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HRA 03/11/1982 City of Fridley AGENDA HOUSING AND REDEVELOPMENT AUTHORITY MEETING THURSDAY MARCH 11 , 1982 7:00 P.M. Location: Community Room II (lower level ) CALL TO ORDER: ROLL CALL: APPROVE HOUSING & REDEVELOPMENT AUTHORITY MINUTES: FEBRUARY 17, 1982 I. CENTER CITY PROJECT A. Phase III - Development Selection 1 . American Developers Inc. 7:00 - 7:30 2. Holmen Development Company 7:30 - 8:00 3. Jim Vassar (Barthel Construction) 8:00 8:30 4. Watson Centers (Written Material only) B. Phase I 1 . Award Bid on Removal of Christiansen Building 2. Update on Telephone Building (Memo No. 82-14, Executive Director) C. Letter from Andy Merry, Juran & Moody on Financing for Columbia Park Clinic (at meeting) II. MOORE LAKE PROJECT A. Phase I 1. Update Cheryl Nybo on office project. III. NORTH AREA PROJECT A. Elo Manufacturing Proposal IV. FINANCE A. Check Register B. Financial Report V. OTHER BUSINESS: ADJOURNMENT: CITY OF FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY MEETING FEBRUARY 17, 1982 CALL TO ORDER: Chairperson Commers called the February 17, 1982, Housing & Redevelopment Authority meeting to order at 7:33 p.m. ROLL CALL: Members Present: Larry Commers, Russel Houck, Carolyn Svendsen, Elmars Prieditis, Duane Prairie Members Absent: None Others Present: Jerrold Boardman, City Planner Dennis Schneider, City Councilman Norma C.Swanson, 361 Rice Creek Terrace Mike Polich, 825 - 3rd St. N.E. , Osseo Richard Mochinski , 8271 Madison St. N.E. , Spring Lake Park Jim Sackerson, 845 W. 80th St. , Bloomington Jim Benson, Benson & Malkerson, Inc. , Mpls. APPROVAL OF JANUARY 14, 1982, HOUSING & REDEVELOPMENT AUTHORITY MINUTES: MOTION BY MR. PRAIRIE, SECONDED BY MR. HOUCK, TO APPROVE THE JANUARY 14, 1982, HOUSING & REDEVELOPMENT AUTHORITY MINUTES AS WRITTEN. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. APPROVAL OF JANUARY 21 , 1982, SPECIAL HOUSING & REDEVELOPMENT AUTHORITY MINUTES: MOTION BY MR. PRIEDITIS, SECONDED BY MR. HOUCK, TO APPROVE THE JANUARY 21, 1982, SPECIAL HOUSING & REDEVELOPMENT AUTHORITY MINUTES AS WRITTEN. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. APPROVAL OF FEBRUARY 1 , 1982,SPECIAL HOUSING & REDEVELOPMENT AUTHORITY MINUTES: MOTION BY MR. PRAIRIE, SECONDED BY MS. SVENDSEN, TO APPROVE THE FEBRUARY 1, 1982, SPECIAL HOUSING & REDEVELOPMENT AUTHORITY MINUTES AS WRITTEN. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 PAGE 2 I. CENTER CITY PROJECT A. ShoppingCenter - Phase III (Memo N . 82-06 from Executive Director) Mr. Commers declared Memo No. 82-06 received into the record. He stated this memo indicates the HRA has requested that any parties interested in applying for the development of the Center City Project appear at the HRA's March 11 , 1982, meeting. He stated it appears from the "Develqpment Notification List" that there are developers who are interested. He asked Mr. Boardman to briefly explain what it looks like for people who may be presenting proposals at fhe March meeting. _Mr. Boardman stated he has personally met with eight developers. Out of the eight, he expects proposals from Lynn G. Donohue of Watson Centers, Inc. , Holman Development Co. , and Orrin A. Ericson of J.R.S. Development, Inc. He also expects Jim Vasser & Associates, as part of the limited partnership,to put together another general partner on the project and make a presentation to the HRA. Mr. Commers stated that at the time the HRA withdrew the development right from Jerry Remmen, they had indicated to Mr. Vasser that they would at least suggest to other developers the possibility of a relationship between a developer and the limited partners. Has that been discussed with these developers? Mr. Boardman stated it has been discussed with each of the developers. Whether they go in that direction, he did not know. He knew Jim Vasser and the development partnership are presently looking at their own developer. Mr. Commers asked what is expected of the HRA at the March meeting. Mr. Boardman stated the developers will be giving letters of interest and will make presentations based on their companies and what they feel they can do for the City. He stated he would like the HRA to select a developer based on the presentation and give that company 30 days in which to do a site design. If the site design is adequate and is what the HRA wants, then the HRA would give them a six-month right of development. Mr. Prairie asked whether the deposit made to Jerry Remmen by one of the potential tenants in the retail center had been returned. Mr. Boardman stated this deposit has not been returned, and he has put pressure on Mr. Vasser to return that money. Mr. Prairie stated the HRA should make sure this type of thing never happens again. HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 3 Mr. Boardman stated that what they need to do is in the right of development, they will have to spell out that if there is any money put down for deposits, that money has to be put in an escrow account. Mr. Commers stated the Redevelopment Specs look very good, and Staff should be commended for a fine job. B. Christiansen Building - Demolition (Memo No. 82-07 from Executive Director) Mr. Commers stated the HRA has a separate document entitled, "Specifi- cations for Demolition of Structure at 6471 University Ave. N.E.", prepared by John Flora. He stated the opening of bids was Feb. 16, and the bids will be returned to the HRA at their March 11 meeting. He stated the document, as it stands, requires complete removal and grading by the end of April 1982. Mr. Commers declared Memo No. 82-07 received into the record. He declared the Demolition Specifications also received as part of the record. C. Appraisal Report - Northwestern Bell Telephone Building (Memo No. 82-10 from Executive Director) Mr. Commers stated the HRA had a copy of the appraisal report from Newcombe & Hanson and an appraisal report from Leon Madsen, City Assessor. He stated there is approximately a $22,000 difference between the two appraisals, which is a little bit less than 10% of the overall cost of the property. Mr. Boardman stated he has had several discussions with Mark Haggerty who is representing Mr. Wyeth, owner of the property. Mr. Haggerty has recommended that Mr. Wyeth accept the City's appraisal , but Mr. Wyeth and his partners feel the building is far more valuable than the City's appraisal . Mr. Wyeth is looking at around $275-280,000 and is not willing to accept the City's appraisal of $250,000. Since the HRA is not in any hurry to acquire this property, it was his recommendation to not go ahead with acquisition at this time. He stated it was up to the HRA whether they wanted to negotiate a value higher than $250,000. Mr. Commers asked what period of time the HRA had in order to make a decision. When is Northwestern Bell 's lease up and when will they be negotiating a new lease? Mr. Boardman stated their present lease terminated in January, and he believed they were on a month-to-month type of lease arrangement. Mr. Prieditis stated he did not feel the HRA should go any higher than $250,000. HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 4 Mr. Houck agreed with Mr. Prieditis. The HRA members agreed to authorize Mr. Boardman to contact Mr. Haggerty and Mr. Wyeth and see if there was any room for negotiation. Mr. Commers declared Memo No. 82-10 received into the record. He also declared the appraisal report from Leon Madsen and the appraisal from Newcombe & Hanson dated Jan. 15, 1982, received into the record. II.. MOORE LAKE PROJECT A. Phase I - Update on Nybo Project (Memo No. 82-i1 from Executive Director) Mr. Boardman stated the project is moving along satisfactorily. Ms. Nybo did receive the necessary commitments for rental space from her finance company, and she indicated she would have all the necessary commitments by the HRA's March 11 meeting. Mr. Commers declared Memo No. 82-11 received into the record. B. Phase III (Memo No. 82-08 from Executive Director) Mr. Commers stated this memo is regarding City Council approval for CDBG funds for land acquisition in the Moore Lake Project area for a potential elderly project by St. Phillips Lutheran Church. Mr. Boardman stated this was for the HRA's information. No action was required at this time. C. Phase V-VI (Memo No. 82-12 from Executive Director) Mr. Boardman stated that Mr. Dick Mochinski is proposing to develop a townhouse/quad project to be located in Phase V-VI of the Moore Lake District. This would be an all ownership project. The quad homes would run approx. $64-68,000, and the townhouses would run approx. $78-80,000. Mr. Mochinski is proposing they work on Phase I, II, III, and IV in a phase development starting with the property he presently owns and the City owns. Mr. Mochinski stated they were originally working with Mr. Boardman on a commercial project on the property he owns, and then it was discovered that the area was going to be set up for a future residential district. After meeting with a couple of finance companies that expressed some interest in this project, he came up with this preliminary proposal , based on the realty study he bad done on what the market would be for that type of housing. HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 5 Mr. Mochinski stated one of the problems associated with this site is the bad soil . He is looking at the possibility of the HRA participating in some method of soil correction to make these buildings feasible. After borings were done on his site, he was looking at a cost of approx. $80-100,000 to prepare the soil . Assuming the ground is similar on the City's site, it could be another $80-100,000. For a developer to absorb that kind of cost would probably make the cost of those units prohibitive. Mr. Mochinski stated this is still in the preliminary stage; however, based on the cost of land per unit, he is looking at a minimum of 96 units for the whole area. Mr. Commers asked what action the HRA should take. Mr. Boardman stated he would like an indication from the HRA as to whether it was worth Mr. Mochinski 's while to move ahead and do further design work and for the City to go ahead with further analysis. Is the HRA willing at some point in time to make acquisitions as necessary to continue this project? Mr. Commers asked how many structures would need to be acquired in the whole project. Mr. Boardman stated they would need to acquire nine residential , one commercial , and one substandard residential . He stated the project appeared to be feasible. He felt it was a worthwhile project and felt they should continue to analyze it. Mr. Prieditis stated he did not like the placement of the units as shown on the site plan. He felt they were detrimental as far as the visual impact, and there has to be a better way of placing the units. Mr. Boardman stated one of the City's concerns is the number of access points onto the major road systems, and they would like to work with Mr. Mochinski on a more workable design on road and road patterns. Mr. Commers stated it was the concensus of the HRA that Staff qo forward in trying to develop additional information, to work with Mr. Mochinski on the general development of this project, and report back to the HRA. Mr. Commers thanked Mr. Mochinski for coming to the meeting. III. NORTH AREA PROJECT A. Phase I 1 . Memo No. 82-09 from Executive Director (Action on Housing Bond Program for 360-Unit Complex) Mr. Commers stated that on Feb. 1 , the City Council requested the HRA to review the program submitted by the developer to analyze the HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 6 use of tax increment funds for, not only land improvements, but for use as rent subsidy. Mr. Commers stated the HRA had also received in the agenda packet a memo dated Oct. 30, 1981 , from Guy Peterson of the Metropolitan Council regarding the "Tax Exempt Mortgage Revenue Bonds - Back- ground Summary and Current Status", a letter dated Jan. 25, 1982, from Charles Weaver, Chairman of the Metropolitan Council , indicating this project is consistent with the area-wide policies and goals, and a memo dated Jan. 11 , 1982, from Guy Peterson of the Metropolitan Council explaining the bond program. Mr. Boardman stated he has talked to Dave Harris and Diane Eliason, one of the bond people. They have been doing runs on dollars to try to make the dollars work. At this time, they are not ready to make a formal presentation to the HRA and have requested that the HRA table this item. Mr. Boardman stated he could explain a little about the bond program and the project Mr. Harris is proposing. He stated the project is a 360-unit apartment complex (two buildings) located north of 83rd Ave. They are looking at quite a bit of assistance from the HRA. They are looking at assistance from the HRA of around $900,000 for soil correction and land acquisition. On top of that, they- would be looking for some form of rent subsidy. He stated that what has been discussed to date is that any rent subsidy the HRA would get involved in would be rent subsidy that would have a dollar figure and that they could calculate out over a period of time. Mr. Boardman stated that under the Ullman Bill , if the City gets involved with the Housing Bond Program, there is a requirement that 20% of those units have to be occupied by persons of low and moderate income. Therein lies the problem a lot of developers have. The housing mortgage bonds are tax exempt bonds, but they are tax exempt bonds only if 20% of those units are occupied by low and moderate income persons. If at any time during that 20-year period, those units have to remain open for low and moderate income persons and there are not low and moderate income persons in those units, the bond holders lose their tax exempt status all the way back to the beginning of the bond. Mr. Boardman stated it is very hard to sell housing mortgage bonds without some kind of guarantee there is going to be occupancy. When a developer develops new housing units, it is very expensive and the rates on those units are way above what normal market rate is for low and moderate income persons. There either has to be a skewing of the rentals to bring 72 of the units down to where they can be rented to low and moderate or there has to be some guarantee of subsidy. So,that is the proposal that has come before the City Council with housing mortgage bonds and has now been sent to the HRA for analyzing as far as tax increment financing. HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 7 Mr. Commers stated that the City Council has also asked the philosophical question of whether or not tax increment tunds should be used for rent subsidies. Also, he remembered from the discussion that the bonding people had only run their projections for a period of ten years and had not shown what would happen for the balance of the bond term. He stated he would hope the bond people would do that. He felt these two issues were something the HRA members should understand and give thought to before the next meeting. Mr. Commers stated he also felt they should get something in writing from their legal counsel with regard to what the HRA can do on rent subsidies, i .e. , how will it work, how far can they go? Mr. Schneider stated that Mr. Commers pretty well covered the major areas. First of all , there was the philosophical question of whether the City should get involved in rent subsidies. Assuming the answer is,yes, it is a valid need and a valid use for tax increment, then the next question is: Can it work in this particular case? How does the City control or know what the rental structure will be some years from now and ensure there is enough increment generated so it covers the rental subsidy? Mr. Schneider stated another issue raised was that if all the increment is used to cover the land acquisition, soil correction, and rent subsidy, is this then beneficial for the overall district? Is there anything left to help with soil correction in the rest of the district? Mr. Boardman stated he would recommend that the HRA table this item until he can get more information from Mr. Dave Harris. MOTION BY MR. HOUCK, SECONDED BY MR. PRIEDITIS, TO TABLE ANY ACTION ON THE HOUSING BOND PROGRAM FOR A 360-UNIT COMPLEX UNTIL MORE INFORMATION IS RECEIVED. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. 2. Memo No. 82-13 from Executive Director (Proposal for Industrial Development by ELO Engineering - North Area TIF) Mr. Commers stated this proposal is for a 70,000 sq. ft. manufac- turing plant located at the corner of 81st and Main St. N.E. ELO is looking for some soil and drainage assistance on that site. ELO is already located in Fridley on Rancher's Road. Mr. Boardman stated that in the North District, they have a little bit different situation than in the other districts, primarily because with industrial/commercial development, they have what is HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 8 called "fiscal disparities". So, with any industrial/commercial development, they lose 40% of any tax right off the top because that goes to the State as revenue sharing. Mr. Boardman stated he has done some runs on a 70,000 sq. ft. building. They have an assessed market value of $342,000 with an assessed value of $577,000. This breaks down to a tax increment financing amount of around $52,600. After fiscal disparities, they have a tax every year of $31 ,571 . The bonding authority is $174,302. Initial indications they have gotten on soil correction work is going to be approx. $300,000. If $300,000 is strictly for soil correction, he felt there will have to be some compromises on the development of this property. Mr. Jim Benson stated ELO _Manufacturing moved to Fridley seven years ago and built a 12-14,000 sq. ft. building on Rancher's Road. About four years ago, they expanded to 27,000 ft. of industrial building. He stated this is one of the best landscaped and well-kept buildings in Fridley. He stated there is now no more room for expansion and ELO wants to build a 70,000 sq. ft. building. Mr. Benson stated he was asked to help ELO locate a site in Fridley. He stated they have approached several sites and came up against soil problems and the unavailability of a good 7-acre site. This site on 81st and Main St. was finally located. The soil tests were done very quickly in order to be at the HRA meeting. Of the $300,000 soil correction cost, there is a breakdown which shows that some of these costs do not relate to the actual soil correction, so a more realistic figure would be around $225,000. Mr. Benson stated he felt this is the type of company the City should help. ELO Manufacturing employs 35 people and they are pro- jecting employing 85 people in the new facility. If ELO Manufacturing can get some assistance from the City of Fridley, even if it isn't the total amount, he felt they might be persuaded to stay in Fridley and pay the difference in correction costs. He stated he would like to ask the HRA to consider this proposal and offer to work with ELO Engineering to see if the City can offer some type of assistance. He stated the owners, Gene and Louise Owczarzak, could not be at the meeting as they are on vacation. Mr. Boardman stated it was his recommendation that Staff work with ELO Manufacturing to try to come up with an agreeable dollar figure and then move ahead with the project. He did teed they want to maintain a certain portion of dollar amounts in all bonding areas for drainage improvements. Since this was actually the first proposal the City has had in this area, they may want to retain 11¢/sq. ft. and utilize HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 9 the remainder for soil correction. He stated that if he had the concensus of the HRA to move ahead, he will get some actual cost figures and go to the bonding counsels and get some runs. He will bring this information back to the HRA. • Mr. Commers stated it was the concensus of the HRA that Staff go forward in working with ELO Engineering. They would like Mr. Boardman to report back at the next meeting on specific figures and better information with respect to the bonding situation. Mr. Commers thanked Mr. Benson and Mr. Sackerson for coming to the meeting. IV. LARGE FAMILY PROJECT A. Memo No. 82-05 to Jerrold Boardman from Mary Cayan (Action on extension of 90 days) Mr. Boardman stated that Ms. Cayan is requesting an extension of 90 days for Mr. & Mrs. Mosad Aly as they need more time to complete the necessary paperwork for financing. MOTION BY MR. HOUCK, SECONDED BY MS. SVENDSEN, TO GRANT A 90-DAY EXTENSION TO MR. & MRS. MOSAD ALY IN ORDER TO COMPLETE THE NECESSARY PAPERWORK FOR FINANCING. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. B. Letter from Thomas Feeney, Area Manager, HUD Mr. Commers stated this letter is regarding close-out procedures and that the City is to inform HUD when they are in the process of closing out the program. Mr. Boardman stated they are in the process of closing out this program. V. FINANCE A. Check Register MOTION BY MR. PRAIRIE, SECONDED BY MR. HOUCK, TO APPROVE THE CHECK REGISTER DATED 2/16/82, NOTING THE VOIDED CHECK TO MINNEGASCO IN THE AMOUNT OF $710.84 AND CONTINGENT UPON THE VERIFICATION OF THE $100.98 INSURANCE PAYMENT TO RICE CREEK AGENCY. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNANIMOUSLY. HOUSING & REDEVELOPMENT AUTHORITY MEETING, FEBRUARY 17, 1982 - PAGE 10 VI. OTHER BUSINESS: A. Report from Minnesota National Association of Housing & Redevelopment Officials (NAHRO) - (Official Legislation) Mr. Boardman stated that in the "1982 Summary of Minnesota Legislative Proposals Related to Housing & Community Development", the HRA should be concerned with the proposals as submitted in the NAHRO memorandum dated January 18, 1982, from Nancy Reeves, Chair of the Minnesota NAHRO Legislative Committee Mr. Boardman stated he would like to write a letter to NAHRO expressing the HRA's support of these bills. He stated he is a member of NAHRO and was on their Legislative Committee. It was the concensus of the HRA that Mr. Boardman be given the authority to write a letter for the HRA supporting the four proposals. ADJOURNMENT: MOTION BY MR. SVENDSEN, SECONDED BY MR. PRAIRIE, TO ADJOURN THE MEETING. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE FEBRUARY 17, 1982, HOUSING & REDEVELOPMENT AUTHORITY MEETING ADJOURNED AT 9:25 P.M. Respectfully sub itted, IYer-/a 4.../ Lynfiba Recording Secretary CENTER CITY PROJECT - REFERENCE REVIEW - AMERICAN DEVELOPERS Bill Bassett, City Manager, City of Mankato: He indicated that they were very pleased with the performance of Orin and felt he did a good job for them with a very complex project. Said that he completed what he said he was going to do and was very receptive to changes, even ones that cost him some extra money. Paul Stevens Mankato Downtown Redevelopment Organization: Felt that Orin did a good job and was very receptive to project modification. Said he liked Orin as a developer, very candid about what could be done and did it. Dale Simmons, IDS Mortgage: Most projects that Orin did with IDS was with Watson Centers. Orin was excellent developer who chose excellent development sites. If he had any problems, it was in the leasing and management end. They didn't retain management very long and generally sold quickly. Only direct project they had with Orin was Kandi Mann, Willmar, Mn. It was up for redemp- tion but Orin sold the project to Watson Centers prior to redemption. I have gotten negative responses to Orin from some other people who have heard that he has creditor problems due to projects that have failed, but have been unable to substantiate this information. HOLMEN DEVELOPMENT COMPANY Bill Staab, Center Companies (Dayton-Hudson Properties) : They knew the project in Fridley and felt that they have the capabilities to put the package together for the City. They were a very good development team. Joined into venture with Holmen when the Mason City project became too large for them. Like most develop- ment teams - brought in extra strength for the project. Ken Kew - Mayor, Mason City Iowa: He felt Holman was good development team. Has good respect for Al Holman and his capabilities. Brought in Center Companies when project became too large, stayed on as a minority partner. John Cartwright, City Manager, DeKalb, Illinois: They have been involved with Holmen Development since .1976 in the development of 60 acres for a shopping center Mall . In 1976, Holmen took an option on the County property, but has not developed a project yet. In summer of 1982 final option on property runs out and they expect some action from Holmen who has brought in Center Companies. Mr. Cartwright in closing stated that Al Holmen has been very honest in dealing with the City and has been up front with his capabilities. CENTER PLAZA DEVELOPMENT (BARTHEL CONSTRUCTION) Rick Breezy, Community Development, City of Elk River: They have been very pleased with Barthel as developers. Easy to work with and have been very cooperative with development needs and local neighborhood associations. They are developing a 42 acre project with a shopping center, free standing commercial with 4 and 6 unit town- house project. Excellent development team. Neil Polaski , First Mid-America Bank, Coon Rapids: Long time customer with open credit line of $250,000. Has financed several of his projects. Never any problem and is always prompt in payments - good man to do business with. -1- Center Plaza Development (Barthel Construction) continued: Jim Simpson, Bank of Elk River: Mr. Simpson couldn't say enough about Ken Barthel - very positive. Does what he says he's going to do and never misses a payment. Done several commercial project 's with his bank. In talking with Ken Barthel , he stated that M.A. Mortenson Inc. will be the contractors and will be investment partners, Coldwell- Bankers will do the lease up of the project and Dean Doyscher will be the project leader. WATSON CENTERS Was not expecting response so did not pursue with further reference checks. Will have further information to HRA on March 11 , 1982. M & M DEVELOPMENT Withdrew from meeting on March 4, 1982 so I did not put them on the agenda. Want to be kept informed on progress and may be interested later in other projects. -2- 6600 France Avenue South 6 Suite 218 American Edina, Minnesota 55435 �edeve��ersWWWWXXXXAXAMWX (612-920-4719) oxo€aasc eX*XX VOCXXXXXXX MAXXONIKXMIXXXs 3GX February 4, 1982 Mr. Jerrold Boardman H. R. A. Director 6431 University Avenue N.E. Fridley, Minnesota 55432 Dear Jerry: We thank you for taking the time to brief us on your plans to redevelop some of the property on the corner of University Avenue N.E. and Mississippi Street in Fridley. We are very interested in undertaking the development of this property. We are convinced that within nine months we would start construction on a minimum of 100,000 square feet on the 8.8 acres on the southwest corner and a minimum of 40,000 square feet on the 4.8 acres on the southeast corner. We have developed 16 shopping centers over the past 12 years (list attached. The most similar development to Fridley would be our redevelopment of downtown Mankato which was completed in 1978. We would be pleased to have you contact the Mankato City Manager, William A. Bassett (507-625-3161 ), or the Manager of the Citizens Telephone Co. , Paul Stevens (507-387-1151 ). Paul was very active in the downtown redevelopment organization. We have enclosed a preliminary development agreement for your review prior to the council meeting on February 18, 1982. We would be most appreciative if the council would take it under consideration at that time. We will give a slide presentation of several of our projects at the February 18 meeting and be prepared to answer any questions. Sincerely, 1(9141.4/4.,0 642A-1-44-c9----- Orrin A. 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Fridley, MN 55432 RE: Development Site University & Mississippi Dear Mr. Boardman: Mr. Duane Nelson of our Company has had some conversations with you regarding the subject proposed development site. We are midwestern shopping center developers and owners. We recently opened a 270 ,000 square foot center in Beaver Dam, WI , a nice city of 16 ,000 population located 45 miles northwest of Madison, WI . We are currently involved in the midwest and west. Some of these projects are typical suburban malls. Two of them are downtown redevelopment projects. Two of them are in partnership with The Center Companies (formerly Dayton Hudson Properties) . My personal experience in shopping center development extends from 1964 until the present. We have had our own company, Holmen Develop- ment Company, since 1975. We submit the foregoing brief, sketchy, background synopsis of way of giving you some historical orientation about us and our company. . We are interested in your proposed project for an enclosed mini-mall in Fridley at the subject site. While our time of exposure to the opportunity has been very short, we have made some inquiries regarding the site . I have personally, along with Mr. Nelson and Mr. Hallisey of our company, inspected the site , the older Holly Center, the neighborhood, the city offices, the office-entertainment site. SHOPPING CENTER DEVELOPMENT, LEASING, CONSULTING, MANAGEMENT 5 Mr. Jerrold Boardman February 3, 1982 Page 2 Mr. Nelson indicates that the time for choosing a developer may be extended until sometime in March. If that is the case , our intention would be to call in our architects, prepare an interesting site plan for your review, propose pro-forma cost estimates, and income and expense projections and contact major tenants in earnest. Based upon our very preliminary (and rapid) survey of the possible tenants, we do find that there is interest. We must, of course, be candid and state that, in this short time, we certainly do not have any commitments. We have, however, piqued enough interest from several key potential tenants that we believe it is very well worth pursuing. If we are not too late, we would appreciate your serious con- sideration of Holmen Development as developer of the project. We look forward to hearing from you and then to some in-depth discussions as to the City' s desires and plans to see if we could mutually proceed toward consummation of a good and attractive facility at your location. Yours very truly, C. A. Holmen President CAH/bd cc: D.C. Nelson March 1, 1982 Jerrold L. Boardman Executive Director Fridley Housing & Redevelopment Authority 6431 University Avenue N.E. Fridley, Minnesota 55432 Re: Fridley Center City Redevelopment Project The purpose of this letter is to reassure you that Center Plaza Development, a Minnesota Limited Partnership remains as a developer, very interested in the above project. Please be advised that Mr. A.J. Remmen has been removed as developer for direct or indirect in the ownership equity of said partnership. The undersigned corporation is therefore the only general partner as of the date of this letter. The partnership thru the efforts of the general partner has selected Barthel Construction, a division of Barthel - House, Inc. to develop and lease the project. A contract between the partnership and Barthel will be formalized prior to the March 11 , 1982 meeting. Thank you for reserving the time period of 8 : 00-8 : 30pm on March 11, 1982 for us. Both the partnership and Barthel Construction will be present to discuss the project with you. Sincerely, James L. Vassar, President Vassar and Associates, Inc. JLV/bw cc: Barthel Construction Barthel Construction '• /REGISTERED ■UIL DER a division of Barthel Homes, Inc. /7._X 21370 John Milless Drive Rogers, Minnesota 55374 Office: 428-4381 HAND DELIVERED March 1, 1982 Mr. Jerrold L. Boardman Executive Director Fridley Housing & Redevelopment Authority 6431 University Avenue N.E. Fridley, MN 55432 RE: Retail Development - Fridley Dear Mr. Boardman; This letter is to express our interest in working with the City of Fridley to develop a shopping center complex at the intersection of University Avenue N.E. and Mississippi Street N.E. We first became acquainted with the Fridley Shopping Center project a year ago when Mr. A. J. Remmen approached us to ask for our help. We declined any interest at that time due to the fact that Mr. Remmen possessed the development rights. We recently became reacquainted with the Fridley project when Mr. Dean Doyscher called and explained that Mr. Remmen had lost the development rights and asked if we would be interested in pursuing the project. We have since been in constant contact with Mr. Doyscher and we are pleased to include him as an active member on the Barthel development team for this Fridley project. Our development team consists of a professional group of people whose aggregate skills provide a very complete development service. Dean Doyscher will be heading our team as our liason with the City of Fridley. M. A. Mortenson Company will be working with us on the bonding and construction of the project. The architectural firm of Larsen/Rova Associates, Inc. in Minnetonka will act as the project architects. Juran & Moody, Inc. will be the bond underwriters for the project and they have expressed their interest in working with us on the project in the attached letter. The Barthel team is most currently involved in the development of a shopping center complex in Elk River that is similar to the proposed Fridley project. It may be worthy to note also that we are working with the same anchor tenants in Elk River as have been proposed for the Fridley project. I am sure that the Elk River City staff would be most willing to discuss their experience with the Barthel team in the event you were interested in hearing their comments. Although we have not yet developed a complete site plan for the Fridley Shopping Center complex, it is safe to say that it would be somewhat different March 1, 1982 Page Two RE: Retail Development - Fridley from the plan introduced by Mr. Remmen. It is very likely however that the total square footage of leasable retail space would remain approximately the same. Further details will be forthcoming on our proposed plan. As far as ownership of the Shopping Center complex is concerned, it is some- what premature to provide details at this time due to the fact that the ultimate bond purchasers will dictate ownership. Based upon our past experience with Juran & Moody, Inc. however, and also based upon the quality of investors whom we have contacted regarding projects of this type, we are most confident that the bonds will be sold and the ownership strength will be satisfied so as to result in a very successful project. I might also note that some of the project investors may come from the James Vassar/Dr. Jay Suh group. We look forward to working with the City of Fridley on this project. Since ely, , / enneth A. Barthel President c.c. : Mr. Dean Doyscher JURAN & MOODY , INC . MUNICIPAL BONDS EXCLUSIVELY 114 EAST SEVENTH STREET SAINT PAUL, MINNESOTA 55101 TELEPHONE 612/298-1500 February 26, 1982 Housing Redevelopment Authority City of Fridley 6431 University Avenue N.E. Fridley, Minnesota 55432 Dear Sirs: Barthel Development Company has requested us to arrange tax-exempt financing for a shopping center development which is being proposed for the City of Fridley. They have advised us that the Housing Redevelopment Authority (HRA) is requesting proposals from a number of area developers on the project and that our commitment to the financing would be contingent upon their being appointed developers for the shopping center. We have had several meetings with Barthel Development Company and have outlined our requirements for the financing. Based on our past experience in working with the firm I feel that they have the ability to obtain the security which we require in order to arrange financing for the project. Juran & Moody, Inc. has financed a number of " commercial projects within the past year and feels that this project is a feasible one for tax-exempt financing. We are prepared to work with Barthel Development Company and the other members of their development team in arranging the financing for the project. We are available to meet with HRA and its staff and any other City officials to discuss the project in more detail. Sincerely yours, JURAN & MOODY, INC. Jerome L. Hertel Vice President JLH/mr WATSON CENTERS INC. 252 SOUTH PLAZA BUILDING, MINNEAPOLIS, MINNESOTA 55416 (612) 544-7768 March 2, 1982 Mr. Jerrold Boardman Executive Director Fridley Housing 6 Redevelopment Authority 6431 University Avenue N.E. Fridley, Minnesota 55421 Re: City Center Redevelopment Dear Jerry: Watson Centers, Inc. was unable to arrange to make a presen- tation before the HRA Board on March 11, 1982. We would, however, like to submit this written proposal for considera- tion now or at some future date should the situation arise where the Fridley HRA is again looking for a developer. Watson Centers, Inc. is a long-established shopping center developer which has special abilities in urban and redevelop- ment types of projects. As testimony to this, Watson Centers has been recognized by the International Council of Shopping Centers and the International Downtown Executives Association for its accomplishments in urban development. Watson Centers, Inc. has demonstrated ability to put together a project such as that envisioned in Fridley. Watson Centers has in-house capabilities for market analysis, leasing, fin- ancing and management. Watson Centers is based in Minnea- polis; would maintain a long term ownership in the project and therefore has a long term interest from the outset in this development. Specifically, Watson Centers would propose to develop, build, own and manage a community center of approximately 75,000- 85,000 square feet. This facility would be tenanted by a major grocery, drug operation and ancillary shops of appro- priate size and mix. NrifiVk WATSON CENTERS INC. .r Mr. Jerrold Boardman March 2, 1982 Page Two The structure, exterior space and management of this facility would be of the highest quality as demonstrated in other Wat- son Centers projects. Upon selection as developer, Watson Centers would: 1. Submit to the HRA a design proposal showing the location, size and nature of the facilities to be constructed includ- ing renderings, elevations and other graphics or written explanations thereof. The design proposal will be accom- panied by a proposed schedule for the commencement and completion of the development. 2. Coincident with submission of the design proposal, Watson Centers will submit an overall cost estimate for the design and construction of the facilities sufficient to serve as a basis for economic analysis thereof by the City, the HRA and other agencies. 3. Watson Centers would seek letters of intent and leases from prospective tenants. Watson Centers is very familiar with the local, regional and national tenants who would occupy space in a center of this type. 4. Watson Centers will undertake and obtain economic feasibi- lity studies, income and expense projections, employment analysis and other information as both Watson Centers and government agencies (e.g. , HRA, UDAG) may require to deter- mine the economic feasibility of the development. S. The parcel purchase price would be a function of gross in- come as demonstrated by a pro forma, the prevailing capital markets and the relationship of various government entities. 6. Financing would be through private equity and mortgage fi- nancing. Should Industrial Revenue Bonding be available, Watson Centers would first attempt private placement of these bonds. Should there be no tax exempt market, Watson Centers would pursue conventional mortgage financing. V \IMF WATSON CENTERS INC. low Mr. Jerrold Boardman March 2, 1982 Page Three 7. Financial capabilities. Watson Centers, Inc. has developed and financed projects ranging in size from the 80,000 square foot, $5.4 million Centrum Plaza in Downtown Lincoln, Neb- raska to the $30 million Valley West Mall in Des Moines, Iowa. In total, Watson Centers has developed and financed centers with a value in excess of $75 million. This development ex- perience has provided Watson Centers with a close working relationship with the financial community that is needed to secure the permanent, interim and equity financing needed in today's market. Watson Centers has the internal financial strength and equity resources to finance the development ex- penses and equity portions of the project. I would ask that the Fridley HRA accept this written proposal in lieu of a personal presentation. Should there be questions, or should you desire further information, please feel free to call before or after the week of March 9 to March 12. Sincerely, WATSON CENTERS, INC. G. L G. Donohue LGD:jlk WATSON CENTERS, INC. RESUME' WATSON CENTERS, INC. WHO IS WATSON CENTERS? Watson Centers, Inc. is a shopping center development firm based in Minneapolis, Minnesota. Watson Centers was born out of Watson Companies, a large Midwest construction and development company started in the " 1920's. Watson has developed centers ranging in size from 80,000 square feet to the one million square foot Valley West Mall in Des Moines, Iowa. The Watson development ex- perience includes suburban and downtown centers. Watson's present development emphasis is on middle-market downtown centers. WHAT DOES WATSON CENTERS DO? Watson is expert at all phases of development including site acquisition, market analysis. leasing, financing and management. Architectural and con- struction services are handled on a contractural basis. Watson maintains a long-term ownership interest in each of its centers. WHERE IS WATSON CENTERS ACTIVE? Watson either owns or is developing centers in Minnesota, Iowa, North and South Dak- ota, Kansas, Nebraska and Louisiana. Watson will consider projects in any portion of the Continental U.S. WHAT IS WATSON CENTERS' EXPERIENCE IN URBAN CENTERS? Watson is presently developing downtown centers in Hutchinson, Kan- sas; Duluth and Minneapolis, Minnesota. Watson recently opened The Centrum in Downtown Lincoln, Nebraska. The Cen- trum features two levels of shopping mall attached to depart- ment stores and a 1,000 car parking ramp via skyway connec- tions. Watson has the capability and resources to put together a multiple use project in the markets where it is appropriate. In each of these centers Watson is working in a close pub- lic/private partnership. The experience of these develop- ments covers the entire range of public involvement includ- ing tax increment, UDAG and other financing tools; commis- sion, council and public participation meetings; media rela- tionships; and interfacing with consultants and other city developers. Watson is cognizant of and understands the goals and proced- ures of public bodies, how they necessarily differ from pri- vate interests and how the two can be interfaced to provide a mutually beneficial development. Watson is also aware of the tools that are available to public entities and what li- mits those tools impose. We understand the need for direct and on-going communications so that all parties are involved and informed as decisions are required. WHAT ARE WATSON CENTERS LIKE? In each of the Watson Centers malls can be found familiar national and regional retailers as well as fine local retailers. The centers exhibit high quality architecture and materials. All of the centers are managed and promoted by trained, experienced on-site person- nel. The centers become community centers as well as retail- ing centers. HOW DO YOU CONTACT WATSON CENTERS? To discuss your proposal or project, call or write: Lynn G. Donohue WATSON CENTERS, INC. 252 South Plaza Building Minneapolis, Minnesota 55416 612-544-7768 VALLEY WEST MALL, DES MOINES, IOWA Valley West Mall in Des Moines, Iowa is the largest of the Watson Centers projects exceeding 900,000 square feet in area. The center is a two-level enclosed mall which is anchored by J. L. Brandeis, Petersen-Harned-VonMaur and the J. C. Penney Company. The mall has more than 115 stores which include nationally-known tenants such as Casual Cor- ner, The Limited, Walden Book, Walgreen's, K.G. Stores, Kinney Shoes and Zales Jewelry. The center construction exhibits the high quality of Watson Centers developments and ongoing economic success demonstrates the quality of management. 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V. _ ' a:,i a4R -'' ":771 J ,4 i r. s? affix. *•i. j�j l .4 ,+r ' 7^u :.3.,-.ti,", + YY � ; �p}.'- ..J ':7.4%.' i✓ Ry. s . s` I. �,. au r•1 r .:;�' £ y ‘,..÷....-,....-r `"`--;`,1101v.,- '-.is '1.tra:. -: 6 ` ,,o':_aYtc ,.,sri '�'' K +. yn s 6'-e• _• �Fy:.k �, 1 p ""` �t4 !x y/'` "!p �) i 'i'�x 111 ) ,`� i -;-...-%-% . /r'eC �T.: ; x ,...m+ 4, r tii a -ri a i".. 5 x, — ' • ,-,....ti.--7.- :3 y ._ { ti t ;'-r" t`r� 44 ..,,..„..,,,, ,,,,,.,,,.:..,,,...„... .„1. -'r s .�,.,.:2'..,4--,-;.-..:;, k. u 7� .,.�y. „ _ s •- ' r - :4:--r ,r4 tai AWARDS Watson Centers, Inc. has won awards for its innovative development of the Centrum Plaza. The International Council of Shopping Centers, the shop- ping center industry organization, awarded the Centrum Plaza its 1980 award for Contribution to an Urban Area. In the words of the International Council of Shopping Centers, The Awards Program "recognize(s) outstanding and creative accomplishments in the shopping center industry. The International Downtown Executives Association is the professional organization of downtown improvement spec- ialists representing more than 300 downtown organizations. International Downtown Executives Association awarded the Centrum with its 1980 Merit Award for the contribution made by the Centrum to Downtown Lincoln and contributions to downtown improvement knowledge in general. STUDIES Watson Centers has in-house capability to provide various analyses in connection with developments. These analyses provide the necessary information to make informed deci- sions in today's real estate market. a. , • „ . , .. -•-„- •-ft,- ....r2 •- --„ ...,,',.,•,•,, • t ..7 , . • '''--:-..4::;`,,'''''.....x '.-`!:-` Pi**. 41vq1 _ — ..4f', '4. z ., s,,.k^,:n,,,„%„,,L"F.,,--,'F! 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"'" -,4 , • 1 _, •••-"4.• ',..1,,,.. _::-s, , I LI C • .,.°` .., ...i.---t-..',..-:1----=,-..!- -, . -..,41,,- , .-v.-1,-.---, ',At4.,---r,....°v,--,- t, CL il 1 C m 1 , -.. _ . - - .„„_,,...._-._e ...`".n.o.lt-4-. 4.,•,•,'?"' , • ..-i."77..--, ,-, 1.?--- - * 5 Ow 13 ---14;.--,..tie,-,..„,,,,,t-‘,'-;-,...,-. , '' .^-.4:' " • - .„.. ,-..,,,,frie.,A. ... -"" ,,,,.,---*'- - ,-'7-, , *'<vt 'i - - . .", -P.L,,,%Z.• :..7"-- -..-.---- - - 7, ,iff,n,"-IN,+•,71.-." :„.....4,, -..„:,..:-:.,-;r1"7.- - ' - - ,, • eezTer. r• .•6'.- .. --=--....f......-,t,,,,...— . < ; TME CITY OF DIRECTORATE ao OF r<''I ° T o MEMORANDUM PUBLIC WORKS No. JB 2-82 FRILL Y DATE February_26, 1982 FROM D.P.W. John G. Flora TO ACTION INFO. SUBJECT Jerry Boardman, Executive Director HRA Award of Contract for Demolition of Structure at 6471 University Avenue N.E. We received bids for the demolition and removal of the structure at 6471 University Avenue N.E. on February 16, 1982. I am attaching a copy of the bid results. Renollett Trucking, Inc of Andover, MN was the low bidder at $10,840.00. We have checked Mr. Renollett's references and find him to be a responsible, competent contractor and recommend that the HRA award this contract to Renollett Trucking, Inc. for $10,840.00 JGF/mh ATTACH: 1 CITY OF FRIDLEY BIDS ON DEMOLITION OF BUILDING at 6471 UNIVERSITY AVENUE N.E. Bid Opening: February 16, 1982 11:00 a.m. PLANHOLDER BID DEPOSIT Ted Renollett 927 Andover Road N.E. $542.00 $10,840.00 Anoka, MN 55303 755-3126 King Construction 9601 Jefferson Trail .5% $12,500.00 Inver Grove, MN 55075 Cich Trucking _ 5095 Lavaquer 5% $13,225.00 Duluth, MN 55803 • Park Construction Co. 7900 Beech Street N.E. 5% • $13,400.00 Fridley, MN 55432 786-9800 Doty & Sons, Inc. 620 - 39th Avenue N.E. 5% $15,500.00 Mpls., MN 55421 781-3145 Diamond 5 Wrecking Co. Route 2 - Box 179 5% $15,600.00 Hutchinson, MN 55350 . Carl Bolander & Sons 2933 Pleasant Avenue South 5% $18,485.00 Mpls., MN 55408 825-6851 S & L Excavating, Inc. 800 South Highway No. 10 5% $19,420.00 St. Cloud, MN 56301 Minnesota Lumber & Wrecking 915 North Albert Street 5% $24,900.00 St. Paul , MN 55104 All-Done Demolition 8053 Buchanan Street N.E. 5% $27,000.00 Spring Lake Park, MN 55432 784-1182 THE CITY OF HOUSING -- --- and '� Io. w REDEVELOPMENT 616::: MEMORANDUM AUTHORITY , .::._: WINIMOVIVOM. i E .00g BOOM FRIDLEY : ,r FROM EXECUTIVE DIRECTOR MEMO NO.82-14 DATE March 4, 1982 TO ACTION INFO. SUBJECT Housing & Redevelopment Authority X Telephone Building Acquisition I've discussed this item further with Mr. Mark Haggerty as was requested by the HRA. Mr. Haggerty stated that Mr. Wyeth would only accept a minimum offer of $275,000. He has not yet signed a lease renewal with Northwestern Bell , but will be doing so in April. He anticipates that the lease which he will enter will be $16,000 per year for five years with renewal options. If the HRA is interested in acquisition based on this new information, we can make a formal offer of $275,000, or try to negotiate a value less than $275,000. It sounds like any further negotiation could be difficult. However, some action should be taken as soon as possible. JLB/de J i Letter from Andy Merry, Juran & Moody AT MEETING MOORE LAKE PROJECT THE CITY OF ---/iiiir HOUSING .. is Im � ::� and » .iiii. . --r- ... is REDEVELOPMENT . i... MEMORANDUM -A„. . ♦ : 41114. r w - ti• .iii • ri• AUTHORITY blim "' FRIDLEY ::::::::::_. .... ::c FROM EXECUTIVE DIRECTOR MEMO NO.82-16 DATE March 5, 1982 TO ACTION INFO. SUBJECT Housing & Redevelopment Authority X Cheryl Nybo Project-Phase I Moore Lake Please see the included documents from Eberhardt on their financing proposal for the Phase I property on Hillwind Road. We met with Ms. Nybo on March 5, 1982 to discuss what the HRA needs as to the performance of the developer. I feel that Ms. Nybo has financing agreements that will allow her to get financing for the project. These, however, are not firm commitments that the HRA would need for actual acquisition. Ms. Nybo is, at this point in time, waiting to see what the interest rates are going to do. If interest rates come down, which seems to be the case, she may decide to go conventional financing rather than tax exempt. We have discussed the possibility of an option on the TIF property which will beheldby the HRA and secured by Ms. Nybo and feel that this may be the way to go. At any rate, we should proceed with an appraisal on the property so that we can negotiate an acceptable value with Mr. Burandt. This way we will be more able to determine all our options. JLB/de Eber t Real Estate Financing Commercial Real Estate Property Management& Leasing March 1, 1982 Fehling, Fehling & Nybo 1612 Berne Circle Fridley, Minnesota 55421 Attn: Ms. Cheryl Nybo Re: Hillwind Office Building 941 Hillwind Road Fridley, Minnesota Dear Ms. Nybo: Please find enclosed an original and two copies of a mortgage application to the Union Mutual Life Insurance Company for the above-captioned property. Upon acceptance by applicant of a loan commitment containing the terms and conditions outlined in the enclosed application, or such other terms and conditions acceptable to applicant, Eberhardt Company and First Corporate Services shall be entitled to an origination fee in the amount of $19,200.00 which fee shall be considered earned and payable upon acceptance. A standby deposit of $9,600.00 is to accompany this letter in addition to the standby deposit required by Union Mutual Life Insurance Company. This fee shall be considered a good faith deposit. In the event a loan commitment is accepted by appli- cant containing the terms and conditions outlined in the appli- cation, or such other terms and conditions acceptable to applicant, said good faith deposit shall be applied toward the payment of the aforementioned origination fee. In the event a loan commitment containing the terms and conditions contained above is obtained, and applicant fails to accept said commitment for any reason whatsoever, said good faith deposit shall be forfeited to Eberhardt Company and First Corporate Services. If the terms and conditions of the application are acceptable, please execute and return to us an original and one copy of the application, and an original and one copy of this letter along with your check payable to Eberhardt Company in the amount of $9,600. 00 with a cashier's check payable to Union Mutual Life Insurance Company in the amount of $10,960.00. 3250 West 66th Street, P.O. Box 1385, Minneapolis, Minnesota 55440 Phone: (612)920-9280 Ms. Cheryl Nybo Page Two If you have any questions concerning the enclosed application please feel free to contact me. !Sincerely, a hn W. Davis senior Vice President Accepted this , 1982 By: Its: Date: APPLICATION FOR TAX-EXEMPT LOAN TO UNION MUTUAL LIFE INSURANCE COMPANY AND ITS AFFILIATE COMPANIES LOAN Application is made for a tax-exempt loan to be secured by: :(X) a (X) first ( ) second mortgage on real estate • ( ) a ( ) first ( ) second mortgage on a leasehold estate in unencumbered real estate, the title to which shall be satisfactory to you, with fee owner subordinating and subjecting his fee interest Co your mortgage ( ) a ( ) first ( ) second lien on a leasehold estate in unencumbered real estate, the title to which shall be satisfactory to you, with the fee owner not sub- ordinating ub- odinating or subjecting his fee interest to your mortgage on the terms and subject to the conditions hereinafter set forth. TERMS ( )' 10 years, with amortization on a 30 year basis. ( ) years, interest only. Callable at the end of the 10 loan year(s), without prepayment premium. Loan Amount: $ 960.000 Interest Rate: (x) 14a % per year tax-exempt payable in equal monthly installments of principal and interest of $ 11,568 , plus a $ non-refundable fee. ( ) _% per year tax-exempt payable in equal monthly installments of interest only of $ ' , plus a $ non-refundable fee. ( ) Additional interest shall be payable monthly based on: (X) Union Mutual shall have the option to increase the interest rate at the end of the 5th loan year(s) upon 120 days written notice. The bond (or loan) may be prepaid without prepayment premium within 120 days of receipt of notice of the increase in the interest rate. ( ) Other Interest Rate Provision(s): Date of Loan Closing: no earlier than November, 1982 and no later than December, 1982. (time frame should be no longer than one quarter) Deferment Option: Defer up to three months, at Union Mutual's option. Prepayment Provision: (X) 10 year lockout, 5 X in the 11 year, declining 1/2 of 1 % per year to a minimum of X. To the extent permitted by law, such prepayment premium shall be payable regardless of whether the bond (or loan) is prepaid voluntarily or involuntarily, except that no premium shall be required on involuntary prepayments with condemnation awards or proceeds from fire and/or casualty. If the bond (or loan) is prepaid because of an acceleration after default during the first ten loan years, the prepayment premium will be 101. - 2 Funding: (X) Floor Loan: At the time of funding, the property must be at least 50% leased at pro forma income and a nses(12,000 sq.ft. @ $11.50/sq.ft. with expenses stopped at $3.50) in order to gualify for a floor loan of $816,000. The balance of the loan ($144,000) will be funded at break-even, defined as leases written ( ) Economic Holdback: on the above terms producing an annul ince of $229,500. OD Completion Holdback: At the time of funding of the floor loan there will be an escrow of 1.25 times the architect's estimated costs to complete any unfinished office space. Holdbacks: Applicant will have 6 months to qualify for the economic and/or completion holdbacks which Union Mutual shall fund at any time within 30 days of • receipt and approval of all required documentation. Union Mutual will not be required to disburse the remaining funds if there is a monetary or non-monetary default in the mortgage, whether cured or uncured, after the floor loan is closed and prior to the time that applicant qualifies for the holdback amount. Other Terms: APPLICANT ' Name (as it will appear in the record title) Identify general partners, limited partners, principal beneficiaries, etc., and their percentages of ownership in the sponsoring entity. If the partners which comprise the sponsoring entity are partner- ships or corporations, indicate the owners and their percentages of ownership. Fehling, Fehling & Nybo Co-Maker(s) and/or Guarantor(s); amount of bond (or loan) guaranteed as to principal amount and any accrued interest and penalties thereon. Robert A. Fehling Toni L. Fehling Cheryl L. Nybo Have you applied-elsewhere for this loan? ( ) Yes ( ) No. If yes, give details. Is there any history of felonious charge, bankruptcy, or insolvency on the part of the applicant or any of its principals? Has 'the applicant(s) been previously foreclosed upon or given a deed in lieu of foreclosure? Are there any suits pending? If not, so state. If any, give details. • SECURITY Type of Property (office, apartment, industrial, etc.) . Office Street and No. 941 Hillwind Road City Fridley County Anoka State Minnesota Abutting dedicated public ways which provide access to the subject property: Interstate 694; State Highway 65 Distance to: Stores Schools Downtown Interstate Highway Access (on service road) Public Transportation Land Dimensions and Square Feet Is the security subject to easements (other than 49,345 sq.ft. utility) or are there easements over other property? ( ) Yes ( ) No If yes, attach full details. Construction Date(s) Specify Number Units: Baths: Gross Area. . 30000. . ., 1982 3 Fuel: Stories: Elevators: Rentable Area How Metered: 3 1 Basement Sprinklered: Rooms: Buildings: ( ) Yes ( ) No 1 First Floor Air Conditioned: Parking Other Floors (X) Yes ( ) No paces: 91 24,000 Are there any common walls? If any, give details. Total Rentable. . Zoning: Types of Uses Allowed (Specify any unusual zoning restrictions) Construction Characteristics: (including building frame, exterior walls, roof, foundation, heating and AC system) • - Masonry Exterior Walls - Structural Steel Frame - 3 - • COST AND (Date Land Purchased 19 I Price $ Esti.-.ated Value at Loan Fur.dini. FINANCING 'Date Prop.•rt^ Purchased 19 Price S ! Land S 'Cost of capital improvements or buildin;; constructed Buildings $ since purchase, or to be completed as of date of i Chattel $ proposed loan $ (attach estimated ! cost breakdown on construction contract if not General contractor) Total S Existing Mortgage Indebtedness: Lung and/or Short Term: Loan Balance Interest Rate Maturity Prepayment Charge Mort.a.ce 19 $ S I X 19 $ INCOME CROSS and NET income (before building depreciation, debt service and Federal HISTORY income taxes) for the past 5 fiscal years (ATTACH OPERATING STATEMENTS) CURRENT Tenant Square Feet Term Landlord's Expense Annual Rent LEASING • -tamers Insurance Group 3,000 $ 34,500 ffhe above tenants and future tenants will execute an estoppel letter in form and substance approved by Union Mutual prior to closing certifying among other things that they are in occupancy, open for business, there are no defaults under their 'lease, and they have commenced full rental payments. Applicant declares that all statements contained in this application (including any supplemental pages attached to and made a part of it) are complete and true to the best of the applicant's knowledge and, if the application is approved, agrees: 1. That in the event satisfactory evidence of qualification for tax-exempt status is not received within sixty days from the acceptance of the commitment or the project sub- sequently loses its tax-exempt status prior to the purchase of the bond, you shall have the option of either terminating your obligations under the commitment, in which case the entire Commitment fee as outlined in paragraph 1131 •shall be retained by you, or making the loan at an interest rate which is 150 basis points above the tax-exempt interest rate. 2. That in the event either the IRS determines that the interest income from the bond is taxable at any time during the life of the loan or you are unable to obtain an • unconditional opinion from recognized bond counsel of your choice that the bond continues to be tax-exempt, the interest rate shall be increased immediately to 200 basis points above the then existing tax-exempt rate of the bond with debt service payments adjusted so as to fully amortize the loan by its original maturity date, and you shall have the option to declare the entire remaining indebtedness, plus accrued interest and applicable prepayment premiums, due and payable upon 6 months prior written notice. If the loss of tax-exempt status occurs during the first ten loan years and you elect to declare the bond due and payable, the prepayment premium in respect thereof shall be an amount equal to 5 X of the principal sum prepaid. In any event, upon 30 days written notice, you shall be reimbursed for any and all back taxes, together with interest and penalties thereon, if any, which you estimate you will be required to pay as a result of the lost exemption. 3. That applicant, and any tenant or other party to the transaction qualifying as a "principal user" of the property, shall certify by affidavit or such other document as you may deem necessary, annually or at such time as you may otherwise deem necessary, information concerning its capital expenditures and use of proceeds of tax-exempt obligations within the jurisdiction where the property is located, and such other information as you may deem necessary, to determine the tax-exempt status of the bond(s); and shall agree to such reporting requirements, capital expenditure limitations and other requirements imposed by the Internal Revenue Service to preserve the tax- exempt status of.the bond(s). 4. To furnish an A.L.T.A. or other title insurance policy acceptable to you. 5. To furnish proof satisfactory to you of compliance with any and all applicable laws, regulations, and zoning requirements. 6. To furnish for your written approval final plans and specifications, approved in writing by applicant, contractor, surety or guarantors and the appropriate governmental authorities responsible for compliance of plans and specifications with building codes or other laws or regulations. Any change in the final plans and specifications without your prior written approval may, at your option, constitute a breach of the commitment and a default under the Mortgage. Also, you will be furnished a satisfactory soil report and satisfactory letter from the inspecting architect indicating that the foundation is engineered to support the improvements on the property. 7. To furnish a boundary survey prior to construction of the improvements; upon completion to furnish a satisfactory plat of survey by a qualified surveyor showing the location of the completed buildings and improvements and other features, includinc without limitation, easements and encroachments, affecting the title; and also to furnish photographs of the buildings and improvements whenever required by you. 8. To furnish, if applicant is a corporation, partnership, or trust, all appropriate papers evidencing applicant's capacity and good standing, and the qualification of signers to -execute the bond (or loan) instruments and to engage in any transaction or business in connection with which the bond is purchased or the loan is made. 9. That local Special Counsel and Bond Counsel of your selection will be used for the necessary title services, lease examinations, drafting of papers, legal opinions and other attorney's services relating to the transaction. To the extent you require, applicant's attorney will furnish supporting legal opinions. 10. If new construction is to be part of the security, to furnish monthly reports of the progress of construction to you upon request. It shall be understood that you may require an independent consulting registered architect or engineer, acceptable to you, to review plans and specifications and any changes thereto, inspect the project on a monthly basis and comment on the progress and quality of workmanship. This will be at the applicant's expense. At the time the commitment letter is accepted, applicant will deposit with Union Mutual 1/4 of 1% of the total loan amount as an initial down payment toward the consultant's fees. 11. To pay all costs arising from this application, including (without limitation) the costs of Special Counsel and Bond Counsel, any escrow and recording fees and taxes, revenues and tax stamps, and all of the documents and services described in the fore- going paragraphs 1 through 7, whether the loan is closed or not. 12. To execute all loan papers on such forms acceptable to you, your Special Counsel, and Bond Counsel. 13. If you require, to give as additional and collateral security (a) a Security Agreement which shall grant to you a first security interest on all personal property used in the operation of .the premises, (b) an assignment of all leases, present and future, and (c) an assignment of rents, incomes and profits from the premises. 14. To furnish to you, as collateral security, such fire, extended coverage, liability and rental, and other insurance in such amounts as you may from time to time require. The policy(ies) shall be written by corporate insurer(s) of at least Best's rating of A:IX or better. The policies, which shall contain a standard mortgagee clause, shall be subject to your approval in form and substance, including any endorsements which you require. In the event of loss or damage by fire or other casualty, you may elect to apply the insurance proceeds to the reduction of the indebtedness or hold the proceeds in a non-interest bearing escrow account to be used for the cost of rebuilding or restoring the building or improvements. 15. That real estate tax and insurance escrows will be paid monthly in advance with each loan payment. 16. That interest on the bond (or loan) shall commence with the date the funds are disbursed by you or deposited with an escrow agent preparatory to purchasing the bond (or loan), whichever occurs sooner. It is agreed, however, that if the bond is purchased (or the loan is closed) after the 15th of the month, we will pay, at closing, the interest for the balance of the month. 17. That you shall have the right to require, at any time during the term of the bond (or loan), the loan payments to be made in some manner satisfactory to you in order that you will receive immediately available funds. 18. That you may collect a late charge of 5c for each'$1 of loan payment which is more than 5 days overdue. In addition, a default interest rate which is the bond (or loan) rate plus 5% will accrue on the entire outstanding principal balance of the bond (or loan) if you do not receive a loan payment within 15 days of its due date, and this interest will commence to accrue retroactively as of the next day after the due date, and will continue to accrue until the late payment plus all associated penalty payments are received. 19. That at the time of closing, the building(s) and improvements shall not have been damaged by fire or other casualty, nor shall there be any condemnation proceedings pending. In the event of a condemnation at any time during the life of the loan, Union Mutual may elect to apply the proceeds of the award to the reduction of the indebtedness or to make such proceeds available for the cost of rebuilding or resto- ration. s :. - 5 20. To furnish, within 90 days after the close of the applicant's fiscal year, an annual operating statement and other supporting data reflecting all material information with respect to the operation of the property securing the bond (or loan). Union Mutual shall have the right to require these statements to be certified by a C.P.A. 21. That title to the premises securing the loan contemplated herein shall not be changed by sale, assignment or otherwise without the prior written consent of Union Mutual. Change of title by devise or descent shall not be considered a violation of this clause. Sale of the stock of the sponsoring entity or a change in the beneficial ownership or partnership interests in the sponsoring entity shall be considered a change of title. Should title to the property be changed without the prior written consent of Union Mutual, then Union Mutual shall have the right to require the balance of the bond (or loan) to be immediately paid in full. You may condition your consent to each such change of title upon an increase in the interest rate to the rate which you determine to be the then current market rate for new loans on similar properties. If the interest is so increased, the monthly install- ment payment will be increased accordingly, and either we or the new owner will pay all fees and expenses incurred due to the necessity of amending the existing loan documents. In the event that the interest rate is increased by Union Mutual, the borrower shall have the right to prepay the principal balance of the mortgage, without penalty, for a period of 120 days after notification by Union Mutual of the increase in the interest • rate. 22. That in addition, Union Mutual shall have the right to charge a fee for processing any application seeking its consent to a change of title to the premises. The current fee is $ 500.00 , but this fee is subject to adjustment if the administrative costs of processing such applications increase. 23. That Sponsor, and each partner (controlling shareholder or beneficiary) in the event former is a partnership (corporation or land trust) (collectively referred to as "Borrower") must, in the opinion of Union Mutual, be "financially responsible" at each closing. "Financially responsible" shall be interpreted to mean that Borrower: is not bankrupt; has not committed any Acts of Bankruptcy; and has no outstanding liens, suits, garnishments, or court actions which could, in the opinion of Union Mutual, render Borrower insolvent or bankrupt. Should Borrower not be financially responsible at the time of closing, Union Mutual retains the right to terminate the commitment and to retain all commitment fees. 24. That you may make investigative consumer reports in connection with our application for a loan in accordance with the Fair Credit Reporting Act. 25. That Union Mutual reserves the right to approve and/or install professional management of this property at any time after a 45 day default in the Note or Mortgage. 26. That no additional financing shall be placed on this property without the prior written consent of Union Mutual. 27. That your obligation to fund shall be conditioned upon an on-site investigation by a representative of Union Mutual and your approval of the site, general location, and, if the property is existing, quality and maintenance of the improvements. 28. That under no circumstance will this application or the commitment be assignable. 29. That in areas identified by the Secretary of Rousing and Urban Development, or any other government agency, as containing special flood hazards and in which the sale of flood insurance has been made available under the National Flood Insurance Act of 1968, as amended by the Flood Disaster Protection Act of 1973, it is understood that you have the right to require flood insurance in the amount of the mortgage balance on any or all of the subject properties. 30. That at your option, within 90 days after the commitment is accepted, the loan shall be completely preclosed by execution and appropriate recording of the loan documents, or the borrower, construction lender and Union Mutual shall enter into a three-party agreement guaranteeing that if the terms of the commitment are met, the bond shall be purchased or the loan shall be made. 31. A cashier's check for $ 10,960 accompanies this application, which represents an application fee of $ 9,600 (1% of the loan amount) and a site inspection fee of $ 1,000 When the commitment letter is accepted, the inspecting architect/engineer's • - 5 - fee of 1/4 of 17. of the loan amount and an additional fee of S 9,6Q0 _ will be forwarded to you. The additional fee plus the application fee shall become the commitment fee. $ — — of the commitment fee shall be retained by ynu as an earned fee, and $ 19.200 of the commitment fee will he returned when the bond is purchased or the loan is completed and all documents delivered. If the bond is not purchased or the loan is not closed in accordance with the terms of the commitment, then the entire commitment fee shall be retained by you as consideration (in addition to the direct costs which applicant agrees in paragraphs 1-7 to pay). The site . inspection fee shall be retained by you as an earned fee upon completion of the site 'inspection regardless of whether the loan ultimately closes. The difference, if any, between the actual cost of the inspecting architect/engineer and the inspecting architect/engineer's fee shall be returned when the bond is purchased or the loan is completed and all documents delivered. In the event the bond is not purchased or the loan does not close, the inspecting architect/engineer's fee shall be returned less actual costs incurred for services performed by the inspecting architect/engineer. 32. If your commitment, including terms as contained in this application, is not accepted promptly, you may retain as consideration for the issuance of the commitment all amounts tendered as fee payments under item 28 above, provided that the commitment does not contain terms materially different from those set forth in this application. 33. The undersigned specifically agrees that this application represents only the agreed upon business frame work upon which the final terms and conditions, including all legal and business requirements to be included in the loan documents, shall be based. The approval and funding of any loan is specifically subject to satisfaction of all terms, covenants and conditions contained in the commitment letter issued and duly executed. Time is of the essence in the performance of all obligations of the commitment. • 34. This application shall expire on April 1, 1982 • Date _ 19 Fehling, Fehling & Nvbo Name of Applicant Signature Applicant's Mailing Address 1612 Berne Circle Fridley, Minnesota 55421 NORTH AREA PROJECT THE CITY OF HOUSING h � and •v. so .. itiw I'vl REDEVELOPMENT :::...••.'' MEMORANDUM ::: 41a,l, ....r....; ... ....�, ::: AUTHORITY .. :::::......: ...... �!. iii FRIDLEY FROM EXECUTIVE DIRECTOR MEMO NO. 82-15 DATE March 5, 1982 TO ACTION INFO. SUBJECT Housing & Redevelopment Authority X ELO Manufacturing I've discussed this proposal with Dick Ehlers, Ehlers and Assoc. to get a more formal indication of potential bonding for the project. He will be doing a computer run on the project which we hope to have for the March 11 , 1982 meeting. In the meantime, he gave me a quick estimate on the Bond amount that we would be able to sell. The following is an estimated breakdown on the project: Estimated Assessor's Market Value $1 ,342,400 Assessed Value 577,232 Base Value 43,720 Tax Increment Assessed Value 553,512 TIF Tax (98.63 mills) 52,620 Tax after Fiscal Disparities 31 ,571 Estimate from Dick Ehlers on maximum 15 year bond . . 200,000 With Capitalized Interest 60,000 Maximum Useable Bond for Assistance $140,000 We will be working closely with ELO in order to make a recommendation to the HRA at their meeting on March 11 , 1982. JLB/de • A/ � ' I8 . • t 1_111[1 WTI I I ' . � . __ • • I I ( I I 4 / / off /" / � i viii ... // / - / / • /� ii r ,�j • .41 i • t • cti WANGERINPtoposcxl-Acceptonce 5610 HARRIET AVE. S., SUITE 201 f, •� B;.00t 1NSTONi MN b5420 Page of Pages E CJ , I O (tI21 STT-MO SUBMITTED TO: DATE DATE OF PLANS ,''�r•. C r-1-'rrc:r+ _ :..'Y'-: 1 . l CT 2 STREET JOB NAME C W G�45 - i• Beth T;;'tl'f"el?Ot:se CITY,STATE AND ZIP CODE JOB LOCATION Eloor:inton, T'inn. 5.420 cel & t"ain N.E. PHONE _ JOB PHONE PROJECT DIRECTOR Fridley WEJEREBY:ASUBMI7;(4PBE1fiC+4`tIONS ND? S#IMATESrOR � + *? ffi � ,1#•:504410.1** FOLD 7.1ea t` andi FOLD $ 16,000.00 )($174,100.00 sn'_). _.. : .ion in t-aildin arc. - _r_'-5.n ;ra n T- � r., _,� -5 `c ;1. r1 �ci+ Backfill �,"��3; cor.�:.o: �� rc- co„ cC� I to :_-, _�<;._�.�^ anJ Tp 7r7-cinc lot. $ 13,400.00 -1r:n __ ing and backfill for footi1,cgr- ..- $ 8,500.00 C_ $212,000.00 • FOLDOL FOLD ti/'L” •TCT . �♦ e_.r,� .dt Rte' • • rf '- .� y ,;-? � t -�,... a �3 � r. � "�re,r-� , ,„K; !� .__..1("r TYrr.:•zen6 t. larn c '.'_C'': ...._..._..__DOLLARS (S PAYMENT TO BE MADE AS FOLLOWS: Aj: ful'. 10 C.:\':, r• f • All material is guaranteed to be as specified. All work shall be completed in a workmanlike manner „ AUTHORIZED GNATURE according to standard practices.Any alteration or deviation from above specifications involving extra / �f costs will be executed only upon written orders,and will become an extra charge over and above the i., .. �% ” amount set forth above.We shall not be responsible for delays caused by strikes, accidents, or other NOTE: THIS PROPOSAL MAY BE WITHDRAWN BY US IF NOT ACCEPTED contingencies beyond our control. Owner to carry fire, tornado and other necessary insurance. Our workers are fully covered by Workmen's Compensation Insurance. WITHIN f ''T DAYS. +r rr-^' - x - 71..77, ar-.-3.Test-^ -- SIGNATURE The above prices,specifications, terms and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified.Payment will be made as outlined above, SIGNATURE Date of Acceptance: FORM NO PA13N,THE STATIONERY HOUSE.INC,1000 FLORIDA AVENUE.HAGERSTOWN,MD.21740 FINANCE