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HRA 11/02/2006 - 6228CITY OF FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY MEETING Thursday, November 2, 2006, 7:30 P.M. AGENDA LOCATION: Council Chambers (upper level) CALL TO ORDER: ROLL CALL: APPROVAL OF MINUTES: J J1. Approval of September 7, 2006, Meeting Minutes J 3 5 A-) "\X< CONSENT AGENDA: 1. Approve expenses \12. Approve 2007 HRA meeting dates ACTION: \/1. Approval of Tax Increment Assistance Request for Industrial Equities redevelopment of former Guardian Building Products site A6- J2. Approval of Preliminary 2007 Budge . Authorization to negotiate purchase of properties in Gateway Northeast area 4. Approval of Contract for Administrative Services for 2007 Home & Garden Show INFORMATIONAL ITEMS: V11 Gateway West Update 2. Monthly Housing Report ADJOURNMENT: �b ? C;-7 CITY OF FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY SEPTEMBER 7T11 , 2006 CALL TO ORDER: Chairperson Commers called the regular meeting of the Housing & Redevelopment Authority to order at 7:30 p.m. MEMBERS PRESENT: Larry Commers, Pat Gabel, William Holm OTHERS PRESENT: Paul Bolin, HRA Assistant Executive Director Scott Hickok, Development Director Richard Pribyl, Financial Director /Treasurer Mike Jeziroski, City Accountant APPROVE OF MINUTES: 1. Approval of August 3, 2006, HRA meeting minutes MOTION by Commissioner Holm to approve the minutes as submitted. Seconded by Commissioner Gabel UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNAMINOUSLY. CONSENT AGENDA: 1. Approve Expenses MOTION by Commissioner Holm, to approve the expenses as listed. Seconded by Commissioner Gabel. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNAMINOUSLY. ACTION: 1. Approval of Tax Levy for taxes payable in 2007 Paul Bolin, HRA Assistant Executive Director, reported that since 1996 this levy has supported the Housing Rehabilitation Program in Fridley. This levy was used for payments of the $1.5m loan given by the City for the Revolving Loan Fund. The current principal balance is $415,907. Staff recommends approval of this Tax Levy for taxes payable in 2007. MOTION by Commissioner Gabel, to approve the Tax Levy for taxes payable in 2007. Seconded by Commissioner Holm. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE MOTION CARRIED UNAMINOUSLY Wells Fargo plan would be identical tO |CMA MOTION by Commissioner Holm, tO approve/authorize the move Of the 457 plan from |CW1Ato Wells Fargo. Seconded by Commissioner Gabel. UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COK8K8ERS DECLARED THE D8O7[|ON CARRIED UNAD8lNCjQSLY INFORMATIONAL ITEMS: 1. Gateway West Update Paul Bolin, HRA/\SSiSt8Dt Executive [}i[8CtO[. reported that last nlODth they expanded the Mill and Overlay project beLNxeHn1h8tmx}Sit8S. The bid was approved for $32.15G and the project DOStvv8SOn|V$8'000SO8|OtVY8SG@V8dOOth8tp jSCt. Kurth Surveying is actively working On the fiD8| plat for G8tSvvoy West 2»o Addition. They are also working with Attorney Kn88kOD final title pieces. Attorney Kno8k met with the Anoka County title examiner on the final plan and they have another meeting scheduled D9x1 week to work out the |8Gt of the issues. We p|8D to submit @ final plat before the City COUOCU September m 0e8UOg. Mr. Bolin stated that currently there are three homes under construction and some agreements with private parties are iO the works 0O the north end. VV8 should see this under construction iD the next month. They are working OD new curb and gutter work and asphalt will follow. Photo's were shared Df the progress OO the project. Mr. Bolin stated the utility work is CO[np|Bt9 but was tricky 8Swith CUS1O[n homes they are not always sure how the house will sit On the lot. The contractor worked with the developer and did come Up with @ spot for installation. The fence has also been 8 Ch8|l8Dg8. The old fence iS down and they are staking Up for the new fence. They tried tn install the fence where they would not have t0 cut down any trees. They have only heard from two neighbors regarding the fence, one tO keep the trees, one t0 take them d0vVO. Next month the brick will gVUp for the fence and the project iS8xpeC18dtOb8 completed by October 10 m . Commissioner Gabel commented that the fence project aeurnodnnonenonnp|ioo1ed than the street project. Mr. Bolin agreed that the fence project Yv8SC0Dlp|iC8i8d8Sthe|8DdiSOOi8x8Ct|y parallel tO University Avenue and there are odd angles and elevation problems. Scott Hickok, Development Director, stated that h8 has heard compliments from people who are pleased with Paul Bolin and M[ B0liO'Sfi8|d work on this project. P8U| is out on the job every day meeting with C0Ot[G{t0[S, MDDOt' B|U8 Print HOnOeS' Engineering Surveying Crew etc. Paul has been watching this project very closely and VVe[COrniDg any obstacles that have come across the path. Mr. Bolin said that Ray 8t8t|e[ and the City Engineering Department have been good t0 work with and they have been 0n top ofthings. 2. Monthly Housing Report Chairperson Commers questioned if Mr. Allen has submitted a final application and paid the fees. Mr. Bolin replied yes. Mr. Hickok stated that last night at the Planning Commission, representatives for Mr. Allen were present with 8 request for 8plat. They purchased 10 acres from BNGF- Th8yVViUh8v83tota)Of128c[8S8Ddp\8nb]CODlp\8te8240.UO0SqU8refOO1bUUding0D site. The City allows UptO40%Of the site for construction, and if they build 824U.OU0 square foot site they would be8t43%SO they may b8 needing 8 Special Use Permit. M[. Allen takes pride in 0VVDiDg iDdUSt[\8| portfolio's and does nice job with his properties. VV8 can only expect the same with this project. Chairperson Commers questioned if the Special Use Permit needed to be approved before City Council. Mr. Hickok replied that currently they are VVO[hiDQ with two prospects. He wasn't sure if finals plans were ready tObHsubmitted. OTHER BUSINESS: Park and Ride Area in Fridley Commissioner Gabel questioned the park and ride area in Fridley and if they were losing out OD the opportunity when the light rail comes. She questioned if there was 8 potential to get that |8Dd back. Mr. Hickok replied that he is staying optimistic. Recently there was 8 CODVe[S8ti0D that the rail would beup and running iD2009. This iS$8.7rD project 8Ddth8p j8CtiSthe most expensive because the site iS closest tOMinneapolis. Many people will use this lot t0 leave their cars 8t the park and ride site. The issue 0f purchasing the site may be better [O discuss iO the future. Staff cannot commit for support Gt the local level and the purchase Of the property has been negotiated. VVe know the market value and that iS only one entity Of the $9.7Dl. Chairperson Cornnnera asked if there was 8 budget for the $Q7nn and i[ so, could that b8 included iD next months packet. Mr. Hickok answered that he would dO what h8 could tD get the budget \O the next packet. Commissioner Gabel asked ifwm own the land and who has most control. Mr. Hickok stated that this iS controversial question. |t goes far beyond zoning, vVecan ask the Rail authority to buy the land but the entire site is not developed for the rail St8t\DD. The trade off investment iS good with the development. The key \G[Ostay optimistic that the rail will b8Up and running in2O09. Chairperson Cmmmmners commented that the station will generate revenue. Mr. Hickok answered that if we own the site, the Federal transit authority owns the 0 0 0 = 0 O 0 0 0 0 CD -n 0 0 -4 co l< 0 CA 0 (0 (1) 00 a) O= (n CL 't, m 0 X CD (J) 0 (D C" U) -r�. 4 .9h, al -D, " P, m N) < CD --j CD 57 0 3 -4 =r CD C) -4 CD =r CD =!. CL m n3i X, F (P c? " CD 1p (n 90 �4 T CL 0 0 Cl) a l< u l< w 9: a EP M CD CD ;2 m CD 0 =3 CL 0 :3 C) 0 0 0 CD x G) 0 3 > a CD m :3 C) C> (n C) C) 0 cn w CD C) CD 0 IL Q p I. 0 K) .11 L co co W cn (A) w 0 W W W co O C) 0 0). 0 (D U) 4h, 0 C) C) CL ca .11 .11 .11 JL -�. -hl 6 .1, m 0 co w W CD Ln :3 < a) :3 W w -thl. -N co w C) w w w 0 0 CD 0 C) CD 0 CD 0 0 C) 0 :3 3 (a CD CD ii -4 -4 > cn C) 4�1 PO CA) co -4 -m Z Z 0 N -NN N co -0 3 NN 33 D cn 'ili J-1 co -40) C) 6 0 4 w 01 0) 0 CP (n 00 co Ln — .A --j -14 co w -N -11 m co -n o > -n > 0 r- C 0 3 a) 0 Cp n (n =3. 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N W (D CD M -4 " -4 4"(D W - NcoODOO X -� M N N N OD O O O O O L l Cr O O W O -I i !h A O W O, W O Cb co O W O b) O 'rl W CO N Un :^4 6 W O O O m (h U7 m O O Cn C)7 0 0 00 � M OD O N M m •J O i 00 N 00 O N DEPARTMENT PLANNING Memorandum DATE: October 27, 2006 TO: HRA Commission Members FROM: Julianne Beberg, Planning Assistant SUBJECT: Proposed 2007 HRA Commission Meeting Dates The following dates are for your review and approval of the proposed 2007 HRA Commission meeting dates. Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. 4 1 1 5 3 7 5 2 6 4 1 6 CITY OF FRIDLEY Industrial Equities - 5110 Main St. NE 2 Smaller Buildings I Larger Building Difference Estimated Market Value 10,144,000 12,115,200 — 1,97-1,200 Tax Increment - Gross (25 years) 4,882,951 6,048,543 1,16-5,592 Estimated Assistance 1,500,000 1,500,000 0 # of Years Required to Pay Assistance 22 16 (6) Comparison -5110 Main SLxs Prepared byKraon Monroe, P,A. 11/2/2006 (A-W7 ACTION ITEM ININ HRA MEETING • NOVEMBER 2,2006 MY OF .V.IDL'%' Date: October 25, 2006 CY To: William Burns, City Manager A, , From: Paul Bolin, Asst. Executive HRA Director Scott Hickok, Community Development Director Subiect: TIF Assistance for Industrial Equities Mr. Jon Allen of Industrial Equities purchased the former Guardian Building Products site at 5110 Main Street in the spring of 2006. Mr. Allen anticipates a high cost for demolition and soil corrections necessary for him to proceed with the construction of new office /warehouse space on the site and is seeking TIF assistance from the HRA. The amount of TIF assistance that is being requested simply makes this site competitive with undeveloped land in outer ring suburbs. But for the HRA providing assistance with the high cost of demolition, soil corrections, and various site improvements this site would not be redeveloped. Mr. Allen has a long history of constructing, owning, and managing high quality industrial properties. After meeting with Mr. Allen and Jim Casserly, staff strongly supports Mr. Allen's request for assistance. The details of the request are contained in the attached memorandum from Greg Johnson & Jim Casserly. Staff recommends that the HRA approve a motion authorizing staff and legal counsel to proceed with the steps necessary to create the TIF District and draft development agreements needed to provide Mr. Allen the increment necessary to undertake this redevelopment project. increment. After that Ume, the district could be decertified. If the assessed value of the new development is higher, and additional tax increment is generated, it is possible the Redeveloper's revenue note could be paid off sooner. In fact the Redeveloper is seeking to build o larger facility. If the larger facility becomes feanib|e, the 000eosod market value upon completion could increase $2.0 million to$12.1 miUinn, and assistance could be provided with only 1G years nftax increment. Actual costs being less than projected would also reduce the level of assistance required and allow for earlier T|F district decertification. The projected onate are listed nn Page 3. This project is an opportunity for the City to promote redevelopment in on older industrial area. The Redeveloper is taking the entire risk of clearing the site and building a new warehouse and distribution center. U must follow current building standards which will create on-site ponding. The City io not liable for any shortfall in the assistance if the project ianotbui|t'ortheonmnuntof tax increment generated is less. This risk is solely on the Redeveloper. Based on the information provided to uo, the amount of assistance requested appears reasonable. Please let ua know if there are questions regarding any of this analysis. Industrial Equities - 5110 Main St. NE CASH FLOW AND PRESENT VALUE ANALYSIS Industrial Equities 4bxIo Prepared byKmss Monroe, P.A` 10/2012006 Original Estimated Captured Est. T. I. Less: Available Cumulative < ------ Present Value ------ > Tax Tax Tax (d) x Admin Tax Avail. Tax- Semi Annual Cumulativ Date Capacity Capacity Capacity 0.91063 Fees Increment Increment Balance Balance I (see assumptions) (c) - (b) St. Aud. FeE (e) x (e) - (f) Total-of (g) -P.V.of (g) Total of (i) 1 06/01109 49,167 202,880 153,713 69,736 6,974 62,762 62-,762 52,844 52,844 12/01109 49,167 202,880 153,713 69,736 6,974 62,762 125,524 51,057 103,901 2 06/01110 49,167 202,880 153,713 69,736 6,974 62,762 188,286 49,330 153,231 12/01110 49,167 202,880 153,713 69,736 6,974 62,762 251,048 47,662 200,894 3 06/01/11 49,167 207,952 153,713 69,736 6,974 62,762 313,810 46,050 246,944 12101111 49,167 207,952 153,713 69,736 6,974 62,762 376,573 44,493 291,437 4 06/01/12 12/01112 06/01113 12/01113 06/01114 49,167 49,167 49,167 49,167 49,167 213,151 213 151 218,480 218,480 223,942 158,785 158,785 163,983 163,983 169,312 72,037 72,037 74,395 74,395 76,813 7,204 7,204 7,440 7,440 7,681 64,833 64,833 66,956 66,956 69,132 441,406 506,239 573,194 640,150 709,282 44,407 42,905 42,812 41,364 41,264 -39,869 335,845 378,750 421,562 1 462,926 1 504,190 12/01114 49,167 223,942 169,312 76,813 7,681 69,132 778,413 544, 7 06/01/15 49,167 229,540 174,774 79,291 7,929 71,362 849,775 39,763 583,821 12/01115 49,167 229,540 174,774 79,291 62 921,137 38,418 622,240 8 06/01116 49,167 235,279 180,373 81,831 8,183 73,648 994,784 38,308 660,548 12/01/16 49,167 235,279 180,373 81,831 8,183 73,648 1,068,432 37,013 697,561 9 06/01/17 49,167 241,161 186,111 84,434 8,443 75,991 1,144,423 36,899 734,460 12/01117 49,167 241,161 186,111 84,434 8,443 75,991 1,220,413 35,651 770,111 10 06/01/18 49,167 247,190 191,993 87,103 8,710 78,392 1,298,806 35,534 805,645 12/01/18 49,167 247,190 191,993 87,103 8,710 78,392 1,377,198 34,332 839,977 11 06/01/19 49,167 2531369 198,022 89,838 8,984 80,854 1,458,052 34,213 874,191 12/01/19 49,167 253,369 198,022 89,838 8,984 80,854 1,538,gb6 33,056 907,247 2 06/01/20 49,167 259,704 204,202 92,641 9,264 83,377 1,622,284 3-2,935 940,182 i 12/01/20 49,167 259,704 204,202 92,641 9,264 83,377 1,705,661 31,821 972,0803�, 06/01/21 49,167 266,196 210,536 95,515 9,552 85,964 1,791,624 31,699 1,003,702 12/01121 49,167 266,196 210,5�6 95,515 9,552 85,964 1,877,588 30,627 1,034,329 14 06/01122 49,167 272,851 217,029 98,461 88,615 1,966,203 30,504 1,064,833 12/01122 49,167 272,851 217,029 98,461 9�8�46 054,817 29,472 1,094,305 15 06/01/23 49,167 279,672 223,684 101,480 10,148 91,332 2,146,149 29,349 1,123,654 12/01/23 49,167 279,672 223,684 101,480 10,148 91,332 2,237,481 28,356 1,152,010 16 06/01/24 49,167 286,664 230,505 104,574 10,457 94,117 2,331,598 28,233 1,180,243 12/01124 49,167 286,664 230,505 104,574 10,457 94,117 2,425,715 27,278 1,207,521 17 06/01/25 49,167 293,831 237,497 107,747 10,775 96,972 2,522,687 27,155 1,234,677 12/01/25 49,167 293,831 237,497 107,747 10,775 96,972 2,619,659 26,237 1,260,914 -8 06/01/26 49,167 301,177 244,663 110,998 11,100 99,898 2,719,557 L 26115 1,287,028 12/01/26 49,167 301,177 244,663 110,998 11,100 99,898 2,819,455 25 19 06/01/27 49,167 308,706 252,009 114,330 11,433 102,897 2,922,3�2 25,110 1,337,370 lz/ul/z( 49,167 308,706 252,009 114,330 11,433 102,897 3,025,250 24,261 1,361,631 F2 -0 06/01/28 49,167 316,424 259,538 117,746 11,775 105,972 3,131,221 24,141 1,385,772 12/01128 49,167 316,424 259,538 117,746 11,775 105,972 3,237,193 23,325 1,409,096 21 06/01/29 49,167 324,334 267,256 121,248 12,125 109,123 3,346,316 23,206 1,432,30�2�1, 12/01/29 49,167 324,334 267,256 121,248 12,125 109,123 3,455,439 22,421 1,454,724 122 06/01/30 49,167 332,443 275,167 124,836 12,484 112,353 3,567,792 22,304 1,47_7 028 12/01/30 49,167 332,443 275,167 124,836 12,484 112,353 3,680,144 21,550 C1,498,578�i 123 06/01131 1 49,167 340,754 283,275 128,515 1 12,852 115,664 3,795,808 21,435 1,520,013 1 12/01131 49,167 340,754 283,275 128,515 12,852 115,664 3,911,472 20,710 1,540,723 �L4_ 06/01/32 49,167 349,272 291,586 132,286 13,229 119,057 4,030,529 20,597 1,561,319 1 12/01/32 49,167 349,272 291,58361 132,286 13,229 119,057 4,149,586 19,900 1,581,220 06/01/33 49,167 358,004 300,105 136,150 13615 122,535 4,272,121 19,789 1,601,008 1 12/01/33 49,167 358,004 1 300,105 136,150 2,535 4,394,6 19,120 1 1,620,128 Industrial Equities 4bxIo Prepared byKmss Monroe, P.A` 10/2012006 City of Fridley Application for Tax Increment Assistance for FRIDLEY NORTH YARD A. APPLICANT 1. Name of Business Industrial Equities, on behalf of Industrial Equities North Yard LLC Address 321 First Avenue North Address Minneapolis, MN 55401 Address Main Contact Person Alternate Contact Person Name John N. Allen Name Jeff Salzbrun Title Owner Title Telephone # 612 -332 -1122 Telephone # 692- 332 -0332 Fax # 612,332 -0241 _ Fax # 612- 332. - 024.1 E -mail jallen @industrialequities.com E -mail jsalzbrun @industrialequities.com 2. Provide a brief history and description of your business. Attach additional information and materials if available. Founded in 1983, Industrial Equities is a Minneapolis based real estate owner and developer of industrial properties, hotel properties and residential land. Industrial Equities currently has a 3,000,000 square foot portfolio of high quality industrial properties in the Twin Cities Metro area. Industrial Equities, unlike many merchant developers, designs, develops, constructs and manages for its own investment portfolio. Therefore it's properties are constructed with long term ownership in mind which provides great property value. Typical features include ribbon glass, extensive landscaping and brick accents. 3. Attach (and label as Exhibit A) the following information for all other members of the project team. Include such participants as architect, engineer, general contractor, marketing consultant, financial adviser, appraiser, etc. 10/4/2006 4. Construction Timeline Attach (and label as Exhibit E) an estimated construction timeline by phase /structure. 5. Development Budget (Sources and Uses) — During Construction Period Attach (and label as Exhibit F) a complete development budget for construction of the project, his budget should include a detailed listing of all sources and uses of funds. For each "use" of funds, indicate the methodology or means by which this estimated cost was derived (i.e. appraisal, contractor estimate, 4% of hard costs, actual cost, etc.) For each "source" of funds (debt, equity, public assistance, etc.), indicate the status of the funding source, and the applicable financing terms /details. 6. Development Budget (Sources and Uses) — Permanent Financing If ownership of the project is being retained by the applicant (or affiliate or subsidiary) and permanent financing will be obtained, attach (and label as Exhibit F1) a complete development budget upon permanent financing. Construction financing to be provided by Wells Fargo Bank, attn Gienn Sansburn, 425 E. Hennepin Avenue, Mpls, MN 55414. Permanent financing to be by New York Life Insurance Company, 7. Operating Cashflow Proforma (10 Year) If ownership of the project is being retained by the applicant (or affiliate or subsidiary), attach (and label as Exhibit F2) a projected 10 -year operating cashflow proforma for the project. The proforma should clearly identify all assumptions, and should provide a detailed listing of all anticipated revenues, expenses, capital contributions /distributions, etc. The cashflow should clearly identify "Net Operating Income (NOI) and "Cash Flow Before Taxes (CFBT)" 8. Projected Number of Jobs Created and/or Retained and Time Period Indicate below how many new jobs will be created by the user of the facility. Full -time Part -time Seasonal Other Total Total Time Period Option A estimate: 100 unknown Option B estimate: 135 unknown Indicate below how many existing jobs will be retained by the user of the facility. N/A 10/4/2006 3 E. ACKNOWLEDGEMENT AND CERTIFICATION The undersigned, a duly authorized representative of the Applicant, hereby certifies that the foregoing information is true, correct and complete as of the date hereof. The Applicant acknowledges and agrees that the $7,500 application fee associated with this request for public financial assistance is nonrefundable. Date Applicant: By: Its: The. signature below indicates: 1) acknowledgement of receipt of this application; and 2) authorization to establish an initial Preliminary Planning Fund budget in the amount of $7,500. HRA Assistant Executive Director Date: GAWPDATATTRIDLEYAMDOMCITY OF FRIDLEY TIF APPLICATION.DOC 10/4/2006 5 a i� O ..0 a Y4 E� G4 H H U W Ar W U 0 U W Z N v1 G � I W ttt 0 U M a .O w O N N_ O 00 CIA M N M �D O i t` IT C1 a w �a Q 0 G � O I U Q U y > 'o q Q d Ix N O rn O d i �O 00 t`- i M i 00 i �O C"^ A0 d' O N ci d COD N O V) ^ 0 O "d M \O 00 N t~ �O O O� 00 r N O� t� r N 00 00 i N N d\ U 0 Q Q 00 N M M cd W N O U w � � � I U O N � I ti O 00 O\ O 00 00 V1 N 00 N N 4 00 IT .-e �O <h 4 �t1 �D U Q �U! U rTt O V't N 0 �0 I r it O I � t` d 00 M i N v'1 O< 00 M f� t Vi ON rx 00 C^ M U � O cd U �DA O U � a © O c?dbA O 15 O O O 00 N_ d N i O\ t- d' r M cV D1 C`- i b U d\ M U ti N H x � a F. O U N W t- N C� N i 00 i N M �U 00 N fA ro r� f�. U b � O v n 0 a 4) O F5 k C/1 H Z -o V V W O a w yA Tx. � 0 V tC U 06 ' r 00 M w M t0 M �d N N_ �U �D 06 r 4 M w f o0 o f o0 06 r 4 M w f o0 Q ti WT 4� N c,j N O Q Q � W � w a, Z cd n Q � M 4 cGd a G b� G a' W r� 0 M 00 0 d' _N 00 kn 00 00 N tn ON 00 CrIN I � -N v x We o� N d' V) .2 G U � G 00 0 � It o o GA U FXH � V> (T_ r City of Fridley Land Use Application PS #06 =01 September 6, 2006 GENERAL INFORMATION SPECIAL INFORMATION Applicant: _- _- _­_... John-N:-Allen _ _ - - -.. -- 321 181 Avenue North Minneapolis MN 55401 Requested Action: Replat of property to incorporate property being purchased from Railroad. Existing Zoning: M -2 Heavy Industrial _ Location: _ 5110 Main Street NE Size: W , 449,849 sq. ft 10 acres Existing Land Use: Industrial Office/Warehouse Surrounding Land Use & Zoning: N: Reviva Industry & M -2 E. Single Family home & R -1 S: Murphy Warehouse & M -2 W: Railroad & RR Comprehensive Plan Conformance: _ Use of property is consistent with Plan. Zoning History: 1960 – Office/Warehouse constructed. 1978 – Variance granted to reduce the side yard setback from 20 ft. to 10.5 ft. 1978 – Addition to building. 1989 – Lot is platted. _ Legal Description of Property: Lot 1, Block 1, Glacier Park Company Addition Public Utilities: Business is connected. Transportation: Main Street provides access to the property. Physical Characteristics: Lot consists of buildings, pavement and parking areas with a few landscaped areas. SUMMARY OF REQUEST -The- petitioner is- seeking -to- replat -the property- - at 5110 Main Street to incorporate a portion of property being purchased from Burlington Northern Santa Fe. The petitioner is seeking this replat to redevelop the property. SUMMARY OF ANALYSIS City Staff recommends approval of this preliminary plat request. Repiat will allow for the redevelopment of the property. City Council Date /60 Day Date City Council – September 25, 2006 60 Day Date – October 2, 2006 Existing Property — Staff Report Prepared by: Stacy Stromberg Property Ownership: Tax ID: Contact: Managing Agent: EXHIBIT C Industrial Equities North Yard, or its assigns 20- 5030031 John N. Allen, Owner & Managing Partner Industrial Equities LLP 321 First Avenue North Minneapolis, MN 55401 (612) 332 -0139 — phone (612) 332 -0241 — fax JA > Cf) z Om 1e'7 INDUSTRIAL EQUITIES PROJECT F•Idley Indusir-lut Center 5110 xd.,i sr ;V.E. - Flupm.. Aft"wNwsor'; 6 N it ------ ...... ARCHITECTS PROFESSMAL ASSOTH i E SS 6 N it ------ ...... ARCHITECTS PROFESSMAL ASSOTH i E EXHIBIT E TENATIVE CONSTRUCTION TIMELINE Demolition of existing structure Footings Walls /roof Dec. — Jan. 2006/2007 March 2007 May - July 2007 Project Completion October 2007 Debt Service Schedule TAX INCREMENT BONDS REFUNDED REFUNDED 6/1/2004 6/16/2005 BY 2004B BY 2006B 1997A 1998B 2004B 2005B Total Tax $9,575,000 $4,185,000 3,920,000 9,575,000 Increment 391-8102 391-8103 391-8104 391-8105 Bonds 24-G4 0-.GQ "0 Total 1,336,568.76 4,193,494.26 46,847.11 0.00 6,576,910.12 2�" 143,794 295,87-8.75 0-. N 439,663.� 2DO5 Q-.GQ 0,00 Total 696266876 000 35946760 0.00 6,32202626 2-006 "0 "0 Total uuu 000 68715875 123080683 18179645e 2007 0.00 0.00 543.58&00 1.238.32500 1.701.805.00 2007 0.00 0.00 5205250 35550.00 87582 Total VnU 000 695612.50 1273,875.00 186948760 2008 OOO OOO 552.052.50 1.245.550�00 1.797.582,50 2008 OOO ODO 4403250 1740000 6143250 Total 0.00 0.00 596,065.00 1,262,960.00 1,859,016.00 2009 0�00 OOO 564.032.50 1.177.40O00 1.741.43Z50 2009 000 0.00 3506250 0.00 3506250 Total VnV 000 59909500 117740000 1776495.00 2010 0.00 580.062.50 &OU 580.062.50 2010 0.00 2484375 0.00 2484375 Tmo| 0.00 0.00 604906.26 0.00 60490626 2011 0.00 594.84875 0.00 594.845,75 2011 0.00 1515875 0.00 1315875 Total 000 0.00 80800250 VVV 608002.50 2012 0.00 010.15875 0.00 610.15875 2012 0.00 0.00 0.00 0.00 Total 00 61816875 2013 0.00 O00 UVO 0.00 2013 0.00 0.00 0.00 0.00 Total 000 0.00 uVV 000 0.00 2014 OOO 0.00 OUO OOO 2014 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 0.00 Proposed 2007 Budget Fridley Housing and Redevelopment Authority Proposed 2007 HRA Budget • Purpose of tonight's presentation is to review the proposed 2007 HRA budget. • Overview of the budget, including projected revenues and expenses. • Highlight emerging budget issues. • Questions / answers • Schedule formal action for the December 7, 2006 HRA meeting. Proposed 2007 HRA Budget • HRA budget is divided into three categories. • General Fund: Administrative and operating expenses. • Special Revenue Funds: Housing programs • Capital Outlay Funds: Tax increment financing districts, redevelopment projects and Housing Replacement Program. Proposed 2007 HRA Budget • Orange budget document provides summaries for each fund group, plus an aggregate report (All Funds). • Each fund group summary includes projected revenues and expenses for 2007, comparative information from the 2006 budget, year to date actual expenditures thru 9/30/06. • The white budget sheets provide more detailed information. Proposed 2007 HRA Budget Revenues ■ Projecting total revenues of $4.9M for 2007. ■ $418,729 increase or 9.4% more than 2006. ■ HRA tax levy is projected to increase by $30,016 or about 8.75 %. Proposed 2007 HRA Budget Expenses ■ Projecting total expenses of $3.2M for 2007. ■ $511,246 decrease or 14% less than 200ib ■ Less expenditure activity in various TIF Districts accounts for the decrease in expenses. W Proposed 2007 HRA Budget General Fund Expenses Personal Services $279,817 Supplies $675 Purchased Services $105,199 Total $385,691 Proposed 2007 HRA Budget Significant Capital Outlays Medtronic $642,780 Banfill $77,000 Linn Development $17,040 * All "Pay as You Go" Proposed 2007 HRA Budget Debt Service Total debt service payments in 2007 are $1.89M and are paid from the following Funds: Revolving Loan Fund $19,963 Moore Lake (TIF #2) $513,916 North Area (TIF #3) $1,355,600 3 Proposed 2007 HRA Budget Conclusion • Looking ahead to 2007 and beyond, we will need continue to monitor HRA resources. • Carefully evaluate future redevelopment opportunities. • Look to leverage local resources with outside dollars (e.g. CDBG, state, regional), whenever possible. in A 7W ACTION HRA MEETING OF NOVEMBER • • E OF FRIDLEY Date: October 26, 2006 To: William Burns, Executive Director From: Paul Bolin, Asst. Executive HRA Director Subiect: Home & Garden Show Admin. Contract Background The Fridley HRA has been the fiscal agent for the Home & Garden Show since its inception 9 years ago. The Cities of New Brighton, Mounds View, and Blaine are partners in sponsoring the show. The revenues from booth rentals more than cover all of the expenses associated with the show. After the 2004 show, staff from the sponsoring cities determined that contracted administrative help would be desirable. There are a number of tasks necessary to organize a successful show. Advertising, finding sponsors, mailing out & receiving booth registrations, selecting table & curtain vendors, and site logistics were taking up a large amount of staff time. Additionally, it was often hard to coordinate if the tasks were divided up between the different staff people. For the past 2 years the group contracted with Marsha Wagner (dba- Castle Visions) to perform the administrative tasks mentioned above. Marsha has worked very hard and the past two shows were the most well attended to date. Additionally, Marsha was able to find sponsors and increased the revenue from booth rentals. The Home & Garden Show planning group would again like to contract with Marsha Wagner for the 2007 Home & Garden Show. Marsha's rates are very reasonable and the show generates adequate revenue to cover the cost of contracting with Marsha. Staff Recommendation Staff recommends that the HRA approve the contract between the HRA and Marsha Wagner /Castle Visions to provide assistance with the 2007 Home and Garden Show, as detailed in the attached contract. Client will include ohard copy of the most recent version nf the document when submitting work for revision, making any revisions directly on the copy in red pen. Client will also keep a copy at Client's office for reference in case of telephone questions. REPRESENTATIONS, WARRANTIES AND INDEMNIFICATION: Client shall indemnify, defend and hold Contractor, its agents and employees, harmless from loss, damage, liability, claims, demands, suits, and expenses, including but not limited to reasonable afforneysfees, based on fines or penalties resulting from any failure on the part of Client to comply with any laws, ordinances, rules or regulations or failure to obtain licenses or permits as may be required on any patent, copyright, trade secret, or other intellectual property or contract rights of any person or entity. In the event that any of the services performed by Contractor are determined to be infringing' Contractor shall, at its own expenee, modify or replace the same so that it is not infringing, provided that the replacements and modifications shall perform substantially the same on the replaced items. STORAGE: Files will be stored on disk for one month at no charge. Resumes are stored permanently at no charge. Client may purchase a disk and backup disk if planning to return for revisions after one month. If Client brings work in on a floppy disk or cassette tapes, Client shall first make and retain a backup copy. Contractor cannot ba responsible for loss due to error ordamage. TERM AND TERMINATION: This Agreement shall commence on September 20.2O0S for one year and may be terminated byeither party upon two (2) weeks written notice to the other without cause and further provided that either party hereto may terminate this Agreement immediately upon a breach by the other of its duties hereunder. In the event of termination, Client shall pay contractor for all hours and expenses accrued up to the date of termination. In the unlikely event litigation is commenced between the parties of this Agreement, the party prevailing shall be entitled, in addition to other relief, toareasonable sum for attorney's fees. CA8TLEV|G|ONS B n aA� Marsha Wagner President HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY in Its: Chairperson Its: Executive Director Date: -2- COMMUNITY DEVELOPMENT DATE: October 25, 2006 TO: William W. Burns, Executive Director of HRA FROM: Rick Pribyl, Finance Director Mike Jeziorski, HRA Accountant Paul Bolin, Assistant Director of HRA. SUBJECT: Approval of Preliminary 2007 Budget On Thursday night, staff will present a draft of the 2007 budget for the HRA to review. Rick Pribyl, Mike Jeziorski, and Paul Bolin will be available to answer any questions that the Commissioners may have on the proposed budget. The HRA's input will lead to staff malting revisions to the draft budget and then presenting a final version for consideration at the December 7th meeting. The budget is divided into three separate categories. The General Fund covers the bulls of the administrative and overhead costs of the HRA. The two Special Project Funds include the revolving loan fund and an additional fund for other housing related programs and services (CEE programs such as Operation Insulation). The Capital Outlay Funds include all of the tax increment (TIF) districts. A draft budget summary and detailed informational sheet have been included for your review. H:\—Paul's Documents \HRA\HRA Agenda Items\2006\November 2, 2006 \Nov2006(2007 PreliminaryBudget Memo).doc Account Description General Fund Revenues City Revenues Tax Levy TexLevy - De|inquonLYeem Residual MV Homestead Credit Other MiscdhnouRevenue Interest on Investment Earnings Interest onMortgages Rent and Royalties Sale of Miscellaneous Property Expenses Salaries and Wages Benefits Supplies and Materials Purchased Services Other Finance Uses Housing Program Revenues OtherMiscmlennus Revenue Interest nn Investment Earnings Interest onMortgages Transfers and Other Misce||*nouoReceipts Expenses Purchased Services Other Finance Uses City of Fridley HRA Budget Fiscal Year 2007 2006 Activity through 9/30106 FY 2006 Budget FY 2007 Budget 171,38020 343.135.00 373,151.00 171,380.20 (8,250.32) 90,000m 222500.00 5,347.46 3.800.00 5.300I0 7.200.00 9.000.00 9,600.00 7354871 10000000 7070000 77,845.85 203,400.00 308,100.00 140.675.00 250.506.00 256.082.00 1370723 10,965.00 23,125.00 1.314A8 675�00 675.0 26J0815 105.813.00 105.190.00 468,214.43 367,959.00 385,691.00 J218,988.38)': 1,78,576.00 295,5600V M`175.3e 65,000.00 122.900.00 35,5e8.65 45,000.00 45.000.00 17,975.00 14,000.00 14,000.00 49,368.26 124,000.00 181,900.00 27,455.54 66.875�00 50.000.00 23,213.36 87,429.00 19,963.00 50,668.90 154,304.00 69,963.00 ,Total Expenses��, Housing Program 50,668'.90,,:, 154,304.00 69 e 63.0,01 TIFDisthcts Unaudited Data ' For Management Purposes only Account Description Revenues City Revenues Tax Increment Tax Increment ' Delinquent Years Residual MV Homestead Credit Other MiscmlenousRevenue Interest on Investment Earnings Interest on Mortgages Transfers and Other Miuma||enouoReceipts City of Fridley neA Budget Fiscal Year 2007 2006 Activity through 9/30/06 FY 2006 Budget FY 2007 Budget 1,59 ,812.67 3,400.087.00 3,480.300.00 (610,933.64 ) - ' 974,879.03 3,408,587.00 3,430,300.00 42573133 106.500.00 224.000.00 540,318.82 262,500.00 349,400.00 966,050.15 369,000.00 573,400.00 - - ,Total Revenues - TIF Districts' 3,7,77,587.00 4,0031700.00 Expenses Purchased Services Capital Outlay Other Finance Uses 119,911J4 96,200.00 48.500.00 647,303,34 1.235.308.00 788.820�00 1,817,964.58 2,585,179.66 3,149,473.00 2,704,836.00 Total Ekoenses.',TIF Districts- 2,585079.66 3,149,473.00, 2,704,836.00 Unaudited Data For Management Purposes only City of Fridley HRA Budget Fiscal Year 2007 Account Description 100 - General Fund Revenues City Revenues 100- 0000 - 311 -1000 Tax Levy 100-0000-311-2000 Tax Levy - Delinquent Years 100- 0000- 334 -1000 Residual MV Homestead Credit Other Miscellaneous Revenue 100 - 0000 - 362 -1000 Interest on Investment Earnings 100 -0000- 362 -1500 Interest on Mortgages (Agro -K) 100 -0000- 362 -2D00 Rent and Royalties (Frauenshuh - parking lot rental) 100 -0000- 362 -5100 Sale of Miscellaneous Property (Medtronic Land Sale Payment) 2006 Activity through 9/30/06 FY 2006 Budget FY 2007 Budget 171,380.20 343,135.00 373,151.00 171,380.20 343,135.00 373,151.00 (8,250.32) 90,000 00 222,500.00 5,347.46 3,800.00 5,300.00 7,200.00 9,600.00 9,60000 73,548.71 100,000.00 70,700.00 77,845.85 203,400.00 308,100.00_ TOtal4R6Venues-- General Fund' 249,226,05 ' 546,535:00 681;251:00 Expenses Salaries and Wages 100 -0000- 430 -4101 100 -0000- 430 -4107 100 -0000- 430 -4112 Benefits 100 - 0000 -430 -4120 100 -0000 -430 -4122 100 - 0000 -430 -4125 100- 0000 -430 -4131 100- 0000 -430 -4132 100 - 0000 -430 -4133 100 -0000 -430 -4150 Supplies and Materials 100 -0000 -430 -4221 Purchased Services 100 - 0000 -430 -4330 100 -0000 -430 -4331 100- 0000 - 430 -4332 100 -0000 -430 -4333 100 - 0000 -430 -4334 100- 0000 - 430 -4335 100- 0000 -430 -4336 100 -0000- 430 -4337 100 -0000 -430 -4338 100 -0000- 430 -4340 100- 0000 -430 -4346 Other Finance Uses 100 -0000- 430 -4720 Full Time Employee Salary Administration Charges (Allocation) Employee Leave Medicare (1.45% of Salary) Social Security (6.2% of Salary) Wells Fargo Contribution Health Insurance Dental Insurance Life Insurance Workers Compensation Operating Supplies Professional Services (Ehlers) Dues and Subscriptions (NAHRO, AICP) Communication (Allocation) Transportation (Mileage Reimbursement) Advertising Printing and Binding (Allocation) Insurance - Non Personnel (Allocation) Conferences /Seminars/Training (Ehlers Seminar) Utility Services Services Contracted (Mowing Contract) Miscellaneous Operating Transfer to Other Fund 44,707 48 73,506 00 77,792 00 87, 000.00 174, 000.00 178, 900.00 8,968.12 3,000.00 140,675.60 250,506.00 256,692.00 813.00 1,070.00 75,000,00 1,128.00 3,476.33 4,600.00 17015 4,823 OD 3,220.50 4,500.00 150.00 4,668.00 4,73583 - 750.00 11,437.00 - 1,00000 9,721 38 240.00 38.25 60.00 1,900.00 51.00 1,503.32 735.00 200.00 778.00 13,787.23 10,965.00 23,125.00 _ 1,314.48 675.00 675.00 _ 1,314.48 675.00 675.00 14,409 35 75,000.00 75,000,00 15000 425 00 425.00 17015 288.00 22100 - 150.00 150,00 14202 750.00 750.00 - 90000 1,00000 9,721 38 20,000 00 20,451 00 58500 1,900.00 2,000,00 - 20000 200.00 1,53025 5,000.00 5,000.00 1,200.00 26,708.15 105,813.00 105,199.00 728.97 728.97 Totalxpenses= General Fund ` `� : 468,214.43: , ;?367,959 00 ' ; 385,691.00 a NeYincorrie'- General Fund (218,988 38) ,� 778;576;110 295,560AO 265 - Housing Programs Revenues Other Miscellaneous Revenue 265 -0000- 362 -1000 Interest on Investment Earnings (15.91) 265 -0000- 362 -1500 Interest on Mortgages (Pool 3) 5992 Unaudited Data - For Management Purposes Only City of Fridley HRA Budget Fiscal Year 2007 267 - Revolving Loan 1.5 Revenues Other Miscellaneous Revenue 2006 Activity 267 - 0000 - 362 -1000 Interest on Investment Earnings Account Description through 9/30106 FY 2006 Budget FY 2007 Budget 265- 0000 - 362 -6100 Miscellaneous Revenue (Home and Garden Show) 17,975.00 14,000.00 14,000.00 31,349.25 18, 019.01 14, 000.00 14,000.00 Total Revenues - Housing Programs . - 18,019.01 14,000:00. -'-:114,0011.00 Expenses Purchased Services Purchased Services 267- 0000 -430 -4330 265 -0000 -430 -4330 Professional Services (Castle Visions) 3,658.55 2,500.00 6,000.00 265 -0000- 430 -4331 Dues and Subscriptions 1,826.00 - - 265 -0000 -430 -4334 Advertising (Clear Channel - Home Show) 597.00 3,00000 1,000,00 265 - 0000 -430 -4335 Printing and Binding (Advantage Sign - Home Show) 495.44 2,50000 50000 265 -0000- 430 -4340 Services Contracted (CEE) 4,68121 17,375 00 5,000,00 265 -0000 -430 -4341 Charges /Rentals (National Sports CenterlCenaiko - Home Show) - 4,500.00 5,500.00 Debt Service /Interest Expense (1.5 Million Loan with City) 23,213.36 11,258.20 29,875.00 18,000.00 Total Ezpeitses - Hbusin Programs ." "- " .i ." "� :' . 11,258:20, - 29,875.00 , ". ; .18,000:00"; "1.5" ".. .. "" 39,410:70! ", -> - 124,429:00, .: 51,963:00 i Net income = "Housitiq.Prbarams:- ,� 6,760.81 15,875.00) (4,000:00)"?. 267 - Revolving Loan 1.5 Revenues Other Miscellaneous Revenue 267 - 0000 - 362 -1000 Interest on Investment Earnings (4,159"48) 65,000,00 122,900.00 267 -0000- 362 -1500 Interest on Mortgages (Pool 0, 1, 2) 35,508.73 45,000.00 45,000.00 31,349.25 110,000.00 167,900.00 Total Revenues - Revolving Coan`1:5 31,349.25 `= 110,000.00 " 107,900.00 Expenses Purchased Services 267- 0000 -430 -4330 Professional Services (CEE) 1,93000 2,000.00 2,000.00 267 -0000 -430 -4334 Advertising - 5,000.00 - 267 -0000- 430 -4340 Services Contracted 14,267.34 30,000.00 30,000.00 16,197.34 37,000.00 32,000.00 Other Finance Uses 267 - 0000 -430 -4725 Operating Transfer to City - 87,429.00 - 267 -0000 -475 -4610 Debt Service /Interest Expense (1.5 Million Loan with City) 23,213.36 - 19,963.00 23,213.36 87,429.00 19,963.00 Total Expenses - Revolving.Loan "1.5" ".. .. "" 39,410:70! ", -> - 124,429:00, .: 51,963:00 i Net l'nconierRevoivingloan . l.5'- "�° � .. . 18,061,45 - (14;429,00) ,.: „..: 115,937.00 F 450 - Center City (1979 -2009) Revenues City Revenues 450 - 0000- 311 -1000 Tax Levy 450-0000-311-2000 Tax Levy - Delinquent Years 450 - 0000 -334 -1000 Residual MV Homestead Credit Other Miscellaneous Revenue 450 - 0000 - 362 -1000 Interest on Investment Earnings 257,270 86 537,100.00 537,100.00 4,63491 - - 261,905.77 537,100.00 537,100.00 (1,055.09) 54,700.00 (1,055.09) 54,700.00 3otaiRevenues = Center City ” � 260,850.68; . 537,10000 , 591;800.00 Expenses Purchased Services Unaudited Data - For Management Purposes Only City of Fridley HRA Budget Fiscal Year 2007 Account Description 450 - 0000 - 430 -4330 Professional Services 451 - Moore Lake Area (1981 -2007) Revenues City Revenues 451 -0000- 311 -1000 Tax Levy 451- 0000 -311 -2000 Tax Levy - Delinquent Years 451- 0000 - 334 -1000 Residual MV Homestead Credit 2006 Activity through 9 /30 /06 FY 2006 Budget FY 2007 Budget 3,218.57 3,500.00 3,218.57 3,500.00 240,589.44 513,961.00 514,000.00 7,819.91 - Net Income-'r fVlaore take " : e - `� (1,154;D59.26) .. (950,582.00) (2,916:00); 452 - North Area (1982 -2008) Revenues City Revenues 452 - 0000 - 311 -1000 248,409.35 513,961.00 514,000.00 Other Miscellaneous Revenue 452 -0000- 311 -2000 Tax Levy - Delinquent Years 13,775.34 _ 451 -0000- 362 -1000 Interest on Investment Earnings (1,020.83) 20,000.00 - 484,743.88 (1,020.83) 20,000.00 - 16talRevenues",Moore.l.ake: -; 247,388,52. -" ,'533,961.00. 5141000:00' Expenses Interest on Investment Earnings (1,521.91 31,000.00 Purchased Services (1,521.91) 451 -0000- 430 -4330 Professional Services 2,478.92 3,000.00 3,000.00 483,221:97 - 2,478.92 3,000.00 3,000.00 Other Finance Uses 451- 0000 - 475 -4750 Payments to Primary Governments (2004B and 20058 Bonds) 1,398,968.86 1,481,543.00 513,916.00 1,398,968.86 1,481,543.00 513,916.00 Net Income-'r fVlaore take " : e - `� (1,154;D59.26) .. (950,582.00) (2,916:00); 452 - North Area (1982 -2008) Revenues City Revenues 452 - 0000 - 311 -1000 Tax Levy 470,968.54 1,100,206.00 1,100,200.00 452 -0000- 311 -2000 Tax Levy - Delinquent Years 13,775.34 _ 484,743.88 1,100,206.00 1,1 00,200.00 Other Miscellaneous Revenue 452 - 0000 - 362 -1000 Interest on Investment Earnings (1,521.91 31,000.00 _ 63,900.00 (1,521.91) 31,000.00 63,900.00 Total-Revenues -North Area, 483,221:97 - 1,131,206.00 .: ' 1,164,100:00 Expenses Purchased Services 452 - 0000 - 430 -4330 Professional Services 2,359.00 3,500.00 3,500.00 2,359.00 3,500.00 3,500.00 Capital Outlay 452 -0000- 431 -4530 Capital Outlay (Banfrll Pay as you go) 76,994.78 75,325.00 77,000.00 76,994.78 75,325.00 77,000.00 Other Finance Uses 452 -0000- 475 -4750 Payments to Primary Governments (2004B and 20058 Bonds) 418,995.72 336,422.00 1,355,600.00 418,995.72 336,422.00 1,355,600.00 Total Expenses--, North Area = 498.349.50,','-- `: ' 415,247100,436;100:00 Net income - North,Area- : �, (5;127.53)= - 715,969100 Unaudited Data - For Management Purposes Only City of Fridley HRA Budget Fiscal Year 2007 Account Description 455 •• Lake Pointe (1985 -2025) Revenues City Revenues 455 - 0000 - 311 -1000 Tax Levy 455 - 0000 -311 -2000 Tax Levy - Delinquent Years 2006 Activity through 9/30/06 FY 2006 Budget FY 2007 Budget 318,578.03 634,898.00 714,200.00 (645,026.13) (326,448.10) 634,898.00 714,200.00 Other Miscellaneous Revenue 455 - 0000 -362 -1000 Interest on Investment Earnings (293.64) 10,000.00 7,900.00 (293.64) 10,000.00 7,900.00 'Total Revenues -Lake Pointe: (326j41,74)'-_, 644,898.`00 ?22,100:00 Expenses Purchased Services 455 -0000 -430 -4330 Professional Services Capital Outlay 455 - 0000 -430 -4536 Parking Facilities (Medtronic Pay as you go) 456 -Winfield (1986 -2012) Revenues City Revenues 456- 0000 - 311 -1000 Tax Levy 456 - 0000 -311 -2000 Tax Levy - Delinquent Years 2,542.60 10,000.00 3,000.00 2,542.60 10,000.00 3,000.00 228,977.28 410,206.00 642,780.00 228,977.28 410,206.00 642,780.00 27,792.87 55,541.00 55,500.00 3.20 - - 27,796.07 55,541.00 55,500.00 Other Miscellaneous Revenue 456 -0000- 362 -1000 Interest on Investment Earnings _ _ _ (549.58) 8,000.00 19,200.00 (549.58) 8,000.00 19,200.00 Total Revenues -Winfield-,, 27,,246.49: - =,63,541.,00­ 74,700.00 Expenses Purchased Services 456 -0000- 430 -4330 Professional Services 887.65 1,000.00 1,000.00 887.65 1,000.00 1,000.00 'Netlncome- Winfield ..;> = . - -..,: 2&358.84'­,,- 62,541:00.` ; ' 73,700:00 458 - Onan (1989 -2015) Revenues City Revenues 458 - 0000 - 311 -1000 Tax Levy 458-0000-311-2000 Tax Levy - Delinquent Years Other Miscellaneous Revenue 458 -0000 -362 -1000 Interest on Investment Earnings Unaudited Data - For Management Purposes Only 150,224,71 301,976 00 302,000,00 1,131.70 151,356.41 301,976.00 302,000.00 (980.34) 14,000.00 42,800.00 (980.34) 14,000.00 42,800.00 City of Fridley HRA Budget Fiscal Year 2007 2006 Activity Account Description through 9/30/06 FY 2006 Budget FY 2007 Budget Expenses Purchased Services 458 - 0000 -430 -4330 Professional Services 1,159.95 1,500.00 1,500.00 1,159.95 1,500.00 1,500.00 Capital Outlay 458 - 0000 - 431 -4510 Capital Outlay /Land (83,203.56) (83,203.56) :Total 'Expenses =Onan. (82,043.61)' x.1,500,00 1,500.001;; Net Income - Onan . 232;419.68.: 314,476.00 343;30.0;00 462 - University /Osborne (1992 -2018) Revenues City Revenues 462 -0000- 311 -1000 Tax Levy 462-0000-311-20000 Tax Levy - Delinquent Other Miscellaneous Revenue 462 - 0000 - 362 -1000 Interest on Investment Earnings Expenses 17,835.95 35,664 00 35,700,00 (0.85) 17,835.10 35,664.00 35,700.00 (239.34) 2,000.00 8,800.00 (239.34) 2,000.00 8,800.00 Purchased Services 462 -0000 -430 -4330 Professional Services 1,282.62 1,500.00 1,500.00 1,282.62 1,500.00 1,500.00 7otatEzpenses - llniversitylOsborne- :.. 1;282.62 v; 1,500:00 1,500.00 463 - McGlynn (1992 -2019) Revenues City Revenues 463 - 0000- 311 -1000 Tax Levy 15,245.28 30,691.00 30,700.00 15,245.28 30,691.00 30,700.00 Other Miscellaneous Revenue 463 - 0000 - 362 -1000 Interest on Investment Earnings (133.53) 1,500.00 5,500.00 (133.53) 1,500.00 5,500.00 Total'i?everiues - McGlynn : _.. .- J- .: 15,111.75> " = :,,:,32,191,".00` 36,200.007 Expenses Purchased Services 463 - 0000 - 430 -4330 Professional Services 1,273.38 3,000.00 1,500.00 1,273.38 3,000.00 1,500.00 464 - Satellite (1995 -2023) Revenues Unaudited Data - For Management Purposes Only City of Fridley HRA Budget Fiscal Year 2007 Account Description City Revenues 464 -0000- 311 -1000 Tax Levy 464 -0000- 311 -2000 Tax Levy - Delinquent Years 464 -0000- 334 -1000 Residual MV Homestead Credit 2006 Activity through 9/30106 FY 2006 Budget FY 2007 Budget 22,653.27 47,661 00 47,700 00 730.85 - 465 - Business Center (1996 -2006) Revenues City Revenues 23,384.12 47,661.00 47,700.00 Other Miscellaneous Revenue Tax Levy 27,544.85 55,166.00 464 -0000- 362 -1000 Interest on Investment Earnings (324.98) 7,000.00 11,900.00 (324.98) 7,000.00 11,900.00 Other Miscellaneous Revenue 'Total iRevenues- Satellite J 23,059,14. 54,669,00 59,600;00; (673.95) 10,000.00 Expenses 10,000.00 Total Revenues = Business Center Purchased Services "" 65,186✓?0" ` 464 - 0000 -430 -4330 Professional Services 1,217.50 1,500.00 1,500.00 1,217.50 1,500.00 1,500.00 465 - Business Center (1996 -2006) Revenues City Revenues 465 - 0000 -311 -1000 Tax Levy 27,544.85 55,166.00 465-0000-311-2000 Tax Levy - Delinquent Years 0.36 - 27,545.21 55,166.00 Other Miscellaneous Revenue 465 -0000 -362 -1000 Interest on Investment Earnings (673.95) 10,000.00 (673.95) 10,000.00 Total Revenues = Business Center 26,871.26 !" .. "" 65,186✓?0" ` Expenses Purchased Services 465- 0000 - 430 -4330 Professional Services 1,018.90 2,000.00 _ 1,018.90 2,000,00 467 - 57th Ave (1997 -2023) Revenues City Revenues 467 -0000 -311 -1000 Tax Levy 467 -0000- 311 -2000 Tax Levy- Delinquent Years 10,053,11 20,516.00 20,500 00 10,049.80 20,516.00 20,500.00 Other Miscellaneous Revenue 467 -0000- 362 -1000 Interest on Investment Earnings (2.51) - (2.51) Total Revenues - 57th Ave 10,047.29. 20,516]110" 20500A0 Expenses Purchased Services 467 -0000- 430 -4330 Professional Services 896.89 1,500.00 1,500,00 Unaudited Data - For Management Purposes Only City of Fridley HRA Budget Fiscal Year 2007 Account Description Capital Outlay 467 -0000- 431 -4510 Capital Outlay (Linn Pay as you go) 2006 Activity through 9130106 FY 2006 Budget FY 2007 Budget 896.89 1,500.00 1,500.00 17, 040.00 14, 777.00 17, 040.00 17, 040.00 14, 777.00 17,040.00 Total Expenses-- 57th;Ave 17,936.8V 16,277.00,1" -18,5411.00s Net lncome:- 57th Ave (7,889.60)'; 4,239.00:,, 11,960.00"; 468 - Gateway East (2001 -2028) Revenues City Revenues 468 - 0000 - 311 -1000 Tax Levy 468- 0000 - 311 -2000 Tax Levy - Delinquent Years 468 -0000- 334 -1000 Residual MV Homestead Credit Other Miscellaneous Revenue 468 - 0000 - 362 -1000 Interest on Investment Earnings 19,644.81 45,128.00 45,100.00 (0,47) - - 19, 644.34 45,128.00 45,100.00 (22.40) 1,400.00 (22.40) 1,400.00 Total'-Revenues - Gateway East -'v '19,621:94 -, " ' 45,128.00-` = ' 46,500300 1 Expenses Purchased Services 468 - 0000 - 430 -4330 Professional Services 13,432.58 1,200.00 1,500.00 13,432.58 1,200.00 1,500.00 Total Expenses - Gateway East ,` .. 13,432.5&,:, 1,200:1)0 ,'500.00 'Net Income - Gateway East'z 6;189,36 �, -03,928100 , . '45,000;00 { 470 - Gateway West (Pending Information) Revenues City Revenues 470 -0000- 311 -1000 Tax Levy 470 - 0000 - 311 -2000 Tax Levy - Delinquent Years _ 470 - 0000 - 334 -1000 Residual MV Homestead Credit Other Miscellaneous Revenue 470 - 0000 - 362 -4200 From Primary Government (CDBG Grant Money) 124,235.98 - - 470- 0000 - 362 -5100 Sale of Misc Property 130,353.87 262,500.00 348,000.00 468 - 0000 - 362 -1000 Interest on Investment Earnings 1,400.00 254,589.85 262,500.00 349,400.00 'Total, Revenues = , Gateway West, 254,589,85 "" 262,500:00' a 34%400.00,: Expenses Purchased Services 470 - 0000430 -4330 Professional Services 26,772.33 20,000.00 12,000.00 470 - 0000 -430 -4334 Advertising 115.50 - - 470 -0000 -430 -4338 Utility Services - _ 470 - 0000 - 430 -4340 Services Contracted (Mowing Contract) 16,477,27 4,500.00 470 - 0000 - 430 -4350 Payments to Other Governments (Anoka County - Property Tax) 4,533.96 2,500.00 47,899.06 20,000.00 19,000.00 Capital Outlay 470 -0000- 430 -4530 Improvements other than building (Final Asphalt) 171,675.94 500,000.00 50,000.00 171,675.94 500,000.00 50,000.00 Unaudited Data - For Management Purposes Only City of Fridley HRA Budget Fiscal Year 2007 2006 Activity Account Description through 9/30106 FY 2006 Budget FY 2007 Budget Net Income v r'Gateway West, - 35,014.85 (257,500:00) 280,400;00 501 - Housing Replacement (1997 -2024) Revenues City Revenues 501 -0000- 311 -1000 Tax Levy 501 - 0000 -311 -2000 Tax Levy - Delinquent Years 501- 0000 - 334 -1000 MV Homestead Credit Other Miscellaneous Revenue 501 -0000- 362 -1D00 Interest on Investment Earnings 501 -0000- 392 -0100 Transfer from Other Funds 13,410 95 27,579.00 27,600.00 2,500.00 13,410.95 30,079.00 27,600.00 (228.97) 3,00000 7,900.00 (228.97) 3,000.00 7,900.00 Total :Revenues - Housing Replacement 33,079.00 - - - �, 35,500 00 Expenses Purchased Services 501- 0000430 -4330 Professional Services 501 - 0000430 -4340 Services Contracted (Mowing Contract) 471 - Islands of Peace (Pending Approval) Revenues 1,690.93 3,000.00 3,000.00 1,675.00 3,500.00 3,500.00 3,365.93 6,500.00 6,500.00 Other Miscellaneous Revenue 471 -0000- 392 -0100 Transfer from Other Fund 285,728.97 285,728.97 Total ,Revenues - Islands of Peace, " Expenses Purchased Services 471 -0000 -430 -4330 Professional Services 30,510,46 30,000.00 471 -0000- 430 -4346 Miscellaneous 6,366.88 10,000.00 36,877.34 40,000.00 _ Capital Outlay 471- 0000 -430 -4520 Building 235,818.90 235,000.00 235,818.90 235,000.00 Total Expenses.,-Islands of Peace" , 24 , 9 275;000.00 4. Netlncome- Islands ofFeace.?. 13,032.73�� 701 - Investments Non - Allocated Interest 432,778.40 432,778.40 Grand Total Net Income. :,..:' .;:,: .�.... ,. ` ::, ,.,. `' ., ,!. - .. :.:: `.i �. (864,539.30): 776,386.00, :: ; ,:1,706,361.00 Unaudited Data - For Management Purposes Only ACTION ITEM • 11 � 114 Jj 1:14 Date: October 25, 2006 To: William Burns, City Manager From: Paul Bolin, Asst. Executive HRA Director Scott Hickok, Community Development Director Subiect: Gateway Northeast In December 2005, staff received a call from Harvey Goldstein, owner of the now- vacant Carquest building located at 6005 University Avenue. He had called and asked if the City/HRA might be interested in purchasing his building. He noted that it seemed we had a desire to improve the image along University Avenue based on our Gateway East & West projects. He did not have an asking price and stated that he would prefer we go through a "friendly condemnation". The call generated a brief brainstorming exercise where staff determined that the area from the Sinclair Station south to the Carquest building would provide an opportunity to further improve the City's image along this corridor. The call also generated interest from the Council and HRA and was briefly discussed at a joint meeting held on March 27, 2006. Staff worked with Attorney Casserly and Dan Wilson to place realistic values on the properties, including relocation expenses, and recommended that another joint meeting between the HRA and City Council take place. That joint meeting never came to fruition and staff put Gateway Northeast on the back burner. Recent calls from a prospective buyer of the Carquest site, inquiring about using the site for a combination of auto repairs, body shop, and thrift store, have moved the potential purchase of this site back onto the radar screen. Scott Hickok has been in contact with a realtor representing both Carquest and the old Van-o-lite property. It does appear that the asking prices are less than what our experts were telling us in early June. The Carquest site is on the market for $399,000 and the old Van-o-lite building is for sale at a price of $460,000 (down from $525,000). The HRA currently has more than adequate undesignated monies available for these purchases. Though the HRA does not have any particular plan for the end use of these properties, staff recommends moving forward with purchasing the properties while they are vacant (requiring little/no relocation expenditures) and have a lower asking price. The HRA and Council can gain a foothold into this neighborhood to be used for further AW-1 Housing & Redevelopment Authority 11IN Informational Item MY OF FRIDLEY Date: October 27, 2006 To: Dr. William Burns, Executive Director�., From: Paul Bolin, Asst. Executive HRA Director Subject: Gateway West -- Update Great progress continues in the Gateway West neighborhood. This past month Blueprint completed their first home and turned the keys over to the buyer. Additionally, Blueprint purchased two more lots on the northern block and submitted plans for our approval. Attorney Knaak has made enough progress with the title examiner's office that the Plat of the Second Addition (southern block) has been officially submitted to the County Surveyor's office for review. It does appear that the final plat mylars; will be checked, approved, and ready for Council approval at their November 13th meeting. This will allow Blueprint to purchase these lots from the HRA. The fence project is nearly complete and is already an aesthetic enhancement to University Avenue. The only work remaining is the installation of a few pier caps on some of the 6' brick bollards. The original pier caps did not match with the caps across University Avenue. It is expected that the correct caps will be installed within the next 2 weeks. A slide-show update will be provided during Thursday's meeting. Fridley HRA Housing Program Summary Cover Page November 2, 2006 HRA Meeting Report Description. Loan Application Summary Loan application activity (e.g. mailed out, in process, closed loans) for October 2006 and year-to-date. Loan Origination Report Loan Servicing Report Remodeling Advisor & Operation Insulation Loan originations for October 2006 and year-to-date. Loan servicing by Community Reinvestment Fund (CRF) for the month of September. Note, that the loan servicing reports are usually available 10 days after month end. Shows the number of field appointments scheduled and completed the Operation Insulation and Remodeling Advisor Services administered by Center for Energy and Environment. ****Please Note: CEE has not provided the reports in time to be included with delivery of the meeting packet. This information will be provided at the meeting next week. HA—Paul's Documents\HRA\HRA Agenda Items\2006\November 2, 2006\Housing Program Cover Page(Nov06).doc FRIDLEY HOUSING & REDEVELOPMENT AUTHORITY November 2. 2006