04/25/1983 CONF - 52341,
CITY OF FRIDLEY
CONFERENCE MEETING
APRIL 25, 1983
CNAPTER 205 - ZONING CODE
2. COUNTY INTERSECTIONS
3, SNOW REMOVAL PRIORITIES
4, SUBURBAN RATE AUTHORITY
5, ELO MA4�UFACTURING
6, RESERVE BOND SYSTEMS
7, MIS REPORT (MANAGEMEIVT OF INFORMATION SYSTEMS)
8, OTHER
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NOTE: PLEASE BRING YOUR ZONING CODE FOLDER �SENT TO
YOU APRIL g FOR YOUR REVIEW) AND YOUR
MIS REPORT iSENT OUT MARCH ZS) TO THIS MEETING
W ITH YOl!
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DIAECTORATE
OF
PUBLIC WORKS
DATE Apri 1 21, 1983
FROM O.P.W. John G. F1 ora
SUBJECT Zoning Code Draft
[�'�
"v'" — MEMOAANDUM'
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TO ACTION INFO•
asim M. Qureshi, City Manager
We provided copies of the [?raft Zoning Code to the City Council on March
31, 1983. The interested contrac,tor/builder/developer/agents were also
notif;ed on that date to pick up a copy for their review.
Mr. Rick Martens (Winfield Developments) is the only person notified that
did not pick up a copy of the Draft Code. Only one written response has
been recieved and it was submitted by Gerald Paschke and James Benson.
(Copy attached)
In response to the concerns submitted:
1. Our code states "specifically designed precast concrete, factory
fabricated and finished...materials approved by the city." are
accepted exterior materials. This we feel adequately covers their
concern.
2. The draft code provides for parking spaces for all types of vehicles.
With the energy considerations and cost of fuel risino, the number
of two wheeled means of transportation will probably increase.
3. The underground sprinkling system pertains only to new construction.
It is not a performance standard which is required to be satisfied
by all properties.
1� The figure of 450 has been explained a number of times. The M-1
district has a 3/4 acre minimum area and the M-2 district has a 1
l/2 acre minimum area.
JGF/mc
s
April 20, 1983
Mr. John G. Flora
City of Fridley
Fridley, Minnesota
Re: New Zoning Ordinance
for the City of Fridley
Dear Mr. Flora:
I have reviewed the draft dated March 31, 1983, to the Zoning
Code. The following is a list of my concerns pertaining to the
new Zoning Code:
ALL C AND M DISTRICTS:
1.
2.
3.
5ection 205.134-184 BUILDING REQUIREMENTS: Exterior
materials.
In addition to permitted exterior materials as stated in
the Zoning Code, the code should also permit the use of
decorative concrete block and should also permit the use
of running bond or stacked bond concrete block on all
exterior walls which we do not abut a public right of
way.
Section 205.135-185 PARKING REQUIREMENTS: Design
requirements. Paragraph J and K.
The requirement to provide a concrete pad for motorcycle
parking and the requirement to provide bike racks in the
commercial zones and more particularly, in the
industrial zones should be at the discretion of the
building owner. Such requirements seem more appropriate
for city recreational facilities and should not be a
parking requirement of business and industry.
Sections 205.136-186 LANDSCAPE REQUIREMENTS: Paragraph
3.
Underground lawn sprinkling systems should be encouraged
but should not be a performance standard for all
commercial and industrial buildings.
M-1 AND M-2 DISTRICTS.
1. Section 205.175-185 PARKING REQUIREMENTS: Paragraph 3E.
The requirement of one parking stall for every 450 sq.
ft. for a speculative building should be increased to
one parking stall for every 550 sq. ft. In addition, a
separate provision should be made providing for a
requirement of one parking stall for every 650 sq. ft.
for speculative buildings on lot areas of less then 2
acres.
Thank you for the opportunity to present these comments.
Sin ly, �
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. � / t�
erald . �ike James P. Benson
GWP/JPB/dbk
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CITY OF FRI�LEY
6131 UNIVERSITY AVENUE N.E., FRIOIEY, MINNESOTA 55132
'�" . Paul Ruud
� noka County Highway Department
325 East Main Street
;s�� Anoka, MN 55303
TELEPHONE ( 612)571-3�50
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-��' Subjett: County Roads Within the City of Fridley
Dear Mr. Ruud:
The county has over 16 miles of highways passing through the City of
Fridley. These routes provide the necessary connecting link from our
residential arterials and State Trunk systems.
With the development of over 97X of the city's residential area and
62" of the corrQnercial/ind�lstrial land, there is a need to complete and
coordinate the various streets, roads and highways that service the city.
In this regard we have reviewed the county road network and identified
those intersections that should be upgraded and completed in order to
provide the safe and proper traffic flows.
The attached listing provides a recortmended minimum lane number and
width for selected intersections within the city.
Of particular concern is the upgrading of County Road #�35 (Central
Avenue) between County Road �8 (Osborne Road) and County Road �6 (Rice
Creek Road).
With the expansion of Medtronics and On�r. companies, it is desireable
to move the heavy truck traffic off of that segment of County Road #35
between County Road #6 and State Trunk Highway �65 along Moore Lake. It
would be more efficient and safer to use either Nississippi Street or Rice
Creek Road as truck access and egress to State Trunk Highway �65.
Recomnend the indicated intersections and corresponding road sections
be scheduled for improvement and completed by the county as soon as
possible. We are willing to coordinate our street improvement projects to
correspond and compliment yaur schedule.
Sincerely yours,
John G. Flora
Director of Public Works
JGF/mc
Enclosure
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800 Multifoods Building
?33 hlargueae Avenue
Minneapolis, Minnesota 55402
6121371-6111
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Esbp/isA�O t�➢S AbmOr► Nwr 1'WM StocA E+cA�npe. lne
April 20, 1983
Honorable Mayor and City Council
City of Fridley
6431 University Avenue, N.E.
Fridley, Minnesota 55432
Re: Proposed Issuance of $2,000,000 of
Industrial Development Revenue Bonds
of the City of Fridley, Minnesota
(Elo Engineering, Inc. Project)
Gentlemen:
At the request of Elo Engineering, Inc., we have conducted
a study of the preliminary economic feasibility of the
proposal that the City of Fridley, Minnesota issue its
industrial development revenue bonds under provisions of the
Minnesota Municipal Industrial Development Act to provide
funds for the remodeling and construction of a new addition
to their existing building located in the City of Fridley.
It is our understanding that the bond issue will be backed
by a letter of credit from Fidelity Bank & Trust Co.
It is our opinion that on the basis of current financial
conditions, the project is economically feasible and the
industrial development revenue bonds of the City can be
successfully issued and sold. We propose to purchase said
bonds for resale subject to the approval of the project by
the City of Fridley and the Minnesota Commissioner of Energy,
Planning and Development and agreements as to interest rate
and terms and conditions of the Loan Agreement and Bond
Purchase Agreement.
We understand a copy of this letter will be forwarded by the
City Clerk of the City of Fridley to the Com�nissioner of
Energy, Planning and Development of the State of Minnesota
to serve as the Letter of Intent required by the Commissioner.
RLJ/rrb
Sincerely,
PIPER, JAFFRAY & HOPWOOD INCORPORATED
Richard L. Johnson
Assistant Vice President
Public Finance Department
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CITY OF FRIL�EY
MEMORANDUM
70: NASIM M. 4URF5HI, CITY MANAGIIt
F�M: SID IPIl�T, DIl2DCi�R OF CE�IRAL SERVIC'�S
STJB�TEGT: RESF�VE FIlJANCIl�
DATE: AP'RII, 21, 1983
Belaw is a synopsis of Reserve Financing as it could apply to the HI2A/City.
Reserve financing in its simplest form is establishing reserves to serve as
collateral for the sale of Industrial Development Bonds. By using this
collateral, we substantially reduce the interest rate to companies,
therefore, making potential development in Fridley far more attractive.
For example, on a�1,000,000 IDB, the Revenue System could reduce the
interest cost aver 15 years around 2$ for a savings of 5200,000. First, I
would like to make the follawing two points:
1. Reserve Financing can be used in conjunction with other types of
develo�cnent tools, i.e., land right-dawns, soil oorrections, assessment
help. It cbes not have to be an either/or situation.
2. Since our first meeting, it has oome to my attention that many other
cities are anticipating or are currently setting up Reserve Financing
syste�ns. You should be aware of the fact that other cities will be
offering this as an tool to oo�npanies.
Zb understand Reserve Financing one must visualize in their minds two
reserve funds. The first reserve func] referred to as "The Com�on IDB
Fund", is established by the sale of one or many Industrial Development
Bonds.
C�rrently, when a develaper sells an Industrial DeveTapment Bond, they are
r�►�; red to put a portion of the proceeds of that bond into a reserve to
guarantee �xiyment of debt servioe for one year. Zhis is requirec7 to assure
that if a develaper defaults, debt servioe will be paid during a period of
time while the bank or lending institution att�npts to sell the property.
Under this systen, the amount of money that sits in the IDB Reserve Fund,
glus accrued interest over the life of the bond, is used by the developer
to pay the last payment on the bond.
� Page 2 - Resetve Financing
Under the "Reserve Syste�►", the I�tA/City sells the IDB's and reserves one
year's debt service in a"Common IDB Reserve Fund". If there are ten
Industrial Develc�pment Boncts issued, this f�md will consist of one year's
debt service for each one of those individual bonds. For example: If the
I�tA/City were to issue ten 51,000,000 bonds and the one year's debt servioe
was about 10$, this "Common IDB Fund" would consist of ten accounts of
5100,000, each for a total of 51,000,000. Again, at this point, no money
from Tax Increment or sale of General Obligation T.I.F. Boncts is used. �fie
amount used to fund this is exactly the same as if an individual issues an
Industrial Develapment Bond.
�he second itmd involved in the "Reserve S�sten" is what is referred to as
the "General Reserve Fund". This is the secondary reserve and is the
amount of money which actually causes the reduction in the interest rate at
the beginning of the prograQn. 'IIlis "General Reserve Fund" is funded from
proceeds of the sale of General Obligation Tax Increnent Financing Bonds or
from the general reserves of the HRA/City. Normally, there is a
requirement of 15$ of the total IDB's in the "General Reserve Fund".
Normally, this reserve is f�mded with a minim�un amount (5200,000) and has a
maximLmn amount as set by the HI2A/City (53,000,000) . It graws in three ways:
1. By interest transfered fran the Ca��non IDB �.ind.
2. By interest earned on its awn b�alance.
3. By increase in deposits by the HIZA/City.
F�tA/City has the discretion to increase it, but normally, the major growth
will be by interest amounts.
ZWo additional points about each of the two bond furc�ds are:
1. FUnds can acctunulate amounts of money for administration fees to be
paid to the I�2A/City and/or bank or organization which would aclninister
the two funds. This is normally L 8 of a point.
2. 7.he actual fund would reside outside the HRA/City of Fridley in a
f iduciary relationship with a bank, savings and lc�n or similar type of
institution.
Zt�ere are two major aclvantages fran my perspective of t3�e Reserve System.
1) The "Reserve System" could, in fact, allow for 1 ong term f uture
c3evelopnents in the HI�/City and eventually require no additional tax money
or Tax Increnent Financing money to oontinue its operation. A good example
of this is what has happened in the St. Paul Port Authority. As the Catunon
IDB Fund graws, the money plaoed in that account for one year debt service
grows. T'he Common IDB Fund can grow to a point where it can be self
sustaining and reserve additional sale of bonds for c3evelapment without any
additional funds from outside sources. 2) The major advantage of the
Reserve Systesn is that it offers the HIzA/City m4re protection in terms of
default on its General Obligation Tax Incranent Financing Bor►ds.
Page 3 - Reserve Financing
In order to tmderstand haw Reserve Financing offers more protection, we
must first understand what are our liabilities under the current system. I
will use the Haggerty Off ioe Building as an example. At the present time,
�he Company has sold an Industrial Develapment Bond in his name, securing
it with the building and land and guaranteeing to make payments to a thirc3
party. At the same time, the HI2A/City of Fridley sold a General Obligation
TIF Bond guaranteeing payment using the taxes generated by not only the
land on which the buil ding sits, but the building once oompleted. In order
to understand our liability, we need to look at our maximum outside
exposure. If for e�vnple The Camg�ny were to choose to oontinue to pay the
payments on the Industrial Development Bond but failed to make tax
payments, the Hit�fCity would be responsible for making the debt service
payments on the General Obligation TIF Bonds. The Canpany oould, in fact,
continue this prooess for up to five years, inclucling the grace period and
the time that would be involved in oourt. During this time, the HRA/City
would have the full responsibility to make the debt servioe payments on the
General Obligation TIF Bonds issued for The Campany's property and backed
by the taxes that he is suppc>sed to pay. Since the bonds are a general
obligation of the FII2�1/City, if the HI2A/City did not have enough reserves to
make the payments, it would be the responsibility of the HRA/City through
its taxing power to pay the payments on the General Obligation TIF Bonds.
During this period of time, neither the HRA/City nor the HRA/City would
have any right or authority to ranove 7%e Company �fran his building, force
him to �y the taxes, or foroe him to sell the property and/or building in
order to recover its losses. Therefore, for any oomcnercial buil ding that
the HRA/City of Fridley sells its General Obligation Tax Increment
Financing Bonds on, our outside exposure is f ive years of debt service
R�Y�nts.
Under the "Reserve Syst�n", the HI2�/City issues the Industrial Devel opment
Bonds. The Campany would then pay rent which could include tax payments to
the i�tF1/City's agent and receives full credit for interest deductions. If
�e Campany fails to make the payments, the f irst year of debt service
canes out of the Conunon IDB Fi�nd. Within that fund, there is an account
set up for each Industrial Develapment Bond. The f irst amount of money to
came out would be the amount that was originally put in from the sale of
that individual I�. 'IIzis process would continue until all of the amounts
set in the Common IDB Fund are exhausted. If the HRA/City had in my
example, two 51,000,000 Industrial Development Bonds within the f und and
each one was reserved by 5150,000, the HI2A/City oould, in fact, continue to
gay the entire c3ebt service on the bond and never touch its General Reserve
EUnd or ariy additional ftulds of the HIZ11/City or HRA/City. If, in fact, the
amount in the ConuTan IDB �ind was not enough to oover debt servioe payments
the second layor is the "General Reserve Fund" to the extent needed to gay
off the debt service, or the bonds. The limitation here is the maximum
aQnount authorized in the "General Reserve Fi�nd".
What needs to be �mderstood, though, c]uring this process since the HIt�1/City
awns the building, they can renove The Comgany from the building within
sixty days through "Unlawful Detainer". At that time, the HI2AlCity's agent
can im�nediately atteqnpt to r�-lease the building or sell it in order to
oontinue the payments on the Industrial Develapment Bonds.
4/8/L29
F
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:! 1: � �►� ��-�4?v
1) Suit to Forclose Begins
on Building
2) Suit Begins Personnel Guarantee
3) One Year Debt Servioe
4) Building to Band Holders
,
�T�.��:�ii�ir�.iw�vl
1) Tenant Rgnaved 30-60 days
Begin attempts to re-lease or sell
2) Personnel Guarantee Suit Beqins
3) One Year Debt Service Used
(Individual ID� Account in
CarQnon IDB Fl�nd)
4) Renainder Conumn IDB Ftind
(an additional year or up to
total p�ol aQnount)
5) Existing General Reserve fimd
up to a maxim�► ceiling
� Building to Bond Holders
t
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(Defdult Stre�il
C�JRRII� SYS'R�!
(Highly Restricted Reoourse)
1) Forclosure starts after 4 years
2) City/HI2A pay Debt Se�yioe
for the 4 year's or �mtii
building is leased
or sold
RFSERVE SSCS'7�1�!
(Iimiediate Reo�very)
1) Tes�ant Renaved 30-60 days
2) City/HIZA pay G.O. Debt
Servioe u�til Building is
leased or sold
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