08/22/1994 JOINT MTG - 4927�
1.
2.
�
�
CIIY OF
FRIDLEY
JOINT FRIDLEY CITY COUNCII.JHRA
CONFERENCE MEETING
AUGUST 22, 1994 - 7:30 P.M.
MEE,TING ROOM 1 (LOWER LEVEL)
Southwest Quadrant Redevelopment
Bacon Electric/Gary's Automotive
7:30 p.m. - 9:30 p.m.
9:30 p.m. - 10:30 p.m.
3. Cash Flow Analysis 10:30 p.m. - 11:00 p.m.
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DATE:
TO:
FROM:
SUBJECT:
Community Development Department
HOUSING AND REDEVELOPMENT AUTHORITY
City of Fridley
August 19, 1994 �
William Burns, Executive Director of HRA
Barbara Dacy, Community Development Director
Southwest Quadrant Redevelopment
There are three questions which the City Council and the Housing
and Redevelopment Authority should answer at the joint meeting on
August 22, 1994:
1. Should the HRA acquire the apartments alonq Satellite Lane
and increase the Southwest Uuadrant redevelopment area?
Acquiring the apartment area would add approximately 4 acres into.
the redevelopment area and increase the total redevelopment area
from l0 to 14 acres. Jim Casserly has prepared a comparison
chart of the costs of an expanded redevelopment area versus the
existing redevelopment area (Attachment #1). He has also`
provided two scenarios on a land sale assumption ($S,OOO per unit.
and $9,500 per unit). Adding the apartments as part of the
redevelopment area will add a net cost of approximately
$2,347,636 in redevelopment costs versus redeveloping the
existing area.
In addition to the cost issue, there are a number of other
factors which the City Council and the Housing and Redevelopment
Authority may want to discuss in making a decision about an
expanded project area. A list of pros and cons is attached to
facilitate discussion (Attachment #2). Also included are
background memos regarding the condition and police calls of the
apartments (Attachments #3a - #3c).
2. Are senio �empty-nester apartments part of the redevelotiment
plan as well as owner-occupied townhomes?
The housing study completed in November of 1991 stated that:
"Providing housing options for empty-nesters and seniors in
Fridley will constitute a majority of the demand for housing
during the 1990's." Maxfield projected that Fridley can support
70 - 90 units of senior rental housing immediately with an
additional 30 units annually for the next three to four years, to
I
Southwest Quadrant Redevelopment
August 19, 1994
Page 2
total approximately 200 units for the decade. The Westminster
project is aimed at a very small segment of the senior
population; the very low income and older eiderly persons.
Demographics for our community into the 21st century support a
continuing demand for this type of housing. Whether this land
use should be included in the project should be finalized.
3. Ahat type of review and citizen participation process should
the City undertake for the redevelopment?
A proposed review process has been developed to coordinate a
number of aspects about the redevelopment project (see Attachment
#4). A number of legal processes (rezoning, platting, and
possibly expanding the TIF district) would also have to occur in
order to accomplish the redevelopment (see Attachment #5).
Given that these processes require Planning Commission review, we
invited Planning Commission Chair Dave Newman to attend Monday's
meeting. Consensus on the process is necessary in order to�
accomplish the project in a timely manner.
An important factor in the review process is selecting the
appropriate developer. We are recommending a request for
qualification process versus a request for proposal process. The
RFQ is different t�an the RFP process in that the developer is
not expending time and money in preparing a detailed site plan
proposal of the development when the City has not yet had the
opportunity to work out some of the site design or aesthetic
issues for the property. It instead focuses on past projects,
financial stability, reference checks, and the developer's �
opinion of the market. Jim Casserly has outlined potential
criteria and elements of the RFQ (see Attachment #6)
Another important factor in the review process is concurrence by
the City Council and the HRA on some of the site design and the
building design issues. We recommend that the Planning
Commission prepare design review criteria t� be reviewed and
approved by the HRA and ultimately the City Council. We would
like to hire a site planner and an architect to help develop a
set of design criteria. Thinking about what the project will
look like, "in the end", will be an invaivable exercise. Equally
important will be working with the developer on these issues.
There may be additional costs to the project depending on the
criteria chosen, but we need to find out what those are in order
to gauge the additional impact.
The design review and developer selection could be accomplished
by the end of October 1994. We would then recommend that the
Planning Commission conduct a neighborhood meeting early in the
a
Southwest Quadrant Redevelopment
August 19, 1994
Page 3
process. A specific plan would not be presented to the
neighborhood, but the overall concept and vision would be
presented so that the neighborhood could provide general feedback
about certain issues like street connections, value of the homes,
location of the homes, etc. From this initial neighborhood .
meeting, the developer can then prepare a site plan which
recognizes those concerns plus those concerns of the HRA and the
City Council. The Planning Commission should be used as a
sounding board for.the neighborhood meeting.
The following months will be crucial to complete the acquisitions
of th� remaining properties. The developer wi12 prepare the
detailed site plan, and apply for the planning approvals. Prior
to the Planning Commission meetings on all of the items, we may
want to consider conducting another neighborhood meeting. If the
planning approvals proceed without interruption, it is possible
that those could be accomplished by June 1, 1994 and the last
step in the process would be to have the HRA approve a
development contract.
Recommendation
The timetable discussed above is aggressive. If a 1995
construction date is desired, resolution on these three questions
is imperative. If,the City Council and HRA concur with'the
proposed review schedule and resolve the issues regarding
acquiring the existing apartments and whether senior/empty-nester
apartments are included as part of the redevelopment, staff will
proceed immediately to begin implementation as directed.
I have taken slides of "infill townhome projects" in Minneapolis.
I will also bring the photos from the other townhome developments
that the City Council and HRA have previously seen.
BD/dn
M-94-479
C�TY �F FR�DLEY, MINNESOTA/RpTTLUND P�OPOSAL
AVAZL TAX zNCREMENT
LAND SALES
TpTAL REVENUE
ACQUISIT�QN
R��acAT�aN
DEMOLIT�QN
PiJH�,IC IMT'RQVEMENTS
SITE INIF�2pV�MENTS
TSSUANCE, E`I'C.
CONTTNGEi�tCY
TOTAL EXPENSES
$URPT,LTS � ( DEFIC�T )
COMPARISON GHART
�AND SALES OF $5,OQ0/UNZT
144 UNITS 102 UNITS
1,051,352
720,040
1,771,352
2,836,968
486,600
24'�,174
115,000
�2�71Q
73,5�5
380,205
�#,182, 252
{2,4�0,300)
8Q1,009
510,OOp
1,311,009
�roo, o00
270,000
65,558
115,00(1
42,710
56,071
124, 934
y,374,27�
{63,264}
LAAID SALES OF $9, �",0�� [,TiJIT
14� UNYTS 102 UNIsS
1,051,352
1,358,000
2,419,352
2,836�9�8
4$6,6Q0
247r174
115,Q�0
42,710
73,595
380,205
4, 'i 82, 252
(1,762,900)
so�,oas
9b9,QOQ
1�770,Q09
7QQ,OQO
27p,040
65,558
17 5, OOt?
4�,710
�6,071
� 24, 934
7,374,273
3�5,7�6
144 UNITS: 14 ACRE TRACT �WYTH THE AGQUISTTION OF TI�� SATELLIT� L1�.L�TE A�'ARTMFi`7'I'S
102 U�ITTS _ 1 Q ACKE TRACT EXCLUDTNG SATEL�;,ITE LAI�7E APAR'I'M�:NTS
ATTACHMENT #1
SWCOMP PREPARED BY CASSERLY MOLZAHN & ASSOCTATES, INC. 1T-AUg-94
APARTMENT ACUISITION
PROS:
l. PROVIDES ADDITIONAL LAND AREA FOR ADDITIONAL UNITS AND TAX
BASE
2. PROVIDES ADDITIONAL LAND AREA FOR SITE DESIGN FLEXIBILITY
3. ELIMINATES POLICE PROBLEMS AT APARTMENT BUILDINGS
4. REMOVES BUILDINGS WHICH ARE IN MEDIOCRE CONDITION
5. REMOVES A POTENTIAL "DRAG" ON THE VALUE OF THE NEW TOWNHOMES
TO BE CONSTRUCTED.
6. PROVIDES A NEW "FRONT" TO THE NEIGHBORHOOD TO THE SOUTH
7. PROVIDES ADDITIONAL OPPORTUNITIES.TO DECIDE ON A LOCATION FOR
A STREET CONNECTION TO MISSISSIPPI STREET.
CONS:
l. ADDS COST TO THE REDEVELOPMENT
2. ALTHOUGH TENANTS ARE PAID RELOCATION, LOWER INCOME PERSONS ARE
DISPLACED
3. 76 "AFFORDABLE UNITS" ARE SUBTRACTED FROM THE CITY'S HOUSING
STOCK (MET COUNCIL LIKE TO KEEP TRACK)
4. REMOVES A"BUFFER" TO REDEVELOPMENT AREA
ATTACHMENT #2
�
MEMO TO: Director Sallman�
FROM: Deputy Director Lenzmeier ��
D,ATE: Auqust 15, 1994
SIIBJECT: Calls For Service Comparison, Cherry Wood Apartments
Bill Burns requested that the Police Department provide him with a
comparison of calls for service from Cherry Wood Apartments.
Specifically he requested that we compare the calls for service
that were generated during the months of May, June and July of 1990
and compare it with calls for service for the same three month
period in 1994. In addition to providing that comparison we
selected another apartment complex that contained about the same
number of units which is generally felt generates few police calls.
That complex is 1200, 1230 and 1250 72n Ave. It contains 75 units
while Cherry Wood Apartments contains 76. '
Below is a breakdown of the comparison. Note that the total calls
includes more then the totals of the other three columns. That is
because I only chose three disturbance types of calls to highlight.
The total figure contains all calls, medical, thefts, found
property, etc.
Cherrv Aood Anartments
Year Totai Assault Disturbinq Domestics
1990 65 4 13 2
1994 96 4 24 6
72nd Ave. Auartments
Year Total Assault Disturbing Domestics
1990 11 O 1 0
1994 15 1 4 I
ATTACHMENT #3A
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DATE:
TO:
FROM:
�
Community Development Department
June 30, 1994
PLANNING DIVISION
City of Fridley
William Burns, City Manager
Pat Wolfe, Section 8 Housing Coordinator
SUBJECT: Satellite Lane Apartments
Barbara Dacy requested that I inform you af the conditions of
Cherrywood Apartments, 155, 175, and 195 Satellite Lane, and the
two apartment buildings east of Cherrywood Apartments.
I am very familiar with Cherrywood Apartments that are owned and
managed by Lang-Nelson Associates. The apartments are one and
two bedroom units. Over the years, there has been a considerable
decline in�these units and the on-site management. Lang-Nelson
appears to be reluctant to make improvements to the units and to
their quality of management. I have talked to most of the on-
site managers regarding upgrading the uni.ts.; They have a11 ::.
complained about how difficult it is to rent apartments due to
the old appliances and.carpeting and the lack of support from
Lang-Nelson concerning upgrac�ing the apartments.
I have had several Section 8 clients move out of Cherrywood
complaining about building upkeep and problems with loud parties.
Many have moved to River Road East Apartments where they receive
more amenities for their rent; for example, security building,
indoor pool, and stable on-site management.
I anticipate Cherrywood Apartments continuing to decline based on
the lack of upkeep and the building becoming outdated compared to
neighboring communities that are building newer complexes.
Cherrywood has lost good residents and replaced them with many
problem residents due to their lack of screening and due to the
older, outdated style of apartme.nt complex.
I have not been in the two buildings east of Cherrywood
Apartments for several years. The conditions at that time were
poor due to the apartments being outdated and poorly maintained.
For at least six years, no Section 8 clients have requested
assistance in these two buildings. I am assuming this is due to
the availability of nicer apartment complexes.
If you have any further questions concerning these buildings,
please feel free to contact me at extension 597.
PW:ls
M-94-361
MEMO TO: WILLIAM W. BURNS, ClTY MANAGER
` ��' ,�-�
FROM: RICHARD H. LARSON, DEPUTY CHIEF "'".
DATE: JULY 1, 1994
SUBJECT: CHERRYW04D APARTMENTS
As requested I have inspected the five apartment buildings on Satellite Lane with the
following observations:
155-175-195 Satellite Lane:
At the present I have no outstanding violations for fire or housing code.
155 Satellite Lane:
The internal common areas for 155 Satellite have some floor tiles missing in the lower
level and no emergency lights in halls and stairway. The e�erior trim is in need of
paint. �
175 Satellite Lane:
The 175 building has carpet on the 2nd floor hall in need of repair, some small holes
in stairway wall front entrance and no emergency lights. The trim is in need of paint.
195 Satellite Lane:
The 195 building is in need of some screen repair, trim painting and there are no
emergency lights : The roof also needs repair.
201 Satellite Lane:
The 201 buitding needs roof repair and the garage needs repairs (roof, garage doors}.
221 Satellite Lane:
The 221 building needs repair of garage roof and door.
No major repairs were evident on this inspection. If I can provide any fu�ther
assistance please contact me.
Al�l'AI:HMLlV�l� �sl�
PROPOSED REVIEW PROCESS
l. DECIDE ON 8/22/94:
A. APARTMENT ACQUISITION AND DEMOLITION
B. SENIOR/EMPTY NESTER APARTMENT BUILDING
C. CONCUR WITH PROPOSED PROCESS
2. CONDUCT SIMULTANEOUS PROCESSES:
A. SOLICIT REQUEST FOR QUALIFICATIONS
1) STAFF DISTRIBUTES IN SEPTEMBER
2) TOP CANDIDATES ARE SELECTED IN OCTOBER
3) TOP CANDIDATES RESPOND TO DESIGN CREITERIA
4) HRA SELECTS IN NOVEMBER
B. PREPARE DESIGN CRITERIA
1) STAFF PREPARES CRITERIA WITH PLANNER/ARCHITECT HELP
IN SEPTEMBER
2) PLANNING COMMISSION REVIEWS AND MAKES RECOMMENDATION
IN OCTOBER
3. CITY COUNCIL REVIEWS BOTH ISSUES AT NOVEMBER 14 CONFERENCE
MEETING AND AGREES OR DISAGREES WITH BOTH RECOMMENDATIONS.
4. PLANNING COMMISSION CONDUCTS NEIGHBORHOOD MEETING IN DECEMBER
OR JANUARY .' .
5. SIMULTANEOUS ACTIVITIES:
A. HRA ACQUIRES REMAINING PARCELS, DEMOLISH STUCTURES,
RELOCATE AFFECTED COMMERCIAL/RESIDENTIAL TENANTS.
B. DEVELOPER PREPARES:
1) SITE PLANS, PLAT, BUILDING ELEVATIONS
2) FININACING PLAN
6. DETERMINE NEED FOR ADDITIONAL NEIGHBORHOOD MEETING TO BE
CONDUCTED BY PLANNING COMMISSION IN FEBRUARY.
7. DEVELOPER SUBMITS APPLICATIONS FOR PLANNING APPROVALS; HRA AND
CITY COORDINATE ANY OTHER APPROVALS BETWEEN FEBRUARY AND JUNE.
PUBLIC HEARINGS ARE CONDUCTED DURING THIS TIMEFRAME.
8. HRA APPROVES DEVELOPMENT CONTRACT; CONSTRUCTZON BEGINS IN JUNE
OR JULY.
ATTACHMENT #4
SOUTHWEST QUADRANT REDEVELOPMENT
LEGAL PROCESSES REQUIRED:
l. EXPAND REDEVELOPMENT PROJECT AREA AND TAX INCREMENT DISTRICT
(if apartment land area is included).
2. REZONE AREA FOR APARTMENTS FROM R-3, GENERAL MULTIPLE FAMILY
TO S-2, REDEVLOPMENT DISTRICT.
3. REZONE EXISTING REDEVELOPMENT AREA FROM C-3 TO S�2,
REDEVELOPMENT DISTRICT INCLUDING SPECIFIC SITE PLAN APPROVAL.
4. APPROVE REPLATTING OF PROPERTY.
5. APPROVE POSSIBLE RIGHT OF WAY VACATION/EASEMENT VACATION OF
FRONTAGE ROAD OR OTHER EASEMENTS.
6. APPROVE LAND SALE TO REDEVELOPER (HRA NEEDS TO CONDUCT PUBLIC
HEARING AND APPROVE SALE).
7. APPROVE RESOLUTION AUTHORIZING SIGNATURE OF DEVELOPMENT
CONTRACT (HRA APPROVAL ONLY).
ATTACHMENT #5
CONTENT OF PROPOSALS
• Identification of the developer as well as other anticipated
participants in the proposed process such as architects,
marketing consultants, leasing agents, and so on.
• Resumes of key individuals who will be working on the
project. Indicate the primary contact person to be
generally available to the City.for the duration of the
Agreement and describe that person's involvement in the
projects described in the following two items.
• List of development projects completed or in-process during
the last three years, including a very brief description of
each.
• Detailed description of two projects of the developer's
completed within the last three years, including an
explanation of the process, project financing, brochures,
photographs, artists' renderings, current financial
statements (if possible), and so on. Developers might
select these two projects based on such criteria as
uniqueness of design, physical constraints of site,
extensive involvement of the public in the development of
the project, and unique area or market. Of course, not
every criterion suggested here will apply to each of the two
projects. Projects chosen for detailed description should
also show some relevance to the Site area.
• Bank referenc,es (at least two) including name of bank or
financial i.nstitution, address, telephone number, and
contact person.
• Discussion of the developer's perception of the market
potential for the Site for owner occupied townhomes and
senior/empty nester apartments. This should include the
proposed range of townhome unit prices, amenities, potential
number of senior units and other relevant information.
• Description of experience in working with the public sector.
• Current financial statement of the developer and partners,
if applicable. (This information is confidential).
• Five references. Include tenants or owners of completed
development projects described above and, if applicable, any
city references.
• Brief description of what the developer would expect from
the City with respect to public improvements, site
improvements, environmental assessments and related
expenses.
ATTACHMENT #6
SELECTION CRITERIA FOR DEVELOPER
• Developer Experience. An important consideration is the
experience the developer has had in developing similar
projects in the Minneapolis-St. Paul metropolitan area,
especially in suburban communities.
• Financial Resources. Since the developer will be selling,
leasing or building various buildings constructed on the
Site, the ability of the developer to finance, lease and
construct is important.
• Understanding of the Market. Since the City desires that
any development of the Site be market-driven, the City will
evaluate proposals based on the developer's ability to
thoroughly know and understand the market demand for a
development project.
• Response to the City's Design Criteria. The City will
consider the developer's ability to incorporate the desired
design features into the development proposal.
• Marketing Budget. The City is willing to hold the land
until development occurs. However, the City is anxious that
the Site be aggressively marketed to reduce the holding
costs and maximize the Site's tax base. As a result, the
commitment of the developer's personnel, the amount of funds
and other resources are important considerations.
Experience with the Public Sector. While not as significant
as other criteria, it is helpful if the developer has worked
with the public sector in development projects.
/
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GTYOF
FIZIDLEY
1�
FROM:
DATE:
MEMORANDUM
Municipal Center
6431 University Avenue N.E. Office of the City Manager
Fridley, MN 55432
William W. Burns
1612) 571-3450
The Honorable Mayor and City Council
Fridley Housing and Redevelopment Authority Members
� f�' -
William W. Burns, City Manager-�1� fi���
August 19, 1994
SUBJECT: Bacon Electric/Gary's Automotive
In a prior memorandum, I outlined the preliminary costs for the Bacon
Electric/Gary's Automotive project. Since I wrote that memorandum, I have had
an opportunity to do additional thinking and acquire additional numbers. �
Jim Casserly has prepared the attached sources and uses analysis. This analysis
assumes several changes from my earlier presentation. First, we are assuming
that tax increment financing districts would be available at both the existing and
the new Gary's Automotive site along 73rd Avenue. We are also making some
assumptions about the buildings that would be built on both sites and calculating
tax increment flows based upon those assumptions. Another new assumption is�
that we would need to provide some sort of redevelopment assistance for both
sites. The redevelopment assistance could be used for cleaning up the Gary's
Automotive site and for also helping with the construction or acquisition of the
building on the new site. The $100,000 figure fisted is nothing more than a guess.
Jim Casserly has also added a 10 percent contingency which was not included
in the previous financial projections.
We developed the sources and uses statement based upon two options for the
reuse of the Bacon Electric/Gary's Automotive properties. The first option
assumes that we would sell the land for ti�e construction of one home and one
commercial office building. The second option assumes that we would sell the
land for the construction of two residential homes.
I hope this information is helpful in evaluating the future direction of this project.
WWB. sc�
CITY OF FRIDLEY, MINNESOTA
COMPARISON CHART - BACON ELECTRIC/GARY'S AUTOMOTIVE
SOURCES:
TAX INCREMENT (BACON/GARY SITE)
LAND SALE
TAX INCREMENT (NEW GARY SITE)
LAND SALE
SUBTOTAL
USES:
APPRAISALS
ENVIRONMENTAL TESTING
RELOCATION
ACQUISITION (BACON/GARY SITE)
DEMOLITION
CONDEMNATION COSTS
ACQUISITION (NEW GARY SITE)
REDEVELOPMENT ASSISTANCE (BOTH SITES)
CONTINGENCY 10.00$
SUBTOTAL
SURPLUS/(DEFICIT)
OPTION I
1 HOMESTEAD�
1 COMMERCIAL
102,671
85,000
i9,538
85,000
292,209
1,200
12,700
70,000
170,000
14,000
8,500
60,000
100,000
43, 640
480,040
(187, 831 )
OPTION II
2 HOMESTEADS
31,483
75,000
19,538
85,000
21�,021
1,200
12, 700
70,000
170,000
14,000
8,500
60,000
100,000
43,640
480,040
(269,019)
COMP1 PREPARED BY CASSERLY MOLZAHN 17-Aug-94
Casserly Molzahn & Associates, Inc.
215 South 11th Street, Suite 300 • Minneapolis • Minnesota 55403
Office (612) 342-2277 • Fax (612) 334-3382
M E M O R A N D U M
TO: Ci�y of Fridley/HRA
Attention:. William Burns
FROM: Mary E. Molzahn
James R. Casserly
RE: Gary's Automotive/Bacon Electric Site
DATE: August 17, 1994
We have analyzed the Gary's Automotive/Bacon Electric Site to
estimate the amount of tax increment generated if a Tax Increment
Financing District ("TIF District") is created. The proposed TIF
District would qualify as a Redevelopment District and would have
a duration of 17 years (15 tax increment years), terminating in
2011. Briefly discussed below are two alternative construction
proposals.
OPTION I. CONSTRUCTION OF ONE SINGLE FAMILY HOMESTEAD AND ONE
COMMERCIAL FACILITY
This scenario assumes the construction of a single family
homestead residence with an estimated market value of $170,000
and an approximate 5,000 square foot commercial facility with an
estimated market value of $318,000. The estimated annual
property taxes generated are approximately $3,081 for the
residence and $14,976 (or $3.00/square foot) for the commercial
building. It is also assumed that both the home and commercial
building are completed in 1995 for taxes payable in 1997. Over
the term of the proposed TIF District this scenario would
generate approximately $102,671 in tax increment available for
the project.
OPTION II. CONSTRUCTION OF TWO SINGLE FAMILY HOMESTEADS
This scenario assumes the construction of two single family
homestead residences with an average estimated market value of
$170,000 each. Annual property taxes approximate $3,081 for each
home. It is also assumed that both the home and commercial
building are completed in 1995 for taxes payable in 1997. Over
the term of the proposed TIF District this scenario would
generate approximately $31,483 in tax increment available for the
project.
For tax year payable 1994 Gary's Automotive generates $2,936 in
property taxes and Bacon's Electric generates $2,442, for total
taxes on the proposed site of $5,378. In comparison, the first
scenario, assuming construction of a homestead and commercial
facility, generates approximately $18,057; the second scenario,
assuming two homesteads, generates approximately $6,162.
Also enclosed is a preliminary analysis for the proposed Gary's
Automotive project. This analysis assumes the relocation of
Gary's Automotive to the parcel adjacent to Scott Lund on 73-1/2
Avenue NE. Assuming construction of a 5,000 square foot facility
in 1995, this project generates approximately $36,952 in
available tax increment. Based on a 7.5� present value rate,
this available tax increment translates into $19,538 in 1994
dollars. �
If you have any questions, please give a call.
HRA PRESENTATION
BACON ELECTRIC/GARY'S AUTOMOTIVE
AUGUST 11, 1994
A. The property and the vision.
B. Progress towards acquisition:
1. Purchase agreement for Bacon Electric.
2. Gary's Automotive.
C. Results of appraisals.
D. Results of Phase 1 Environmental Studv:
1. Buried tanks - Will require test borings.
2. Wells.
3. ACM �� None detected in samples.
4. Potential PCB-containing items:
a. Fluorescent light ballasts in all three establish-
ments.
b. PCB wipes required:
i. Compressor in the basement of Gary's
Automotive.
ii. Older style, subsurface hydraulic auto lift.
iii. Heavily stained floor in Riteway.
E. Proposed Phase il Environmentai Assessment:
1. Soil borings to water tabie - 35 feet.
2. Sampling of septic tank contents.
- 3. PCB wipes.
4. Cost = $8,100 to $9,400 depending on cost of
laboratory analytical fees.
F. Relocation Costs: .
1. Estimate for Gary's Automotive =$20,000 -$50,000.
2. No estimate provided for Northeast Towing.
G. Site Search:
1. See drawing.
H. Costs Associated with Project:
1. Appraisal: $ 1,200
2. Phase I Environmental: 2,700
3. Phase II Environmental: 10,000
4. Relocation Expenses: 70,000
5. Acquisition Costs: 170,000
�
I . .
6. Net Cost for Acquisition of
Schrader Property:
7. TIF Assistance for Gary's
Automotive (Does not include
costs for condemnation or
any participation in _
environmental cleanup.)
TOTAL:
I. Zoning Issues:
$55,000 - 60,000
$25,000 - 50,000
228 900
A. Rezoning of proposed Gary's Automotive site and
remaining AI Schrader property from C-3 to C-2.
B. Gary's Automotive would need a special use permit.
3
I _
�
DATE:
TO:
FROM:
SUBJECT:
Community Development Department
HOUSING AND REDEVELOPMENT AUTHORITY
City of Fridley
August 19, 1994
William Burns, Executive Director of HRA
Barbara Dacy, Community Development Director
Cash Flow Analysis for Redevelopment Projects
A cash flow analysis of the tax increment revenues and
expenditures for the remaining life of the tax increment
districts has been prepared by staff and Jim Casserly. The
attached analysis explains the basic criteria used to estimate
revenues and expenditures. On the expenditure side, we have
identified specific projects that we know are going to occur in
the next ten years, including the 5outhwest Quadrant, housing
programs, the Lake Pointe intersection improvement, possibly the
Bacon Electric/Gary's Automotive project, redevelopment projects
in the University Avenue corridor, and a significant investment
in the Hyde Park area (the Hyde Park project is simply an example
of a project which requires a significant amount of investment to
complete acquisitions, rehabilitation, or redevelopment).
All of the estimates in the cash �low have been calculated in
1995 dollars. The cash flow analysis reveals that there are
adequate funds to pay for the anticipated projects contemplated
by the City Council and HRA to-date.
BD/dn
M-94-482
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