HRA Agenda 04-04-2001
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AGENU
ANNUAL ME TING
MONTICELLO HOUSING AND RE EVELOPMENT AUTHORITY
Wednesday, April 4, 001 - 7:00 p.m.
505 Walnut Street - ridge Room
MEMBERS: Chair Damn Lahr, Vice Chair Dan F e, Brad Barger, Steve Andrews, and Bob
Murray.
COUNCIL LIAISON: Brian Stumpf.
OFFICERS: Treasurer Rick Wolfsteller, Executiv Director Ollie Koropchak, and Recorder
Lori Kraemer.
GUESTS: Brad Johnson, Lotus Realty Services arry Fluth, Masters Fifth Avenue, Inc.
John Komarek, Cedrus Creek Crafts an, Inc.
Mike Cyr, MLC Building & Remodel ng, Inc.
1. Call to Order.
2. Consideration to approve the HRA minutes fMarch 7, 2001.
3.
Consideration to add or remove items from t e agenda.
4. Consent Agenda.
5. Consideration to hear an update from Planni g relative to municipal and street parking
within the downtown redevelopment area (C D). Steve Grittman or Jeff O'Neill.
6. Continued - Consideration to extend the effe tive date of the Preliminary Development
Agreement with Masters Fifth Avenue, Inc. d to agree to amount of TIF assistance for
Phase I or solicit other developers. Brad Joh son/Barry Fluth, Applicants.
7. Consideration to hear a preliminary design c ncept for redevelopment of the previous St.
Henry's property and approve preliminary c cept for use ofTIF assistance. John
Komarek, Applicant.
8. Consideration of update and action relative t a portion/whole of Blocks 54 and 64 all
located within TIF District No. 1-22.
9. Consideration to review the survey of Block 52, hear a preliminary design concept for
redevelopment ofa portion of Block 52 and pprove preliminary concept for use ofTIF
assistance or solicit other developers. Mike yr, Applicant.
Consideration to adopt a resolution requesti g the City Council of the City of Monticello
call tor a public hearing on the modification 0 the Redevelopment Plan for Central
Monticello Redevelopment Project NO.1 an establishment of the TIF Plan for TIF
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District No. 1-28 (an Economic Development' District). Integrated Recycling
Technologies, Inc., Applicant.
Consideration to approve the Certificate of C mpletion for the Twin City Die Castings
Company.
12. Consideration to approve the election of officers for 2001 and approve the
appointment of commissioners to committees
13. Consideration to review and adopt the year-e d financial reports for the HRA General
Fund and TIF Fund. Rick W olfsteller.
14.
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Consideration to authorize payment of the m nthly BRA bills.
Consideration of Executive Director's Repo .
Committee Reports: MCP - Steve Andrews nd Marketing - Damn Lahr.
Other Business.
Adjournment.
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MINU ES
MONTICELLO HOUSING AND R DEVELOPMENT AUTHORITY
Wednesday, Mareh , 200l - 7:00 p.m.
50S Walnut Street- Bridge Room
Members Present:
Chair Darrin Lahr, Vice Ch ir Dan Frie, Brad Barger, Bob Murray and
Council Liaison Brian Sturn f.
Absent:
Steve Andrews
Officers:
Treasurer Rick Wolfstellcr. xecutive Director Ollie Koropchak, and
Recorder Lori Kraemer.
GUESTS:
Brad Johnson, Lotus Realty Services
Sheri Harris, Central Minne"ota Housing Partnership. Inc.
Steve Budd. Intergrated Re ycling Technologies. Inc.
Mark Ruff. Ehlers & Assoc.
1. Call to Order.
Chair Darrin Lahr called the meeting to or er at 7:00 p.m.
2.
Consideration to a rove the HRA minute" of Februarv 7. 2001.
A MOTION WAS MADE BY BRAD SA GER AND SECONDED BY DAN FRIE TO
APPROVE THE MINUTES Of THE FE RUARY 7. 2001 HRA MEETING. Motion
carried with Bob Murray abstaining.
3. Consideration to add or remove items fron the m~enda.
Koropchak removed Item 8 from the agen a.
4. Consent Auenda. None
5. Continued- Consideration to hear roures relative to research of ur ose/ob.ective and
fundinu for a scattered housinu rooram. e lanation of MHF A fundin!!. and
authorization to enter into the Preliminarv Develo mcnt Aorccment.
Ollie Koropchak. Executive Director. pro ided the statT report noting that Sheri I-Iarris
and Mark Ruff \vere present to answer qu stions the members may have. The !-IRA
elected not to indorse the use ofTIF at the February meeting as they had questions which
staff was unable to ans\ver.
The Monticello grant application was sub 1itted for the Fcbruary 9. 2001 deadline \vith
the use orTIF pending. Harris advised tlr t the application made the first cut and they
would be ad\ised if the f IRA qualified for the loan by April 26. She also advised of other
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cities such as Brainerd and Long Prairie. tl at are active in this type of scattered housing
program. The HRA was asked to compare the TIF application against the TIF policies
prior to considering the preliminary appro al for use ofTIf and authorization to enter
into the Preliminary Development Agreement. As suggested previously. it was
recommended that the $5.000 deposit be aived as the applicant is a non-pro tit housing
agency.
Harris provided clarification of how MHF funding works. as well as stating that the
BRA's application is for a construction 10 n. not a grant. which would be used for
construction, demolition. and acquisition f homes. Harris explained that they are a non-
protit corporation which has been around or ahout 10 years. and they are a continuum of
housing services for affordable housing. Iarris also provided costs tor the members to
review. Repayment to the liRA would be upon sale of the tirst home. noting that MI IF A
would request to keep the money until the ninth home was sold. Harris stated that the
process would be to sign contracts in May and then they would have 20 months to
acquire, demolish. construct and sell the homes. She noted that they would be acquiring
five parcels and constructing nine units. heri also provided some background
information on the program. CMHP has lready estahlished resources that help the buyer
receive assistance. \vhich is in place in thi region. and are also working with lenders to
ohtain the 6.5% mortgage rate (at 5.5% at this time).
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The members asked Harris if the $46.000 income was what they would he targeting and
she stated that it is the ty'pical income for a fami ly of four that they would be targeting.
Harris advised of GAP tinancing. SO% ot the statewide median financing: applicants need
to qualify and if there is still a gap in wl1' t the owner can afford. this is GAP tinancing
which is like upfront equity to the buyer nd may be used for closing costs if necessary. 0
percent interest loan which would he pai back. The City has no liability if the homes do
not sell. Harris also achised that with th acquisition of the existing homes there would
be no relocation costs as they would be oluntary sales. and Mt IF A would do the upfront
work. There is a developers fee of $250 per home.
The members also asked Brian Stumpf it the City Council had any guidance for T1F
assistance t~)r housing and Stumpf stated no.
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Mark Ruff. Ehlers and Associates. provi ed some input as well. He noted that this would
be upfront linancing and stated several 0 tions tor the !-IRA to consider such as honding
or asking the City to grant the I-IRA a 10' n. Ruff s recommendation was for debt
tinancing. explaining that it is easier. H also advised that there is a redevelopment grant
program. which is a grant and not a loan that is available through OTED. Ruff asked
how important is this project to the J-1~ as there is a risk involved with upfronting the
money. hut also noting that the !-IRA co lid supplement this district with other districts if
needed. Ruff stated there is a reasonabl chance of getting the money back as long as the
owners continue to pay their property t::ves. and stating that this is a redevelopment
project. The members asked Ruff ahout security and Ruff stated that the security would
be that the homes \vere built.
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Harris advised that they provide the techni al assistance to the HRA proposing to act as
the developer/builder. The members also sked if it was possible to ask a higher sale
price and target people with higher incom s. Harris advised that upon initial sale there is
a rcstriction on the sale price. noting that i . utilizing this program. they need to stay at this
sale price. Long term people can sell to w lomever they want to and aftcr the first sale.
the value is not limited.
Jeff O'Neill advised that CMHP \vould ne d to go through the PUD process through the
Planning Commission and City Council wlich would take about 60 to 90 days. at which
time the HRA could review the concept pI ns for the proposed development. O'Neill also
asked Harris ifshe recommended CMHP (0 fonvard with the site design process and she
statcd that shc would havc a better sense a ter their March 19'h meeting.
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The members then discussed if it was poss'ble for the HRA to do their own GAP
financing. and Ruff advised that the risk w uld be that thc home sells at the cost and not
100ver. then \vho would get the money. Da 1 Fric states that it may be a better option than
what is proposed. Frie stated that if the H A provided the second gap. they could
increase the selling price and then become the third mortgage. noting that the HRA would
not be paid until the home was refinanced r would resell. The members questioned if
taking the sale pricc up would be com para Ie in this area and Frie stated it would be.
stating basically it's increasing the lot pric . Rick Wolfsteller questioned what would
happen if the acquisition price changes all<.. Ilan'is stated it was a possibility but feels
there is room tt)r that. Harris also explain d again that they do the building. marketing
and ask locally li.)r lenders help. They arc onstantly qualifying buyers under their
scattered housing program.
The members felt that this sounds like a fa r deal. but again the concern would be security
that the homes be built. They also asked i this would be a good area of town for this
project and it was stated that it was. vvith 'Neill stating it is one of the roles of the HRA
to remove substandard housing and provid' affordable housing. City Council will be
involved as well with waiving fees. I-Iarri. noted that the strength of the application is
improved if the I-IRA approves this and th' t she would call and advise of the HRA"s
decision.
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A MOTION WAS MADE BY DAN FRIE AND SECONDED BY BRAD BARGER TO
APPROVE THE PRELlIvIlNl\RY CONC :PT FOR USE OF TIF IN THE AMOUNT OF
$125.000 NPV TO ASSIST \VITII A SC TTERED HOUSING PROJECT AND TO
WAIVE THE $5.000 DEPOSIT FEE. TH. SELLING PRICE PER UNIT WAS SET AT
$131.000. AN INCREASE FROIvI THE $ 20.500. THE DIFFERENCE TO BE USED
AS GAP FINANCING TO RECOVER A Y TIF SHORTFALL TO FINANCE ANY
ACQUISITION COST OVERRUNS. ANI/OR TO REIMBURSE CITY FEES. TI-Il:
DEPOSIT FEE W.-\S \VAIVED BEC.-\USE CENTR.-\L MINNESOTA IIOUSING
PARTNERSIIIP (C\II-IP) IS A NON-PRC FIT STA-TE AGENCY. THE TIF FINANCE
METHOD IS UP~FRONT AND THE SECURITY IS THE HOMES ARE
CONSTRUCTED. ^ 1-I0L!SING TIF DIS RICT FOR OWNER-OCCUPIED
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HOUSING IS A QUALIFIED HOLlSING DISTRICT AND THE INCOME
RESTRICTIONS APPL Y TO THE ORIGINAL OCCUPANTS ONL Y. Motion carried
unanimously.
6. Continued - Consideration to hear an u date relative to ro' ect conce t for redevelo ment
of the Amoco site and authorize the use 0 TIF for Phase I and/or II of ro'ect area.
Koropchak provided further information" hich she received from Brad Johnson the day
before regarding phases I & II and advisin J that the extended date of the preliminary
agreement was up as of this date. Koropch k also added that the members had stated that
if no plan and TIF direction within 30 day . the HRA would open the site up to other
developers.
Koropchak and Johnson provided informa ion regarding the plans for Phase I \\hich
include acquisition of the Amoco site and ack-half of sites E. F and G as noted on the
sketches. Johnson states the plan is to con .truct a 5.700 sq ft first story of \vhich a
restaurant will occupy 3.500 sq ft. with th second tloor consisting 01'6 apartments. and
lastly a carriage unit with 6 garage stalls.
Johnson states he is still concerned about AC/W AC charges and parking requirements.
To close they need to have 50% leased. cu rently have a restaurant that has been working
\vith them for approximately 4 months. J01l1son advised that there arc 3 lots to the east
of the Amoco site that they suggest the Cit, create into parking. Johnson states they arc
asking the HRA for pay as you go assista ceo gap in tinancing would be about $35.000.
and would look to the City to provide SA IW AC and parking for restaurant portion.
Would pay back the HRA/City at closing < nd then the liRA would pay them TIF. In
Phase II they would simply go out and sec Ire a loan as the plan would be for housing.
which would possibly be later in 1001 or i to 1001. Johnson discussed again the draw
for a restaurant dO\vntown which brings th people there.
Mark Ruff stated that with the HRA's inn Ivement the risk is the HRA is stuck owning
the Amoco site. Ruff stated another way t look at this is that they are asking for free
land. basically the cost of acquisition/dem lition. and for that they are taking some risk
on pay as you go.
O'Neill explained the parking deficiencies in the downtown area. and Johnson again
proposed that the City provide public parking area behind the Amoco site.
Frie asked Pat Smvatzke. a downtown busi less o\vner who was present at the meeting.
how full the parking lot by his business is n average, This parking lot is City owned and
was apparently paid for by the business in hat area for them to use. Sawatzke stated it
varied depending on the businesses operatilg in that area. at this time it is not full at all.
Koropchak added that the Tlf dollars are e 'pended fl.)!' acquisition/demoltion. so TIF
could not be used to help pay for the parkiI. g.
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Lahr added that it is a great amount of money to expend. and the members questioned if
they should concentrate more on develop, ent of land at the other end of town. but noting
that there are issues there as vvell. Murra questioned how much the City really wants
this area to be parking and not a business hat would generate taxes.
It was decided that the need is to extend t e agreement and then to move f()rward. Ruff
added that the HRA needs to come up wit what is acceptable to them to make this
project work. lhe members felt that possibly Johnson needed more time and also needs
to work with City staff on the SAClW AC fees and parking issues.
A MOTION WAS MADE BY BOB MU RAY AND SECONDED BY DAN FRIE TO
EXTEND THE CONTRACT FOR REDE ELOPMENT FOR 30 DA YS. There was
further discussion by Lahr that he felt the ontract should not be extended and the HRA
should open it up for another developer. otion carried 3 to I with Darrin Lahr voting in
opposition.
There was a further comment by Lahr aski 19 statr to formally inform the City Council of
this issue regarding the cost ofredevelopr ent and O'Neill advised that parking would be
coming before the Council on March :26.
7.
Consideration to hear a resentation for us of TI F assistance f()r an industrial facilitv and
authorization to enter into the Preliminarv evelo ment Al!reement.
Koropchak provided the staff report noting the presence of Mr. Steve Budd. President.
Integrated Recycling Technologies. InL al d his contractor Tom Feaski ofTricon Inc..
who are requesting TIF assistance for land write-dovvn. The Prospect Team of Fred
Patch. Mayor Belsaas. Kevin Doty. Ron H gIund. and Koropchak visited the cxisting
plant in Rogers. noting that the company r cycles platinum group metals from spent auto
catalyst. They have been in business since 1993 and have outgrovvn their space in
Rogers.
The company proposes to purchase :2 acres of 1-1 property along Fallon A venue to the
immediate north of Pipeline Supply. The 10.000 sq ft steel structure consists of
production and office space. The company plans to create 5 new jobs for the City of
Monticello within tVYO years.
Koropchak proyided the members vvith the uses and sources and stated that based on the
preliminary TIF estimates. the amount of e. timated TIF assistance recommended is
$40.000 NPV oyer 9 years (reimbursement and the City makes the up-front local match
of$9.000 (estimated utility connections). n )ting the TIF Cashtlow ran by Ehlers were
done after execution of the Preliminary De e10pment Agreement and $5.000 deposit.
Budd stated that all vvork is done inside alll there would be no outdoor storage. lIe also
added that the ernissions are ycry low and tl ey are not required to haye a permit. They
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would like to build as soon as possible. T ley are also \vorking with Pfeffer regarding
platting of the property. The members als asked if there were any restrictions in this
area and it was stated that it's zoned I-I aI d has no restrictions; if the building meets
code. it" s acceptable. Scott Douglas of th fire department was also thcrc and questioned
if the building would have sprinklers insta led. ivIr. Budd stated they would not be
installing them but that they would run a \ 'ater line in the building should they ever grow
larger than 18.000 sq. ft. were it would th n be required.
A MOTION WAS MADE BY BRAD BARGER AND SECONDED BY DAN FRIE TO
AU"l'!-IORIZE ENTERING INTO THE P ELIMINARY AGREEMENT. SUBJECT TO
COUNCIL. PRELIMINARY APPROVA AND CASHFLOWS BY EIILERS. AND
AUTI IORIZING PREPARATION OF TI DISTRICT NO. 1-28. Motion carried
unanimously.
Carlson Purchase Aoreement and Lease A. 'reement status.
Koropchak provided the report and infi..1fmed the people in the audience of this item.
noting that HRA Attorney Greensweig infmned her that he had spoken with the
Carlson's Attorney who informed that his 'Iient agreed to the changes of the February
HRA meeting. Attorney Greensweig felt the HRA could proceed with the acquisition of
the O"Connor and Bostic properties. Cant cting the HRA Chair and based on the I IRA's
strategy relatiye to the counter-offers for t e 0 "Connor and Bostic properties. the HRA
Chair suggested to wait with moving forw I'd on the counter-offers to O"Connor and
Bostic until the Purchase and Lease Agreellents are executed by the Carl sons.
Koropchak advised that Attorney Greensv..eig will e-mail the agreements to her. The
HRA officers executed the Purchase Agre ment with attached exhibits which was mailed
on February 28 to Attorney Peterson. As .'ou recall. the Purchase Agreement stated a
closing date of on or before Apri I I. 200 I. Attorney Greensweig has requested the
updated abstract be submitted to him in an icipation of the closing. In a cover letter to
Attorney Peterson. I tactfully highlighted t le proposed closing date to expedite getting
the executed document returned. Koropclnk advised it was a matter of them signing the
documents the next day and returning then back to her.
CrConnnr and Bostic status.
O"Connnr called Koropchak on February 6. asking again where things were at and she
requested Ken Hehey give him a courtesy call. Ken did talk to Bostic on ivlarch 6: he
suggested because of the delayed process nd change in market that an update on the
comparabk housing be completed. Korop hak advised him to proceed. The seller. by
rights. has 90 days to tind comparable howing. Hehey indicated we can meet the June
30.200 I date by giving notice between i\;1' rch 15 and 30. Helvey will be contacted
immediately to proceed \\ith counter-offel"' upon receiying the executed Carlson
document.
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Financin!.! fl.))' Front Street ace uisition and demolition.
Korpchak noted the closing date on or be re 4/1/01. Mark Ruff suggested financing the
acquisition and demotion through a loan f om the City at a low interest; need to
determine the purchase amount; also aske I Rick Wolfsteller to suggest a rate that he was
comfortable with on a term of 15 years. olf<>teller advised 6.5% interest rate for 15
years. subject to getting the purchase agre ment. It was also suggested that perhaps after
redevelopment of Block 52 commercial a ea. a bond may be issued. RutT suggested a
resolution relative to tinancing the acquisition be drafted by Kennedy & Graven for
adoption by the HRA. In conversation wi h Attorney Bubu\. he suggested a Loan
Agreement between the City and HRA tl) $275.000. at an interest rate and term of years
to be determined. be approved. After Jul. 31.2002. the HRA will hold a public hearing
and sell the property to the City tl)[ $35.0 O. Because the parcel lies within the 100-year
tlood plain. the parcel can not be built UP( n. The Loan Agreement will be on the City
Council agenda March 12.
A MOTION WAS MADE BY DARRIN AHR AND SECONDED BY DAN FRIE TO
ADOPT A RESOLUTION APPROVING PURCHASE OF PROPERTY LOCATED AT
225 FRONT STREET. WITH TERMS A D CONDITIONS AS PREVIOUSL Y
APPROVED. AND A LOAN AGREEM NT BETWEEN THE CITY AND HRA FOR
$275.000 AT 6.5% INTEREST FOR 15 EARS. Motion carried unanimously.
Consideration to acce . t letter of terminati n Il)r House Lease located at 3 Walnut Street.
Koropchak informed the members that so 1etime ago Brandon Link. tenant. \vas
contacted relative to the HRA plans tl)r re evelopment of the area. Periodic updates were
related to the tenant. Brandon intl)[med neon February 26. he \vould be submitting a
letter of termination with an effective vac ting date of March 31. 200 I.
It \vas noted that monthly rent was $650 a d the first month rent was forgiven in lieu of
repairs and paint. In addition. the Lease greement called fIX the tenant to deposit a
$500 security deposit and the last months rent. The last month' s rent of $650 will be
applied to\vard the March rent and upon v lCating the property. the $500 security deposit
will be returned to Brandon.
Brandon mentioned his roommate may wish to rent if the liRA is not planning to
demolish right away. He \vas informed the roommate would need to till out an
application for re\'iew and \\ould be requi "ed to pay the tirst and last months rent and the
$500 security deposit.
A MOTION WAS 1\;"\01-: BY DAN FRI' AND SECONDED BY BRAD BARGER TO
ACCEPT TIlE LETTER OF TERMINA'llON FROM BRANDON LINK FOR THE
HOUSE l.EASE LOCATED AT 3 WAL lJT STREET. Motion carried unanimously.
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Request for Proposal for North Anchor.
At the HRA meeting in February. the H denied the request for Steve Grittman. City
Planner. to prepare design concept skctche' (drawings) for the North Anchor (Block 52.
Lots 7 through 15 with some flexibility). 'stimated costs was $2.000 to $3.000. The
purpose to develop a vision. put goals into words and pictures. Instead. the HRA
requested city staff prepare a draft copy of a request for proposal for the North Anchor.
Grittman. O'NeilL and Koropchak met an began to define the project for the RFP
determining the project area. boundaries. ixes of uses. and if parking is determined by
use. It was determined in order to draft the RFP. the project and boundaries need to be
defined. Once the boundary is delined. a urvey is needed in order to supply to
developers. Upon contacting the HRi\ Ch ir for authorization to proceed with Taylor
Land Surveys to prepare a survey at an est mated cost of $1.500. the Chair preferred HRA
action and further discussion. At the Febr Jary meeting. the HRA also suggested that
meeting with property owners of Block 52 should begin. Koropchak advised that a
meeting betvveen Steve Johnson. Lahr. an Koropehak was set for March 9. and that
Kjellberg and Springborg \vere contacted ut need to call back. Koropchak also left two
voice messages with Froslie.
Koropchak advised that the survey ordere is for Block 52 and Walnut S1. River St. and
Pine St. Frie also concurred that there sho dd be discussions with the property owners to
see their interest. Pat Sa\vatzke. business owner, stated that he had some concerns
regarding a proposal from Mike Cyr. Cyr had contacted some of the businesses to inform
them of his proposal. as well as a meetingith Darrin Lahr. Jeff O'Neill and Koropchak
on March 2nd. Chair Lahr authorized the s Irvey. Cyr provided sketches of his proposal
and also stated that he had also made cour esy calls to the owners letting them know that
there would be a survey of the area.
Sawatzkc's concerns were of parking. obs ructing his view of the river/park. and also he
felt that this would restrict the businesses n what they can do as they will have reduced
parking. It was stated repeatedly that this s too preliminary and the survey is fl.)f
elevations and parking issues only at this t me.
Koropchak a('!\ised of decisions the I IRA eeds to make and Mark Ruff noted that the
liRA is on the right track and that their ap roach makes sense.
A rvIOTION \VAS MADE BY DAN FRI AND SECONDED BY BOB ~vlURRA Y
RATIFYING TilE AUTHORIZATION OF TilE SURVEY AND PAYMENT OF
$3.000 TO $~.500 FOR SAID SURVEY. Motion carried unanimously.
I Ians Ha!.!en Update.
At this point. there has been no further COI tact with I Ians Hagen. Koropchak decil..kd to
\vait until after the March meeting, since tl e I-IRA does not ha\e control of the sites. It is
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planned that Mark Ruff. O.Neill and Korl pchak \viII meet with him.
9G. Front Street Improvements
Site revievv staff set a workshop date of March 8. 5:00 p.m. with Council for establishing
an assessment policy for street improvem. nts and infrastructure replacement. This for
the areas of East ]I" Street Cedar Street a d Front Street. However. Council was not
requested to call a special meeting. Instea . staff meeting March 8 from noon to 2:00
p.m. Seventh Street and Front Street Rec nstruction Feasibility Study for Council March
26. Would be nice to have for meeting wi h I-Ians Hagen,
10. Consideration to discuss industrial land ac
to address the short and 1011!.! term need fo
At the I-1RA meeting in February_ the com nissioners reviewed the HRA Economic
Development Plans tew 2001. One goal Ii ted "vas to explore the idea to request the
Planning Commission to address the Gold Nugget parcel as industrial zoning. At that
point. the commissioners requested this is ue be on the March HRA agenda.
Chair Lair and Barger attended a Marketi, g Committee meeting on March 2 and reported
on the discussions and future direction. It appears the I-IRA and IDC have a common
goal to develop an action plan to address t e short and long-term need for industrial land
including the acquisition of land.
Mayor states their intent to go fl)[ward but did not state a plan to acquire. IDC will meet
again next week to discuss \vith Planning 'ommission and Council members. Dan-in
Lahr discussed the Goeman/Chadwick pro erty acquisition which is not done yet. It was
asked if the IDC and/or I-IRA be of assista lee in acquiring this property or some other
property for industrial land. O'Neill state the Chachviek s\vap is still active. sent out
another counter olTer and they will be COlli tering back. They will then negotiate the
value of the property and the City wants the additional 40 acres. Gravel issue was not
discussed at beginning: it is not being disc lssed at this time. O'Neill states they informed
Chadwick they wanted something to presClt to the Council on the 26th of March.
Regarding Gold Nugget. the Planning Con mission looked at it and stated on :2 occasions
that they still feel it should be residential ald not changed. ~rhe Council had the
opportunity to have the Planning Commis. ion look at this item again also. O'Neill
suggested getting certain people such as m mbers oflIRA/IDC/MOAA, together to
discuss the option of industrial/residential. Lahr asked if the Council were to ask the
Planning Commission to re-zone, could th y and O'Neill stated yes. He noted that the
process starts at Planning Commission lev I with public hearings first to make
comments/findings. noting that the Council can do as they want. Lahr also added that
initiating discussion on Gold Nugget at thi time it may change negotiations \vith
Chadwick, which could be either a positi\ or a negative.
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HRA recommendation is to move to\vard he Cha(.i\vick property. The members
discussed the possibility of the \-IRA goin J to the IDC meeting and stating their desire to
work with them toward the acquisition of he Chadv,:ick property. also stating that if a
deal cannot be made in 60 days it should e opened up to looking at other properties.
A MOTION WAS MADE BY DARRIN
RECOMMEND STAFF FIND COST PE
DEVELOPMENT OF THE CHADWIC
This to be brought to the next meeting.
AHR AND SECONDED BY DAN FRIE TO
SALEABLE ACRE FOR THE
PROPERTY. Motion carried unanimously.
A MOTION WAS MADE BY DAN FRI ~ AND SECONDED BY BOB MURRA Y TO
AUTHORIZE PA YMENT OF THE MO THLY liRA BILLS. Motion carried
unanimously.
Consideration of Executive Director's Re ort. H- Window is closing its doors. employees
given notice ofIast day being 311 6/0 1. K )ropchak has been in contact "vith Babcock who
states the building is up for sale and the b lsiness has been sold to someone in Wisconsin.
The bond "vas retired. Additionally, the RA agreed to reimburse them for site
improvements: semi-annual payments fro 1995 to 2003 - $40,000 still O\ving in
payments. the company is in default of th ir contract which Koropchak ",>,ill advise of no
further reimbursement. If H- Windon: sells that building and requests the HRA to assign
to the new owner. the liRA could do that.
13. Committee Reports - None
14. Other Business - None
15. Adjournment.
Chair Dan'in Lahr adjourned the meeting t 10:30 p.m.
HRA Chair
Recorder
- I )-
.
.
.
BRA Agenda - 4/4/01
5.
al and street
The services of Steve Grittman, Planner Con ultant for the City of Monticello, have been
retained to address the municipal and street arking concerns within the CCD. Jon
Glomski, City Intern, completed a survey of he public parking lots. The results of the
survey will be included with the presentation to the HRA by either Steve Grittman or Jeff
O'Neill.
1
.
,.------.....
BRA Agenda - 4/4/01
6.
Continued _ Consideration to extend the e ective date of the Prelimina
Develo ment A reement with Masters Fif h Avenue Inc. and to a
TIF assistance for Phase I or solicit other evelo ers.
A. Reference and back!!round:
Brad Johnson will provide an update on new activity from the prospective of the
developer. Assuming the concerns relative t the WAC/SAC fees and parking
requirements for this proposed Phase I devel pment have been addressed, the HRA
should consider the developer's request for IF assistance for Phase I.
At the March meeting, the developer propoed to construct in Phase I a 5,700 sq ft
retail/office facility with a restaurant tenant 0 occupy 3,500 sq ft with the remaining 2,200
sq ft as speculative retail/office. The secon floor to consist of 6 rental unit apartments.
Additionally, the project included one carri ' e unit consisting of six garage stalls and one
apartment. Phase I is the redevelopment of he Amoco site. In order to increase the
parking for the project, the developer sugg sted the acquisition ofthe rear of the adjoining
three lots. The developer provided an esti ated cost for land acquisition and demolition
of the Amoco building. According to Mar Ruff, HRA financial consultant, Mark felt the
profonna presented by Brad Johnson was" ealistic". To the best of my knowledge, the
property owners have not been contacted. I he amount of TIF requested by the developer
was equal to the estimated amount to acqu. e the properties and demolish the structure.
$166,800 pay-as-you-go and $35,000 up-fiont. Additionally, the developer requested
interim financing to acquire the Amoco sit '.
Attached are TIF Cashflows as ran by EW . s and based on the given estimated market
values and assuming acquisition and dem01 tion by June 30, 2001. *******
B. Alternative Actions:
1. A motion to extend the effective d te of the Preliminary Development Agreement
from April 4, 2001 to for Phase I and to agree to a level of TIF
assistance as follows: Pay-as-you..; 0 TIF assistance in the amount ofthe lesser of
a) the cost to acquire the Amoco s te and demolition of the structure, b) not-to-
exceed $166,800, or c) the amoun of the "available tax increment" generated from
the project for the duration ofthe . ife of the district. Subject to acquisition and
demolition of the Amoco site prio to or on June 30,2001 and execution of the
Contract for Private Redevelopm .nt between the HRA and Masters Fifth Avenue,
Inc. The up-front $35,000 subjec to negotiation and executed Purchase
Agreements for the adjoining rear lot parcels.
.
BRA Agenda - 4/4/01
2.
A motion to not extend the effective date of the Preliminary Development
Agreement and solicit other develop rs.
3.
A motion to table any action.
c.
Recommendation:
Recommendation is Alternative No.1. Wol teller indicated the Council is supportive of
the redevelopment of the Amoco site. This ssumes no role of the HRA relative to the
parking and WAC/SAC fees. Lastly, the re .ommended amount of pay-as-you-go
assistance means the generated TIP will cas ow the acquisition and demolition the
Amoco site. Mark Ruff agrees with the rec mmendation and to approach Phase I now
and Phase II later
D. Supportine Data:
TIP Cashflows and proforma, site, and reque t of March.
.
2
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Lotus Realt~ Servi es,lnc (952)934-5472
p.2
PROFORMA j Alternate 1 PROFORMA Alternate 2
INCOME-NET ~ I ~_~__ ,__.__~---_.-----f-_--------
R.etail/office 5700 s.t. @ $15Js.f. 7 $ 85,500.00 Re ail/office 8125 s.f. @ $15/s.f. $ 121,875.00
~apt. units 5700 s.f.@ $7.20/s.f. 1 $ 43.200.00 8 ~pt. units 8125 s.f. @ $7.20/s.f. $ 58,500.00
~ J
l--
1 carriage units 800 s.f. @ $7.20/s.f.
TOTAL INCOME
Less vacancy 5%
$ 222,000.00
$ 1,985,000.00
TI''''''-ANALYSIS t- ----
11,200.00 R tail taxes @ $2.50/5.1. $ 20,312.00
--
8,064.00 ~ t. taxes $50,000 x 10 x 2.4 x 1.12 .-l-L-~.440.00
(3,408.00) L ss current base - $ (4,400.00)
15.856.00j :rIF AVAILABLE $ 29,352.00
.-P
(flRNCity provide parking for Restaurant required of site ~
Total Soots = 75 for Restaurant
3500 sq. feet of Restaurant I /
HRAlCity pay Restaurant SACIWAC $4,J:::'J'":.'9 4 ~ f\ olt'L......'
.'=- ~
.
R#t!.o,,^"'~f> ;\1.1" I
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A"" #(,0 s,~~
~T INCOME
TIF/year
TOTAL INCOME WITH TIF
Less TIF note - 9% 20 vears
Less mortgage at 9% - 25 years
I-
~_INCOME
SOURCES
Mortgage @ 80% of cost
Equity
TIF f_ 8_1-'
HRA GAp Financing
TOTALSOURCES
~---_.
USES
AcquisitionlDemo/Site prep A ,~\ ~ ~( 't" $
&onstruction costs:
Retail/office 5700 s.f. @ $100/s.f.
Apt. 5700 s.t. @ $9OJs.t.
Camaoe House
~_al Construction
Soft Costs @ 15%
TOTAL USES
--
TIF ANAL VSIS
Retail taxes @ $2.50/s.f. x 5700
Apt. taxes $50,000 x 6 x 2.4 x 1.12
Less current base
TIF AVAILABLE
~
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'$
AMOCO AWAY ~ ROJECT
MONTICELL<}, MN
DEVELOPMENT AL.....ERNATIVE
03/0212001
~
$
$
$
6,912.00 8 carriage units 1800 s.f. @$7.20/s.f.
135.612.00 I
(6.780.60 Le is vacancy 5%
$
$
$
----
21.600.00
201,975.00
(10.098.75)
128,831.40 NET INCOME ! $ 191,876.25
-_.__._-~----
15,864.00 TI /year to yield 11 % return $ 26,693.00
$ 144.695.40 ; TC TAL INCOME WITH TIF
$ (15,864.00) e:iS TIF note - 9% 20 years
i $ (104.280.00).e>> mortgage at 9% - 25 years
$ 24,551.40 1 ~E T INCOME
$ 218,569.25
$ (26,693.00)
$ (159,917.00)
i $ 31,959.25
$ 1.079,200.00
$ 122.900.00
$ 146,900.00
$ 110.000.00
$ 1,459,000.00
~( URCES
1/1. rtgage @ 80% of cost $ 1,588,OOO.E2--
~c uity I $ 148,000.00
I for Gap I $ 249.000.00
T( TAL SOURCES $ 1.985,000.00
~ :"~SitionlDemolSile prep A.E.F.~=t . 280~0<i0~
t_-.--
$ 738,000.00
$ 745.000.00-
211,000.00
$ 570,000.00
$ 456,000.00
$ 60.000.00
$ 1,086,000.00
Cc nstruction costs:
F etaiUoffice 8125 s.t.@$90/s.t.
J pt. 9925 s.f. @ $75/s.f.
Olal Construction
i $ 1.483,000.00
$ 162,000.00 $l ft Costs @ 15%
$ 1,459,000.00 TOTAL USES
is
1$
$
$
.-1-
-------
Page 1
MONTIC\al..OIlWAVPlt-l.XL5
.
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Ma... 02 01 10:44a
Lotus R.alt~ S....vi .s,Inc
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Monti Ho, MN
July 1,2000
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R.EDEVELOPM T CONCEPT
fDr Lepcy Communities, L.C a"d BBf Propcnics
Monticelo, MN
July 21, 000
fi'rlt/;-( M /-TV /'f1lwy (Jf1IKF'''T
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-
01 10:44a Lotus Realt~ Ser-vi ces,Inc
(S52JS34-5472 p.4
AMOCO -AWAY" PROJECT
MONTICElL< ),MN
ESTIMATED
ACQUISITION COSTS SQUARE EET COST COST/5Q.FT .
Site A 1633 $ 160,000.00 $ 9.79
B 1089 $ 100,000.00 i $ 9.18
C 1089 $ 100,000.00 , $ 9.18
0 1089 $ 100,000.00 . $ 9.18
TOTAL ACQUISITION 4900 $ 460,000.00 $ 9.39
---- -- "$" ---
DEMOLITION 30,000.00
--- 4900 490,000.00 $ 10.00
TOTAL $
ALTERNATE FOR PARKING ....,
.- ---- ,-
SiteE 272 $ 13,610.00 $ 5.00
F 272, $ 13,610.00 $ 5.00
'---cr-' 272.: $ 13,610.00 $ 5.00
TOTAL a1eE 1$ 40,830.00 $ 5.00
~OTAl WITH ALTERNATE - - - - .-- 5i17 --. '-$--530,830.00 h--- -9.28-
----
Total TIF All. 1 . Amoco ite $224,341
1= Housing $125.000 ~
site
Tota $349,341
- ;ite
Total TIF Alt. 2 Amoco $365,000
- Housing. site $341,000
Total I $706,000
Page 1 AWAYPR-2.xLSAcquisition Costs
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Bathrooms 1
Total Finished Floor Area 900SF
Upper Unit
Bedrooms 1
Bathrooms 1
Total Finished Floor Area 900SF
~-f
Townhouse - Three Storey Stacked Flat, E pandable
.
.
.....
.....
DATE:
March 5, 2001
FROM:
Lotus Realty Services, Inc.
us
35,000
45,000
30.000
$ 110,000
ouse over flats
4S~do
$1,459,000
166,800
$2,043,000
251,000
72,000
551 WEST 781H STREET · P.O. BOX 235 · CHANHASSEN. MINNES TA 55317 . (952) 9344538 . FAX (952) 934-5472 (p G
20d
TO:
Monticello lIRA
SUBJECT:
Amoco "Away" project
Phase I - Summer 2001
Proj~ct scope
Retail/office
Apt. over retail
, ~arriage House
~
'0& ""~e
*Total cost estimate
TIF assistance (pay as you go)
Cash up front (BRA)
GAP
**SACfWAC
"parking estimate (30 stalls)
*'" Assume 3500 s.f restaurant
Phase n - Fall 2001
Project scope
Housing
*Total cost estimates
TIF assistance (pay as you go)
Cash up front (SAC/W AC)
5700 s.f
6 units
1 unit
24 units to
* See attached
Assume City cost SACIW AC, etc. $3,OOO/unit.
2L~9-~ES(29S) oUI'Seo~^~es R~Iee~ sn~OI
d~9:~0 10 90 ~ew
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BRA Agenda - 4/4/01
7.
A. Reference and backe:round:
John Komarek, Cedrus Creek Craftsmans, In ., will make a presentation to the HRA
relative to the preliminary design concept for redevelopment ofthe previous St. Henry's
property. Mr. Komarek is looking for preli "nary concept approval for use ofTIF
assistance. Remember at this stage, ifthe A approves the concept then the concept is
presented to the Council for approval. Level of TIP assistance occurs after execution of
the Preliminary Development Agreement and $5,000 deposit.
The first thing to do is to define and qualifY t e boundaries ofthe Redevelopment District.
Using the requirements of the 70% and 15% "mprovement rules, the attached district
boundaries are recommended. This also ass mes the City Building Official can determine
that more than 50% of the buildings (excludi g outbuildings) are structurally substandard
to a degree requiring substantial renovation r clearance. A building is not substandard if
it complies with building codes or could be b ought up to code at a cost of less than 15%
of the cost of a comparable new building on he parcel. This determination must be made
by an interior inspection unless access canno be made to the structure or there is enough
evidence supporting that the building is struc urally substandard.
Based on the estimated market values of the onstruction of 10 twin homes and 12 quads
at $145,000 and $175,000 per unit respectiv ly, the amount of tax increment was
estimated. These numbers are not cashflow umbers by Ehlers nor should the HRA
commit to a level ofTIF assistance at this ti e. Based on the project description to
provide parking and playground area for the and of Lakes project outside the proposed
TIP district, the less 15% represents the amo nt of TI which can be spend outside the
district.
Does Komarek have a right offirst refusal fr m St. Henry's? I believe the concept was
presented to the Planning Commission on A ril 3.
B. Alternative Actions:
1. A motion to approve preliminary con ept for use of TIP assistance for
redevelopment of the previous St. H ry's property subject Building Official
determination.
2.
A motion to deny approval of the pre' iminary concept for use of TlF assistance for
the previous St. Henry's property.
1
.
HRA Agenda - 4/4/01
3.
A motion to table any action.
c.
Recommendation:
Assuming the Building Official can make th findings that 50% of the buildings are
structurally substandard, the recommendati n is Alternative No.1. The proposed project
would provide a favorable economic impact to the community, remove substandard
structures, and provide quality housing unit .
D. Supportin2 Data:
Proposed project information, area map of roposed TIP District boundaries, and
estimated tax increment.
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2
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Cedrus Creek C aftsman, Inc.
March 22, 2001
Ollie Koropchak
City of Monticello
Monticello, MN 55362
Dear Ollie:
Enclosed is a letter which was presented at the onticello City staff "site review"
meeting of March 15,2001. Reaction to said pr posal was extremely favorable. We are
scheduled on the agenda for the Planning Comrni sion meeting to be held April 3rd
followed by the HRA meeting on April 4th.
The city Planning Commission and H.RA. meeti gs will begin our efforts toward
following through on our proposal. For our pro oSal to be feasible, we will tirst look to
the following groups and agencies:
St. Benry~s Board/Staff:
.:. To authorize our request for consideratio of rezoning into a planned unit
development for offices, private school, 0 street parking and residential uses.
.:. To work with us on structuring a sales pri e which would enable said
redevelopment and restoration to be tinan ially feasible.
.:. To enter into an option agreement for pur hase of the property that may be
exercised on/or before some future date, e tablished by our development schedule.
This will enable us to secure an interest in he property during initial planning
phases.
City of Monticello and BRA:
.:. Assistance in private acquisition of the foil wing lots:
o Lot 10, Block 28
o Lots 6 & 7, Block 21
o Lots 3 & 8, Block 22
.:. Assist in improving areas on all three block with removal and restoration of
substandard conditions, which currently im ede whole concept redevelopment.
.:. Overall tax abatement
.:. Contribution to municipal utility connectio fees.
Cedrus (reek Craft.wnun. /I1C. (Ucense #2rJ135(60)
12420 Armitage A "e. NW +- At nticello,MN 55362
(763) 878-2943 +fax ('J> 3) 878-2343
lit
.
.
.
Cedrus Creek, as developer, would agree to:
.) Procure aforementioned relevant propert es inclusive of Burlington Northern land
respective to Block 22.
.:. Assist Land of Lakes ChoirBoys in devel ping complete Block 28 into performing
arts campus.
.) Redevelop Block 21 complete and portio s of Block 22 into a new cohesive
neighborhood community of 22 new aUa hed homes.
An overall team effort inclusive of all these com onents and all these properties is
necessary for the viability of developing this con ept. For the pro forma to work we need
complete compliance. We think this would be a onderful rebirth of the area that the
predecessors could be proud of and the commun ty could embrace.
Enclosure
c-~.
Jo Komarek
_...~.-"-'.'.'''.
Cedrus ('reek Craftsmtul, Ie. (Licem,e #2111351(0)
12420 Armitage Ave. NW -i/r'\J()1tticello, IHN 55362
(763) 878-2943 +fax (763) 878~2343
.
.
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Cedrus Creek
raftsman, Inc.
Proposed Utilization of Exis"ng St. Henry's Compound
As PlannedUni Development
Location - Block 21, 22, 28 Original Plat
Block 28:
Our proposal suggests the reworking 0 the present St. Herny's compound into a
performing arts campus recognizing the Land of Lakes ChoirBoys as its base
supporter.
.:. Existing sacristy to be utilized as a t eater and arts center
.:. Parish center to be business offices. eeting rooms and practice room
.:. Original convent would initially be rained as a private day-care provider and
eventually expand into practice roo class rooms related to Land of Lakes
ChoirBoys facility.
.:. Lots 6 through 10 would be redefind as parking and green spaces (play area)
with future expansion for Land ofL es.
Block 21 - Complete lots 1 through 1 (current parking lot block):
Redevelopment as a cohesive residential neighborhood based on a cluster concept
possibly on a courtyard core.
Block 22 - Lots 4 through 7 (former p est's house):
Potential to extended through old Bond s machine shop site. Expansion of new
neighborhood base with potential aband runent of applicable block of Minnesota
Street.
This residential concept creates a potential of 14 to 22 new home sites within the
respective neighborhood with a potential to gen rate $507.000 in property tax revenues
(at a cap level over first ten year period).
The performing arts campus would be a continu ce of the east. west community corridor
initiated by our new community center. Having eLand of Lakes ChoirBoys based in
Monticello should add a new depth to our co nity.
Cedrus Creek Craftsman, c. (License #20135160)
12420 Armitage Ave. NW -1~ Monticello, MN 55362
(763) 878-2943 + fax (763) 878-2343
~O
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Cedrus Creek C aftsman, Inc.
BURLINGTON NORTHERN
BLOCK 21
ORIGINAL PLAT
CITY OF
MONTICELLO
TWO QUAD UNITS ,
AT 144' WIDE BY 60' '
DEEP
,
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THREE TWIN UNITS AT 76' WIDE BY 66' DEEP
~- .---. ..__.." n__..'.___...
..m.m.... 330'-.0"----.--
,__
ST. HENRYS SITE
BLOCK 28 ORIGINAL PLAT CITY OF MONTICELLO
Cedrus Creek Craftsman, I
12420 Armitage Ave.. NW -+-
(763) 878~2943 -+ fax
RELIMINARY PLAT PLANNED UNIT DEVELOPMENT
T HENRY'S SITE
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BLOCK 22
ORIGINAL PLAT
CITY OF
MONTICELLO
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FOURTH STR
c. (License #201351(0)
onticello, MN 55362
63) 878-2343
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,f:
. ST. HENRY'S RE EVELOPMENT
MARCH 1,2001
Parcels PID# Land Sq Ft Ft EMV OTC
St Henry 155-010-021010 61,661 $ 42,000 (L) $1,008 * .97%
021040 20,124 960 $ 48,000 $1,152 .047%
Gardner 021060 11,622 3,268 $121,700 $1,514 *.28%
Doran 021070 10,899 1,720 $111,900 $1,352 *.157%
TOTAL $5,026
St. Henry 15s.-o 1 0-022040 37,309 2,428 $ 86,000 $ 925 .065%
Bondhus 022080 10,933 1,976 $ 40,400 $ 404 *.18%
TOTAL $1,329
St Henry 155-010-028010 21,851 1&2 4,468 $268,100 $7,615 * .20%
028030 21,8333&4 8,904 $994,500 $32,313 *.40%
028050 10,911 5 3,774 $241,500 $6,711 * .345%
028060 18,1706 2,840 $ 69,900 $ 699 *.156%
028070 3,661 7 $ 5,000 $ 50 .0%
028080 10,9238 932 $ 18,900 $ 189 .085%
.zer 028090 8,250 9 900 $ 40,500 $ 405 .109%
028091 13,606 9& 10 2,199 $ 76,700 $ 772 * .16%
TOTAL $48,754
't.........A ~
* 15% Improved
QUALIFIED REDEVELOPMENT DISTRICT 70% of p rcels improved
All of Block 21 (4 parcels, parcels 1,6,7 are improved) 0
Block 22 (2 parcels, one parcel is improved) ,0
10 Twins @ $145,000 EMV = $1,898.5 TC
12 Quads @ $175,000 EMY = $2,393.5 TC
TOTAL NTC
LESS OTC
CTC
TAX RATE
TAX INCREMENT
LESS ADM 10%
AVAILABLE TAX INCREMENT
$18,985
$28.722
$47,707
$ 6,355
$41,352
1.28
$52,930
$ 5.293
$47,637
15 YEARS
NPV
.~ARS
25 YEARS
NPV
$714,555
$357,000 ($89,250) l5%
$952,740
$476,000 ($119,000) ~5%
$1,190,925
$595,000 ($148,865) l5%
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MAR. 29.2001 1:26PM
EHLERS & ASSOCIATES
. St. Henry's
ea of District
Land S.F. % Occupied ccupied
61,661 97.00% 61.661
20.124 4.70%
11.622 28.00% 11,622
10.899 15.70% 10,899
37,309 6.50%
10,933 18.00% 10,933
21,851 20.00% 21.851
21,833 40.00% 21,833
10.911 34.50% 10,911
18.170 15.60% 18,170
3,661 0.00%
10,923 8.50%
8,250 10.90%
13,606 16.00% 13,606
261,753 181.466 69.3%
Need to remove one piilrcel or find more improvements to 9 t to 70%
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NO. 1 021 P. 2
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BRA Agenda - 4/4/01
8.
Consideration of an u date and action re ative to a ortion/whole of Blocks 54 and
64 all located within TIF District No. 1-2 .
CARLSON PROPERTY
The closing between the Carlson's and the BRA to k place on Monday, March 26. Now that the
HRA owns the property and the snow will soon dis ppear, I will contact Rod Dragsten to
complete the appraisal of the land only as authorize by the BRA some time ago. The purpose of
the appraisal is for the public hearing and future sal of raw land to the City.
HRA GARAGE LEASE
You will recall, the BRA had a Garage Lease for 2 0 Front Street with the Carlson's. The rent
was $5 per month and commenced in February 199 and was extended in January 2000 expiring
January 31, 2001. The BRA needs to make a moti n to terminate the Lease. The Lease reads
"The Authority or the Tenant may terminate the Le se at any time and for any reason, or for no
reason at all, by providing not less than 30 days not ce must be given and the tenant must remove
all personal property from the premises within 15 d ys from the date notice of termination is
given. "
1.
A motion to terminate the Garage Lease etween the BRA and Richard E. Carlson
for the property located at 220 Front Str et. 30-day termination notice May 4.
2001 with removal of all personal prope within 15 days thereafter or not later
than Mav 19. 2001.
BOSTIC PROPERTY
It is my understanding that Sandy Bostic has agree to the counter-offer of the HRA for $109,400
plus prepayment penalty associated with an improv ment loan. The penalty was estimated at a
little less than $3,000. The Purchase Agreement st tes a closing date of or before April 30.
Bostic requested retaining an outdoor shed, applian es, and the whirl-pool. I gave Mr. Helvey the
OK. If the closing date of April 30, 2001 is doable, the HRA needs to authorize an environmental
test for the underground fuel tank. I will work wit the Public Works Director on this.
1. A motion to authorize an environmental est for an underground fuel tank located
at 8 Locust Street.
March 29 - Helvey called Bostic first name "Verne, doesn't like language in Purchase Agreement
relative to underground fuel oil tank, and is not res onsible for closing costs. Called HRA
Attorney to revise.
1
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O'CONNOR PROPI.:RTY
liRA Agenda - 4/4/01
Within the countcr-offcr Purchase Agreement. th scller had 10 days from date the counter-offer
was prcsented to respond. As Mr. O'Connor got llan-ied and went on a honeymoon. he obtained
the legal services of Attorney John Peterson as he would miss the I O-day notice to respond. Mr.
Helvey believes he will accept the olTer.
IIANS HAGEN HOMES
I did e-mail Mr. Hagen in Florida a second time aKlupon his rcturn he will call so Mark Ruff.
O'NeilL and myself can begin negotiations and c nstruction plans.
SCIILlEF HOUSE 3 WALNUT STREET/IIOlJS LEASE
In March, the HRA accepted the Housc Lcase fro 1 Brandon Link flJr the property at:; Walnut
Street with thc 30-day notice to vacate April I, 2001. Upon return ofthc keys, Brandon "viII be
reimbursed his $500 damage deposit. At that tim, the HRA was infi.mned that Brandon's
roommatc wished to remain. He was informed th t a new application to lease would be
necessary 1<.)1' acceptance by the II RA and the $50 damage deposit and first and last months rent
would be due. Ilowever. no application was received. On March 22, 200 I, a new application
was dropped 01T. It is my understanding that it w ulel be helpful to the applicants if they can rent
for only one month meaning to terminate and vac tc April 30,2001. The BRA must keep in
mind the target date for demolition or rel110val of he homes in order to prepare site for new
construction.
1. A motion to accept lease application for the property at 3 Walnut Street from
Lawrence Olson and Craig Reitan for 0 e month only. Tenants must agree to
vacate the said property on or before A ril30,200t. Monthly rent of $650 and
damage deposit of 5500 due.
2. A motion to not accept the lease applica ion from Lawrence Olson and Cnlig
Reitan.
March 29 - An exccutive decision was made to support the HRA's motion of March 7 to accept
the termination of the I louse Lease; however. vve greed to allow the two tenants to remain for
one week (must vacate April 7.2001) at a cost or 21.66 per day or $151.66 plus utilities. Mr.
Link wanted an answer as he did not want the lia ility.
The remaining balance of the Contract for Deed ith the Schliefs is $61.619.43. Cienerally. the
Contract 1(11' Deed payment is due in August. I will contact them relative to the liRA's intent to
payoff the Contract early.
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PUBLIC IMPROVEMENTS
BRA Agenda - 4/4/01
As you recall the estimates from the City Engineer tl, r replacement of old clay water/sewer lines
and street improvements was about $150,000. This estimate for along Front Street between
Walnut and Locust Street. The Mayor agreed with he pending development of 10 new housing
units, the probability ofthe clay pipes cracking upon new installation, and the city's plan to
replace the lines within 5 years; it makes more sense to do it now. The Council needs to order a
Feasibility Study and a City Assessment Policy need to be developed. The Feasibility Study for
Front Street will be ordered April 9 by the Council.
DEMOLITION/REMOV AL
The HRA needs to consider first ifthey wish to dem lish the Schlief, O'Connor, and Bostic
homes or advertise one or all the properties for sale or $1 or with the buyer assuming
the cost of moving. Secondly, ifit's the desire ofth HRA to demolish all the properties and
HRA garage, perhaps it's time to authorize preparat on of the request for proposal for demolition.
The HRA has on file the form used for demolition 0 the Hawkins house. It is the opinion of Mr.
Helvey who has seen the interior of the homes that t e O'Connor home is the only one worthy of
retaining and moving. The next HRA meeting is M 2, 2001, in which the HRA would authorize
going out for proposals. This becomes quite close t the demolition deadline of June 30, 2001.
FIRST
1. A motion to demolish the Bostic, O'Conn r, Schlief, and BRA structures.
2.
A motion to demolish the
sale to remove the
properties and advertise for
SECOND
roperties.
1. A motion authorizing the preparation of request for proposal to demolish the
following properties:
3
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. Relocation
Conworth, Inc.
4725 Excelsior Boulevard
Suite #200
Minneapolis. MN 55416
,.
Phone (952) 929-0044
Fax (952) 929-0568
Toll Free 1-877-805-1575
March 12, 2001
Sandy Bostic
8 Locust Street
Monticello, MN 55362
Subject:
Counter to Counter Oflcr Letter for Sandy Bostic
8 Locust Street, Monticello, MN
Dear Ms. Bostic:
.
This letter is coming to you from Conworth, Inc. he firm of Con worth, Inc., based in St. Louis
Park, Minnesota, has been retained by the I lousing Redevelopment Authority of Monticello to
negotiate the purchase of real estate and facilitate t e administration ofrelocation benefits.
On January 3,200], the Housing & Redevelopment Authority authorized a counter offer to you
in the amount of$109,400.00 plus the loan penalty or marketable title to your property. This
oller is good for 10 days from March 13, 200 I. 1ft lis offer is rejected, the Housing &
Redevelopment Authority is authorized to use emin ot domain to acquire your property. The
Housing & Redevelopment Authority seeks possess on of your property no later than June 15,
2001.
If you wish to call me, I am available at (952) 929-0 44. Conworth, Inc. is located at 4725
Excelsior Boulevard, #200, St. Louis Park, Minneso a 55416.
Please direct any questions you have regarding the p rchase of your property to Conworth, Inc.
Regulations which the Housing & Redevelopment A thority is required to follow require
.
ACQUISITION AND RELOCATION
6A
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Sandy Bostic
March 12, 2001
Page 2
Conworth, Inc. to request you to sign an exact co y of this letter, which will then be placed in our
tiles. You are simply acknowledging receipt ofthi letter on the stated date. A copy of this letter
is also provided tor you.
tevd
Ken He vey
Relocation, -onsultant/Owner
sl
Enclosures
cc: Ollie Koropchak
Corrine Thomson
I acknowledge that on the day of ,2001, a copy of this letter and
a copy of a Guide for Property Owners was deliver d to me by the undersigned representatives of
Conworth, Inc. on behalf of the Housing & Redeve opment Authority of Monticello.
,
Signature of Property Owner
CONWOR H, INC.
.
. Relocation
Conworth, Inc.
4725 Excelsior Boulevard
Suite #200
Minneapolis. MN 55416
Phone (952) 929-0044
Fax (952) 929-0568
Toll Free 1-877-805- 1575
March 12,2001
Mike O'Connor
218 Front Street
Monticello, MN 55362
Subject:
Counter to Counter Otlcr Letter for Sandy Bostic
218 Front Street, Monticello, MN
Dear Mr. O'Connor:
.
This letter is corning to you from Conworth, Inc. T e firm of Con worth, Inc., based in St. Louis
Park, Minnesota, has been retained by the Housing Redevelopment Authority of Monticello to
negotiate the purchase of real estate and facilitate t e administration of relocation benefits.
On January 3, 2001, the Housing & Redevelopment Authority authorized a Counter offer to you
in the amount of $130,352.00 for marketable title to your property. This offer is good for 10 days
from March ]3.2001. If this ofter is rejected, the lousing & Redevelopment Authority is
authorized to use eminent domain to acquire your p operty. The Housing & Redevelopment
Authority seeks possession of your property no late than June 15,2001.
If you wish to call me, I am available al (952) 929-0 44. Conworth, Inc. is located at 4725
Excelsior Boulevard, #200, St. Louis Park, Minneso a 55416.
Please direct any questions you have regarding the p rchase of your property to Conworth, Inc.
Regulations which the Housing & Redevelopment A thority is required to tollow require
.
ACQUISITION AND ELOCATION
1;l) ./
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Mike O'Connor
March 12,2001
Page 2
Conworth, Inc. to request you to sign an exact cop of this letter, which will then be placed in our
files. You are simply acknowledging receipt 0 f this letter on the stated date. A copy of this letter
is also provided for you.
Ken Helvey
Relocation Consultant/Owner
sl
Enclosures
cc: Ollie Koropchak
Corrine Thomson
I acknowledge that on the day of , 2001, a copy of this letter and
a copy of a Guide for Property Owners was dclivere to me by the undersigned representatives of
Conworth, Inc. on behalf of the Housing & Redevel pment Authority of Monticello.
.
Signature of Property Owner
CONWORT ,INC.
MAR-22-01 THU 08:53
CONWORTH. INC
FAX NO, 9529290568
R-Zl-el el=2~ PM JOHNSON, ~ARSON ~ P~TERS 612 ~e2 4465
\,
..
.
JOHNSON, LARSON & PETERSON, P.A.
AlTODE AT LAW
lAM' C. LAaSON+
,JOHN T.. HDRSON+
.CJNDIS. ~TT
,. COUNJlIU.
THOMAS W. JUCKARDS
-+ilMIlh.-&z.-s,.rJ."""
c.tIIIJ", Mr ~ WT ..........i.., r/-'-
101 c.altdMltRCUL nlllJVlt
BUFFALO. MIN"'~IOTA :!1M"
(763) 682....550
.., AX: (7'3) 682-4465
~8, _.n........CD.,
)\'AYKRLY OFFICE
(1'1 A,fOII*IImI ~)
WALTER S. JOJINSON
ZVIlO/f '.ut1}l~ETTRED
March 2 ,2001
n..4 FACSIMILE AND tr.S. MAIL
Mr. Ken Helvey
R.elocatiOft Consultant
CoQwonh, w.
472S ExcelJjor Boulevard. Suite 200
MiDDeapoll~. MN 55416
.Ile: 218 Front Street,. Mofttietllo, Minneaou p operty
. My Client: Mi~ad O'Connor
Deac Mr. Helvey:
Ple.aae be advised that Michael O'Connor h retained the servicei ofth. undersigned
relative to your recent eJforts to acquire his prope y located at the above address. My purpose
Cor ~ )'VU at tbi, timo is that Mr. O'Conn i1'\formed me he received & letter from YOl.1t
offilCO reque$Una a response within 10 days. He rived lhat letter on March 13. However. Mr.
O'Connor i.J pI85ently on vacation and will not b; ble to r;ipoml by the; timo deadline you set
forth. The purpose of this letter iI to advise you at whilo Mr. O'CoMor i. lntereSled in
spea1d.ng with )'OW' office. he is unavailable at this . e. Additionally, while Mr.' O'Connor is
unavailable this 'Week. I will be unavailable the roll wins week. Con&e<tuently. I will be unable
to speak to Mr. O'Connor \lntillOmt time the nrJtweek of April. In the interim, I would request
w.t YOW' forward I copy of your molt recent lttt to Mr. O'CoMOt. along with a detailed
explanation otavailable acquisition. re1oCl1ion, mo' coata. ete.~ whitih would be available to
Mr. O'CoDDor. In the interim. ahould you have an questionl. please do not hesitate to contact
me.
May I remain,
JlPoah
cc; Mr. Michael O'Connor
p, 02
p.e2
~~
CITY OF M NTICELLO
.
505 Walnut S reet , Suite I
Monticello, Mi nesota 55362
(763) 29'--2711
RENTAL HOUSING L ASE APPLICATION
The following information is furnished as an inducement to you to enter into a lease agreement. I fully understand that this application
for lease is taken subject to the approval of the rental housing mana' ement/City of Monticello and also subject to the avai labil ity of the
desired rental housing_ I hereby agree that if for any reason I a unable to complete the lease applied for, the ueposit stated
herein will not be refunded.
PERSONAL INFORMATION:
NUMBER OF PERSONS TO OCCUPY APARTMENT
NAME/S: I) u) r
IX" - 13 - 0 _I.__r. _ { _
Soc Sec. NUll1berls I) ~ _ _ _ ~
Driver's Lie. No. I) 0 ~'Yo.~151- 1-~1::
Present Address __I> WOJ {\ uT-:_St::-
Phone (I to')) ~ 9 F) - ~ q (1 S
eMPLOYMENT INFORMATION:
EMPLOYER: I)~ \".H\o~J:t_
How Long _~__~..~f' - Y\ ~
Address I) c..oO~ Rei ">L
,5t,rnf
Phone 1)(\~'1) ~ ~ '2>G\ \~
COMBINED INCOME IN EXCESS OF:
S30.000
S.tO,OOO
PRESENT LANDLOIWI MORTGAGE HOLDER:
. ('-
NAME:(L:i:~___Qc__ ~lLo
Address 5ci>__:WC1l nvtSt ~__Muntr
Phone (~~_) _~~S-_~__
.
How Long at Present Address a I 'je Cl'(
Reas n for Moving
(Cire e One)
S.t5.0 )()
J
Adults
Children
2) lf~4--PJitol^
2) y, s=t.1o - LJQ?__
2) R - 350 0# IdS - O~1Y-JY.I_____
2) t1Clcliullt.L5t1o_aLs_________.
How Long .5*c.r$ ___
2) lQJfl west- \:,(OMWc.......
-'
_ Mg('\ t; ce..i J{)tM~.3.5 3(PJ
2) e1G.3 ). ~'r! - 0100
S50.000
S60,OOO or more
-l--~-_l1 .
I r i'l 00
Present Rent per Month Stpv-!_~___ ___
....
~
~D
VEHICLES:
.
List Model. Y<:ar, Licens<: 't- of each vehick to be stored/us
I.
JliiS., M~(Lur~ ~st\V~r.__,~S-
,\ '~q L.f, L~e.U~V0 \ ; e/._ Yr. Y
d upon these prcm ises:
Lie. #_~_i]:_lK1Y___
Lic.#_FRX -.10<6 .__'._
7
3.
Yr.
~.
Yr
SMOKI NG ST A TlIS:
Number of smoker residents intended to reside at this prope y
PETS:
Number ~dld type of pet's intended to reside at this propel1y
Lie. -:;
Lie. !.;
~.
--G-
I hereby state that the information provided above is true. If any infc)'Illation colllained herein is found to be false. I hereby agree lhm
.1IlV lease made \\ ith me n1<1\ be terminated bv City of Monticello at am time. I ttll1her a!!ree to e.\ecute a \\Tillen lease in the form
repared by City of Monticello prior to occupancy of the premises an to be bound by its terms and all oj your rules and regulations
governing said property. The City of "Ionticdlo reserve the right to r'ject this application at an~ time before the lease has been sign<:d
by the apartment management.
----,....--. ...--.... '--'.',...--- .--... --...---,----
NOTICE:
Date
3-})- 0 ,
___ .._.___n ..___.
3__ :J),- () J.__,
Date
Date
The 0\\ ners of this property is the City of MOlllicell(. All deposits. rents. correspondence and notices arL' to bt: selll
to:
City of \Ionticello
505 Walnut Street, Suite 1
i\lonticello, \Iinncsota 55362
.
Telephone at (763) 295-3060
.
.
.
BRA Agenda - 4/4/01
9.
A. Reference and back2round:
At the March meeting, the HRA ratified the rdering on a survey for Block 52 at a cost of
between $3,000 to $4,500 by Taylor Land S rveyors. The members were informed that
Lahr and Koropchak had a meeting schedule with Steve Johnson, property owner on
Block 52, on March 9. Several property 0 ers attended the March HRA meeting
relative to concerns associated with replace ent of the public parking lot which was
assessed to them. Mike Cyr presented a con ept for development ofthe public parking
site with a 6,000 sq ft office building and fut re upgrade to the Kjellberg building. The
structure included a second-floor office with underground parking/retail along River
Street. The project has an owner and two t ants. The HRA encouraged Cyr to continue
work on his project.
MIKECYR
Upon hearing the March concept for develo ment of the public parking lot parcels only,
Mr. Cyr was informed that to qualify for us of TlF assistance, the project needs to
include demolition (redevelopment). At Ie t 90% of the increment must be used to
finance the cost of correcting conditions tha allow designation of redevelopment districts.
This was the reason why TIF assistance wa not used for Sunny Fresh, Grimsmo Funeral
Chapel, Lotus Mall, and proposed Town C tre. Ifthe Kjellberg and/or Springborg
structure are included, we can qualify the pr ~ect for TIF assistance.
Mike will give a presentation to the lIRA. ran cashflow numbers for the entire district
based on new market values for major proj cts within the district less the BRA committed
debt. Additionally, I ran cashflow numbers on the proposed Cyr project. I've requested
Ehlers to verify those numbers. In my last onversation with Cyr, his proforma indicated a
$600,000 gap.
STEVE JOHNSON
In the meantime, Lahr and I met with Steve Johnson who appeared interested in forming a
limited partnership for consideration to red velop a larger portion ofthe Block 52. Lahr,
Johnson, and myself met with the President or CEO of First National Bank of Elk River
on Tuesday, March 27 upon the suggestio of Steve Johnson. It appears the Bank has an
interest in Monticello but at this time, no c mmitments for major investments. Cyr was
going to meet with Steve Johnson on Thur day, March 29. Cyr expressed some interest
ofa tenant for comer of Pine and Broadwa: .
1
.
BRA Agenda - 4/4/01
BLOCK 52
As an HRA, you need to weigh your options for the best project(s) for the Block 52 given
by time frame of June 30, 2002, the market, illingness of property owners, financing, etc.
Mark Ruff's suggested the BRA discuss lock 52 with the City Council. Mike Cyr
is requesting a decision from the HRA as his lient needs more space.
It is premature for the HRA to commit to an mount of TIF assistance. The HRA can
approve the preliminary concept for use of T F. In the meantime, the HRA might hold
discussions with the Council.
The uncompleted survey is available, Wolfst lIer will address the public parking lot
concern, and TIF cashflows are available for eview.
B. Alternative Actions:
FIRST
1.
A motion to approve the preliminary design concept as presented by Mike Cyr (the
contractor) for redevelopment of a p rtion of Block 52.
.
2.
A motion to deny approval of the pr liminary design concept as presented by Mike
Cyr (the contractor) for redevelopm nt of a portion of Block 52 and solicit other
developers.
3. A motion to table any action.
4. Other motion.
SECOND
1. Call for a date to discuss with the C uncil redevelopment of Block 52.
C. Recommendation:
To keep the HRA options open, recommen ation is for other Alternative No. l's.
D. Supoortine Data:
To be presented at meeting.
.
2
.
.
.
MAR. 29, 2001 12:58PM
EHLERS & ASSOCIATES
.
EHLERS
& ASSOCIATES INC
TO:
Ollie Koropchak
FROM;
Mark Ruff - Ehlers & Associates
DATE:
March 29, 2001
RE:
District No. 1-22 Cash Flows
NO. 1020
p, 2
EMORANDUM
Attached are a number of projections which outline the p tential tax increment proceeds available to finance
commercial and housing developments in District No. -22. These estimates are an update of our memo
presented to the HRA in December, 2002.
We have utilized the existing and proposed development known today. For comparison, we also subtracted
from the revenue stream the proposed retail developm nt on the Farrell site and the Front Street housing
development. Clearly, some development will occur n those sites within the next few years. but no
constrUction is underway today.
We also do not know the potential impact of property changes on the increment income. Therefore, we
have also added 115% debt service coverage for any typ of debt. We have asswned that the City and HRA
would be willing to issue a bond or utilize City cash 0 up-front any gap financing for other potential
projects. This assumption is subject to further review w. the liRA and City Council on the amount of up-
front cash they are willing to provide.
Under these four scenarios, the amount of cash avail ble today ranges from $278,000 to $1,025,000,
depending upon the assumptions. Assuming no major c: ange in the property tax system, we do believe that
a reasonable risk would be to finance $500,000 to $750,000 of costs.
from rhe desk of:
Mark Ruff
Viu President
Ehlers &- AssDCiaus, Inc.
3060 Centte Pointe Drive
Rosevillt, MN $$113
PhDne: (651) 697-8505
FtJX: (651) 697.8555
E-Mail: mark@ehlers-inc.com
~-6
---MAR, 29. 2001 12:58PM
EHLERS & ASSOCIATES
NO, 1020 P.3
. City of Monticello
District 1-22 Projection.
Without Front
With Front Without Front & Farrell
& Farrell & FerreU fa. 115% Coveraoe
Revenues
Bond Proceeds 1,510,160 1,155,734 1,283,636 982,374
Land Sale Proceeds
HRA General Fund 20,000 0 20,000 0
City General Fund 35,000 35,000 35,000 35,000
Hans Hagen 200 000 Q '00.000 Q
Total 1,765,160 1,190,734 1,538,636 1,017,374
Expenslis
Schllef 83,674
Hawkins 56,458
Reed 30,000
Carlson 275,000
Bostic 113,000
O'Connor 130,352
Demolition 36,000
Closing 15,000
. Total 738 484 7:'018 484 738.484 738 484
Net Available 1,026,676 452,250 800,152 278,890
.
q-~
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MAR. 29,2001 12:58PM EHLERS & ASSOCIATES I NO, 1020 P. 4
City of MontlGello
District 1.22 Projections
First MN U iCust Sunny Front Total
Year Cub Bal'\k Marauette Grirnemo I all Fresh Farrell Street TI Revel1ue
2002 64,438 13,228 15,334 14,9.43 9,224 38,160 185,347
2003 84.4:38 1 :3,228 15.334 14,943 9.224 38,1&0 25.717 22,788 233,8S2
2004 84,438 13,228 15.334 14,943 9,224 38,180 25,717 22,788 233,852
2005 84.438 13,228 15,334 14,943 9,224 38,180 25.717 22,788 233,852
2008 84,438 13,228 15,334 14,943 9,224 38,180 25,717 22,788 233,852
2007 64,438 13.228 15,334 14,943 9,224 38,180 25,717 22,788 233,852
2008 84,438 13,228 15,334 14,943 9,224 38,180 25,717 22,788 233,852
2009 64,438 13.228 15,334 14,943 9,224 36,180 25,717 22,788 233,852
2010 84,438 13,226 15,334 14,943 19.224 38,180 25,717 22,788 233,852
2011 84,438 13,228 15,334 14.943 19,224 38,180 25,717 22,788 233,852
2012 84,438 13,228 15,334 14,943 19,224 38,180 25,717 22,788 233,852
2013 84,438 13,228 15,334 14,943 19,224 38,180 25,717 22,788 233,852
2014 84,436 13,228 15,334 14.943 19,224 36,180 25,717 22,788 233,852
2015 84,438 13.226 15,334 14,943 19,224 38,180 26,717 22,788 233,852
2016 84,438 13,228 15,334 14,943 19,224 38.180 25.717 22,788 2J3,852
2017 84,438 13.228 15,334 14,943 19,224 38,180 25,717 22,788 233,852
2018 64,438 13,228 15,334 14.943 19,224 38,180 25,717 22,758 233,852
2019 64,438 13.228 15,334 14,943 19,224 38,180 25,717 22,785 233,852
2020 84,438 13,228 15,334 14,943 19,224 38,180 25,717 22,788 233,852
2021 64,438 13,228 16,334 14,943 18,224 38,180 25,717 22,78B 233,852
Totals 1,688.758 264.566 306,660 298,861 64,474 763,594 468,631 432.963 4,626,527
PV - 7.6% 2,338,877
SUl'\I1Y Frsh Community Annual Net
Year Admin Cub Sidewalk Center Ex,,-enses Revenue
2002 16,535 39,438 16,500 12,500 86,973 98,374
2003 23.3S!:! 39,438 0 12,600 75,323 158,529
2004 23,385 39,438 0 12,500 75,323 158,529
2005 23,385 39,438 0 12,500 75.323 158,529
2006 23,385 39,438 0 12,500 75,323 , 58,529
2007 23,385 39.~B 0 12,500 75,323 158,529
2008 23,385 3G,438 0 12,500 75,323 158,529
2009 23,385 39,438 0 12,500 7&.323 158,529
2010 23,385 39,~8 0 12,500 75,323 158,529
2011 23,385 39,438 0 12,500 75,323 158,52;
2012 23,385 39,438 0 12,500 75,323 158,529
2013 23,385 39,438 0 12,500 75,323 158,52;
2014 23,385 39,438 0 12,500 75,323 , 58,529
2015 23,385 39.438 0 12.500 75,323 158,529
2016 23,385 39,438 0 12,500 75,323 168,529
2017 23,385 39,438 0 12,500 76,323 158,529
2018 23,385 39,438 0 12.600 75,323 158,529
2019 23,385 39.438 0 12,500 75,323 16B,529
2020 23,385 39,438 0 12,500 75,32.3 158,529
2021 23,385 39.438 0 12,500 15,323 156,529
Totals 462,853 788.7S8 16,500 250,000 - . . 1,518,111 3,110,416
PY.7.5% 80B,861 1,560,150
C1b
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MAR. 29. 2001 12:58PM EHLERS & ASSOCIATES I
NO. 1020 P. 5
City of N10ntieellu
Diatrict 1-22 Projections - No Farrell or Front St, TI
First MN - L cutl Sunny Front Total
Year Cub Bank Marquette Grim.me l.1all Fresh Farrell Street TI Revenue
2002 84.4:36 13,228 15,334- 14,943 19,224 38.180 165.347
2003 64,438 13.228 15.334 14,943 19,224 38,180 - . 165,347
2004 84,438 13,228 15,334 14,943 19,224 38,160 . - 185,347
2005 84,436 13,228 15,334 14.943 19,224 38,160 - - 185.347
2006 84,438 13,228 15,334 14,943 19,224 36.180 . - 185,347
2007 84,438 13,228 15,334 14,943 19,224 38,180 . - 185,347
2006 84,438 13,228 15,334 14,943 19.224 38,180 - . 185,347
2009 84,438 13,228 15,334 14,943 19,224 36.180 . - 185,347
2010 84.438 13.228 15,334 14,943 19,224 38,180 - - 185,347
2011 84,438 13,228 15,334 14.943 19.224 38.180 - - 185,347
2012 64,438 13,228 15,334 14,943 19.224 36,180 - - 185,347
2013 84,438 13,228 15,334- 14.943 19,224 38.180 . . 185,347
2014 84,436 13.228 15,334 14,943 19,224 39,180 . - 185,347
2015 84.438 13,228 15.334 14,943 19.224 38,180 . . 185,347
2016 84,438 13,228 15,334 14,943 19,224 38,180 - - 185.347
2017 84,438 13,2l8 15,334 14,943 19,224 38.180 - - 185,347
2018 84,438 13,228 15,334 14,943 19,224 38,160 . . 165,347
2019 84,438 13,228 15,334 14,943 19,224 38.180 . - 165,347
2020 84,438 13,228 15,334 14,943 19,224 38,180 - . 165,347
2021 84,438 13.228 15,334 14,943 19.224 38.180 - - 185,347
Totals 1,688,758 264,566 306,680 29B,861 84,474 763,594 - - 3,706,933
FV -7.5% 1.889,515
Sunny Frsh Community Annual Net
Year Admin Cub Sic:lewalk Center Expenses Rl!venue
2002 18,535 39,438 16,500 12.500 86,973 96,374
2003 18,535 39.438 0 12,500 70,473 114,874
2004 18,535 39.438 0 12,500 70,473 114,874
2005 18,535 39.438 0 12,500 70,473 114,874
200e 16,535 39,438 0 12,500 70,473 114.874
2007 18,535 39,438 0 12,500 70,473 114,874
2008 18,535 39,438 0 12,500 70,473 114,874
2009 18.535 39,438 0 12.!:i00 70,473 114,874
2010 18,535 39,438 0 12,500 70,473 114.874
2011 18,535 39,438 0 12,500 70,473 114,874
2012 1 a,535 39,438 0 12,500 70,473 114,874
2013 18,535 39,438 0 12,500 70,473 114,874
2014 18,535 39,438 0 12.500 70,473 114,874
2015 18,535 39,438 0 12,500 70,473 114,874
2016 18,535 39,438 0 12,500 70,473 114,874
2017 18,535 39,436 0 12,500 70,473 114,874
2018 18,535 39.438 0 12,500 70,473 114,874
2019 16,535 39,438 0 12,500 70.473 114.874
2020 18,535 39,438 0 12,500 70,473 114,874
2021 18,535 39,438 0 12.500 70,473 114,874
Totals 370,693 788,158 16.500 250,000 - - - 1,425,952 2,280,981
PV -7,5% 762,008 ',155,734
- I
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10.
BRA Agenda - 4/4/01
A. Reference and Backeround:
At the March 7 HRA meeting, the commissi ners authorized entering into a Preliminary
Development Agreement with Integrated Re ycling Technologies, Inc. (IRTI) subject to
council preliminary concept approval, lender commitment, and confirmation of TIP
Cashflow runs by Ehlers. The Council appr ved the preliminary concept for use of TIF
and the $9,000 up-front LGA match on Mar h 12,2001.
Steve Budd executed the Preliminary Agree ent and deposited the $5,000 fee.
Thereafter, Ehlers was contacted to begin pr paration ofthe TIF District.
The HRA is requested to adopt requesting t e City Council call for a public hearing date
of May 21, 2001. This allows time for the 3 -day notice for comment from the other
taxing jurisdictions.
B.
Alternative Actions:
1. A motion to adopt a resolution requesting the City Council of the City of
Monticello call for a public hearing 0 the modification to the Redevelopment Plan
for Central Monticello Redevelopme t Project NO.1 and establishment of the TIF
Plan for TIF District No. 1-28.
2. A motion to deny adoption of the res lution requesting the City Council of the
City of Monticello call...............
3. A motion to table any action.
C. Recommendation:
Recommendation is Alternative NO.1. The project is still subject to lender commitment
and the amount of assistance subject to TIP ashflows by Ehlers.
D. Supportine Data:
Copy of resolution for adoption, TIP proces schedule, and Ehlers cashflows.
1
.
.
.
MAR. 27. 2"001 10:32AM
EHLERS & ASSOCIATES
NO. 0863 P. 3
MONTICELLO HOUSING AND REDE LOPMENT AUTHORITY
CITY OF MONTI ELLO
~ l
I ~ t~;t:~
~~,,,.r~!t~~l
1.~i';: ~ I RESOLUTION ##
<f,i:>'<('.::.ri))>"
~l"'''' """\1~:~'I"'.
,I' ,I' ". '.J i
RESOLU1t9~lJQUESTING THE CITY CO CIL OF mE CITY OF MONTICELLO
CALL /;fO~ ,.:A: PUBLIC HEARING ON THE MODIFICATION TO THE
<~I>..~t;,~~NT PLAN FOR CENTRAL MONTICELLO REDEVELOPMENT
~'ijlQ~.~NO.l AND mE ESTABLISHMENT FTHE TAXINCREMENfFlNANCING
tP'f..'AN,,,ft>R 'fAX INCREMENT FINANCIN DISTRICT 1-28 (AN ECONOMIC
At DE~toPMENT DISTRICT).
//11 II/
rl~~)'~o.I.,t?t'
~"i.-BE IT RESQL VED, by the Board of Commissioners the "Board") of the Housing and Redevelopment
Authority of Monticello, Minnesota (the "HRA") as foll ws:
WHEREAS, the City Council (the "Council") of the City of Monticello, Minnesota (the "City")
established Central Monticello Redevelopment Project o. 1 pursua.nt to Minnesota Statutes, Minnesota
Statutes, Section!l469.114 through 469.179, inclusive, as ended, in an effort to encourage the development
and redevelopment of certain designated areas within th City; and
,
WHEREAS, the HRA is proposing the modification to the Redevelopment Plan for Central Monticello
Redevelopment Project No. I and the establishment ofth Tax Increment Finaucing Plan for Tax Increment
Financing District No. 1-28, pursuant to, and in accor ance with, Minnesota Statutes, Sections 469.174
through 469.179. inclusive, as amended;
NOW, TIlEREFORE BE IT RESOLVED by the Baed as follows:
1. The BRA hereby requeSts that the Council call fo a public hearing on May 21, 2001 to consider the
proposed adoption of the modification to th Redevelopment Plan for Central Monticello
Redevelopment Project No. I and the proposed ad ption oUhe Tax Increment Financing Plan for Tax
Increment Financing District No. \-28 (collectivelY the "Plans") and cause notice of said public hearing
to be given as required by laW.
Z. The HRA directs the Executive Director to traDsmi copies ofthe Plans to the Planning Commission of
I the City and requests the Planning Commission's witten opinion indicating whether the proposed Plans
I are in accordance with the Comprehensive Plan 0 the City, prior to the date ofthe public hearing.
3. TIle Executive DirectOr ofthe HRA is hereby dire tcd to submit a copy of the Plans to the Council for
its approval.
4. The HRA directs the Execl.ltjve Director to trans it the Plans to the COUllty and the school district(s)
in which Tax Increment Financing District No. I.. 8 is located not later than April 20, 200 t .
Approved by the Board 0(\ April 4, 2001.
Chair
ATTEST:
;
lo-A
_., I
MAR. 27. 2001 10: 32AM
EHLERS & ASSOCIATES
NO. 0863 P. 2
SCHEDULE OF
.
MONTICELLO HOUSING AND REDE LOPMENT AUTHORITY
r) .i>' AND THE
j ;~"~~ONTICELLO CITY COUNCIL
."~
FOR T i' IFICATION TO THE RED VELOPMENT pLAN FOR THE
.~ MONTICELLO REDEV'E opMENT PROJECT :NO.1
,<. ,j )' ".'
M ft , I
~:T.,tSTABLISHMENT OF THE T INCREMENT FINANCING PLAN \
4;i~~, {~~~~r" ..:.'.:,,' FOR TAX INCREMENT FJN ClNG DISTRICT 1~18 '
;>~:;!r>'I'.'<;r:~ (an economit develop eot dlstritt)
,.,'" '>
Ii" i;i'.y
1,,\ ,.r f 1
',;., ,N r
t .,~ ~tl
<'J..i~al<h 30. 2001 I Project information, property i nntification number.;, and maps sent '" Ehler. and
Associates for drafting documen tion.
April 4. 200 t HRA requests that the City Coun il can for a public heating.
April 6, 2001 Project information submitted to e County Board for review of county road impacts (at
least 45 days prior to public hear'ng).
April 9, 2001 City COl.U1cil calls for public h ing on the modification of the Redevelopment Plan for
Central Monticello Redevelopme t Project No. 1 and the establishment of Tax Increment
Financing District No. 1~28.
.
April 20. 2001 Fiscal/economic implications re eived by School District and Count)' Board (at least 30
days prior to public hearing). [. nl by April 19, 2001J
April 30, 2001 Confirm with the City whether uilding permits have been issued on the property to be
included in District No. 1~2S.
May 1,2001 Planning Commission reviews lans to determine if they are in compliance with City's
comprehensive plan.
May 2, 2001 HRA considers the Plans.
May 10,2001 Date of publication of hearing n tice and map (at least 10 days but not more than 30 days
prior to hearing), [Monticello imes publication deadline Tuesday May 8, 2001J
May 21,2001 City Council holds public hearing at 7:00 pm on the modification to the Redevelopment
Plan for Central Monticello Re evelopmcnt Project No.1 and the establishment of Tax.
Increment Financing District No, 1~28 and passes resolution approving the Plans.
[Council packet information JJ' nt by May 11. 2001J
By June 30,200 I Ehlers certifies Plans with cou ty and state.
-s.cause the City staff beli8vlIS that the proposed tax increment dlitri will not require unplanned county road improvements, the TIF Plan
wa~folWarded to the County 60ard 45 days prtor to the public he rin8. The County Board, by law, has 45 days to review the plan to
determIne if any couoty roadS will be impacted by the development. P ease be aware that the COIJ!'Ity Board could claim that ta)( Increment
should be used for county roacl6, even after the publiC hearing.
.
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BRA Agenda - 4/4/01
11. Consideration to a rove the Certificate 0 Com letion for the Twin Cit Die
Castine:s Company.
A. Reference and Backeround.
The Certificate of Completion is associated ith the Private Development Contract
between the HRA, City, and Twin City Die Castings Company (TCDC). Initially the
construction completion date for Phase I was June 1,2000. The completion date within
the Contract was amended three times for a c mpletion date of April 1, 2001.
Attached is a Temporary-Partial Certificate 0 Occupancy dated March 12,2001, from the
Building Department. A permanent Certifica e of Occupancy is to occur on or prior to
May I, 2001, one month later than completi n date within the Contract. It is my
understanding the City did not require mone in escrow as security.
Currently the company employs 14 of the of he committed 85 employees and operates as
an aluminum facility not a magnesium facilit .
Below are the alternative actions for conside ation.
B.
Alternative Actions:
1. A motion to approve the Certificate f Completion for TCDC as per the
Temporary-Partial C ofO.
2. A motion to adopt a resolution amen ing the construction date from April 1, 2001,
to , 2001, within the Pri ate Development Contract between the
liRA, City, and TCDC
3. A motion to deny approval of the C fC calling the Contract in default.
4. A motion to table any action.
C. Recommendation:
The finance method is a pay-as-you-go whi initially the first payment was to commence
on August 1, 2001 and conclude no later th n the termination date. The amount was
$225,000 at 7.5%. I believe very little if an tax increment will be generated from this
district in 2001.
D. Supportine Data:
Certificate of Completion, Temporary-Parti Certificate of Occupancy with attachment.
.
.
.
CERTIFICA TE OF OMPLETION
The undersigned hereby certifies that Twin ity Die Castings Company (the "Developer")
has fully complied with its obligations under Articl s ill and IV of that document titled "Contract
for Private Development," dated , 1999 between the Housing and
Redevelopment Authority in and for the City of M nticello, Minnesota and the Developer, with
respect to construction of the Minimum Improve ents on the property described in Exhibit A
thereto in accordance with the Construction Plans, nd that the Developer is released and forever
discharged from its obligations to construct of the inimum Improvements under Articles ill and
IV.
Dated:
STATE OF MINNESOTA )
) SS.
COUNTY OF WRIGHT )
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF MONTICELLO, MINNESOTA
By
Its Chair
By
Its Executive Director
The foregoing instrument was acknowledge before me this _ day of ,20_,
by and , the Chair and Executive Director of
the Housing and Redevelopment Authority in and fi r the City of Monticello, Minnesota, on behalf
of the Authority.
THIS DOCUMENT DRAFTED BY:
Kennedy & Graven, Chartered
470 Pillsbury Center
200 South Sixth Street
Minneapolis, Minnesota 55402
(612) 337.,9300
SJB-169036
MN I 90-79
Notary Public
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BRA Agenda - 4/4/01
12. Consideration to a rove the election of RA officers for 2001 and a rove the
a ointment of commissioners to committ es.
A. Reference and backeround:
OFFICERS
In accordance with the lIRA Bylaws, the cha"r 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 thei successors are elected and qualified. The
Secretary- Treasurer shall be appointed at the nual meeting of the Board of
Commissioners by the Commissioners.
At the annual meeting in 1998, the commissi ers discussed available time to volunteer
and agreed to rotate the lIRA officers among the commissioners suggesting the Vice-
Chair move up to Chair. So being, the Vice hair for 2000 was Dan Frie, therefore,
Dan's name moves up to Chair for 2001. In onversation with Dan, he prefers the
election of the Chair be opened for discussion. The next in-line for Chair or Vice Chair is
Brad Barger.
Following is a list of names of the previous
Lahr
Murray
Andrews
Barger
Chairs and year served:
000
999
998
997
Rick W olfsteller serves as the Secretary- Trea urer and delegates the recording of minutes
to Lori Kreamer. Koropchak is employed as the Executive Director.
COMMITTEES
The lIRA, annually or as need be, appoints a ommissioner(s) to various committees. The
only committee with By-Laws is the MCP, th others are established for a specific
research or purpose. The MCP Bylaws read t e various city commissions annually
appoint their representative to the MCP Boar of Directors. Length of term is three
years. Steve Andrews was appointed a three- ear term in February 1998 following AI
Larson's resignation; therefore, Andrews thre. -year term is up February 2001.
1
.
BRA Agenda - 4/4/01
Current committees and appointees:
Steve Andrews - MCP
Community Center Small Gr up - Bob Murray
Marketing - Darrin Lahr/Bra Barger
B. Alternative Action:
OFFICERS
1. A motion to nominate and elect as Chair and
as Vice Chair of the HRA for year 2 01, and approve the appointment of Rick
Wolfsteller as Secretary-Treasurer fi r 2001.
2. A motion to table any action.
COMMITTEES
1. A motion to approve the appointm t ofthe following commissioners:
.
C. Recommendation:
No recommendation given.
D. Supportin~ Data:
None.
.
.
.
.
13.
Consideration to review and ado
General Fund and TIFFund.
A. Reference and Backeround:
BRA Agenda - 4/4/01
r-end financial re orts for the BRA
Rick Wolfsteller, Treasurer for the lIRA, wi I report the 2001 year-end financial reports
for the lIRA General Fund and TIF Fund. I not attached, the reports will be submitted at
meeting.
1
.
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HRA FUND SUMMARY - 12/31/00
DIS T#2 DIST #6
DIST #1 MET ...ALF/ DIST #3 DIST #4 DIST #5 RAIN-
IXI LA!' SON FSI IXI #2 CONST 5 DANCE
ICash Surplus (deficit) 1/1/00 II $0 I ($ 1,713) I $0 II $0 11$1170407 II $56,591 I
REVENUE:
Taxes
Loan Proceeds-General Fund
Loan Repayments-Principal
Loan Repayments~lnterest
Tax increments $ 2,749 $64,473 $61,736
Tax increment - Deficiencies
Interest income $5,925 $2,688
Rental income
Escrow deposits ~ application fee
Transfer in from debt service
ITOT AL II $0 I $ 2,749 I $0 II $0 II $70,398 II $64,424 I
EXPENSES
Escrow reimbursement
Salaries
Fringe benefits
Dues, memberships
Legal publication
Travel, schools
Property taxes
Prof servicesnlegal
Prof. services--engr
Prof services--misc.
Interest expensendebt
Principal expense--debt
Misc. other expense
TIF loan (pay as you go)
Land acquisition - Schleif
Land acquisition - Midwest
Land acquisition - Hawkins
Transfer to debt service $3 ),100 $35,800
Transfer to other funds - publiC improvements
ITOT ALS II $0 I $3 ,100 I $0 II $0 II $0 II $35,800 I
ICash Surplus (deficit) 12/31/00 II $0 I ($5 ,064) I $0 II $0 11$187,80511 $85,215 I
ADDITIONAL NOTES:
Original (interfund) Loans $36,751 $3 ,000 $191,551
Orig. developer agreement obligations
Original bond debt $26 ,000 $365,000 $350,000
Outstanding interfund loan balances a~ $0 $0 $0
Outstanding developer agreement obli $0
Outstanding bond debt 12/31/00 $17 ,000 $0 $180,000
Loan/bond payments due in 2001 $0 $0 $0
Principal $2 ,000 $0 $25,000
Interest $1 ,600 $0 $14,500
# of years left to collect TIF 0 9 0 0 11 12
Total amts to be received (based on
2000 TIF) $0 $20 ,741 $0 $0 $709.203 $740,832
N/FILE. HRASUM20003/29/01
--.-..". -.---.--- --.-.... -".---.....
OAW
.
.
.
DAWN
HRA FUND SUMMARY - 12/31/00
OIST #7 DIS #8 DIST #9 DIST #10 OIST #11 DIST #12
NAWCO N ,P TAPPER REMMELE MARTIE AROPLAX
Cash Surplus (deficit) 1/1/00 553,861 $H .704 I ($4,065)11 ($4.819)11 $5,790 II ($3.567)1
REVENUE
Taxes
Loan Proceeds-General Fund
Loan Repayments-Principal
Loan Repayments-Interest
Tax increments $16,129
Tax increment - Deficiencies $9,300 $6,213
Interest income $1 ,1 02 640 $166 $188 $141
Rental income
Escrow deposits ~ application fee
Transfer in from debt service
TOTAL $1,102 640 I $9,466 II $0 II $18811 $22,4831
EXPENSES:
Escrow reimbursement
Salaries
Fringe benefits
Dues. memberships
Legal publication
Travel, schools
Property taxes
Prof services-~Iegal 552
Prof. services--engr
Prof services--misc.
Interest expense--debt $733
Principal expense--debt $20,267
Misc. other expense
TIF loan (pay as you go) $20,000
Land acquisition - Schleif
Land acquisition - Midwest
Land acquisition - Hawkins
Transfer to debt service $14,400
Transfer to other funds ~ public improvE
TOTALS $20,000 $0 I $5211 $21,000 II $0 II $14,400 I
Cash Surplus (deficit) 12/31/00 $34,963 $20, 344 I $5,34911 ($25,819)11 $5,97811 $4,5161
ADDITIONAL NOTES:
Original (interiund) Loans $23 000 $80,000
Orig developer agreement obligations $150,000 $25,000 $17,500
Original bond debt $155,000 $140,000 $165,000 $120,000
Outstanding interfund loan balances aE $9,038
Outstanding developer agreement obli $50,000 $0 $0
Outstanding bond debt 12/31/00 $0 $30,000
Loan/bond payments due in 2001
Principal $0 $20,000
Interest $0 $1,300
# of years left to collect TIF 0 0 0 0 0 0
Total amts to be received (based on
2000 TIF) $0 $0 $0 $0 50 $0
IF I L EO H RASUM2000 3/29/01
-----
2
.
.
.
I
I
-IRA FUND SUMMARY - 12/31/00
OIST #13 OIST #15 DIST #18
STANDARD DIS1 #14 CUSTOM DIST #16 DIST #17 RIVER
57170 SUBUF BAN CANOPY POLYCAST FA YMAR MILL
Cash Surplus (deficit) 1/1/00 $57,170 (<::9,754) 1 $23,92411 520,041 II S10,716II 544,2261
REVENUE:
Taxes
Loan Proceeds-General Fund
loan Repayments-Principal
loan Repayments-Interest
Tax increments $60,847 S12,499 $11,499 $51 ,1 00 $144,61 8
Tax increment - Deficiencies
Interest income $2,330 5907 5653 $511 $4,904
Rental income
Escrow deposits - application fee
Transfer in from debt service
TOTAL $63,177 $1 2,499 1 $12,40611 S653 II $51,61111$149,5221
EXPENSES:
Escrow reimbursement
Salaries
Fringe benefits
Dues, memberships
Legal publication
Travel, schools
Property taxes
Prof services--Iegal $589 $37
Prof. services--engr
Prof. services~-misc
Interest expensendebt $687
Principal expensendebt $14,174
Misc, other expense $12
TIF loan (pay as you go) $46,543 $7,427 $15,186 $38,179
land acquisition - Schleif
Land acquisition - Midwest
land acquisition - Hawkins
Transfer to debt service 9,600
Transfer to other funds - public improvE
TOTALS $46,543 9,600 I $7,427 II $0 II $30,63611 $38,2281
Cash Surplus (deficit) 12/31/00 $73,804 ( 6,855) I $28,903 II $20,694 II $31,691 11$155,520 I
ADDITIONAL NOTES
Original (interfund) loans $80,000 $75.000
Orig developer agreement obligations $311,000 $48,000 $50,000 $102,000
Original bond debt $ 5,000
Outstanding interfund loan balances a! SO
Outstanding developer agreement obli $100,552 $10,719 $19,364 $20,400
Outstanding bond debt 12/31/00 5 0,000
loan/bond payments due in 2001
Principal $ 0,000
Interest $975
# of years left to collect TIF 3 1 2 0 5 4
Total amts to be received (based on
2000 TIF) $182,541 $ 2,499 522.998 SO $162.870 5578,472
WN/F I LE. HRASUM2000 3/29/0 1
- . u._ ---- ---...- ..__n...__ "".""..--.....-- .--.-- n. .,,-- -.. ...-- ---.---
3
DA
.
.
.
-IRA FUND SUMMARY - 12/31/00
I DIST #23
OIST #19 DIST #2 DIST #21 DIST #22 COMPANIES DIST #24
MISS PRAIRIE LAKE DOWNTOWN (MIDWEST ST.
SHORES WEST' TOOL REDEV. GRAPHICS) BENEDICTS
Cash Surplus (deficit) 1/1/00 $2,053 $8,90 I ($ 1,682)11 ($52,373)11 ($183,643)11 $7541
REVENUE.
Taxes
Loan Proceeds-General Fund $181,000
Loan Repayments-Principal
Loan Repayments-Interest
Tax increments $33,131 $12,471 $11,705 $104,631 $10.214
Tax increment - Deficiencies $0 $1,500
Interest income $226 $320 $144 $901 $106 $0
Rental income $7,592
Escrow deposits - application fee $5,000
Transfer in from debt service
TOTAL $33,357 $12,79 I $13,34911 $118,12411 $191,320 II $0 I
EXPENSES:
Escrow reimbursement
Salaries
Fringe benefits
Dues, memberships
Legal publication
Travel. schools
Property taxes $1.281
Prof services--Iegal $3) $3,380 $203 $60
Prof services--engr
Prof services--misc $4,144
Interest expense--debt $8 1 $1,668 $676 $4,085
Principal expense--debt $3,4 8 $5.385 $4,324
Mise other expense $367 $198
TIF loan (pay as you go) $28,209 $7,16? $6,692
Land acquisition - Schleif $5,077
Land acquisition - Midwest
Land acquisition - Hawkins
Transfer to debt service
Transfer to other funds - public improVE $11,250
TOTALS $28,209 $11,4/1 1 $7,05311 $37,191 II $4,288 II $2581
Cash Surplus (deficit) 12/31/00 $7,201 $10,2;,-6 I $4,61411 528,560 II $3,389 II $4961
ADDITIONAL NOTES
Original (interfund) Loans $65,OC 0 $37,900 $63,000 $181,000
Orig developer agreement obligations $325,830 $130,OCO $500,000 $492,000 $1,201,281
Original bond debt
Outstanding interfund loan balances a~ $61,5' 2 $32,515 $58,676 $181,000
Outstanding developer agreement obli $254,684 $57,8 8 $493,308 $1,201,281
Outstanding bond debt 12/31/00
Loan/bond payments due in 2001
Principal
Interest
# of years left to collect TIF 11 21 5 23 8 25
Total amts to be received (based on
2000 TIF) $364,441 $261,E 91 $38,680 $2.406.513 $81,712 51,334,756
AWN/FilE' HRASUM2000. 3/29/01 4
-- -_.. ---- -- --- - ---- ---- --- - ---
o
.
.
.
-IRA FUND SUMMARY - 12/31/00
01 T #26
DIST #25 TW 1,\1 CITY DIST #27
BLUE CHIP DIE JJ CO/PROFILE GENERAL
DEV C A TINGS HRA TOTALS
Cash Surplus (deficit) 1/1/00 $2,021 $955 i $0 II $239,561 II $362.0641
REVENUE I $0 I
Taxes $1 6 . 1 44 I $1 6, 144
Loan Proceeds-General Fund I $181,000
Loan Repayments-Principal $47.5981 $47,598
Loan Repayments-Interest $8.680 I $8.680
Tax increments I $617.802
Tax increment ~ Deficiencies I $17.0131
Interest income $65 $0 $0 $9,4831 $31,400 I
Rental income I $7,5921
Escrow deposits - application fee $5,000 I $10,0001
Transfer in from debt service
TOTAL $65 $0 I $5,000 II $81,90511 $937,2291
EXPENSES:
Escrow reimbursement $958 $958
Salaries $12.868 $12.868
Fringe benefits $2,908 $2,908
Dues. memberships $0
Legal publication $190 $190
Travel, schools $90 $90
Property taxes $1.281
Prof servicesulegal $4.675 $4.042 $4.528 $17.596
Prof. servicesnengr $0
Prof. servicesnmisc. $263 $1,470 $5.877
Interest expenseudebt $8,680
Principal expensendebt $47,598
Mise other expense $17 $594
TIF loan (pay as you go) $169,398
Land acquisition - Schleif $5.077
Land acquisition - Midwest $0
Land acquisition - Hawkins $0
Transfer to debt service $91.900
Transfer to other funds - public improvE $11.250
TOTALS $0 $4.938 I $5.000 II $22.071 II $376.265 I
Cash Surplus (deficit) 12/31/00 $2.086 ($3.983) I $0 II $299.395 II $923.028 I
ADDITIONAL NOTES:
Original (interfund) Loans
Orig developer agreement obligations $69,490 $415.000
Original bond debt
Outstanding interfund loan balances as
Outstanding developer agreement obli $69,490 $415.000
Outstanding bond debt 12/31/00
Loan/bond payments due in 2001
Principal
Interest
# of years left to collect TIF 9 9
Total amts to be received (based on
2000 TIF) $87.134 $379.314
N/FILE' HRASUM2000.3/29/01
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14.
Consideration to authorize
Recommend payment of bills.
HRA Agenda - 4/4/01
BRA bills.
.
.
.
Kennedy & Grav n, Chartered
200 South Si th Street
Suite 4 0
Minneapolis, N 55402
(612) 337 9300
March 14, 2001
Statement N . 37077
City of Monticello
ACCOUNTS PAYABLE
505 Walnut Street, Suite 1
Monticello, MN 55362
Through February 28, 2001
MN190-00041 Redevelopment - General
MN190~00050 Vector Tool Land Sale . ~~~
MN 190-00088 Acquisition of 8 Locust Street/Bostic
MN190-00089 Acquisition of 218 Front Street/O'Connor
MN190-00090 Acquisition of 225 Front St./Carlson
Expenses
I declare, under penalty of law, that this
account, claim or demand is just and correct
and that no part of it has been paid.
S'9nat:& ~
Total Current Billing:
Credit Applied:
Total Amount Due:
..
77.50
0.00
40.50
40.50
310.50
3314
502.14
-15.00
========::===
$487.14
.
Kennedy & Grav n, Chartered
200 South Six h Street
Suite 4 0
Minneapolis, M 55402
City of Monticello
ACCOUNTS PAYABLE
505 Walnut Street, Suite 1
Monticello, MN 55362
'1> . L\ la- ~ 0 \ ·
'do
M N 190.00041
Redevelopment - General
Through February 28, 2001
For All Legal Services As Follows:
2/2/2001 SJB Review 0 Koropchek lette regarding SF73.
T tal Services:
For All Disbursements As Follows:
.
Fax
T tal Disbursements:
~C> '-in
Hours
0.50
$
$
...
Amount
77.50
77.50
3.50
3.50
T tal Services and Disbursements: $ 81.00
.
.
.
Page:
Kennedy & Grav n, Chartered
200 South Si h Street
Suite 4 0
Minneapolis, . N 55402
City of Monticello
0:'\)\\
Cs '(Y\ ~
February 28, 2001
MN 190-00050 Vector Tool Land Sale
For All Disbursements As Follows:
\\Jo
1/10/2001
Minnesota Secretary of tate; Filing UCC-1
T tal Disbursements:
..
0\0
$
20.00
20.00
otal Services and Disbursements: $ 20.00
.
.
.
Page:
Kennedy & Grav n, Chartered
200 South Six h Street
Suite 4 0
Minneapolis, M 55402
City of Monticello
S~I'1()YO
'? \ ~. '-\
February 28, 2001
MN190.00088 Acquisition of 8 Locust Street/Bostic
Through February 28, 2001
For All Legal Services As Follows:
1/5/2001 DJG Draft eminent domain reso ution.
1/8/2001
DJG Draft condemnation resolu ion and cover letter regarding
same.
T tal Services :
For All Disbursements As Follows:
Photocopies
T tal Disbursements:
Hours
0.20
0.10
$
..
Amount
27.00
13.50
40.50
$
2.80
2.80
,otal Services and Disbursements: $ 43.30
.
.
.
Page:
Kennedy & Grav n, Chartered
200 South Six h Street
Suite 4 0
Minneapolis, N 55402
City of Monticello
S<63.
? \ ~ . L\
February 28, 2001
MN190-00089 Acquisition of 218 Front Street/O'Connor
Through February 28,2001
For All Legal Services As Follows:
1/8/2001 DJG Draft eminent domain res
1/8/2001
DJG Draft condemnation resolution and cover letter regarding
same.
For All Disbursements As Follows:
Postage
tal Disbursements:
.
"6 Ol..f 0
Hours
0.20
0.10
Amount
27.00
13.50
$ 40.50
$
0.00
0.00
,otal Services and Disbursements: $ 40.50
.
.
.
Page:
Kennedy & Grav n, Chartered
200 South Sixt Street
Suite 470
Minneapolis, M 55402
City of Monticello
~ 3. ~1l Yea
'"L 1.41..,
?\ ;;:] .
February 28, 2001
MN190~00090 Acquisition of 225 Front St./Carlson
Through February 28, 2001
For All Legal Services As Follows:
2/6/2001 DJG Review letter from seller's ttorney; telephone conference
with 0 Koropchek regardin same.
2/28/2001
DJG Revise purchase agreeme t; draft cover letter regarding
same.
T tal Services :
For All Disbursements As Follows:
Photocopies
Fax
Postage
T tal Disbursements:
Hours
1.10
otal Services and Disbursements: $
.
..
1.20
$
. Amount
148.50
162.00
310.50
$
1.00
5.50
0.34
6.84
317.34
.
.
.
Monticell HRA
505 Walnut Av nue, Suite 1
Monticello, N 55362
March 1 ,2001-
MC100-01
GENERAL
Professional SeNices
2/13/01 MTR Discussions with Ollie - Block.e6 ~ \..0
Total Due This Month:
Status of Account:
Invoice # 18151
Hours Amount
0.25
31.25
0.25
_._....----'-"'--~ ~~,~'-
$31.25
-i~~~n~ __30 fo1%---~0 ~cfo}--~O ~fo~ _~O+ ~~6-----;301t~5
c.., " ~ VV \ If' ~
-<\~ ~
<:) -<. .
/
tr.;IH~' _
PLEASE KEEP WHITE COpy FOR YOUR FI E AND REMIT PINK COpy WITH PA YMENT TO:
.
EH ERS
& ASSO IATES INC
3060 Ce tre Pointe Drive
Roseville, N 55113-1105
651.697.8500
.
.
.
15.
Consideration of Executive Director's re rt.
Copy ofletter to the H-Window relative to C ntract.
Other updates at meeting. Ran out oftime.
BRA Agenda - 4/4/01
''', ,.'........,'.......~...
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/
March 13,200
MONTICELLO
Mr. Kjelll-Iatlelllll
CEO/Plant Managcr
II- Winuow Company
1324 East Oakwoou Drive
Monticello. MN 55361
Re: Contract for Private Redevelopment dated September 2'. 1993.
Dear Mr. Hatlehol:
It is with regret that 1 write you this letter relative to the closing 0 'the H-Winuow Company in Monticello. The 11-
Winuow is a qunlity product anu the cOlllmunity remains prouu o' the compnny anu its product.
Relative to the Contrnct 191; Private Redevelopment by and amon' the Ilousing and Reucvelopment ^uthority (the
"^uthority") in anu for the City of Monticello, Minnesota anu th II-Window Company dated September 23. 1993.
Upon e:-;pnnsion of tile H-Window facility in t993, the Authority agreeu to reimburse the II-Winuow for Public
Reuevelopment Costs in the amount of S 112.898.8T Upon docullentation and accoruing to the Contract. the
Authority ngreed to pny the Redeveloper in semi-annual installm nts. with interest at the rate of seven percent per
annum, on each February I and ^ugust I commencing ^ugust I. 1995 and concluuing no later that F<;,bruary I.
1003. Per Payment Scheuule C. (Equal pnyments of $1 o.ono.)
.
^RTICLE X. ^uuitional Provisions. Section 10.3. Restrictive LJ e: The Redeveloper agrees that the Redeveloper.
and such successors and assigns. shall devote the Redevelopment Property to. the operation of the Minimum
Improvements as a manufacturing tacility. and shnllnot Jiscrimil ate upon the basis ..................
Since the facility located at 1324 East Oakwood Drive. Montieel o. Minnesota. will no longer operate as a
manufacturing lacility after I\larch 16.2001. the obligations ofth ^uthority cease. However. if the facility is solu
and is operated as a manufacturing fncility. the Contract can be a signeu. Fees nssociated with assigning the
Contract woulu not be the obligation of the Authority. This lette serves as a notice under the Agreement.
Should you hnve any qu~sti()ns. please call me at 763-271-3208.
Sincerely.
HOUSING ^ND REDEVELOPMENT AUTIIORITY
IN ^ND FOR THE CITY OF MONTICELLO. MINNESOTA
D~ ~lf\~ ~J) ~
Ollie Koropcl1ak
E:-;ecutive Dim:tor
c:
Steve Bubul. IIR^ ^ttorney
Roger Fklsaas. Mayor of IVlonticello
Rick Wollsteller. City ^Jministrntor
TI F District No. 1-7 Fi Ie V
.
Monticello City Hall, 505 Walnut Street, Suite 1, Monticello, M 55362-8831. (763) 295-2711. Fax: (763) 2954404
Office of Public Works, 909 Golf Course Rd., Monticello, N 55362 · (763) 295-3170. Fax: (763) 271-3272