HRA Agenda 05-01-1991N
AGENDA
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, May 1, 1991 - 7:OOPM
City Hall
MEMBERS: Chairperson Al Larson, Ben Smith, Lowell Schrupp,
Everette Ellison, and Tom St. Hilaire.
STAFF: Rick Wolfsteller, Jeff O'Neill, and 011ie Roropchak.
GUEST: Jerry Schoen, Aroplax Corporation
Gas Veit, Shingobee, Inc.
Pat Pelstring or Deb Gustafson, BDS, Inc.
1. Call To Order.
Z. Consideration to Approve the April 3, 1991 HRA Minutes.
3. Consideration to Adopt a Resolution to Establish the Tax
Increment Finance District and Plan for Aroplax Corporation
and to Request City Council to Set a Public Hearing Date.
C. Consideration to Set a Policy to Recapture the HACA Penalty
j Payment for Aroplax TIF District with Recommendation to the
City Council.
S. Consideration to Review and Accept the Letter of Intent
between the HRA and the Developer, Shingobee, Inc.
6. Consideration to Adopt a Resolution to Establish the Tax
Increment Finance District and Plan for Shingobee, Inc. and to
Request City Council to Set a Public Hearing Date.
7. Consideration to Set a Policy to Recapture the HACA Penalty
Payment for Shingobee, Inc. District with Recommendation to
the City Council.
6. Other Business.
9. Adjournment.
MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, April 3, 1991 - 7:00 PM
City Hall
MEMBERS PRESENT: Chairperson Al Larson, Ben Smith, Lowell
Schrupp, and Everette Ellison.
MEMBERS ABSENT: Tom St. Hilaire.
STAFF PRESENT: Rich Wolfsteller and 011ie Koropchak.
GUEST: Deb Gustafson, Business Development Services,
Inc.
1. CALL TO ORDER.
Chairperson Al Larson called the HRA meeting to order at 7:05
PM.
2. CONSIDERATION TO APPROVE THE FEBRUARY 6, 1991 HRA MINUTES.
Ben Smith made a motion to approve the February 6, 1991 HRA
minutes, seconded by Lowell Schrupp. Without further
discussion the minutes were approved as written.
3. CONSIDERATION OF AGENDA ITEMS 3. 4, 5, AND 6.
Agenda Items 3, 4, 5, and 6 were tabled until such time as the
completed TIF analysis by Mr. Pelstring can be discussed
between Mr. Pelstring, Shingobee, Mr. Weingarden, and
Koropchak. Upon receiving the construction cost numbers the
TIF analysis indicates no benefit to the lease holder which is
a must for use of TIF in this project. Also, Mr. Weingarden
(City Attorney) is unclear of the project objectives and has
concerns with the city entering into a joint marketing
venture.
7. CONSIDERATION TO ACCEPT THE 1990 YEAR END REPORT.
Koropchak presented the HRA members with a summary of the 1990
HRA activities. Mr. Wolfsteller highlighted the written HRA
financial report noting the HRA General Fund and the TIF/Debt
Service Fund. The general fund shows the tax increment
received from each TIF District as revenue and the payments
(principal and interest) paid on project loans and the amounts
transferred to the debt service fund for bonds issued. The
HRA General Fund indicates a surplus of $173,830.87. The
TIP/Debt Service Fund shows the transferred debt service
amount from the general NRA and interest income as revenue and
the debt service payments made for each of the six HRA bond
issuances plus the City's K -Mart bond issuance.
HRA MINUTES
4-3-91
The question was asked, if the surplus funds can be used to
pay off the bond debt service therebye allowing the increment
to be placed back on the general tax roll? The response was
no, as a district is established for a designated time in
accordance with the TIF Budget, the bonds are sold to the
general public based on that designated time therebye securing
the public's investment and if the debt were paid off the
County Auditor has the right to terminate the district. The
City has two accounts, the general fund and the Liquor Store,
the HRA fund being a part of the general fund which allows the
City a greater return on their investments. Lowell Schrupp
made a motion to accept the 1990 HRA Financial Report,
seconded by Ben Smith, the report was accepted and filed.
8. CONSIDERATION OF PROSPECT UPDATE:
a) Aroplax see agenda item 11.
b) 1.3 million eq ft distribution center - Koropchak
reported that Monticello was cut from the final list of
three Minnesota communities for the potential site
location of this large distribution center. The main
reason given by the company representatives for the
Monticello cut was the site abutted an existing trailer
park and the close proximity of the proposed land uses
e (R-1 and R-3) to the east and west.
c) Towle Real Estate - This company represents a client
(Maid of Scandinvia) which is looking for a 45,000 to
65,000 aq ft existing facility for sale or approximately
eight acres of free land. The company's current location
at Hwy 100 and Hwy ? is for sale. This mail order
catalog and office facility would employ approximately
100 personnel. Along with marketing information Bent,
acquisition of land through the use of TIF was marketed,
however, the company has a negative attitude toward the
use of W. A meeting was suggested to discuss the use
of TIF and the possible myths associated with its use.
9. CONSIDERATION TO RECEIVE THE 1990 ECONOMIC DEVELOPMENT REPORT
AND 1991 ECONOMIC DEVELOPMENT WORE PLAN.
The HRA members acknowledged their receiving the written
report and work plan.
10. OTHER BUSINESS.
None.
HRA MINUTES
4-3-91
11. CONSIDERATION TO APPROVE THE USE OF TIF FOR THE AROPLAX
CORPORATION PROJECT.
The HRA reviewed the agenda supporting data which included
criteria of the company's project, estimated market value, and
a proposed TIF budget. Thereafter, the HRA proceeded to
review the requirements for establishing a TIF Economic
District. The project was determined to have met the three
requirements: 1) the company has considered a site in
Wisconsin, 2) the project will increase jobs in the state,
and 3) the project will increase the state tax base.
Secondly, the Aroplax office space was determined to be of
direct relationship to the manufacturing business therefore
the revenues derived from the increment met the required
purpose use for an Economic Development District.
And thirdly, the HRA determined the Aroplax project satisfied
the local TIF guidelines. Everette Ellison made a motion
approving the use of TIF for the Aroplax project, seconded by
Ben Smith, and without further discussion the motion passed.
Deb Gusfafson reported that BDS has not received a copy of the
purchase agreement between the developer and Oakwood
Partnership nor written construction costs which are necessary
to complete the SBA application. Ms. Gustafson hopes the
application can be submitted to the SBA board on May 8th.
With the planned SBA schedule, Schedule III of the TIF
Process, as outlined in the agenda will be targeted.
Deb and Koropchak having visited Aroplax's current facility on
Chestnut Avenue reported the low ceilings and two-level
facility reduces the company's production efficiency. Some
accounts now held by the company are Good Year, Medtronics,
Wanger, etc.
12. CONSIDERATION TO SET A POLICY TO RECAPTURE THE HACA PENALTY
FOR AROPLAX TIF DISTRICT WITH RECOMMENDATION TO THE CITY
COUNCIL.
Koropchak informed the HRA that the reference and background
information for this agenda item is referenced under Agenda
Item S. Since the TIP Plan for this project will not be
reviewed and approved until the May meeting, the HRA requested
this item be tabled.
e
HRA MINUTES
4-3-91
13. ADJOURNMENT.
The HRA meeting adjourned at 8s 10 PM.
011ie Koropchak, HRA Executive Secretary
C
HRA AGENDA
5-1-91
3. CONSIDERATION TO ADOPT A RESOLUTION TO ESTABLISH THE TAX
INCREMENT FINANCE DISTRICT AND PLAN FOR AROPLAX CORPORATION
AND TO REQUEST CITY COUNCIL TO SET A PUBLIC HEARING DATE.
A. REFERENCE AND BACKGROUND.
At the April HRA meeting, the members approved the use of
TIP for the Aroplax Corporation project. Mr. Jerry
Schoen, principal owner of Aroplax, will be present at
the meeting to describe their planned project and to
answer questions. A representative from Business
Development Services will present the TIF Plan and
Budget. The TIP budget is expected to include the write
down of the land cost ($70,000) for the West 408.91 feet
of Lot 3, Block 2 BX 290-894-002031 Oakwood Industrial
Park. This is an approximate 5.6 acre parcel on Chelsea
Road to the east of the State Highway lot or across the
road from The Tire Service Equipment Manufacturing
Company property. The 22,400 square foot concrete
facility is expected to employ 24 people, the company is
a forty-three year old family owned company in the
plastic injection molding business.
The total financial package includes uses of land
acquisition, construction, machinery 5 equipment, working
capital, and soft costs with sources of SBA, bank, TIF,
and GMEF. A purchase agreement has been secured from the
Oakwood Partnership with estimated construction to be
submitted this week. Upon completion of the SBA
application, a bank committment letter will be requested
prior to SBA submittal expected in early June and SBA
approval anticipated the end of June for a July beginning
construction. In accordance with the above schedule, the
following TIF schedule is suggested.
HRA, approval of TIF use
April
3,
1991
HRA, TIF approval
May
1,
1991
Distribution to cty and school
May
3,
1991
Council, Call for PH date
May
13,
1991
PC, TIF Plan consistent with Com-
prehensive Plan
June
4,
1991
HRA, PH disposition of lands
June
5,
1991
Council, PH and TIF approval
June
10,
1991
V
HRA AGENDA
5-1-91
B. ALTERNATIVE ACTIONS.
1. Adopt the resolution approving the establishment of
the TIF District and Plan for Aroplax Corporation
and requesting City Council to Set a Public Hearing
Date.
2. Deny adoption of the resolution approving the
establishment of the TIF District and Plan for
Aroplax Corporation.
3. Table the Item.
C. RECOMMENDATION.
Since the HRA previously found the Aroplax project to be
consistent with Statutory requirements and the local TIF
guidelines and if the HRA finds the proposed TIF budget
to be consistent with the project and projected
increment, the recommendation is to adopt the resolution,
Alternative Action il.
D. SUPPORTING DATA.
Copy of the TIF Budget and resolution.
11
04/30/91 13:05 . 6127869034 ELGL ESS DEVELOPMENT SERVICES PAGE 02
Councilmember introduced the following
revolution, the reading of which was dispensed with by unanimous
consent, and moved its adoptions
ROUSING AND RFDEVELOPMENT AUTHORITY
IN AND FOR THE
CITY OF MONTICELLO
WRIGHT COUNTY
STATE OF MINNESOTA
RESOLUTION NO.
A RESOLUTION RELATING TO THE MODIFICATION, BY
THE ROUSING AND REDEVELOMENT AUTHORITY IN AND
FOR THE CITY OF MDNTICRLLO, OF THE
REDEVELOPMENT PLAN RELATING TO REDEVELOPMENT
PROJRCT NO. 1, THE MODIFICATION OP THE TAR
INCREMENT FINANCING PLANS RP.LATING TO TAX
INCRP.MENT FINANCING DISTRICTS NOS. 1-1 THROUGH
1-11 AND THE APPROVAL AND ADOPTION OF THE TAX
INCREMENT FINANCING DISTRICT 90. 1-12, ALL
LOCATED WITHIN REDEVELOPMENT PROTECT NO. 1.
BE IT RESOLVED by the Commissioners (the •Commissloners •) of
the Housing and Redevelopment Authority (the •Authority•) in and
for the City of Monticello, Minnesota (the •City•), as follower
Section 1. Recitals.
1.01. It has been proposed that the Authority modify, by
Increased project costo, Redevelopment Project No. 1, pursuant to
and in accordance with Minnesota Statgtes, sections 469.001 to
469.047, inclusive, as amended. It has been further proposed
that the Authority modify, by increased project costs, the Tax
Increment Financing Plane relating to Tax Increment Pinancing
Districts Nos. 1-1 through 1-11 and establish Tax Increment
Financing District No. 1-12 and approve and adopt the Tax
Increment Financing Plans relating thereto, all located within
Redevelopment Project No. 1, pursuant to and in accordance with
Minn gets statutes, sections 169.176 to 669.179, inclusive, as
amended.
00/30/91 13:05 61.7869030 6USUESS DEVELOPME)IT SEPVIA_ES PAGE 03
1.02, The Authority has investigated the facts and has
caused to be prepared a proposed Modified Redevelopment Plan (the
'Modified Redevelopment Plan") for Redevelopment Project No. 1,
defining more precisely the increased project costs to he made to
Redevelopment Project No. 1, the proposed Modified Tax Increment
Financing Plans for Tax Increment Financing Districts Noe. 1-1
through 1-11 and Tax Increment Financing Plan (the *Tax Increment
Financing Plan•) for Tax Increment Financing District No. 1-12
(collectively referred to as the •Plane•).
1.03. The Authority and the City have performed all actions
required by lar to be performed prior to the modification of
Redevelopment Project No. 1, the modification of Tax Increment
Financing Districts Noe. 1-1 through 1-11 and the establishment of
Tax Increment Financing District No. 1-12 and the adoption of the
Plane relating thereto.
1.04. The Authority hereby determines that it is necessary
and in the best interest of the City at this time to modify
Redevelopment Project No. 1, to modify Tax Increment Financing
Districts Noe. 1-1 through 1-11 and to establish Tax Increment
Financing District No. 1-12 and approve the Plane relattnq
thereto, and to request that the City Council (the 'Council*)
hold a public hearing relating to the above—stated matters.
Section 2. Approval of the Modified Redevelopment Plan for
Redevelooment Prosect No. 1.
2.01. Subject to the finding, determination, and approval of
the Modified Redevelopment Plan for Redevelopment Project No. 1
by the City Council of the City, the Modified Redevelopment Plan
for Redevelopment Project No. 1 in hereby approved by the
Commissioners of the Authority. The increased project costs
shall be described in the Modified Redevelopment Plan for
Redevelopment Project No. 1 approved in Section 4 hereof.
Section 3. APOSoval Of the Tax Increment Pinancingy Plane for
Tax Increment Pipe nClnq Districts Nos, f-1 through 1-12.
3.01. Subject to the finding, determination, and approval of
the Modified Tax Increment Financing Plans fnr Tax Increment
Financing Districts Nos. 1-1 through 1-11 and Tax Increment
Financing Plan for Tax Increment Financing District No. 1-12 by
the Council of the City, the Tax Increment Pinancing Plane for
Tax Increment Financing Districts Noe. 1-1 through 1-12 are
hereby approved by the Commissioners of the Authority.
-2-
M
04/30/91 13:05 . 61:7869034 8USIIESS GENALOPME11T SERVICES PAGE 04
Section 4. Approval of the Respective Plans.
I
4.01. The Plans presented to the Authority on this date, are
hereby approved and adopted by the Authority and shall be for-
warded to the Council with the request that the Council hold a
public hearing chelating to the adoption of the Plans for
Redevelopment Project No. 1 and Tax Increment Financing Districts
Nos. 1-1 through 1-12.
Section S. Disposition of public Lands.
5.0. The Iuthority held a public hearing, as of this date,
regardin1g the disposition of public lands. The Authority hereby
verifies that sold public hearing was held and duly authorises
the City Attorney and City staff to proceed with the implementation
of the necesear� documentation relating to said disposition of
public lands.
Section 6. Pilin of Plans.
6.01. The Authority shall cause the Plans, ell as approved
and adopted, to be filed with the Office of the Minneacta
Department of Trude and Economic Development.
Dated Nov 1. 1991
Chairman
Attests
Executive Director
(SEAL)
-3-
HRA AGENDA
5-1-91
4. CONSIDERATION TO SET A POLICY TO RECAPTURE THE RACA PENALTY
PAYMENT FOR AROPLAX TIF DISTRICT WITH RECOMMENDATION TO THE
CITY COUNCIL.
A. REFERENCE AND BACKGROUND.
After the initial recruitment presentation for the
Aroplax Corportion project did the city staff receive
notice that the City of Monticello was certified to
receive $246,646.00 in Homestead and Agricultural Credit
Aids (HACA) in 1991. Of that original certified amount,
the State Budget cut has reduced the amount by $60,000
and another $60,000 cut is anticipated.
Accordance to Statutory requirements, a city who receives
HACA payments and uses TIF will receive a reduction in
HACA payments known as a TI or HACA Penalty which is
calculated by the Department of Revenue. This is an
annual penalty over the life of an Economic District,
therefore, it is suggested that the HRA set a policy for
each TIF District created after April 30, 1991 to
recapture TI or HACA Penalty taken from the City General
Fund. An example of this as calculated by BDS is:
Estimated Market Value, Land and Building is
$600,000. Annual HACA Received, $240,000.
Annual Estimated Increment, $22,900.
Annual TI or HACA Penalty, $6,900.
Annual "Net" Increment, $16,000.
B. ALTERNATIVE ACTIONS.
BDS and Mr. Wolfeteller will provide additional
Information to this agenda item at the meeting which will
assist the HRA in their decision. The following are some
alternative actions for recapturing the TI or HACA
Penalty.
1. Developer pay back.
2. TIF BudgnL based on annual "Net" Increment.
3. TIF Budget include a planned public improvement
project equal to the amount of TI or HACA Penalty.
HRA AGENDA
5-1-91
4. Without knowledge of HACA payment, the TIF
assistance was marketed to the developer without
notice of developer pay back and for the write down
of the land cost, therefore, perhaps the HRA
surplus funds may be used if available.
5. Other ideas suggested by RDS.
C. RECOMMENDATION.
No recommendation is given, however, it is suggested that
since the recruitment and market of TIF funds to Aroplax
was completed prior to notification of received City HACA
payments, the HRA consider no penalty to the developer or
no cut back in dollar funding.
D. SUPPORTING DATA.
Copy of calculated penalty.
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HRA AGENDA
5-1-91
5. CONSIDERATION TO REVIEW AND ACCEPT THE LETTER OF INTENT
BETWEEN THE HRA AND THE DEVELOPER, SHINGOBEE, INC.
A. REFERENCE AND BACKGROUND.
The April HRA agenda included the consideration to review
and accept the TIF/SPEC Pre -Plan Proposal as requested by
Shingobee and modified by the Industrial Development
Committee. However, the agenda items pertaining this
project were tabled until Mr. Pelstring, Shingobee, Mr.
Weingarden, and Koropchak met 1) to review final
construction costs and TIF analysis which indicated no
benefit to the lease holder and T) to clarify project
objectives between the developer and the city.
A meeting was held between the parties inclusive of Jeff
O'Neill. A lease hold allowance of $25,000 is now
included in the construction cost, clarification of
project objectives were outlined and Mr. Weingarden was
to draft a letter of intent replacing the joint venture
agreement. Mr. Weingarden'e concerns were that the
developer submitted a proposal which didn't comply with
the proposal criteria (lease hold costs were not included
in construction costs) and had reservations of the city's
involvement in a joint venture agreement. Plans are upon
the review and acceptance of the letter of intent by the
HRA, the letter of intent will be submitted to the
developer. Upon TIF approval, a Development Contract
will be prepared by legal counsel between the developer
and the HRA.
A copy of the Letter of Intent will be presented at the
HRA meeting.
v HRA AGENDA
5-1-91
6. CONSIDERATION TO ADOPT A RESOLUTION TO ESTABLISH THE TAX
INCREMENT FINANCE DISTRICT AND PLAN FOR SHINGOBEEL INC. AND TO
REQUEST CITY COUNCIL TO SET A PUBLIC HEARING DATE.
A. REFERENCE AND BACKGROUND.
Gas Veit, Shingobee, Inc., will inform the HRA of the
project design and RDS, Inc. will outline the TIF
District and Plan for the TIF/SPEC Proposal inclusive of
the budget. The site plan was reviewed by OSM, City
Engineer, with comments passed along to the developer.
Building, landscaping and parking plans were received by
the Building Inspector prior to the April HRA meeting.
The project outlines a 25,000, 20,000, or 15,000 square
foot concrete facility with market lease rates of $4.25,
$4.50, and $4.75, respectively. The land option
commitment is for Lot 8, Block 2, Oakwood Industrial
Park. The project design will be marketed by the
developer and the city to potential lessees and upon
agreement of a qualified leasee and execution of the
Development Contract will construction of the facility
begin.
Upon adoption of the resolution by the HRA, the TIF plan
will be distributed to the county and school district for
comment and the City Council will call and hold a public
hearing, however, the TIF District and Plan Resolution
will not be adopted by the City Council until such time
a quanTied leasee is agreed upon. The Council does not
adopt the resolution at this time because this would
begin the ten year life duration of the Economic
Development District.
B. ALTERNATIVE ACTIONS.
1. Adopt HRA resolution.
2. Deny adoption of the HRA resolution.
3. Table item.
C. RECOMMENDATION.
No recommendation given without review of TIP Plan and
Letter of Intent.
D. SUPPORTING DATA.
Copy of a map outlining committed lot.
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HRA AGENDA
5-1-91
7. CONSIDERATION TO SET A POLICY TO RECAPTURE THE HACA PENALTY
PAYNENT FOR SHINGOBEE. INC. DISTRICT WITH RECOMMENOATION TO
THE CITY COUNCIL.
A. REFERENCE AND BACKGROUND.
Information to be presented by BDS, Inc. including
projected TI or HACA Penalty.
W
MAID OF SCANDINAVIA
PROJECTED TAXES
ASSUMPTIONS: 50,000 Total Square Foot Building
15,000 sq ft brick office
35,000 sq ft decorative metal warehouse
6.4 acres or 279,480.96 sq ft of land
Lot 5, Block 3, Oakwood Industrial Park
Currently 90 ]obs, unskilled labor @ $5.50 and data processing
@ $7.00-:10.00. Expect approximately 15-201 current employees
will relocate.
Clean business, mail order catalog, current location at Hwy
100 and Hwy 7 up for sale, construction plans August/ September
1991 or January/February 1992, has general contractor with
estimated time for construction of four months.
PROJECTED TAXES:
Building: 15,000 sq ft @ $40.00 per sq ft $ 600,000
35,000 sq
�,otal
ft @ $17.00 per sq ft
- f 595,000
Building Estimated Market
Value (ENV)
_ $1,195,000
Land: 2.4 acres
or 104,544 sq ft @ $.40 per sq ft
o $ 41,817
4 acres or
174,130 sq
ft @ $.25 per sq ft
- 1 43,560
Total Land ENV
o $ 85,377
TOTAL BUILDING AND
LAND ENV
o $1,280,377
New Capacity Value
(NCV)
$61,628.66
191 Tax Rate
.87780
ANNUAL PROJECTED TAXES
$54,097.63
Tax Portion
Tax Rate
Total Percentage
County
$17,267.73
28.0191
31.91951
City
$ 9,559.22
15.5111
17.67031
School District
$25,675.11
41.6611
47.46071
Hospital District
$ 1,595.56
2.5891
2.94941
.TOTALS
$54,097.62
67.x7801
99.99991
ot 5, Block 3, Oakwood Industrial Park
Owner: Monticello HRA purchased the lot in 1983 for ISI
Price: $75,000 @ BE interest rate over 8 years
P and I: Principal, $75,000 Interest, $29,412 = $104,417
PID#: 155-018-003050
'91 ENV: $28,000
'91 Taxes: Tax Exempt (<$1,217> over 8 years, <$9,736>)
Special
Assessments: 89-03 Improvement Original Amount $753.68
15 years @ 8.15%
Due '91 P $50.25 I $57.33 $107.58
Remaining Balance $653.18
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PROJECTED GAIN OVER EIGHT YEARS
Wage Income:
45 jobs @ $5.50 ph X 16,640 hours
$4,116,400.00
45 jobs @ $7.00 ph X 16,640 hours
$5,241,600.00
Tax Income:
Total $54,097.62 X 8 years
$
432,473.76
City Portion $9,559.22 X 6 years
$
76,473.76
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ANNUAL COMPARISON
Expense:
Land Principal 6 Interest
$
13,051. 50
Special Assessments
$
107.58
TOTAL ANNUAL
EXPENSE (Projected)
$
13,159.08
Incomes
Wages ($5.50 X 15.511!)
$
79,850.62
Wages ($7.00 X 15.511%)
$
101,628.07
Taxes (City Portion)
$
9,559.22
TOTAL ANNUAL
INCOME (Projected)
$
191,037.91
I
PROJECTED TAX INCREMENT
New Capacity Value (NCV)
$61,628.66
Original Capacity Value (OCV)
$ 1,386.00
Captured Capacity Value (CCV)
$60,242.66
191 Tax Rate
.87780
ANNUAL PROJECTED TAX INCREMENT
$52,881.00
ANNUAL PROJECTED ADJUSTED TAX INCREMENT
$52,504.75
Estimated TI Penalty
$17,450.73
ANNUAL PROJECTED "NET" TAX INCREMENT
$35,054.02
$180,000 Bond Issuance A 9.5% over 8 years
(184.05)
Annual Debt Service $33,129.00
PROPOSED BUDGET: Land
$
75,000
Land Interest
and Assessments
$
25,000
Site Improvements
$
24,800
Administration
$
18,000
Bond Discount
$
3,000
Capitalized Interest
(24 mos) $
34,200
TOTAL PROPOSED BUDGET
$180,000
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