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HRA 04/04/2013 (2) . April 4,2013 HRA Meeting Regular Meeting Agenda 7:00 p.m. City Hall,Council Chambers Call to order Roll call. Action Items 1. Approval of expenditures 2. Approval of March 7, 2013 Meeting Minutes 3. Public Hearing and Consideration of Resolution Authorizing Sale of 561 Ironton Street NE 4. Consideration of a Motion Approving TOD Master Plan- 5601 East River Road 410 Informational Items 1. Northstar Transit TIF District - TIF Plan 2. Gateway Northeast 3. Housing Loan Program Update Adjournment • K:\COMMISSION AGENDAS\HRA Commission\2013 HRA Commission Agendas\13 04 04 hra agenda.docxK:\COMMISSION AGENDAS\HRA Commission\2013 HRA Commission Agendas\13 04 04 hra agenda.docx 0 i March 2013 Fridley HRA Checking Accounts Payable • Check Resgister Date Check# Vendor Invoice# Description . Code Amount 2/23/2013 29486 Tables&Tents Rental Company 868 Home&Garden table rental 265-0000-430-4341 3,502.19 3,502.19 2/21/2013 29480 Advantage Signes&Graphics 19715 Home&Garden Banner 265-0000-430-4335 205.73 19812 265-0000-430-4335 37.41 243.14 2/26/2013 29484 NSC/Schwan's Super Rink 4941-1 Home&Garden Facility Rental 265-0000-430-4341 4,177.95 4,177.95 3/1/2013 29482 Buberl Recycling&Composting Inc Pay Est#1 Demolition work for HRP 501-0000-430-4520 30,400.00 30,400.00 3/1/2013 29481 American Planning Association Membership dues-Paul 100-0000-430-4331 455.00 455.00 3/3/2013 29485 Sun Newspapers 315334 Online Ad for Home&Garden Show 265-0000-430-4334 200.00 1423585 Newspaper Ads for Home&Garden Show 265-0000-430-4334 46.50 1423586 Newspaper Ads for Home&Garden Show 265-0000-430-4334 168.75 1423584 Newspaper Ads for Home&Garden Show 265-0000-430-4334 348.75 764.00 2/26/2013 29483 Liesch Associates,Inc 06801481.00-5 Demolition Abatement for HRP 501-0000-430-4520 4,728.55 4,728.55 2/21/2013 Sun Newspapers 1424409 Newspapers Ads for Home&Garden Show 265-0000-430-4334 348.75 1424410 Newspapers Ads for Home&Garden Show 265-0000-430-4334 46.50 1424411 Newspapers Ads for Home&Garden Show 265-0000-430-4334 168.75 564.00 2/28/2013 Star Tribune Newspaper&Online Ads for Home&Garden Show 265-0000-430-4334 1,616.00 1,616.00 3/14/2013 Center for Energy&Environment 11398 Revolving Loan-801 Rice Creek Ter 265-0000-127-0000 32,545.00 Loan Origination Fees 265-0000-430-4340 550.00 Marketing services 265-0000-430-4340 2,328.72 35,423.72 3/12/2013 Monroe Moxness Berg 137425 Administration Fees-Jim Casserly 100-0000-430-4330 2,015.00 474-0000-430-4330 455.00 2,470.00 March 2013 Fridley HRA Checking Accounts Payable Check Resgister Date Check# Vendor Invoice# Description Code Amount 3/13/2013 Sevenich,Butler,Gerlach&Brazil Administration Fees-Greg Johnson 100-0000-430-4330 1,125.00 • 1,125.00 3/18/2013 Anoka County Property Taxes-587 Ironton St NE 501-0000-430-4350 1,051.96 1,051.96 3/13/2013 Wilson Development Services,LLC GWNE-Animal Hospital Relocation-LeMay 474-0000-430-4520 1,738.20 1,738.20 3/27/2013 Anoka County Property Taxes-22-30-24-11-0023-NS 100-0000-430-4350 388.83 Property Taxes-22-30-24-11-0022-NS 100-0000-430-4350 388.83 Property Taxes-14-30-24-31-0088-C HALL 100-0000-430-4350 545.16 Property Taxes-14-30-24-31-0089-C HALL 100-0000-430-4350 53.23 Property Taxes-14-30-24-31-0090-C HALL 100-0000-430-4350 155.53 Property Taxes-14-30-24-31-0095-C HALL 100-0000-430-4350 172.86 Property Taxes-23-30-24-21-0135-GWNE 474-0000-430-4350 418.80 Property Taxes-03-30-24-23-0237-HRP 501-0000-430-4350 53.23 2,176.47 3/24/2013 Sun Newspapers Legal Publ-HRP lot sale-561 Ironton St NE 501-0000-430-4334 51.78 51.78 86,892.96 S S! CITY OF FRIDLEY • HOUSING AND REDEVELOPMENT AUTHORITY COMMISSION MARCH 7,2013 CALL TO ORDER: Chairperson Commers called the HRA Meeting to order at 7:00 p.m. ROLL CALL: MEMBERS PRESENT: Pat Gabel Stephen Eggert Gordon Backlund MEMBERS ABSENT: Larry Commers William Holm OTHERS PRESENT: Paul Bolin, HRA Assistant Executive Director Becky Kiernan, Accountant ACTION ITEMS: 1. Approval of Expenditures • MOTION by Commissioner Backlund to approve the expenditures. Seconded by Commissioner Eggert. Chairperson Pro Tem Gabel asked what the deferred loan charges were. Becky Kiernan, Accountant, said that is the CEE last resort loan. Some people need emergency work done right away and can't afford to make a payment right away. UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED UNANIMOUSLY 2. Approval of February 7, 2013 Meeting Minutes MOTION by Commissioner Eggert to approve the minutes as presented. Seconded by Commissioner Backlund. Darin Nelson, Finance Director, asked for the following clarifications to be made to the minutes: Page 4, item 2 should read as follows: Darin Nelson, Finance Director, said that Staff has reached an agreement with Medtronic. Mary Smith will negotiate the valuation difference down to about $26M from 2009-2014. This settlement does have an impact to the HRA; $43,000 in administration expenses over the six years HRA Meeting of March 7, 2013 2 and $12,000 in reduced land payments over the six years. At this point and time,Mary Smith felt the values reflected the market values of similar type properties. • Mr. Nelson said that it would, and that is why we prefer to get dismissals for prior years. In this case staff is partially abating taxes for the years 2009-2012. The County will take the money out of future tax proceeds likely the December 2013 settlement. UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED UNANIMOUSLY AND THE MINUTES APPROVED AS AMENDED 3. Public Hearing and Consideration of Resolution Authorizing Sale of 5833 2 '/2 Street NE MOTION by Commissioner Backlund to open the Public Hearing. Seconded by Commissioner Eggert. UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED AND THE PUBLIC HEARING OPENED AT 7:05 P.M. Paul Bolin, HRA Assistant Executive Director, stated that this is the fourth home Novak-Fleck has built since last summer. This home is nearly identical to the home at 465 Mississippi Street and has three bedrooms, two bathrooms and will provide new investment in the neighborhood. The proposed home design is consistent with the Housing Replacement Program guidelines. Staff • recommends approval of the resolution, authorizing the sale to Novak—Fleck Builders, INC. Chairperson Pro Tem Gabel asked about the design on the side of the house that has no windows, she didn't think that was very attractive. She asked if a window could be put on that side or what the reason was for that particular design. Mr. Bolin said that cost would play a small roll in this design. He would talk to Novak-Fleck about the possibility of installing a window on that side of the house. The other houses constructed always have had a side with no windows. He agreed that it isn't visual appealing. Chairperson Pro Tem Gabel asked what the size of lot was. Mr. Bolin replied that it is a 60' wide lot. Chairperson Pro Tem Gabel asked what the price of the home would be. Mr. Bolin answered that it would be in the $170,000-$180,000 range. Chairperson Pro Tem Gabel asked when they would start construction. Mr. Bolin replied as soon as possible; they would like to close on the property tomorrow. Commissioner Backlund asked how much width was for the house and garage. • HRA Meeting of March 7, 2013 3 • Mr. Bolin answered about 45'; in this neighborhood homes can go down to 7 '/z' on the living area and then usually 5' on the garage side. MOTION by Commissioner Backlund to close the public hearing. Seconded by Commissioner Eggert. UPON VOICE VOTE,ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED UNANIMOUSLY AND THE PUBLIC HEARING CLOSED AT 7:15 P.M. MOTION by Commissioner Backlund to adopt the resolution authorizing sale of 5833 2 '/2 Street NE. Seconded by Commissioner Eggert. UPON VOICE VOTE,ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED UNANIMOUSLY 4. Approval of Chronology for Creation of TIF District#22 —Northstar Transit Station District Paul Bolin,HRA Assistant Executive Director, stated that in 2007 and 2008 Legislative Sessions gave the City the ability to create a special TIF district to fund public improvements around the Northstar Station area. HRA discussed district creation in 2009 but economic conditions were not right for district creation. The vacant land at 5601 East River Road (JLT Site) is expected to be the TIF generator. John Allen, Industrial Equities,has recently purchased site and has submitted plans to the City for approval Mr. Bolin stated that building permits will not be submitted until June or July. Staff would like to get this district created before any construction is started. Any time a tax increment district is created there are notices and dates that need to be followed. The key dates are as follows: March 11`h-CC Sets Public Hearing May 2"d—HRA Reviews TIF Plan May 6th—City Council Public Hearing Staff recommends the Authority adopt a motion authorizing staff to take the steps necessary for creating TIF District#22, Northstar Transit Station District. Chairperson Pro Tem Gabel asked if the purchase is completed. Mr. Bolin replied yes. Commissioner Backlund asked if all the area on the map was in the tax increment district. Mr. Bolin replied yes with the exception of the areas labeled 2, 3, and 4; those parcels are not part • of the TIF plan project area at this time. Commissioner Backlund asked about pooling the three existing districts. 1-IRA Meeting of March 7, 2013 4 Mr. Bolin said that is one of the things special legislation did, in addition to allowing tp create this • district. This allowed the to pool districts that were expiring and use the funds for the purchase of the Northstar Station site\A Commissioner Backlund asked what happens to the tax that is generated for the school district. Mr. Bolin said that detail will be explained next month as the TIF plan hasn't been updated yet. Tonight staff is asking for approval to go ahead and do that work. When tax increment districts are created the school districts still receive the same share of taxes; that does not change. The Lamaur site has not been generating much in taxes as it is vacant and the school district will still receive money from that property. Once the TIF district is expired the school district would accrue the new value. This is a 25 year TIF district. Commissioner Backlund stated that sometimes things happen that can affect other groups unintentionally. In this case the school district would be held harmless which is good because the school district is a big player in the City of Fridley. Mr. Bolin said that a lot of people don't understand how TIF districtf'work and mistakenly believe that when a project comes along the school district, County, and Stat lose their share of taxes. The school district does not lose their share and continues to get paid at the same rate it had been. Next month staff will present more numbers regarding this project. • Commissioner Eta-Eklund agreed that in the end the school district comes out ahead. This project will bring in new tax revenue but there is a waiting period; in the end they benefit. Commissioner Backlund added that it is important to communicate this information to the general public so perception is not steered away from reality. This is a difficult concept for people to understand. Chairperson Pro Tem Gabel agreed that this is an ongoing educational process. MOTION by Commissioner Eggert to approve the Chronology for Creation of TIF District#22— Northstar Transit Station District. Seconded by Commissioner Backlund. UPON VOICE VOTE,ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED UNANIMOUSLY • HRA Meeting of March 7, 2013 5 INFORMATIONAL ITEMS: • 1. Gateway North East Paul Bolin, HRA Assistant Executive Director, said that both developers want a national or regional anchor tenant for the development they are considering. Mr. McNutt wants a retail anchor on hand before he spends a lot of money on the design. Mr. Bolin stated that the Lyons/Trident Development includes100 +units and they may want the entire site which would add an additional 60-125 units. They are laying out design options and may need to move some utilities. The OneCorp Group (Citgo) is waiting for market study results and have not found an anchor retail tenant. 2. Housing Replacement Program Paul Bolin, HRA Assistant Executive Director, stated that this month staff was able to purchase another home at 4656 Second Street for $72,000. The closing date is March 22. This home meets all the requirements for the Housing Replacement Program; it is full of mold and has some home remodeling project that went wrong in the basement. The home will be torn down and sits on a 80' x 130' lot with the opportunity for a walk out. The property last sold in 2005 for $184,000 and the home is foreclosed. There is a second garage that may be able to be fixed up and the home has • alley way access. The market price on the lot will be around$40,000 and homes in the area are very nice. Mr. Bolin stated that the home at 5745 Third Street is moving along and the siding was to be installed this week but was delayed because of the snow. Home Detail hopes to be complete soon so the buyers can move in on May 1st. Chairperson Pro Tern Gabel noted that the fence is broken again. Mr. Bolin replied that staff is aware of this and they are waiting for materials to come in. This happened before Christmas and they are having trouble getting the material in to fix the fence. 3. Housing Loan Program Update Chairperson Pro Tem Gabel asked if they could receive an aging report. Paul Bolin,HRA Assistant Executive Director, replied that the last one was submitted in December and they are available quarterly now so there will be one in the April packet. There are only two loans delinquent over 90 days. • Mr. Bolin reported that the Fridley HRA Loan Program had two loans closed in February and no Remodeling Advisor Visits. HRA Meeting of March 7, 2013 6 Mr. Bolin reported that the Home and Garden Show was a success. Over 800 people attended and about 12%were Fridley residents. The booth was busy all day and people seemed interested in the • redevelopment projects that are in the works. 77 vendors attended and were happy with the attendance at the show. This year the show moved into a newer building and that all vendors were on one floor. The seminars were in a corner so people could walk by and catch part or all of it. There was a higher attendance at the seminars than in the past. The Fridley Boy Scouts staffed the children's activity area. A meeting is scheduled in two weeks to start talking about next year's show. ADJOURNMENT: MOTION by Commissioner Eggert to Adjourn. Seconded by Commissioner Backlund. UPON VOICE VOTE, ALL VOTING AYE, CHAIRPERSON PRO TEM GABEL DECLARED THE MOTION CARRIED AND THE MEETING ADJOURNED AT 7:50 P.M. Respectfully submitted, (Y) Krista Peterson Recording Secretary • • • cif ACTION ITEM HRA MEETING OF APRIL 4, 2013 CITY OF FRIDLEY Date: March 28, 2013 To: Darin Nelson, Acting City Manager From: Paul Bolin, Asst. Executive HRA Director Subiect: Public Hearing - Sale of 561 Ironton Street NE - HRP Dale Anderson, representing Novak-Fleck Builders (NFB), submitted a lot reservation agreement to build and sell a new home at 561 Ironton Street. NFB made an offer of $30,000 for the lot, a price justified by comparable sales and the City Assessor. �� 1 r_.,.. � +7�4 .ate' L -� �,,1 \;, ' '.i...'.=111 _. t, •t F w ,cam - ,1,,:.1,......+ • � , i � i, a tt'.�- ,y ^,&ty�`, , .=. �� r — .<. y✓ k""�'` ..may yS ,� .. A ' .t' t\ - j. yyy�.i - ``ly r4i• q , ,- - + + ESL, ', -"'',A ' - k _ t4,• '� a` The Authority purchased the property in December 2011 for $46,000. The exterior and interior of the home were in poor condition. There were rotting window sills and mold �'�\ was widely spread throughout the structure. The home was demolished in February of ,\Ii'l 2013. _'�� • I')j'! 1 } , .�_ V (,.. .,t -.) " 0 :� - � � ms� a+ ` -^ °s # z s.�+ pt._7. i - ' m =sac ,/ 1 , ,„ ,,,,_. _ ; ,,, IM ,,..., r. , p, , ..i. ,...„...,, 1 ..' 91---c-v---- 0,-eqgsc -- „.., ,,.,,. ,.,. , „,,,,,.,.... „ , , „_,,,, ,, rte ,,...., „ .,.,„,.. ‘.. , p ,, .d.-„k,tm.v4sem -.2vomma.- - .o. --, .:, 0 , --• - " -.,:z.‘';',4.:^'-:.,-r , -:1;:,-,,,..i:,,,,:,:,, ,, .ate s ' The property is included in the Authority's HRP TIF District. The Authority will collect the increment generated from the new construction for the next 15 years. Using rough numbers, it is estimated this increment will total $1,200 to $1,500 per year to help • defray the Authority's investment in the site. AROSAT .._.....__.... .. .0 r ;� gm - �111 ., m Iiir This •is the fifth lot that Novak-Fleck Builders has purchased from the Authority. This is a custom home that they are building for a known buyer. NFB has designed the home to meet the conditions and intent of the Authority's HRP Guidelines, while incorporating the buyer's wishes as well. 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Recitals. 1.01. It has been proposed that the Authority sell certain residential property (the "Property") described below: PIN: Street Address • 03-30-24-23-0237 561 Ironton Street NE Section 2. Findings. 2.01. The Authority hereby finds that it has approved and adopted a development program known as the Modified Redevelopment Plan for its Redevelopment Project No. 1 (the "Redevelopment Program") pursuant to Minnesota Statutes, Section 469.001 et seq. 2.02. The Authority hereby finds that it has approved and adopted a Housing Replacement District Plan(the "Plan") and created Housing Replacement District No. 1,pursuant to and in accordance with Laws of Minnesota 1995,Chapter 264,Article 5,Sections 44 through 47;Laws of Minnesota 1996,chapter 471, article 7, section 22; Laws of Minnesota 1997,chapter 231, article 10, section 13;Laws of Minnesota 2002,chapter 377, article 7, section 6;Laws of Minnesota 2008,chapter 154,article 9, section 19,and Laws of Minnesota 2010, Chapter 216, Section 42 (collectively"The Act"). 2.03. The Authority hereby finds that it has performed all actions required by Minnesota Statutes for the sale of the Property. 2.04. The Authority hereby finds that the sale of the Property promotes the objectives as outlined in its Redevelopment Program and the Plan. • Section 3. Approval of the Sale. 3.01 The sale of the Property is hereby approved for a price of not less than $30,000. HRA Resolution 2013-_ Page 2 • Section 4. Authorization for Execution and Delivery. 4.01. The Chairman,the Executive Director and Assistant Executive Director are hereby authorized to execute and deliver any documents necessary to effect the sale of the Property in accordance with the Authority's Housing Replacement Program. PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY, MINNESOTA, THIS 4th DAY OF APRIL, 2013. LAWRENCE R. COMMERS - CHAIRMAN ATTEST: PAUL BOLIN- ACTING EXECUTIVE DIRECTOR • /. COMMUNITY DEVELOPMENT 411 DEPARTMENT PLANNING DIVISION Memorandum DATE: March 27,2013 TO: Housing and Redevelopment Authority Members FROM: Stacy Stromberg, Planner Julie Jones, Planning Manager Scott Hickok,Community Development Director SUBJECT: Review and Recommendation of Transit Oriented District(TOD) Master Plan,TOD#13- 01 by Industrial Equities for 5601 East River Road REQUEST When the City Council approved the Transit Oriented District(TOD) in 2011, a requirement was put within the code that required the Housing and Redevelopment Authority(HRA)to review and make a recommendation to the City Council for each plan submitted. City staff recently received a TOD Master Plan request from John Allen of Industrial Equities, LLP for the • property at 5601 East River Road. Attached you will find the staff report to the Planning Commission related to the proposed redevelopment project. The TOD Master Plan was approved by the Planning Commission on March 20, 2013 and will go before the City Council on April 8, 2013. RECOMMENDATION City staff recommends that the authority review the attached materials and recommend approval of TOD#13-01 for the property located at 5601 East River Road. • • City of Fridley Land Use Application TOD#13-01 March 20, 2013 GENERAL INFORMATION SPECIAL INFORMATION Applicant: Industrial Equities LLP SUMMARY OF REQUEST John Allen The petitioner,John Allen, of Industrial Equities LLP, 321 1st Avenue North who is the property owner of 5601 East River Road, Minneapolis MN 55401 is seeking a TOD Master Plan to allow the Requested Action: construction of a phased project which will include TOD Master Plan an office/warehouse building, (2) 5-level Location: professional office buildings with an attached 5601 East River Road parking structure and a 3 to 4 level, 120 unit multi- Existing Zoning: family or senior housing building. C-3, General Shopping and TOD Overlay SUMMARY OF ANALYSIS Size: City Staff recommends approval of the TOD Master 1,178,129 sq.ft. 27 acres Plan Amendment, with stipulations. Existing Land Use: • Meets the purpose of the TOD Overlay District. Vacant Land • Proposed uses meet the goals highlighted in the 2030 Comprehensive Plan. Surrounding Land Use &Zoning: N: Industrial & M-2 P, � E: Railroad Tracks& RR 7 t '{ A k S: Interstate 694& ROW � J,411 W:Georgetown Apts. & R-3 Comprehensive Plan Conformance: z3 �- � > Future Land Use Map designates this area r s Y as Redevelopment. � s � 'r � �. ' Zoning History: �xfi �x b 1941—Lot is platted. tea: 1969—Office/Warehouse constructed. *: 1983—Addition to building. w . 1984—(2) additions to building. 3� 1987—Addition to building. "° y 1989—Slab for tank placement. 1991—Concrete building constructed. 2005—Rezoning process started from M-2 � - to C-3. Aerial of Subject Property 2006—Building demolished. CITY COUNCIL ACTION/60 DAY DATE 2009—Property officially rezoned from M-2 City Council—April 8, 2013 to C-3. 60 Day—April 15,2013 Legal Description of Property: Staff Report Prepared by: Stacy Stromberg See attached. Public Utilities: Utilities are available in the street. Transportation: The property currently receives access from East River Road. • Physical Characteristics: Flat vacant parcel. Land Use Application TOD Master Plan #13-01 r THE REQUEST John Allen of Industrial Equities LLP, is requesting a Transit Orientated District(TOD) Master Plan for the property located at 5601 East River Road. This property is zoned C-3, r ; :r General Shopping; however, : 6 > a.4-T ,, because it is within the TOD ,P ' ' ' ` a � �! I�j Overlay District, a TOD Plan needs to be , approved by the City Council , I , before development can start J e on this site. e : 1 �* The petitioner is asking for i : rs°' j TOD Master Plan approval for the subject property to allow 1 a a phased project. Phase 1 ' � ; ,t � will consist of the construction of a (1) level ; $ speculative office/warehouse r .,..... building along the east side �� of the property. Proposed additional phases could include two(5) level professional office buildings with underground parking,a connected (2) level common core and a parking structure; and a 120 unit multi-family/senior housing development with underground parking. The TOD Overlay zoning allows for a mixed use development without requiring conversion of the underlying commercial zoning. SITE DESCRIPTION AND HISTORY The subject property is located on the northeast corner of Interstate 694 and East River Road. It is bordered by the railroad tracks to the east and an industrially zoned property to the north. The property was zoned M-2, Heavy Industrial from the late 1950's until 2009. The property as originally developed in 1969, when an office/warehouse building was constructed. In 1969,the site served as the headquarters, research, and production facility for LaMaur Inc., who manufactured toiletries and cosmetics. Several additions were added to that original building, which eventually made the building approx.450,000 sq.ft. in size. In 1999,Tiro Industries, Inc., purchased the property from LaMaur Inc., and they were in business at this location until May of 2005. Since the time it was known that Tiro Industries, Inc.would be vacating the building,the owners had very little success in attracting industrial tenants to occupy the building and believed that,with industrial trends changing and manufacturing users few,the property would be much more attractive to tenants as a commercial property. Tiro Industries Inc., sold the property to JLT Group in 2005 and JLT Group applied for a rezoning from M-2, Heavy Industrial to C-3, General Shopping. The owners didn't have a commercial • tenant identified to occupy the site however,they were asking the City Council to consider the rezoning so they could market the site to potential commercial buyers. Once a user or users were identified for the site,the rezoning was to come back to the City Council for second reading of the ordinance. The City Council approved the first reading to rezone the property in September 12, 2005 and set a 24-month timeframe for the rezoning to come back for second • reading. After the 24-month timeframe had expired, an 18 month extension was approved to give the owner additional time to come before the City Council for second reading. The Council eventually approved a commercial/retail master plan for the site with the commercial rezoning in February of 2009. Once that was approved, if the plan varied in overall footprint size, by 10% or more, it would come back to the City Council for further review. Otherwise,the Master Plan that was approved, including a portion of the 57th Avenue extension, was the plan that was to be built. Market indicators soon made it clear that this site and approved master plan would need to be re-evaluated. The window closed on the sale of the land to the interested retailer. Instead, Sam's and Wal-Mart rebuilt their stores in Fridley, both in their current location.Subsequent to that decision,the market for big box completely dried up and real estate investment/analyst folks began to predict at least a 10- 15 year dry spell before the market would come back to large retail centers like the one envisioned.Too many centers didn't make it and are now sitting empty, needing to be refilled or re-purposed.Also, without certainty of when a 57th Avenue connection may happen, the market looking at this site was very limited. The property owner filed for bankruptcy and eventually the bank holding the mortgage on this site insisted that the land price be reduced and that the land would then be sold.This opened the door to many potential prospects,the majority of which wanted to purely develop industrial warehouse alone.We had a large developer who indicated they placed an offer on the property contingent on City approval of two large industrial warehouses to fill the site.After evaluating their use against the TOD overlay,staff made it known to the developer that they could not • support a purely industrial warehouse proposal. John Allen and his Industrial Equities Group was then successful in negotiating purchase of the property and has committed to working with the City and the development market to bring a mix of uses and TOD design to the site to make the project work for all. He met several times with staff and proposed the current development of a mixture of uses. An extremely important aspect to what develops on this site also has to do with the Northstar Transit Tax Increment Finance District;that the Minnesota Legislature has allowed the City of Fridley the Authority to create.This development will be within that district and would be the first project to produce increment for infrastructure improvements in the Transit TIF District. The City Council will hold a public hearing on May 6, 2013, regarding the creation of that district. PROJECT DESCRIPTION The petitioner has submitted a TOD Master Plan request for the property located at 5601 East River Road. The property is approx. 27 acres in size and the TOD Master Plan was developed with the City's desire to extend 57th Avenue from Main Street through the subject property to East River Road. In order to allow for the 57th Avenue extension, 68,921 sq.ft.of land area will need to be dedicated as right-of-way easement from this property. This square footage doesn't include the land area for the 57th Avenue extension that is owned by Capstone which is north of the subject property. Multiple easements on the property, including sanitary sewer and Xcel Energy easements, limit how the site can be master planned. The petitioner envisions the property developing with three main development areas. 2 • . The first area that will be dB is along BNSF railroad evelop tracks the on the east side of the �. �' property. The petitioner is proposing to construct z �,c•��v.� xx�ra .�.a '410.tz'; 0 rmeil:r, P.P.-moig..� '_ � a 134,192 sq.ft.one— story office-warehouse building. The front of ? the building will face the newly constructed x z ,. _ "development parkway" that will run north and south through the subject property. The service yard for deliveries will face the railroad tracks and a landscape buffer will be installed between the railroad tracks and the buildings service yard to provide the necessary screening required from this rail right-of-way. The petitioner believes that constructing a high quality industrial / building to provide a screen between the ` ` 1 BNSF railway and �� • the rest of the � � '�., a development area; �:", will attract high class 1 ,� ' office and residential tenant : 2 4 ' prospects. -,�' ' j This , ',,. office/warehouse y' development will "A have 269 parking r stalls. The building ," will be constructed � of precise concrete ;< ' x z panels with a �� Y9 uniform rib texture and smooth band . ' striping with a 32 ft. �> ' clear height inside. 7° ti-- , , 4 � _ The aluminum - framed glass windows will extend "`' to 14 ft. above grade • and full height glass ""'ERSTA;E i6014WAy No 694 will accent the 3 corner&center entries along with brick detailing and matching aluminum edged canopies. There are two remaining"schematically planned" development areas,which would include a • professional office development and a multi-family/senior residential housing project. For the purpose of this application,the petitioner has submitted a site plan showing what the potential could be for these two areas and he is currently marketing this site to parties in the hopes to achieve the proposed uses. The manufacturing/office building will begin construction as soon as this year,while the petitioner searches for potential users to achieve the mixed-use dense, development the City is looking to have on this property. If the following"schematically planned" developments don't occur as proposed in the submitted site plan,the petitioner will come back before the Planning Commission and the City Council for a TOD Master Plan amendment. Further review may be triggered by a 10%change in the total building's footprint square footage or a change of use. The first"schematically planned" development could include two (5) level, 150,000 sq.ft. professional high quality designed office buildings with a 2-story common core element that connects the two office buildings and underground parking. The buildings will be positioned to align with the south-western edge of the property which abuts the off-ramp from Interstate 694. This building will also be connected to a 4-level parking structure, 1-level below grade, 1- level at grade and 2-levels above grade. A total of 1,311 parking stalls will accommodate this development. The second "schematically planned" development could include a 3-4 story, 120 unit multi- family or senior housing development with underground parking for 112 stalls and at grade • parking for another 88 stalls. The building design will be of a high quality finish to comfortably co-exist with the professional office buildings adjacent to it.This building will be positioned to align with the corner of East River Road and the future 57th Avenue extension. All areas within the development proposed include extensive landscaping with required storm ponding elements. The remaining development area will need to be seeded, mowed and maintained until development occurs. The petitioner envisions this development occurring whether or not 57th Avenue is extended from Main Street to East River Road. He wanted to design the development showing the 57th Avenue extension; however, he has stated that he doesn't feel that it's needed to make this development a success. The site has also been analyzed by staff and the petitioner's consultant to ensure that traffic flow will work on this site with and without the 57th Avenue extension and that the "development parkway" will connect to the extension when it's constructed. • 4 , , TOD MASTER PLAN AND SITE PLAN ANALYSIS The Planning Commission and `�° !>, w Y ridtey Pransit O!euited Develupmeut(tOL))District )1 LEGEND City Council will recall that in -err- rt:°;7, ,,,, 1 2011,the Transit Oriented r irk�'`:T Ilk ' '41.1'L. 4, -"_�` t o„;,:::::_. j Development (TOD) Overlay "' - t M "` `s ' 1 : 1,-- '$ I� .. a�, . District was approved. The I .� r j " - J- `° rA subject property is within the "`f r L ' 'i ' 1:� = °` =- ir h TOD Overlay District. See " °t° ' ,:-±)--,' --)- Subject Property .. 6w I map to the right,for the TOD ,.„ 1 ®.,7---- ,-rt,l , , 1 ' -i district boundaries. ' The purpose for the adoption 4,,,,.4„,.` , E Ili: '4',..., of the TOD Overlay is to �r� � . 1 L,' A. Implement code 1 * .� � "..-,,� requirements that will t = 1 ill encourage dense, mixed r _ � - �` ` ` bx 4 uea use, pedestrian-friendly xn r. wmr.:tnm maw development within a one-half mile of the Northstar Commuter Rail Station in Fridley. B. Create multi-modal connections to the Fridley Northstar Commuter Rail Station that allow for safe access to the station no matter what means of transportation someone uses. C. Create a neighborhood identity with the Northstar Station that promotes the use of mass transit, human interactions,safety and livability. • D. Reduce automobile dependency by locating a variety of land uses within a half mile of the train station. E. Provide life cycle housing for people of different income levels and housing space needs within one half mile of the train station. The proposed development is the City's second TOD Overlay Master Plan request that aims to achieve the desires the City set forth when creating this district. As a result,the project needs to comply with the TOD standards that were designed to enhance the pedestrian scale and safety of any particular development.The TOD Overlay allows for flexibility when designing a redevelopment project that encourages dense, mixed use, pedestrian-friendly developments. It was also created to minimize the use of the automobile by allowing reduction in parking requirements, if certain conditions can be met and sidewalks are constructed. As stated above,the proposed project will include the construction of several new buildings that will offer a mix of uses, such as an office/warehouse building, a professional multi-story office building and a multi-level residential building. The petitioner is very interested in designing the project to TOD standards as the criteria will enhance the development,through use of high quality building materials and design, as well as enhance pedestrian site circulation through installation of sidewalks which will provide better access to public transportation such as the Northstar Commuter Rail and the Metro Transit bus system. Following is a table showing the TOD development regulations and how the petitioner plans to comply with them. • 5 Performance r A Zoning/TOO Regulations Viz' R'iverst a Corpo ate C/enter k 4 • Standard L L�•; ey ., ,5 5 Lot Coverage 40%-can be exceeded 27% lot coverage is proposed with all where vehicle parking is buildings and parking structure. shared, underground, or structured, provided all landscaping requirements are met. Front Yard Maximum 15 ft. 32 ft.for the multi-family/senior building— Setback(57th Additional setback was important to retain Avenue assumed) in this key intersection, in the event that additional land area was needed to extend 57th Avenue,or to widen it at some point for additional turn lanes. Corner Lot Maximum 15 ft. 25 ft.for the multi-family/senior building— Setback(East Again additional setback was important to River Road retain in this key intersection, in the event assumed) that additional land area was needed on the corner of East River Road and the 57th Avenue extension and because speeds of • 50 mph +are allowed along East River Road —buildings set too close to the right-of-way would present a potential safety hazard. Side Yard Setback As close as 15 ft. but can be Approx. 140 ft.for the office/warehouse further building from the east property line. Though the TOD would allow as close as 15 ft. in the side yard—safety and aesthetics needs to be considered when constructing a building along the BNSF railroad and Interstate 694. Rear Yard Setback As close as 15 ft. but can be Approx. 85 ft.for the office/warehouse further building from the south property line. Approx.40 ft.for the professional office building from the south property line. Though the TOD would allow as close as 15 ft. in the rear yard—safety and aesthetics need to be considered when constructing a building along an Interstate 694. Height(C-3 65 ft. 40 ft.for the office/warehouse building. zoning) Approx. 75 ft.for the professional office building. Approx. 56 ft.for the multi-family/senior building • 6 Both the professional office and multi- family/senior buildings are over the maximum 65 ft. height requirement set forth in the C-3,zoning district. However, both of the buildings will provide underground parking and these types of buildings meet that standards that the City was hoping to achieve when creating the TOD Overlay. . Po _ ... Facade Building 40 ft. in width or Achieved on all buildings proposed through Articulation more shall be divided into vertical division with materials, roof lines smaller increments. and window placement. Building Face No blank walls facing the Achieved on all buildings proposed. street,variations in detailing, color and materials shall exist on the building. Door&Window Windows and door opening ' Achieved on all buildings proposed. Openings shall comprise at least 50% of the length of the main floor of the primary street • facade. Loading dock Loading docks to be located This is achieved on the office/warehouse in the rear or side yard and building that utilizes loading docks by the screened from view of any installation of landscaping. public right-of-way. Building Materials High quality materials,such Achieved on all buildings proposed. as brick,stone,textured cast stone, EFIS,or tinted masonry. Refuse& Common storage area, Achieved—will take place within the Recycling Storage screened from the public building. right-of-way, enclosed inside the building is encouraged. Parking for One stall for every 500 sq.ft. 269 stalls required—269 provided. Office/Warehouse of space for speculative Building(M-1 office/warehouse building. zoning) Parking for One stall for every 250 sq.ft. 1,224 stalls required—1,311 stalls provided. Professional of space. 239 stalls at grade, 120 stalls basement Office Building(C- garage, 952 stalls in the parking structure. 3 zoning) Parking for Multi- 1 1/2 stalls per 1 bedroom, 120 stalls required based on 88(1) family/senior plus%:stall per each bedrooms and 40 (2) bedrooms—200 stalls • building(R-3 additional bedroom. provided. 88 stalls at grade and 112 stalls zoning for multi- basement garage. family) 7 Performance ;' in tOIL egu ati ns Riverside Corporate Center tag 1.g x x ��, "::411 g St ndar4 3 f ` .. • Parking(TOD) No parking between the All parking does take place in the side or front façade and the primary rear yards. street. Parking in the rear or The office/warehouse building is right at side yard only. 100%,which is achieved. Number of parking stalls The professional office building is at 107%, shall not exceed 120%of the which is achieved. minimum number of stalls The multi-family/senior building is at 167% required by the underlying which exceeds the 120%requirement. A zoning district. reduction in the amount of parking will be necessary to accommodate more green space for the residents. This will be stipulated. Bicycle Parking One space required for every Achieved on all buildings proposed. 20 automobile spaces. Drive Through n/a n/a Services Landscaping for Requires 1 tree for every Based on square footage of the building, Office/Warehouse 1,000 sq.ft. of floor area or 1 135 trees is required. An additional 18 building(C-3 tree for every 50 ft. of site trees is required for each (15) parking stalls. zoning) perimeter Total trees required is 153 trees. Also requires 1 tree for every 15 parking stalls. Landscaping Requires that the Plan includes installation of 55 trees with (TOD) development follow the the office/warehouse building development landscape requirements for area and an additional 30 trees with the the underlying zoning "development parkway". The tree district; however, substitutions include, 3,488 sq. ft.of substitutions can apply. planting beds,for 96 trees, 18, decorative Substitutions can include: light poles along the "development shrubbery planting beds and parkway"for 36 trees and 3 pedestrian flower beds, decorative light benches for 3 trees. This equals a total of poles, sculptures, planters, 220 tree credit. benches. Water Drip irrigation is encouraged; All green areas will be irrigation;drip regular irrigation is required irrigation will be stipulated in median and for all other green areas. walkway planting areas. • 8 wiTtn; 1-0 Twier, elifir*F1.77- rAfgatifittikli Sidewalks Minimum 5 ft.width shall be 5 ft.sidewalks are situated throughout the provided on all street entire development area. Crosswalks for frontages. the office/warehouse building are marked Colorized pavement pattern and colorized on the plan. connecting the sidewalk on Sidewalks with crosswalks with need to be each side of the driveway identified for the rest of the development shall be incorporated into area upon building permit application. driveways,warning drivers Additional crosswalks will be stipulated to of the sidewalk connection be installed from the office/warehouse on each side of the driveway. building to the other areas of the Connections shall also be development. accessible. Lighting Lighting plan and fixture The petitioner has provided a site specification schedule shall photometrics plan which meets code be provided. requirements for downcast lighting. Details They shall also be have also been submitted for the type of pedestrian-oriented. light fixture proposed to be used along the "development parkway"which meets the TOD standards. Free-standing Only regulates electronic n/a Sign (TOD) changeable signs and encourages door and window awnings. Free-standing Interstate 694 corridor Sign plans submitted meets these Sign (Sign Code) signage requires a maximum requirements. size of the primary free- standing sign at 240 sq.ft.in size and a secondary free- standing sign at 40 sq.ft. Sign needs to be setback 10 ft.from any property line or driveway and only 30 inches high when within the vision safety zone. Signs also need to meet the 35 ft. maximum height. Fencing Decorative fencing shall be The City doesn't have specifications on the the same color,type, and fence style yet. The use of fencing isn't a style used in adjacent TOD part of the proposed development. streetscape or of similar design approved by the City. Outdoor Dining Outdoor dining can be This may be something we see incorporated into the front incorporated into the two"schematically • and side yard setback up to 5 planned" development areas. ft.from the property line. 9 Performance �Zo r (a n � Riverside rate er •sE a„ 1 Farmers Ma rket Parking areas may be used Thi s may be something we see for Farmers Markets with a incorporated into the two "schematically City permit. planned" development areas. The petitioner has designed a good project that overall achieves what the City was hoping for with a TOD development. The proposed office/warehouse building will be backed up towards the railroad, with an architectural design and concept that will enhance the property. The "schematically planned" 5 story office building with an attached parking structure and multi- family/senior housing building encourages the dense, mixed used development that the City was looking for on this site. The site circulation and connections to existing walkways/bikeways will enhance the multi-modal opportunities for this property and Fridley as a whole. Constructing additional connections and landscaping features/amenities within the future developments on the site will only continue to enhance this project. ENVIRONMENTAL/TRAFFIC STUDY The amount of building square footage on this site will require the petitioner to complete an Environmental Assessment Worksheet (EAW). The petitioner's consultants are working on completing that document now,which will include a traffic analysis. Staff received comments from the Minnesota Department of Transportation,which recommends that a traffic study be completed due to the volume of new trips to this location • and the proximity of the Interstate 694 and East River Road interchange. STAFF RECOMMEDATION City Staff recommends approval of the TOD Master Plan Amendment, with stipulations. • Meets the purpose of the TOD Overlay District. • Proposed uses meet the goals highlighted in the 2030 Comprehensive Plan. STIPULATIONS 1. The property shall be developed in accordance with the master site plan,A100 by Finn Daniels Architects dated,2/15/13. 2. The office/warehouse building shall be developed in accordance with the architectural office/warehouse exterior elevations sheet,A300, by Finn Daniels Architects dated, 2/15/13. 3. The petitioner shall obtain all necessary permits prior to construction. 4. The petitioner shall meet all Building code, Fire code, and ADA requirements. 5. 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February 15, 2013 Background The Riverside Corporate Centre master plan application pertains to the development site located at 5601 East River Road, Fridley, Minnesota. This property is bounded by Interstate Highway 694 on the south, East River Road along with an off ramp from 1-694 on the west,the Burlington Northern Railway(North Star Line)on the east,and an existing commercial/industrial development on the north. The total land area of the property is approximately 1,178,129 square feet,or 27.046 acres. The property has access from an existing controlled intersection along East River Road. The property is currently vacant as the previous building(s)on the site were demolished in 2006. The property contains easements which affect the over master plan, including multiple sanitary sewer and Xcel Energy easements. The master plan also recognizes the desire of the City of Fridley to extend 57th Avenue through the site with either an underpass or overpass at the Burlington Northern Railway. Ownership The development site is currently owned by Industrial Equities River Road L.L.C., 321 First Avenue, Minneapolis, MN 55401. Current Zoning and 2030 Comprehensive Plan Guiding The development site is currently zoned C-3 General Shopping Center District and is within the Transit Oriented Development Overlay District(TOD). The City of Fridley Comprehensive Plan currently indicates the site as vacant, but indicates redevelopment on the 2030 Future Land Use map. Master Plan The approximately 27 acre site intends a mixed use development with an emphasis on commercial development. The site is envisioned to comprise three development areas: 1. Office/Warehouse Spec. building and associated parking and service yard. 2. Professional Office Buildings and associated Parking Structure. 3. Multi-Family/Senior Housing and associated parking. In addition, a right-of-way is proposed for a future 57th Avenue extension through the site which impacts the site segregation and the potential development size of the Office/Warehouse Spec. building. • Riverside Corporate Centre by Industrial Equities L.L.P. Finn Daniels Architects& Master Plan Narrative Architects Professional Assoc. Page 1 February 15,2013 The master plan recognizes the TOD overlay, and the transit and pedestrian features guided by the overlay. As the future 57th Avenue extension is planned to have sidewalks and/or trails on each side of that roadway. The master plan development carries a connection to the proposed trails throughout the development. Sidewalks along the 'development parkway' down the spine of the site, feed into and through the individual development sites and connect all building via the pedestrian path. Benches and waste receptacles are placed throughout the development site, along the 'development parkway' spine and internal to the development sites, all creating a consistent pedestrian experience throughout the master planned area. Bicycle parking is an additional component of all parking facilities on site, thus allowing for the multi-modal component envisioned by the TOD overlay. The master plan envisions decorative style street lamps along the 'development parkway' and different signage types(primary freestanding sign, monument sign, and information signs)to identify and direct people to and throughout the site. All project signage shall comply with the applicable C-3 zoning requirements as well as the TOD overlay requirements established by the City. The first phase of this development is the Office-Warehouse Spec. Building. The first phase would also include the 57th Avenue stub into the site from the East River Road intersection, and the new 'development parkway'. Office-Warehouse Development—Spec. Building The office-warehouse building has been placed at the most internal point of the site from the East River Road access,with the front of the building facing the new'development parkway' and the service yard at the rear facing the Burlington Northern Railway. The building has also been positioned to recognize the future 57th Avenue extension through the site. The proposed 57th Avenue extension through the site results in a loss of approximately 12,800 square feet of area from the • proposed office-warehouse building. The proposed approximate size of the building is 134,192 square feet. The building will be constructed of precast concrete panels with a uniform rib texture and smooth band striping with a 32'-0"clear height inside. The aluminum framed glass fenestration will extend to 14' above grade and full height glass will accent the corner&center entries along with brick detailing and matching aluminum edged canopies.The interior structure will be steel columns/beams with metal bar joists and metal deck roof. The office-warehouse development site provides 269 stalls which meets the requirements for this type of structure as outlined in the City of Fridley Zoning Code District M-1 (Light Industrial)for a speculative use building on lots more than 1-1/2 acres.The proposed landscaping on this development site meets the criteria established by the underlying C3 zoning and the TOD overlay. A landscape buffer between the building service yard and the Burlington Northern Railway to provide screening is established by a dense configuration of coniferous trees and shrubs. The developer is requesting approval of the office-warehouse building development site as part of this TOD master plan application. Riverside Corporate Centre by Industrial Equities L.L.P. Finn Daniels Architects& • Master Plan Narrative Architects Professional Assoc. Page 2 February 15, 2013 Development Site—Future Professional Office Buildings The development site has been schematically planned for a pair of 5 story, 150,000 square foot professional office buildings with a 2 story common core element and underground parking. The buildings are positioned to align with the south-western edge of the property which abuts the off-ramp from 1-694. Although the TOD criteria would place the building up to the property lines(zero lot line setback), existing easements in place along the property line and the nature of the 1-694 off-ramp place the buildings further back from the property line, but we believe the intent is achieved. A parking structure is planned at the interior of the development site to account for the majority of parking required. The parking structure is 4 levels(including the on grade level)and one level below grade. A total of 1,311 parking stalls are on the development site,which meets the parking standards of the C3 zoning district. No development action is requested at this time on the proposed Professional Office development, we provide this information only as reference and guidance for the master plan intent. Development Site—Future Multi-Family/Seniors Residential Housing The development site has been schematically planned for a 3 to 4 story, 120 unit multi- family/seniors housing development with underground parking for 112 cars and on site/grade parking for another 88 cars. The parking meets the requirements for this type of structure as outlined in the City of Fridley Zoning Code District R-3 (General Multiple Dwellings). This building is positioned to align with the East River Road and 57th Avenue corner. 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J.tI I .....•••om......... rfi�� .._...® ¢ E a •+ / _ _ .. PROJECT.Th,- PNIENT PARKWAY '/ . . I J 6 1 III( @Y• //' 0 _ . ®IIr j1 1 .l 1112 #•3 �- b •'I + / ` .., ....-C==M- '''� NG SiMIS AT rAADF I I '!I V5e "�. _ 1139•FYT[RgR PPRLt • yy ,fit 9 rC-l/ - 1 \ , ) , 1I CO Pw�r., /�!//��• °ro`.,�AV J L/ I 4' `. III_--1-a fib! Fy(OPP". /,�� ,: II� O ! E9i I zs o 31---- I - , RIVERSIDE I T i / �>Fn9/< �.h - J - '(` ., /"y`•f5i,'`, > / /i;r sin j/// ; ///I/ fi v/`i, �� I _ a �. `�`O ..� , �/,,! . f - ;..:_ ' 4 ' CORPORATE `. 4 Errt4r .._ PaR ,:_, - ,>t,, /0 ,.:;',',7:-7',/..1,2//,‘. --� G p p ... _ • ;.' •1' CENTRE j I �//A,-Vh ` 4'''4. ''* -/.x _1iI� I I T,2.nt Ion WEL., 5,0• § x' 1r /▪ ryi,✓:, //4. ♦ �- / / kr+'?2.' c FA xP y)o//�/ �o_ +r..... :..,i. 40 cn .•IC' '' 41O / 1. Sy'1■N -��. f! �. //'/1Y iy'�j 't �4I -/, aG //y)/ ::ii-:_r N 4 4.i°-4..4,195;5THL5 -0,,, ,/ ,4 / �/ '9_ ar'+ wit: r /1f of id , s �'/y i r '%.„. __ I_... S sm4r Txkr.rs••%fsrorm}.:.. f,` 4•• ''I,r- ri MASTER PLAN y,/ / // /3/�// % �� 0.61 _1/ / :.\ ... ,-4-f-4-44---1 ✓ "v'.La . /r /// / I r 1 i DEVELOPMENT .J-1,, i,\ .O //`i.n /i/ `�"//,%3„, /+ ly:{+. a 0 0 b i 4 :.� fief/i f it 4;i1 .. / �.; s�/i1 i 'fit 1 rte;+^` _ I_' O j1/'irr :': /i/y / 5601 E.RIVER ROAD /.�Y 9 �`//j1,:; ,c fj'�!r1'��f%i� r/yr • ' !/ a. r '<s -- - __--I___ 4 x?�e a :/r�' ~ 4I� p_690&E.RIVER ROAD) ` T; .�.'a �� y, r '�. t: i•"� 0 I1 :"fr ° ' 6a I n t�f,.. /i1�<�$ fRIDLEY,MINNE50TA 1 .,?,6?T�a yyr/j rt// asl .1. -b 6 a .. / /ri!y/� /<j'/Fifi / 1 // \�'"S� $�\�, !�' f/' \� r�/ii+ _ " b; 1 7". 1 610 , 0 ‘'`o,„3 2>r .1i// //9 r /// \� / '��\ �"/ rRi �, m.. /,/.... li ' 6_ - j 1., rs I ,F I ;1.W. / %/.: 1 f�, / r''GY edn \ /�/ "PI I ter`. +. 1 I I\ ,�/,/S/i f! //r/i• // �I/ PROIECTNO.: 12102 MFR �� ,� =a;�� O ,1,I L /;/! ■ i:ii7OC P0N0 1 4 $ GGD/RLO l r EYE[ppF, a/CESE(,QFYG^q, ` ,16t�t C+st ,,s CHECKED\ /(/ .I IJi .ODTAILP R NGJ ALI L Sf 1O >J.• kAGF N p ii 1/1 EM[.nE V W ] A A` sP +, Sy ` : \� ' /IC( .I 5t^'J �/ Iy ISSUES AND REVISIONS: P 60S .,� .. f//�/1.` 7 -- I 1 ,ATV '44° ' I O \� /` � p __- \ -_, -_ ��!$T MASTER PUN SUBMITTAL 02.15.2013 I •4\ ,/ / power pole eA,*e R J A'S �_ ___�_�_ -_ = - --"� \ `�-`171.1 E.... • MASTER SITE PLAN A100 re SOLO. SITE DATA . TOTAL SITE INFORMATION SPECULATIVE OFFKE/WMEIOUSE DEVELOPMENT PROPOSED FUTURE PROFESSIONAL Of FICE DEVELOPMENT PROPOSED FUTURE MULTI.FAMILY/SENIOR 110051NG TEVELOPMEM • PROPERTY ARFA 1.118,129.ffi SQ.R. (27.006 ACRE$) SITE AREA: 568.516.8050.R. 113.051 ACRES) SIN AREA 386,4OL CT Sa FT 18.8)3 ACPI11 SOP ARFA: 246,070,38SC2 R. (197S%O15) BUILDING AREA(FOOTPRINT): 134.392 SQ.0T. (23.60%0f 0EYEl0PMENT AREA) BUILDING AREA(FOOTPRINT): ]41.04350..11. (3699%0101 Vfl0PMENT ARfA) BUILDING AREA EROOTPRINTI: 233)050.Pt. (1925%OF DEVELOPMENT AREA) BANDING ARFA(T00Tw1Wfk 339.305 S0.R. (27.10%0(T0TALSQT) GREEN AREA: 110,413805Q.fT. (14.I0%0F DEVELOPMENT AREA) OFFICE BUILDING: 65,815 SQ.FT. GREEN AREA: 95,6)).)6 SQ.FT. (42 87%0F DEVELOPMENT AREA) MASTER SITE HARD SURFACE AREA 246.045 SD.FT. (4325%0f DEVELOPMENT AREA) PARKING STRUCTURE: 75.21850..Fi. HARD SURFACE AREA: 62.35650 tt. (27 94%0F DEVELOPMENT AREA) PLAN&SITE DATA GREEN AREA: 355,776.85 S0 FT. (3030%OF T0TALSI.E) STH AVENUE 96'R.0.W.EASEAENTAREA: 47.866 SQ.FT. (8.62%OF DEVELOPMENT AREA) GREEN AMA: 119,))5.6730 IT (30.98%01 Of ITPMENT AREAL 57TH AVENUE 96.R.0.W EASEMENT AREA: 21,055 SO FT (9A)%OF DEVELOPMENT AREA) (DOES NOT INCLUDE PORTION OF R.OW.ON ADJACENT SUE) HARD SURFACE AREA'. 125,7)650.11. (3253%0(DE 56 L0PMINT AMA) (DOES NOT INCLUDE PORTION OF R OW ON ADJACENT SIT() HARD SURFACE AREA: 434,227 SO R. (36.81460F TOTAL STN) 57TH AVENUE 9C LOIN,EASEMENT AREA: 68,92150..R. (585%0(T0TPLSRE) PARIONG REQUIRED: 269 STALLS(3/500 SQ.FT)'BASED ON ZONING SECTION 2°S.1).S.C151 PARKING REQUIRED: 120 STALLS•RASED ON ZONING SECTION 205395.[ (00ESTOTINCWOE P0PO0N OF 0.,0.W.0N ADM[EM SOFT PARKING PBOVIOED 1695TANOARDPMKING STAI.LSp GMOE PARKING REQUIRED: 1,224 STALLS (1)250 SQ.10.1'BASED ON Z0NING SECTION 7051530 iO/l5TA BEDROOM:NM 0M UNIT.O M U1IT640)2)REBEDROOM RH AODDIONAIS PEROOM:(80IU BEDROOM UNNSB 40(2EREACH UMRSI PMRNGSTALLDIMENNONS: BICYCLE PARKING: 14 SPACES PROVIDED(1 SPACE/20 PARKING STALLS=14 READ,) PARKING PROVIDED: 239TTANDARO PARKING STALLS p GROE PARSING PROVIDED; BB TTANDPRO PARKING STALLS @GRADE 9'-0•WME%2050.DEEP STANDARD PARKING STALL W/25'-0'1601.DRIVE AISLE(AT GRADE) 520 STALLS 51 BUILDING BASEMENT PARKING GARAGE IT?STALESpBUILDING BASEMENT PARKING GARAGE �� 00 (18'0 DEEP STALL PERMITTED WHERE ABUTS CURB OR WALES 952 STALLS @ PARKING STRICTURE SOO STALLS TOTAL (LOCATION ARE AADOWN INDICATED ON PUN) 9:6'WKE%]8'r DEEP PARKING SINEW/24,13.MN.ORIVE AISLE 1311 STALLS T0TAL IIOCAT ION BREAKDOWN INDKAI ED ON PLAN) (AT PARKING STRUCTURE 8 BASEMENT PARKING GARAGES) BICYCLE PARKING: 12 SPACES PROVIDED(1 SPACE/20 PARKNG STALLS=10 REQO) 8'-0•WIDE ACCESSIBLE STALLS W/8'-0•WDF ACCESSIBLE AWE BICYCLE PARKING: 32 SPACES PROVIDED(I SPACE/M PARKING STALLS=66 MOT( v 11110 . 1 . 4 !RIVERSIDE TRUCK TURNING . • . ----,--,, CORPORATE CENTRE 5601 E. RIVER ROAD MOVEMENTS 2 0 20 40 _,,,,, 6776 LAKE DRIVE SUITE 110 UNO LAKES,MN 55014 0-694&E.RIVER ROAD) PHONE:(651)361-8210 FRIDLEY,MINNESOTA FAX:(651)361-8701 1 INCH•40 FEET (FOR WB-62 SEMI-TRAILER TRUCKS _ TOTAL TRUCK LENGTH=69 FT) MARCH 8, 2013 . ! , , , , , ,. .' , . , ../.,, , , , „ . ./ .:, ..„ ...,.... : ----- --- - \ \ \ \ ..... _.__ , ....... , , _ .., „ , , , , ii/ , , .„ ...',....,,'... ::.. ,...:.,.: ,,„' .. iti i ,•- , .' „-' ; ,/ .:,,-,, 1 ... . .....•..... .......... I .. /.. . ..„„. ,' if/ ,„, , ,.. ' ...::.:'''' , _ a „..,., „ . , .,.. ..., <<, .. , to : :•-• i, , 'I .,,..,,. 1111 ,./.... li . ..... , . , . , sa - , , , ,.._ , , Ai , , • • „ , : • i .....\- ...... ..,' , .' ,:..:: ..:,' ,,'',, i, , ,, • .- , , i • . III • , ,,,ii • ....•-•,- .... . . .. ...... • •• • • : ..--- T . '-' , ........„ .1.. ' -2' '••• .• , ' • • , i\ , ' . - , • --- .. ' . ' , , . j j •LJL—IL L L L-I L i L. I 11 . , ' • 40 ; , ,. _. 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I C I ''''',,,,, ,, ,/ ' , ' • ' ,:-. , H 1 / ' .- / ...t ■ ..i..:...„... .,... .,..::,..„,,,,,,,, ....,,,:.." y,.:.,:,.....):.4..1:1_.:-.1,1:(!./.._.):::-. -1711t.7,.11.1.titti.S.t.1.Ca t i i.A..1 ‘110'..4r:__. INGRESS :••_, EGRESS 411 lig ACTION ITEM HRA MEETING Ilk F APRIL 4, 2013 Date: APRIL 4, 2013 To: Darin Nelson, Acting City Manager From: Paul Bolin, Asst. Executive HRA Director Subject: Gateway Northeast Property Acquisition - 5895 University Avenue After nearly 7 years of on and off again discussion, Dr. Lemay, owner of the Fridley Animal Hospital, hash agreed-through an email from his attorney- to move forward with selling his property to te Authority. Dr. L. wishes to close on the property by May 30th and lease the property back from the Authority through August 31, 2013. The total amount of the purchase will be $525,000. The money is designated as follows: $400,000 for the building and land and $125,000 in lieu of relocation benefits and moving costs. Staff recommends approval of the proposed terms. Acquisition of this parcel allows the illAuthority to control a contiguous parcel of nearly 6.5 acres that now stretches from 61st Avenue down to the Gateway East Townhomes. Staff further recommends the Authority authorize the Acting Executive Director and Chair or Vice-Chair to sign the documents necessary to effect the sale on behalf of the Authority. a - t� �i ,' a P d 5 s Y x ry asu,,, itr !/i.',,‘ :Pilr,„42,, , m P f y - .A,_ r g � a/, • • 11' INFORMATIONAL ITEM OF HRA MEETING OF APRIL 4, 2013 CITY FRIDLEY Date: March 28, 2013 To: Darin Nelson, Acting City Manager From: Paul Bolin, Acting Executive HRA Director Subject: Creation of TIF District #22 (Northstar Transit Station District) Last Month the Authority authorized staff to take the steps necessary to move the creation of TIF District#22 forward for consideration. The City Council has since adopted a resolution to hold a public hearing on the District's creation on May 6, 2013. Though the Authority will not take action on the creation of the TIF District until May 2nd, staff is providing a draft of the proposed TIF Plan for the District and a • projected budget showing the potential revenues and expenses for the district. Attorney Casserly and staff will provide an overview of the proposed district on Thursday. • SECTION XXIV • TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 22 (Northstar Transit Station District) Subsection 24.1. Statement of Objectives. See Section I, Subsection 1.5, Statement of Objectives. Subsection 24.2. Modified Redevelopment Plan. See Section I, Subsections 1.2 through 1.15. Subsection 24.3. Parcels to be Included. The boundaries of Tax Increment Financing District No. 22 (the "TIF District") are described on the attached Exhibit XXIV- A and illustrated on Exhibit XXIV-B. Subsection 24.4. Parcels in Acquisition. The Authority may write down or acquire and reconvey real property, or interests therein, within this TIF District or elsewhere within the Project Area, at the time or times as the Authority may determine to be necessary or desirable to assist or implement development or redevelopment within the Project Area or the TIF District. The Authority may acquire any of the parcels described on Exhibit I-A and illustrated on Exhibit I-B by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of the Redevelopment Plan or the TIF Plan. • Subsection 24.5. Development Activity for which Contracts have been Signed. As of the date of adoption of the TIF Plan, the Authority intends to enter into Redevelopment Contracts with developers for the activities discussed below. Subsection 24.6. Specific Development Expected to Occur. At this time it is anticipated that the current parcels will be redeveloped including demolition and removal of blighted and substandard structures, remediation and installation of public improvements and infrastructure compatible with transit oriented development and the construction of the following in the Phases described below: Phase I: 134,192 square feet of office/warehouse commencing in 2013 and 120 units of rental housing commencing in 2014; Phase 11: 150,000 square feet of office/warehouse commencing in 2018; Phase III: 150,000 square feet of office/warehouse and 12,000 square feet of retail commencing in 2020, 276 units of rental housing commencing in 2020 and 286 units of owner occupied housing commencing in 2020; and Phase IV: 4,000 square feet of retail commencing in 2022 and 80 units of owner occupied housing commencing in 2022. Upon completion of the redevelopment, it is anticipated that 134,192 square feet of office/warehouse, 300,000 square feet of office, 16,000 square feet of retail, 396 rental • 24-1 M, housing units and 366 owner occupied housing units will be constructed with an estimated market value of approximately$161.0 M. Subsection 24.7. Prior Planned Improvements. After due and diligent search, the Authority has determined that no building permits have been issued during the eighteen (18) months immediately preceding approval of the TIF Plan by the Authority. Subsection 24.8. Fiscal Disparities. The Council hereby elects the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3, clause (a) if and when commercial/industrial development occurs within the TIF District. Subsection 24.9. Estimated Public Improvement Costs. The estimated public improvement costs, including interest thereon to be incurred for the benefit of and within the TIF District and the Project Area are set forth on Exhibit I-C. Subsection 24.10. Estimated Amount of Bonded Indebtedness. It is anticipated that approximately $51.2 M of bonded indebtedness may be incurred with respect to this portion of the Project Area. Subsection 24.11. Sources of Revenue. Anticipated revenue sources to assist in the financing of the public improvement costs, pursuant to Subsection 21.9. above, include (1) general obligation and/or revenue tax increment obligations with interest; (2) the direct use of tax increments; (3) the borrowing of available funds, including without limitation interest-bearing City short-term or long-term loans; (4) interfund loans or advances; (5) interfund transfers, both in and out; (6) land sale or lease proceeds; (7) levies; (8) grants from any public or private source; (9) developer payments; (10) loan repayments or other advances originally made with tax increments as permitted by Minnesota Statutes; and (11) any other revenue source derived from the City's or Authority's activities within the Project Area as required to finance the costs as set forth in Exhibit I-C. All revenues are available for tax increment eligible expenses within the Project Area as allowed by Minnesota Statutes. Subsection 24.12. Estimated Original and Captured Tax Capacities. The tax capacity of all taxable property in the TIF District, as most recently certified by the Commissioner of Revenue of the State of Minnesota on January 2, 2013, is estimated to be $1,036,423. The captured tax capacity of the TIF District upon completion of the proposed improvements on January 2, 2024 is estimated to be $1,947,419. The Authority intends to utilize 100% of the captured tax capacity for the duration of the TIF District for purposes of determining tax increment revenues. Subsection 24.13. Tax Increment. Annual tax increment generated from the TIF District has been calculated at approximately $2,974,608 upon the completion of the improvements in 2024. This estimate is provided on the attached Exhibit XXIV-C. 24-2 4 Revenue has also been projected for the duration of the TIF District and is shown on Exhibit I-C-17. Subsection 24.14. Local Tax Rate. The estimated pay 2013 local tax rate is 1.53298. Subsection 24.15. Type of TIF District. The TIF District is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subdivision 10 and Laws of Minnesota 2008, Chapter 154, Article 9, Section 23, and Laws of Minnesota 2008, Chapter 366, Article 5, Section 22. Subsection 24.16. Duration of TIF District and Deferral of Tax Increment. The duration of the TIF District is expected to be twenty five (25) years from receipt of the first tax increment. The date of receipt of the first tax increment is deferred until 2018. Thus, it is estimated that the TIF District, including any modifications for subsequent phases or other changes, would terminate in the year 2043. Subsection 24.17. Estimated Impact on Other Taxing Jurisdictions. The estimated impact on other taxing jurisdictions assumes construction would have occurred without the creation of the TIF District. If the construction is a result of tax increment financing, the impact is $0 to other entities. Notwithstanding the fact that the fiscal impact on the other taxing jurisdictions is $0 due to the fact that the financing • would not have occurred without the assistance of the Authority, the attached Exhibit XXIV-E reflects (I) the estimated impact of the TIF District if the "but for" test was not met; (ii) the estimated amount of tax increment generated annually and over the duration of the TIF District; and, (iii) the estimated amount of tax increment attributable to the County, School District and other taxing districts. At this time the Authority anticipates there will be no impact on City services due to the creation of the TIF District. Additionally, since the City has no current plan to issue general obligation debt for project costs, it further anticipates that there will be no impact on its borrowing costs due to the creation of the TIF District. Please refer to Exhibit XXIV-D for the narrative "but for" analysis. Subsection 24.18. Modification of the TIF District and/or the TIF Plan. As of May 6, 2013, no modifications to the TIF District or the TIF Plan have been made, said date being the date of initial approval and adoption thereof by the City Council. • 24-3 • EXHIBIT XXIV—A PARCELS TO BE INCLUDED IN THE TAX INCREMENT FINANCING DISTRICT NO. 22 223024120009 223024120016 223024120017 153024410022 153024440037 153024440038 153024440039 153024440040 153024440041 153024440042 223024110002 223024110003 223024110013 223024110016 223024110017 223024110018 223024110020 223024110021 223024110022 223024110023 223024110024 22302412CIC 223024120003 223024120005 223024120006 223024120007 223024120008 223024120010 223024120011 223024120012 223024120013 223024120018 223024120019 223024120020 223024120021 223024120022 223024120023 223024120024 223024120025 223024120026 223024120027 223024120028 223024120029 223024120030 223024130002 223024130003 223024130005 223024130010 223024130011 223024140002 223024140003 223024140008 223024140009 223024140010 223024410002 223024410003 223024410007 223024410008 223024420004 223024440009 and all easements, rights-of-way and adjacent roads and streets • • XXIV-A-1 EXHIBIT XXIV- B . Map of Tax Increment Financing District No. 22 -:-').2114. CITY OF z1 I L 6 ,—k F - Redevelopment Project Area and s Propaaedl>orar Tran:�t `.%_:lip; `41 vtatior O irict CIF 22} ti 1 '7:3; ., Atra ,..,;.,.. or7.43i:ilit.....-.7irt; '-'4:t.,..1.ArAttigt.. plli 8 4 t £rg '' 1^ £ w .° iii ku � yr, { • ti i Tivisciala,:,,, Ii7::::11;i:10::::tire.:„:„., iiia'r,,,41#1.7::::iSiii,iti4:::Ve:771:es II y j E . gd^ L F S' $ € £ h i : "555 i� S , RelevErtvrall.Prstect Area 11 1 :. rielt tax icrrrn 1t .t s e Spent / ( •fi ED ope F District 1M --Li IlailMi=MMIkui.., • XXIV-B-1 Page 1 CITY OF FRIDLEY Northstar Transit Station District (TIF#22) • ■ ASSUMPTIONS Area of Parcel 1/2/2013 Market Value(Pay 2014) Original Market Values (Acres) (Sq.Feet) Land Building Total Redevelopment Areas A ;Parcels 1-14 Island Park Area 7.34 319,556 $ 1,569,800 $ 5,344,400 $ 6,914,200 C Parcels 25-29 West of RR Tracks 18.28 796,059 2,934,400 6,617,000 $ 9,551,400 D ;Parcels 301 JLT Site L 25.66 1,117,924 , 2,500,000 - $ 2,500,000 F ;Parcels 36-38 Transit Station 10.13 441,350 2,010,900 1,614,000 $ 3,624,900 j Total Redevelopment Areas 61.41 2,674,889 $ 9,015,100 $13,575,400 $ 22,590,500 3.37 per sq.ft.of Land Are_as Not Being Redeveloped B ;Parcels 15-24 Georgetown Apartment area No Redev 31.95 1,391,611 3,954,100 16,805,000 $ 20,759,100 E ;Parcels 31-35 Railroad Tracks I No Redev 20.35 886,620 634,400 - $ 634,400 G 1Parcels 39-45 East o RR Tracks-South No Redev 41.94 1,826,689 6,071,400 19,939,400 $ 26,010,800 Total Areas Not Being Redeveloped 94.24 4,104,920 $ 10,659,900 $36,744,400 $ 47,404,300 TOTALS 155.64 6,779,809 $ 19,675,000 $50,319,800 $ 69,994,800 0 Original Tax Capacity 1,036,423 Commercial/Retail 51.5% 36,029,133 @ 2.00% = 720,583 ,Rental I 37.4% 26,161,346 @ 1.25% = 327,017 Owner Occupied 11.1% 7,804,321 @ 1.00% = 78,043 _ 100.0% 69,994,800 Phase 1 YEAR ;Estimated Market Value 88,217,280 Estimated Tax Capacity 2017 1,466,796 Estimated Taxes I 2018 2,965,794 0 ;Estimated Tax Increment 657,379 I Phase 2(combined) Estimated Market Value 106,967,280 ;Estimated Tax Capacity 2019 1,841,796 Estimated Taxes 2020 3,781,803 Estimated Tax Increment 1,230,177 * 1 . Phase 3(combined) ;Estimated Market Value 195,551,680 Estimated Tax Capacity 2021 2,886,340 Estimated Taxes I 2022 5,703,055 Estimated Tax Increment 2,825,678 I _ Phase 4(combined) Estimated Market Value 762 new units 208,426,780 I Estimated Tax Capacity 2023 450,192 new sq.ft. 2,983,842 Estimated Taxes 1 2024 5,849,803 Estimated Tax Increment 2,974,608 * I Local Tax Rate- Pay 2013TN- ISD#14 1.53298 ** C/I 4.4% effective tax rate State Tax Rate- Pay 2013 0.52523 (C/I only) Rental 2.2% effective tax rate Eff.Incr.on local tax rate for taxes at F.D.rate 0.00072 (C/I only) For Sale 1.8% effective tax rate Combined Tax Rate-C/I Property Only 2.05893 1 * assumes fiscal disparities taken outside the TIF district Market Value Referendum Tax Rate 0.23418% Pay 2013TNT ** used for tax increment calculations Program/Admin Fees 10.00% State Auditor Fee 0.360% Inflation Rate starts 6/1/2024 2.50% , Present Value Rate 6/1/2018 5.00% • Fiscal Disparities Metro Wide Tax Rate 1.53491 Pay 2013TNT Fiscal Disparities Ratio 37.5075% Pay 2013TNT 1 I I I Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 Page 2 CITY OF FRIDLEY Northstar Transit Station District (TIF#22) ASSUMPTIONS (REDEVELOPMENT SUMMARY All Development Starts Phase 2 No Redev Phase 3 Phase 1 No Redev Phase 4 No Redev Islands of Georgetown West of RR Train Station E of RR Tracts Current Peace Apts Apartments Tracks JLT Land RR Tracks Site Land Commercial Acres 7.3 31.9 18.3 25.7 20.4 10.1 41.9 155.6 _1 Parcels 1-14 15-24 25-29 30 31-35 36-38 39-45 Site A B C D E F G TOTAL Units/Sq.Ft. Office Warehouse $ 65 134,192 134,192 Retail $ 125 12,000 0 _ 4,000 16,000 Office $ 125 _ 300,000 300,000 Rental $ 100,000 144 132 120 396 Owner Occupied $200,000 100 186 0 80 _ 366 Market Value Office Warehouse _ 8,722,480 8,722,480 Retail 1,500,000 500,000_ 2,000,000 _ 'Office 37,500,000 37,500,000 Rental 14,400,000 13,200,000 12,000,000 _ 39,600,000 Owner Occupied 20,000,000 37,200,000 16,000,000 73,200,000 34,400,000 0 51,900,000 58,222,480 0 0 16,500,000 0 161,022,480 Existing-No Change 20,759,100 634,400 26,010,800 47,404,300 Total Market Value 34,400,000 20,759,100 51,900,000_ 58,222,480 0 634,400 16,500,000 26,010,800 208,426,780 634,400 Original Market Value 6,914,200 20,759,100 9,551,400 2,500,000 634,400 3,624,900 26,010,800 69,994,800 Increase in Market Value 5.0 5.4 23.3_ 4.6 New Market Value per acre 4,689,204_ 2,839,945 2,268,644 1,628,504 Existing Market Value per acre 649,798 31,168 620,265 Tax Capacity i 1 New I Construction 2016 2018 2020 2022 I I Market I Full Valuation 2017 2019 2021 2023 I Value Taxes Payable 2018 2020 2022 2024 � 1 Starts- 1 Current Phase 1 Phase 2 Phase 3 Phase 4 Commercial/Retail I I B 1 I . . C Parcels 25-29 West of RR Tracks Phase 3 9,551,400 9,551,400 9,551,400 1,500,000 1,500,000 D Parcels 301 JLT Site I Phase 1 2,500,000 8,722,480 27,472,480 46,222,480 46,222,480 E Parcels 31-35 Railroad Tracks No Redev 634,400 634,400 634,400 634,400 634,400 F 1Parcels 36-38 Transit Station Phase 4 3,624,900' 3,624,900 3,624,900 3,624,900 500,000 G 1Parcels 39-45 East o RR Tracks-South No Redev 26,010,800_ 26,010,800 _ 26,010,800 26,010,800 26,010,800 Rental - A ;Parcels 1-14 Island Park Area Phase 2 I 6,914,200 6,914,200 6,914,200 14,400,000 14,400,000 B Parcels 15-24 Georgetown Apt area No Redev I 20,759,100 20,759,100 20,759,100 20,759,100 20,759,100 C Parcels 25-29 West of RR Tracks Phase 3 , 13,200,000 13,200,000 D !Parcels 301 _JLT Site Phase 1 12,000,000 12,000,000 12,000,000 12,000,000 Owner Occupied I , A :Parcels 1-14 Island Park Area I Phase 2 20,000,000 20,000,000 C Parcels 25-29 West of RR Tracks Phase 3 37,200,000 37,200,000 D 'Parcels 301 JLT Site I I Phase 1 F Parcels 36-38 Transit Station I Phase 4 16,000,000 Total Market Values 69,994,800 88,217,280 106,967,280 195,551,680 208,426,780 0 0 units 120 120 682 762 sq.ft. 134,192 284,192 446,192 450,192 'Original Tax Capacity 1,192,346 1,163,809 1,205,192 1,033,122 1,002,04 0 . 0 0 Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 Page 6 CITY OF FRIDLEY 0 Northstar Transit Station District (TIF#22) ASSUMPTIONS PHASES 1-4 'Total Estimated Market Value $208,426,780 Commercial/Retail 74,867,680 B 100.0% 0 sq.ft.@ /sq.ft.= 0 C West of RR Tracks 100.0% 12,000 sq.ft.@ 125.00 /sq.ft.= 1,500,000 D JLT Site I 100.0% 434,192 sq.ft.@ 106.46 /sq.ft.= 46,222,480 E Railroad Tracks 100.0% 0 sq.ft.@ /sq.ft.= 634,400 land F Transit Station 100.0% 4,000 sq.ft.@ 125.00 /sq.ft.= 500,000 G East o RR Tracks-Sc 100.0% 0 sq.ft.@ /sq.ft.= 26,010,800 land Rental 0 60,359,100 A Island Park Area 100.0% 144 units @ 100,000 /unit= 14,400,000 • B Georgetown Apt area 100.0% 0 units @ /unit= 20,759,100 land C West of RR Tracks 100.0% 132 units @ 100,000 /unit= 13,200,000 D JLT Site 100.0% 120 units @ 100,000 /unit= 12,000,000 Owner Occupied 0 73,200,000 A Island Park Area 100.0% 100 units @ 200,000 /unit= 20,000,000 C West of RR Tracks 100.0% 186 units @ 200,000 /unit= 37,200,000 D JLT Site I 100.0% 0 units @ /unit= _ F Transit Station 100.0% 80 units @ 200,000 /unit= 16,000,000 762 units 450,192 sq.ft. ;Total Estimated Tax Capacity 2,983,842 Commercial/Retail 1,497,354 B 2.00% 0 C West of RR Tracks 2.00% 30,000 D JLT Site I 2.00% 924,450 E Railroad Tracks 2.00% 12,688 F Transit Station 2.00% 10,000 G East o RR Tracks-South 2.00% 520,216 Rental 754,489 4._ , , A Island Park Area 1.25% 180,000 B Georgetown Apt area 1.25% 259,489 , C West of RR Tracks 1.25% 165,000 D JLT Site 1.25% 150,000 Owner Occupied 732,000 A Island Park Area 200,000 i <=, 500,000 1.00% 200,000 > 500,000 1.25% 0 C West of RR Tracks 372,000 • <= 500,000 1.00% 372,000 > 500,000 1.25% 0 • D JLT Site 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 F Transit Station 160,000 ' <= 500,000 1.00% 160,000 > 500,000 1.25% 0 Total Estimated Taxes 5,849,803 Commercial/Retail 3,258,277 B 0 sq.ft.@ 0.00 /sq.ft.= 0 C West of RR Tracks 12,000 sq.ft.@ 5.44 /sq.ft.= 65,281 D JLT Site 434,192 sq.ft.@ 4.63 /sq.ft.= 2,011,624 E Railroad Tracks 0 sq.ft.@ 0.00 /sq.ft.= 27,609 F Transit Station 4,000 sq.ft.@ 5.44 /sq.ft.= 21,760 G East o RR Tracks-South 0 sq.ft.@ 0.00 /sq.ft.= 1,132,002 Rental I 1,297,965 A Island Park Area 144 units @ 2,150 /unit= 309,658 B Georgetown Apt area 0 units @ 0 /unit= 446,405 C West of RR Tracks 132 units @ 2,150 /unit= 283,853 D JLT Site 120 units @ 2,150 /unit= 258,049 _ Owner Occupied 1,293,561 A Island Park Area 100 units @ 3,534 /unit= 353,432 0-- j C West of RR Tracks 186 units @ 3,534 /unit= 657,384 D JLT Site 0 units @ 0 /unit= 0 F Transit Station 80 units @ 3,534 /unit= 282,746 Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 Page 7 CITY OF FRIDLEY Northstar Transit Station District (TIF#22) . CASH FLOW ANALYSIS <- ----- ANNUAL ------------> <------------------ --- SEMI-ANNUAL---------------- ------- -> (a) (b) (c) (d) (e) (f) (9) (h) (I) 0) • Original Estimated Captured Est.T.I. Less: Available Cumulative <----Present Value-----> Tax Tax Tax (d)x Admin/Prog Tax Avail.Tax Semi Annual Cumulative Date Capacity Capacity Capacity 1.53298 Fees Increment Increment Balance Balance (see assumptions) (c)-(b) -St.Aud.Fee (e)x (e)-(f) Total of(g) P.V.of(g) Total of(i) 2.50% Inflation (prey.year) 0.360% 10.00% 5.00% 06/01/18 06/01/13 1,036,423 1,036,423 12/01/13 1,036,423 1,036,423 06/01/14 1,036,423 1,036,423 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/14 1,036,423 1,036,423 06/01/15 1,036,423 1,036,423 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/15 1,036,423 1,036,423 06/01/16 1,036,423 1,036,423 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/16 1,036,423 1,036,423 06/01/17 1,036,423 1,466,796 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/17 1,036,423 1,466,796 1 06/01/18 1,036,423 1,466,796 430,373 328,689 32,869 295,820 295,820 295,820 295,820 12/01/18 1,036,423 1,466,796 430,373 328,689 32,869 295,820 591,641 288,605 584,426 2 06/01/19 1,036,423 1,841,796 430,373 328,689 32,869 295,820 887,461 281,566 865,992 12/01/19 1,036,423 1,841,796 430,373 328,689 32,869 295,820 1,183,281 274,699 1,140,690 3 06/01/20 1,036,423 1,841,796 805,373 615,088 61,509 553,579 1,736,861 501,516 1,642,206 12/01/20 1,036,423 1,841,796 805,373 615,088 61,509 553,579 2,290,440 489,284 2,131,490 4 06/01/21 1,036,423 2,886,340 805,373 615,088 61,509 553,579 2,844,020 477,350 2,608,839 12/01/21 1,036,423 2,886,340 805,373 615,088 61,509 553,579 3,397,599 465,707 3,074,546 5 06/01/22 1,036,423 2,886,340 1,849,918 1,412,839 141,284 1,271,555 4,669,154 1,043,624 4,118,171 12/01/22 1,036,423 2,886,340 1,849,918 1,412,839 141,284 1,271,555 5,940,709 1,018,170 5,136,341 6 06/01/23 1,036,423 2,983,842 1,849,918 1,412,839 141,284 1,271,555 7,212,264 993,337 6,129,678 12/01/23 1,036,423 2,983,842 1,849,918 1,412,839 141,284 1,271,555 8,483,819 969,109 7,098,787 7 06/01/24 1,036,423 3,058,438 1,947,420 1,487,304 148,730 1,338,574 9,822,393 995,304 8,094,091 12/01/24 1,036,423 3,058,438 1,947,420 1,487,304 148,730 1,338,574 11,160,967 971,029 9,065,120 8 06/01/25 1,036,423 3,134,899 2,022,016 1,544,275 154,428 1,389,848 12,550,815 983,633 10,048,753 12/01/25 1,036,423 3,134,899 2,022,016 1,544,275 154,428 1,389,848 13,940,663 959,642 11,008,395 9 06/01/26 1,036,423 3,213,272 2,098,477 1,602,671 160,267 1,442,404 15,383,067 971,639 11,980,035 12/01/26 1,036,423 3,213,272 2,098,477 1,602,671 160,267 1,442,404 16,825,471 947,941 12,927,975 0 10 06/01/27 1,036,423 3,293,604 2,176,849 1,662,527 166,253 1,496,274 18,321,744 959,360 13,887,335 12/01/27 1,036,423 3,293,604 2,176,849 1,662,527 166,253 1,496,274 19,818,018 935,961 14,823,296 11 06/01/28 1,036,423 3,375,944 , 2,257,181 1,723,878 172,388 1,551,491 21,369,509 946,830 15,770,125 12/01/28 1,036,423 3,375,944 2,257,181 1,723,878 172,388 1,551,491 22,920,999 923,736 16,693,862 12 06/01/29 1,036,423 ' 3,460,342 2,339,521 1,786,764 178,676 1,608,088 24,529,087 934,081 17,627,943 12/01/29 1,036,423 3,460,342 2,339,521 1,786,764 178,676 1,608,088 26,137,175 911,299 18,539,242 13 06/01/30 1,036,423 3,546,851 2,423,920 1,851,222 185,122 1,666,100 27,803,274 921,145 19,460,387 12/01/30 1,036,423 3,546,851 2,423,920 1,851,222 185,122 1,666,100 29,469,374 898,678 20,359,066 14 06/01/31 1,036,423 3,635,522 2,510,428 1,917,291 191,729 1,725,562 31,194,936 908,051 21,267,116 12/01/31 1,036,423 3,635,522 2,510,428 1,917,291 191,729 1,725,562 32,920,498 885,903 22,153,019 15 06/01/32 1,036,423 3,726,410 2,599,100 1,985,012 198,501 1,786,511 34,707,009 894,824 23,047,843 12/01/32 1,036,423 3,726,410 2,599,100 1,985,012 198,501 1,786,511 36,493,519 872,999 23,920,841 16 06/01/33 1,036,423 3,819,570 2,689,988 2,054,426 205,443 1,848,983 38,342,503 881,489 24,802,331 12/01/33 1,036,423 3,819,570 2,689,988 2,054,426 205,443 1,848,983 40,191,486 859,990 25,662,320_ 17 06/01/34 1,036,423 3,915,060 2,783,148 2,125,575 212,558 1,913,018 42,104,504 868,071 26,530,391 12/01/34 1,036,423 3,915,060 2,783,148 2,125,575 ' 212,558 1,913,018 44,017,522 846,899 27,377,290 18 06/01/35 1,036,423 4,012,936 2,878,637 2,198,503 219,850 1,978,653 45,996,175 854,591 28,231,881 12/01/35 1,036,423 4,012,936 2,878,637 2,198,503 219,850 1,978,653 47,974,828 833,747 29,065,628 19 06/01/36 1,036,423 4,113,260 2,976,514 2,273,255 227,325 2,045,929 50,020,757 841,069 29,906,697 12/01/36 1,036,423 4,113,260 2,976,514 2,273,255 227,325 2,045,929 52,066,687 820,555 30,727,252 20 06/01/37 1,036,423 4,216,091 3,076,837 2,349,875 234,987 2,114,887 54,181,574 827,524 31,554,775 12/01/37 1,036,423 4,216,091 3,076,837 2,349,875 234,987 2,114,887 56,296,461 807,340 32,362,115 21 06/01/38 1,036,423 4,321,493 3,179,669 2,428,410 242,841 2,185,569 58,482,030 813,973 33,176,088 12/01/38 1,036,423 4,321,493 3,179,669 2,428,410 242,841 2,185,569 60,667,600 794,120 33,970,208 22 06/01/39 1,036,423 4,429,531 3,285,071 2,508,909 250,891 2,258,018 62,925,618 800,433 34,770,641 12/01/39 1,036,423 4,429,531 3,285,071 2,508,909 250,891 2,258,018 65,183,636 780,910 35,551,552 23 06/01/40 1,036,423 4,540,269 3,393,108 2,591,421 259,142 2,332,279 67,515,915 786,920 36,338,471 12/01/40 1,036,423 4,540,269 3,393,108 2,591,421 259,142 2,332,279 69,848,194 767,726 37,106,198 24 06/01/41 1,036,423 4,653,776 3,503,846 2,675,995 267,599 2,408,395 72,256,589 773,446 37,879,644 12/01/41 1,036,423 4,653,776 3,503,846 2,675,995 267,599 2,408,395 74,664,984 754,581 38,634,225 25 06/01/42 1,036,423 4,770,120 3,617,353 2,762,683 276,268 2,486,415 77,151,400 760,025 39,394,251 12/01/42 1,036,423 4,770,120 3,617,353 2,762,683 276,268 2,486,415 79,637,815 741,488 40,135,739 26 06/01/43 1,036,423 4,889,373 3,733,698 2,851,539 285,154 2,566,385 82,204,200 746,670 40,882,409 ID 12/01/43 1,036,423 4,889,373 3,733,698 2,851,539 285,154 2,566,385 84,770,585 728,458 41,610,867 94,189,539 9,418,954 84,770,585 84,770,585 1,610,867 41,610,867 NPV 46,234,297 4,623,430 41,610,867 Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 • EXHIBIT XXIV—D "BUT FOR" ANALYSIS The Northstar Transit Station District (the "Site") is generally located south of 61 1/2 Way, west of Main Street, north of 1-694 and east of the Mississippi River. It is approximately 155 acres and with the exception of one parcel adjacent to 1-694 is fully developed. The Site is currently composed of residential and office/warehouse/manufacturing uses. The BNSF railroad bisects the Site and the Northstar Transit Station is in the NE corner. The Site is ideally suited for transit oriented development (TOD) and the most recent City of Fridley Comprehensive Plan (the "Comp Plan") states as follows: While the area around University and 57th and 61st Avenues is currently solely designed for automobile traffic, it has immense potential for a public transit hub. The bus stop at 57th and University is the last stop before the morning express route buses rush downtown, making it about a 15-minute commute to work in the central city. The Northstar Commuter Rail Line will be going through Fridley on the existing BNSF rail line, starting in 2009. A station site is proposed near 61st and Main Street next to the Hyde Park neighborhood, which has much affordable rental and homeownership opportunities for the surrounding industrial workforce. Metro Transit plans to route existing bus routes to the Fridley Northstar • Station site, where park and ride opportunities will exist on both sides of the tracks. In addition, three of Fridley's largest employers have facilities within a mile of the proposed Fridley commuter rail station site. One of Fridley's major commercial intersections, University and 1-694, is also in this area. The Cub Foods side in this corner has been purchased and is being considered for redevelopment by the owner, posing new retail opportunities for the area. In addition, a 25.5 acre vacant industrial site at the corner of 1-694 and East River Road is being considered for rezoning to commercial, which would create additional retail opportunities in the area. All of these components make this 355 area acre [which includes the Site] a great opportunity for transit oriented development (TOD). The Fridley Housing and Redevelopment Authority (HRA) is currently considering a redevelopment project along the east side of University Avenue between Gateway East Townhomes (near 57th Avenue)and 61st Avenue. The HRA has successfully purchased four vacant commercial properties in this area and has a purchase offer out on a fifth. Commercial uses have struggled in this location for years due to poor access and shallow lot depths, which make it difficult for these sites to meet the parking requirements for many uses suitable for the commercial zoning of the properties. The HRA was selected to investigate possible • redevelopment options through the Center for Neighborhoods Corridor XXIV-D-1 Housing. Since 2009, when the Comp Plan was adopted the Northstar Transit Station has been constructed, the park and ride lots completed and the Station is operating. The HRA is developing the area between 57th and 61st just east of University and is working with a developer on a multi-year, multi-use planned development at the corner of 1-694 and East River Road. To allow the City to finance the acquisition of property for the Station and to assist in the Station development, the Minnesota Legislature passed, and the Governor signed, Laws of Minnesota 2008, Chapter 154, Article 9, Section 23, and Laws of Minnesota 2008, Chapter 366, Article 5, Section 22 (the "Special Laws"). The Special Laws recognize that the Site and greater area have extensive potential for TOD and the Legislature provided for a number of exemptions to the Tax Increment Act to facilitate TOD including easing the restrictions on parcel qualification for a redevelopment-district, pooling and the Five Year Rule. The City and the HRA are promoting TOD opportunities and with the development of the freeway parcel at the south end of the Site noted above, there will be tax increment generated to facilitate the financing of public infrastructure that is needed to make TOD a reality. Without the Special Laws and the use of tax increment, the City and the HRA would not be able to promote and develop the Site for TOD. • XXIV-D-2 EXHIBIT XXIV - E • ESTIMATED IMPACT OF TAX INCREMENT FINANCING DISTRICT NO.20 IMPACT ON TAX BASE ORIGINAL ESTIMATED CAPTURED DISTRICT TAX TAX TAX TAX AS % ENTITY BASE CAPACITY CAPACITY CAPACITY OF TOTAL City of Fridley 25,746.857 1,036,423 2,983,842 1,947,419 7.564% County of Anoka 251,300,018 1,036,423 2,983,842 1,947,419 0.775% ISO#14 10,956.626 1,036,423 2,983,842 1.947,419 17.774% IMPACT ON TAX RATE TAX %OF TAX TAX RATE ENTITY RATE TOTAL INCREMENT INCREASE City of Fridley 0.47042 30.69% 916,105 3.849% County of Anoka 0.44328 28.92% 863,252 0.346% ISO#14 0.51260 33.44% 998,247 11.080% Other 0.10668 6.96% 207,751 1.53298 100.00% 2,985,354 Assumes construction would have occurred without the creation of a Tax Increment Financing District. If construction is a resutt of Tax Increment Financing,the impact is SO. • XXI V-E-1 EXHIBIT I - C TIF#22 Cumulative Modified TIF Plan Budget ESTIMATED TAX INCREMENT REVENUES (from tax increment generated by the district) Tax increment revenues distributed from the county $ 94,200,000 Interest and investment earnings 500,000 Sales/lease proceeds 1,000,000 Market value homestead credit Total Estimated Tax Increment Revenues $ 95,700,000 ESTIMATED PROJECT/FINANCING COSTS (to be paid or financed with tax increment) Project Costs Land/building acquisition $ 12,280,000 Site improvements/preparation costs 10,000,000 Utilities 1,000,000 Other qualifying improvements 20,000,000 Construction of affordable housing Small city authorized costs, if not already included above Administrative costs 9,420,000 Estimated Tax Increment Project Costs $ 52,700,000 Estimated Financing Costs Interest expense 43,000,000 Total Estimated Project/Financing Costs to be Paid From TI $ 95,700,000 0 ESTIMATED FINANCING Total amount of bonds to be issued 51,200,000 TIF Budget-22.xlsx I-C-16 S .A ) \ Page 1 w* CITY OF FRIDLEY (� Northstar Transit Station District (TIF#22) �J 6 . ASSUMPTIONS - _- Area of Parcel 1/2/2013 Market Value(Pay 2014) Original Market Values (Acres) (Sq.Feet) Land Building Total Redevelopment Areas A Parcels 1-14 Island Park Area 7.34 319,556 $ 1,569,800 $ 5,344,400 $ 6,914,200 C Parcels 25-29 West of RR Tracks 18.28 796,059 2,934,400 6,617,000 $ 9,551,400 D Parcels 30 JLT Site I 25.66 1,117,924 2,500,000 - $ 2,500,000 F Parcels 36-38 Transit Station 10.13 441,350 2,010,900 1,614,000 $ 3,624,900 Total Redevelopment Areas 61.41 I 2,674,889 _ $ 9,015,100 $13,575,400 $ 22,590,500 3.37 per sq.ft.of Land Areas Not Being Redeveloped B Parcels 15-24 Georgetown Apartment area No Redev 31.95 1,391,611 3,954,100 16,805,000 $ 20,759,100 E Parcels 31-35 Railroad Tracks I No Redev 20.35 886,620 634,400 - $ 634,400 G Parcels 39-45 East o RR Tracks-South No Redev ! 41.94 1,826,689 6,071,400 19,939,400 $ 26,010,800 1 1 Total Areas Not Being Redeveloped 94.24 I 4,104,920 $ 10,659,900 $36,744,400 $ 47,404,300 TOTALS 155.64 6,779,809 $ 19,675,000 $50,319,800 $ 69,994,800 0 Original Tax Capacity 1,036,423 Commercial/Retail 51.5% 36,029,133 @ 1 2.00% = 720,583 Rental 37.4% 26,161,346 @ 1.25% = 327,017 Owner Occupied 11.1% 7,804,321 @ 1.00% = 78,043 100.0% 69,994,800 Phase 1 YEAR Estimated Market Value 88,217,280 Estimated Tax Capacity 2017 1,466,796 Estimated Taxes 2018 2,965,794 alEstimated Tax Increment 657,379 * Phase 2(combined) Estimated Market Value 106,967,280 Estimated Tax Capacity 2019 1,841,796 Estimated Taxes I 2020 3,781,803 Estimated Tax Increment 1,230,177 * L I Phase 3(combined) Estimated Market Value 1 195,551,680 Estimated Tax Capacity 2021 2,886,340 Estimated Taxes I 2022 5,703,055 Estimated Tax Increment 2,825,678 * Phase 4(combined) Estimated Market Value 762 new units 208,426,780 Estimated Tax Capacity 2023 450,192 new sq.ft. 2,983,842 Estimated Taxes I 2024 5,849,803 Estimated Tax Increment 2,974,608 * Local Tax Rate- Pay 2013TN- ISD#14 1.53298 ** C/I 4.4% effective tax rate State Tax Rate- Pay 2013 0.52523 (C/I only) Rental 2.2% effective tax rate Eff.Incr.on local tax rate for taxes at F.D.rats 0.00072 (C/I only) For Sale 1.8% effective tax rate Combined Tax Rate-C/I Property Only 2.05893 I—_- -I.___ __- I -_ .-__I - * assumes fiscal disparities taken outside the TIF district Market Value Referendum Tax Rate 0.23418% Pay 2013TNT ** used for tax increment calculations Program/Admin Fees 10.00% State Auditor Fee 0.360% Inflation Rate starts 6/1/2024 2.50% Present Value Rate 6/1/2018 5.00% Fiscal Disparities Metro Wide Tax Rate 1.53491 Pay 2013TNT Fiscal Disparities Ratio 37.5075% Pay 2013TNT I Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 Page 2 CITY OF FRIDLEY Northstar Transit Station District (TIF#22) ASSUMPTIONS J REDEVELOPMENT SUMMARY II __ Development Starts Phase 2 No Redev Phase 3 Phase 1 • No Redev Phase 4 No Redev == Current Islands pt of Georgetown tments West of RR , Train Station E of RR e Tracts il Peace Apts Apartments Tracks JLT Land RR Tracks Site Land Commercial Acres 7.3 31.9 18.3 25.7 I 20.4 10.1 41.9 155.6 Parcels 1-14 15-24 25-29 1 30 • 31-35 36-38 39-45 Site A B C D E F G TOTAL Units/Sq.Ft. _- Office Warehouse $ 65 134,192 Retail $ 125 12,000 0 • 4,000 16,000 Office $ 125 300,000 • 300,000 Rental $100,000 144 132 120 III 396 Owner Occupied $200,000 100 186 0 I 80 366 IIII ■ Market Value Office Warehouse 8,722,480 U 8,722,480 Retail 1,500 000 , 500,000 2,000,000 Office 37 500,000 37,500,000 Rental 14,400,000 13,200,000 12,000,000 in 39,600,000 Owner Occupied 20,000,000 37,200,000 II 16,000,000 73,200,000 34,400,000 0 51,900,000 58,222,480 0 0 16,500,000 0 161,022,480 tintin=o Change 20,759,100 ® 634,400 26,010,800 47,404,300■ Total Market Value 34,400,000 20,759,100 51,900,000 58,222,480 0 634,400 16,500,000 26,010,800 208,426,780 I 634,400 Original Market Value 6,914,200 20,759,100 9,551,400 2,500,000 U 634,400 3,624,900 26,010,800 69,994,800 Increase in Market Value 5.0 5.4 23.3 U 4.6 New Market Value per acre 4,689,204 2,839,945 2,268,644 U 1,628,504 Existing Market Value per acre 649,798 U 31,168 620,265 1__ ■ Tax Capacity IN __ U New I Construction 2016 2018 2020 2022 Market Full Valuation 2017 2019 2021 2023 Value Taxes Payable 2018 _ 2020 2022 2024 Starts- I Current Phase 1 Phase 2 Phase 3 Phase 4 Commercial/Retail U B II C Parcels 25-29 West of RR Tracks I Phase 3 I 9,551,400 U 9,551,400 9,551,400 1,500,000 1,500,000 D Parcels 30 JLT Site Phase 1 2,500,000 NI 8,722,480 27,472,480 46,222,480 46,222,480 E Parcels 31-35 Railroad Tracks No Redev 634,400 II 634,400 634,400 634,400 634,400 F Parcels 36-38 Transit Station I Phase 4 I 3,624,900 II 3,624,900 3,624,900 3,624,900 500,000 G Parcels 39-45 East o RR Tracks-South I No Redev I 26 010,800 26,010,800 26,010,800 26,010,800 26,010,800 Rental U A Parcels 1-14 Island Park Area 1 Phase 2 I 6,914,200 U 6,914,200 6,914,200 14,400,000 14,400,000 B Parcels 15-24 Georg etown A.t area 1 No Redev I 20,759,100 IN 20,759,100 20,759,100 20,759,100 20,759,100 C Parcels 25-29 West of RR Tracks Phase 3 IN 13,200,000 13,200,000 D Parcels 30 JLT Site Phase 1 I. 12,000,000 12,000,000 12,000,000 12,000,000 Owner Occupied I I II A Parcels 1-14 Island Park Area Phase 2 U 20,000,000 20,000,000 C Parcels 25-29 West of RR Tracks Phase 3 MI 37,200,000 37,200,000 D Parcels 30 JLT Site I Phase 1 1 U F Parcels 36-38 Transit Station I Phase 4 I 16,000,000 MINIIIIIMIM111 Total Market Values 69,994,800 88,217,280 106,967,280 195,551,680 208,426,780 II 0 == units 0 U 120 120 682 762 sq.ft. U 134,192 284,192 446,192 450,192 Original Tax Capacity 1,192,346 ill 1,163,809 1,205,192 1,033,122 1,002,047 0 0 0 0 Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 CITY OF FRIDLEY Page 3 Northstar Transit Station District (TIF#22) ASSUMPTIONS PHASE 1 _ Total Estimated Market Value $88,217,280 0 Commercial/Retail 48,543,980 B I 100.0% 0 sq.ft.@ /sq.ft.= 0 C West of RR Tracks 100.0% 0 sq.ft.@ /sq.ft.= 9,551,400 land D JLT Site 100.0% 134,192 sq.ft.@ i 65.00 /sq.ft.= 8,722,480 E Railroad Tracks 100.0% 0 sq.ft.@ /sq.ft.= 634,400 land F Transit Station 100.0% 0 sq.ft.@ /sq.ft.= 3,624,900 land G ,East o RR Tracks-Sc 100.0% 0 sq.ft.@ j /sq.ft.= 26,010,800 land Rental 39,673,300 A Island Park Area 100.0% 0 units @ ! /unit= 6,914,200 land B Georgetown Apt area 100.0% 0 units @ /unit= 20,759,100 land C West of RR Tracks 100.0% 0 units @ /unit= 0 D JLT Site 100.0% 120 units @ 100,000 /unit= 12,000,000 Owner Occupied 0 A Island Park Area 100.0% 0 units @ /unit= 0 C West of RR Tracks 100.0% 0 units @ /unit= 0 D JLT Site I 100.0% 0 units @ /unit= F Transit Station 100.0% 0 units @ /unit= 0 120 units 134,192 sq.ft. Total Estimated Tax Capacity 1,466,796 Commercial/Retail 970,880 B 2.00% 0 C West of RR Tracks 2.00% 191,028 D JLT Site 2.00% 174,450 E Railroad Tracks 2.00% 12,688 F Transit Station 2.00% 72,498 G East o RR Tracks-South 2.00% 520,216 Rental 495,916 A Island Park Area 1 1.25% 86,428 B Georgetown Apt area 1 1.25% 259,489 _ C West of RR Tracks 1.25% 0 Ali D JLT Site 1.25% 150,000 Owner Occupied 0 A Island Park Area 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 C West of RR Tracks 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 D JLT Site 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 F Transit Station 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 Total Estimated Taxes 2,965,794 Commercial/Retail 2,112,657 B 0 sq_ft.@ 0.00 /sq.ft.= 0 C West of RR Tracks 0 sq.ft.@ 0.00 /sq.ft.= 415,681 D JLT Site 134,192 sq.ft.@ 2.83 /sq.ft.= 379,606 E Railroad Tracks 0 sq.ft.@ 0.00 /sq.ft.= 27,609 F Transit Station 0 sq.ft.@ 0.00 /sq.ft.= 157,757 G East o RR Tracks-South 0 sq.ft.@ 0.00 /sq.ft.= 1,132,002 Rental 853,137 A Island Park Area 0 units @ 0 /unit= 148,683 B Georgetown Apt area 0 units @ 0 /unit= 446,405 C West of RR Tracks 0 units @ 0 /unit= 0 D JLT Site I 120 units @ 2,150 /unit= 258,049 Owner Occupied 0 A Island Park Area 0 units @ i 0 /unit= 0 C West of RR Tracks 0 units @ 0 /unit= 0 D JLT Site 0 units @ 0 /unit= 0 • F Transit Station 0 units @ 0 /unit= 0 Construction 2016 Full Valuation 2 Taxes Payable 2018 . Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich, Butler,Gerlach&Brazil,Ltd. 3/19/2013 CITY OF FRIDLEY Northstar Transit Station District (TIF#22) Pogo 4 ASSUMPTIONS PHASES 1 &2 Total Estimated Market Value $106,967,280 41 Commercial/Retail 67,293,980 B 100.0% 0 sq.ft.@ $ /sq.ft.= 0 C West of RR Tracks 100.0% 0 sq.ft.@ 0.00 /sq.ft.= 9,551,400 land D JLT Site 100.0% 284,192 sq.ft.@ 96.67 /sq.ft.= 27,472,480 +1/2 of office E Railroad Tracks 100.0% 0 sq.ft.@ 0.00 /sq.ft.= 634,400 land F Transit Station 100.0% 0 sq.ft.@ 0.00 /sq.ft.= 3,624,900 land G East o RR Tracks-Sc 100.0% 0 sq.ft.@ 0.00 /sq. ft.= 26,010,800 land Rental 0 39,673,300 A Island Park Area 100.0% 0 units @ 0 /unit= 6,914,200 land B Georgetown Apt area 100.0% 0 units @ 0 /unit= 20,759,100 land C West of RR Tracks 100.0% 0 units @ 0 /unit= 0 D JLT Site 100.0% 120 units© 100,000 /unit= 12,000,000 Owner Occupied 0 0 A Island Park Area 100.0% 0 units @ 0 /unit= 0 C West of RR Tracks 100.0% 0 units @ 0 /unit= 0 D JLT Site 100.0% 0 units @ 0 /unit= F Transit Station 100.0% 0 units @ 0 /unit= 0 120 units 284,192 sq.ft. Total Estimated Tax Capacity 1,841,796 Commercial/Retail 1,345,880 B ' 2.00% 0 C West of R R Tracks 2.00% 191,028 D JLT Site 2.00% 549,450 E Railroad Tracks 2.00%, 12,688 F Transit Station 2.00% 72,498 G East o RR Tracks-South 2.00% 520,216 Rental 495,916 A Island Park Area 1.25% 86,428 B Georgetown Apt area 1.25% 259,489 , C ,West of RR Tracks 1.25% 0 D JLT Site 1.25% 150,000 Owner Occupied , 0 A Island Park Area 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 C West of RR Tracks ' ' 0 <= 500,000 1.00% 0 > 500,000 1.25% 1 0 D JLT Site 0 <= 500,000 , 1.00% 0 >. 500,000 1.25% 0 F Transit Station 0 <=' 500,000 i 1.00% 0 > 500,000 1.25% 0 Total Estimated Taxes , 3,781,803 Commercial/Retail 2,928,666 B 0 sq.ft.@ 0.00 /sq.ft.= 0 C West of RR Tracks 0 sq.ft.@ 1 0.00 /sq.ft.= 415,681 D JLT Site 284,192 sq.ft.@ 4.21 /sq.ft.= t 1,195,615 E Railroad Tracks 0 sq.ft.@ ; 0.00 /sq.ft.= , 27,609 F Transit Station 0 sq.ft.@ 0.00 /sq.ft.= 157,757 G East o RR Tracks-South 0 sq.ft.@ 0.00 /sq.ft.= 1,132,002 Rental 853,137 A Island Park Area 0 units @ 0 /unit= 148,683 B Georgetown Apt area 0 units @ 0 /unit= 446,405 C West of RR Tracks 0 units @ 0 /unit= 0 D JLT Site 120 units @ 2,150 /unit= 258,049 Owner Occupied 0 A Island Park Area 0 units© 0 /unit= 0 C West of RR Tracks 0 units @ 0 /unit= 0 D JLT Site 0 units @ 0 /unit= 0 • F Transit Station 0 units @ 0 /unit= 0 Construction 2018 Full Valuation 2019 Taxes Payable 2020 I l Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil, Ltd. 3/19/2013 CITY OF FRIDLEY Pogo 5 Northstar Transit Station District (TIF#22) ASSUMPTIONS PHASES 1 -3 Total Estimated Market Value $195,551,680 • Commercial/Retail 77,992,580 B 100.0% 0 sq.ft.@ $ /sq.ft.= 0 C West of RR Tracks 100.0% 12,000 sq.ft.@ 125.00 /sq.ft.= 1,500,000 D JLT Site 100.0% 434,192 sq.ft.@ 1 106.46 /sq.ft.= 46,222,480 +all office dev E Railroad Tracks 100.0% 0 sq.ft.@ 0.00 /sq.ft.= 634,400 land F Transit Station 100.0% 0 sq.ft.@ 0.00 /sq.ft.= 3,624,900 land G East o RR Tracks-Sc 100.0% 0 sq.ft.@ 0.00 /sq.ft.= 26,010,800 land Rental i 0 60,359,100 A Island Park Area 100.0% 144 units @ 1 100,000 /unit= 14,400,000 B Georgetown Apt area 100.0% 0 units @ 0 /unit= 20,759,100 land C West of RR Tracks 100.0% 132 units @ ' 100,000 /unit= 13,200,000 D JLT Site 100.0% 120 units @ 100,000 /unit= 12,000,000 Owner Occupied 0 57,200,000 A Island Park Area 100.0% 100 units @ 200,000 /unit= 20,000,000 C West of RR Tracks 100.0% 186 units @ 200,000 /unit= 37,200,000 D JLT Site 100.0% 0 units @ 0 /unit= F Transit Station 100.0% 0 units @ 0 /unit= 0 682 units 446,192 sq.ft. Total Estimated Tax Capacity 2,886,340 Commercial/Retail 1,559,852 B I 2.00% 0 C West of RR Tracks 2.00% 30,000 D JLT Site 2.00% 924,450 E Railroad Tracks 2.00% 12,688 F Transit Station 2.00% 72,498 G East o RR Tracks-South 2.00% 520,216 Rental 754,489 A Island Park Area 1.25% 180,000 B Georgetown Apt area 1.25% 259,489 C West of RR Tracks 1.25% 165,000 • D JLT Site 1.25% 150,000 Owner Occupied 572,000 A Island Park Area 200,000 <= 500,000 1.00% 200,000 > 500,000 1.25% 0 C West of RR Tracks ! 372,000 <= 500,000 1.00% 372,000 > 500,000 1.25% 0 D JLT Site 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 F Transit Station 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 Total Estimated Taxes 5,703,055 Commercial/Retail 3,394,274 B 0 sq.ft.@ 0.00 /sq.ft._ 0 C West of RR Tracks 12,000 sq.ft.@ 5.44 /sq.ft.= 65,281 D JLT Site 434,192 sq.ft.@ 4.63 /sq.ft.= 2,011,624 E Railroad Tracks 0 sq.ft.@ 0.00 /sq.ft.= 27,609 F Transit Station 0 sq.ft.© 0.00 /sq.ft.= 157,757 G East o RR Tracks-South 0 sq.ft.@ 0.00 /sq.ft.= 1,132,002 Rental 1,297,965 A Island Park Area 144 units @ 2,150 /unit= 309,658 B Georgetown Apt area 0 units @ 0 /unit= 446,405 C West of RR Tracks 132 units© 2,150 /unit= 283,853 D JLT Site 120 units @ 2,150 /unit= 258,049 Owner Occupied 1,010,816 A Island Park Area 100 units @ 3,534 /unit= 353,432 C West of RR Tracks 186 units @ 3,534 /unit= 657,384 D JLT Site I 0 units @ 0 /unit= 0 0. F Transit Station 0 units© 0 /unit= 0 Construction 2020 Full Valuation 2021 Taxes Payable 2022 I Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich, Butler,Gerlach&Brazil,Ltd. 3/19/2013 4,-, Page 6 CITY OF FRIDLEY 111 v1 Northstar Transit Station District (TIF#22) ASSUMPTIONS S Total Estimated Market Value PHASES 1 -4 $208,426,780 Commercial/Retail 74,867,680 B 100.0% 0 sq.ft.@ /sq.ft.= 0 C West of RR Tracks 100.0% 12,000 sq.ft.@ I 125.00 /sq.ft.= 1,500,000 D JLT Site 100.0% 434,192 sq.ft.@ 106.46 /sq.ft.= 46,222,480 E Railroad Tracks 100.0% 0 sq.ft.@ /sq.ft.= 634,400 land F Transit Station 100.0% 4,000 sq.ft.@ 125.00 /sq.ft.= 500,000 G East o RR Tracks-Sc 100.0% 0 sq.ft.@ /sq.ft.= 26,010,800 land Rental 0 60,359,100 A Island Park Area 100.0% 144 units @ 100,000 /unit= 14,400,000 B Georgetown Apt area 100.0% 0 units @ /unit= 20,759,100 land C West of RR Tracks 100.0% 132 units @ 1 100,000 /unit= 13,200,000 D JLT Site 100.0% 120 units @ ! 100,000 /unit= 12,000,000 Owner Occupied 0 73,200,000 A Island Park Area 100.0% 100 units @ 200,000 /unit= 20,000,000 C West of RR Tracks 100.0% 186 units @ I 200,000 /unit= 37,200,000 D JLT Site 100.0% 0 units @ ' /unit= F Transit Station 100.0% 80 units @ 200,000 /unit= 16,000,000 762 units 450,192 sq.ft. Total Estimated Tax Capacity 2,983,842 Commercial/Retail 1,497,354 B 2.00% 0 C West of RR Tracks 2.00% 30,000 D JLT Site 2.00% 924,450 E Railroad Tracks 2.00% 12,688 F Transit Station 2.00% 10,000 G East o RR Tracks-South 2.00% 520,216 Rental 754,489 A Island Park Area 1.25% 180,000 S B Georgetown Apt area 259,489 C West of RR Tracks 1.25% 165,000 D JLT Site 1.25% 150,000 Owner Occupied 732,000 A Island Park Area 200,000 <= 500,000 1.00% 200,000 > 500,000 1.25% 0 C West of RR Tracks 372,000 <= 500,000 1.00% 372,000 > 500,000 1.25% 0 D JLT Site 0 <= 500,000 1.00% 0 > 500,000 1.25% 0 F Transit Station 160,000 <= 500,000 1.00% 160,000 > 500,000 1.25% 0 Total Estimated Taxes 5,849,803 Commercial/Retail 3,258,277 B 0 sq.ft.@ 0.00 /sq.ft.= 0 C West of RR Tracks 12,000 sq.ft.@ 5.44 /sq.ft.= 65,281 D JLT Site 434,192 sq.ft.@ 4.63 /sq.ft.= 2,011,624 E Railroad Tracks 0 sq.ft.@ 0.00 /sq.ft.= _ 27,609 F Transit Station 4,000 sq.ft.@ 5.44 /sq.ft.= 21,760 G East o RR Tracks-South 0 sq.ft.@ 0.00 /sq.ft.= 1,132,002 Rental 1,297,965 A Island Park Area 144 units @ 2,150 /unit= 309,658 B Georgetown Apt area 0 units @ , 0 /unit= 446,405 C West of RR Tracks 132 units @ 2,150 /unit= 283,853 D JLT Site] 120 units @ 2,150 /unit= 258,049 Owner Occupied 1,293,561 A Island Park Area 100 units @ 3,534 /unit= 353,432 C West of RR Tracks 186 units @ 3,534 /unit= 657,384 D JLT Site 0 units @ 0 /unit= 0 F Transit Station 80 units @ 3,534 /unit= 282,746 Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 Page 7 CITY OF FRIDLEY Northstar Transit Station District (TIF#22) \}ii.N...) CASH FLOW ANALYSIS < ANNUAL > <---------------------------- --- SEMI-ANNUAL---------- -ry ' > • (a) ' (b) (c) (d) (e) (f) (9) (h) Available (i) G) Original Estimated Captured Est.T.I. Less: ilable Cumulative < Present Value > Tax Tax Tax (d)x Admin/Prog Tax Avail.Tax Semi Annual Cumulative Date Capacity Capacity Capacity 1.53298 Fees Increment Increment Balance Balance (see assumptions) (c)-(b) -St.Aud.Fee (e)x (e)-(f) Total of(g) P.V.of(g) Total of(i) 2.50% Inflation (prey.year) 0.360% 10.00% 5.00% 06/01/18 06/01/13 I 1,036,423 1,036,423 12/01/13 I 1,036,423 1,036,423 06/01/14 I 1,036,423 1,036,423 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/14 i 1,036,423 1,036,423 I I I I 06/01/15 1,036,423 1,036,423 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/151 1,036,423 1,036,423 06/01/16 I 1,036,423 1,036,423 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/16 ' 1,036,423 1,036,423 I I I I I 06/01/17 1 1,036,423 1,466,796 City elects to NOT receive tax increment,per MN Statutes 469.175,subd 1(b) 12/01/17 ' 1,036,423 1,466,796 1 06/01/18 1,036,423 1,466,796 430,373 328,689 32,869 295,820 295,820 295,820 295,820 12/01/18 1,036,423 1,466,796 430,373 328,689 32,869 295,820 591,641 288,605 584,426 2 06/01/19 ; 1,036,423 1,841,796 430,373 328,689 32,869 295,820 887,461 281,566 865,992 12/01/19 I 1,036,423 1,841,796 430,373 328,689 32,869 295,820 1,183,281 274,699 1,140,690 3 06/01/201 1,036,423 1,841,796 805,373 615,088 61,509 553,579 1,736,861 501,516 1,642,206 12/01/201 1,036,423 1,841,796 805,373 615,088 61,509 553,579 2,290,440 489,284 2,131,490 4 06/01/21 I 1,036,423 2,886,340 805,373 615,088 61,509 553,579 2,844,020 477,350 2,608,839 12/01/21 1,036,423 2,886,340 805,373 615,088 61,509 553,579 3,397,599 465,707 3,074,546 5 06/01/22 1,036,423 2,886,340 1,849,918 1,412,839 141,284 1,271,555 4,669,154 1,043,624 4,118,171 12/01/22 ' 1,036,423 2,886,340 1,849,918 1,412,839 141,284 1,271,555 5,940,709 1,018,170 5,136,341 6 06/01/23 I 1,036,423 2,983,842 1,849,918 1,412,839 141,284 1,271,555 7,212,264 993,337 6,129,678 12/01/23 I 1,036,423 2,983,842 1,849,918 1,412,839 141,284 1,271,555 8,483,819 969,109 7,098,787 7 06/01/241 1,036,423 3,058,438 1,947,420 1,487,304 148,730 1,338,574 9,822,393 995,304 8,094,091 12/01/24 1,036,423 3,058,438 1,947,420 1,487,304 148,730 1,338,574 11,160,967 971,029 9,065,120 8 06/01/25 � 1,036,423 3,134,899 2,022,016 1,544,275 154,428 1,389,848 12,550,815 983,633 10,048,753 12/01/251 1,036,423 3,134,899 2,022,016 1,544,275 154,428 1,389,848 13,940,663 959,642 11,008,395 • 9 06/01/26 1,036,423 3,213 272 2,098,477 1,602,671 160,267 1,442,404 15 383,067 971,639 11,980 035 12/01/26 1,036,423 3,213,272 2 098 477 1,602,671 160,267 1,442,404 16 825,471 947,941 12,927,975 10 06/01/27 1,036,423 3,293,604 2 176 849 1,662,527 166,253 1,496,274 18 321,744 959,360 13,887,335 12/01/27 1,036,423 3,293,604 2 176,849 1,662,527 166,253 1,496,274 19 818,018 I 935,961 14,823,296 11 06/01/28 1,036,423 3,375,944 2,257,181 1,723,878 172,388 1,551,491 21,369,509 946,830 15,770,125 12/01/28 1,036,423 3,375,944 2,257,181 1,723,878 172,388 1,551,491 22,920,999 923,736 16,693,862 12 06/01/29 i 1,036,423 3,460,342 2,339,521 1,786,764 178,676 1,608,088 24,529,087 934,081 17,627,943 12/01/29 1,036,423 3,460,342 2,339,521 1,786,764 178,676 1,608,088 26,137,175 911,299 18,539,242 13 06/01/30 1 1,036,423 3,546,851 2,423,920 1,851,222 185,122 1,666,100 27,803,274 921,145 19,460,387 12/01/301 1,036,423 3,546,851 2,423,920 1,851,222 185,122 1,666,100 29,469,374 898,678 20,359,066 14 06/01/31 ' 1,036,423 3,635,522 2,510,428 1,917,291 191,729 1,725,562 31,194,936 908,051 21,267,116 12/01/31 1,036,423 3,635,522 2,510,428 1,917,291 191,729 1,725,562 32,920,498 885,903 22,153,019 15 06/01/321 1,036,423 3,726,410 2,599,100 1,985,012 198,501 1,786,511 34,707,009 894,824 23,047,843 12/01/32 1,036,423 3,726,410 2,599,100 1,985,012 198,501 1,786,511 36,493,519 872,999 23,920,841 16 06/01/33 1,036,423 3,819,570 2,689,988 2,054,426 205,443 1,848,983 38,342,503 881,489 24,802,331 12/01/331 1,036,423 3,819,570 2,689,988 2,054,426 205,443 1,848,983 40,191,486 859,990 25,662,320 17 06/01/34 ' 1,036,423 3,915,060 2,783,148 2,125,575 212,558 1,913,018 42,104,504 868,071 26,530,391 12/01/34 1,036,423 3,915,060 2,783,148 2,125,575 212,558 1,913,018 44,017,522 846,899 27,377,290 18 06/01/35 1,036,423 4,012,936 2,878,637 2,198,503 219,850 1,978,653 45,996,175 854,591 28,231,881 12/01/35 1,036,423 4,012,936 2,878,637 2,198,503 219,850 1,978,653 47,974,828 833,747 29,065,628 19 06/01/36 1,036,423 4,113,260 2,976,514 2,273,255 227,325 2,045,929 50,020,757 841,069 29,906,697 12/01/36 1,036,423 4,113,260 2,976,514 2,273,255 227,325 2,045,929 52,066,687 820,555 30,727,252 20 06/01/37 1,036,423 4,216,091 3,076,837 2,349,875 234,987 2,114,887 54,181,574 827,524 31,554,775 12/01/37 1,036,423 4,216,091 3,076,837 2,349,875 234,987 2,114,887 56,296,461 807,340 32,362,115 21 06/01/381 1,036,423 4,321,493 3,179,669 2,428,410 242,841 2,185,569 58,482,030 813,973 33,176,088 12/01/381 1,036,423 4,321,493 3,179,669 2,428,410 242,841 2,185,569 60,667,600 794,120 33,970,208 22 06/01/39 I 1,036,423 4,429,531 3,285,071 2,508,909 250,891 2,258,018 62,925,618 800,433 34,770,641 12/01/39 1,036,423 4,429,531 3,285,071 2,508,909 250,891 2,258,018 65,183,636 780,910 35,551,552 23 06/01/40 1,036,423 4,540,269 3,393,108 2,591,421 259,142 2,332,279 67,515,915 786,920 36,338,471 12/01/40 1,036,423 4,540,269 3,393,108 2,591,421 259,142 2,332,279 69,848,194 767,726 37,106,198 24 06/01/41 1,036,423 4,653,776 3,503,846 2,675,995 267,599 2,408,395 72,256,589 773,446 37,879,644 12/01/41 1,036,423 4,653,776 3,503,846 2,675,995 267,599 2,408,395 74,664,984 754,581 38,634,225 25 06/01/42 ' 1,036,423 4,770,120 3,617,353 2,762,683 276,268 2,486,415 77,151,400 760,025 39,394,251 • 12/01/42 1,036,423 4,770,120 3,617,353 2,762,683 276,268 2,486,415 79,637,815 741,488 40,135,739 26 06/01/43 1,036,423 4,889,373 3,733,698 2,851,539 285,154 2,566,385 82,204,200 746,670 40,882,409 12/01/43 1,036,423 4,889,373 3,733,698 2,851,539 285,154 2,566,385 84,770,585 728,458 41,610,867 94,189,539 9,418,954 84,770,585 84,770,585 1,610,867 41,610,867 NPV 46,234,2 4,623,4301 41,610,8671 I Northstar Transit Station District 2013b(2).xlsx Prepared by Sevenich,Butler,Gerlach&Brazil,Ltd. 3/19/2013 D5fC EXHIBIT I - C TIF #22 Cumulative Modified TIF Plan Budget ESTIMATED TAX INCREMENT REVENUES (from tax increment generated by the district) Tax increment revenues distributed from the county $ 94,200,000 Interest and investment earnings 500,000 Sales/lease proceeds 1,000,000 Market value homestead credit Total Estimated Tax Increment Revenues $ 95,700,000 ESTIMATED PROJECT/FINANCING COSTS • (to be paid or financed with tax increment) • Project Costs Land/building acquisition $ 12,280,000 Site improvements/preparation costs 10,000,000 Utilities 1,000,000 Other qualifying improvements 20,000,000 Construction of affordable housing Small city authorized costs, if not already included above Administrative costs 9,420,000 Estimated Tax Increment Project Costs $ 52,700,000 Estimated Financing Costs Interest expense 43,000,000 Total Estimated Project/Financing Costs to be Paid From TI $ 95,700,000 0 ESTIMATED FINANCING Total amount of bonds to be issued 51,200,000 • TIF Budget-22,xlsx I -C-16 • INFORMATIONAL ITEM HRA MEETING OF APRIL 4, 2013 CITY OF FRIDLEY Date: March 28, 2013 To: Darin Nelson, Interim City Manager/ Finance Director From: Paul Bolin, Asst. Executive HRA Director Subiect: Gateway Northeast Update 6071 University/ McNutt: Dave McNutt reported the following on March 14th, "I wanted to provide you with an update. To date, I've spoken with quite a few different contacts I have about leasing the new location. Many of my contacts include: Subway, Starbucks, Little Caesars, Caribou Coffee, Potbelly's, etc and I haven't had anyone express any interest thus far. 1 also have had MidAmerica Group working on leasing the location for me as well. The comments I keep getting back are twofold. First, the retailers I've spoken to tell me I'm on the wrong side of the road. They've indicated an interest in being on the "going to • work"side. I also get feedback that until the new retail space by Cub Foods fills up 1 likely won't have any solid prospects. Having said that I am continuing to prospect both individually as well as through MidAmerica Group. I still believe in this location and would like to make something work. I'm honestly just surprised at how long it's taken. I really felt we'd have a couple interested tenants at this point. " Not one to easily give up, Dave McNutt reported on March 24th, "I wanted to circle back around with you and let you know that I have been in contact with Northco to help me in pre-leasing the space. I recognize the exclusive negotiation is up the end of April but I did want to let you know that I have been in contact with another property management company and I will be signing an agreement with them. I am hopeful we can make some progress in the next 30-days." Lyons / Trident Group: The Lyons/Trident Group, developers of the "Landmark" senior building located at Mississippi Street and Old Central Avenue, are extremely interested in developing the property along University Avenue. They have been in regular contact with Staff and are simply waiting for Dr. Lemay to make a decision, so they can decide which development scenario to move forward. Their development is not dependent on obtaining the Animal Hospital property. However, if it were available, it would provide an • opportunity for more housing units. Fridley Animal Hospital: Dr. Lemay has indicated that he would like another $55,000 on top of the offer • previously presented to him. Again, Dr. Lemay was told that the Authority does not negotiate on price, but that we may have some flexibility on closing dates and move out dates. Because we are approaching construction season and because his site is not needed for the developments being proposed, Dr. Lemay was given until the end of the day on Friday March 29th to accept or decline the Authorities purchase offer. If Dr. Lemay agrees to terms, and signs the purchase agreement before Thursday, it will be placed on your agenda as an action item. OneCorp Group: Hector Vinas from the OneCorp group had nothing new to report this month. • • • Fridley HRA Housing Program Summary Cover Page April 4, 2013 HRA Meeting Report Description Loan Application Summary Loan application activity (e.g. mailed out, in process, closed loans)for past month and year-to-date. Loan Origination Report Loan originations for past month and year-to-date. Remodeling Advisor Shows the number of field appointments scheduled and completed for the Remodeling Advisor Services administered by Center for Energy and Environment. • S H:\Paul's Documents\HRA\HRA Agenda Items\2013\April 4,2013\Housing Program CoverPageApri113.docx J Fridley Loan Summary Report cee Activity for Period 2/28/2013 - 3/29/2013 Center for Energy and Environment Application packets requested/mailed: This period: 5 Year-to-Date: 14 Residential Advisor Visits: This period: 1 Year-to-Date: 0 Loans currently in process for residents in your City: 2 Closed Loans This period: Year-to-Date: Fridley Units Units Closed End 0.00 0 32,545.00 1 Last Resort 0.00 0 6,323.00 1 Total 0.00 0 38,868.00 2 Leveraged Funds This period: Units Year-to-Date: Units 0 0 Total 0 0 Types of Improvements Financed YTD #of Projects %of Total Types of Properties Financed YTD # %of Total Single Family Residence 2 100.00 Heating System 1 50.00 Other Interior Improvements 1 50.00 III • • • • • Community Reinvestment Fund,Inc. Collectinv.rpt Collection Detail By Investor 4/4/2013 8:26:40 AM Pa 1 ge LoanlD Borrower Name Legal Status Warning Status Critical Warning Collector COMMENT Property City State Home Phone# Work Phone# Loan Type ARM 2nd Mtg Investor Frid HRA-City of Fridley 0000002324 11111010111 SR-FLC SRFC CS-Special JSmith RFD-Death Primary borrower,Senior mortgage lien Fridley MN (763)571-6385 (763)571-8659 Other Yes foreclosure sale held in November 2012,reverted back Due Date 1/4/2012 Payment None Prin Bal $3349.21 Late Charges $49.80 Total Pmts 16 $1,062.88 to bank for$117,988. Redemption expires in May Last Pmt Rec 12/28/2011 Stop Date Esc Bal $0.00 NSF Fees $0.00 Total Fees $49.80 2013. Borrower died without a will,heirs were Acquired Pmt Freq Monthly Times Late 29 Legal Fees $0.00 Unap Bal(-) $0.00 attempting to open probate. Letters continue to be sent Pint Coupon Pay Habits 353425333033 Other Fees $0.00 C/O relative there has been no recent contact. Total Due $1,112.68 Credit Score Credit Score Date Credit Score Provider 0000002333 1111.1111111111. BKDischg CS-Second Liens Borrower again,requested her loan be"extinguished" Fridley MN Other Yes as she is now delinquent on the first mortgage which Due Date 10/25/2005 Payment None Prin Bat $32,710.93 Late Charges $884.66 Total Pmts 90 $17,889.30 was modified under HAMP. We sent a letter requesting Last Pmt Rec 11/9/2005 Stop Date Esc Bal $0.00 NSF Fees $0.00 Total Fees $884.66 financial information and documentation supporting her Acquired Pmt Freq Monthly Times Late 90 Legal Fees $0.00 Unap Bal(-) $0.00 claim. We have no phone numbers and refuses to Pmt Coupon Pay Habits 04 Other Fees $0.00 provide one. Borrower obtained discharge through Total Due $18,773.96 bankrupcty 11/2009-refuses to pay. We believe the your lien to be valid. Credit Score Credit Score Date Credit Score Provider 0000002338 al.IIIIIIPB BKDischg DO NOT ATTEMPT TO COLLECT/CONTACT BWR- CS-Second Liens No change in status-borrowers were granted discharge Fridley MN Other Yes in 08/2010,however,they still own the property. We Due Date 2/9/2009 Payment None Prin Bal $18,736.06 Late Charges $319.50 Total Pmts 50 $6,391.50 are prohibited from collection activity,however,if they Last Pmt Rec 12/29/2008 Stop Date Esc Bal $0.00 NSF Fees $0.00 Total Fees $319.50 sell the property a release of this lien will be required. Acquired Pmt Freq Monthly Times Late 50 Legal Fees $0.00 Unap Bal(-) $0.00 Pmt Coupon Pay Habits 000000000000 Other Fees $0.00 Total Due $6,711.00 Credit Score Credit Score Date Credit Score Provider Investor Totals #Loans 3 Grand Total #Loans 3 CITY OF FRIDLEY BUILDING INSPECTION MONTHLY REPORT MARCH S 2013 2012 2013 2012 MARCH MARCH Y-T-D Y-T-D RESIDENTIAL 36 45 74 87 COMMERCIAL 5 9 20 16 INDUSTRIAL 0 0 0 0 INSTITUTIONAL 0 0 1 0 MULTI FAMILY DWELLING 0 0 0 0 PUBLIC FACILITY 0 0 0 0 TOWNHOUSE 0 0 • 0 0 DUPLEX 0 0 0 0 SIGNS 0 0 7 8 WRECKING 0 0 3 0 TOTAL 41 54 105 111 RESIDENTIAL HEATING 16 12 65 41 PLUMBING 30 30 86 51 ELECTRICAL 25 28 172 64 TOTAL 71 70 323 156 COMMERCIAL HEATING 1 10 10 12 PLUMBING 6 7 16 10 ELECTRICAL 10 17 38 35 • TOTAL 17 34 64 57 GRAND TOTAL 129 158 492 324 2013 2012 2013 2012 MARCH MARCH Y-T-D Y-T-D RESIDENTIAL $211,153.00 $231,572.00 $481,639.00 $508,604.65 COMMERCIAL 782,604.00 1,288,500.00 $2,261,014.00 $1,539,428.00 INDUSTRIAL 0.00 0.00 $0.00 $0.00 INSTITUTIONAL 0.00 0.00 $25,000.00 $0.00 MULTI FAMILY DWELLING 0.00 0.00 $0.00 $0.00 PUBLIC FACILITY 0.00 0.00 $0.00 $0.00 TOWNHOUSE 0.00 0.00 $0.00 $0.00 DUPLEX 0.00 0.00 $0.00 $0.00 SIGNS NO VALUE FOR SIGNS OR WRECKING WRECKING NO VALUE FOR SIGNS OR WRECKING TOTAL $993,757.00 $1,520,072.00 $2,767,653.00 $2,048,032.65 4,, COMMERCIAL , HEATING $250.00 $1,188,319.00!: $311,494.00 $1,202,419.00 PLUMBING 125,550.00 123,850.00 > $225,377.00 $133,650.00 liCTRICAL 1" NO VALUE FORwELECTRICAL PERMITS TOTAL $125,800.00 $1,312,169.00 $536,871.00 $1,336,069.00 Additional $23,650.00 GRAND TOTAL $1,119,557.00 $2,832,241.00 $3,304,524.00 $3,407,751.65