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HRA Agenda 08-06-1997AGENDA MONTICELL 40 HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, August 6,1997 - 7:00 p m City Hall MEMBERS: Chairperson Brad Barger, Vice Char Steve Andrews, Darren Lahr, Bob Murray, and Dan Frie. COUNCIL MEMBER: Roger Carlson STAFF: Rick Wolfsteller, Jeff O'Neill, and 011ie Koropchal:. I . CALL TO ORDER - 2. 2. CONSIDERATION TO APPROVE THE JULY $ 1997 HRA MINUTES. 3. CONSIDERATION OF ADDING ITEMS TO THE AGENDA. 4. CONSIDERATION TO ADOPT THE MONTICELLO DOWNTOWN AND RIVERFRONT REVITALIZATION PLAN FOR SUBMITTAL TO THE PLANNING COMMISSION. 5. CONSIDERATION TO ESTABLISH THE 1998 BUDGET FOR THE HRA GENERAL FUND AND TIF SURPLUS FUND. 6. CONSIDERATION OF AN OFFER TO PURCHASE THE PROPERTY LOCATED AT 3 WALNUT STREET. 7. CONSIDERATION TO UTILIZE BRAD JOHNSON FOR PREPARATION OF A PRELIMINARY DESIGN CONCEPT AND TO AUTHORIZE DOLLARS TO HOMESTEAD CENTER TO MOVE FORWARD WITH FURTHER EVALUATION. K. CONSIDERATION 710 AUTHORIZE PAYMENT OF MONTHLY HRA BILLS. 9. CONSIDERATION OF PROJECT UPDATES OR DIRECTOR'S REPORT. 10. OTHER BUSINESS. II. ADJOURNMENT. MINUTES MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY Tuesday, July g, 1997 - 4:00 p.ra City Hall MEMBERS PRESENT: Chair Brad Barger, Vice Chair Steve Andrews, Darrin Lala, Bob Murray, and Dan Fne. COUNCIL LIAISON ABSENT: Roger Carlson. STAFF PRESENT: Rick Wolfsteller and Odie Koropchak. GUEST: Marti Ruff, Ehlers and Associates, Inc. Char Barger called the rescheduled HRA meeting to order at 4:00 p.m This meeting rescheduled from July 2, 1997. due to the July 1 storm. 2. Consideraton to ASIpme the June 4. 1997 HRA minutes Brad Barger made a motion to approve the June 4. 1997 HRA m ntfies. Seconded by Dan Frie and with no additions or corrections, the minutes were approved as written. 3. Consideration to adding Oterns to the agenda. No hent added to the agenda. 4. Consideration to review HRA financial reports for orcgaration of 1998 HRA budget Marti Ruff. Ehlers & Associates, stated year -ending 1996. Monticello had created 21 TIF Districts of which 4 have decertified and another 4 districts wid decenify over the next few years. Most of the districts were economic districts. Working wish Wolfsteller and Kompchak to meet the new State standards and reporting requhm ms, the budgets will need modifications in the fLture to reflect the adjustments. The property tax classifications rates for commercial industrial decreased which causes a drop in tax increment and raises the tax rate. A benef t to Monticello, the older redevelopment districts are not subject to a frozen tax rate. Little change is assumed for Monticego. The City is subject to levy limit along with the waste water treatment plant HRA MINUTES JULY 8. 1997 coming on board. An HRA levy does not compete with the city levy and could produce a maximum of approximately $65,000 of non-restrictive funds for redevelopment of the downtown or development of industrial land. The levy appears as a line -item on the tax statement but requires no truth and taxation hearing. The HRA General Fund (non-restrictive) has a balance of $100,000 with annual revenues of $50,000 to $60,000 expected from bond proceeds. Over the next fivelsix years, the HACA Penalty is estimated at $50.000 to $55,000 annually. No expenditures were accounted for. Tlx current balance of the TIF Surplus Fund (restrictive) is $110,000 taking into account the $50.000 Debt Service Reserve Fund. The combined year-end 1996 HRAfr1F Reserve balances were $200,0004250,000. Year-end 1997 balances arc estimated $123,000 for the HRA and $143,000 for the TIF. In the future with the anticipated HACA Penalty a cash surplus of $150,000 to $170,(8)0 is estimated. HRA options: 1. Decertify districts upon meeting obligations. 2. Use for other projects such as reserves for future debt. 3. Cay do project - issue bonds from revenues for projects such as Front Street acquisition. 4. Consideration to decertify economic districts as only 25% less 10°/. administration of the increment can be spend outside the district. Compared to other HRAs. Monticello's total dollars is small potatoes; however, the performance of the number of districts is greater. The captured value is the test which is $600,000-$700.000 of 16 million. Mark informed HRA members that 85% of the property tax comes from commerciaUmdustrial and of that 70°/. in from one utility. If the value of the utility is decreased, other funding will increase. Monticello's tax rate is about 20-25% lower than most cities. Steve Andrews made a motion to accept the HRA financial report as presented by Ehlers & Associates. Brad Barger seconded the motion and with no farther discussion. the notion passed unanimously. 5. Consideration to adopi a resolution men inu the HRA B aws The following changes were recommended for the proposed bylaws: Page 2. OFFICERS. Section 1. - Delete: officers shall be elected from among the commissioners and add: the chair and vice chair shall be elected from among the commissioners and the secretary - treasurer appointed by the commissioners. Section 3. - Add: if in the event a quorum is HRA MINUTES JULY g, 1997 present and the chair and vice chair are absent or unable to attend, the three remaining moembers shall elect a chair for the said meeting. Page 3, EXECUTIVE DIRECTOR - EPelete the word "his" from (or "his" designee). Page 4, Change the word "determined" to "approved". The compensation of the Executive Director shall be approved by the Board of Commissioners. MEETINGS, Section L. Annual meeting - Insert "Apnr. Section 2., Regular meetings and Section 3, Special meetings - Insert 'working" to at least three (3) 'working" days. Page 5, ORDER OF BUSINESS, Section 1. - adjust the order of business for consistency with the current HRA agenda format. Bob Murray made a motion to modify the proposed bylaws as recommended. Dan Frie seconded the motion ar t d with no further discussion, the motion passed unanimously. With the modification to the proposed bylaws, Steve Andrews made a motion to adopt the resolution amending the HRA Bylaws. Brad Barger seconded the motion and with no further discussion, the motion passed unanimously. The amended bylaws to be distributed the Council members. 6. Consideration to adopt the Downtown and Riverfront Revitalintecin Pin for submittal to the Dlan„i n2 Commission. In lieu of the storm and the Plarmmg Commission not calling for the public hearing, Brad Barger made a motion to table any action relating to this agenda item until the August HRA meeting. Bob Murray seconded the motion and with no further discussion, the motion passed unanimously. Some concern was raised relating to how the Design Gmidelmes would be enforced. 7. Consideration of 1=1 opinion relating to removal or demolition of the g,amae and shed located at 220 Front Street and authorization thereof HRA members felt it was unwise to fix-up a neighborhood that one's attempting to purchase. Unless other real danger prevails, Dan Frie made a motion authorizing the BuiWmg Departmem to remove the LP tank only as the tank poses a safety issue. Darrin Lahr seconded the motion and with no further discussion, the motion passed unanimously. S. Co siders ion to authorize payment of monthly bills Brad Barger node a motion to authorize payment of the HRA monthly bills. Seconded by Dan Frie and with no further discussion, the motion passed unanittwusly. 9. CorLidemtion of VUic, pct s nt a HRA members accepted the written report. M" ^ iTFS 8. )7 In lieu of the storm, Daum Lahr made a motion requesting a letter be drafted to Larry Schleif inquiring of the interest to present a purchase price without repairs to the HRA for the property located at 3 Wahun Street. Dan Frie seconded the motion and with no further discussion, the motion passed unanimously. Other lam. None. AtWUMMCZL Dan Frie made a motion to adjourn the HRA meeting. Darren Labr seconded the motion and with no further business, the HRA meeting adjourned at 7:00 p.m Koropchak. Executive Director HRA AGENDA AUGUST 6. 1997 Consideration to adopt the Monticello Downtown and Riverfront Revitalization Plan for submittal to the Planning Commission, A. Reference and Bac ound: In lieu of the July storm, no action was taken by the Planning Commission in July to call for a public hearing on the revitalization plan and the HRA tabled any action until its August meeting. All HRA and Planning Commissioners, MCP Board Members and Committee Chain, and Council Members received a copy of the Plan. Draft 11. On July 30. 1997, the Board of Directors of the MCP adopted the Plan subject to certain modifications. The motion adopting the plan passed on 4-1-1 vote after much discission. Six of the ten board members were present at the time of voting. Michael Schroeder and Rusty Fifield were present for questions and commems and will adjust the plan accordingly. On August 55. the Planning Commission is scheduled to call the public hearing date of September 2. Council to consider plan thereafter. The following are some comments from the July 30 MCP meeting: a) ECFE no longer appropriate. b) Potential City Hall relocation - re -define in general terms perhaps short-term solution. c) Build on pedestrian friendly atmosphere - need for reforestation, sidewalks. parking and street widths in downtown area. d) Need to address street development and street scope maintenance program through city budget or special service district or association. e) Location of National Guard/Community Center open to locations within the surrounding downtown area. I) Need to strike Section 4 and 5 of the Design Guidelines. Advisory Team another layer of govemmem with no teeth. Design Guidelines OK for applicants of EDA money otherwise should be voluntary as guidelines are too restrictive or rigid. Advisory Team to be appointed by City Council inclusive of an individual with knowledge and expertise in architectural design and an EDA and Planning Conttmissioner. The Advisory Team's role is meant as an advocate to building owners or developers in the area of knowledge and quality of historic preservation. The purpose of historic preservation refers to the pattern of the buildings not the building in itself, it preserves a certain flavorand is not intended for a particular use such as once a gas station always a gas station. Pattern adds value. If one is not looking for a pattern of a small Midwestern town and one is looking for a pattern of a strip mall, then the MCP has the wrong plan. What Monticello has is good and can be build upon or expanded. g) How to Mance? Look for what's economical and practical. TIF for bigger HRA AGENDA AUGUST 6, 1997 projects such as anchors to create an environment which encourages smaller projects. Property tax lower priority as now utililized for waste water treatment playa and school development. Other options: Special assessments, local sales tax, and tax abatement. Invest to encourage private investment such as the new EDA downtown program Tax abatement may be better used for smaller projects as this provides an immediate cash flow. If no project occurs on a parcel in the TIF District within four years, parcels begin to fall out. No Plan is absolute. As the Revitafuation Plan becomes a pan of the Comprehensive Plan, it can be amended through the same process as used for amending the Comprehensive Plan. One member was not ready to approve the Plan and another opposed. Andrews. Lahr, and Koropchak were in attendance at the MCP meeting. 19111111111 , I . A motion to adopt the Monticello Downtown and Riverfront Revitalization Plan for submittal to the Planning Commission for consideration as an amendment to the Comprehensive Plan. 2. A motion to adopt the Monticello Downtown and Riverfront Revitalization Plan subject to adjustments by the HRA thereafter submitted to the Planning Commission for consideration as an amendment to the Comprehensive Plan. 3. A motion to deny adoption of the Monticello Downtown and Riveifrom Revitalization Plan. 4. A motion to table any action. C. Recommendation: In summary it appears the MCP board was supportive of the concept of the Plan; however, sonic dis-satisfaction remains over the Design Guidelines and its review process. If and once the Plan is adopted, it is most important that all individuals support the Plan. This will determine the success of the community's objective: To revitalize the downtown and riverf ont area. Recommendation is for Alternative I or 2. D. SuppartengData, Excerpt fiom MCP Current Waves. KEEPING MGP VOLUNTEERS INFORMED AUGUST 1997 • P.O. BOX 984. MONTICElLO. MN 55362 • 612.295-0999 �tallzait�on bffeuw��A�Faotkkh The MCP Board of Directors had a special meeting on Wednesday, July 30th to finish reviewing the Downtown and Riverfront Revitalization Plan. After a lively and thought Ful discussion (which began at the July 23rd board meeting), the Board approved of the plan contingent on the incorporation of a few revisions, and is sending it on to the Housing and Redevelopment Authority (HRA), which funded the study. Based on the Board Members' comments, the Plan will include revisions to clarify questions related to: • the application of design guidelines in making building improvements and an explanation of the purpose of having design guidelines • the timing of zoning and ordinance changes needed to implement the plan • recommended street widths for residential areas • the location of City Hall in the short and long term • Flexibility in the location of a community center • clarification on financing options such as the limitations of tax increment financing and the use of tax abatements • the process for making changes to the plan if it becomes necessary On August 5th (Tuesday) the Planning Commission is expected to call for a public hearing on the plan which would be held in September. The Planning Commission meets at City Hall at 7:00 p.m. The following night (Wednesday, August 6th), the Housing and Redevelopment Authority (HRA) will review the plan for their approval. Following the Public Hearing in September, the plan will go to City Council far final approval and adoption into the comprehensive plan. Copies of the Plan are available from MCP for the cost of photocopying ($6) and postage (if applicable). Coll the MCP office if you would like o copy. C—Iive ... fog Lod PI ... ioa •ed D-ir. fflo Hoisington Koegler Group Inc. ®a 5 August 1997 Ms. Rita Ulrich Monticello Community Partners P.O. Box 984 Monticello, Minnesota 55362 Re: Board Input on Downtown and Riverfront Revitalization Plan Dear Rita, I have compiled the input received from the MCP Board at their meeting of 30 July 1997. Their input and my actions for changing the plan are as follows: Board Comment: The issue of linking the recommendation of the plan related to land use changes and the need for updating zoning of the downtown area was raised. It was suggested that a list of primary amendments to the zoning be created and incorporated into the Implementation portion of the plan. In addition, the timetable for making the changes was questioned. Action: HKGi will men with the city's planner to define the best approach to making the necessary changes to zoning. The actions for making changes will be revised in the Implementation section will be adjusted so that zoning changes will occur during 1997. (Strategy 3, strategic outcome; page 4:28) Board Comment: The plan should not commit the idea of a community anter to one site (the site identified in the "civichnstitutional" core in the plan. Action: The narrative will be adjusted to reflect the possibility of the community center being located on this site. It will be noted that other sues are being considered and that a Task Force has been formed by the city to evaluate site options and detenaine the most favorable site for such a facility. (Strategy 2a; page 4:25) Board Comment: The relocation of City Hall to the Marquette Bank building is proceeding. This is contrary to the recommendations of the pian. Action: The relocation of City Hall to the Marquette Bank building is not entirely contrary to the directions of the plan. The plan indicates that City Hall should he prominent In the downtown and recognized as o civic feature of the community. The Marquette Bank site is certainly more integral to downtown than the current City Hall, and will likely serve the needs of the city better. 7300 Metro Boulevard, Suite 525, Minneapolis, Mlarcura 53439 (612)835.9960 Pu (612) 833.3160 Rita Ulrich 5 August 1997 Page 2 The move to Marquette Bank might also be considered one step in a sequence of events, and that ultimately, that site and building might serve another use better. In the long term, a site for City Hall might be found in the "civic/institutional" core where a building can be an integral pan of the "new bridge" concept. While the current relocation plans will be noted, the direction of the plan relating to principles for City Hall are still valid and desired. Board Comment: The ECFE program will be housed in the Pinewood Elementary School. The plan indicates that it would be a comportem of the community center. Action: Elimination of the ECFE from the development program for this facility will be noted. The ECFE program would have been one of several components of the community anter. While it would be desirable to have this facility in the community center. the ECFE program needed to establish a permanent location in advance of the implementation of the community anter. Other programr of a similar nature should still be considered as the community anter is studied by the local Tach Force. (Strategy 2a; page 4:26) is] Board Comment: Maintenance of pedestrian areas in downtown was indicated as a concern. There is a need for consistent care of areas meant for pedestrians in downtown. Action: 7he plan addresses maintenance of public spaces and spaces for pedestrians in the downtown. Recommendations include the establishment of a special smite district or a downtown association with maintenance responsibility to provide for consistent maintenance in all areas of downtown. (Strategy Id; page 4:26) Board Comment: the width of streets in areas near downtown and their relationship to downtown streets was questioned. Reforestation after the July I storm will become an issue. Action: The width of streets was discussed, noting that the plan addresses the configuration of streets in downtown. As a whole, the width of streets must remain a policy issue for the city. It was noted that wider struts cost more to maintain and rebuild. promote additional runoff and increase heat gain, and encourage higher traffic speeds (all of which are undesirable). The plan can reasonable address roadway widths for onus the abut downtown. Narrower streets in neighborhoods might provide an added benefit in defining the limits of downtown, and discouraging commercial traffic from using neighborhood streets. 7bese ideas will be incorporated into the plan. Rile Ulrich 3 Augun 1997 Page 3 Board Comment: The section of the Re -Use of Buildings in the Design Guidelines was questioned. It requires another level of review, with a body that is not a city board or commission. Tbnas like "historically significant" were questioned, as well as the requirements for re -using buildings for their historic purposes. A suggestion was made that Design Guidelines Section 4.0 and 3.0 be eliminated from the plan. Action: Discussion focused on the need for design guidelines. Although some board members considered the design guidelines to be another level of legislation imposed on businesses, most people undertaking redevelopment activities will desire some level of assurance that their investment will be matched (or at least approximated) by their neighbors. The city, as well, would want to have some guarantee that funds loaned to developers or businesses would be used in ways that further the goals of the plan. At this point, only those developers who seek city assistance would be required to conform to the design guidelines (or potentially those who purchase property from the city, who might be required to follow the design guidelines depending on the specifics of a development agreement). The use of the MCP Design Advisory Team, as suggested by Section 6.0, is a benefit to both developers and the city. Developers often want community support for Their projects from the outset. the use of the Design Advisory Team would be seen as an advocacy group by developers rather than another layer of review. no city, in its review of development proposals, lacks The expertise on staff or at The planning commission to discern whether a proposal meets the full intentions of the plan. As a group with advisory authority to the planning commission (much like the park commission reviews development plans in advance of planning commission review), the Design Advisory Team would be a mal benefit to The planning commission. It was explained that none of the design guidelines has statutory meaning at this point. They are recommendations for developers and bear no relation to rules imposed under the city's zoning code. Paragraph four on page 3:23 more fully explains the relationship between various levels of "rules." While some of the design guidelines might be codified, it is not reasonable to assume that all will become "hard and fast" rules. Narrative describing the character desired as a result of the application of the design guidelines (created by the MCP) will be incorporated into the plan. It was noted that the plan attempts to preserve the integrity of downtown through the establishment of an urban design pattern, but not necessarily by controlling the fate of every building. The first point in Section 3.1 of the Design Guidelines (page 3:34) will be revised to read "A property should be re -used in ways that require minimal change to its character defining Clements." Rina Ulrich S August 1997 Pogo 4 Visual clues to the desired pattern of downtown will be provided in the final draft of the plan. Elimination of sections 4.0 and 5.0 of the Design Guidelines would severely limit the effectiveness of the plan. There would be no measures for acceptability of building modifications that receive city funding and no direction provided to developers seeking to create projects that fulfill the community's vision. If these portions of the design guidelines are eliminated, the plan (and the conrimunity's effort at creating a downtown and riverfront as a true reflection of Monticello) will cwt oceuc Board Comment: The plan suggests s hotel on the block west of West Bridge Park. A board member wondered whether it would be possible to move the hotel to West Bridge Park and redevelop the park on the block to the west. Action: The plan, although it illuurates a particular pattern of development, does not assume to be the ultimate guide in site design or facility location. The development of a hotel (or any "anchor" use) near the river should adhere to the vision and guiding principles of the plan. Ultimately, thou become more important in achieving the community's goals for the downtown and riverfront. It was notal that the entrance to Monticello from the north (crossing the river and "landing" in the midst of two parks) is a very graceful arrival. Few communities have this opportunity and it should not be treated lightly. Board Comment: The plan is intended to become a chapter of the city's comprehensive plan. 11"he board raised the question of changing the plan once it becomes official as a part of the comprehensive plan. Action: The reason for incorporating the plan as an element of the city's comprehensive plan is that it becomes city policy, and therefore, has the ability to endure changes in administration and the capacity for guiding the community over a very long period of time. The methods of adjusting the plan once it is adopted as a pan of the city's comprehensive plan would be outlined in the comprehensive plan. Like any developer seeking a change. an amendment would be sought. The public hearing process of the eomprebensive plan amendment process allows the proposed amendment to be put to public scrutiny. 'Rre MCP will need to be watchful 10 ensure that the plan is not compromised by an amendment. 'M plan, os it is only a plan, might prove to be wrong. In this case. the process of amending it would be the same. A public hearing would be conducted to as if a change Is warranted, and. if it is, the plan would be modified accordingly. tau. ut.tee s evaaat1997 tges These changes will be made to Draft Three of the downtown and riverfront plan. Please call me if you have any questions. Sincerely, Hoisington K ler Grose lac. Michael Schroeder Jeff O'Neill, City of Monticello HRA AGENDA AUGUST 6, 1997 5. Consider EWHL A. City Priorities and HRA Priorities After the HRA ranked their 10 top priorities, the priorities were submitted and incorporated by the City Council into their ranking. As a guide and recall for the HRA five of the HRA priorities ranked within the top twenty-three projects for implementation and were keyed as -urgent". The following is a recap: Rank 7. Time 4 years. Establish a reserve fund for acquisition of industrial land. Rank 9. Time 2 yeah. Explore the potential purchase of BN ROW in core city area. Explore shared use. Rank 1 I . Time 1.2 years. Land acquisition as available to carry out downtown riverfront redevelopment. Rank 20. Time 3.4 years. Develop a loan program and guidelines encouraging remodeling of aging housing. Rank 22. Time 2.6 years. Develop and encourage business retention and expansion. Consider pIp^ects for implementation in 1999 and estimated annual costr IIRA General Fund (Non-restrictive funds) The HRA General Fund is revenues collected through property taxes and loan and bond proceeds. In the past and in 1997, the Council's City Levy included a Hae item for HRA activities. HRA activities include the Executive Directors' salary/benefits and other administrative expenses not covered in TIF District Budgets or projects subject to restrictions. In 1997, revenues collected from the City's levy for HRA use amotmied to approximately S 13,01X►. Non-restrictive funds can be used by the H RA for the annual 100% local contribution match to avoid the annual 301/6 IIACA Penalty to the City. This when TIF Districts are created. In Mark's summary of the IIRA General Fund proforma, the beginning balance for 1997 was $100,1100 with an anticipated revenue of S5O,(XX6161,1X)0 annually over next five years and $I OAX► to $300X► annually thereafter and did not include any expeWhures. Mark's summary did not include revenues or expenditures of tine enclosed HRA Budget which is approved by Council. Because of the need today to account for non-restrictive and restrictive fiords and because of proposed redevelopment projects or the Hsi of priorities, the HRA needs to be aware and participate in determining the budget for the HRA AGENDA AUGUST 6, 1997 HRA General Find as well as the TIF Surplus Fund. Remember, the City is subject to Levy limits for budget year 1998 and 1999 and this year will need to levy for the expansion of the waste water treatmmn plant. 1 have not received the print-out sheets for the HRA General Fund noting budget 1997, actual expenditures 1997, and proposed 1998. If the HRA exercised thea power to levy independent of the City levy, Matic estimated the maximum levy allowed would generate about $65,000. If the HRA exercised its power to levy, this would appear as a tine -item on the truth and taxation notice marled to property owners. Consideration to exercise the power to IcU- Although the HRA has many projects in the making, it is the recommendation of the HRA Financial Consultant Mart Ruff that the HRA conmder a levy for budget year 1999 as it is assumed the city and school will respectively increase their levy. The likelihood of the City Council cutting the levy for HRA administration is a question to pose to City Finance Director Wolfstener. TIF Surplus Fund (restrictive funds) In Mark's summary of the TIF proforma, the current balance is $110,000 and assuming current expenditures, the future annual surplus balance to be 160,0(X) to $175,0(9). The majority of this revenue is generated from pre -1990 TIF Redevelopment Districts. The $110,000 current balance does not take into account the motion by the HRA of August, 1996 nor does it account for the HACA Penalty of 1997 and 1998. The majority of the penalty is from Economic Districts created between 1990 and 1995. The HRA can transfer to the City the amourtt of the annual Penahy if the Cay has the public improvements in its General Budget and the public improvement was completed and expenditures accounted for. Public improvement must be within the Central Monticello Redevelomem Project area. Remember, the Cay Council agreed to make the annual 100% local contribution match for TIF District No. 1-22 which was estimated at about $32,000 annually. City of Monticello Project Priority Listing (Key A - _ B_ Very High Privity, C • Priority, D - Mild Priority I.F-ADPALh111P Rh I Rab I n- I:ATEGOWtb' I _ I _ Ari Drw-r1Ptla� . -- - Tav R..v.- 1 IAO Reseach fmaclal unprni a(trmripoo lium NSI' to ma_ -NSP In lox. PO'sttecn — NK ? \ IAO_ 1)ctcnniDc dcsip fa c%A1175 -"m talc to %heritage traffic AQmYo'.can! - st� I_ _ _ j LSO A.appmt_Pmtad®istrotioo and m®tcnaacc. Ad—F— u-, Rev. 1 ,\ 1.00 Oval City staff to wren other comaunitin - I)cvekVmmt ton - Rcvix fora _Dw. 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IDAIRIA 1sg11a' 10 D TfF paolni • mud dcv'ckp nw ul'upcdc high dmum ova &1w hwanp `C , va'saoa. ml 11 II 14= Joint %'entero with liullido A 1I1 Riva lit Nftnrirmm add pima uttwhmml It -11— IllAI CoA -ab nim 32 U 11.60 L" I k'.'. pa—t%c wAtp Oct%mt - clntcd oltkvU. ralm.. tmddcra, imhld 1®d worn j(.. 1c. 11n. am IDA1AA 'umvii 13 11 15.00 EgAm athet mdmelopwni�tt wch w Cuhcn.. mag rmd Ixdd - 1 ser 9 t td 0. mAm 10 It LO0 _wYtimuo �d kamco cmtynn • chmige mm - redum VM icqu=mall Y' . Dk 9wv As.. 15 n L60 Ihpvac AnmW H®nmg Rcpvt 1 a' Ion 1 DAIMA a..ra u 19 H 15.60 1 kvckm a rnnarmn mid dmddinn fit a vdmtm mmuutum mtm m • Nmhtd hcmn wk1997x.wk4: 08/04197 Page 1 RESOLUTION 08-60 RESOLUTION ADOI?TING THE 1097 BUDGET AND SETTING TIM TAX LEVY WHEREAS, the City Administrator has prepared and submitted to the City Council a budget setting forth therein his estimated needs of the City of Monticello for all operations and the debt service for the fiscal year commencing January 1,1997; and WHEREAS, the City Council has reviewed the same and has made such changes therein as appear to be in the beat interest of the City of Monticello; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF MONTICELLO that the budget so submitted by the City Administrator, together with the changes made therein by the City Council, be and same hereby is adopted as a budget for the fiscal year commencing January 1, 1997; and BE IT FURTHER RESOLVED by the Council of the City of Monticello that there be and hereby is levied for the fiscal year commencing January 1, 1997, and the following sums for the respective purposes indicated therein upon the taxable property of the City of Monticello, to wit: NET CERTIFIED REVENUE L©a HACA LEVY General $2,137,626 $170,099 $1,967,626 Library 31,096 0 31,096 OAA 1,066 78 9T,Zs HHA 14,060 1,094 12.968 , Transportation 16,864 1,260 4— Debt Service Fund $ 606,022 $ 47,447 $ 667,676 Capital Improvement Revolving A 616$78 A 40"441 B 475-13 TOTAL TAX LEVY $3,320,289 $260,409 $3,069,880 The above resolution was Introduced by Councilmember Anderson , was duly seconded by Councilmember Perrault , with the following voting in favor thereof: Brad Pyle, ehlrloy Anderson, Clint Herbot, Brian Stumpf, Too Perrault The following voting In the opposition: mono The City Administrator is hereby instructed to transmit a cortifi 04opy of this resolution to the County Auditor of Wright County, Minnesota. Adopted this 18th day of December, 1996. .^ �e� `�'g '� (l./.(/c�� / / M. I City Administra 97BUDGET: 1/14/97 PAGE 6A 07BUDGET: M4097 PAGE 53 F � t SP'ECIAL_REVENIJE WND 1997 BUDGET /1 HRA FUND / / r REVENUE Current ad valorem taus: 213.31011 12,966 TIF 02 - Metcalf & Larson: 213.31052 47,000 TIF 05 - Construction 5 213.31055 73,750 TIF 06 - Raindance: 213.31056 67,000 TIF 07 • NAWCO: 213.31057 72,000 TIF 08 - NSP: 213.31058 5,300 i TIF 09 - Tapper. 213.31059 24,000 TIF 010 - Remmele: 213.31060 34,000 TIF 011- Marties Farm Srv: 213.31061 4,300 TIF 012 • Aroplax: 213.31062 20,500 TIF 013 - Shingobee: 213.31063 75,000 f TIP 014 - Suburban Machine: 213.31064 16,000 TIF 015 - Custom Canopy: 213.31065 12,250 f TIF 016 - Polycast: 213.31066 18,000 TIF 017 - Fay Mar Fabricators: 213.31067 19,000 Homestead credit: 213.33402 1,094 Interest earninge: 213.36210 13.800 1 ffc TOTAL REVENUE Q 1 ••••••••••.•.•.••.••••.••••.•••..•.••.........•.••a••••.•.••••••••••••••••••••.•.••.• 0 EXPENDITURES w PERSONAL CERVICES 1 I Salaries, f dl•time - reg: 219.46301.1010 11,880 PERA contributions: 213.46301.1210 535 FICA contributions: 213.46301.1220 740 i Medicare contributions: 213.46301.1250 175 licalth/dental/life insurance: 213.46301.1310 TOTAL PERSONAL SERVICES 4F.RVI & 14,060 OIIIF.R ..4 rHARGFq Prof ary - legal Cees: 213.46901.3040 6,000 Mise professional services: 213.46301.3199 6,000 Conference & schools: 213.46301.3320 350 Legal notice publication: 213.46301.3510 100 Property taxes: 213.46301.3710 100 Misc other expense: 213.46301.4399 A00 TOTAL SERVICES & CHARGES 13,050 07BUDGET: M4097 PAGE 53 SPECIAL REVENUE FUND 1897 BUDGET r HRA FUND OTHER FINANCE USER Transfer to debt service: 213.46301.7206 208,454 TOTAL OTHER FINANCE USES 209,450 SUBTOTAL EXPENDITURES 238,880 TAX INCREMENT SURPLUS CAPITALQUTLAY Land 213.46500.6101 947AS TOTAL CAPITAL OUTLAY 247,600 TOTAL TAX INCREMENT SURPLUS Agm •••••rrrr••■•r••s■r■••■r■■••■q■■■■••••►•rN•••••■•••■♦r••►««■•q•►■■•grrp►►►r►►►►►► TAX INCREMENT DISTRICT EXPENDITURES TIF 07 - NAWCO TIF payback installments: 213.46507.6611 10.0411 TOTAL TIF 07 10,000 TIF 08 - NCP Debt sry print - short-term: 213.46508.6030 3,000 Debt sry int - short-term: 213.46508.6130 640 TOTAL TIF 08 C 3.640 TIF 011 - MARTIE FARM .RVIC . TIF payback installments: 213.46511.6511 _2,500 TOTAL TIF Y11 2,600 97BUDUT: 1/I"? PAGE 64 SPECIAL REVENUE FUND 1997 BUDGET FIRA FUND TIF 013 - SHIN .OR .F. TIF payback installments: 213.46513.6511 50 500 TOTAL TIF 813 50,500 TIF MR - CUSTOM CANOPY TIF payback installments: 213.46515.6.511 7.000 TOTAL TIF 815 7,000 TIF 019 - MlSgSISWPPI SHORES Transfer to debt service: 213.46519.7205 38.300 TOTAL TIF 819 38,300 TOTAL TAX INCREMENT DISTRICT EXPENDITURES Q GRAND TOTAL EXPENDITURES 0 COMMENTS: Salaries: 30% 011ie Transfers: Represents portion of tax increment revenue due in 1997 to be transferred to TIF bond funds Land: Partial funding for future industrial park land ! 75,000 Partial funding for Chelsea Rd realignment coats !172,500 (includes replacement funds for general HACA lose of 837,600) 97BUDGET: 1/1497 PAGE 55 1997 HRA BUDGET TIF and HRA General Fuad Surplus Adopted August, 1996 Balance, August 18, 1996 REVENUE: Surplus Other Subtotal Total Revenue 1 W44x.l0ILIM Public Improvements* Chelsea Road Alignment and Storm Sewer Improvement Industrial Development Reserve Fund Matched Funds" Surplus(Public Improvments Chelsea Road Alignment and Storm Sewer Improvement H -Window Subtotal Total E:penditutes Balance, December 31,1997 S 130,000 S 130,000 S 37,500 37,500 S 37,5W $ 115,000 S 20,000 $247.500 S 117,919 $247,919 S 247,500 S 419 • Purpose to compensate for City Loss. Can be used for HRA development or redevelopment and public improvments otherwise in City General Fund. The Chelsea Road Alignment, Storm Sewer Improvement, and Industrial Development Reserve Fund are suggested uses for the projected 575,0011 loss. •• HRA Matched Funds for Industrial Development Reserve Fund HRA GENERAL FUND AND TIF SURPLUS FUNDS August 1,1997 C E Budgg Agyill Budget TIF Sura Ague) EXPENDITURES: 144 Gille Property S 25,000(L.ocal ContsiNition) $ 15.000 Hoisington $ 20,293 Fhah ($50,OOo) transfer to S50,000 Katzmarelt $145,000 HACA Public Improvements $37.500 Industrial Reserve $37,500 HRA Match Ind Reserve S37,500 TOTALS TIF DISTRICTS $25.000 $1 12.500 $230,293 1-7 H -Window $ 20,000 1-9 Tapper's $ 25,000 1-11 Manic's $ 2,500 1-13 Standard Iron S42.653 1-15 Custom Canopy $ 7,427 1-20 Prairie West $ 32,500 TOTAL $130,080 1491 Reed $ 30,000 H -Window $ 10,1100 Hoisington $ 29,097 Hoisington $31,260 H -Window $10.000 TOTALS TIF DISTRICTS $41.260 $ 69,097 1-I I Martie's $ 2,500 1-13 Standard Iron S 61,383 1-15 Custom Canopy $ 7,427 1-19 Miss Shores 2,-Ao,y 1-21 Lake Tool $ 8,802 $ 29,098 TOTALS $18.729 $ 90,481 C E 1f4� Lake Tool Local Contribution $ 500 H-Wmdow (2-03) $ 20,000 TOTAL $ Soo TIF DISTRICT'S S20,000 1-11 Martie•s (12-98) $ 2.500 1-13 Standard Iron (2.04) $ 58.614 1 -IS Custom Canopy (12-02) $ 7.427 1-I8 River Mills (2-04) 1-19 Miss Shores (2-12) 1-20 Prairie West $32,500 TOTAL $101.041 HACA PENALTY August 1, 1997 DISTRICT 124E im im im 1-12 Aroplax 14,889 $10,713 $11,212 17,445 1-13 Standard Iron $ 9,023 $31,036 527,224 1-14 Suburban $6,556 16,874 52.507 1-15 Custom Canopy 55,139 $ 5,389 13,404 1-16 Polycast 137,500.00 $ 3,352 1-17 Fay Mar 137,500.00 17,965 TOTAL $ 4,889 $31,431 554,511 1511898 $142,729 HRA TRANSFERS 1-12 Aroplax 5 9,477.20 12,369.30 12,369.30 1-13 Standard Iron 1-14 Suburban 112,328.82 13.522.52 13,522.52 1-1 S Custom Canopy 12,426.59 1 2,426.59 12,426.59 12,426.59 Public Improv emtrus 137,500.00 Industrial Reserve 137,500.00 Industrial Reserve (Match) 137,500.00 TOTAL 12,426.59 1136,732.61 18,318.41 18,318.41 1155,196.02 (113,067.02) Public Improvements 180,796.02 Industrial Reserve Fund 513,000.00 C PROPOSED 1998 BUDGET Balance $ 185.100 TIF FUND $123,000 Projected revenue $ 50,000 Projected surplus $ 150,000 TOTAL $235.000 $273,000 EXPENDITURES EMm duures not accoumed $1 12,500 Hoisington $ 30,000 BALANCE 5235,000 $130,500 C Uses of Funds: _ Projects: Reserve fund for industrial development/acquisition Explore potential p=hase of BN ROW Land acquisition for downtown riverfivrt redevelopment Develop of prognn and guidelines encouraging remodeling of aging homes. Develop and encourage BRE. Operational: Director's compensation Director's Bcncfds Additional shared personnel Profasionali egd fees Miscellaneous pxafessional fees Seminars Legal Notices Property taxes Other Miscella wous Source of finding: HRAMF Fund HRA Levy TIF Districts Issue Bond City Levy HRA AGENDA AUGUST 6. 1997 6. Consideration of an offer to pumb= the pmpM located at 3 Walnut C reef :.4 YTb1,C' pJ Commissioners at the July meeting, requested Koropchak draft a letter to Mr. Schlief of his interest to presem an offer to the HRA for the property located at 3 Walnut Street. This property now in an estate. Enclosed is a copy of the letter mailed to Mr. Schlief and a copy of the cover letter from John Farrell who completed an appraisal of the said property for the HRA in March, 1997. It is my understanding Larry Schllef is submitting an offer to the HRA for consideration. At this time, l have not received the offer. However, Mr. Schlief is looking for a timely response. B. Alternative Action: 1. A motion to accept the offer for the property located at 3 Walnut Street per the submitted offer authorizing expenditure from the TIF surplus fund and to authorize Attorney Bubul to represent the HRA. �. 2. A motion to counter-offer the submitted offer for the property located at 3 Walnut Street authorizing expenditure from the TIF surplus fund and to authorize Attorney Bubul to represem the HRA. 3. A motion to deny acceptance of the offer or to deny further negotiations. 4. A motion to table any action. C. Recommendation: Assuming the offer is within the fhv market price and the HRA budgeted the dollars, the recommendation is for alternative no. I or 2. This to support of the Council's priorities and the revitalization plan. D. SungrtInQ Data: Copy of the letter to Mr. Schlief, cover letter of the HRA appraisal, and Schlrcf s offer if received in time. July 10, 1997 NOONTICELID lorry Schleif 122 Kampa Carle Monticello, [NM 55362 Dearlatty: In light of the recent storm and the potential damage to the property Notated at 3 Walnut Street in the City of Monticello, the Monticello Housing and Redevelopment Authority (HRA) is interested in your desire to submit a purchase price for the Wah n Street property. The purchase price, without repairs or as is. Larry, as per our telephone conversation, the HIRA would consider the rubmitted purchase price at their regular meeting of August 6, 1997; however, if a quicker response is desired that can be arranged. If you have questions or would hike to discus this finher, please atop by the City Hall or call me at 271-3208. Thank you for your willingness to work with the City of Monticello. Sincerely, Ouie Koropchak Economic Development DhWor cc: HRA File Mmicelb City Hall. 230 8.8ms"-ay. PO Bot 1147. Momkdlm MN S336L92(3 • (612) 293.2711 -Fax: (612) 293110( OBim of Public Wakes 909Oo8Carr Rd.. Momimft MN 33362.(612) 2953170 • Fu: (612) 271-3272 �vVA'N JOHN C. FARRELL Card1W 0.— Appdw Lbenss 1400M9 P.O. BOX ,10. OM, LOMB OAX RD. ROCKFORD. MN UM $Otte TELEPHONE ro1447748a March 27, 1997 Me. 011ie Roropchak Housing and Redevelopment Authority City of Monticello 250 E. Broadway, Monticello MN 55362 Re: Property Appraisal for City of Monticello Dear Ms. Roropchak, In accordance with your request on 24 March 1997 I personally inspected the real property indicated below and prepared the attached Summary Appraisal Report. 3 Walnut Street Monticello M9. 55362 The purpose of the appraisal was to estimate the Market Value of the subject property in fee simple, with no regard for liens or , encumbrances as of the date of the inspection. The value estimate is determined by the Direct Sales Comparison method using 3 comparable sales of residential properties from the market area. The three comparables are adjusted to reflect amenities differences from which the final value is derived. In my opinion the Market Value of the property, as of 24 March 1997 is $86,000. It has been a pleasure to aseist you, if I can be of further service to you in the future, please let me know. Sincerely, 0'�- ce (JhLnC Farrell C Larry Schleif 122 K ur pa Circle Monticello, Mn 55362 August 4, 1997 Housing & Redevelopment Authority Monticello City HaU 250 East Broadway Monticello, Mn 55362 HRA members: In response to your letter in which you inquired about the purchase of the property at 3 Walnut in the city of Monticello, 1 have set a purchase price of $92,500. This price was established based on a professional appraisal as well as a Market evaluation in which I reviewed similar properties that are presently for sale as well as those that have been sold within the last six months. I feel that this property is very saleable. Over the past six months three people have inquired about purchasing the property and two people have expressed interest in renting it. Since this pmperty is within the boundaries established by the HRA, potential buyers may be hesitant to make the purchase knowing that there are certain restrictions that the NIRA has imposed. Long term rental agreements would also be difficult, since I would have to inform them of the HRA's interests. Because this property is located directly adjacent to the west bridge park. It would be a natural fit into the plans that the HRA has. I believe that it would be in the best interest of all parties involved if the HRA were to purchase this property at this time. I must inform you that the property is currently in probate and 1 would not be able to close on any sale until the end of September. A quick response following the August 6 meeting would be appreciated as there are some improvements I would like to make to the property if 1 we were going to either sell or rent it. JE,r4s"',' ' 41 hleif HRA AGENDA AUGUST 6, 1997 iS fo. A. On July 15, 1997, O'Neill, Patch, Kris Graham, and Koropchak met with Brad Johnson to discuss the potential for development of a concept for the North Anchor. The concept being that which was presented to the HRA in June. As you recall, the development of the Homestead Center project was only feasible if supported by the development of upscale rental units. Brad Johnson noted his priority is consumed with the development of the South Anchor at this time. He told members his role is not one of developer but as a facilitator for bringing together potential interested developers. He felt rental units may not be as marketable to developers as owner -occupied town homes because of the lack of tax benefits, etc. of rental property. However, owner -occupied town homes would generate less Tl. The group concluded a preliminary design concept for development of the area was needed for marketing the concept and for determining the amount of land required. Brad could arrange for preparation of the design concept after receiving a copy of the topography, base map information including flood -plain. PID and market values, and utility easements of the arra. Based on the assumption city staff would provide the needed information. Johnson indicated there would be no charge for preparation of the preliminary design concepts. Rather than assume, is the HRA comfortable with proceeding to use of the services of Brad Johnson? Next, Kris noted that in order to proceed with pre -development plans and to contract with the Cooperative Development Foundation for access to the $70,000, Homestead Center requests $6,000 of the 525,000 community sponsorship commitment. The money is only reftmded if the project proceeds. I believe each HRA member received a letter from Administrator Wolfsteller relating to the workload of city staff and listed the Homestead project on the 45 -day hold W. Does the HRA authorize the expenditure of the 56,((X)7 You make wish to set a date for a tour of the Cross Lake project. B. Alternative Act ons: Preliminary Design Concepts A notion agreeing to utilize the services of Bred Johnson for preparation of a preliminary design concept for development of the riverflront or the North Anchor arca at no charge to the HRA. A motion to deny utilization of the services of Brad Johnson. HRA AGENDA AUGUST 6, 1997 3. A motion to authorize a request for proposal for preparation of a preliminary design concept. 4. A motion to table any action. Homestead Project 1. Motion to authorize expenditure of $6,000 to Homestead Center without the approval to enter into Homestead Cooperative Sponsorship Agreement. 2. Motion to approve entering into the Homestead Cooperative Sponsorship Agreement between the HRA and Homestead Housing Center. 3. Motion to deny the expenditure of $6,000. 4. Motion to deny approval of entering into the Sponsorsho Agreement. S. Motion to table any action relating to expenditure of the $6,000 or entering into 1 the agreement. C. Recommendation Preliminary Design Concept Recommendation on for ahemative no. 1. Technically, the H RA needs a request for proposals only ifthe HRA plans to own or develop a project. As the price is right and to proceed on a timely manner for development of projects within TIF District No. 1-22 (meeting the four-year dropout titre), ahernative no. I it recommended. Homestead project Recommendation is alternative no. I or 5. Kris Graham witl not move forward with further evaluation of the project without the HRA's approval to expend $6.(MN). The project appears doable only if the Homestead raw land cost can to written down to approximately $70,0(X) based on the assumption of the Chisago Lake project of appropriately 34 units. However, amount of land required is based on number of units to be built which is determined through the expanded market study. Is this request premature with the project on a 45 -day hold and without an interested developer for upscale housing development? It really becomes a chicken and to situation. i 2 HRA AGENDA AUGUST 6, 1997 D. St D= Copy of Kris' Letter and agreemem. vYomestead r (3 CENTER June 25, 1997 011ie Koropehak, Economic Development City of Monticello 250 East Broadway Monticello, Minnesota 55362-9245 Dear 011ie, I regret that I can't attend the EDA/HRA meeting on July 2 I will be on vacation I know that the members will have questions regarding our findings and I would really like another chance to discuss them. I have received the information regarding the preliminary feasibility study for the HOMESTEAD of Monticello project from our marketing firm, Assured Performance (AP), in Golden Valley. Darrell Wesding, President of Assured Performance (AP). preliminary looked at the number of seniors in Clear Lake, Albertville, Monticello, Elk River, Annendale that are 70 and over and had an income of S25000. or more. After a brief review of the demographics, he was very optimistic about the success of the Monticello project and suggested that it looked Eke we could safely build 20+ units. He said that a larger building may be possible, but before he could recommend that he would have to do a more in-depth look at the area using different data from other sources. I don't want to give you the impression that the seniors need to be wealthy to Eve in a HOMESTEAD project. On the contrary, there are many seniors living in the HOMESTEADS that have much lower incomes but enough to pay a monthly fee. They had enough equity in their homes or capital in the bank to purchase their Homestead unit. It is possible to extend our evaluation to include more areas, and look at younger seniors with incomes of $20,000. or more. The land costs will need to be determined to really calculate the unit costs. If the land costa are reasonable, the cost of the units may be lower and the study area can be broadened to those with less income. Any or all of these would allow the number of units and unit costa to change. The preliminary information that we have received indicates that a HOMESTEAD Cooperative of Monticello can be very successful, the location and demographics are positive. As you can we. there are many variables that will need to be determined before we can really decide the final numbers. 5500 Cenert Drive. Station 210 47 Inver Grow Heights, MN 55077.1755 614.151.4950 0 FAX: 612.451.5568 This is about as far as I can go in my evaluation without spedirrg more 5mds on consultants to advise me in setting up the project. Homestead Housing Center has no money for thio. To move forward, I will need to do a sponsorship commitment for S25,000. with your comnamity, so I can in turn do a contract with the Cooperative Development Foundation and gain access to our 8:70,000. for pre -development costs. I need a comrnitmet of S25,000. frrom your community but 1 only need S6000. of that to start a more in-depth look at the project. The remainder will be requested when we start the preliminary marketing of the project. The $6000. wn'0 be placed in an so== in your Mme and a monthly statement will be sent out so you can see how the timds are spew and split between HHC and Mho. I have mdosed a sponsorship agreement for your review and use. I look forward to hearing from you soon. Kris braham, Project Menage, HOMESTEAD COOPERATIVE SPONSORSHIP AGREEMENT THIS AGREEMENT, dated , 19__�, by and among the sponsors signing below (each, a "Sponsor") and HOMESTTEAD HOUSING CENTER ("HHC"), a Minnesota nonprofit corporation. RECITALS: The parties hereto desire to investigate the feasibility of, and if feasible, to construct and operate a Homestead Cooperative (the "Cooperative") in the following location: City: State: HHC believes that substantial local involvement in the Cooperative is essential for its success. The Sponsors recognize that HHC has extensive experience in planning and developing Homestead Cooperatives in several states. The parties acknowledge that certain costs will be incurred in connection with investigation and developing the Cooperative, end MC and the Sponsors are interested in financing a portion of the initial costs. THEREFORE, in consideration of the mutual covenants set forth herein, the parties hereto agree as follows: SERVICES AND OBLIGATIONS OF HOMESTEAD HOUSING CENTER 1.1. Best Efforts to Develop Coo rive. HHC will use it best efforts to investigate the feasibility of developing the Cooperative, and if HHC determines the Cooperative to be feasible, to develop the Cooperative, including all customary responsibilities associated therewith, from the date hereof through and including the completion of construction and the election of management of the Cooperative. The development activities of HHC will include a fesability study, community meetings, news releases and brochures. If HHC determines in is sole discretion that there is sufficient interest in the Cooperative, HHC will proceed to obtain an option to purchase or a purchase agreement for a parcel of lend, prepare construction drawings, hire and train a marketing person, and cominue all marketing elrorts. HHC will arrange for financing necessary to carry out development of the Cooperative. HHC will provide the services of its architect and attorney. HHC will select a construction contractor of its choice, wherever possible utilizing local resources. KNC will provide services to the shareholders in organizing the Cooperative, including the hiring and training of the necessary personnel. HHC will arrange construction inspections and assist the Cooperative to completion. HHC will provide the necessary legal dommients and see to the organization of the Board of Directors of the Cooperative, and will assist the Board for approximately one year following completion of concoction in such matters as HHC and the Board deem advisable. 1.2. HHC Seed Money Financina. HHC will provide fiords of approximately Seventy Thousand Dollars ($70,000.00) ("HHC Sad Money") to fiord investigation and development costs prior to construction of the Cooperative, provided that the Sponsors are timely fimxishing Sponsors' Seed Money (as defined below) pursuant to Section 2.1 hereof. 1.3. Indemnily of Sponsors. HHC agrees at all times to keep, save and hold harmless the Sponsors from and against any and all actions, proceedings, claims, demands, losses, outlays, damages, judgment, or expcues, including reasonable legal fees, which the Sponsors may in any way incur in defending or prosecuting, settling, or discontirming any proceedings or action or claims arising in any way out of the acts or omissions of HHC. 1.4. Completion of RMnsibiliti . HHC will proceed with all prudent and posstible speed toward successful conclusion of its responsibilities. OBLIGATIONS OF SPONSORS. 2.1. Sponsors' Seed Money. Each of the Sponsors signing below commits and agrees to advance as necessary, in proportion to each other Sponsor's commitment, the portion designated opposite its signature below of Twenty -Five Thousand Dollars ($25,000) in local seed capital ("Sponsors' Seed Money") to be used by HHC to match the HHC Seed Money for development of the Cooperative. The Sponsors' Seed Money is to be used at the discretion of HHC solely for expenses incurred by HHC in developing the Cooperative. Advances of Sponsors' Seed Morey shall be in the form of a loan to HHC from the Sponsors; provided that such loans shall be repayable solely from construction or permamm loan financing for the Cooperative, and if the Cooperative for any reason is not developed, such advances of Sponsors' Seed Money shall be deemed to be a non -repayable gent from the Sponsors to HHC. Sponsors' Seed Money shall be advanced to HHC as follows: 2.1.1. fsasibilil3l: Six Thousand Dollars ($6,000) upon execution of this Agreement, to be spent for preliminary feasibility analysis, site options, subsoil investigation and preliminary marketing and design. 2.1.2. rhyeItmment and Marketing: Nineteen Thousand Dollars ($19,000) upon HHC's decision to proceed with design and marketing of the Cooperative. Funds will be expended to pay for development and marketing costa, including, but not limited to, marketing staff and overhead, and architectural plans and specifications. All advances of Sponsors' Seed Money (other than Sponsors' Sad Money at any time determined to be a non -repayable grant) shall bear an interest from the date advanced until repaid az the raze of % per annum. Should any Sponsor (a `Non -Advancing Sponsor") refuse to advance against its commitment within ten (10) business days of receipt of notice from HHC, then HHC shall have, the right to seek a replacement commitment from a replacement Sponsor and all prior advances from the Non -Advancing Sponsor shall be immediately deemed to be grants to HHC, with HHC having no repayment obligation with respect thereto, whether or not the Cooperative is successfully developed. 2.2. Aamoval of Advisors. Each Sponsor approves the appointment of the following local advisors, with whom HHC may consuh with respect to development of the Cooperative: 2.3. indemnity of F=. Each Sponsor agrees at all times to keep, save and hold harmless and to defend and incloutify HHC, its directors, officers, and employees, from and against all actions, proceedings, claims, demands, losses. outlays, damages, judgments, or expanses, including legal fees, which HHC may in any way incur in defending or prosecuting, settling, or discontinuing any proceedings or actions or claim arising in any way out of the acts or omissions of such Sponsor. 3. MISCELLANEOUS. 3.1. Abandonment of Cooperative Developmm<. If HHC determines in its sole discretion that the development of the Cooperative is not feasible for any reason, then HHC may determine to abandon the project and terminate and cancel this Agreement. Upon abandonment, HHC shall have no liability for any repayment of Sponsors' Seed Money advanced from any Sponsor, except as provided herein. The parties hereto agree that repayment of such Sponsors' Seed Morley by HHC will not be required, and that such advances will be forgiven. it however, at the time development of cooperative is terminated, HHC shall have received advances from Sponsors that are unspent and not committed to pay an expense already incurred, then HHC shall refund such unspent advances to Sponsors (excluding, however, Non -Advancing Sponsors) on a pro rata basis based upon the relative investment of each Sponsor. In the event of project abandonment, HHC will attempt to sell any properties or assets related to development of the Cooperative then under its control and will distribute the net proceeds of such sales between itself and each of the Sponsors on a pro rata basis determined by the relative investment of HHC Seed Money and Sponsors' Seed Money in the Cooperative project. 3.2. Noti . In the event that a claim is made by any person against one of the parties in this Agreement related to the Cooperative or the services described in this Agreement, such party shall notify all other parties within ten (10) days of knowledge of such claim. All communications hereunder shall be in writing and, accept as otherwise provided, shall be delivered at, or mailed by registered mail, or sent by facsimile machine to, the following addresses: If to HHC: Homestead Housing Center 5500 Cener Drive, Station 210 Inver Grove Heights, MN 55077-1733 FAX: (612) 451-5568 If to Sponsors: To the addresses set forth opposite their names below. 3.3. Offer SR. The Sponsors will arrange for the availability of office space to sueeesdiilly market the cooperative coma;- and the project development. Such space will be made available at no charge to HHC or the Cooperative. 3.4. visits to E)ustinR Homestead CooRMtLyo. Sponsors agree to visit at least one of the erasting Homestead Cooperatives as early as possible, so that they may be able to promote the Cooperative within the City and the surrounding community. 3.5.eti R�oenition. The names of all Sponsors will be appropriately recognized on all marketing materials prepared by HHC. 3.6. Count=art Sig- ate. This Agreement may be executed in any number of counterparts. HOMESTEAD HOUSING CENTER By: Its: Date: SPONSORS: cown Iww DATE 1. [Name of Sponsor] By: Its FAX 2. [Name of Sponsor] By: Its FAX 3. [Name of Sponsor] By: Its Address: FAX: 4. [Name of Sponsor] By: Its Address: FAX: [Name of Sponsor] BY Its Address: FAX: Ic OTC& IMim At V22W Box A47 9245 "r �pnU PO Mt4 55382' ... 997 '• Juty 14,1. 4290 v�'�'.1 ��r-µ��1�AYftlI�M��,` t y• �jj'�l• , - '_=_O r 4 i l • , ,,k- 'rit• j r i C was PAYMENT OPY NX KEEP AND NMS COPY FOR YOURREMfT W WAsE 0 ��8 ANS ��•tEg,tN 8ouv+eM"�' X100 M Monticello HRA PO Box 1147 Monticello MN 55382-9245 July 14, 1997 MC100-01 GENERAL., , 8110197 MTR Work an pro tame 8112197 MTR Work on repoAag 8 -AW ,DJF,.•Rapo*V forma and cmtdbws 8/23197 DO ReWthg to.. and CnNbws V"97 DO Rep"V forma and mtdbws 8/18197 DO Repwft forms and CasNbws 8/2@197 DJF RSFXft (area and CmMbwa 8/30197 DO 170rthr9�pmro and cealdbws Tate! Duel TThb Month�~•...�, Prerbus BaWw: 8x18197- Pawat - thank you Tots) BeWwo Due: Hours Amount 5.00 525.00 0.25 28.25 3.75 393.75 3.00 315.00 2.00 210.00 2.25 238.25 8.00 830.00 3.25 341.25 25.50 $2,877.50 $230.25 ($238.25) PLEASE. KEEP MWTE COPY FOR YOUR FILE AND REMIT PUNK COPY MTN PAYMENT TO: 0 EHLERS AND A880CIATE8, INC. 20M Norway Carta 90 Boum arme stmt hlhmaapoW MN 554024100 (812)3394091 KENNEDY a GRAM aurmed 200 South Sash Steel, Sub 470 Mrmeyoat, MN Sm (612)337-9300 July 14, 1997 1 City of Monticello L� 011ie Koropchak City Hall P.O. Box 1147 Monticello, MN 55362-9245 MN 190-M2: Fay -Mar Expansion . Invoice N 16831 Through June 30, 1997 For All Legal Services As Follows: 06/02/97 DJG Draft language re Imerr o'f credit for bank 0.40 42.00 Total Services: $ 42.00 Attorney Summary Daniel J Greensweig 0.40@ 105.00/hr 42.00 For All Disbursements As Follows: 06/02/97 Fax 2.00 Total Disbursements: S 2.00 Total Services And Disbursements: S 44.00 1 soar., undr tarrb d tan r veamwlamnaaaaweraf d�Hr (11p11rp d 1 KENNEDY 8[ GRAVEN owed 200 Swth Shah Street, kb 470 Mtmuva k M4 SS402 (612)337-9300 July 14, 1997 City of Monticello 011ie Koropchak City }call P.O. Box 1147 Monticello, MN 55362-9245 MN 190-00041: Redevelopment - General Invoice # 16830 Through June 30, 1997 For Al Legal Services As Follows 06/11/97 JYY Intraoffice conference with B. Wilkins and L. 0.20 21.00 Wertheim re: disposal of smrage property 06/11/97 LMW Intmoffce conference re abandoned property 0.30 43.20 06/11/97 SJB Research O'Connor property question 0.50 67.00 06/19/97 SJB Phone call with 0 Koropchak re abatement 0.25 33.50 06/26/97 SJB Review HRA bylaws; memo to 0. Koropchak 0.50 67.00 Total Services: $ 231.70 For All Disbursements As Follows: 06/27/97 Fax 0.00 0687/97 Fax 0.00 Total Disbursements: S 0.00 Total Services And Disbursements: S 231.70 2�R �O�ubdtllr � ®M. t>rtt o 41MI14 � �1etArroat d� nb�ahw a 0 HRA AGENDA AUGUST 6. 1997 9. Consideration ofVWiect i ates: a) Copy of amended HRA Bylaws - Enclosed were a copy of the amended HRA bylaws as adopted by the HRA and submitted to the City Council as information data. b) South and North Anchor - Brad Johnson continues to facilitate developers: Trvo potential large users commue with intense informational gathering. He has a meeting with one within the week or two. The name of a potential user of smaller space was submitted to Brad. This user looking to build or lease about 10,00) sq ft time frame one year. North Anchor was addressed under item 7. c) Bill Grasset Domino's - I talked to Bill after receiving from Michael Schroeder this sketch for development of the lot next to Jim Agosto's Law Office. Michael suggested a 12-foot walkway utilizing panting in the rear. Bill has purchased the vacant lot and also signed a six-year lease at his current location. I informed Bill of the skept and potential assistance for new construction through TIF or D1NRF. d) Steve Johnson Comer - In talking with Steve about the new DMEF and asked of his interest to redevelop his corner parcels along with the HRA lot. He appeared receptive as a potential partner but not as developer and had no known interested tenants. The current main tenant's lease expires in about 18 months. e) National Guard/Community Center - The committee directed Dan Wilson to continue research of three locations: parcels along BN RR and Fifth Street, CityBremnen parols (West 7 Street), and Grie parcels (East 7 Street); Ehlers & Assoc provided the enclosed fiscal impact assuming two differem bond issues; Schroeder directed to draft preliminary design sketches for facility/parking. Next committee meeting Aug 18. 40) p.m. and Jeff, LeBlanc. Mayor, Koropchak meeting on August 15. f) EDA/Council approved Downtown Monticello Revitalization Fund Guidelines and earmarked $200.000 as seed money. The Design Advisory Team would serve to assist building owners with design concept and ideas for rehabilitation. To receive funding, improvements mist meet the Design Guidelines. Six building owners have expressed interest. Two meetings set. S) Midwest Graphics - With the HRA prohibited to use TIF on green acres property unless the project meets a % of manufacturing space. 1 asked the Council for feedback to offer the company the option of tax abatement. The Mayor was encouraged, Brea TTnielen would lice input from the HRA and other Council members have not responded. h) HRA(Reed Lot - I notified the Building Department of the HRA motion relating to removal of the LP tank. The Building Official fads the garage end shed to be a nuisance and a liability to the HRA. AMENDED BYLAWS OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA ARTICLE I THE AUTHORITY Section 1. Name of Authority. The name of the Authority shall be the "Housing and Redevelopment Authority in and for the City of Monticello, Minnesota." Section 2. Sesil of Authnrity. The seal of the Authority shall be in the form of a circle and shall bear the name of the Authority and the year of its organization. Section 3. Office of the Authority Place of Meeting. The office of the Authority shall be at such place in the city of Monticello, Minnesota, as the Authority may from time to time determine by resolution. Regular and special meetings of the Board of Commissioners shall be open to the public and shall be held in Monticello City Hall at 250 East Broadway, Monticello, Minnesota; provided, however, that upon three days written notice to the Commissioners of the place of such meeting, any regular or special meeting may be held at such place within the city of Monticello as the notice shall designate. Section 4. powers of thp Authority. The Authority, by and in its corporate name, shall have and exercise all powers, functions, rights, and privileges pursuant to Minnesota Statutes 469 001_ t seQ ARTICLE II COMMISSIONERS Section 1. qty. The business and affairs of the Authority shall be managed by or under the authority of the Board of Commissioners, except as otherwise permitted by statute. Section 2. Number _cl ,nli6m io _ and Term of Office. There shall be five Commissioners appointed by the Mayor of Monticello and approved by the City Council. Commissioners shall be natural persons, at least 18 years of age, and must reside in the city of Monticello. Commissioners shall serve a term of five years with one Commissioner's term expiring each year. evLAwa NM: 7/1597 Pap 1 Section 3. Vales. Vacancies on the Board of Commissioners occurring by reason of death, resignation, removal, or disqualification shall be filled for the unexpired term by the Mayor in accordance with the procedures set forth in Article II, Section 2. Section 4. Removal. For inefraciency or neglect of duty, or misconduct in office, a Commissioner may be removed from office by the City Council in accordance with Minnesota Statute 469010. ARTICLE III OFFICERS Section 1. Officers. The Officers of the Authority shall consist of a Chair, Vice - Chair, and a Secretary -Treasurer. The Chair and Vice -Chair shall be elected from among the Commissioners. A Commissioner shall not hold more than one of the above-named offices at the same time. The Secretary -Treasurer shall be appointed by the Commissioners. Section 2. Chair. The Chair shall preside at all meetings of the Board of Commissioners if present. Except as otherwise authorized by resolution of the Board of Commissioners, the Chair shall sign all contracts, deeds, and other instruments made by the Authority. At each meeting, the Chair shall submit such recommendations and information as considered proper concerning the business, affairs, and policies of the Authority. Except as otherwise provided by resolution of the Board of Commissioners, all such orders and checks shall be counter -signed by the Chair. Section 3. Vice• . nir. The Vice -Chair shall perform the duties of the Chair in the absence or incapacity of the Chair, and in case of resignation or death of the Chair, the Vice -Chair shall perform such duties as are imposed on the Chair until such time as the Board of Commissioners shall select a new Chair. If in the event a quorum is present and the Chair and Vice -Chair are absent or unable to attend a meeting of the Board of Commissioners. The three remaining members shall elect from among the remaining Commissioners a Chair for the said meeting. Section 4. Sett ;ry-Trent + er. The Secretary -Treasurer shall perform the duties of the office of Secretary -Treasurer. The Secretary -Treasurer may delegate the responsibility for recording the Minutes of the Board of Commissioner meetings to the Executive Director or to the Authority Office Secretary as is determined appropriate by the Secretary -Treasurer. The Secretary -Treasurer shall sign all orders and checks for the payment of money and shall pay out and disburse such moneys under the direction of the Authority. art.MAR& 7115197 Pago 2 Section 5. Adifitinnsil Mitips. The Officers of the Authority shall perform such other duties and functions as may from time to time be required by the Authority or the bylaws or rules and regulations of the Authority. Section 6. Flection or ApRaintment. The Chair and Vice -Chair shall be elected at the annual meeting of the Board of Commissioners from among the Commissioners of the Authority and shall hold office for one year or until their successors are elected and qualified. The Secretary - Treasurer shall be appointed at the annual meeting of the Board of Commissioners by the Commissioners. Section 7. Vacancies. Should the office of the Chair, Vice -Chair, or Secretary - Treasurer become vacant, the Board of Commissioners shall elect a successor from its members at the next regular meeting, and such election shall be for the unexpired term of said office. ARTICLE IV EXECUTIVE DIRECTOR The Authority shall employ an Executive Director who shall have general supervision over the administration of its business and affairs, subject to the direction of the Board of Commissioners. As assistant to the Secretary -Treasurer, the Executive Director shall ensure that proper records of the Authority are maintained. The Executive Director (or designee) shall act as Secretary of the meeting of the Board of Commissioners and shall keep a record of the proceedings in a journal of proceedings to be kept for such purposes (the minutes of the proceedings are to be signed by the recorder plus the Authority Commissioner acting as Chair at the meeting). The Executive Director shall perform all duties incident to the Executive Director position as may be assigned by the position description as approved by the Board of Commissioners. The Executive Director shall keep in safe custody the seal of the Authority and shall have the power to affix such seal to all contracts and instruments authorized to be executed by the Authority. The Executive Director shall have the care and custody of all timds of the Authority and shall deposit the same in the name of the Authority in such bank or banks as the Board of Commissioners may select. The Executive Director shall be charged with the management of the housing projects of Authority. The Executive Director shall keep regular books of accounts showing receipts and expenditures and shall render to the Board of Commissioners, at each regular meeting (or more often when requested), an account of his/her transactions and also of the financial condition of the Authority. The Executive Director shall give such bond of the faithful performance of duties as the Board of Commissioners may determine. svuws.Nru: 711e97 Pape 3 The Executive Director shall be appointed by the Board of Commissioners. Any person appointed to fill the office of Executive Director, or any vacancy therein, shall have such term as the Board of Commissioners fixes, but no Commissioner of the Board of Commissioners shall be eligible to this office. When the office of Executive Director becomes vacant, the Board of Commissioners shall appoint a successor, as aforesaid. The compensation of the Executive Director shall be approved by the Board of Commissioners. ARTICLE V ADDITIONAL PERSONNEL The Board of Commissioners may from time to time employ such personnel as it deems necessary to exercise its power, duties, and functions as prescribed by the Municipal Housing and Redevelopment Law of Minnesota applicable thereto. The selection and compensation of such personnel (including the Executive Director) shall be determined by the Board of Commissioners subject to the laws of the State of Minnesota. ARTICLE VI MEETINGS Section 1. Annunt M ting. The annual meeting of the Board of Commissioners shall be held on the first Wednesday of April at 7 p.m. at the regular meeting place of the Board of Commissioners; provided, however, that the date/time of the annual meeting may be postponed to a subsequent date/time upon the vote of a majority of Commissioners in office at any time taken at any regular or special meeting. Section 2. $gg+► r Meetings. Monthly meetings shall be held without notice at the regular meeting place of the Board of Commissioners on the first Wednesday of each month at 7 p.m. unless the same shall be a legal holiday, in which event said meeting shall be held on the next succeeding secular day. In the event the date/time/meetings place of a particular meeting must be changed, the Chair may make such change deemed necessary by notifying all Commissioners by delivering (by staff) a notice to their home address at any time prior to the meeting or mailing a notice to the business or home address at least three (3) working days prior to the date of such regular meeting. Section 3. Special Meeting . Special meetings of the Board of Commissioners may be called by the Chair or two members of the Board of Commissioners for the purpose of transacting any business designated in the call. The call (including location of meeting) for a special meeting may be delivered at any time prior to the time of the proposed BYLAWS LINA: i/IS%? Pap • s meeting to each member of the Board of Commissioners or may be mailed to the business or home address of each member of the Board of Commissioners at least three (3) working days prior to the date of such special meeting. At such special meeting, no business shall be considered other than as designated in the call; but if all of the members of the Authority are present at a special meeting, any and all business may be transacted at such special meeting. Notice of any special meeting shall be given in accordance with Minnesota Statutes, Section 471.705, subd. lc, or any successor statute regarding notice of meetings of public bodies. ARTICLE VII QUORUM The powers of the Authority shall be vested in the Commissioners thereof in office from time to time. Three Commissioners constitute a quorum (except as noted below) for the purpose of conducting its business and exercising its powers and for all other purposes, but a smaller number may adjourn from time to time until a quorum is obtained. When a quorum is in attendance, action may be taken by the Board of Commissioners upon a vote of a majority of the Commissioners present (except as noted below). Exception: In regard to action on the annual Authority operating budget, or revisions thereto, there must be at least four Commissioners present, and the majority of those present must vote in favor of such for the matter to be approved. ARTICLE VIII ORDER OF BUSINESS Section 1. Order of Buainnna. At the regular meetings of the Board of Commissioners, the following shall be the Order of Business: Roll call Reading and approval of minutes of the previous meeting Items not contained in the agenda New business Bills and communications Project update by Executive Director Other Business Adjournment All resolutions shall be in writing and shall be copied in the journal of the proceedings of the Board of Commissioners. BYLAWS.HRA: 711507 pap 5 C ARTICLE IX MANNER OF VOTING The voting on all questions coming before the Board of Commissioners shall be by roll call, and yeas and nays shall shall be entered upon the minutes of such meeting. The Chair and all members of the Board of Commi sinners at every meeting of said Board of Commissioners shall be entitled to a vote. In the event that any Commissioners shall have a personal interest of any land in a matter then Wore the Board of Commissioners, the Commissioners shall disclose his/her interest and be disqualified from voting upon the matter, and the Secretary shall so record in the minutes that no vote was cast by said Commissioner. ARTICLE X EXECUTION OF CONTRACTS All contracts, notes, and other written agreements or instruments to which the Authority is a party or signatory or by which the Authority may be bound shall be executed by the Chair and Executive Director. If the Executive Director is absent or otherwise unable to execute a document, the Secretary -Treasurer may execute the document. ARTICLE XI AMENDMENTS The bylaws of the Board of Commissioners shall be amended by Resolution only with the approval of at least a majority of the Commissioners in office at any time. These bylaws were adopted as the bylaws of the Authority by the Board of Commissioners on July 8, 1897. arlAWSARA: M547 pap l J �FtO�flwAY wa►c�h+r.�. pe.w� o %Am 1�- 0 .Yv vj r rtld�t WW P/►I-*lf4C4 2 U �C.%Llvrdlj(, ntir��lapys 1 Cla do 6sMc, ioo 1 r Nang eAP1P isY�4+t�i0ifl9'a1L'1�rYL^,65kHt917ltlCr8MY7'tll�t.Otl OtlftC IfftQ9etKimm=V%,A C.7nt�•NS'gle4...., is.i....... city of Monticello Tax tmoact of G.O. Bonds for Community Center Bond Issue Size $3,000,000 Term (years) 20 Interest Rate 6.25% Average Annual Debt Service 245,657 Estimated Tax Rete 0.05% $4,000,000 $6,000,000 $6,000,000 20 20 20 5.25% tS.25% 6.25% 327,809 409,761 491,714 0.07% 0.09% 0.10% ' 1 he Ilpures above ere grobs property tax amourda only. and do nal reflect the state Property 1 a. Refund IT*cuh Hicaaer') program. Many owners d homestead property (bade residenxaf and sgMuaui wta quality for a slate rehnd, baa:ad on their hxame urW Idol property lox big. 1 his will decrease the net hrhpact of ft bulldng program for many property owners, The propory W levy for "issue 4 aalouialed using a roteranatm Markel value of : $470,009,324 aro approved sl rotmendum. Props rod by Ehlers and Associates, Inc. IMP MV.WK4 Market Value Estimated Annual Tex Increase_'_ $30,000 $15.69 $20.92 $26.15 $31.39 Residential 60,000 31.39 41.85 52.31 62.77 Homestead 90,000 47.08 62.77 76.46 94.16 120,000 62.77 83.69 104.62 125.54 150,000 78.46 104.62 130.77 156.93 200,000 104.62 139.49 174.36 209.24 250,000 130.77 174.36 217.95 261.54 300,000 156.93 209.24 261.54 313.85 350,000 183.08 244.11 305.14 366.16 „cu,w�iuruiwa�hrwheyteat►rearms•'••xtirwsmsttoi®aasi:rrtsiwu hxewrrrauemalimauxta:stueeauxtair,.,tww:ueramwrrartm,rtr $50,000 $26.15 $34.87 $43.59 $52.31 Commercial/ 100,000 52.31 69.75 87.18 104.62 Industrial 300,000 156.93 209.24 261.54 313.65 500,000 261.54 348.73 435.91 523.09 750,000 392.32 523.09 653.86 784.63 1,000,000 523.09 697.45 671.82 1,046.18 1,250,000 653.86 871.82 1,089.77 1,307.72 1,$00,000 784.63 1,046.18 1 ,307.72 1,569.27 1.750,000 915.41 1,220.54 1,525.68 1,83081 2,000,000 1.046.18 1.394.90 1.743.63 2.092.36 ' 1 he Ilpures above ere grobs property tax amourda only. and do nal reflect the state Property 1 a. Refund IT*cuh Hicaaer') program. Many owners d homestead property (bade residenxaf and sgMuaui wta quality for a slate rehnd, baa:ad on their hxame urW Idol property lox big. 1 his will decrease the net hrhpact of ft bulldng program for many property owners, The propory W levy for "issue 4 aalouialed using a roteranatm Markel value of : $470,009,324 aro approved sl rotmendum. Props rod by Ehlers and Associates, Inc. IMP MV.WK4 ;City of Monticello Pro acted Tex Im set of O.O. Bonds for Corrimurt1111 Center V.M.J. JL. I'4L.L. dJ. 'r.o •cif... L• .,.�a>t1�688�:..h-."Ir iL iia:. :.11..:;J, 1. .fi.n. Wails, 41.i1.11• L66 to.L.la5a Bond Issue Size $7,000,000 :81000,000 $9.000,000 Term (years) 20 20 20 Interest Rate 6.2691 6.25% 5.25% . Average Annual DetA Service 573,666 655,618 737,571 ,iEstimated Tax Rate 0.12% Market Value 0.16% $30.000 $38.62 Reskilential 60,000 73.23 Homestead 90,000 109.85 120,000 146.47 150.000 183.08 200,000 244.11 250,000 305.14 300,000 366.16 350.000 427.19 0.14% a.,f_.r1ey` 0.16% N ��;iIYMYMNSnRSrMSHefr•1 Estimated Annual Tex Increase' $41.85 $47.08 83.69 94.16 125.54 141.23 167.39 188.31 209.24 235.39 278.98 313.85 346.73 392.32 416.47 470.78 August 1 $10,000,000 20 6.25% 819,523 0.17% $52.31 104.62 156.83 209.24 261.64 348.73 435.91 523.09 610.27 Commercial/ 100,000 122.05 139.49 156.93 174.36 12 Industrial 300,000 366.16 418.47 470.78 523.09 500,000 610.27 697.45 784.63 871.82 750,000 915.41 1,046.18 1,176.95 1,307.72 1,000.000 1,220.54 1,394.90 1,569.27 1,743.63 1,250,000 1,625.68 1,743.63 1,961.58 2,179.54 1,600,000 1,630.61 2,092.36 2,353.90 2,615.45 J 1,750,000 2,135.95 2,441.08 2,746.22 3,051.35 2,000,000 2,441.08 2,769.81 3,138.54 3,44877..226 t ' The lipase above aro gross properly, fax amounts Only. W do nol relktl the atata Property Tax Ralund ('Circuit Broekee) program. MvV owners Of homestead propMy, (both residerdlaf and agrltulturep will rllralty for a state relunQ basad on their Intorno 11 and toed property tax bill. This will[ dooreua ate net enpso at ft building pogrom for nosy property owners. The property tax levy for this Issue Is cdautolod using a referwrdun markst value of: $470,009,324 j-Prisltrale assumes that bonds we approved at referergan. iFmtmnnuumnnr�nnnrJwueero.`nuorerrenexa�eiatrrwuwouiwrnw.iy,nerreae�evwnwaeo�amiorawsrJe�r�remr�weun�n,r Prepared by Ehlers and Ago, ates, Ino. iMP_MV.WK4 „Yarru�AVY[.•,.[..[tI:I::�..�ni. i..�.I, .f r.L .i•.�.�I IL i41,I.lY,l.i:. ll�i,r:n::.r,i lm n.li il.�n. il.ill Clty of Monticello Projected Tan Impact of Lease Revenue Gonda for Communtry Center sal 1,1997 Bond Issue Size =9,000,000 $4,000.000 $5,000,000 $8,000,000 Term (years) 20 20 20 20 Interest Plate 6.76% 6.75% 6.75% 6.76% Average Annual Deal Service 256,270 341,694 427,117 512,541 3 Estimated Tax Nate 1^rUMfy pY�71.IRI�%.r•s.� 1.80% "1 "Y 2.409A Ih'oSl.f i+'! 3.00% �` �w r• d11Y 3.61% - "`5 X I1J� YS ,y. �,.r6:,.'.•rrl..i,,:l �.:--titi•,,,�.y�' Market Value �;ilf'! 7l�krw • "a "h=" - EeUmrsted Annual Tex Increase• $30,00D 530,000 $5.41 $721 $9.01 $10.82 Residentlal 60,000 10.82 14.42 18.03 21.64 i Homestead 90,000 16.53 24.70 30.88 37.05 120,000 28.53 38.04 47.55 57.08 150,000 38.54 51.39 64.23 77.08 200,000 65.22 73.62 92.03 110.43 250,000 71.89 95.88 119.82 143.79 y 300,000 88.57 118.10 147.62 177.14 II 350,000 105.25 140.33 175.42 210.50 IlnpaYY7At:1 RJm9IQYEr+eWLffate/li"""�",..'IOAtVfIaiILIgAHNIttIAIUiQflRlatiaANI�IVL'ILRGM:➢a7Arf�tlPlfi0M7W1®JaLJaNgL�7' f�lDh[N+CI17R"•gl $50.000 $24.34 $32.45 $40.57 $48.68 Commordal/ 100,000 48.68 64.91 81.13 97.36 E Industrial 300,000 181.20 241.60 302.00 362.40 500,000 325.44 433.92 542.40 650.88 750,000 506.74 874.32 842.90 1,011.48 1,000,000 686.04 914.72 1,143.40 1 1,372.08 i 1,250,000 866.34 1,155.12 1,443.90 1,732.67 1,500,000 1,046.64 1,395.52 1,744.39 2,093.27 1,750,000 1,226.94 1,635.91 2,044.89 2,453.87 The eguroa above are prove properly tax amounts ", and do nol ro%d the state Pmpedy Tax Refund ("Orcutt Weaker') program. Many owners of honrestead prapeny (bosh rosldarletl and ay)cLdtereQ ad olaWy for a attle rehab, based on their Income and tout property tax be. This we decrease the rlal lmpect of the buYbng program for many properly ovmaa. to propsny lax Pavy fa ars Isom is calculated uslnp a total not tax cap&* at: $14,213,630 :teal value tetltcad by 101E so anamirmma chanma is tax caeacnx rams tar taxes a able 1999. v M M Proparod try Ehlers and Associates, Inc. IMP_TC.WK4 City of Monticello cted Tax Impact o 1L 1 lease Revenue Monde for Commtadty S1'Mrgttrr9t0ll;___�-_., �. _._cat MaH►AalplaafWi.! 3671R147iNNIMM Center YA,,.,..�...e,e15,1... August 1, 1997 . _ Issue Size 17,000,000 :81000,000 $9,000,000 110,000,000 Term (years) 20 20 20 20 Interest Rate 6.76% 6.76% 6.76% 6.75% go Annual Debt Service 597,964 683,388 768,811 854,235 ated Tax Rate 4.21% 4.81% 5.41% 6.01% The lrgrees above are gross properly lay wnmM m*. and do no] rettect the awe Properly Tai Refund (Vrcux Breaker) program. Many owners of homestead properly (Doth restderdial and agrkultwo od qualify for s state rehr►d, based on their kwome end total property tax bill. The will decrease en net Impad of the bW&V program for many, proporty owaxtn. The property tax levy to the Issue to calculated usN s toter rot ex Capacity of : $14,213,630 Acww valuo reduced by 10% to approximate changes in W capacity rotes for taxes payable 1988. Prepared by Ehlers and Associates, Inc. IMP TC.W K4 Market Value Estimated Annual Tax Increase' $30,000 $12.62 $14.42 $16.23 $18.03 Residential 60,000 25.24 28.85 32.45 36.06 Homestead 90,000 43.23 49.40 55.58 61.75 120,000 66.58 76.09 85.60 95.11 150,000 89.92 102.77 115.62 128.46 200, 000 128.84 14724 165.65 184.06 250,000 167.75 191.72 215.68 239.65 300,000 206.67 236.19 265.72 295.24 3501000 245.58 mn> uxmoarwrr>rvwwvmsoxicissr$50.9 wtncourzer$64.91 280.67 315.75 350.83 arnrubrnar�wwotr�usoutsMm++x$81.13 .nstna $50,000 .79 $84.81 $73.02 $81.13 Commerclay 100,000 113.59 129.82 146.04 162.27 Industrial 300,000 422.80 483.20 543.60 604.00 600,000 759.36 867.84 976.32 1,084.80 750,000 1,180.06 1,348.64 1,517.22 1,685.80 1,000,000 1,600.78 1,829.44 2,058.11 2,286.79 1.2W.000' 2,021.45 2,310.23 2,599.01 2,887.79 1,50.000 2,442.15 2,791.03 3,139.91 3,488.79 1,750,000 2,862.85 3,271.63 3,680.81 4,089.79 2.000.000 3.283.55 3.752.63 4.221.70 4.690.78 The lrgrees above are gross properly lay wnmM m*. and do no] rettect the awe Properly Tai Refund (Vrcux Breaker) program. Many owners of homestead properly (Doth restderdial and agrkultwo od qualify for s state rehr►d, based on their kwome end total property tax bill. The will decrease en net Impad of the bW&V program for many, proporty owaxtn. The property tax levy to the Issue to calculated usN s toter rot ex Capacity of : $14,213,630 Acww valuo reduced by 10% to approximate changes in W capacity rotes for taxes payable 1988. Prepared by Ehlers and Associates, Inc. IMP TC.W K4