EDA Agenda 05-18-2018 (Workshop Meeting)AGENDA
SPECIAL WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY
(EDA)
Friday May 18th, 2018 — 7:00 a.m.
Academy Room, Monticello Community Center
Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon
Morphew, Tracy Hinz, 011ie Koropchak-White and Council members Lloyd
Hilgart and Jim Davidson
Staff: Jeff O'Neill, Angela Schumann, EDA Executive Director Jim Thares, Jacob
Thunander, Wayne Oberg
Consulting Staff: Tammy Omdal, Northland Securities
1. Call To Order
2. Roll Call
3. Consideration of Financing Structure for Briggs Properties market rate housing with an
affordable component development proposal (TIF#1-40)
4. Adjourn
EDA: 05/18/18
3. Consideration of Preliminary Financing Structure for Briggs Properties Affordable
Housing Development (TIF District #140) (JT)
A. REFERENCE AND BACKGROUND:
Staff is asking the EDA to discuss potential preliminary financing structures for Briggs
Properties' 47 -unit market rate with an affordable housing component TIF proposal and
provide guidance to staff and the developer. The proposed development is located at the
corner of 3rd and Locust on the site that is currently owned by Masters Fifth Avenue. The site
has been awaiting potential development for approximately 15 years; envisioned first as
commercial and more recently - since completion of the downtown plan, as multi -family
residential.
The EDA met in a special workshop on March 28, 2018 to discuss whether its preferred
method of supporting the Briggs proposal was in utilizing the existing Redevelopment TIF
District (certified in 2005) with its limited increment flow of approximately $423,800
($265,700 NPV) and also contributing a portion of the available excess TIF dollars (up to
$450,000 +/-) or, if there was interest in pushing ahead with a new Affordable Housing TIF
District which would be based on the full value of the proposed new development and have a
potential maximum life of 26 years. The EDA acted that evening to ask the City Council to
call for a public hearing to consider creating a new Affordable Housing TIF District (TIF
District #1-40) at its April 9th meeting.
Since then a review of the pro forma by Northland Securities has been completed for TIF
evaluation purposes. That review indicates that the 47 -unit proposal would be unlikely to
occur but for the full amount of tax increment generated over the 26 year life of the new
Affordable Housing TIF District. The project as proposed would not be bankable without the
26 years of TIF support. The estimated present value of tax increment is $862,000 available
to reimburse the developer for project costs on a pay -go basis over the term of the TIF
District, with interest at an estimated 4.75%. The future value of the increment collected over
26 years is $1,676,000. In addition to the pay -go tax increment payments from the proposed
new TIF District the developer is requesting $500,000 of upfront cash assistance from the
EDA. The developer's financing proposal includes the use of this upfront injection to fill a
funding shortfall. This is similar to an equity injection in exchange for meeting specific
development criteria, primarily the completion of the $7,300,000 project with 33 stalls of
underground parking ($15,000 per stall x 33 spaces = $495,000). The cost of a typical surface
parking space is $7,500. The difference between the underground and the surface costs is
$247,500 ($495,000 - $247,500 = $247,500 [$7,500 x 33 stalls = $247,500]).
The developer has indicated that the proposal may have to be revised to a previous plan if the
upfront funding assistance for underground parking is not available. The previous plan
referenced - is the 23 -unit Masters Fifth Avenue three story structure with detached garages.
Staff is asking the EDA to further discuss and guide next steps to focus in on an acceptable
finance structure for the proposal so work can continue with the present concept or allow the
developer to regroup and make revisions to the proposal. To further clarify, this consideration
EDA: 05/18/18
does not include a complete review of the project nor of the final "but -for" determination by
the EDA as they will both be considered at a later date.
Several potential funding structure options are shown in Exhibit A. They range from an
upfront grant for the underground differential, leaving the developer to find additional
resources to cover the remaining shortfall to a combination of grants and no interest or 1
percent interest loans that either partially or fully cover underground costs. Option A presents
the lowest risk profile to the EDA, with a modest risk increase in Option B and a further step
up in risk for Option C.
Staff have identified an alternative lender willing to review the project and underwrite the
remaining gap if Option A or B are recommended. It would be up to the developer and the
primary lender to determine if there is further openness to proceeding with the multi-party
solution for the $500,000 gap. Option C. is provided as a means of expedience and simplicity
although the EDA may wish to establish a mechanism to collect loan repayments from
ongoing TIF pay -go increments in a shared formula with the developer.
Al. STAFF IMPACT: There is a limited staff impact in considering the TIF application
from Briggs Properties. The review and organization of the application materials that occurs
during the creation of the staff report is part of in-house staff duties. The application fee paid
by Briggs Properties will cover the involvement of consulting staff from Northland Securities.
A2. BUDGET IMPACT: The TIF application fee covers the cost of staff involvement in
reviewing and preparing the materials needed for the EDA Special Meeting. The budget
impact of the development project itself is self-supporting in the sense that it is proposing to
pay all standard fees such as SAC, WAC, Trunk Fees, Park Dedication, etc. TIF funding does
not affect existing budgets. Instead, it uses future tax revenue from "new development"
valuation. If a project never occurs, the community does not gain any new real property tax
nor increment flow. Exhibit C of the staff report illustrates the available pooled housing taax
increment funds which could be accessed to support Options A -C.
B. ALTERNATIVE ACTIONS:
1. Motion for preliminary selection of Option A., $247,500 upfront grant from Available TIF
Funds, as the preferred funding structure to support underground parking improvements
related to preparation of TIF Plans/Documents in connection with the development of a
47 -unit Affordable Housing Project (TIF District #1-40). "Available TIF Funds" means
cash available from other existing tax increment financing districts within the City, or an
advance of EDA general funds (and inter -fund loan) to one or more of these other
districts.
2. Motion for preliminary selection of Option B., $123,750 upfront grant and $123,750 no -
interest loan ($247,500 total) from Available TIF Funds, as the preferred funding structure
to support underground parking improvements related to preparation of TIF
Plans/Documents in connection with the development of a 47 -unit Affordable Housing
Project (TIF District #1-40).
EDA: 05/18/18
3. Motion for preliminary selection of Option C., $247,500 upfront grant and $247,500 1%
percent loan ($495,000 total) from Available TIF Funds, as the preferred funding
structure to support underground parking improvements related to preparation of TIF
Plans/Documents in connection with the development of a 47 -unit Affordable Housing
Project (TIF District #1-40).
4. Motion of other as determined by the EDA
C. STAFF RECOMMENDATION:
Staff recommends Alternative #1. The adopted Downtown Small Area Plan specifically
supports additional housing opportunity within the downtown - and illustrates both in
schematic and text, for the Walnut Character area, the development of multi -family housing
on the proposed site. The EDA's 2018 Work Plan states that it will "Support new multi-
family housing development through the use of financing tools such as excess TIF dollars in
TIF 1-6, TIF 1-22 and per the adopted Policy Statement for Available TIF Funds." ."
Further, the EDA's adopted Policy Statement for Management of Available Tax Increment
Financing Funds supports assistance for installation of value-added improvements such as
underground parking.
The developer's pro forma indicates that substantial assistance is needed to proceed with the
proposed development. If the EDA determines that it prefers a mix of grant and loan
assistance then either Option B. or C. are appropriate. If the EDA selects Options B or C, it
may also wish to require payment guarantees through the TIF pay -go as a default mechanism.
D. SUPPORTING DATA:
a. Potential MF Development Funding Structure Options
b. TIF Flow Spreadsheets
c. Excess TIF Funds Spreadsheet
d. Available TIF Funds Policy
e. Plan illustrations with underground stall count
f. Pro forma
Exhibit A.
Briggs Properties
Multi -Family Development Funding Structure Options
Funding Options
Option A. $247,500 Grant upfront for parking improvements difference (underground versus surface
parking stalls)
Risk level to EDA — low to moderate — no payback of funds expected. Primarily performance based risk.
Comments: Compromise structure that places half the burden on the developer to fund the normal
parking expenses associated with surface parking. Burden sharing may be more appealing to EDA. A
third party has been identified to participate in the funding solution if the developer is interested.
Downfall, the developer has to spend additional time and effort to secure $247,500 in remaining gap
parking expenses.
Option B. $123,750 Grant upfront and $123,750 no -interest loan ($247,500 total) for parking
improvements difference (underground versus surface parking stalls); deferred payments
with a Balloon payment at the end of the 6t" year.
Risk level to EDA — moderate —payback of $123,750 at risk if developer defaults on development
agreement in out years.
Comments: Compromise structure that places half the burden on the developer to fund the normal
parking expenses associated with surface parking. Burden sharing may be more appealing to EDA. A
third party has been identified to participate in the funding solution if the developer is interested.
Downfall, the developer has to spend additional time and effort to secure $247,500 in remaining gap for
parking expenses. A developer default in the out years may result in EDA not getting its loan repaid,
essentially having to write off the $123,750 loan.
Option C. $247,500 Grant upfront and $247,500 1% percent loan ($495,000 total) for parking
improvements difference (underground versus surface parking stalls) deferred payments with
a Balloon payment at the end of the 101h year.
Risk level to EDA — moderate to higher risk due to larger amount of expected payback. Developer default
may imperil repayment of loan principal of $247,500 plus accrued interest.
Comments: Full funding of the gap by the EDA through half grant and half loan (1%). Makes it more
convenient for developer to be expedient and efficient in proceeding with the proposal. The burden
sharing concept is reduced significantly or nearly eliminated in this scenario. Under a developer default,
the EDA could be forced to write off its $247,500 loan.
3/5/2018
Preliminary for Discussion Purposes Only
Monticello Economic Development Authority
Tax Increment Financing District No. 1-35
Projected Tax Increment
Housing Development
100.00% 0.36% I 90.0% 6.50%
TIF Taxes Captured Tax Less State Net TIF TIF to Pay
Value New Tax Base Tax Original After State Developer Present
Year Year
District Payable 1 Tax Capacity (TIF) Fee Increment Auditor
Year Capacity Capacity Tax Rate Auditor Fee Land Costs Value
(Indistrict)
1 2019
2020
2 2020
2021
3 2021
2022
4 2022
2023
5 2023
2024
6 2024
2025
7 2025
2026
8 2026
2027
9 2027
2028
10 2028
2029
11 2029
2030
12 2030
2031
13 2031
2032
14 2032
2033
15 2033
2034
16 2034
2035
17 2035
2036
18 2036
2037
19 2037
2038
20 2038
2039
21 2039
2040
22 2040
2041
23 2041
2042
24 2042
2043
25 2043
2044
26 2044
2045
75,000
(6,263)
68,737
90.028%
61,883
(223)
61,660
55,494
52,620
75,375
(6,263)
69,112
90.028%
62,220
(224)
61,996
55,796
102,249
75,752
(6,263)
69,489
90.028%
62,559
(225)
62,334
56,100
149,056
76,131
(6,263)
69,868
90.028%
62,900
(226)
62,674
26,761
170,000
76,511
(6,263)
70,248
90.028%
63,243
(228)
63,015
0
170,000
76,894
(6,263)
70,631
90.028%
63,588
(229)
63,359
0
170,000
77,278
(6,263)
71,015
90.028%
63,934
(230)
63,704
0
170,000
77,665
(6,263)
71,402
90.028%
64,282
(231)
64,051
0
170,000
78,053
(6,263)
71,790
90.028%
64,631
(233)
64,398
0
170,000
78,443
(6,263)
72,180
90.028%
64,982
(234)
64,748
0
170,000
78,836
(6,263)
72,573
90.028%
65,336
(235)
65,101
0
170,000
79,230
(6,263)
72,967
90.028%
65,690
(236)
65,454
0
170,000
79,626
(6,263)
73,363
90.028%
66,047
(238)
65,809
0
170,000
80,024
(6,263)
73,761
90.028%
66,406
(239)
66,167
0
170,000
80,424
(6,263)
74,161
90.028%
66,766
(240)
66,526
0
170,000
80,826
(6,263)
74,563
90.028%
67,128
(242)
66,886
0
170,000
81,230
(6,263)
74,967
90.028%
67,492
(243)
67,249
0
170,000
81,636
(6,263)
75,373
90.028%
67,857
(244)
67,613
0
170,000
82,045
(6,263)
75,782
90.028%
68,225
(246)
67,979
0
170,000
82,455
(6,263)
76,192
90.028%
68,594
(247)
68,347
0
170,000
82,867
(6,263)
76,604
90.028%
68,965
(248)
68,717
0
170,000
83,282
(6,263)
77,019
90.028%
69,338
(250)
69,088
0
170,000
83,698
(6,263)
77,435
90.028%
69,713
(251)
69,462
0
170,000
84,116
(6,263)
77,853
90.028%
70,090
(252)
69,838
0
170,000
84,537
(6,263)
78,274
90.028%
70,469
(254)
70,215
0
170,000
84,960
(6,263)
78,697
90.028%
70,849
(255)
70,594
0
170,000
194,152
TOTAL = 1,723,187 (6,203) 1,716,984
15.0%
TIF for
Other
Project
Costs
(Pooled)
6.5%
Present
Value
10.0%
TIF for
City
Admin
(Pooled)
Excess TIF to
be Returned to
County for
Redistribution
0
0
6,166
0
0
0
6,200
0
0
0
6,233
0
9,401
7,358
6,267
20,244
9,452
14,297
6,302
47,261
9,504
20,842
6,336
47,519
9,556
27,015
6,370
47,778
9,608
32,837
6,405
48,038
9,660
38,327
6,440
48,299
9,712
43,506
6,475
48,561
9,765
48,390
6,510
48,826
9,818
52,996
6,545
49,090
9,871
57,340
6,581
49,357
9,925
61,438
6,617
49,625
9,979
65,302
6,653
49,894
10,033
68,946
6,689
50,165
10,087
72,384
6,725
50,437
10,142
75,625
6,761
50,710
10,197
78,683
6,798
50,985
10,252
81,566
6,835
51,260
10,308
84,285
6,872
51,538
10,363
86,850
6,909
51,816
10,419
89,268
6,946
52,097
10,476
91,550
6,984
52,378
10,532
93,701
7,022
52,661
10,589
95,730
7,059
52,945
229,649
171,698
1,121,484
Key Assumptions
1 Base value annual growth assumption = 0.50%
2 Property tax rate based on Pay 2017 rate. Pay 2017 tax rate is less than original certified tax rate of 110.297%. Final pay 2018 tax rates not available as of date of report.
3 Base Value = $340,900 From Pay 2016 TIF Modeler County Report. Pay 2018 Report requested from County, not yet available.
4 New Value = $6,000,000 Assumes 48 Units at $125,000 per unit.
5 Present value is based on semi-annual payments and 6.5% rate.
6 Five year rule date for TIF 35 is 8/1/2016. 75% of annual TIF must be spent or set aside for indistrict obligations. Use of TIF for administration costs is included in the 25% pooling limitation.
6-.
NORTHLAND
��„r� PUBLIC FINANCE
PRELIMINARY - For Discussion Only
City of Monticello
Tax Increment Financing District No. 1-40 (Housing)
Briggs
Projected Tax Increment Cash Flow 6
TIF
District
Year
Value
Year
Taxes
Payable
Year
Taxable
Market
1 1
Value
New Tax
Capacity
Base Tax
Capacity
a
Captured
Tax
Capacity
Assumed
Original
a
Tax Rate
Tax
Increment
(TIF)
Less
State
Fee
(0.36%)
Tax
Increment
(TIF) After
Fee
Present
Value TIF
After Fees
4.00%
Less City
Admin
Net
Available
TIF
Present
Value Net
Available
TIF s
4.75%
1
2019
2020
2,750,000
34,375
(1,731)
32,644
88.994%
29,051
(105)
28,946
26,920
(2,895)
26,052
23,905
2
2020
2021
5,555,000
69,438
(1,731)
67,706
88.994%
60,255
(217)
60,038
80,588
(6,004)
54,034
71,213
3
2021
2022
5,610,550
70,132
(1,731)
68,401
88.994%
60,872
(219)
60,653
132,700
(6,065)
54,588
116,814
4
2022
2023
5,666,656
70,833
(1,731)
69,102
88.994%
61,497
(221)
61,276
183,303
(6,128)
55,148
160,770
5
2023
2024
5,723,322
71,542
(1,731)
69,810
88.994%
62,127
(224)
61,903
232,439
(6,190)
55,713
203,140
6
2024
2025
5,780,555
72,257
(1,731)
70,526
88.994%
62,764
(226)
62,538
280,151
(6,254)
56,284
243,981
7
2025
2026
5,838,361
72,980
(1,731)
71,248
88.994%
63,407
(228)
63,179
326,481
(6,318)
56,861
283,348
8
2026
2027
5,896,744
73,709
(1,731)
71,978
88.994%
64,056
(231)
63,825
371,467
(6,383)
57,443
321,295
9
2027
2028
5,955,712
74,446
(1,731)
72,715
88.994%
64,712
(233)
64,479
415,149
(6,448)
58,031
357,872
10
2028
2029
6,015,269
75,191
(1,731)
73,460
88.994%
65,375
(235)
65,140
457,565
(6,514)
65,140
397,047
11
2029
2030
6,075,422
75,943
(1,731)
74,212
88.994%
66,044
(238)
65,806
498,751
(6,581)
65,806
434,808
12
2030
2031
6,136,176
76,702
(1,731)
74,971
88.994%
66,720
(240)
66,480
538,743
(6,648)
66,480
471,206
13
2031
2032
6,197,538
77,469
(1,731)
75,738
88.994%
67,402
(243)
67,159
577,575
(6,716)
67,159
506,289
14
2032
2033
6,259,513
78,244
(1,731)
76,513
88.994%
68,092
(245)
67,847
615,281
(6,785)
67,847
540,107
15
2033
2034
6,322,108
79,026
(1,731)
77,295
88.994%
68,788
(248)
68,540
651,894
(6,854)
68,540
572,703
16
2034
2035
6,385,329
79,817
(1,731)
78,085
88.994%
69,491
(250)
69,241
687,444
(6,924)
69,241
604,122
17
2035
2036
6,449,183
80,615
(1,731)
78,884
88.994%
70,202
(253)
69,949
721,964
(6,995)
69,949
634,408
18
2036
2037
6,513,674
81,421
(1,731)
79,690
88.994%
70,919
(255)
70,664
755,482
(7,066)
70,664
663,599
19
2037
2038
6,578,811
82,235
(1,731)
80,504
88.994%
71,644
(258)
71,386
788,027
(7,139)
71,386
691,737
20
2038
2039
6,644,599
83,057
(1,731)
81,326
88.994%
72,375
(261)
72,114
819,628
(7,211)
72,114
718,857
21
2039
2040
6,711,045
83,888
(1,731)
82,157
88.994%
73,115
(263)
72,852
850,313
(7,285)
72,852
744,999
22
2040
2041
6,778,156
84,727
(1,731)
82,996
88.994%
73,861
(266)
73,595
880,107
(7,360)
73,595
770,197
23
2041
2042
6,845,937
85,574
(1,731)
83,843
88.994%
74,615
(269)
74,346
909,036
(7,435)
74,346
794,484
24
2042
2043
6,914,397
86,430
(1,731)
84,699
88.994%
75,377
(271)
75,106
937,127
(7,511)
75,106
817,894
25
2043
2044
6,983,541
87,294
(1,731)
85,563
88.994%
76,146
(274)
75,872
964,401
(7,587)
75,872
840,459
26
2044
2045
7,053,376
88,167
(1,731)
86,436
88.994%
76,923
(277)
76,646
990,884
(7,665)
76,646
862,208
TOTAL =
1,735,830
(6,249)
1,729,581
(172,958)
1,676,897
Key Asssumptions
1 Taxable market value (TMV) annual growth assumption = 1.00%.
2 Taxable Market Value = 44 units at $125,000 per unit.
3 Base Tax Capacity calcluated on base taxable market value = $138,500 PID: 155010036030
4 Assume Pay 2018 Tax Year.
5 Present value based on semi-annual payments, and indicated rate above, and beginning on date of 1/1/2019.
6 All figures are estimated.
.-6'.
NORTHLAND
PUBLIC FINANCE
TIF District 1-40 (Housing)
5/2/2018
PRELIMINARY - For Discussion Only
City of Monticello
Tax Increment Financing District No. 1-40
Briggs
Estimated Tax Increment Amortization Schedule for Payment on Note
Estimated Interest Start Date:
1/1/2019
Authorized Maximum Costs to Be Reimbursed:
862,208
Interest Rate:
4.75%
Estimated First Payment:
8/1/2020
Estimated Last Payment:
2/1/2045
Parcel for Tax Increment:
155010036030
Percent of Net Tax Increment from Parcel:
90%
Taxes
Semi -Annual Tax
Reimbursible
Interest Due
Balance
Annual
Payable
Payment
Total
Increment
Costs
on Payment
Cumulative
Cumulative
Unpaid
Fiscal Year
Year
Date
Interest
Principal
Payment
Available for Note
Outstanding
Date
Interest Due
Interest Paid
Interest
Payment
2020
8/1/2020
13,026
0
13,026
13,026
862,208
64,845
64,845
13,026
51,819
26,052
2/1/2021
13,026
0
13,026
13,026
862,208
20,477
85,323
26,052
59,271
2021
8/1/2021
27,017
0
27,017
27,017
862,208
20,477
105,800
53,069
52,731
54,034
2/1/2022
27,017
0
27,017
27,017
862,208
20,477
126,278
80,086
46,191
2022
8/1/2022
27,294
0
27,294
27,294
862,208
20,477
146,755
107,380
39,375
54,588
2/1/2023
27,294
0
27,294
27,294
862,208
20,477
167,232
134,674
32,559
2023
8/1/2023
27,574
0
27,574
27,574
862,208
20,477
187,710
162,248
25,462
55,148
2/1/2024
27,574
0
27,574
27,574
862,208
20,477
208,187
189,822
18,366
2024
8/1/2024
27,857
0
27,857
27,857
862,208
20,477
228,665
217,678
10,987
55,713
2/1/2025
27,857
0
27,857
27,857
862,208
20,477
249,142
245,535
3,608
2025
8/1/2025
24,085
4,057
28,142
28,142
858,151
20,477
269,620
269,620
0
56,284
2/1/2026
20,381
7,761
28,142
28,142
850,390
20,381
290,001
290,001
0
2026
8/1/2026
20,197
8,234
28,430
28,430
842,156
20,197
310,197
310,197
0
56,861
2/1/2027
20,001
8,429
28,430
28,430
833,727
20,001
330,199
330,199
0
2027
8/1/2027
19,801
8,920
28,721
28,721
824,806
19,801
350,000
350,000
0
57,443
2/1/2028
19,589
9,132
28,721
28,721
815,674
19,589
369,589
369,589
0
2028
8/1/2028
19,372
9,643
29,016
29,016
806,031
19,372
388,961
388,961
0
58,031
2/1/2029
19,143
9,872
29,016
29,016
796,159
19,143
408,104
408,104
0
2029
8/1/2029
18,909
13,661
32,570
32,570
782,497
18,909
427,013
427,013
0
65,140
2/1/2030
18,584
13,986
32,570
32,570
768,512
18,584
445,597
445,597
0
2030
8/1/2030
18,252
14,651
32,903
32,903
753,861
18,252
463,850
463,850
0
65,806
2/1/2031
17,904
14,999
32,903
32,903
738,862
17,904
481,754
481,754
0
2031
8/1/2031
17,548
15,692
33,240
33,240
723,170
17,548
499,302
499,302
0
66,480
2/1/2032
17,175
16,065
33,240
33,240
707,105
17,175
516,477
516,477
0
2032
8/1/2032
16,794
16,786
33,580
33,580
690,319
16,794
533,271
533,271
0
67,159
2/1/2033
16,395
17,184
33,580
33,580
673,135
16,395
549,666
549,666
0
2033
8/1/2033
15,987
17,937
33,924
33,924
655,199
15,987
565,653
565,653
0
67,847
2/1/2034
15,561
18,363
33,924
33,924
636,836
15,561
581,214
581,214
0
2034
8/1/2034
15,125
19,145
34,270
34,270
617,691
15,125
596,339
596,339
0
68,540
2/1/2035
14,670
19,600
34,270
34,270
598,091
14,670
611,009
611,009
0
2035
8/1/2035
14,205
20,416
34,621
34,621
577,675
14,205
625,213
625,213
0
69,241
2/1/2036
13,720
20,901
34,621
34,621
556,774
13,720
638,933
638,933
0
2036
8/1/2036
13,223
21,751
34,975
34,975
535,023
13,223
652,157
652,157
0
69,949
2/1/2037
12,707
22,268
34,975
34,975
512,756
12,707
664,863
664,863
0
2037
8/1/2037
12,178
23,154
35,332
35,332
489,602
12,178
677,041
677,041
0
70,664
2/1/2038
11,628
23,704
35,332
35,332
465,898
11,628
688,669
688,669
0
2038
8/1/2038
11,065
24,628
35,693
35,693
441,270
11,065
699,735
699,735
0
71,386
2/1/2039
10,480
25,213
35,693
35,693
416,057
10,480
710,215
710,215
0
2039
8/1/2039
9,881
26,176
36,057
36,057
389,881
9,881
720,096
720,096
0
72,114
2/1/2040
9,260
26,797
36,057
36,057
363,084
9,260
729,356
729,356
0
2040
8/1/2040
8,623
27,803
36,426
36,426
335,281
8,623
737,979
737,979
0
72,852
2/1/2041
7,963
28,463
36,426
36,426
306,818
7,963
745,942
745,942
0
2041
8/1/2041
7,287
29,511
36,798
36,798
277,308
7,287
753,229
753,229
0
73,595
2/1/2042
6,586
30,211
36,798
36,798
247,096
6,586
759,815
759,815
0
2042
8/1/2042
5,869
31,304
37,173
37,173
215,792
5,869
765,683
765,683
0
74,346
2/1/2043
5,125
32,048
37,173
37,173
183,744
5,125
770,808
770,808
0
2043
8/1/2043
4,364
33,189
37,553
37,553
150,555
4,364
775,172
775,172
0
75,106
2/1/2044
3,576
33,977
37,553
37,553
116,577
3,576
778,748
778,748
0
2044
8/1/2044
2,769
35,167
37,936
37,936
81,410
2,769
781,517
781,517
0
75,872
2/1/2045
1,933
36,003
37,936
37,936
45,407
1,933
783,450
783,450
0
2045
8/1/2045
1,078
37,245
38,323
38,323
8,163
1,078
784,529
784,529
0
46,680
2/1/2046
194
8,163
8,357
38,323
0
194
784,723
784,723
0
Total
784,723
862,208
1,646,931
1,676,897
784,723
1,646,931
Note: Estimated total real estate taxes, based on $5,500,000 taxable market value and Pay 2018 rates is $72,517
NORTHLAND
I%. PUBLIC FINANCE
TIF District 1-40 (Housing) r 5/2/2018
Table 2
City of Monticello
Tax Increment Financing Districts
Fund Balance 114
District Summary
Notes:
1. The facts for each individual TIF district should be reviewed and confirmed before spending of funds.
2. These districts are not planned to be decertified before year 2025. The balance shown is as estimated as of year-end 2025.
3. A negative amount indicates funds <3re due to another non -TIF fund as authorized by an interfund loan.
4. Available funds must be spent within the boundaries of Redevelopment Project No. 1.
5. The funds for TIF 1-6 are shown here as available for "Redevelopment Projects". The funds are also available to pay for housing or economic development project costs, should the EDA so determine.
6. The amounts shown are after use of funds to meet existing obligations. The EDA may captitalize on the future flow of funds with approval by resolution. The EDA may reimburse itself through an
7. This balance does not include fund that may be available if land held for resale is sold. The land held for resale at the end of 2015 is valued at $209,000.
W
Fund (Balances as
Funds Available
of Year End 2015
Future Fund Balance Estimates
for Year -To -Date
(YTD) or Life of District as of Year End 2025 e
TIF
District
Available for for
Redevelopmen Housing
AvailableFunds
Funds
conomic
Development
. be
Local Taxing
Funds
Available
Funds Available
TIF District
Redevelopment
Funds Available
...le
Funds Funds to be
Available for Returned to Total
• . Funds
ProjectsJurisdictionsProjects
Projects
Available
TIF 1-6 5
693,728
693,728
TIF 1-6 S 845,651
845,651
337,550
_
117,795
- 900,851
472,057
- 254,232
73,679
0
5,872
_
(118,177) (118,177)
(78,630) (78,630)
(196,807) - 2, (78,880
TIF 1-19
150,351
-
150,351
TIF 1-19
337,550
TIF 1-20
82,659
45,126127
785
TIF 1-20
117,795
TIF 1-22
(62,449)
166,289
103,840
TIF 1-22 7
703,207
197,644
TIF 1-24
54,664
54,664
TIF 1-24 2
472,057
TIF 1-29
94,892
-
94,892
TIF 1-29 2
254,232
TIF 1-30
(41,749)
(41,749)
TIF 1-30 2
73,679
TIF 1-34
(19,703)
(19,703)
TIF 1-34
p
TIF 1-35
4,111
4,111
TIF 1-3 5 2
5,872
TIF 1-36
-
-
-
TIF 1-36
TIF 1-38
(121,822)
(121,822)
TIF 1-38
TIF 1-39
(303,910)
(303,910)
TIF 1-39
Total
698,346
258,158
(425,732)
211,415
742,187
Total
1,672,524
1,335,162
Notes:
1. The facts for each individual TIF district should be reviewed and confirmed before spending of funds.
2. These districts are not planned to be decertified before year 2025. The balance shown is as estimated as of year-end 2025.
3. A negative amount indicates funds <3re due to another non -TIF fund as authorized by an interfund loan.
4. Available funds must be spent within the boundaries of Redevelopment Project No. 1.
5. The funds for TIF 1-6 are shown here as available for "Redevelopment Projects". The funds are also available to pay for housing or economic development project costs, should the EDA so determine.
6. The amounts shown are after use of funds to meet existing obligations. The EDA may captitalize on the future flow of funds with approval by resolution. The EDA may reimburse itself through an
7. This balance does not include fund that may be available if land held for resale is sold. The land held for resale at the end of 2015 is valued at $209,000.
W
CITY OF MONTICELLO
Schedule of Assets, Liabilities, and Fund Balances
Economic Development Authority
December 31, 2017
EDA TIF TIF TIF TIF TIF TIF
General GMEF Future 6 (d) 19 20 22 24
ASSETS -
Cash and investments $ 2,016,687 $ 1,164,742 $ - $ 712,941 $ 217,513 $ 101,438 $ 652,603
Receivables $ 120,279
Unremitted taxes
Delinquent taxes
Accounts
Intrafund receivable
Prepaid items
Notes receivable
Land held for resale
TOTAL ASSETS
LIABILITIES
Accounts and contracts payable
Intrafund payable
Unearned revenue
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes
FUND BALANCES
Nonspendable
Restricted
Assigned
Total fund balance
TOTAL LIABILITIES,
AND FUND BALANCES
(d) = decertified
1,302
740
799,452 _-
879 _-
34,632 _-
2,066,190 _
$ 4,919,882 $ 1,164,742 $ _ - 163,200 _
$ 7 2,941 $ 217,513 $ 101,438 $ 815,803 $ 120,279
$ 3,137 $ _ _ $
_ - 44A97 - - 386,574 _
3,1-37 44,497 _ - 163,200 _
549,774 _
740
2,067,069 _ _
- 1,164,742 712,941 217,513 101,438 266,029 120,279
2,848,936 - (44,497) - _
4,916,005 1,164,742 (44,497) 712,941 217,513 101,438 266,029 120,279
$ 4,919,882 $ 1,164,742- $ - $ 712,941$ 217,513 $ 101,438 $ 815,803 $ 120,279
(Continued)
CITY C)F M(71MTIf`1=I
Schedule of Assets, Liabilities, and Fund Balances
Economic Development Authority
December 31, 2017 (Continued)
TIF TIF TIF TIF TIF TIF GAAP Total
ASSETS 29 30 34 35 38 39 Reconciliation EDA
Cash and investments $ 107,592 $ 102,080 $ 4,131 $ 1,989 $ $ 57 $ $ 5,202,052
Receivables
Unremitted taxes
Delinquent taxes
-
-
'-
1,302
Accounts
_
_
-
_
-_
- -
"
740
Intrafund receivable
_
-
-
Prepaid items
_
-
_
-
- -
(799,452)
-
Notes receivable
-
-
_
"
879
Land held for resale
_
-
- -
-
34,632
TOTAL ASSETS
$ 107,592
$ 102,080 $
4,131 '`, $
1,989 $
_ -
- $ 57
-
$ (799,452)
2,229,390
$ 7,468,995
LIABILITIES
Accounts and contracts payable
$ -
$ - $
$
_ $
_ $
$
Intrafund payable
-
1;29 334
_
$ 3,137
Unearned revenue
_
239,0.47
(799,4 52 )
-
Totalliabilities-
_
129,33dJ
_
-
-
(163,200)
-
-
- 239,047
(962,652)
3,137
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - property taxes
-
-
-
-
- -
-
740
FUND BALANCES
Nonspendable
Restricted
Assigned
10711592.
-
' (27,254)
_
4,131
1,989
'
- (238,990)
163,200
2,067,069
2,593,610
Total fund balance
TOTAL LIABILITIES,
107,592
(27,254)
4,131
1,989
-
- (238,990)
163,200
2,804,439
7,465,118
AND FUND BALANCES
$ 107,592
$ 102,080 $
4,131 $
1,989 $
- $ 57
$ (799,452)
$ 7,468,995
(d) = decertified
Policy Statements for Management of Available Tax
Increment Financing (TIF) Funds
The City of Monticello Economic Development Authority (the "EDA") has prepared the following policy
statements to guide both staff and EDA members to make consistent and informed financial decisions
regarding the use of available tax increment financing (TIF) funds. The policy statements are intended to
be a guide. The EDA may determine to allocate funds to other types of projects, not included below,
based on other criteria and factors that may exist. The EDA defines "available TIF funds" as both current
and future projected dollars legally available within established TIF funds, and not committed to existing
obligations, for the EDA to spend on redevelopment and/or assisting affordable housing projects, all
pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, inclusive, as amended (the "TIF
Act").
POLICY STATEMENTS:
Redevelopment Projects
The EDA will consider allocating available TIF funds, without priority order, to the following types
of redevelopment projects:
1. Acquisition of property — Block 52 to facilitate redevelopment consistent with the objectives
of the Downtown Small Area Study.
2. Acquisition of Property — Block 34 to facilitate redevelopment consistent with the objectives
of the Downtown Small Area Study.
3. Acquisition of Property - Other downtown sites that provide relatively immediate
development opportunities that support the objectives of the Comprehensive Plan and the
Downtown Small Area Study.
4. Masters Fifth Avenue Site —Assistance for underground or structured parking improvements
for a development consistent with the objectives of the Comprehensive Plan, the Downtown
Small Area Study, the TIF Plan and the existing Contract for Private Development, and
approved by the EDA.
5. Assistance for installation of public or private infrastructure and value-added site
improvements such as underground or structured parking for redevelopment projects
consistent with the objectives of the Comprehensive Plan and/or the Downtown Small Area
Study and approved by the EDA.
Page 1 1
January 10, 2018 (Revised)
508678v2 MNI MN190-101
Affordable Housing Projects
The EDA will consider allocating available TIF funds, without priority order, to the following types
of affordable housing projects:
1. Assistance to lower overall project costs via reimbursement of TIF -eligible expenses related
to projects that meet the EDA's value-added standards/criteria.
2. Block 52 — Assistance for underground or structured parking and/or value added site
improvements in connection with a market -rate, multi -family housing with an affordable
component.
3. City Core - Establishment of a scattered -site owner -occupied rehabilitation program.
4. Downtown Area - Assistance for underground or structured parking and/or value added site
improvements in connection with development of market -rate, multi -family projects with
an affordable component.
5. City-wide — Assistance for the installation of public or private infrastructure serving sites to
be developed with market rate, multi -family housing with an affordable component
6. Acquisition of property for purposes of facilitating development of a market -rate, multi-
family housing project with an affordable component consistent with the goals and
objectives of the Comprehensive Plan.
Page 12
January 10, 2018 (Revised)
508678v2 MNI MN190-101
SURVEYORS NOTE: UNDERLYING EASEMENTS MAY EXIST AND ARE NOT
SHOWN ON THIS DRAWING.
FIBER OPT
O
3J
RIM =931.29 /
.INV. =922. `
0
RIM
M. 931.4
M
W V, :927.93
=931.19
=927.32
RIM =
INV.
RIM =927.28
INV. = 923.98
�•
RIM =
�
INV.
RIM= 928.18
`INV,
\924.20
RAM = 927.79
INV. =924.44.4
928.50
=921.0
247 6'°SSS
�N /
Q~ /
!2 \ M .80
/
ST
R =927.94
AIV. I.
\ IRDANV. = 7 8 / \
INV. = 9 3.82
f / qsk / e 40
IN
v3
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/ RIM =927.s5/ �] i
i AN.=924.2
4L/!j1 -• RA7 927.09 / "' / tfj. / /
-• �' R4V -924.22/ �S9,p, p
,ry �• .. . ``'�,.., 491i��,,., / BUILDING
`1610S�1'lq
YL
9 99 / BUILDING
R =931.22
W =923.4 .y •.;y �: _ �p
96 3 a, / tibbb /
N /BUILDING /
/
RIM =925. 6
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T
0 a STUMP
SITE PLAN
1 a = 301
CERTIFICATE OF SURVEY
PREPARED FOR
NELSON BUILDING & DEVELOPMENT
Tract of land lying and being in the County of Wright, State of
Minnesota, Described as follows, to -wit:
Lots 1,2,3,9,10,11,12,13,14, and 15 and the West 16.00 feet of Lot 8, all
in Block Thirty-six in the TOWNSITE OF MONTICELLO as of public
record, Wright County, Minnesota.
Subject to easements of record.
Containing 1.71 acres, more or less.
27M1v '�yT P-ErM'f
INV.=917. _f o , ! .a• �To�-yP�f�TN1Et4T gL�.
\ \ \ / 2 E;;er�N] UNITY 1CG
_+<r
RIM =929.00
INV. = 925.22 RAM = 929.75
RAM - 929.73 M. = 921.37
INV. = 915.66
C-7^P��E P+cl NG 3 3
6�ivEgr 7
TOThL 8O
G1NI 1 r -r 11✓U.-
CERTIFICATE OF SURVEY
O'MALLEY & BOE LAND SURVEYORS, INC.
328 SW THIRD STREET 210 MAIN STREET
WILLMAR, MN 56201 COLD SPRING, MN 56320
PH. 320-235-4012 PH. 320-685-5905
FAX 320-2214-9380 FAX 320-685-3056
I HEREBY CERTIFY THAT THIS SURVEY, PLAN OR REPORT WAS PREPARED BY ME OR
UNDER MY DIRECT SUPERVISION AND THAT I AM A DULY REGISTERED LAND SURVEYOR
UNDER THE LAWS OF THE STATE OF MINNESOTA.
REG. NO. 42300 DATE: 8-15-05
BENJAMIN C. O'MALLEY
NOTE: THIS SURVEY IS INTENDED ONLY FOR THE BENEFIT
OF THE PARTY TO WHOM IT WAS PREPARED FOR
AND SHOULD NOT BE RELIED UPON BY ANY OTHER
PARTY OR FOR ANY OTHER PURPOSE WITHOUT FIRST
CONTACITNG THE SURVEYOR WHO DEVELOPED AND
MADE THIS DRAWING.
1 BEDROOM yF
2 BEDROOM
BASEMENT
IST FLOOR
2ND, 3RD, 4TH FLOOR
Existing Building
h- 43'/
fI \\
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TO CONSTRUCTION. CONTRACTOR SHALL CONTACT UTILITY COMPANIES VIA
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® III say
COORDINATE W/
MECH. PLANS
QI it 1 y
/p �, • 5' CONCRETE PROPOSED 4—STORY
SIDEWALK APARMENT BUILDING
"I AREA=11,808 SF
FFE=931.20
// .�» ",.' .-• _
GFE=921.20 GARAGE
/ II,V 1�� ;: Are..• DRIVE-IN
DOOR
/, �J� cg3r-` • f PATIO/DECK
(TYP)
DURA -SLOPE '
TRENCH DRAIN17
(18LF)
CONCRETE
RETAINING WALL
DURA -SLOPE TRENCH DRAIN-(16LF)
__CONNECTED TO INTERIOR SYSTEM
/
/
^
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-
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\ // /
fuo
/
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01,
TO CONSTRUCTION. CONTRACTOR SHALL CONTACT UTILITY COMPANIES VIA
GOPHER STATE ONE -CALL ONLINE OR BY CALLING 811 OR 1-800-252-1166.
z U
8" PVC, 87LF 1%/
0 Z
U —
PROJECT SPECIFICATIONS, THE STANDARD SPECIFICATIONS OF THE CITY OF
Existin g
LLJ W
FOR CONSTRUCTION.
C) Ld
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Inv --925.20
vC'�C
VALLEY GUTTER
moo/
/
Q to Nz c^
PROPOSED PARKING STALLS = 82 (33 GARAGE STALLS
CD Q
& 49 SURFACE STALLS).
0,?=¢ o..
yam
6. LOT AREA = 33,124 SF. PROPOSED IMPERVIOUS
WATER SERVICE
n 2� 5
•/
/
/•
6" DIP, 24LF
9
I
/
/-
PED. RAMP
��:.
j,"
15" RCP;
I A�CB
/ %// 91
/ ?'
40LF 0.-0.5%
/ STORM MH
•'
'rn� 9?6•
9?,T• •S�
!/ I//
/ / / II/
/
L RIM=928.50
INV=922.53
ry
12" PVC 20
•. / /
•�, \
a'
VALL
DRIVE-IN DOOR
FOR TRASH ROOM
® III say
COORDINATE W/
MECH. PLANS
QI it 1 y
/p �, • 5' CONCRETE PROPOSED 4—STORY
SIDEWALK APARMENT BUILDING
"I AREA=11,808 SF
FFE=931.20
// .�» ",.' .-• _
GFE=921.20 GARAGE
/ II,V 1�� ;: Are..• DRIVE-IN
DOOR
/, �J� cg3r-` • f PATIO/DECK
(TYP)
DURA -SLOPE '
TRENCH DRAIN17
(18LF)
CONCRETE
RETAINING WALL
DURA -SLOPE TRENCH DRAIN-(16LF)
__CONNECTED TO INTERIOR SYSTEM
/
/
^
`Zs
I• i
q �
/
\ \
R Sp / �' // lam\ e
S �c S
�
\ // /
fuo
-----
-------
1. BASE PLAN IS A SURVEY PREPARED BY BOGART, PEDERSON & ASSOCIATES,
1.
2. ALL EXISTING UTILITY LOCATIONS AND ELEVATIONS SHOWN ARE APPROXIMATE
ONLY. CONTRACTOR SHALL CONFIRM ALL LOCATIONS AND ELEVATIONS PRIOR
TO CONSTRUCTION. CONTRACTOR SHALL CONTACT UTILITY COMPANIES VIA
GOPHER STATE ONE -CALL ONLINE OR BY CALLING 811 OR 1-800-252-1166.
z U
3. ALL CONSTRUCTION SHALL CONFORM TO THE MOST RESTRICTIVE OF THE
0 Z
U —
PROJECT SPECIFICATIONS, THE STANDARD SPECIFICATIONS OF THE CITY OF
MONTICELLO AND THE LATEST EDITION OF MNDOT STANDARD SPECIFlCAT10N5
LLJ W
FOR CONSTRUCTION.
C) Ld
w
Ex CB /•
-RI, 928.92
I
\ =� CONCRETE
,:
Inv --925.20
vC'�C
VALLEY GUTTER
(f) =
UNIT & 1.5 STALLS PER 1 BEDROOM UNIT).
Q to Nz c^
PROPOSED PARKING STALLS = 82 (33 GARAGE STALLS
CD Q
& 49 SURFACE STALLS).
0,?=¢ o..
yam
6. LOT AREA = 33,124 SF. PROPOSED IMPERVIOUS
SURFACE AREA = 26,184 SF (79;)-
\ �Lf
E`er\
Y'A .. /
g2/ey
c
g< 0
�a-F--U)
Q�wz
0- 0
LL1 U)
LI -J (D p 0
O!f CD J
c T W
SITE AND UTILITY PLANo m
q� w ro z
.—
H0F=—N�
0 20'
SHEET N0.
REVIEWPLAN c'
NOT FOR CONSTRUCTION 2
Mf
S �c S
n'@3�• G
NOTES.
-----
-------
1. BASE PLAN IS A SURVEY PREPARED BY BOGART, PEDERSON & ASSOCIATES,
1.
2. ALL EXISTING UTILITY LOCATIONS AND ELEVATIONS SHOWN ARE APPROXIMATE
ONLY. CONTRACTOR SHALL CONFIRM ALL LOCATIONS AND ELEVATIONS PRIOR
TO CONSTRUCTION. CONTRACTOR SHALL CONTACT UTILITY COMPANIES VIA
GOPHER STATE ONE -CALL ONLINE OR BY CALLING 811 OR 1-800-252-1166.
z U
3. ALL CONSTRUCTION SHALL CONFORM TO THE MOST RESTRICTIVE OF THE
0 Z
U —
PROJECT SPECIFICATIONS, THE STANDARD SPECIFICATIONS OF THE CITY OF
MONTICELLO AND THE LATEST EDITION OF MNDOT STANDARD SPECIFlCAT10N5
LLJ W
FOR CONSTRUCTION.
C) Ld
w
4. EXISTING ZONING: CENTRAL COMMUNITY DISTRICT (CCD)
(1 Q m
PROPOSED AS PLANNED UNIT DEVELOPMENT (PUD)
w
5. REQUIRED PARKING STALLS = 82 (2.5 STALLS PER 2 BEDROOM
(f) =
UNIT & 1.5 STALLS PER 1 BEDROOM UNIT).
Q to Nz c^
PROPOSED PARKING STALLS = 82 (33 GARAGE STALLS
CD Q
& 49 SURFACE STALLS).
0,?=¢ o..
yam
6. LOT AREA = 33,124 SF. PROPOSED IMPERVIOUS
SURFACE AREA = 26,184 SF (79;)-
c
g< 0
�a-F--U)
Q�wz
0- 0
LL1 U)
LI -J (D p 0
O!f CD J
c T W
SITE AND UTILITY PLANo m
q� w ro z
.—
H0F=—N�
0 20'
SHEET N0.
REVIEWPLAN c'
NOT FOR CONSTRUCTION 2
i JJ
-�t,_
pmt �n��n�n� � � + �
_� ■nneut� � "^ }�€ nsraw n I �� � � f�f�l 11{�� � ,� � .�
. _ .... �.
•� � _, .. _
i... - _
-.. S
Sworn Construction
.. V v 111uvvv,) _
20 Hardware
Sworn Construction Statement for 3rd Street
$-
$
1,022.73. 1
21
Roofin
1 EVC
_ T$
—45,000.00
96,818.40 _$
------ -----
22
Trusses _
Lumber
Item Furnished By
23
Drywall Materials ,iDrywall
i
+ $
--- ---
144 Unit Budget
I Unit Budget
!
1
--- - - --- --rt
;Excavating/Grading Excavating
-
$
-
150,000.00
-
I
-
2
Concrete Work Kopp Concrete
$
612,000.00
$
_ _I
13,909.09
3
Fire Protection
j Footings/Foundation
j
_
Sprinkler
Express
$
ncluded # 2
- ---- - - ' -- - ----�
-
-
Fire Ext. I
-------
-
$
1,516.80
Floor/Steps/Sidewalk
Included # 2
St. Cloud Acoustics
-- —
- --- -'
-$
$
- -
5
29
--
30�
Curbing
Included in #2
! Omann Bros
! $ _
47 000.00
$
_
6
Drivewa
_
---
1 T
�
j $
-
--�
_ -
--
7 '
Masonary
_
Included # 2
_ - --
8
�
Water/Sewer �
Included #1
Bertram _
t
$
_
9
(Landscaping
---
!Combined -see Bid_$
-- --
47,553.45 $
1,080.76
34
--�
135
10
11
--
( Steel Doors
Stake Building _Budget
; TCH _
-Estimate __
$
$
5,160.00 1 $_
8,689.66$
---- -
117.27
197.49
-
12
Carpentry Labor
rY _
Estimate -_
$
-
- 262.40
349, , $
-----
7,937.78_—
13
14
G crete
YP
1 Lumber
!Viking
lLocal
_ $
! $
_33,00_0.00_ $ _
395,000.00 1 $
750.00
8,977.27
-
--
----L_--_
455.21
_
'Millwork
—
10 PT Painting
$
85,000.00 $
1,931.82
15
Glass/Mirrors/Doors
-- - - -East Side Glass
TCH /Bayer Built$
33,940.80 $
214,189.200 $
4,867.94
_
16
iCabinets - -
Local —
$
122,256.23 $_
2,778.55
7,_045.45_
17
Counter Tops
Window Sill Est$
IADI
$
24,000.00 $
95,904.00 $
_ 545.45 1_
2,179.64
$
_
18 Interior Trim Labor
_177.27
126.41
45
C
Appliances i Benusa$
_
— 96,000.00 i$
2,181.82
4
.. V v 111uvvv,) _
20 Hardware
i i �ci i i lumL i i
Go Keyless ---
$-
$
1,022.73. 1
21
Roofin
1 EVC
_ T$
—45,000.00
96,818.40 _$
2,200.42
22
Trusses _
Lumber
23
Drywall Materials ,iDrywall
Supply
+ $
1.20 $
0.03
24
;Taping/Hanging -
Otto Drywall
$
_
310,000.00 �$
7,045.45!
25
!Siding Mat/Labor -_j
Quad City
T$
159,364.80, $
3,621.93 I-
-
26
Fire Protection
j
_
Sprinkler
Express
$
103,941.60 $
2,362.31 1
27
Fire Ext. I
-------
Est-
- --
$
1,516.80
34.47
28�
--L-_---
St. Cloud Acoustics
-- —
Est --
$
—
11,472.00 $_
29
--
30�
Insulation -City
_I -__
Plumbing
-
Wide - _
$
'�,
�$-
-
132,000.00'$
- --
_260.73
3,000.00 -- - -
_Local
_
---
_
-410,000.00 �$
9,318.18
31-
j HVAC - j
Local —
$
477,839.88 $
_
10,860.00
32
1 Electrical Wiring
'
Bertram _
$
_ 267,532.80 $
�---
6,080.29_
Screen Enclosures !Screen
Pro_-
I_
- —
54,673.20 $
11242.57,
34
--�
135
—
a Ings Als miental$
-
297127.60 $
-
661.99
---_-_
Area of Refuge f
9
Safe Security
_ Y
$
- -----
5,469.60 1 $
---
124.31
36—'
TV/Data Phone
-_
! $
---
_
22,980.00 $ -
-- -
522.27 --
37
j Low Volt Fire alarm20
—
- -------
029.39 ! $
----L_--_
455.21
38
Painting/Decorating
10 PT Painting
$
85,000.00 $
1,931.82
39
__-1-
Glass/Mirrors/Doors
-- - - -East Side Glass
33,940.80 $
771.38
40
--$
!Garage Doors (American Door Works $
—
10,000.00 $
-- -
227.27
41 -
Flooring - MCI
-1 -- - -- --
$
310,000.00 $
7,_045.45_
42 —Elevator
43 I
Schindler
Bath_Accessories$ Est - -- --
---
_ _ $
�'------
------ - ---
125 000.00 $
- ---
7 800.
2,840.91 i -
---T-------
_
44 tMail BoxesISalsbury Ind_. —
--- --
$
00 $
5,562.00$
_177.27
126.41
45
C
Appliances i Benusa$
_
— 96,000.00 i$
2,181.82
4
tured
�-
- -; -
marbletops&window
sills-- -- - Est _
$
7,820.69 $
177.74 67200
47
Window Blids Light F/X
11,000.00 + $
250.00
-
48
Video/Security/Video
-
Protections Services j
49
Interior _DecorAshle St. Cloud--
~ -- Y
$
12,000.00 $
6,000.00 $
272.73
136.36
50 !Steel
51 (General
Fabrication
Contracting
-- --
$
--*------
35,000.00 $
--
795-.4-5 ! _
---
$
385,000.0052
- $
-
Page 1
Sworn Construction
53 Total Cost
$ 5,434,319.29 $ 123,507.26
$ -
54
55
General Conditions
$ -
56 Construction
Cleanup
$ 11,586.00
$ 263.32
57 Final Clean up
$ 4,137.60
$ 94.04
58 Temp Electric & GasI
59 Telephone
$ 12, 000.00
$ 272.73
$ -
$ -
60 Temp.Toilet
$ 3,480.00
$ 79.09
61 Temp.Heat
$ 3,310.34
$ 75.24
62 Job Trailer
$ -
$ -
63 Project Sign
$ 7,429.20
$ 168.85
64 Rental
Lull
$ 15,000.00
$ 340.91
65 Insurance
$ 24,000.00
$ 545.45
66 Supervision/PM
$ 78,000.00
$ 1,772.73
67 1 1
$ -
68 Total General
Conditions j
$ 158,943.14
$ 3,612.34
69
$ -
70 Soft Cost
$ -
71 Building Permit
$ 24,000.00
$ 545.45
72 Arch itect/Engineering
$ 90,990.00
$ 2,067.95
73 Appraisal
$ 4,500.00
$ -1 - 02.27
74 Wac/Sac
$ 403,344.00
$ 91166.91
75 Environmental
Assessment
$ 1,655.17
$ 37.62
76 Legal
$ 12,000.00
$ 272.73
77 Soil Boring/Testing
$ 5,000.00
$ 113.64
78 Closing Cost
79 Interim Financing
$ 40,000.00
$ 150,000.001$
9
$E3E,409.09
80 Park Fees
81 Water Meter
82 Storm Sewer
Inspection
$ -
$ 20,400.00
$ -
$ 463.64
$ 1,655.17
$ 37.62
83 Developers Fee
$ 103,448.00
$ 2,351.09
84 Land
$ 675,000.00
$ 15,340.91
85 Soil Corrections
$ -
86 Special
Assessments
$
87 lContingency $ 200,000.00 $ 4,545.45
88 Tota I $ 1,731,992.34 $ 39, 363.46
89 TIFF Credit Underground $ (500,000-00). $ (11, 363.64)
90 -
91 $ -
96 $ -
97 Conti enc $ -
gg $ 6,825,254.78 $ 155,119.4L,
Page 2