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EDA Agenda 06-09-2021 (Workshop Meeting) AGENDA WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA) AND CITY COUNCIL Wednesday,June 9th, 2021—4:30 p.m. North Mississippi Room, Monticello Community Center Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon Morphew, Tracy Hinz, 011ie Koropchak-White and Councilmembers Lloyd Hilgart and Jim Davidson Staff: Executive Director Jim Thares, Angela Schumann, Sarah Rathlisberger, Jacob Thunander and Tom Pawelk 1. Call to Order 2. Roll Call 3. Introduction of Attendees 4. Overview - Block 52 Status and Redevelopment Studies/Planning Outcomes and Vision 5. Discussion of EDA and Developer Objectives Goals—Alignment and Variance 6. Discussion— Proposed Concept Footprint-Ideas 7. Review of Timeline Options 8. Identify Next Steps/Task Checklists and approximate TBC by Dates 9. Adjournment � d t � r s •, \ � pop, / � 2� 3?� � _ , •- #4��,,,, 66, jo, 7 n 0 ^ ^o0 71 ,,0 163. 00 13 �14 / t t lowAp -� • 1 - CITY OF PHONE:763-295-2711 Fax:763-295-4404 MonticeRo 505 Walnut Street Suite 1 Monticello, MN 55362 Part I City of Monticello - Block 52 Redevelopment Status And Invitation to Complete RFQ Questionnaire April 23,2021 Information contained in this summary status overview is being provided to prospective developers along with an invitation to complete Block 52 Questionnaire and return to City of Monticello staff and the EDA (Economic Development Authority). The collaborative redevelopment process led by the EDA is viewed as an opportunity to create a signature redevelopment project that will strengthen the vitality of the core downtown area in the City of Monticello. Block 52 is a 2.5053 full block land area in downtown Monticello, MN with high visibility and accessibility. It also has views of the Mississippi River and of West Bridge Park. Key facts regarding Block 52 are noted below: • Location: Downtown Monticello • Size: 2.5053 acres or 109,131 square feet +/- • Parcels: 16 separate and distinct parcels of various sizes • Land Area owned by City-EDA: Approximately 75 percent or 81,986 square feet +/- The EDA has been able to acquire a total of approximately 81,986 contiguous square feet or 75% of the entire Block 52 land area. In addition, there is high confidence that additional land acquisition through voluntary sales transactions are possible in the future and a contiguous land area of approximately 80 to 84 percent of Block 52 may be assembled. A realistic timeframe for the commencement of a Block 52 Redevelopment Project ranges from Fall of 2022 to the Summer-Fall of 2023. The EDA would prefer to engage with developers in the Summer of 2021 as it formulates shared objectives and responsibilities for 1 www.d.monticello.mn.us the Redevelopment. This developer selection time frame will allow the City to consider submitting a Redevelopment Grant Application to Minnesota DEED seeking funding assistance to offset a portion of the land acquisition and expected building-structure demolition costs. The City and EDA would ask the selected developer to cooperate in the application process by providing as much detail information as can be made available to the EDA regarding proposal concept renderings, projected job creation numbers, along with land purchase, excavation, site preparation, and development costs. The State of Minnesota Redevelopment Grant Program is a potential source of a modest amount of funding to support the efforts for the Block and has historically accepted applications in early February of each year. Staff have also analyzed data indicating that the land and improvement values and ratios in the Block will allow the formation of a new 25-year Redevelopment Tax Increment Financing (TIF) District for purposes of providing assistance for redevelopment costs. It is anticipated that when a Development Agreement is entered into with a prospective developer, a TIF District can be simultaneously established and therein create a public sector financing mechanism for eligible expenses such as land purchase costs, excavation, site preparation, underground parking structure(s), utility relocates and extensions, parking surface, and landscaping costs. Ideally, new finished development project tax values would be in a range of$19 to $23 million dollars. That value range would generate enough increment to support many of the EDA's objectives for the Block. If you have an interest in the Block 52 Redevelopment Project, please complete the attached RFQ(Request For Qualifications) Questionnaire and return to me by 4:30 p.m. May 4, 2021. If you have any questions regarding the Questionnaire, feel free to contact me to discuss and or clarify. Thank you for your time. Jim Thares, Economic Development Manager City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362 Office Phone: 763-271-3254 Cell Phone: 612-219-8357 Email: jim.thares@ci.monticello.mn.us 2 Part II City of Monticello - Block 52 Horizontal Mixed-Use Redevelopment Vision Description Block 52 is one of the most visible blocks in Monticello. It is located near the State Highway 25 Mississippi River Bridge,the only river crossing in a 35-mile area, with over 36,500 vehicles traveling past it each day. The Block also borders River Street, offering views of West Bridge Park and the Mississippi River to the north. Broadway Street, the community's traditional main street, fronts Block 52 to the south. Walnut Street, envisioned as a convertible street suitable for community festivals and events, borders the west side of the Block. Block 52 is located in the CCD (Central Community District). Utilization of Planned Unit Development (PUD) on this Block would allow mixed use and development density at higher levels. Block 52 Redevelopment Goal-Vision per 2017 Downtown Small Area Study: ✓ Horizontal commercial-residential mixed-use, multi-story redevelopment ✓ Residential multi-family— Desired number of units= approximately 110+/- market rate units ✓ Commercial Uses—Food-Beverage-Entertainment; Niche specialty retail ✓ Vertical mixed-use desired where possible - Retail-Service-Dining on ground Floor; Office or service uses on second floor ✓ Up to five (5) stories in height with city review Contemplated-Preferred Block 52 Development Scale: ➢ % block size or slightly larger=Ap proximately.50-acre, or ➢ % block size or slightly larger =Approximately 1 acre- Desirable ➢ The entire Block is approximately 2.5 acres (109,131 sq. ft.) Most desirable Expected Block 52 Parking: ❖ Underground parking structure(s) ❖ Grade drop from Block 52 to River Street may accommodate development of underground parking structures with entrance and exit points from River Street ❖ Mid-block or courtyard surface parking areas/lots Desired Block 52 Amenities and Site Enhancements: ✓ Gateway site - "gateway to the City" from the north; proposal will need to incorporate art and public and green space 3 ✓ Conscientious building design; required commercial architectural features, with a mixture of masonry, glass, and architectural accent metal ✓ Will serve as the signature development in Monticello area and riverfront Anticipated Block 52 Financial Assistance: ➢ Redevelopment Tax Increment Financing(TIF) ➢ TIF generation based on new development valuation—goal is to offset land costs and parking structure expenses Block 52 Site Control-Land Assembly: ❖ Monticello EDA and the City control 75 +/- percent of Block 52 ❖ The EDA envisions the ability to assemble additional parcels through a voluntary sale transaction process. The goal is acquire sufficient land to proceed with a meaningful and impactful redevelopment project. Jim Thares, Economic Development Manager City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362 Office Phone: 763-271-3254 Cell Phone: 612-219-8357 Email: iim.thares@ci.monticello.mn.us 4 ems. 4F lm� .._ '� F 9 WV co 10 33. 66• 0t _ 8, , • s 3315 0 �e4j , 14° +� , 12Y Is r t a a ' r ti / t Block 52 Redevelopment Questionnaire 04-23-21 1. What is the developer's previous experience in working on downtown or urbanized redevelopment projects? 2. Is the developer open to purchasing land from private property owners in the target Block? 3. What is the developer's previous experience in acting as the land purchasing entity-agent in redevelopment or vacant land development projects? 4. Is the developer comfortable with developing vertical mixed-use structures (ground floor commercial; upper floors residential)? 5. Is the developer interested in a long-term commitment as an owner of multi-family residential property in Block 52? 6. Is the developer comfortable with constructing a higher-end multi-family building? 7. What kind of finishes does the developer consider high-end in multi-family buildings? 8. Is the developer open to partner investors in commercial stand alone (horizontal mixed use or side by side mixed use) buildings? 9. Does the developer typically hold commercial property or is their preference being a short-term commercial developer? 10. Is the developer open to entering into a Preliminary Development Agreement with the EDA further defining Block 52 steps? 11. Is the developer capable of self-funding or financing the redevelopment project? 12. What is the developer's estimate regarding value of total investment in Block 52? Does the developer feel comfortable in achieving a $19,000,000 to $22,000,000 investment level in the Block? 13. How many multi-family units does the developer believe would be necessary on the Block for financial feasibility? 14. How much commercial square footage does the developer believe would be feasible? Where is that commercial square footage most attractive on the block? 15. Would the developer want or need tax increment flow as a component of overall project financing? 16.What other financial assistance is the developer anticipating to support the redevelopment of Block 52? 17. Is the developer willing to pay the EDA for land that it has acquired to alleviate cost for the EDA? 18. Does the developer have experience with environmental or structural issues which may be common to downtown or urbanized development? 19. Is the developer willing to be a collaborative partner and engage with the EDA and City staff to accomplish shared vision and objectives? 20. 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G .8 04 m y g h v C W C G v g b o y v o'er. °F°°c To °-!g °' v c y o v w S v C v o '�-' o > o v 3 ay. y > 3 m >a ;" b°•w,a h d ,% o v m v o0 v Z °u ° r o C o ° G O b W b M y x r /hI C J: q r ° y o 7 G v ro P ro -o 0 o o Im N u y •� � > a y � o b y v � �'3 C•B c7 ro V Studies and Reports — Block 52 June 9,2021 1. Small Area Study-Plan, November 2017 2. Geo-technical soil borings and water table Study—August 2019 3. Boundary Survey, October 2020 4. TIF Blighted Structures-Buildings Survey TBC 5. TIF Land Coverage Survey&Analysis—TBC 6. Environmental Phase 1—TBC 7. Hazardous Materials Survey- TBC 8. Structural Engineers Assessment—TBC 9. Utility Locate and Relocate Survey—TBC 10. ???