replacement Program is extremely flexible and has been designed to
promote market rate housing which would appeal to those of average income. While
the Program will not generate huge revenues, tax increment can only be collected for 15
years, it will help defray many costs and will allow the HRA the use of another tool in
addressing housing issues and needs in the City of Fridley.
JRC /al
Enclosures
KM: 4822 - 1402 -8038, v. 1
I11-�
2
ATTACHMENT
LAWS OF MINNESOTA 2010, CHAPTER 216, SECTION 42
49.6 Sec. 42. Laws 1995, chapter 264, article 5, section 45, subdivision 1, as amended by
49.7 Laws 1996, chapter 471, article 7. section 22, and Laws 1997, chapter 231, article 10,
49.8 section 13, and Laws 2002, chapter 377, article 7, section 6, and Laws 2008, chapter 154,
49.9 article 9, section 19, is amended to read:
49.10 Subdivision 1. Creation of projects. (a) An authority may create a housing
49,11 replacement project under sections 44 to 47, as provided in this section.
49.12 (b) For the cities of Crystal, Fridley, Richfield, =4 Columbia Heights. and Brooklyn
49.13 Park the authority may designate up to 16 100 parcels in the city to be included in a
ct over the fife of a district or districts.
49,14 housing replacement distri
49.15
49.16 - mlcrvf-���ftn add ti—ral I= cis added
For the cities of St Paul and Duluth,
49.17 each authority may designate not more than 200 parcels in the city to be included in a
49.1 s housing replacement district over the life of the district For the-city.of Minneapolis, the
49.19 authority may designate not more than 400 parcels in the city to be included in housing
49.20 replacement districts over the life of the districts. The only parcels that may be included
4921 in a district are (1) vacant sites, (2) parcels containing vacant houses, or (3) parcels
497 houses that are structurally substandard, as defined in Minnesota Statutes,
49:3 section 469.174, subdivision 10.
49.24 (c) The city in which the authority is located must pay at least 25 percent of the
49.25 housing replacement project costs from its general fund, a property tax levy, or other
49.26 unrestricted money, not including tax increments.
4927 (d) The housing replacement district plan must have as its sole object the acquisition
49.28 of parcels for the purpose of preparing the site to be sold for market rate housing. As
49.29 used in this section, "market rate housing" means housing that has a market value that
4930 does not exceed 150 percent of the average market value of single - family housing in that
49.31 municipality.
49.32 EF'F'ECTIVE DATE. This section is effective the day following final enactment
49.33 and app lies to the affected cities without local a roval under Minnesota Statutes. section
49.34 Y5.023. subdivision I paraErauh (a)•
�1
Sec. 42. 49
ij
r ATTACHMENT Il
I�
LAWS 1995, CHAPTER 2.64, ARTICLE 5, SECTION 44 THROUGH SECTION 47
(UPDATES INCLUDED THROUGH SPECIAL LAWS 010)
Sec. 44. CITIES OF CRYSTAL, FRIDLEY, ST. PAUL, AND MINNEAPOLIS;
HOUSING REPLACEMENT DISTRICTS; DEFINITIONS.
Subdivision 1. .CAPTURED NET TAX CAPACITY. "Captured net tax
capacity" means the amount by which the current net tax capacity in a housing
replacement district exceeds the original net tax capacity, including the value of
property normally taxable as personal property by reason of its location on or over
property owned by a tax - exempt entity.
Subd. 2. ORIGINAL NET TAX CAPACITY. "Original net tax capacity" means
the net tax capacity of all taxable real property within a housing replacement district as
certified by the commissioner of revenue for the previous assessment year less the
net tax capacity attributable to existing improvements, provided that the request by
the authority for certification of a new housing replacement district has been made to
the county auditor by June 30. The original net tax capacity of housing replacement
districts for which requests are fled after June 30 has an original net tax capacity
based on the current assessment year. In any case, the original net tax capacity must
be determined' together with subsequent adjustments as set forth in Minnesota
Statutes, section 469.177, subdivision 1, paragraph (c). In determining the original
net tax capacity, the net tax capacity of real property exempt from taxation at the time
of the request shall be zero, except for real property which is tax exempt by reason of
public ownership by the requesting authority and which has been publicly owned for
less than one year prior to the date of the request for certification, in which event the
net tax capacity of the property shall be the net tax capacity as most recently
determined by the commissioner of revenue.
Subd. 3. PARCEL. "Parcel' means a tract or plat of land established prior to
the certification of the housing replacement district as a single unit for purposes of
assessment.
Subd. 4. AUTHORITY. For housing replacement projects in the city of
Crystal, "authority" means the Crystal economic development authority. For housing
replacement projects in the city of Fridley, "authority" means the housing and
redevelopment authority in and for the city of Fridley or a successor in interest. For
housing replacement projects in the city of Minneapolis, "authority" means the
Minneapolis community development agency or its successors and assigns. For
housing replacement projects in the city of St. Paul, "authority" means the St. Paul
housing and redevelopment authority. For housing replacement projects in the city of
Duluth, "authority" means the Duluth economic development authority. For housing
replacement projects in the city of Richfield, "authority" is the authority as defined in
Minnesota Statutes, section 469.174, subdivision 2, that is designated by the
governing body of the city of Richfield. For housing replacement projects in the city of
Columbia Heights, "authority" is the authority as defined in Minnesota Statutes,
section 469.174, subdivision 2, that is designated by the governing body of the city of
Columbia Heights.
Sec. 45. ESTABLISHMENT OF HOUSING REPLACEMENT DISTRICTS.
Subdivision 1. CREATION OF PROJECTS. (a) An authority may create a
housing replacement project under sections 44 to 47, as provided in this section.
(b) For the cities of Crystal, Fridley, Richfield, ate- Columbia Heights, and
Brooklyn Park. the authority may designate up to S9= parcels in the city to be
included in a housing replacement district. No FneFe than 1' j + r., y be i lded
4: 9Re 9f the
of !he fell 9wiR9 Rine yea over the life of a district or districts. For the cities of St.
Paul and Duluth, each authority may designate not more than 2D0 parcels in the city to
be included in a housing replacement district over the life of the district. For the city of
Minneapolis, the authority may designate not more than 400 parcels in the city to be
included in housing replacement districts over the life of the districts. The only parcels
that may be included in a district are (1) vacant sites, (2) parcels containing vacant
houses, or (3) parcels containing houses that are structurally substandard, as defined
in Minnesota Statutes, section 469.174, subdivision 10.
(c) The city in which the authority is located must pay at least 25 percent of
the housing replacement project costs from its general fund, a property tax levy, or
other unrestricted money, not including tax increments.
(d) The housing replacement district plan must have as it sole object the
acquisition of parcels for the purpose of preparing the site to be sold for market rate
housing. As used in this section, market rate housing means housing that has a
market value that does not exceed 150 percent of the average market value of
single - family housing in that municipaiity.
Subd. 2. HOUSING REPLACEMENT DISTRICT PLAN. To establish a
housing replacement district under- sections 44 to 47, an authority shall adopt a
housing replacement district plan which contains:
(1) a statement of the objectives and a description of the housing
replacement projects proposed by the authority for the housing replacement district;
(2) a statement of the housing replacement district plan, demonstrating the
coordination of that plan with the city's comprehensive plan;
(3) estimates of the following:
(i) cost of the program, including administrative expenses;
(ii) sources of revenue to finance or otherwise pay public costs;
(iii) the most recent net tax capacity of taxable real property within the
housing replacement district; and
(iv) the estimated captured net tax capacity of the housing replacement
district at completion;
(4) statements of the authority's alternate estimates of the impact of the
housing replacement district on the net tax capacities of all taxing jurisdictions in
which the housing replacement district is located in whole or in part. For purposes of
one statement, the municipality shall assume that the estimated captured net tax
capacity would be available to the taxing jurisdictions without creation of the housing
replacement district, and for purposes of the second statement, the county shall
assume that none of the estimated captured net tax capacity would be available to the
taxing jurisdictions without creation of the housing replacement district; and
(5) identification of all 'parcels to be included in the district, to the extent
known at the time the original housing replacement district plan is prepared. At a
minimum, the parcels that will be included in the housing replacement district during
its first year must be identified in the original housing replacement district plan. If
parcels for subsequent years are not specifically identified, the original housing
replacement district plan must include the criteria that will be used by the authority to
select parcels to be included in the later years.
Subd. 3. PROCEDURE. The provisions of Minnesota Statutes, section
469.175, subdivisions 3, 4, 5, and 6, apply to the establishment and operation of the
housing replacement districts created under sections 44 to 47, except as follows:
(1) the determination specified in Minnesota Statutes, section 469.175,
subdivision 3, clause (1), is not required; and
(2) addition of parcels not identified in the original housing replacement
district plan is not treated as a modification of that plan requiring an approval process
provided that the parcels added are consistent with the criteria described in
subdivision 2, clause (5).
Sec. 46. LIMITATIONS.
Subdivision 1. DURATION LIMITS. No tax increment may be paid to the
authority on each parcel in a housing replacement district after 15 years from date of
receipt by the county of the first tax increment from that parcel.
Subd. 2. LIMITATION ON USE OF TAX INCREMENTS. (a) All revenues
derived from tax increments must be used in accordance with the housing
replacement district plan. The revenues must be used solely to pay the costs of site
acquisition, relocation, demolition of existing structures, site preparation, and
pollution abatement on parcels identified in the housing replacement district plan, as
well as public improvements and administrative costs directly related to those parcels.
(b) Notwithstanding paragraph (a), the city of Minneapolis may use revenues
derived from tax increments from its housing replacement district for activities related
to parcels not identified in the housing replacement plan, but which would qualify for
inclusion under section 45, subdivision 1, paragraph (b), clauses (1) to (3):
(c) Notwithstanding paragraph (a), or any other provisions of sections 44 to
47, the Crystal Economic Development Authority may use revenues derived from tax
increments from its housing replacement districts numbers one and two as if those
districts were housing districts under Minnesota Statutes, section 469.174,
subdivision 11, provided that eligible activities may be located anywhere in the city
without regard to the boundaries of housing replacement district numbers one and two
or any project area.
Sec. 47. APPLICATION OF OTHER LAWS.
Subdivision 1. COMPUTATION OF TAX INCREMENT. The provisions of
Minnesota Statutes, section 469.177, subdivisions la, and 5 to 10, apply to the
computation of tax increment for the housing replacement districts created under
sections 44 to 47. The original local tax rate is the rate for the year a parcel is certified
for inclusion in a housing replacement district.
Subd. 2. OTHER PROVISIONS. References in Minnesota Statutes to tax
increment financing districts created and tax increments generated under Minnesota
Statutes, sections 469.174 to 469.179, other than references in Minnesota Statutes,
section 273.1399, include housing replacement districts and tax increments subject to
sections 44 to 47, provided that Minnesota Statutes, sections 469.174 to 469.179,
apply only to the extent specified in sections 44 to 47.
Subd. 3. MINNEAPOLIS SPECIAL LAW. Laws 1980, chapter 595, section 2,
subdivision 2, does not apply to a district created under sections 44 to 47.
KM: A 9a &4 9&4 `x - S -64 9 V. 1
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ATTACHMENT III
MUNICIPAL ACTION TAKEN
Based upon the statutory authority provided by Laws of Minnesota 1995, Chapter 264, Article '5,
Sections 44 through 47, the Housing Replacement District Plan was approved and Housing
Replacement District No. 1 was created.
The following municipal action was taken in connection therewith:
October 23, 1995: The Housing Replacement District Plan, including Phase I, was
adopted.
November 24,1997: The Housing Replacement District Plan was amended to include
Phase II.
May 3, 2001: The Housing Replacement District Plan was amended to include
Phase III,
July 1, 2004 The Housing Replacement District Plan was amended to include
Phase IV.
r'�
CRY OF
RIDLEY
M_.
- - -., --
INFORMATIONAL ITEM
HRA MEETING OF MAY 6, 2010
va«. MPI 11 LO, LV 1 V
To: William Bums, City Manager
From: Paul Bolin, Asst. Executive HRA Director
Subject: Home Remodeling Program Update
The remodeling project has been moving forward even better than expected. The builder / realtor
team selected by the HRA have been excellent to work with and the attendance at the pre -
remodel open house was almost overwhelming.
Open House Update
Despite the fact that the Star Tribune ran an article listing the wrong day for the open house
(Saturday vs. Sunday), we still had over 250 people walk through the home on Sunday April
11th. Sean Lennox also brought 40 -50 people through the home on Saturday the 10th.
People are very excited about this project and all we received were positive comments from all
who attended the event. The bulk of the attendees were Fridley residents and a large number of
them left with information on our home loan program.
The 1/2 way to completion open houses will be held on Sunday, May 23, from 11 a.m. to 4 p.m.,
and Wednesday, May 26, from 4:30 p.m. to 6:30 p.m.
Remodel Update
A building permit has been issued and work is well underway. Portions of interior walls have
been removed and the footings for the addition are in place. More pictures will be provided on
Thursday.
W
Fridley HRA
Housing Program Summary
Cover Page
May 6, 2010 HRA Meeting
Report
Loan Application Summary
Loan Origination Report
Remodeling Advisor
Description
Loan application activity (e.g. mailed
out, in process, closed loans) for April
and year -to -date.
Loan originations for April and year -to-
date.
Shows the number of field appointments
scheduled and completed for the
Remodeling Advisor Services
administered by Center for Energy and
Environment.
M— Paul's Documents\HRAViRA Agenda Items\2010WIay 6, 2010\Housing Program CoverMay.doc
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Fridley HRA
Loan Origination Report
April 26, 2010
Loan Originations
This Previous
Month Months
Since 111/2010
HRA Loans (incl. CFUF Discount Ic
2 2
4
HRA Deferred Loans
-
Other Loans (non -HRA)
1
1
Total
2 3
5
Fundina Sources
This Previous
Month Months
Since 1h /2010
Fridley HRA
$ - $ -
$
MHFA FUF /CFUF
$ 41,908.00 $ 19,877.92
$ 61,785.92
Fridley Discount portion for CFUF
$ 810.76 $ 125.89
$
936.65
Met Council
$ - $ -
$
-
CDSG/HOME
$ $ -
$
-
CEE
$ $ -
$
-
Other
$ $
$
Total
$ 42,718.76 $ 20,003.81
$ 62,722.57
Types of Units Improved*
*some households receive more than 1 loan, so the # of loans may not equal # of units improved
�..�
This Previous
Month Months
Since 1/1/2010
Single Family
2 3
5
Duplex
-
-
Tri -Plex
4 to 9 Units
- -
10 to 20 Units
_
20+ Units
Total
2 3
5
Types of Improvements
Interior
All of Projects
% of Total
Bathroom remodel
-
0 %,
Kitchen remodel
-
0 %,
General plumbing
-
0 %,
Heating system
2
40%
Electrical system
-
0%
Basement finish
0 %
Insulation
-
0%
Room addition
-
0 %,
Misc. interior projects
-
0 %,
Foundation
_
0 %
F_xterior
Siding/Fascia/Soffit
-
0 %
Roofing
-
0 %,
Windows/Doors
3
60%
Garage
-
0%
Driveway /sidewalk
0%
Landscaping
_
0%
Misc. exterior projects
_
0 %
-
0%
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-1
FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY
May 6, 2010
I40-*�
1. Gateway Northeast Update
TKD
Nothing has changed with the status of the Tae Kwon Do center. Mr. Kim continues to look for
properties suiting his needs.
Sikh Society
DJ Sikka, representative for the Sikh Society stopped in to see Scott Hickok and I on Thursday April
29th. Mr. Sikka reported that the group has made an offer to purchase a new worship space in
Bloomington. He stated that the group was now ready to move forward with a sale of their property
on University Avenue.
We asked that Mr. Sikka put together a letter outlining price, contingencies, and timeframes. If a
letter is received in a timely fashion, the purchase of the Sikh Society may end up as an agenda item
on Thursday night.
Demolition
The work has now been completed. Landwehr returned to the site in early April to remove the concrete
and bituminous parking lots from the sites. The properties have now been hydro - seeded and we should
see grass sprouting up soon.
2. Northstar
The special trains being run for Twins games have exceeded all expectations and have been standing
room only. It is hoped that those using the train for these games will continue to ride it regularly for
commuting as well
MONROE
MO)CNESS
} BERG
f
Greg D. Johnson
gjohnson@MMBLawF!rm.com
Direct 952.885.5994
James R. Casserly
jcasserly@MMBLawFirm.com
Direct 952.885.1296
MEMORANDUM
8000 Norman Center Drive T 952.885.5999
Suite 1000 F 952.885.5969
Minneapolis, MN 55437 -1178 www.MMBLawFirm.com
To: City of Fridley
Attn: William Burns, City Manager
Paul Bolin, HRA Assistant Executive Director
Scott Hickok, Community Development Director
Richard D. Pribyl, Finance Director
From: Greg D. Johnson, CPA, Senior Financial Analyst
James R. Casserly, Esq.
Date: April 29, 2010
Re: 2010 HRA Cash Flow Projections
Our File No. 9571 -39
Based on the City's preliminary 12/31/2009 balances, the HRA 2010 budget, and projected
2010 & 2011 tax increment resulting from information obtained from Anoka County, we have
updated our development funds cash flow analysis for the Fridley HRA. As of 12/31/2009, the
HRA had estimated available fund balances totaling $9.2 million. Cash balances were lower at
$8.OM. The table below provides an overview of these balances:
Available Uses:
Prelim.
12/31/09
Fund
Balance
Prelim.
12/31/09
Cash
Balance
Source of Funds
General Redevelopment
Costs
6.8M
1.1M
2.3M
3AM
1 AM
0.11M
HRA General Fund / Gateway NE
Pre '90 TIF Districts (6, 7, 9)
Post '90 TIF Districts 16, 17, 18, 19
Northstar Station Area Costs
0.2M
0.2M
TIF districts 11, 12 & 13
Housing Activities
4.4M
4.3M
Revolving Loan Fund; Housing
Replacement districts
Total Available
$9.81VI
$9.41VI
Restricted -Debt Service Only
3.OM
3.3M
Pre '79 TIF District #1
Total, Including Restricted
$12.8M
$12.7M
All HRA Funds
2
Not reflected in the available cash balance are two large assets. First, over $1.1 M in Mortgage
Receivables are recorded in the Housing Loan Program. Over time, the HRA should be able to
collect these funds, and have them available for other HRA initiatives. Second, $5.2M has been
paid for land acquisitions over the past few years some of which is being held for resale. In
future years the HRA can expect to have additional cash available as this land is sold. Our
current analysis does not reflect any repayment of the Mortgage Receivables and only $325,000
of land sale proceeds (TIF #18 - $225,000 and HRA General Fund — Faulkner - $100,000).
The 2004B and 2005B G.O. bonds were fully paid off in February, 2010. There are no other
G.O. bonds outstanding at this time. As required by law, the amount remaining in TIF #1 has
been, or soon will be, returned to the County. It will be redistributed to the contributing taxing
jurisdictions.
This report contains the following schedules on the following pages:
1 - 2
TIF Fund Summary
Year End Fund Balances for all TIF Districts (2007 -2020)
3
Cash Balances
Actual 2007 -2008; Projected 2009 -2012
4
Assumptions
Class Rates, Tax Rates
5 - 6
Revenues
Developer loan, Special Assessments, Other
7
Debt Service
G.O. Debt
8 - 9
Revenue Notes
Payment Due in all TIF Funds
10-33
TIF Funds 1 —19
(2008 through 2023)
34-35
Housing Replacement Fund (HRF)
36
Revolving Loan Fund
(RLF)
37
HRA General Fund
38-39
Summary Inc. & Exp
Revenue & Expenses - All Funds (TI, HRF,RLF, Gent Fd)
Some issues which need further discussion include the following:
The HRA is spending significant resources for property in the Gateway Northeast
area. The long term plan is redevelopment of this area. The HRA will recover its
costs through the sale of land and creation of a tax increment district. To facilitate
recovery of costs from future tax increment, the HRA should monitor and implement
the following some of which have already been completed.
a) A new Gateway Northeast fund in which all related costs are aggregated
b) An interfund loan between the Gateway Northeast fund and the HRA General
fund
c) Preservation of the parcels for inclusion in a future tax increment district before
any demolition is undertaken
d) Reimbursement resolutions if future bond proceeds will be used to reimburse the
HRA for some of its costs currently being expended
2. After taking into account the payment due to Medtronic based on 2009 TI, the
Medtronic TIF District ( #6) will show a negative balance of at the end of 2009.
Because 90% of the tax increment is paid to Medtronic and assuming 10% is used
for HRA admin fees, this TIF District balance will never get to zero. If substantially
less admin fees are taken from this district, as has been the case for the past four
years, the balance will eventually turn positive.
3
3. Since 12/31/2000, the Revolving Loan Fund has ended the year with a balance of
over $3.0 million. The 12/31/2009 estimated balance was $4.1 million. These
resources are being used to fund this program and other HRA housing initiatives.
4. The Housing Replacement Program TIF District currently has over $300,000. These
amounts are expected to grow to almost $500,000 by 2017. The special legislation
authorizing Fridley's participation in this program had expired, but new legislation just
passed in 2010 re- authorized the program. These funds will continue to be available
for this program.
5. The HRA General Fund shows a 12/31/2009 estimated fund balance of $6.8M, but
only a cash balance of $2.8M. $600,000 of this difference relates to a transfer for the
Gateway NE fund. The remaining difference is primarily due to interfund loans
recorded to show funds for the negative fund balances in the following TIF Districts:
TIF #6 (Lake Pointe — Medtronic)
TIF #11, 12 & 13
TIF #16 (57th Ave Redevelopment)
TIF #17 (Gateway East)
TIF #18 (Gateway West)
TIF #19 (5110 Main St NE)
Total Interfund Loans
588,000
Expect to be repaid
208,000
Expect to be repaid
124,000
Expect to be repaid
773,000
Expect to be repaid
1,514,000
Do not expect all to be repaid
31.000
Expect to be repaid
3 238,000
The negative balance in TIF #18 is unlikely to be repaid, but it is difficult to project
the shortfall until the project has been fully built out. We should review what amount
to transfer to this fund once all land sale proceeds have been received, and all
properties fully built out and valued. It may be prudent to transfer approximately
$500,000 to TIF #18 in 2010. TIF districts 6, 11, 12, 13, 16, 17, and 19 should all
eventually show positive fund balances, so no transfers need be made at this time.
6. As part of the Ominbus Public Finance Bill of 2009, (see Laws of Minnesota 2009,
Chapter 88) passed by the Minnesota Legislature last year, the 5 -Year Rule has
been extended to 10 years for TIF Districts certified on or after 7 -1 -2003 and before
4 -20 -2009. This applies only to redevelopment and renewal and renovation districts.
For the City of Fridley, this means that in TIF districts 18 and 19, new expenditures
are allowed for up to 10 years after the districts were certified. There is little benefit
for TIF #18 (Gateway West) since this district will use all its tax increment to recover
costs already advanced. However, in TIF #19 (5110 Main St NE), the HRA will have
an opportunity for maximizing the resources of this TIF district for the Northstar
Project area or housing programs.
7. Admin fees in some of the TIF districts should be reduced. Based on projected
admin fees equal to 5% of tax increment for future years, TIF district 6, 16, 17 and 18
will each reach their projected decertification dates with over 11 % of tax increment in
admin fees. This number should be no higher that 10 %. Since all admin fees are
poolable, higher amounts can be take out of other TIF Districts. The HRA is able to
take higher admin fees out of TIF Districts 7, 9, 12 and 19.
Over the 3 -year period 2007 -2009, TIF Districts 1, 2 and 3 all reached their maximum statutory
duration. Due to decertification, the combined captured tax capacity of these TIF districts of
2,830,000 is now available to all taxing jurisdictions. These three TIF districts represent 7.9% of
the entire tax capacity of the City of Fridley in 2009.
G!
Please keep in mind that this Cash Flow Analysis only assists the City and the Authority with its
long range planning and in reviewing the solvency of its programs. We have included no project
expenses for the years 2010 and thereafter. Subsequent to 2009, we have only included on the
expense side those obligations which the HRA is committed to pay plus some administrative
and miscellaneous expenses. For revenue projections, we have been most conservative by
assuming the following:
1. No inflationary increases in market value.
2. No inflationary increases in the local tax rates.
3. No further construction by Medtronic.
4. Interest earnings on all Fund Balances at 1.5% and only through 2012.
We look forward to reviewing this Cash Flow Analysis with you and its underlying assumptions.
Attachments
KM: 4835 -8424 -9606, v. 2
CITY OF FRIDLEY, MINNESOTA
Page 1
HRA SUMMARY
Fund Balances
0.0%
Inflation
Actual
Actual
Preliminary
Projected
Projected
Projected
Projected
Projected
City
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
Fund
TIF
Tenn of
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Balance
#
#
Description
District
Type
12131107
12/31/08
12/31/09
12/31/10
12/31/11
12131/12
12/31/13
12131114
100
HRA General Fund non - increment
7,947,569
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
501
Housing Replacement
7/18/1996 - 12/2022
H
257,118
293,977
304,890
339,937
373,110
406,782
422,976
430,796
Dec ' d
Remaining Balance Return
to County in 2010
450
1
Center City.
Pre'79
DECERTIFIED
R1
2,320,715
3,028,876
2,943,040
0 0
0
0
0
All TI used to pay G.O. T Bonds
451
2
Moore Lake - Decertified
DECERTIFIED
R1
40,577
0
0
0
0
0
0
1 0
452
3
North Area (Univ Ind Park)-1
DECERTIFIED
R1
2,193,076
1,727,950
37,804
0
0
0
0
0
Totals - Pre'82 Districts
2,233,653
1,727,950
37,805
0
0
0
0
0
All Ti used to pay G.O. Ti Bonds
Decertif y #7
453
4
Johnson/Skywood/Frank S
DECERTIFIED
E
454
5
Paco /Paschke/E Ranch Est
DECERTIFIED
E
455
6
Lake Pointe Medtronic
12/1985- 12/2025
R
(747,480 )
(671,980
175,842
534,622
(489,352
32
430,512
(401,092),
456
7
Winfield
10/1986 - 1212012
R
618,112
120,183
190,831
262,352
330,487
399,643
> 399,643
399,643'
457
8
Shorewood Rest - Decertific
DECERTIFIED
E
0
0
0
0
0
0
0
0
458
9
Onan / Murphy Warehouse
09/1989- 12/2015
R
1,680,915
392,564
773,548
1,152,525
1,509,307
1,871,441
2,210,943
2,550,445E
459
10
Northco Phase III - Decertli
DECERTIFIED
E
0
0
0
0
1 0
0
0
0
Totals - Pre'90 Districts
1,551,547
(159,233)
1,140,221
880,2551
1,350,442
1,811,151
2,180,073
2,548,995
TIF 11,12,13 available o nly for Northstar Transit Station
TIF 11,12,13
462
11
University /Osborne
01/1992 - 12/2018
R
300,470
106,639
40,367
28,294
91,509
155,672
216,859
278,046
463
12
McGlynn Bakeries
03/1992 - 12/2o19
R
200,343
(103,322)
63,540
20,410)
20,733
62,493
102,382
142,271
464
13
Satellite Lane Apts
06/1995 - 12/2023
R
1 400,741
(155,801)
(104,277)
(51,554)
3,327)
45,623
92,194
138,765
465
14
Industrial Equities (Bus. Ctr
DECERTIFIED
E
0
0
0
0
0
0
0
0
466
15
MN Commercial Railway-D(
DECERTIFIED
E
0
0
0
0
0
0
0
0
467
16
57th Ave Linn
09/1997- 12/2024
R
128,004
126,655
124,379
122,641
121,008
95,136
69,577
44,018 1
468
17
Gateway East
2001- 12r2o28
R
866,624
819,135
773,466
735,118
699,393
663,131
628,747
594,362
469
18
Gateway West
2005 - 12/2033
R
1,466,196
1,515,564)
1,514,360
1,280,049
(1,268,089)
(1,246,409)
1,228,501
1,210,593):
470
19
5110 Main St NE Ind E
2007 - 12/2o34
R
33,058)
(43,457 )
87,832
(23,436)
17,467)
11,498
5,530
439
Gateway Northeast
Totals - Post'90 Districts
(1,592,327)
(2,870,572)
(2,532,557)
(2,204,914)
(1,997,041)
(1,752,387)
(1,520,919)
(1,289,452)
Totals - TIF Districts 1 -19
4,513,588
1,727,021
1,588,508
(1,324,658)
(646,599)
58,765
659,155
1,259,544
Total
FUND Balance - All TIF Districts & HRA Gen'I Fund
12,718,275
9,418,790
8,693,506
5,342,841
6,271,569
7,258,500
8,085,234
8,903,593
265
F]Special
Revolving Loan Fund
3,991,474
4,119,310
4,140,531
4,222,921
4,331,547
4,441,802
4,489,432
4,537,062
265
Revenue/Housing Programs
0
0
0
0
0
0
0
0
Total FUND Balance (TIF, Gen'[ Fund, Revolving Loans)
16,709,750
13,538,101
12,834,037
9,565,762
10,603,115
11,700,303
12,574,666
13,440,656
CASH Balances
16,340,746
13,337,736
12,680,189
9,114,705
10,152,059
11,249,246
AVAILABLE USES
Redev. Funds Available - HRA General Fund
7,947,569
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
Redev. Funds Available - Pre'90 TIF Districts 6, 7, 9
1,551,547
159,233
1,140,221
880,255
1,350,442
1,811,151
2,180,073
2,548,995
Not Available - Post'90TIF Districts 16, 17, 18, 19
2,493,881
2,504,810
2,324,373
2,161,244
2,105,955
2,016,174
1,932,354
(1,848,534
Northstar Station Area Costs 11, 12, 13)
901,554
(365,762 )
(208,184
(43,670)
108,914
263,788
411,435
559,082
Housing Activities RLF, HRP
4,248,593
4,413,288
4,445,420
4,562,858
4,704,657
4,848,584
4,912,408
4,967,858
Total Available FUND Balances
12,155,382
8,781,275
9,853,192
9,565,761
10,603,115
11,700,302
12,574,666
13,440,655
Restricted - Bonds DS only - Pre'82 & Pre'79 TIF 1, 3
4,554,368
4,756,826
2,980,845
0
0
0
0
0
___
_
Total FUND Balances, including Restricted
16,709 750
13,538,101
12,834,037
9,565,762
10,603,115
11,700,303
12,574,666
13,440,656
0
0
0
0
0
0
0
0'
Tax Increment from TIF #1 and #3 is severely restricted. Currently all amounts in these districts are paying debt service
on the 2004B and 2005B bonds. Once these bonds are paid off, the HRA will be required to return any remaining funds to the County.
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
CITY OF FRIDLEY, MINNESOTA
Page 2
HRA SUMMARY
Fund Balances
0.0%
Inflation
Projected
Projected
Projected
Projected
Projected
Projected
City
Fund
Fund
Fund
Fund
Fund
Fund
Fund
TIF
Tenn of
Balance
Balance
Balance
Balance
Balance
Balance
#
#
Description
District
Type
12131/15
12/31/16
12131/17
12/31/18
12/31/19
12/31/20
100
HRA General Fund (non- increment)
7,423,403
7,633,553
7,843,703
8,053,853
8,264,002
8,474,152
501
Housing Replacement
7/18/1996- 12/2022
H
438,616
446,436
454,256
455,566
456,877
458,187
450
1
Center City.
Pre'79
DECERTIFIED
R1
0
0
0
0
0
0
451
2
Moore Lake - Decertified
DECERTIFIED
R1
0
0
0
0
0
0
452
3
North Area (Univ Ind Park)-
DECERTIFIED
R1
0
0
0
0
0
0
Totals - Pre'82 Districts
0
0
0
0
0
0
Decertify #9
453
4
Johnson/Skywood/Frank St
DECERTIFIED
E
454
5
Paco /PaSChke/E Ranch Est
DECERTIFIED
E
455
6
Lake Pointe (Medtronic)
12/1985 - 1212025
R
(371,673 )
(342,253)
312,833
283,413)
(253,993 )
(224,573
456
7
Winfield 1
1011986 - 1212012
R
399,643
399,643
399,643
399,643
399,643
399,643
457
8
Shorewood Rest - Decertifit
DECERTIFIED
E
0
0
0
0
0
0
458
9
Onan / Murphy Warehouse
09/1989- 12/2015
R
2,889,947
> 2,889,947
1 2,889,947
2,889,947
2,889,947
2,889,947
459
10
1 Northco Phase III - Decertii
DECERTIFIED
E
0
0
0
0
0
0
Totals - Pre '90 Districts
2,917,917
2,947,337
2,976,757
3,006,177
3,035,597
3,065,017
available on
for Northstar Transit Station
462
11
University/ Osbome
o1/1992 - 12/2o18
R
339,233
400,421
461,608
522,795
522,795
522,795
463
12
McGlynn Bakeries
03/1992 - 12/2019
R
182,160
222,050
261,939
301,828
341,717
341,717
464
13
Satellite Lane Apts
06/1995- 12/2023
R
185,336
231,907
278,478
325,049
371,620
418,191
465
14
Industrial Equities (Bus. CV,
DECERTIFIED
E
0
0
0
0
0
0
466
15
MN Commercial Railway-D(
DECERTIFIED
E
0
0
0
0
0
0
467
16
57th Ave Linn
09/1997 - 12/2024
R
18,459
0
0
0
0
0
468
17
Gateway East
2001 - 12/2028
R
559;978
525,593
491,209
456,825
422,440
388,056
469
18
Gateway West
2005- 12/2033
R
1,192,685)
1,174,777
1,156,869)
(1,138,961 )
(1,121,053
1,103,145
470
19
5110 Main St NE Ind E
2007- 12/2o34
R
6,407
12,376
18,344
24,313
30,281
1 36,250
Gateway Northeast
Totals - Post'90 Districts
(1,057,984)
(833,617)
(627,709)
(421,801)
(277,079)
(172,247).
Totals - TIF Districts 1 -19
1,859,933
2,113,720
2,349,049
2,584,377
2,758,518
2,892,770
Total FUND Balance - All TIF Districts & HRA Gen'[ Fund
9,721,952
10,193,709
10,647,007
11,093,795
11,479,397
11,825,109
265
Revolving Loan Fund 1
1
4,584,692
4,632,322
4,679,952
4,727,582
4,775,212
4,822,842
265
S pace l Revenue /Housin Programs
0
0
0
0
0
0
ITotal FUND Balance (TIF, Gen'[ Fund, Revolving Loans)
14,306,645
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
CASH Balances
AVAILABLE USES
Redev. Funds Available - HRA General Fund
7,423,403
7,633,553
7,843,703
8,053,853
8,264,002
8,474,152
Redev. Funds Available - Pre'90 TIF Districts 6, 7, 9
2,917,917
2,947,337
2,976,757
3,006,177
3,035,597
3,065,017
Not Available - Post '90 TIF Districts 16, 17, 18, 19
1,764,714
1,687,995
1,629,734
1,571,473
1,513,212
1,454,951
Northstar Station Area Costs 11, 12, 13
706,730
854,377
1,002,025
1,149,672
1,236,133
1,282,704
Housing Activities RLF, HRP
5,023,308
5,078,758
5,134,208
5,183,148
5,232,089
5,281,029
Total Available FUND Balances
14,306,644
14,826,031
15,326,959
15,821,377
16,254,609
16,647,951
Restricted - Bonds DS only - Pre'82 & Pre'79 TIF 1, 3
0
0
0
0
0
0
Total FUND Balances, including Restricted
14,306,645
14,826 031
15,326,959 1
15,821,378 1
16,254,609
16,647,951
0
0
0
0
01
0
Tax Increment from TIF #1 and #3 is severely restrictE
on the 20048 and 2005B bonds. Once these bonds ar
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
CITY OF FRIDLEY, MINNESOTA Page 3
SUMMARY OF CASH BALANCES
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
Actual
Actual
Preliminary
Projected
Projected
Projected
12131/07
12131/08
12131/09
12131/10
12/31111
12/31112
CASH BALANCES
HRA General Fund
4,647,634
3,673,363
2,771,486
2,298,940
2,516,435
2,764,331
HRP
Housing Replacement Program (HRP)
257,094
292,047
304,889
339,936
4,066,405
373,109
406,781
RLF
Housing Funds (RLF)
3,307,172
3,352,283
3,984,015
4,175,031
4,285,287
Debt Service
TIF Districts (Capital Projects Funds)
0
0
0
1
I Center City
2,344,960
3,014,072
3,275,901
0
0
2
IMoore Lake
38,101
0
0
0
0
3
1 North Area (Univ Ind Park)
2,162,033
1,683,319
2,152
0
0
Pre '90
4
Johnson /Skywood /Frank Shear - Decertified
5
Paco /Paschke/E Ranch Estate - Decertified
6
Lake Pointe (Medtronic)
338,508
435,610
472,367
(238,097)
(192,827)
(163,407)
7
Winfield
618,043
120,504
190,789
262,310
330,445
399,601
8
Shorewood Rest - Decertified
0
0
0
0
0
0
9
Onan / Murphy Warehouse
1,680,603
392,816
773,000
1,151,977
1,508,759
1,870,893
10
Northco Phase III - Decertified
Post
'90
135,179
83,590
110,372
11
University / Osborne
300,466
104,654
66,518
198,394
262,557
12
McGlynn Bakeries
200,343
88,970
40,460
124,733
166,493
13
Satellite Lane Apts
400,741
158,531
57,649
158,599
207,549
14
Industrial Equities (Bus. Ctr) - Decertified
0
15
MN Commercial Railway- Decertified
0
16
57th Ave (Linn)
7,164
14,594
17,467
19,205
20,838
46,710
17
Gateway East
28,029
1,317
51,081
89,429
125,155
161,416
18
Gateway West
2,913
3,722
5,157
239,468
251,429
273,108
19
5110 Main St NE (Ind Eq)
6,942
1,934
72,869
(38,398)
600,000
(5,611)
(32,430)
600,000
(5,611)
(26,461)
600,000
(5,611)
Gateway Northeast
600,000
Investments
(5,611)
TOTAL CASH BALANCES
16,340,746 113,337,736
12,680,189
9,114,705
10,152,059
11,249,246
Annual Change
(733,181)
(3,003,010)
(657,547)
(3,565,483)
1,037,354
1,097,187
AVAILABLE USES
Redev. Funds Available - HRA General Fund
4,647,634
3,673,363
2,771,486
2,298,940
2,516,435
2,764,331
Redev. Funds Available - Gateway Northeast & Investments
594,389
594,389
594,389
594,389
Redev. Funds Available - Pre'90 TIF Districts (6, 7, G
2,637,154
948,930
1,436,156
1,176,191
1,646,377
2,107,087
Not Available - Post'90 TIF Districts 16, 17, 18, 19
45,048
21,567
146,574
309,704
364,992
454,773
Northstar Station Area Costs 11, 12, 13
901,550
352,155
164,627
329,141
481,726
636,599
Housing Activities (RLF, HRP )
3,564,266
3,644,330
4,288,904
4,406,341
4,548,141
4,692,068
Total Available CASH Balances
11,795,652
8,640,345
9,402,136
9,114,705
10,152,059
11,249,246
Restricted -Bonds DS only - Pre'82 & Pre'79 TIF Dist 1,
4,545,094
4,697,391
3,278,053
0
0
0
Total CASH Balances, Including Restricted
16,340,746 1
13,337,736 1
12,680,189
9,114,705
10,152,059
11,249,246
0
0
0
01
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
ALL TIF DISTRICTS
ASST IMPTInNS
Page 4
2013!
2006 2007 2008 2009 2010 2011 2012 & beyondi
Interest Earnings (on positive fund balance) -TIF #1 - #3 1.50% 1.50% 1.50% 1.50% 0.00%
Interest Earnings (on positive fund balance) - All Other TIF Districts 1.50% 1.50% 1.500% 1.50% 0.00%
Interest Expense (on negative fund balance) 0.00% 0.000/0 0.000% 0.000/0 0.000/0
Administrative Fees - TIF #1 - #3 0.00% 0.00% 0.00% 0.00% 0.00 %.
Administrative Fees 5.00% 5.00%1 5.00% 5.00% 5.00%'
Admin Fee Limitations
Pre '79 Districts -Cert Req Date bef 811179 - Lesser of 10% of budgeted expenditures or 10% of actual expenditures TIF 1
Pre '82 Districts -Cert Req Date bef 712182 - Lesser of 5% of budgeted expenditures or 5% of actual expenditures TIF 2 -3
Districts with Cert Req Date before 8/1/01- Lesser of 10% of budgeted expenditures or 10% of actual expenditures TIF 6,7,9
Districts with Cert Req Date after 7/31/01- Lesser of 10% of budgeted expenditures or 10% of actual TIF revenues TIF 11 -
Commercial / Industrial
Market Value Base 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000
Base Rate 1 1 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Rate for value above base 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Rental - Market Rate
Market Value Base 0 0 0 0 0 0 0 0
Base Rate 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25 %'
Rate for value above base 1.25% 1.25%1 1.25% 1.250% 1.25% 1.25% 1.25% 1.25 %'
Rental -Low Income/Class 4d (TIF #1) Changed to .75% for 2006 with stricter ndes
Market Value Base 0 0 0 0 0 0 0 0
Base Rate 1 1 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75 %.
Rate for value above base 0.75% 0.75% 0.75% 0.75% 0.75% 0.750/. 0.75% 0.75 %'
Residential Homestead
Market Value Base 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Base Rate I 1 1.00% 1.00% 1.00% 1.00% 1.00% 1.000% 1.00% 1.00%
Rate for value over base 1.25% 1.25% 1.25% 1.250% 1.25% 1.250/. 1.25% 1.25%
Tax Collection Rate 99.64% 99.64% �99./. 99.64% 99.64%1 99.64% 99.64% 99.64 0%I
Inflation 0.00% 0.00% 0.00% 0.00% 0.00%!
Fiscal Disparities Reduction - TIF #3 -20.0% -21.1% - 22.7% -22.7% -22.7% - 22.7% -22.7% -22.7%
(percent of captured tax capacity)
Local Tax Rates
City of Fridley 0.31941 0.31349 0.30324 0.28640 0.32258 0.32258 0.32258 0.32258
Anoka County 0.32096 0.30696 0.31078 0.32078 0.35189 0.35189 0.35189 0.35189
ISD #
Misc
Watershed
TI Districts ISD District
1 13 16 17,1114 6 Cities 0.92322 0.93488 0.95658 0.99092 1.13820 1.13820 1.13820 1.13820
2 8 14 Rice Creek "Moore Lk" 0.94072 0.94762 0.97226 1.00601 1.15294 1.15294 1.15294 1.15294
3 11 12 16 6 Cities "TIF #3" 0.88929 0.95092 0.95838 0.95075 1.06679 1.06679 1.06679 1.06679
6 19 13 6 Cities "Medtronic" 0.91063 0.86496 0.85567 0.91331 0.99423 0.99423 0.99423 0.99423
7 9 14 115 116 1 Rice Creek "Onan" ** 0.90679 0.96366 0.97406 0.96584 1.08153 1.08153 1.08153 1.08153
** Onan" Frozen Tax Rate (TIF #9) is .97756
Average: 0.91413 0.93241 0.94339 0.96537 1.08674 1.08674 1.08674 1.08674
* Local Tax Rate does not include any rate charged for the State Property Tax.
It also excludes any effective rate adjustment due to fiscal disparities (In previous years this equated to an effective 10% hiaher rate)_
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
ACTUAL A
ACTUAL A
ACTUAL A
ACTUAL A
ACTUAL P
Projected P
Projected I
I Projected
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 5
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
OTHER REVENUES
Principal
Int. Rt.
Term
2006
2007
2008
2009
2010
2011
2012
2013
2014
HRA General Fund
Sheet Metal Connectors (MSCJ, Inc.)
Loan
$200,000
5.00%
(2(1995 - 212003)
Victor Rosenblum Loan
$125,000
5.00%
(2/1997 - 812002)
TIF #15
Minnesota Commercial Rail Property
Loan
$125,000
5.00%
(812000 - 212008)
Special Assessm ants
Shorewood
1
(1991- 2003)
Moore Lake Shopping Center
(1991- 2003)
Northwest Racquet
(1991- 2003)
Actual
Actual
Actual
Preliminary
Budget
Tax Levy
343,135
351,957
367,942
504,888
498,000
498,000
498,000
498,000
498,000
Rental
$800 per mn
(2001- Frauenshuh kg Lot)
9,600
9,600
9,600
13,350
14,000
14,000
14,000
14,000
14,000
SUBTOTAL - HRA General Fund Revenues
352,735
361,557
377,542
518,238
512,000
512,000
512,000
512,000
512,000
OTHER
TIF #12
McGlynn Development Payment
(211994 - 812008)
9,182
9,182
9,182
TIF #14
Industrial Equities Loan
$140,000
5.00%
(811998 - 812006)
21,956
Agro -K Loan (TIF #2)
Payments readjusted at 10/2005
new payment starting 11/1/2005
$75,000
5.00%
(1111997- 10/2015)
8,473
8,473
8,473
8,473
8,473
8,473
8,473
8,473
8,473
refinanced Nov, 2005
11.75%
(11/2005- 1012015)
ACCAP Loan (HLP - Fund 265)
Annual Payments
$57,500
7.25%
(811996 - 812025)
3,805
3,806
3,807
3,808
3,809
3,810
3,811
3,812
3,813
TOTALS
$ 722,500
396,150
383,017
399,003
530,518
524,281
524,282
524,283
524,284
524,285 !.
HRA General Fund
Medtronic Land Sale Receipts
110,044
67,843
71,891
43,117
193,411
90,541
117,679
117,679
117,679
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 6
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
OTHER REVENUES
Principal
Int. Rt.
Term
2015
2016
2017
2018
2019
2020
2021
HRA General Fund
Sheet Metal Connectors (MSCJ, Inc.)
Loan
$200,000
5.00%
(211995 - 212003)
Victor Rosenblum Loan
$125,000
5.00%
(2/1997 - 8/2002)
TIF #15
Minnesota Commercial Rail Property
Loan
$125,000
5.00%
(8/2000- 212008)
Special Assessments
Shorewood
(1991- 2003)
Moore Lake Shopping Center
(1991 - 2003)
Northwest Racquet
(1991 - 2003)
Tax Levy
498,000
498,000
498,000
498,000
498,000
498,000
498,000
Rental
$800 per m n
(2001- Frauenshuh Pkg Lot)
14,000
14,000
14,000
14,000
14,000
14,000
14,000
SUBTOTAL - HRA General Fund
Revenues
512,000
512,000
512,000
512,000
512,000
512,000
512,000
OTHER
TIF #12
McGlynn Development Payment
(211994 - 812008)
TIF #14
Industrial Equities Loan
$140,000
5.00%
(811998 - 812006)
Agro -K Loan (TIF #2)
Payments readjusted at 1012005
$75,000
5.00%
(1111997- 1012015)
7,061
refinanced Nov, 2005
11.75%
(11/2005- 1012015)
ACCAP Loan (HLP - Fund 265)
Annual Payments
$57,500
7.25%
(811996 - 812025)
3,814
3,815 1
3,816
3,817
3,818
3,819
3,820
TOTALS
$ 722,500
522,874
515,815
515,816
515,817
515,818
515,819
515,820
HRA General Fund
Medtronic
Land Sale Receipts
117,679
117,679 1
117,679
117,679
117,679
117,679
117,679
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA Page 7
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
DEBT SERVICE
Principal
Int. Rt.
Term
2008
2009
2010
2011
2012
2013
TIF #2 (Moore Lake)
G.G. r: Refunding BeFids
4998-
4;a-M,00A
5.§G%l
04999 1201,R:
Refunded
312312004
G.O. TI Refunding Bonds
2004B
3,920,000
3.76%
(2005 - 212012)
40,065
Paid by TIF #3
556,000
599,095
37,836
Paid by TIF #1
1,793,231
0
0
TIF #3 & TIF #1
n AAA
a9A°�
24998 W200Q:
Refunded in 2005
G.O. TI Refunding Bonds 2005B
4,645,000
3.00%
(2005 - 212012)
1,262,950
1,177,400
Total
Debt Service
1,859,015
1,776,495
1,831,068
0
0
0
(450 )
0
0
0
0
0
City Loan - Pd for by Revolving
Loan
Fund
1,500,000
5.00%
(811997 - 212012)
87,429
277,560
0
0
0
pd off 1 -26 -09
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA.
Page 8
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
REVENUE NOTES
Principal
Int Rt
% of TI
Term
2006
1 2007
2008
2009
2010
2011
2012
2013
TIF #3 (North Area)
Banfill Sr. Crossing
683,156
8.00%
90%
of TI
812000 - 8/2007
115,524
42,241
Paschke
Max payment
12,484
60,000
7.00%
90%
of TI
811999 - 8/2005
PAID OFF
TIF #6 (Lake Pointe
Medtronic
All Eligible Ex
"Reimbursement Payments"
6.75% 90% of TI 8/2009 - 212012
557,466
610,646
647,087
0
1,604,956
814,865
200K of tax capacity
retumed to County
529,557 1 529,557
90%
of TI
812092 - 212026
Med Land payment
Increases to 22.22•/
TIF #9 (Onan)
Rylund
Max payment .
6,178
32,000
1 8.00% 90%
of TI
811996 - 212004
Onan / Murphy Warehouse
496,303
8.009/6
489/.
of TI
812001- 2120 16
PAID OFF
TIF #11
Bob's Produce
Max payment
16,740
90,936
9.50%
90%
of TI
811994 - 2(2003
TIF #12 (McGlynn)
McGlynn's
Max payment
is more than available TI
DONE
701,172
9.50%
95%
of TI
811994-02009
TIF #16 (57th Ave)
Linn Project
0
175,000
8.50%
90%
of TI
811999 - 212012
26,063
20,965
24,246
26,483
26,572
24,214
0
0
TIF #19
Industrial Equities - 5110 Main St. NE
1,500,000
7.00%
90%
of TI
812009 - 212029
0
0
0
0
238,625
107,434
107,434
107,434
REVIEW
BENEFIT TO HRA OF PREPAYING ANY REIN. NOTE
$ 3,738,567
Total Revenue Notes
699,053
673,852
671,333
26,483
1,870,153
946,512
636,991
636,991
83,204 0)
variance
0
0
0
0
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 9
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
REVENUE NOTES
Principal
I Int Rt
% of TI
Tenn
2014
2015
2016
2017
2018
2019
2020
2021
TIF #3 (North Area)
Banfill Sr. Crossing
683,156
8.00%
90%
of TI
8/2000 - 8/2007
Paschke
Max payment
12,484
60,000
LOTS]
900/-
of TI
811999 - 8/2005
TIF #6 (Lake Pointe
"Reimbursement Payments"
Medtronic
All Eligible Ex
6.75%
90%
of TI
8/2001- 2 /2012
529,557
529,557
529,557
529,557
529,557
529,557
529,557
529,557
90%
of TI
812012- 212026
TIF #9 (Onan)
Rylund
Max payment
6,178
32,000
8.00% 90%
of TI
811996 - 212004
Onan / Murphy Warehouse
496,303
8.009/6
489/6
of TI
8/2001- 212016
TIF #11
Bob's Produce
Max payment
16,740
90,936
9.50%
90%
of TI
811994 - 2/2003
TIF #12 (McGlynn)
McGlynn's
Max payment
is more than available TI
701,172
9.50%
95%
of TI 1811994
- 2/2009
TIF #16 (57th Ave)
Linn Project
0
175,000
8.50%
90%
of TI
811999 - 212012
0
0
0
0
0
0
0
0
TIF #19
Industrial Equities - 5110 Main St. NE
1,500,000 1
7.00%
90%
of TI
82009 - 2/2021
107,434
107,434
107,434
107,434
107,434
107,434
107,434
0
REVIEW BENEFIT TO HRA OF PREPAYING ANY REV. NOTE
$ 3,738,567
Total Revenue Notes
636,991
636,991 1
636,991
636,991
636,991
636,991
636,991
529,557
variance
0
0
0
0
0
0
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 10
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #1
County A2 & A8
TIF DISTRICT #1
Center Cily-Decertiflo
City Fund 450
Center City- Decertified
Redevelopment District
Pre -1979
05/1979 - 8/1/2009
TOTALS
TIF Plan
Actual
Prelimina
Projected --->
Fund Balance
Budget
NEnd
2008
2,320,715
2009
3,028,876
2010
2,943,040
2011
0
2012
0
2013
0
2014
0
2015
0
Revenues:
Inflation
should only receive first 112
Tax Increment (TI) 1 0.00%11 17,000,000
Market Value Homestead Credit (MVHC)
14,686,352
110,724
597,743
17,104
0
0
0
0
0
0
0
Bond Proceeds
23,429,914
10,506,084
Loan Proceeds
5,000,000
4,852,080
Other Revenues
200,000
40,815
Investment Earnings * 1,700,000
Change in FMV of investments
525,884
0
100,319
1,440
0
0
0
0
0
0
Sales/lease proceeds
0
Transfers In
1132,2 09,827
4,852,081
Annual Revenues
79,539,741
35,574,020
715,166
1,440
0
0
0
0
0
0
Expenses
Land/building acquisition
13,192,079
10,149,245
Site improvements /prep. cosft
3,548,973
1,364,482
Installation of public utilities
10,000
2,061
Parking facilities 1
482,879
290,065
Streets and sidewalks
10,000
4,050
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City/HRA (TI * %
1,700,000
589,450
7,005
682
Professional Services
75,084
School Dist. referendum reimb
1,172,763
Interest Expense **
0
0
0
return to County
Transfers Out
2,550,000
1,320,030
1,149,809
Debt Service - Bonds
37,487,862
15,746,430
0
86,594
1,793,231
Debt Service - Rev. Notes
14,057,948
0
actual
paid off Feb, 2010
Debt Service - Loan
5,000,000
4,852,081
Interfund loans
0
Other Expenses
1,500,000
8,279
Annual Expenses
79,539,741
35,574,020
7,005
87,276
2,943,040
0
0
0
0
0
Annual Increase /Decrease
0
0
708,161
(85,836)
(2,943,040)
0
0
0
0
0
Ending Fund Balanc
*
0
3,028,876
2,943,040
0
0 1
0
0
0
0
0
* Use of funds in this TIF District are severely limited.
After final debt service payments have been made,
the TIF District should probably
be decerfified.
CASH Balance
3,014,072
3,275,901
0
0
* Interest Earnings on Beg of Yr balance
4.3%
1.5%
1.59/6
1.5%
1.5%
**Interest Expense on negative fund balance
Actual
0.0%
Administrative Fees
4.01/6
1.2%
0.0%
Estimated
Actual
Ori ginal Market Value
7,833,600
7,833,600
Original Tax Capacity
119,311
118,636
Total Market Value
60,529,000
61,306,238
Estimated Tax Ca aci
779,861
797,407
Captured Tax Capacity
660,550
678,771
Calculated Tax Increment
629,594
670,186
Variance incl MVHC
14,747
670,186
0
0
0
0
0
0
Tax Rate
0.95658
6.99092
Tax Collection Rate
99.64%
99.64%
Inflation
0.00%
0.006/.
0.00%
0.00%
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 11
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #2
A5&A9
TIF DISTRICT #2
Moore Lake - D ecertil
City Fund 451
Moore Lake - Decertified
Redevelopment District
07/1981 - 1212007
TOTALS
To End
Actual
Prelimina
Projected - ->
TIF Plan
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
0
40,577
0
0
0
0
0
0
0
Revenues:
Inflation
Tax Increment (TI)
0.00%
13,000,000
11,562,132
0
0
0
0
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
18,698,003
928,170
Loan Proceeds
0
Other Revenues
MVHC
2,200,000
67,860
Investment Earnings *
1,300,000
229,958
119
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
23,496,006
2,010,446
Annual Revenues
58,694,009
14,798,566
119
0
0
0
0
0
0
0
Expenses
Land/building acquisition
4,678,406
1,224,721
Site improvements /prep. cost
3,639,449
1,961,657
Installation of public utilities
120,345
0
Parking facilities 1
0
Streets and sidewalks
53,000
0
Public park facilities
467,202
4,050
E0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI *%
650,000
146,844
631
0
0
0
0
0
0
Professional Services
0
School Dist. referendum reimb
1,221,631
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out
1,950,000
1,534
Debt Service - Bon
1998B
29,916,805
5,840,322
40,065
Debt Service - Rev. Notes
11,218,802
0
Debt Service - Other
0
Interfund loans
1,993,938
Other Expenses
6,000,000
2,403,869
Annual Expenses
58,694,0Ro
40,696
0
0
0
0
0
0
0
Annual Increase/ Decrease
(40,577)
0
0
0
0
0
0
0
Ending Fund Balanc
*
0
0
0
0
0
0
0
0
* Use of funds in this TIF District are severely limited.
After final debt service payments have been made,
the TIF District should probably
be decertirted.
CASH Balance I
1
0 1
0
0
0
* Interest Earnings on Beg of Yr balance)
0.3%
1.5%
** Interest Expense on negative fund balance
Actual
0.0%
Administrative Fees
1.3%
0.0%
Actual
Actual
Original Market Value
Original Tax Capacity
Total Market Value
Estimated Tax Ca aci
Captured Tax Ca aci
Calculated Tax Increment
Variance
0
0
0
0
0
0
0
0
Tax Rate
Tax Collection Rate
Inflation
0.00%
0.00%
0.00%
0.00%
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 12
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #3
B2, B3, D3 & D5
TIF DISTRICT #3
North Area (Univ Ind Park)-
City Fund 452
North Area (U my Ind Park) - Decertified
Redevelopment District
05/1982 - 12/2008
TOTALS
TIF Plan
To End
Actual
Prellmina
Projected ---->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
2,193,076
1,727,950
37,804
0
0
0
0
0
Revenues:
Inflation
Tax Increment (TI)
0.00%
25,000,000
23,921,254
1,319,401
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
19,890,923
613,318
Loan Proceeds
0
Other Revenues
282,910
Investment Earnings *
2,500,000
482,923
37,693
437
32
0
0
Change in FMV of investments
0
Sales/lease proceeds
200,000
0
Transfers In
34,581,845
8,122,978
Annual Revenues
82,172,768
33,423,383
1,357,094
437
32
0
0
0
0
0
Expenses
Land/building acquisition
7,460,446
2,557,339
Site improvements /prep. cost
6,771,745
510,054
Installation of public utilities
554,250
0
Parking facilities
1,026,297
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
2,500,000
234,149
2,820
682
Professional Services
0
School Dist. referendum reimb
763,749
Interest Expense **
0
Transfers Out
20,000,000
2,330
Debt Service - Bonds
31,825,477
11,609,888
1,819,400
1,689,901
37,836
Debt Service - Rev. Notes
11,934,553
558,392
0
Debt Service - Other
0
Interfund loans
8,122,981
Other Expenses
100,000
9,064,501
Annual Expenses
82,172,768
33,423,383
1,822,220
1,690,582
37,836
0
0
0
0 1
0
Annual Increase/ Decrease
0
(0)
(465,126)
(1,690,145)
(37,804)
0
0
01
0 1
0
1
Ending Fund Balanc
*
(0)
1,727,950
37,804
0
0
0
0
0
0
(0)
* Use of funds in this TIF District are severely limited.
After final debt service payments have been made,
the TIF District should
probably be decertified.
Net Present Value @
0.00%
0
CASH Balance 1
1,683,319
2,152
0
0
* Interest Earnings (on Beg of Yr balance)
1.7%
1.5%
1.5%
** Interest Expense (on negative fund balance )
Actual
0.0%
Administrative Fees
1.0%
0.0%
0.0%
Estimated
Original Market Value
15,218,600
Original Tax Capacity
90,170
Total Market Value
107,717,000
Estimated Tax Capacity
1,905,208
FISCAL DISPARITIES
(411,462)
Captured Tax Capacity
1,403,576
Calculated Tax Increment
1,340,317
Variance
20,916
0
0
0
0
0
0
0
Tax Rate
0.95838
Tax Collection Rate
99,64%
Inflation
0.00%
0.00%
0.00%
0.00%
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 13 .
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #6
County #E8
TIF DISTRICT #6
Lake Pointe (Medtronic)
City Fund 455
Lake Pointe (Medtronic)
Redevelopment District
1211985 - 1212025
TOTALS
TIF Plan
To End
Actual
Prelimina
Projected ->
Budget
of District
2008
2009
2010
2011
1 2012
2013
2014
2015
Fund Balance
0
(747,480)
(671,980)
175,842
(534,622)
(489,352)
(459,932)
(430,512)
(401,092).
Revenues:
Inflation
TIF #6 OTC adjusted In 2092
Tax Increment (TI)
0.00%
99,000,000
15,885,914
718,986
849,172
934,112
905,405
1 588,397
588,397
588,397
588,397
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
40,000,000
22,829,451
Loan Proceeds
5,000,000
5,641,933
Other Revenues
15,000,000
46,335
Investment Earnings *
9,900,000
65,726
5,133
344
7,086
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
. 5,600,000
Transfers In
56,724,844
4,876,718
0
0
0
0
Annual Revenues
225,624,844
54,946,076
724,119
849,517
941,198
905,405
588,397
588,397
588,397
588,397
Expenses
Land/building acquisition
12,702,819
11,356,323
Site improvements /prep. costi
12,253,725
1,799,015
Installation of public utilities
3,557,273
1,518,489
Parking facilities 1
74,349,733
0
Streets and sidewalks
4,961,294
2,132
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- City/HRA (TI * %
9,900,000
1,758,162
1,532
1,695
46,706
45,270
29,420
29,420
29,420
29,420
Professional Services
0
School Dist. referendum reimb
13,228
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out
14,850,000
361
Debt Service - Bonds
64,000,000
25,018,900
Debt Service - Rev. Notes
24,000,000
13,556,518
647,087
0
1,604,956
814,865
529,557
529,557
529,557
529,557
Debt Service - Other
5,000,000
0
pmt of 764,255 owed
Interiund loans
0
Other Expenses
50,000
422
Annual Expenses
225,624,844
55,023,550
648,619
1,695
1,651,662
860,135
558,977
558,977
558,977
558,977
Annual Increase! Decrease
0
(77,474)
75,500
847,822 1
(710,464)1
45,270
29,420
29,420
29,420
29,420
Ending Fund Balance
(77,474)
(671,980)1
175,842 1
(534,622)
(489;352)
(459,932)
(430,512)
(401,092)
(371,673)
0
CASH Balance
435,610
472,367
(238,097)
(192,827)
* Interest Earnings on Beg of Yr balance
1.5%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0 %1
** Interest Ex ense on negative fund balance)
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %'
Administrative Fees
11.1%
0.2%
5.0%
5.0%
5.0%
5.0%1.
5.0%
5.0%
5.0 %i
Estimated
Actual
add 200,000 sq. ft to base OTC In 2092
Original Market Value
4,226,500
4,226,500
4,226,500
4,226,500 14,226,500
4,226,500
4,226,500
4,226,500
Original Tax Capacity
1
83,780
83,780
83,780
83,780 1
403,780J
403,780
403,780
403,780
Total Market Value
46,598,700
51,372,900
51,372,900
49,924,000
49,924,000
49,924,000
49,924,000
49,924,000
Estimated Tax Ca ac'
931,224
1,026,708
1,026,708
997,730
997,730
997,730
997,730
997,730
Captured Tax Capacity
847,444
942,928
942,928
913,950
593,950
593,950
593,950
593,950
Calculated Tax Increment
722,522
858,085
934,112
905,405
588,397
588,397
588,397
588,397
Variance
3,536
8,913
0
0
0
0
0
0
Tax Rate
0.85567
0.91331
0.99423
0.99423
0.99423
0.99423
0.99423
0.99423
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%1
99.64%
99.64 %.
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00 %'
Old PINS
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 14
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
TIF DISTRICT #7
County G3
TIF DISTRICT #7
Winfield
City Fund 456
Winfield
Redevelopment District
6-12/2012
TOTALS
TIF Plan
To End
Actual
Prelimina
Projected �>
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
618,112
120,183
190,831
262,352
330,487
399,643
399,643
399,643
Revenues:
Inflation
Tax Increment (TI)
0.00%
2,000,000
1,703,302
72,420
71,309
72,273
67,579
67,579
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,535,903
0
Loan Proceeds
0
Other Revenues
0
Investment Earnings *
200,000
122,902
9,096
21
2,862
3,935
4,957
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
2,071,806
0
Annual Revenues
5,807,709
81,516
71,330
75,135
71,513
72,535
0
0
0
Expenses
Northstar Station land
Land/buiWing acquisition
643,370
r608,000
578,000
Site improvements /prep. cost
497,392
Installation of public utilities
87,960
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
200,000
25,138
1,445
682
3,614
3,379
3,379
0
0
0
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
Transfers Out
1,000,000
838
Debt Service - Bonds
2,457,445
792,196
Debt Service - Rev. Notes
921,542
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
Annual Expenses
5,807,709
389
1,426,561
579,445
682
3,614
3,379
3,379
0
0
0
Annual Increase /Decrease
0
399,643
(497,929)
70,648
71,521
68,134
69,156
0
0
0
Ending Fund Balance
399,643
120,183
190,831
262,352
330,487
399,643
399,643
399,643
399,643
0
CASH Balance
120,504
190,789
262,310
330,445
* Interest Earnings (on Beg of Yr balance)
1.5%
1.5%
1.5%
1.5%
1.5%
0.0%
** Interest Expense on n alive fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
1.5%
2.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Actual
Ori inal Market Value
216,600
216,600
216,600
216,600
216,600
Original Tax CapacRy
3,582
3,582
3,582
3,582
3,582
Total Market Value
11 -30- 24-32 -0034
1 3,966,500
3,966,500
3,569,900
3,352,100
3,352,100
Estimated Tax Ca aci
1 78,580
78,580
70,648
66,292
66,292
Captured Tax Capacity
74,998
74,998
67,066
62,710
62,710
Calculated Tax Increment
72,790
72,175
72,273
67,579
67,579
Variance
370
867
0
0
0
0
0
0
Tax Rate
0.97406
0.96584
1.08153
1.08153
1.08153
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
COMMERCIAL / INDUSTRIAL
MV update
MV update
MV update
MV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
CITY OF FRIDLEY, MINNESOTA
Page 15
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 412912010
TIF DISTRICT #8
1 County G4
TIF DISTRICT #8
Shorewood Rest -Decertified
Decertified
Shorewood Rest - Decertified
Economic Development
10/1986 - 12/1996
TOTALS
TIF Plan
To End
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Budget
of District
2000
2001
2002
2003
2004
2005
2006
Fund Balance
3,180
3,180
4,907
0
0
0
0
Revenues:
Inflation
Tax Increment (TI)
0.00%
82,303
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
0
Loan Proceeds
0
Other Revenues
3,180
Investment Earnings
2,628
1,727
901
Change in FMV of investments
0
Sales/lease proceeds
4,607
Transfers In
0
Annual Revenues
0
92,718
0
1,727
901
0
0
0
0
Expenses
Land/building acquisition
0
Site improvements /prep. costs
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI " %)
0
Professional Services 11
0
School Dist. referendum reimb
7,898
Interest Expense *'
0
Transfers Out
5,808
5,808
Debt Service - Bonds
79,012
Debt Service - Rev. Notes
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
Annual Expenses
0
92,718
0
0
5,808
0
0
0
0
Annual Increase/ Decrease
0
0
0
1,727
(4,907)
0
0
0
0
Ending Fund Balance
0
3,180
4,907
0
0
0
0
0
0
CASH Balance
0
0
0
0
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 412912010
CITY OF FRIDLEY, MINNESOTA
Page 16
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #9
County K1
TIF DISTRICT #9
Onan / Murphy Warel
City Fund 458
Onan / Murphy
Warehouse
Redevelopment District
09/1989 - 12/2015
TOTALS
TIF Plan
To End
Actual
Prelimina
Projected ---- ->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
1,680,915
392,564
773,548
1,152,525
1,509,307
1,871,441
2,210,943
2,550,445
Reven ues:
Inflation
Tax Increment (TI)
0.00%
8,000,000
5,320,480
379,598
381,391
386,719
357,371
357,371
357,371
357,371
357,371
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
13,410,000
0
Loan Proceeds
1,353
Other Revenues
50,000
5,108
Investment Earnings *
800,000
225,251
23,840
274
11,595
17,280
22,631
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
19,970,000
1,353
Annual Revenues
42,230,000
5,553,545
403,438
381,665
398,314
374,650
380,002
357,371
357,371
357,371
Expenses
Northstar Station land
Land/building acquisition
5,026,000
1,694,094
1,690,000
Site improvements /prep. costi
3,100,000
11,491
Installation of public utilities
1,342,000
0
Parking facilities 1
450,000
0
Streets and sidewalks
435,000
0
Public park facilities
0
0
Social, recreational, etc.
325,000
0
Budget
Admin Fees - City /HRA (TI * %
800,000
271,223
1,789
682
19,336
17,869
17,869
17,869
17,869
17,869
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
1
0
0
0
0
0
0
Transfers Out
1,200,000
931
Debt Service - Bonds
21,456,000
0
Debt Service - Rev. Notes
8,046,000
685,181
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
50,000
677
Annual Expenses
42,230,000
2,663,598
1,691,789
682
19,336
17,869
17,869
17,869
17,869
17,869
Annual Increase/ Decrease
0
2,889,947
(1,288,351)
380,984
378,978
356,782
362,134
339,502
339,502
339,502
Ending Fund Balance
2,889,947
392,564
1 773,548
1,152,525
1 1,509,307
1,871,441
2,210,943
2,550,445
2,889,947
0
CASH Balance
392,816
773,000
1,151,977
1,508,759
* Interest Earnings on Beg of Yr balance
1.4%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
- Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%J
0.0%
Administrative Fees
5.1%
0.5%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Actual
Est. Original Market Value
2,380,500
2,380,500
2,380,500
2,380,500
2,380,500
2,380,500
2,380,500
2,380,500
Original Tax Capacity
42,646
42,722
42,722
42,722
42,722
42,722
42,722
42,722
Total Market Value
22,270,500
22,660,050
22,362,700
20,856,200
20,856,200
20,856,200
20,856,200
20,856,200
Estimated Tax Ca aci
437,778
445,569
439,747
409,617
409,617
409,617
409,617
409,617
Captured Tax Capacity
395,132
402,847
397,025
366,895
366,895
366,895
366,895
366,895
Calculated Tax Increment
383,497
387,685
386,719
357,371
357,371
1 357,371
357,371
357,371
Variance
3,899
6,294
0
0
0
0
0
0
Tax Rate
0.97406
0.96584
0.97756
0.97756
0.97756
0.97756
0.97756
0.97756
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.640/a
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.97756
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 17
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #10
1 County K6
I
TIF DISTRICT #10
Northco Phase III - Decertified
Decertified - 3/2000
Northco Phase III -Decertified
TOTALS
—fl F_ Plan
To End
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Budget
of District
2000
2001
2002
2003
2004
2005
2006
Fund Balance
0
(364)
0
0
0
0
0
Revenues:
Inflation
Tax Increment (TI)
0.00%
100,000
01
1
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
112,500
0
Loan Proceeds
3,921
Other Revenues
0
Investment Earnings *
10,000
125
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
1
140,000
4,535
614
Annual Revenues
362,500
8,581
0
6141
0
0
0
0
0
Expenses
Land/building acquisition
0
Site improvements /prep. cost
70,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
20,000
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
10,000
4,660
364
250
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
Transfers Out
15,000
0
Debt Service - Bonds
180,000
0
Debt Service - Rev. Notes
67,500
0
Debt Service - Other
3,921
Interfund loans
01
1
Other Expenses
0
Annual Expenses
362,500
8,581
364
250
0
0
0
0
0
Annual Increase /Decrease
0
0
(364)
364
0
0
0
0
0
Ending Fund Balance
0
(364)
0
0
0
0
0
0
0
CASH Balance
0
0
0
0
0
* Interest Earnings on Beg of Yr balance
**Interest Expense on negative fund balance
Actual
Actual
Actual
Actual
Actual
Administrative Fees
0
0
0
0
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 18
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #11
IL6&L7 I
TIF DISTRICT #11
TIF DISTRII
University / Osbome
I City Fund 462
University / Osbome
University i
Redevelopment District
(Special Legislation - T1 Available for Northstar Station)
(Special Le
01/1992 - 12/2018
TOTALS
TIF Plan
To End
Actual
Prelimina
Projected -- ->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
2016
Fund Balance
300,470
(106,639)
(40,367)
28,294
91,509
155,672
216,859
278,046
339,233 1
Revenues:
Inflation
Tax Increment (TI)
0.00%
1,500,000
1,170,998
51,543
66,940
71, 225
64, 408
64 ,408
64,408
64,408
64,408
64,408
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,050,000
0
Loan Proceeds
0
Other Revenues
50,000
0
Investment Earnings *
150,000
55,237
4,072
12
998
2,028
2,976
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
775,000
31,881
Annual Revenues
3,525,000
1,258,116
55,615
66,953
72,222
66,435
67,383
64,408
64,408
64,408
64,408
Expenses
Northstar Station land
Land/building acquisition
350,000
530,055
403,511
Site improvements /prep. costE
340,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
100,000
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
150,000
120,212
59,213
682
3,561
3,220
3,220
3,220
3,220
3,220
3,220
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out
225,000
323
Debt Service - Bonds
1,680,000
0
Debt Service - Rev. Notes
630,000
79,301
0
0
0
0
0
0
0
Debt Service - Other
4,643
Interfund loans
0
Other Expenses
50,000
787
Annual Expenses
3,525,000
735,321
462,724
682
3,561
3,220
3,220
3,220
3,220
3,220
3,220
Annual Increase/ Decrease
0
522,795
(407,109)
66,271
68,661
63,215
64,163
61,187
61,187
61,187
61,187
Ending Fund Balance
522,795
(106,639)
(40,367)1
28,294
1 91,509
1 155,672
1 216,859
1 278,046
1 339,233
400,421
0
CASH Balance
104,654
66,518
135,179
198,394
* Interest Earnings (on Beg of Yr balance )
1.4%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
0.0%1
** Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %I
Administrative Fees
10.3%
114.9%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Actual
Est. Original Market Value
1,398,900
1,398,900
1,398,900
1,398,900
1,398,900
1,398,900
1,398,900
1,398,900
1,398,900
Original Tax Capacity
26,478
26,478
26,478
26,478
26,478
26,478
26,478
26,478
26,478
Total Market Value
1
11- 30- 24-22 -0026
4,095,200
4,946,800
4,919,900
4,582,900
14,582,900
4,582,900
4,582,900
4,582,900
4,582,900
Estimated Tax Capacity
11 -30- 24-22 -0027
80,404
97,436
96,898
90,158
90,158
90,158
90,158
90,158
90,158
11 -30- 24-22 -0024
Captured Tax Capacity
53,926
70,958
70,420
63,680
63,680
63,680
63,680
63,680
63,680
Calculated Tax Increment
51,496
67,220
71,225
64,408
64,408
64,408
64,408
64,408
64,408
Variance
47
280
0
0
0
0
0
0
0
Tax Rate
0.95838
0.95075
1.01508
1.01508
1.01508
1.01508
1.01508
1.01508
1.01508
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00 %1
Certified Tax Rate
L6
1.01508
L7
1.01508
COMMERCIAL / INDUSTRIAL
MV updated
MV updated
MV updated
MV updated
Fridley Cash Flow 2010b.xis Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 19
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
County
TIF DISTRICT #11
L6 & L7
T#11
University / Osborne
City Fund 462
Osborne
Redevelopment District
gislation - TI Available for North star Station)
01/1992 - 12/2018
TOTALS
TIF Plan
To End
Budget
of District
2017
2018
2019
2020
2021
Fund Balance
400,421
461,608
522,795
522,795
522,795
Revenues:
Inflation
Tax Increment (TI)
0.00%
1,500,000
1,170,998
64,408
64,408
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,050,000
0
Loan Proceeds
0
Other Revenues
50,000
0
Investment Earnings *
150,000
55,237
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
775,000
31,881
Annual Revenues
3,525,000
1,258,116
64,408
64,408
0
0
0
Expenses
Land/building acquisition
350,000
530,055
Site improvements /prep. cost,
340,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
100,000
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
150,000
120,212
3,220
3,220
0
0
0
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
Transfers Out
225,000
323
Debt Service - Bonds
1,680,000
0
Debt Service - Rev. Notes
630,000
79,301
0
0
0
0
0
Debt Service - Other
4,643
Interfund loans
0
Other Expenses
50,000
787
Annual Expenses
3,525,000
735,321
3,220
3,220
0
01
0
Annual Increase/ Decrease
0
522,795
61,187
61,187
0
0
0
Ending Fund Balance
522,795
461,608
522,795
522,795
522,795
522,795
0
CASH Balance
* Interest Earnings on Beg of Yr balance
0.0%
0.0%
-Interest Expense on negative fund balance
0.0%
6.0%
Administrative Fees
10.3%
5.0%
5.0%
Estimated
Est. Ori final Market Value
1,398,900
1,398,900
Ori inal Tax Ca ac'
26,478
26,478
Total Market Value
11 -30- 24-22 -0026
4,582,900
4,582,900
Estimated Tax Ca ac'
11 -30- 24-22 -0027
90,158
90,158
11 -30 24-22 -0024
Captured Tax Capacity
63,680
63,680
Calculated Tax Increment
64,408
64,408
Variance
0
0
0
0
0
Tax Rate
1.01508
1.01508
Tax Collection Rate
99.64%
99.64%
Inflation
0.00%
0.00%
Certified Tax Rate
L6
1.01508
L7
1.01508
COMMERCIAL/ INDUSTRIAL
Page 19
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/2912010
CITY OF FRIDLEY, MINNESOTA
Page 20
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #12
L9 & M1 I
TIF DISTRICT #12
TIF DISTRII
McGlynn Bakeries
ICity Fund 463
McGlynn Bakeries
McGlynn B!
Redevelopment District
I
(Special Legislation - TI Available for Northstar Station)
(Special Le
03/1992 - 12/2019
TOTALS
TIF Plan
To End
Actual
Prellmina6
Projected - - ->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
2016
Fund Balance
200,343
(103,322)
(63,540)
(20,410)
20,733
62,493
102,382
142,271
182,160
Revenues:
Inflation
Tax Increment (TI)
1 0.00%
2,200,000
1,328,021
40,260
40,452
44,761
41,989
41,989
41,989
41,989
41,989
41,989
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
2,412,500
0
Loan Proceeds
0
Other Revenues
50,000
0
Investment Earnings *
220,000
41,158
2,781
12
607
1,254
1,871
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
2,905,000
32,112
Annual Revenues
7,787,500
1,401,291
43,041
40,464
45,368
43,242
43,860
41,989
41,989
41,989
41,989
Expenses
Northstar Station land
Land/bui Id! ng acquisition
1,550,000
287,511
287,511
Site improvements /prep. costc
380,000
213,533
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
220,000
105,723
59,195
682
2,238
2,099
2,099
2,099
2,099
2,099
2,099
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out
330,000
180
Debt Service - Bonds
3,860,000
0
Debt Service - Rev. Notes
1,447,500
451,851
Debt Service - Other
0
Interfund loans
0
Other Expenses
776
Annual Expenses
7,787,500
1 1,059,574
346,706
682
2,238
2,099
2,099
2,099
2,099
2,099
2,099
Annual Increase/ Decrease
0
341,717
(303,665)1
39,782
43,130
41,143
41,760
39,889
39,889
39,889
39,889
Ending Fund Balance
341,717
(103,322)
(63,540)
(20,410)
20,733
62,493
102,382
142,271
182,160
222,050
0
CASH Balance
88,970
40,460
83,590
124,733
* Interest Earnings on Beg of Yr balance)
1.49/6
1.5%
1.5%
1.5%
1.5%
0.0%
0.06%
0.0%
0.0 %,
-Interest Ex ense on no native fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
8.0%
147.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0 %1
Estimated
Actual
Est. Original Market Value
2,100,200
2,100,200
2,100,200
2,100,200
2,100,200
2,100,200
2,100,200
2,100,200
2,100,200
Original Tax Capacity
41,254
41,254
41,254
41,254
41,254
41,254
41,254
41,254
41,254
Total Market Value
10 -30- 24-14 -0060
4,205,700
4,205,700
4,205,700
4,075,300
4,075,300 1
4,075,300
4,075,300
4,075,300
4,075,300
Estimated Tax Capacity
11- 30- 24-23 -0026
83,364
83,364
83,364
80;V68
80,756
80,756
80,756
80,756
Fiscal Disparities
Captured Tax Capacity
42,110
42,110
42,110
39,
39,502
39,502
39,502
39,502
Calculated Tax Increment
40,212
39,892
44,761
41,
41,989
41,989
41,989
41,989
Variance
48
(560
0
0
0
0
0
Tax Rate
0.95838
0.95075
1.06679
1.06679
1.06679
1.06679
1.06679
1666679
1.06679
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64 %1
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00 %'!
Certified Tax Rate
19
1.11211
M1
1.02984
Schedule Payment - Max Amount Owed
130,238
COMMERCIAL/ INDUSTRIAL
MV update
MV updateO
MV update
MV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 21
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
County
TIF DISTRICT #12
L9 & M1
T #12
McGlynn Bakeries
City Fund 463
keries
Redevelopment District
Igislation - TI Available for Northstar Station)
0311992 - 12/2019
TOTALS
TIF Plan
To End
Budget
of District
2017
2018
2019
2020
2021
Fund Balance
222,050
261,939
301,828
341,717
341,717
r2,2GO,000
Revenues:
Inflation
Tax Increment (TI)
0.00%
1,328,021
41,989
41,989
41,989
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
2,412,500
0
Loan Proceeds
0
Other Revenues
50,000
0
Investment Eamings'
220,000
41,158
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
2,905,000
32,112
Annual Revenues
7,787,500
1,401,291
41,989
41,989
41,989
0
0
Expenses
Land/building acquisition
1,550,000
287,511
Site improvements /prep. costE
380,000
213,533
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI' %
220,000
105,723
2,099
2,099
2,099
0
0
Professional Services
1
0
School Dist. referendum reimb
0
Interest Expense *'
0
0
0
0
0
0
Transfers Out L
330,000
180
Debt Service - Bonds
3,860,000
0
Debt Service - Rev. Notes
1,447,500
451,851
Debt Service - Other
0
Interfund loans
0
Other Expenses
776
Annual Expenses
7,787,500
1,059,574
2,099
2,099
2,099
0
0
Annual Increase / Decrease
0
341,717
39,889
39,889
39,889
0
0
Ending Fund Balance
341,717
261,939
301,828
341,717 1
341,717
341,717
0
CASH Balance
Interest Earnings (on Beg of Yr balance
0.0%
0.0%
0.0%
`* Interest Expense on negative fund balance
0.0%
0.0%
0.0%
Administrative Fees
8.0%
5.0%
5.0%
5.0%
Estimated
Est. Ori inal Market Value
2,100,200
2,100,200
2,100,200
Original Tax Capacity
41,254
41,254
41,254
Total Market Value
10 -30 -24-14 -0060
4,075,300
4,075,300
4,075,300
Estimated Tax Ca aci
11 -30- 24-23 -0026
80,756
80,756
80,756
Fiscal Disparities
Captured Tax Capacity
39,502
39,502
39,502
Calculated Tax Increment
41,989
41,989
41,989
Variance
0
0
0
0
0
Tax Rate
1.06679
1.06679
1.06679
Tax Collection Rate
99.64%
99.64%
99,640/,
Inflation
0.00%
0.00%
0.00%
Certified Tax Rate
L9
1.11211
M1
1.02984
Schedule Payment - Max Amount Owed
COMMERCIAL/ INDUSTRIAL
Page 21
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 22
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
TIF DISTRICT #13
County N1
TIF DISTRICT #13
Satellite Lane Apts
City Fund 464
Satellite Lane Apts
Redevelopment District
(Special Legislation - TI Available
for Northstar Station)
0611995 - 12 12023
TOTALS
TIF Plan
To End
Actual
Prelimina
Projected - -%
Budget
of District
2008
1 2009
2010
2011
2012
2013
2014
2015
Fund Balance
400,741
(155,801)
(104,277)
(51,554)
(3,327)
45,623
92,194
138,765
Revenues:
Inflation
Tax Increment (TI)
0.00%
1,800,000
1,139,131
48,478
47,549
54,588
49,022
49,022
49,022
49,022
49,022
Market Value Homestead Credit (MVHC)
33,796
4,322
4,529
Bond Proceeds
3,812,500
0
Loan Proceeds
F 500,000
432,109
Other Revenues
F 500,000
0
Investment Earnings
11 180,000
59,579
5,218
127
865
1,656
2,379
0
0
0
Change in FMV of investments
0
Sales lease proceeds
0
Transfers In
5,595,000
431,070
Annual Revenues
12,387,500
2,095,685
58,018
52,205
55,452
50,678
51,401
49,022
49,022
49,022
Expenses
Northstar Station land
Land/building acquisition
2,500,000
981,698
556,000
Site improvements /prep. costc
525,000
4,781
Installation of public utilities
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
180,000
118,038
58,560
682
2,729
2,451
2,451
2,451
2,451
2,451
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
Transfers Out
270,000
424
Debt Service - Bonds
6,100,000
0
Debt Service - Rev. Notes
2,287,500
0
Debt Service - Other
500,000
432,109
Interfund loans
0
Other Expenses
25,000
730
Annual Expenses
12,387,500
1,537,780
614,560
682
2,729
2,451
2,451
2,451
2,451
2,451
Annual Increase/ Decrease
0
557,904
(556,542)
51,524
52,723
48,227
48,950
46,571
46,571
46,571
Ending Fund Balance
I
557,904
(155,801)
(104,277)
(51,554)
(3,327)
45,623
92,194
138,765
185,336
I
0
*
Approximately $4.0 million in costs
of this TIF District were paid by TIF #1
CASH Balance
158,531
57,649
110,372
158,599
* Interest Earnings on Beg of Yr balance
1.3%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
** Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
10.4%
120.8%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Actual
Est. Original Market Value
233,400
233,400
233,400
233,400
233,400
233,400
233,400
233,400
Ori final Tax Ca ac'
2,334
2,334
2,334
2,334
2,334
2,334
2,334
2,334
Total Market Value
5,756,100
5,506,300
5,046,700
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
Estimated Tax Capacity
57,561
55,063
50,467
45,559
45,559
45,559
45,559
45,559
Captured Tax Ca aci
55,227
52,729
48,133
43,225
43,225
43,225
43,225
43,225
Calculated Tax Increment
52,639
52,062
54,588
49,022
49,022
49,022
49,022
49,022
Variance
161)
(16)
0
0
0
0
0
0
Tax Rate
0.95658
0.99092
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
1.17706
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
CITY OF FRIDLEY, MINNESOTA
Page 23
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #13
County N1
lCityFund464
TIF DISTRICT #13
Satellite Lane Apts
Satellite Lane Apts
Redevelopment District
(Special Legislation - 71 Available for North star Station)
0611995 - 12/2023
TOTALS
TIF Plan
To End
Budget
of District
2016
2017
2018
2019
2020
2021
2022
2023
Fund Balance
185,336
231,907
278,478
325,049
371,620
418,191
464,762
511,333
Reven ues:
Inflation
Tax Increment CHL 0.00% 1,800,000
Market Value Homestead Credit (MVHC)
1,139,131
33,796
49,022
49,022
49,022
49,022
49,022
49,022
49,022
49,022
Bond Proceeds
3,812,500
0
Loan Proceeds
500,000
432,109
Other Revenues
500,000
0
Investment Earnings *
180,000
59,579
0
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
5,595,000
431,070
Annual Revenues
12,387,500
2,095,685
49,022
49,022
49,022
49,022 1
49,022
49,022
49,022
49,022
Expenses
Land/buiWing acquisition
2,500,000
981,698
Site improvements /prep. costE
525,000
4,781
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
180,000
118,038
2,451
2,451
2,451
2,451
2,451
2,451
2,451
2,451
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
0
Transfers Out
270,000
424
Debt Service - Bonds
6,100,000
0
Debt Service - Rev. Notes
2,287,500
0
Debt Service - Other
500,000
432,109
Interfund loans
0
Other Expenses
25,000
730
Annual Expenses
*
12,387,500
1,537,780
2,451
2,451
2,451
2,451
2,451
2,451
2,451
2,451
Annual Increase/ Decrease
0
557,904
46,571
46,571
46,571
46,571
46,571
46,571
46,571
46,571
Ending Fund Balance
557,904
231,907
278,478
325,049
371,620
418,191
464,762 1
511,333
557,904
0
*
A roximatel $4.0 million in costs
of this, TIF District were paid by TIF #1
CASH Balance
* Interest Earnings on Beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %.
** Interest Expense on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
10.4%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Est. Original Market Value
233,400
233,400
233,400
233,400
233,400
233,400
233,400
233,400
Ori inal Tax Capacity
2,334
2,334
2,334
2,334
2,334
2,334
2,334
2,334
Total Market Value
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
4,555,950
Estimated Tax Capacity
45,559
45,559
45,559
45,559
45,559
45,559
45,559
45,559
Captured Tax Capacity
43,225
43,225
43,225
43,225
43,225
43,225
43,225
43,225
Calculated Tax Increment
49,022
49,022
49,022
49,022
49,022
49,022
49,022
49,022
Variance
0
0
0
0
0
0
0
0
Tax Rate
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
1.17706
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 24
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT I
County N6
TIF DISTRICT #14
Industrial Equities (B
City Fund 465
Industrial Equities (Bus. Ctr) - Decertified
Economic Development District
DECERTIFIED
05/1996 - 12/2006
TOTALS
TIF Plan
To End
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Budget
of District
2000
2001
2002
2003
1111 04
2005
Z006
2007
Fund Balance
195,347
284,613
373,442
418,503
464,490
519,396
582,936
662,659
Revenues:
Inflation
Tax Increment (TI)
0.00%11
800,000
592,186
84,716
78,935
40,517
43,555
51,491
52,032
54,920
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,506,250
2,241
Loan Proceeds
151,797
Other Revenues
350,000
147,435
Investment Earnings *
80,000
72,141
4,939
11,915
6,266
5,395
5,433
12,371
25,822
Change in FMV of investments
0
Sales/lease proceeds
10,000
0
Transfers In
1,972,500
151,797
Annual Revenues
4,718,750
1,117,597
89,655
90,850
46,783
48,950
56,924
64,403
80,742
0
Expenses
Land/buildingacquisition
270,000
0
Site improvements /prep. costi
791,000
280,000
Installation of public utilities
94,000
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees-City HRA (TI * %
80,000
24,133
2,021
1,401
2,655
1,692
863
1,019
2,337
Professional ) Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
Transfers Out
120,000
661,277
321
308
326
1 660,322
Debt Service - Bonds
2,410,000
0
Return to County
Debt Service - Rev. Notes
903,750
0
Debt Service - Other
151,797
Interfund loans
0
Other Expenses
389
389
Annual Expenses
1,117,596
389
2,021
1,722
2,963
2,018
863
1,019
662,659
no
Annual Increase/ Decrease
0
89,266
88,829
45,061
45,987 1
54,906
63,540
79,723
(662,659)
Ending Fund Balance
0
284,613
373,442 1
418,503
464,490
519,396 1
582,936
662,659
0
(0)
CASH Balance
339,766
405,238
478,916
561,683
662,635
0
* Interest Earnings on Beg of Yr balance
1.8%
1.6%
1.3%
2.6%
4.6%
0.0%
** Interest Expense on negative fund balance
Actual
Actual
Actual
Actual
Actual
Actual"
Administrative Fees
4.1%
0.0%
2.6%
3.5%
6.1%
3.3%
1.7%
1.9%
Estimated
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Actual1
OTC Increased In 2002
Est. Original Market Value
Original Tax Capacity
5,333
5,542
973,067 1
94,596
1,011,200
15,168
1,050,867
15,763
1,092,067
16,381
536,900
17,023
Total Market Value .
2,684,800
2,746,100
3,024,400
3,511,300
3,687,300
3,933,400
Estimated Tax Ca ac
84,234
89,783
54,172
59,738
69,476
72,996
77,918
Captured Tax Capacity
Calculated Tax Increment
Variance
78,901
0
84,716
84,241
79,304
369
39,576
40,620
103
44,570
43,728
173
53,713
51,750
259
56,615
52,154
122
60,895
55,020
100
0
Tax Rate
1.08621
0.94139
1.02639
0.98111
0.96346
0.92454
0.90679
Tax Collection Rate
100.00%
100.00%
100.000A
100.00%
99.640A
99.64%
Inflation
Certified Tax Rate
1.21656
COMMERCIAL I INDUSTRIAL
11 -30- 24-31 -0024
MV updatecq
MV updated
MV update
MV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 25
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #15
County P7
TIF DISTRICT #15
MN Commercial Railway-DI
City Fund 466
MN Commercial Railway- Decertlfled
Economic Development District
09/1997 - 04/2008
TOTALS
TIF Plan
To End .
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Fund Balance
Budget
of District
2000
52,379
2001
52,626
2002
51,615
2003
51,071
2004
0
2005
0
2006
0
Revenues:
Inflation
Tax Increment (TI)
0.00%
250,000
59,869
0
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
2,075,000
0
Loan Proceeds
134,838
Other Revenues
150,000
0
Investment Earnings *
25,000
5,996
2,175
2,777
1,044
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
3,787,500
134,838
Annual Revenues
6,287,500
335,541
2,175
2,777
1,044
0
01
0
0
Expenses
Land/building acquisition
1,500,000
1,718
Site improvements /prep. costi
150,000
125,000
Installation of public utilities
5,000
0
Parking facilities I
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees- City/HRA (TI * %
25,000
22,460
1,528
3,788
1,534
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
Transfers Out
37,500
51,125
54
51,071
Debt Service - Bonds
3,320,000
0
Debt Service - Rev. Notes
1,245,000
0
Debt Service - Other
0
Interfund loans
134,838
Other Expenses
5,0001
400
400
Annual Expenses
6,287,500
335,541
1,928
3,788
1,588
51,071
0
0
0
Annual Increase/ Decrease
0
0
L 247 1
(1,011)
(544)
(51,071)
0
0
0
52,626
51,615
51,071
0
0
0
0
Ending Fund Balance
0
0
CASH Balance
* Interest Earnings on B of Yr balance
51,071
2.0%
0
0.0%
0
0
0
-Interest Expense on n ative fund balance
Administrative Fees
37.5%
Actual
Actual
Actual
Actual
Actual
Estimated
Actual
Actual
Actual
Actual
Actual
Actual
Actual
OTC Increased /n 2002
Ori final Market Value
Original Tax Capacity
Total Market Value
Estimated Tax Capacity
13,661
0
5,494
15,355
204,800
5,463
20,563
178,100
2,812
20,563
363,700
6,524
0
0
0
0
0
0
0
0
0
Captured Tax Capacity
Calculated Tax Increment
Variance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tax Rate
Tax Collection Rate
Inflation
-
1.08621
0.94139
100.00%
1.02639
100.00%
0.98111
100.00%
0.96346
100.00%
0.92454
99.64%
0.90679
99.64%
Certified Tax Rate
1.14473
11
-30- 24-31 -0011
COMMERCIAL / INDUSTRIAL
11
-30 -24-31 -0012-
MV update MV
updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 26
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #16
County P8
TIF DISTRICT #16
57th Ave (Linn)
City Fund 467
57th Ave (Linn)
Redevelopment District
V911997-12/2024
TOTALS
�T
TIF Plan
To End
Actual
Prelimina
Projected - ->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
(128,004)
(126,655)
(124,379)
(122,641)
(121,008)
(95,136)
(69,577)
(44,018)
Revenues:
Inflation
Tax Increment (TI)
0.00%
1,000,000
379,323
26,939
29,426
29,524
26,904
26,904
26,904
26,904
26,904
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,100,000
0
Loan Proceeds
50,000
18,435
Other Revenues
100,000
0
Investment Earnings *
100,000
2,072
118
15
262
288
313
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
10,000
0
Transfers In
1,240,000
15,935
Annual Revenues
3,600,000
415,764
27,057
29,440
29,786
27,192
27,217
26,904
26,904
26,904
Expenses
Land/building acquisition
655,000
2,002
Site improvements /prep. costc
175,000
116,859
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
100,000
54,878
1,462
682
1,476
1,345
1,345
1,345
1,345
1,345
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
01
0
Transfers Out
150,000
23,166
Debt Service - Bonds
1,760,000
0
Debt Service - Rev. Notes
660,000
218,459
24,246
26,483
26,572
24,214
Debt Service - Other
50,000
0
Interfund loans
0
Other Expenses
50,000
400
Annual Expenses
3,600,000
415,764
25,708
27,165
1 28,048
25,559
1,345
1,345
1,345
1,345
Annual Increase/ Decrease
0
(0)
1,349
2,276
1,738
1,633
25,872
25,559
25,559
25,559
Ending Fund Balance
(0)
(126,655)
(124,379)
(122,641)
(121,008)
(95,136)
(69,577)
(44,018)
(18,459)
(0)
CASH Balance
1
14,594
17,467
19,205
20,838
* Interest Earnings (on Beg of Yr balance )
1.6%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
** Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
14.5%
5.4%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Actual
Est. Original Market Value
426,300
426,300
426,300
426,300
426,300
426,300
426,300
426,300
Original Tax Capacity
7,776
7,301
7,301
7,301
7,301
7,301
7,301
7,301
Total Market Value
1
23- 30- 24-23 -0144
1,643,100
1,940,500
1,741,700
1,626,200
1,626,200
1,626,200
1,626,200
1,626,200
Estimated Tax Capacity
23- 30 -24 -23 -0145
36,112
37,310
33,334
31,024
31,024
31,024
31,024
31,024
Captured Tax Capacity
28,336
30,009
26,033
23,723
23,723
23,723
23,723
23,723
Calculated Tax Increment
27,008
1 29,629
29,524
26,904
26,904
26,904
26,904
26,904
Variance
69
204
0
0
0
0
0
0
Tax Rate
0.95658
0.99092
1.1382
1.1382
1.1382
1.1382
1.1382
1.1382
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
1.18168
COMMERCIAL / INDUSTRIAL
MV update
MV update
MV update
MV updated
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 27
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #16
County P8
TIF DISTRICT #16
57th Ave (Linn)
City Fund 467
57th Ave (Linn)
Redevelopment District
0911997 - 12/2024
TOTALS
TIF Plan
To End
Budget
of District
2016
1 2017
2018
2019
2020
2021
2022
2023
Fund Balance
2
(18,459)1
0
0
0
0
0
0
0
Revenues:
Inflation
Tax Increment (TI)
0.00%1
1,000,000
379,323
26,904
0
0
0
0
0
0
0
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
1,100,000
0
Loan Proceeds
50,000
18,435
Other Revenues
100,000
0
Investment Earnings *
100,000
2,072
0
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
10,000
0
Transfers In
1,240,000
15,935
Annual Revenues
3,600,000
415,764
26,904
0
0
0
0
0
0
0
Expenses
Land/building acquisition
655,000
2,002
Site improvements /prep. costf
175,000
116,859
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI *%
100,000
54,878
1,345
0
0
0
0
0
0
0
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
0
Transfers Out
150,000
23,166
7,100
Decertify TIF District after Fund balance becomes positive.
Debt Service - Bonds
1,760,000
0
Debt Service - Rev. Notes
660,000
218,459
Debt Service - Other
50,000
0
Interfund loans
0
Other Expenses
50,000
400
Annual Expenses
3,600,000
415,764
8,446
0
0
01
0
0
01
0
Annual Increase / Decrease
0
(0)
18,459
0
0
0
0
0
0
0
Ending Fund Balance
(0)
0
0
0
0
0
0 1
0
0
(0)
CASH Balance
* Interest Earnings on Beg of Yr balance
0.0%
** Interest Expense on negative fund balance
0.0%
Administrative Fees
14.5%
5.0%
Estimated
Est. Original Market Value
Ori inal Tax Ca aci
t426,300
,301
Total Market Value
23- 30 -24 -23 -0144
6,200
Estimated Tax Capacity
23- 30 -24 -23 -0145
31,024
Captured Tax Capacity
23,723
Calculated Tax Increment
26,904
Variance
0
Tax Rate
1.1382
Tax Collection Rate
99.64%
Inflation
0.00%
Certified Tax Rate
1.18168
COMMERCIAL / INDUSTRIAL
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 28
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #17
County R9
TIF DISTRICT #17
Gateway East
City Fund 468
Gateway East
Redevelopment District
2001 - 12/2028
TOTALS
TIF Plan
To End
Actual
Prellminarl
Projected ->
Budget
of District
2008
2009
2011
2012
2013
2014
2015
Fund Balance
(866,624)
(819,135)
(735,118)
(699,393)
(663,131)
(628,747)
(594,362)
n39,559
Revenues:
Inflation
Tax Increment (TI)
0.00%
2,000,000
925,774
42,968
41,479
36,194
36,194
36,194
36,194
36,194
Market Value Homestead Credit (MVHC)
34,136
4,890
4,819
Bond Proceeds
3,182,638
0
Loan Proceeds
10,000
0
Other Revenues
50,000
26,092
Investment Earnings *
200,000
19,446
1,661
53
766
1,341
1,877
0
0
0
Change in FMV of investments
0
Sales lease proceeds
10,000
0
Transfers In
4,605,275
0
Annual Revenues
10,057,913
1,005,447
49,519
46,350
40,326
37,535
38,071
36,194
36,194
36,194
Expenses
Land/building acquisition
627,500
602,963
Site improvements /prep. costE
1,000,000
26,966
Installation of public utilities
665,000
264,638
Parking facilities
0
Streets and sidewalks
203,610
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI *%
200,000
183,656
2,030
682
1,978
1,810
1,810
1,810
1,810
1,810
Professional Services
40,149
School Dist. referendum reimb
0
Interest Expense'*
1
0
0
0
0
0
0
0
Transfers Out
300,000
56
Debt Service - Bonds
5,092,220
0
Debt Service - Rev. Notes
1,909,583
0
Debt Service - Other
10,000
0
Interfund loans
0
Other Expenses
50,000
0
Annual Expenses
10,057,913
1,118,428
2,030
682
1,978
1,810
1,810
1,810
1,810
1,810
Annual Increase/ Decrease
0
(112,981)
47,489
45,668
38,348
35,726
1 36,262
34,384
34,384
34,384
Ending Fund Balance
(112,981)
(819,135)
(773,466)
(735,118)
(699,393)
(663,131)
(628,747)
(594,362)
(559,978)
(0)
Net Present Value @
0.00%
(112,981)
CASH Balance
1,317
1 51,081
89,429
125,155
* Interest Earnings on Beg of Yr balance
5.9%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0 %.
** Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%1
0.0%
Administrative Fees
19.8%
4.7%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%1
5.0%
Estimated
Actual
Est. Original Market Value
1 504,200
504,200
504,200
504,200
504,200
504,200
504,200
504,200
Oril
5,042
5,042
5,042
5,042
5,042
5,042
5,042
5,042
Total Market Value
5,364,300
5,199,000
4,517,100
4,175,712
4,175,712
4,175,712
4,175,712
4,175,712
Estimated Tax Ca aci
53,643
51,990
45,171
41,757
41,757
41,757
41,757
41,757
Captured Tax Capacity
48,601
46,948
40,129
36,715
36,715
36,715
36,715
36,715
Calculated Tax Increment
46,323
46,282
39,559
36,194
36,194
36,194
36,194
36,194
Variance
(1,535 )
(16)
0
0
0
0
0
0
Tax Rate
0.95658
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.98937
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 29
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #17
County R9
TIF DISTRICT #17
Gateway East
City Fund 468
Gateway East
Redevelopment District
2001 -12/20 28
TOTALS
TIF Plan
To End
Budget
of District
K(559,978)
2017
2018
2019
2020
2021
2022
2023
Fund Balance
(525,593)
(491,209)
(456,825)
(422,440
(388,056)
(353,672)
(319,287)
Revenues:
Inflation
Tax Increment (TI)
0.00%
2,000,000
925,774
36,194
36,194
36,194
36,194
36,194
36,194
36,194
36,194
Market Value Homestead Credit (MVHC)
34,136
Bond Proceeds
3,182,638
0
Loan Proceeds
10,000
0
Other Revenues
50,000
26,092
Investment Earnings *
200,000
19,446
0
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
10,000
0
Transfers In
4,605,275
0
Annual Revenues
10,057,913
1,005,447
36,194
36,194
36,194
36,194
36,194
36,194
36,194
36,194
Expenses
Land/building acquisition
627,500
602,963
Site improvements /prep. costE
1,000,000
26,966
Installation of public utilities
665,000
264,638
Parking facilities 1
0
Streets and sidewalks
203,610
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
200,000
183,656
1,810
1,810
1,810
1,810
1,810
1,810
1,810
1,810
Professional Services
40,149
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
0
Transfers Out
300,000
56
Debt Service - Bonds
5,092,220
0
Debt Service - Rev. Notes
1,909,583
0
Debt Service - Other
10,000
0
Interfund loans
0
Other Expenses
50,000
0
Annual Expenses
10,057,913
1,118,428
1,810
1,810
1,810
1,810
1,810
1,810
1,810
1,810
Annual Increase/ Decrease
0
( 112, 981)
34, 384
34, 384
34, 384
34 ,384
34,384
34,384
34,384
34,384
Ending Fund Balance
(112,981)
(525,593)
(491,209)
(456,825)
(422,440)
(388,056)
(353,672)
(319,287
(284,903)
(0)
Net Present Value @
0.00%
(112,981)
CASH Balance
* Interest Earnings on beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
"Interest Expense on negative fund balance)
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
19.8%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Est. Original Market Value
504,200
504,200
504,200
504,200
504,200
504,200
504,200
504,200
Origin I Tax Capacity
5,042
5,042
5,042
5,042
5,042
5,042
5,042
5,042
Total Market Value
4,175,712
4,175,712
4,175,712
4,175,712
4,175,712
4,175,712
4,175,712
4,175,712
Estimated Tax Capacity
41,757
41,757
41,757
41,757
41,757
41,757
41,757
41,757
Captured Tax Capacity
36,715
36,715
36,715
36,715
36,715
36,715
36,715
36,715
Calculated Tax Increment
36,194
36,194
36,194
36,194
36,194
36,194
36,194
36,194
Variance
0
0
0
0
0
0
0
0
Tax Rate
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
0.98937
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.98937
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 30
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #18
County U4
TIF DISTRICT #18
Gateway West
City Fund 470
Gateway West
Redevelopment District
2005 -12/20 33
TOTALS
TIF Plan
To End
Actual
Preliminary
Projected --->
Budget
of District
2008
2009
2010
2011
2012
2013
2014
2015
2016
Fund Balance
(1,466,196)
(1,515,564)
(1,514,360)
(1,280,049)
(1,268,089)
(1,246,409)
(1,228,501)
(1,210,593)
(1,192,685)
Revenues:
Inflation
Tax Increment (TI)
0.00%11
2,000,000
429,261
3,980
10,892
9,720
8,809
18,851
18,851
18,851
18,851
18,851
Market Value Homestead Credit (MVHC)
380
380
Bond Proceeds
750,000
0
Loan Proceeds
0
ins recov for site costs
Other Revenues
730,000
358,316
14,375
Investment Earnings *
20,000
7,885
318
5
77
3,592
3,771
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
800,000
528,822
0
225,000
Transfers In
0
Annual Revenues
4,300,000
1,324,664
19,053
10,897
234,797
12,401
22,622
18,851
18,851
18,851
18,851
Expenses
Land/building acquisition
1,700,000
1,854,762
final asphalt
Site improvements /prep. cost
300,000
61,387
61,387
Installation of public utilities
100,000
0
Parking facilities 1
0
Streets and sidewalks
100,000
0
Public park facilities
0
Social, recreational, etc.
Admin Fees - City /HRA (TI * %
200,000
296,890
7,034
9,693
486
440
943
943
943
943
943
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out 1
(125)
Debt Service - Bonds
1,325,000
0
Debt Service - Rev. Notes
575,000
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
Annual Expenses
4,300,000
2,212,914
68,421
9,693
486
440
943
943
943
943
943
Annual Increase / Decrease
0
(888,249)
(49,368)1
1,204
234,311
11,961
21,679
17,908
17,908
17,908
17,908
Ending Fund Balance
(888,249)
(1,515,564)
(1,514,360)
(1,280,049)
(1,268,089)
(1,246,409)
(1,228,501)
(1,210,593)
(1,192,685)
(1,174,777)
0
CASH Balance
3,722
5,157
239,468
251,429
* Interest Earnings on Beg of Yr balance
10.9%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
0.0%
** Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%1
0.0%
Administrative Fees
69.2%
176.7%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Actual
Original Market Value
967,300
967,300
979,500
979,500
979,500
979,500
979,500
979,500
979,500
Original Tax Capacity
4,214
4,258
4,258
4,258
4,258
4,258
4,258
4,258
4,258
Total Market Value
1,305,600
1,656,100
1,482,400
1,383,400
2,475,000
2,475,000 1
2,475,000
2,475,000
2,475,000
Estimated Tax Capacity
10,124
16,561
14,824 1
13,834
24,750
24,750
24,750
24,750 1
24,750
Captured Tax Capacity
5,910
12,303
10,566
9,576
20,492
20,492
20,492
20,492
20,492
Calculated Tax Increment
5,437
11,317
9,720
8,809
18,851
18,851
18,851
18,851
18,851
Variance
1,077
426
0
0
0
0
0
0
0
Tax Rate
0.92322
0.92322
0.92322
0.92322
0.92322
0.92322
0.92322
0.92322
0.92322
Tax Collection Rate
99.64%
01
99.64%
99.64%
99.64%1
99.64% 1
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%1
0.00%
0.00%
Certified Tax Rate
0.92322
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 31
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #18
County U4
TIF DISTRICT #18
Gateway West
City Fund 470
Gateway West
Redevelopment District
2005 - 12/2033
TOTALS
IF Plan
To End
Budget
of District
2017
2018
2019
2020
1 2021
2022
2023
Fund Balance
(1,174,777)
(1,156,869)
(1,138,961)
(1,121,053)
(1,103,145)
(1,085,237)
(1,067,329)
Revenues:
Inflation
Tax Increment (TI)
1 0.00%
2,000,000
429,261
18,851
18,851
18,851
18,851
18,851
18,851
18,851
Market Value Homestead Credit (MVHC)
380
Bond Proceeds
750,000
0
Loan Proceeds
• 0
Other Revenues
730,000
358,316
Investment Earnings *
20,000
7,885
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
800,000
528,822
Transfers In
0
Annual Revenues
4,300,000
1,324,664
18,851
18,851
18,851
1 18,851
18,851
18,851
18,851
Expenses
Land/building acquisition
1,700,000
1,854,762
Site improvements /prep. cost
300,000
61,387
Installation of public utilities
100,000
0
Parking facilities 1
0
Streets and sidewalks
100,000
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
200,000
296,890
943
943
943
943
943
943
943
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out
(125)
Debt Service - Bonds
1,325,000
0
Debt Service - Rev. Notes
575,000
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
Annual Expenses
4,300,000
2,212,914
943
943
943
943
943
943
943
Annual Increase/ Decrease
0
(888,249)
17,908
17,908 1
17,908
17,908
17,908
17,908
17,908
Ending Fund Balance
(888,249)
(1,156,869)
(1,138,961)
(1,121,053)
(1,103,145)
(1,085,237)
(1,067,329)
(1,049,421)
0
CASH Balance
* Interest Earnings on Beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
-Interest Expense on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
1
69.2%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Original Market Value
979,500
979,500
979,500
979,500
979,500
979,500
979,500
Original Tax Capacity
4,258
4,258
4,258
4,258
4,258
4,258
4,258
Total Market Value
2,475,000
2,475,000
2,475,000
2,475,000
2,475,000
2,475,000
2,475,000
Estimated Tax Ca aci
24,750
24,750
24,750
24,750
24,750
24,750
24,750
Captured Tax Capacity
20,492
20,492
20,492
20,492
20,492
20,492
20,492
Calculated Tax Increment
18,851
18,851
18,851
18,851
18,851
18,851
18,851
Variance
0
0
0
0
0
0
0
Tax Rate
1 0.92322
0.92322
0.92322
0.92322
0.92322
0.92322
0.92322
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.92322
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 32
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #19
County U8
TIF DISTRICT #19
5110 Main St NE (Intl
City Fund 470
5110 Main St NE (Ind Eq)
Redevelopment District
2007 - 12120 34
TOTALS
TIF Plan
To End
Actual
Actual
lPreliminarl
Projected --->
Budget
of District
2007
2008
1 2009
2010
2011
2012
2013
2014
2015
Fund Balance
0
(33,058)
(43,457)
87,832
(23,436)
(17,467
(11,498)
(5,530)
439
Revenues:
Inflation
Tax Increment (TI)
1 0.00%
5,000,000
1,458,848
0
132,229
132,910
119,371
119,371
119,371
119,371
119,371
Market Value Homestead Credit (MVHC)
0
Bond Proceeds
2,000,000
0
Loan Proceeds
0
Other Revenues
0
Investment Earnings *
50,000
1,150
146
(89)
1,093
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
0
Annual Revenues
7,050,000
1,459,998
0
146
132,140
134,004
119,371
119,371
119,371
119,371
119,371
Expenses
Land/building acquisition
600,000
0
Site improvements /prep. cost
900,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
500,000
110,785
33,058
10,545
851
6,646
5,969
5,969
5,969
5,969
5,969
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
Transfers Out
550,000
1 0
Debt Service - Bonds
3,250,000
0
DebtService - Rev. Notes
1,250,000
1,312,963
0
238,625
107,434
107,434
107,434
107,434
107,434
Debt Service - Other
0
rev note pmt of 119,006
owed
Interfund loans
0
Other Expenses
0
Annual Expenses
7,050,000
1,423,748
33,058
1 10,545
851
245,271 1
113,402
113,402
113,402
113,402
113,402
Annual Increase/ Decrease
0
36,250
(33,058)
(10,399)1
131,289
(111,267)
5,969
5,969
5,969
5,969
5,969
Ending Fund Balance
36,250
(33,058)
(43,457)
87,832
(23,436)
(17,467)
(11,498
(5,530)1
439
6,407
0
=1�,93472,869
CASH Balance
6,942
(38,398)
(32,430)
Interest Eamings on B of Yr balance)
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
- Interest Expense on negative fund balance
Actual
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.00%
0.0%
Administrative Fees
7.6%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Original Market Value
2,318,900 12,318,900
2,318,900
2,318,900
2,318,900
2,318,900
2,318,900
2,318,900
Original Tax Capacity
0
45,628
45,628
45,628
45,628
45,628
45,628
45,628
45,628
Total Market Value
27- 30 -24 -14 -0006
0
2,191,900
10,036,200
10,029,700
9,244,200
9,244,200
9,244,200
9,244,200
9,244,200
Estimated Tax Ca aci
0
43,088
199,974
199,844
184,134
184,134
184,134
184,134
184,134
Captured Tax Capacity
0
(2,5491
154,346
154,216
138,506
138,506
138,506
138,506
138,506
Calculated Tax Increment
0
(2,166)
133,023
132,910
119,371
119,371
119,371
119,371
119,371
Variance
0
2,166
793
0
0
0
0
0
0
Tax Rate
0.86496
0.85567
0.86496
0.86496
0.86496
0.86496
0.86496
0.86496
0.86496
Tax Collection Rate
1
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.640%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.86496
est
was 14,538,240
,COMMERCIAL/ INDUSTRIAL
27 -30 -24-14 -0006
UPDATED
UPDATED UPDATED
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 33
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF DISTRICT #19
County U8
TIF DISTRICT #19
5110 Main St NE (Ind
City Fund 470
5110 Main St NE (Ind Eq)
Redevelopment District
2007 - 12/2034
TOTALS
TIF Plan
To End
Budget
of District
2016
2017
2018
2019
2020
2021
2022
Fund Balance
6,407
12,376
18,344
24,313
30,281
36,250
1 36,250
If no further expenses are incurred
Revenues:
Inflation
TIF district should be decertified
Tax Increment (TI)
0.00%
5,000,000
1,458,848
119,371
119,371
119,371
119,371
119,371 1 01 0
Market Value Homestead Credit (MVHC)
0
after final revenue note payment.
Bond Proceeds
2,000,000
0
Loan Proceeds
0
Other Revenues
0
Investment Earnings *
50,000
1,150
0
0
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
0
Transfers In
0
Annual Revenues
7,050,000
1,459,998
119,371
119,371
119,371
119,371
119,371
0
0
Expenses
Land/building acquisition
600,000
0
Site improvements /prep. cost
900,000
0
Installation of public utilities
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI * %
500,000
110,785
5,969
5,969
5,969
5,969
5,969
0
0
Professional Services
0
School Dist. referendum reimb
0
Interest Expense **
0
0
0
0
0
0
0
0
Transfers Out
550,000
01
1
Debt Service - Bonds
3,250,000
0
Debt Service - Rev. Notes
1,250,000
1,312,963
107,434
107,434
107,434
107,434
107,434
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
0
Annual Expenses
7,050,000
1,423,748
113,402
113,402
113,402
113,402
113,402
0
0
Annual Increase/ Decrease
0
36,250
5,969
5,969
5,969
5,969
5,969
0
0
Ending Fund Balance
36,250
12,376
18,344
24,313
30,281
36,250
36,250
36,250
0
CASH Balance
* Interest Earnings (on Beg of Yr balance )
0.0%
0.0%
0.0%
0.0%
0.0%
**Interest Expense on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
7.6%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
.Original Market Value
2,318,900
2,318,900
2,318,900
2,318,900
2,318,900
Original Tax Capacity
45,628
45,628
45,628
45,628
45,628
Total Market Value
27- 30 -24 -14 -0006
9,244,200
9,244,200
9,244,200
9,244,200
9,244,200
Estimated Tax Ca aci
184,134
184,134
184,134
184,134
184,134
Captured Tax Capacity
138,506
138,506
138,506
138,506
138,506
Calculated Tax Increment
119,371
119,371
119,371
119,371
119,371
Variance
0
0
0
0
#VALUE!
0
0
Tax Rate
0.86496
0.86496
0.86496
0.86496
0.86496
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
0.86496
,COMMERCIAL/ INDUSTRIAL
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY. MINNESOTA
Page 34
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
Housing Replacemen
county o4 ,Q5,Q6,Q2,Q3,44,s3,s4,s5,s6,T7
Housing Replacement
Program (Ph I -IV)
City Fund 501
Program (Ph 1 -IV)
Housing District
7118/1996 - 12/2022
TOTALS
(15 yr max per parcel)
TIF Plan
Through
Actual
Prelimina
Projected --->
Budget
1 2025
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Fund Balance
257,118
293,977
304,890
339,937
373,110
406,782
422,976
430,796
438,616
446,436
Raven ues:
Inflation
Tax Increment (TI)
0.00%
438,421
360,044
26,973
27,851
32,078
29,552
29,552
17,047
8,231
8,231
8,231
8,231
Market Value Homestead Credit (MVHC)
17,754
2,496
2,516
Bond Proceeds
0
Loan Proceeds
724,445
Other Revenues
768,750
4,187
Investment Earnings *
78,838
10,559
168
4,573
5,099
5,597
0
0
0
0
0
Change in FMV of investments
0
Sales lease proceeds
258,896
Transfers In
2,123,130
860,455
Annual Revenues
3,330,301
2,304,619
40,028
30,535
36,651
34,651
35,149
17,047
8,231
8,231
8,231
8,231
Expenses
Land/building acquisition
2,250,000
769,909
Site improvements /prep. cost
575,000
166,585
Installation of public utilities
125,000
0
Parking facilities 1
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees - City /HRA (TI ` %
125,000
180,816
3,169
19,623
1,604
1,478
1,478
852
412
412
412
412 i
Professional Services
0
School Dist. referendum reimb
0
Interest Expense "
0
0
0
0
0
0
0
0
0
0
Transfers Out
724,805
Debt Service - Bonds
0
Debt Service - Rev. Notes
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
3,006
Annual Expenses
3,075,000
1,845,121
3,169
19,623
1,604
1,478
1 1,478
852
412
412
412
412
Annual Increase/ Decrease
255,301
459,498
36,859
10,912
35,047
33,174
33,671
16,194
7,820
7,820
7,820
7,820
Ending Fund Balance
459,498
293,977
304,890
339,937
373,110
406,782 1
422,976
430,796
438,616
446,436
454,256
0
1,121
CASH Balance
292,047
304,889
339,936
373,109
Interest Earnings on Beg of Yr balance
4.1%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
0.0%
0.0 %!
** Interest Expense on negative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %!
Administrative Fees
50.2%
11.7%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.09/6
5.0%
Estimated
Actual
Est. Original Market Value
581,500
552,800
552,800
552,800
552,800
402,900
253,700
253,700
253,700
253,700
Original Tax Capacity
5,528
5,528
5,528
5,528
5,528
4,029
2,537
2,537
2,537
2,537
Total Market Value
3,842,000
3,842,000
3,515,200
3,281,970
3,281,970
1,977,180
1,013,886
1,013,886
1,013,886
1,013,886
Estimated Tax Ca aci
38,327
38,420
35,152
32,820
32,820
19,772
10,139
10,139
10,139
10,139 1
Captured Tax Capacity
32,799
32,892
29,624
27,292
27,292
15,743
7,602
7,602
7,602
7,602
Calculated Tax Increment
30,831
31,639
32,078
29,552
29,552
17,047
8,231
8,231
8,231
8,231
Variance
1,362
1,272
0
0
0
0
0
Tax Rate _Average
0.94339
0.96537
1.08674
1.08674
1.08674
1.08674
1.08674
1.08674
1.08674
1.08674 !
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.000%
0.00 %1
Certified Tax Rate
04
1.17662
051
1
1.13880
061
1
1.25065
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
CITY OF FRIDLEY, MINNESOTA
Page 35
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
Housing Replacemen
County 04,05,06,42, Q3,Q4,S3,S4,S5,S6, T7 Housing Replacement
Program (Ph I -IV)
City Fund 501
Program (Ph I -IV)
Housing District
7/1811996 - 12/2022
TOTALS
(15 yrmax per parcel)
TIF Plan
Through
Budget
2025
2018
2019
2020
2021
2022
2023
2024
Fund Balance
454,256
455,566
456,877
458,187
459,498
459,498
459,498
Revenues:
Inflation
Tax Increment (TI)
0.00%
438,421
360,044
1,379
1,379
1,379
1,379
0
Market Value Homestead Credit (MVHC)
17,754
Bond Proceeds
0
Loan Proceeds
724,445
Other Revenues
j
4,187
Investment Earnings *
78,838
0
0
0
0
0
Change in FMV of investments
0
Sales/lease proceeds
258,896
Transfers In
2,123,130
860,455
Annual Revenues
3,330,301
2,304,619
1,379
1,379
1,379
1,379
0
0
0
Expenses
Land/building acquisition
2,250,000
769,909
Site improvements /prep. cost
575,000
166,585
Installation of public utilities
125,000
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
Admin Fees - City /HRA (TI * %
125,000
180, J166
69
69
69
69
0
Professional Services
School Dist. referendum reimb
0
Interest Expense **
Oil
0
0
0
0
0
Transfers Out
724,805
Debt Service - Bonds
0
Debt Service - Rev. Notes
0
Debt Service - Other
0
Interfund loans
0
Other Expenses
3,006
Annual Expenses
3,075,000
1,845,121
69
69
69
69
0
0
0
Annual Increase /Decrease
255,301
459,498
1,310
1,310
1,310
1,310
0
0
0
Ending Fund Balance
459,498
455,566
456,877
458,187
459,498
459,498
459,498
459,498
0
1,121
CASH Balance
* Interest Earnings on Beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
-Interest Expense on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
Administrative Fees
50.2%
5.0%
5.0%
5.0%
5.0%
5.0%
Estimated
Est. Original Market Value
64,000
64,000
64,000
64,000
0
Original Tax Capacity
640
640
640
640
0
Total Market Value
191,394
191,394
191,394
191,394
0
Estimated Tax Ca ac'
1,914
1,914
1,914
1,914
0
Captured Tax Capacity
1,274
1,274
1,274
1,274
0
Calculated Tax Increment
1,379
1,379
1,379
1,379
0
Variance
Tax Rate
Average
1.08674
1.08674
1.08674
1.08674
1.086738
Tax Collection Rate
1 99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.00%
0.00%
0.00%
Certified Tax Rate
04
1.17662
05
1.13880
06
1.25065
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
CITY OF FRIDLEY, MINNESOTA
Page 36
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
HRA
HRA
Revolving Loan Fund
City Fund 265
Revolving Loan Fund
(Special Revenue Fund)
TOTALS
Through
Actual
Preliminary
Projected ->
2025
2008
2009
2010
2011
2012
2013
2014
2015
2016
Fund Balance
3,991,474
4,119,310
4,140,531
4,222,921
4,331,547
4,441,802
4,489,432
4,537,062
4,584,692
Revenues:
Inflation
Tax Levy
0.00%
1,880,242
Market Value Homestead Cre
0
Property taxes
0
Rental
34,558
Budget
Mortgage interest earnings
Investment Earnings *
1,596,309
1,141,869
47,659
129,386
47,195
2,183
47,400
59,760
47,400
60,996
47,400
62,625
47,400
0
47,400
0
47,400
0
47,400
0
Miscellaneous H &G show
662,507
18,410
20,730
20,730
20,730 1
20,730
20,730
20,730
20,730
20,730
Salesllease proceeds
263,591
200,000
Home remodel demo
Transfers In
6,591,712
0
0
0
01
0 1
0
0
0
0
Annual Revenues
12,170,789
195,455
70,107
327,890
129,126
130,755
68,130
68,130
68,130
68,130
Expenses
Capital outlay
369,021
225,000
Home remodel demo
Site improvements/prep. costs
0
Budget
Installation of public utilities
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
1 1
Budget
estimate
estimatel
estimate
estimate
estimate
estimate
Supplies & other charges
1,198,710
51,072
48,887
20,500
20,500
20,500
20,500
20,500
20,500
20,500
Personal services 1
276,305
School Dist. referendum reimb
0
Interest Expense-
n City Loan
400,250
16,547
0
0
0
0
Transfers Out
4,783,319
Principal Payment
0
Interest Expense
0
70,882
1 277,560
1 Done
Debt Service - City Loan
628,673
Interfund loans
0
t of City loan shown as a reduction to loan payable account on balance sheet
Other Expenses
(546,481}
(70,882)
67,619
(277,560)
48,887
Done
1 245,500
Annual Expenses
7,109,797
20,500
20,500
20,500
20,500
20,500
20,500
Annual Increase / Decrease
5,060,992
127,836
21,220
82,390
108,626
1 110,255
47,630
47,630
47,630
1 47,630
Ending Fund Balan
*
5,060,992
4,119,310
4,140,531
4,222,921
4,331,547
4,441,802
4,489,432
4,537,062
4,584,692
4,632,322
0
*
If all funds are not required, they could
be returned to HRA General Fund
CASH Balance
1
1
3,352,283
3,984,015
4,066,405
4,175,031
* Interest Earnings on Beg of Yr balance
3.9%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
0.0%
** Interest Expense on ne ative fund balance
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%1
0.0 %'
Loan from Ci
1,500,000
348,441
277,560
0
0
0
Payment
Feb 1
43,714
277,560
Interest
5.00%
8,711
0
0
0
Principal
35,003
277,560
0
0
0
Pa ment
1
43,714
0
1 0
0
Interest
-.Aug
1 7,836
0
0
0
0
Principal
35,878
0
0
0
0
Balance
277,560
0
0
0
0
ANNUAL
Loan from City
348,441
277,560
0
0
0
Payment
87,429
277,560
0
0
0
Interest
16,547
0
0
0
0
Principal
70,882
1 277,560
1 0
0
0
Balance
277,560
0
0
0
0
lies to CAFR
pd off 1 -26 -09
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 37
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
HRA
HRA
General Fund
City Fund 100
General Fund
TOTALS
Through
Actual
Preliminary
Projected .> >
2025
2008
2009
2010
2011
2012
2013
2014
2015
Fund Balance
7,947,569
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
Reven ues:
Inflation
Tax Increment (TI)
0.00%
0
Market Value Homestead Cre
0
Bond Proceeds
0
Loan Proceeds
0
Other Revenues
12,477,992
930,309
518,238
512,000
5121 000
512,000
512,000 1
512,000
512,000
Investment Earnings *
2,618,762
178,775
6,625
41,572
34,484
37,747
0 1
0
0
Change in FMV of investment
0
TIF #6 OTC 8 percentage adjusted In 2012
Sales lease proceel
Medtronil
2,468,090
71,891
43,117
193,411 1 90,5411 117,679 1 117,679 1 117,679
117,679
Transfers In
1112,397,646
Includes 10OK Faulkner land sale I Med. Sales pmt increases to 22.22%
Annual Revenues
29,962,490
1,180,975
567,980
746,984 637,025 667,426
629,679
629,679
629,679
Expenses
budget- Gateway Northeast
Land/bui[ding acquisition
4,500,867
1,347,540
635,327
800,000
Site improvements /prep. costE
0
Move Gateway Northeast costs to separate fund
Installation of public utilities
0
Parking facilities
0
Streets and sidewalks
0
Public park facilities
0
Social, recreational, etc.
0
Admin Fees
0
Professional Services
0
School Dist. referendum reim
0
Interest Expense **
0
Transfers Out 1
4,774,036
0
0
0
0
0
0
0
0
Debt Service - Bonds
0
0
0
0
0
0
0
0
Debt Service - Rev. Notes
0
Debt Service - City Loan
0
Interfund loans
0
budget
budget
Other Expenses
11,162,686
383,212
530,336
419,530
419,530
419,530
419,530
419,530
419,530
Annual Expenses
20,437,589
1,730,752
1,165,663
1,219,530
419,530
419,530
419,530
419,530
419,530
Annual Increase /Decrease
9,524,901
(549,777}
(597,684)
(472,546)
217,495
247,896
210,150
210,150
210,150
Ending Fund Balance
9,524,901
7,397,792
1 6,800,108
6,327,562
1 6,545,057
6,792,954
7,003,104
1 7,213,253
7,423,403
0
Debt Service Reserve (next yrs Bonds)
0
0
0
0
0
0
0
0
Ending Fund Balance After Debt Service
7,397,792
6,800,108
6,327,562
6,545,057
6,792,954
7,003,104
7,213,253
7,423,403
CASH Balance
1
1
3,673,363
2,771,486
2,298,940
2,516,435
* Interest Earnings on Beg of Yr balance
3.8%
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
0.0%
-1 terest Ex ense (on negative fund balance )
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
CITY OF FRIDLEY, MINNESOTA
Page 38
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
TIF Districts & HRA General Fund
TIF Districts & HRA General Fund
Fund Balance Summary
Fund Balance Summary
(Excludes Revolving Loan Program)
TOTALS
TIF Plan
To End
Actual
Preliminary
Projected ->
Budget
of District
2008
2009 1
2010
2011 1
2012
2013
2014 1
2015
Fund Balance
0
16,709,750
13,538,101
12,834,03H65,
10,603,115
11,700,303
12,574,666
13,440,656
Revenues:
Inflation
Tax Increment (TI) 0.00% 181,088,421
Market Value Homestead Credit (MVHC)
82,885,433
196,790
3,329,289
29,192
1,698,690
11,864
1,807,46
1,399,637
0
1,319,553
0
1,310,737
0
1,310,737
0
Bond Proceeds
134,966,131
34,879,264
0
0
0
0
0
0
Loan Proceeds
10,560,000
11,995,469
0
0
0
0
0
0
Other Revenues
20,198,750
15,056,540
992,343
565,433
559,400
559,400
559,400
559,400
559,400
559,400
Investment Earnings *
17,435,000
5,759,529
509,234
11,628
132,148
131,952
146,744
0
0
0
Misc rev / Chg in FMV of inve
Sales/lease procee Medtronk
0
1,030,000
662,507
9,124,006
18,410
71,891
20,730
43,117
20,730
618,411
20,730
90,541
20,730
117,679
20,730
117,679
20,730
117,679
20,730
117,679
Transfers In
192,197,733
40,515,557
0
0
0
0
0
0
0
0
Annual Revenues
557,476,035
201,075,095
4,950,359
2,351,461
3,138,158
2,509,226
2,244,190
2,017,362
2,008,547
2,008,547
Expenses
Land/building acquisition
55,705,620
37,490,228
tar Station land
4,862,562
Gateway N
635,327
1,025,000
0
0
0
0
0
Site improvements /prep. cost
35,017,284
6,641,810
61,387
0
0
0
0
0
0
0
Installation of public utilities
6,660,828
1,785,188
0
0
0
0
0
0
0
0
Parking facilities
76,308,909
290,065
0
0
0
0
0
0
0
0
Streets and sidewalks
5,882,904
6,182
0
0
0
0
0
0
0
0
Public park facilities
467,202
4,050
0
0
0
0
0
0
0
0
Social, recreational, etc.
325,000
0
0
0
0
0
0
0
0
0
Admin Fees - City /HRA (TI * %
17,540,000
5,445,929
267,502
86,884
110,873
105,830
90,482
86,478
86,037
86,037
Professional Services
0
391,538
0
0
0
0
0
0
0
0
School Dist. referendum reimt
0
3,179,269
0
0
0
0
0
0
0
0
Interest Expense **
0
400,250
16,547
0
0
0
0
0
0
0
Transfers Out
43,547,500
12,350,418
0
0
1,149,809
0
0
0
0
0
Debt Service - Bonds
216,120,809
59,086,749
1,859,465
1,776,495
1,831,068
0
0
0
0
0
Debt Service - Rev. Notes
81,154,678
16,862,665
671,333
26,483
1,870,153
946,512
636,991
636,991
636,991
636,991
Debt Service - Other
10,560,000
6,073,224
70,882
277,560
0
0
0
0
0
0
Interfund loans
0
10,251,757
0
0
0
0
0
0
0
0
Other Expenses
7,930,000
22,100,830
312,330
252,776
419,530
419,530
419,530
419,530
419,530
419,530
Annual Expenses
557,220,734
182,360,151
8,122,008
3,055,526
6,406,433
1,471,872
1,147,003
1 1,142,998
1,142,558
1,142,558
Annual Increase / Decrease
255,301
18,714,944
(3,171,649)
(704,064)
(3,268,275)
1,037,354
1,097,187
874,364
865,989
865,989
Ending Fund Balance
18,714,944
13,538,101
12,834,037
9,565,762
10,603,115
11,700,303
12,574,666
13,440,656
14,306,645
0
Debt Service Reserve (next yrs Bonds)
1,776,495
1,831,068
0
0
0
0
0
Ending Fund Balance After Debt Service
11,761,606
11,002,969
9,565,762
10,603,115
11,700,303
12,574,666
0,440,6.56
14,306,645
CASH Balance
13,337,736
12,085,800
8,520,316
9,557,670
Interest Eamin s on Be of Yr balance
3.1 %
1.5%
1.5%
1.5%
1.5%
0.0%
0.0%
** Interest Expense on negative fund balance)
Actual
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0 %.
Admin Fees excl HRA Gent fund
6.6%
8.0%
Estimated
Actual
Est. Original Market Value
28,406,500
23,159,200
15,337,800
15,337,800
15,337,800
14,971,300
14,822,100
14,822,100
Ori final Tax Ca aci
477,743
386,543
267,907
267,907
587,907
582,826
581,334
581,334
Total Market Value
269,685,600
176,638,288
112,763,900
107,057,932
108,149,532
103,492,642
102,529,348
102,529,348
Estimated Tax Capacity
4,535,274
2,928,382
2,096,157
1,993,681
2,004,597
1,925,257
11915,624
1,915,624
Fiscal Disparities - TIF #3
(411,462)
0
0
0
0
0
0
0
Captured Tax Capacity
3,646,069
2,541,839
1,828,250
1,725,774
1,416,690
1,342,431
1,334,290
1 1,334,290
Calculated Tax Increment
3,400,499
2,399,196
1,807,468
1,706,603
1,399,637
1,319,553
1,310,737
1,310,737
Variance
42,018
688,642
0
0
0
0
0
0
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64 %,
Inflation
0.00%
0.000/0
0.00%
0.00%
0.00%
0.00%
Schedule
Pavment -
Max Amount Owed -TIF #12
146,785
0
0
0
0
0
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4/29/2010
CITY OF FRIDLEY, MINNESOTA
Page 39
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010
TIF Districts & HRA General Fund
Fund Balance Summary
(Excludes Revolving Loan Program)
TOTALS
TIF Plan
To End
Budget
of District
2016
2017
2018
2019
2020
2021
2022
2023
Fund Balance
0
14,306,645
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
17,035,325
17,421,388
Revenues:
Inflation
Tax Increment (TI)
0.00%1181,088,421
82,885,433
953,367
926,462
919,610
855,203
813,214
693,843
692,464
692,464
Market Value Homestead Credit (MVHC)
196,790
0
0
0
0
0
0
0
0
Bond Proceeds
134,966,131
34,879,264
0
0
0
0
0
0
0
0
Loan Proceeds
10,560,000
11,995,469
0
0
0
0
0
0
0
0
Other Revenues
20,198,750
15,056,540
559,400
559,400
559,400
559,400
559,400
559,400
559,400
559,400
Investment Earnings *
17,435,000
5,759,529
0
0
0
0
0
0
0
0
Misc rev / Chg in FMV of invei
0
662,507
20,730
20,730
20,730
20,730
20,730
20,730
20,730
20,730
Salestlease procee
Medtronic
1,030,000
9,124,006
117,679
117,679
117,679
117,679
117,679
117,679
117,679
117,679
Transfers In
192,197,733
40,515,557
0
0
0
1 0
1 0
0
0 1
0
Annual Revenues
557,476,035
201,075,095
1,651,176
1,624,272
1,617,420
1 1,553,012
1 1,511,0231
1,391,653
1 1,390,273
1,390,273
Expenses
Land/building acquisition
55,705,620
37,490,228
0
0
0
0
0
0
0
0
Site improvements /prep. costE
35,017,284
6,641,810
0
0
0
0
0
0
0
0
Installation of public utilities
6,660,828
1,785,188
0
0
0
0
0
0
0
0
Parking facilities 1
76,308,909
290,065
0
0
0
0
0
0
0
0
Streets and sidewalks
5,882,904
6,182
0
0
0
0
0
0
0
0
Public park facilities
467,202
4,050
0
0
0
0
0
0
0
0
Social, recreational, etc.
325,000
0
0
0
0
0
0
0
0
0
Admin Fees - City /HRA (TI * %
17,540,000
5,445,929
68,168
66,823
66,481
63,260
61,161
55,192
55,123
55,123
Professional Services
0
391,538
0
0
0
0
0
0
0
0
School Dist. referendum reim
0
3,179,269
0
0
0
0
0
0
0
0
Interest Expense **
0
400,250
0
0
0
0
0
0
0
0
Transfers Out
43,547,500
12,350,418
7,100
0
0
0
0
0
0
0
Debt Service - Bonds
216,120,809
59,086,749
0
0
0
0
0
0
0
0
Debt Service - Rev. Notes
81,154,678
16,862,665
636,991
636,991
636,991
636,991
636,991
529,557
529,557
529,557
Debt Service - Other
10,560,000
6,073,224
0
0
0
0
0
0
0
0
Interfund loans
0
10,251,757
0
0
0
0
0
0
0
0
Other Expenses
7,930,000
22,100,830
1 419,530
1 419,530
1 419,530
419,530
419,530
419,530
419,530
419,530
Annual Expenses
557,220,734
182,360,151
1,131,789
1,123,344
1,123,001
1,119,781
1,117,681
1,004,279
1,004,210
1,004,210
Annual Increase / Decrease
255,301
18,714,944
519,387
500,928
494,418
433,231
393,342
387,374
386,063
386,063
Ending Fund Balance
18,714,944
14,826,031
15,326,959
115,821,378
116,254,609
116,647,951
117,035,325
117,421,388
17,807,451
0
Debt Service Reserve (next yrs Bonds)
0
0
0
0
0
0
0
0
Ending Fund Balance After Debt Service
14,826,031
15,326,959
15,821,378
16,254,609
16,647,951
17,035,325
17,421,388
17,807,451
CASH Balance
* Interest Earnings on Beg of Yr balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
** Interest Expense on negative fund balance
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Admin Fees (axe[ HRA Gen'I fund
6.6%
Estimated
Est. Original Market Value
12,441,600
12,015,300
11,825,600
10,426,700
8,326,500
6,007,600
5,943,600
5,943,600
Original Tax Capacity
538,612
531,311
529,414
502,936
461,682
416,054
415,414
415,414
Total Market Value
81,673,148
80,046,948
79,224,456
74,641,556
70,566,256
61,322,056
61,130,662
61,130,662
Estimated Tax Capacity
1,506,007
1,474,983
1,466,759
1,376,601
1,295,845
1,111,711
1,109,797
1,109,797
Fiscal Disparities - TIF #3
0
0
0
0
0
0
0
0
Captured Tax Capacity
967,395
943,672
937,345
873,665
834,163
695,657
694,383
694,383
Calculated Tax Increment
953,367
926,462
919,610
855,203
813,214
693,843
692,464
692,464
Variance
0
0
0
0
#VALUEI
0
0
0
Tax Collection Rate
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
99.64%
Inflation
0.00%
0.00%
0.000/0
0.00%
0.000/0
0.000/0
0.000/0
0.00%
Schedule Payment - Max Amount Owed -TIF #12
0
0
0
0
0
0
0
0
Fridley Cash Flow 2010b.xls Prepared by Monroe Moxness Berg PA 4129/2010