HRA Agenda 03-26-2002
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AGENDA
SPECIAL MEETING OF THE MONTICELLO HOUSING AND REDEVELOPMENT
AUTHORITY
Tuesday, March 26,2002,6:30 p.m.
West Prairie Conference Room - City Hall, 505 W~llnut Street
MEMBERS: Chair Dan Frie, Vicc Chair Brad Barger, Steve Andrews, Darrin Lahr, and Bill
Fair.
COUNCIL LIAISON:
Brian Stumpf.
STAFF:
Rick Wolfsteller, Ollie Koropchak, and Lori Kraemer.
GUEST:
Mike Cyr, Front Porch Associates, LLC.
1. Call to Order.
2. Consideration to approve amending the Contract for Private Development among the
lIRA, the City, and Front Porch Associates, LLC.
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Adjournment.
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HRA Agenda - 3/26/02
2.
Consideration to approve amending the Contract for Private Development among
the HRA, the City. ~lUd Front Porch Associates, L TO.
A. Referenee and hack2:round:
At the I IRA meeting of March 6, 2002, the cOlnmissioners approved authorization to
enter into the Contract for Private Development among the I-1RA, the City, and Front
Porch. The motion included if the City is unahle to clear title with Randy Rut1~ the I IRA
will reconsider the level ofTIF assistance. On March 6, the HRA agreed to a total Tlf
assistance of $163,000 ($105,000 for the Gruhb parcel and $58.000 toward the vacated
public streets.) The TIF assistance is tbe pay-as-you-go finance method at an annual
interest rate of 7.25%. The semi-annual installments shall commence August 1,2004 and
are subject to certification that developer has paid for land, no default has occurred, and a
Certificate of Completion have been issued for at least 12 townhouses. The installments
shall conclude February 1,2020. Construction shall commence May 1,2002, with at
least 6 townhouses completed by Deeember 2002, an additional 6 completed by
Deccmber 2003, and an additional six completed by December 2004, and the remaining 8
by Dccembcr 2007. The minimum improvement means square 1()()tage of approximately
1,320 sq ft main level living space at a initial markct value of$148,000. The developer
must provide financial conlll1itment for acquisition and construction costs and evidencc
of initial purchascr's income.
Attached is a copy of a letter from Mike Cyr to .lefT CrNeill outlining incrcased costs to
the project. Given the TIt" Cash Flow projects a tax increment 01'$221,181 NPV over 15
years, there is no need to extend thc ending installment date. In other words, the district
will deccrtify in 15 ycars from datc of first tax increment collectcd as suggested by Ehlers
and the I IRA still retains thc first 20% of the annual tax incremcnt. Sccondly. the revised
prof()fma includes the incrcased dcvelopment costs and an incrcased selling price from
$164,900 to $169,900 per unit. The reviscd proforma shows a rate of rcturn or
investmcnt of8.5% with TIF and a rate of return of3.5% without TIF.
Amending the Contract includes the following: First, the City agrced to rcduce the
acquisition price of the vacatcd public streets from $83,574 to $75,000. Secondly, the
Icvel ofTlF assistancc for thc vacatcd public street increascd from $58,000 to $75,000.
The TIF assistance for the Gruhb property remains the same at $105,000. Lastly, lIF
assistance is proposed to cover up to $27,700 of the sanitary sewer, water, and storm
sewcr trunk fecs and up to $12,300 for curb and gutter associated with thc development
of the 18 units within the TIt" district. The amendmcnt incrcases thc level of pay- as- you-
go TIF assistance fi'om $163,000 to $220,000. Commencc and completion construction
dates rcmain as originally approved.
HRA Agenda - 3/26/02
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The Council is schcduled to approve the Contract on March 25,2002, as the city becamc
party to the Contract because of the acquisition and conveyance of the puhlic streets.
Additionally, the Planning Commission and Council are scheduled to approve the
development stagc planncd unit development and the preliminary pIal for the Cyr project.
The Council will also consider approving the estahlishment ofTIF District No. 1-29. The
closing on the private property is scheduled f()f March 29.
B. Alternative Action:
1. A motion to approve amending the Contract f()r Privatc Developmcnt among the
HRA, the City, and Front Porch Associates, LTD.
2. A motion to deny amending the Contract .............................
3. A motion to approve amending the Contract for Private Development among thc
lIRA, the City, and Front Porch Associates, LTD at a level ofTIF assistance of
4. A motion to table any action.
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Recommendation:
Although the level ofTIF assistance increased by $57,000, thc lIRA can still decertify thc
district in 15 years, the lIRA retains thc tirst 2(Y% tax incremcnt and the developcrs ratc
of return is well within the standard f()r housing 7.50;{) to 10%. The 200 I Housing Study
showed the need f()r 150 to 200 single hUl1ily units of aff(miable housing at prices under
$150,000. Due to the high cost to develop the property, both the selling price and TIF
assistancc has increased. Assuming the project received it's approvals on Monday night,
staff rccommends alternative no. I. The project increases the value of an under-utilized
sitc and will tie together with the proposed scattered housing project across the street.
O. Supportin2: Data.
Excerpts of the amended Contract, TIF Cash flows, and letter from Cyr,
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ARTICLE III
ACq.~li!;iti()_I~_QLYI:Y[lC rlYi..E.Ln~I!.1i.ia I_Ass iSJa n ~
Scction 3. I.Section 3.1. Acql~5_iJi9~anfL COI12'~Yl!!lCe _gJ~..!I~ Dev9.lgp.1!l2.'lLl~.!:9J2.tCIJY1.\cm,-L,-i1.ig!Ulllcl
Conv9.Yilnce of t1~._Deve-'oQ!l1ent Ij:operty. As of thc date of this Agreement, the Developer has entl.:red into onc or
11101'1.: purchase agrel.:l11ents for thc Development Property. Except as set forth in Section 3.1 of this Agreemcnt,
neither thc City nor the Authority shall have any obligation to acquire any part ofthl.: Development Property.
Section 3.1.Section 3.1. CondiUons of Acquisition anq" Conveyance; Purchase Pri~.~<;onc!ilio..!1LQ.f
~S:.llil.isition and CQ!lVeyance; Purchase Price. (a) The City shall convey title to and possession of the City Property
to the Developer by a deed substantially in the form of thc deed attached as Exhibit D to this Agreement (the
"Deed"). The City's obligation to convey the City Property is subject t6 satisfaction of the following terms and
conditions:
( i)
Section 7.1;
the Developer having submitted to the Authority evidence of financing as required under
(ii) the Developer having submitted and the Authority having approved Construction Plans
for the Minimul11 Improvements;
(i i i)
Section 3.4;
the Developer having reviewe~1 and approved title to the City Property as set forth In
(iv)
the Developer not being otherwise in defuult under this Agreement:
(v) the City and the Authority having complied with all statutory preconditions and hearings
required for the sale of the City Property and the execution of this Agreement; and
(vi) the Developer having paid to the City SlLJ,75g $75,000.
The closing on conveyance of the City Property from the City to the Developer shall be on such date as the
Developer and the City shall agree in writing, but in no case later than April(9z001 (the "Closing Date").
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(b) The purchase price to be paid to the City by the Developer in exchange for the conveyance of the
City Property shall be ~~ $75,000 to be paid by the Developer to the City at closing.
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Section 3.3 ,Sect ion 3.3. !1<)S.~._.of. gty_prop\rtx._I)~)_co..l!!1l9!lL EXCCUli()ll,[).cliyer~l~!,I\t;~~~lingPI'lc.~(~r
Dc v ~19.Qm e!l!1.' rO]2gjy DO_~1.J11.e.~!L r.=:~s:_~~igfl, .D~l.iYE.!:V. i11~~L R ~.~g~_ili!lg.
(a) Unlcss othcrwise mutually agreed by the City and the Dcveloper, the exccution and delivery of all
deeds, documents, and the paymcnt of any purchase pricc pertaining to the City Propcrty shall be made at the oCllces
of the City.
(b) The Deed shall be in recordable form and shall be promptly recorded in the proper office for the
recordation of decds and other instruments pertaining to the City Property.
(e) The Developer shall pay on the Closing Dale:
(i) the Devcloper's attorney's fees;
(ii) all costs and expenses of the relatcdto the title insurancc described in Section 34; and
(iii) real estate taxes due and payable in the year of closing prorated from the Closing Date to
the end of the year of closing.
(d) The City shall pay on the Closing Date:
(i) recording fees or taxes relating to mortgage or lien satisfaction;
(ii) real estate taxes clue and payable in the year of closing prorated to the Closing Date;
(iii) all assessments of record and all pending assessments; and
(iv) recording fees or taxes for the Deed;
Section 3.4 Section 34. TitleTitle. As soon as reasonably practical after the date of this Agreement, the
Developer shall obtain a commitment for the issuance of a policy of title insurance for the City Property. The
Developer shall have ten (10) days from the date of its receipt of such commitment to revicw the state of title to the
City Properly and to provide the City with a list of written objections to such title. Upon receipt of the Developer's
list of written objections, the City shall proceed in good faith and with all due diligence to attempt to cure the
objections made by the Developer. Not earlier than eleven days following the date the Developer shall have
received a commitment for the issuance of a policy of title insurance for the City Property or, in the event the
Developer shall have provided the City with a list of written objections, within ten (10) days after the date that all
such objections have been cured to the reasonable satisfaction of the Developer, the City and Developer shall
proceed with the acquisition and conveyance of the City Property pursuant to Sections 3.1 and 3.2 of this
Agreement. In the event that the City has failed to cure objections within sixty (60) days after its receipt of the
Developer's list of such objections, either the Developer or the City may by the giving of written notice to the other,
terminate this Agreement, upon the receipt of which this Agreement shall be null and void and neither party shall
have any liability hereunder. The City shall have no obligation to take any action to clear defects in the title to the
City Property, other than the good faith efforts described above.
Section 3.5.Section 3.5. Soil <;.QI)(Etj.Q~~. The Developer acknowledges that ncither the Authority nor the
City makes any rcpresentations or warranties as to the condition of the soils on the City Pruperty or any other part of
the Development Property or the Adjacent Property or their fitness for construction of the Minimum Improvemcnts
or any other purpose for which the Developer may make use of such property. Thc Developer further agrces that it
will indelllllify, defend, and hold harmless the Authority, the City, and their governing body members, officers,
agents. servants, and cmployees, from any claims or actions arising out of the presence, if any, of hazardous wastes
or pollutants on the City Property or any other part of the Devclopment Property or the Adjaccnt Property, The
Developer's obligations under this Section 3.5 shall survive terl11ination of this Agrecl11ent.
Section 3.6. !~~lyn.l~_I!!.._l~LA(!J)}j.njS[r~ltjy~ C.os.~s. Thc Developer agrces that it will pay upon demand by the
Authority, Administrative Costs (as hercafter defined). For the purposes of [his Agreemcnt, thc term
"Adm inistrative Costs" means out-or-pocket costs incurred by thc Authority and attributable to or incurred in
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connc:C1ion with the negotnltlon and prep,lration of this Agreelllent and other doculllents and agreements in
connection withlhe developmcnt contemplaled hereunder. ()1I1-of~pocket Administrative Costs shall be evidenced
by invoices, statelllents. or other rensomlble writ1en evidence of the cosls incurred by the Authority. As of the date
of this AgreemenL the Developer has deposited $5,000 with the Authority to be applied toward Administrative
Costs. The alllount by whiehlhis deposit exceeds thc Authority's actual Administrative Costs, if any, shall, upon
demand by the Developer. hc returned to the Developer, but no e('ll'lier than the d,lte on which the Developer receives
a Certificate of Completion pUrsuant to Section 4.4 of this Agreement.
Section 3.7. L.al!dA.f..9ui~tiQ!l. In order to make development of the Minimum Improvements
economically feasible, the Authority will reimburse the Developer, in the manner and amounts set forth herein, for
up to :;;~-4J.,.(J(.W $220,000 of the Land Acquisition and Site Improvement Costs, herehy defined as: (i) up to
,$~.g-A(.).(J $75,000 of the Developer's cost of acquiring the City Property; <lnd(ii) Lip to $1 OS,OOO of the Developer's
cost of acquiring the relllainder of the Development Properly; (iii) up to $27,700 of the cost of trunk fees paid by
the Developer and associated with providing sanitary sewer, storm sewe,', and Willer services to the
Development Property; and (iv) up to $12,300 of the cost of curh and gutter improvements paid by the
Developer and designed to serve the Development Property. Any costs in excess of these respective amounts
shall be the responsibility of the Developer. Neither the Authority nor the City shall have any obligation to the
Developer or to 3ny third party with respect to ,my defects in the construction of the Minimum Improvements.
Section 3.8. Financing of Land Acquisition and Site Improvement Costs The Authority will reimburse
the Developer for the Land Acquisition and Site Improvement Costs in accordance with the following terms and
conditions:
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(a) Subject to the terms and conditions of this Agreement. the Land Acquisition and Sitc
Improvement Costs will be paid together with interest on the unpaid balance thereof at the rate of 7.25% per
annum, interest commencing to accrue on the Closing Date. The Land Acquisition and Site Improvcment Costs
will be paid by the Authority to the Developer in semi-annual installments payable on each February I and August I
("Payment Dates") commencing August L 2004 and concluding no later than the Termination Date. These
payments will be made from Available Tax lncrcment as defined in this Section 3.8 and from no other source.
(b) The term "Available Tax Increment" means eighty percent (80%) of the Tax Increment as
calculated by the County and paid to the Authority during the six months preceding any Payment Date.
(c) The Authority makes no warranties or represel1lations that Available Tax Increment will be
sufficient to pay all or any portion of the Land Acquisition and Site Improvcment Costs The Developer agrees
and understands that Available Tax Incremcnt is subjeci to caleulation by the County and change in State law. that
on any Payment Date there may not be sumcient Available Tax Increment to pay all or any portion of the amount
that would otherwise be paid to the Developer on that Payment Date. and that all or a portion of Land Acquisition
and Site Impnnelllent Costs may remain unpaid after the Termination Date. The Developer further agrees and
understands that estimates of Available Tax Increment provided by the Authority and its agents, officers, or
employees are estimates only and not intended for the Developer's reliance.
(d) The Authority shall have no obligation to pay any portion of the Land Acquisition and Sitc
Improvclllent Costs that remains unpaid after the Termination Date. The Authority may prepay all or part of the
Land Acquisition and Site Improvemcnt Costs al. any time.
(e) The Authority shall not be obligated 10 make llny payment under this Section if: (i) there is an
Event of lJei:wlt on the Developer's part under this Agreement that has not been cured: or (ii) the Developer has
failed to comply' with the payment proccdures describcd herein.
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(1') At least 30 days beforc becoming entitled to receive its initial payment hereunder (all such
payments to be made at the times and in accordance with the terms of this Agreement), the Developcr must submit
to the Authority a p3ymcnt request certificate signed by its duly authorizcd representative stating: (i) that the
Developer IHls paid Land Acquisition and Sitc Improvement Costs in nt Icastthc amount of$~-4J.,.(J{~(.) $220,000 for
the purposes ;-Ind in the amounts described in Section 3.7: (ii) that no Event of Dei:llIlt has occurred llnd is
continuing under this Agreement: and (iii) that the Developer has reccived a Certificate ofComplCtion for at least 12
Townhouses on the Dcvclopmcnt Property pursuant to Section 4.4 of this Agreemcnt. The payment request
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certillcate must be accomp<lIlied by evidence satisf<lctory to the City that the LlI1d Acquisition l-lnd Sitc
Improvement Costs have been incurreu and paid by thc Developer.
Section 39. 1!!:L~il)~~,'i_5u,bs)~b~j\gl_'e~l)SJ.!!. The Business Subsidy Act does not apply to this Agreement
because the assis((Jnce being provided hereunder is to promote housing opportunities within the City.
Section 3.9. ,l:L~~_gLI(lx Incren)~,lJ. Except as set forth herein, the Authority shall have no obligatiollto the
Developer with regard to its usc of Tax Increment <lnd may use Tax Incremenl for any lawful purposes, whether set
f()rlh herein or otherwise.
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City or iVlonticdlo
Di_,tl'ict No. '-29
OWIlCI'-(h-""pi",'llol~ill:': Dist..id
T.!.F. C\SII FI.OW ASSII~,tPTlOI'\S
lnfli:ltton R.ate (on market value only - tax r~te Increas@s are not Ci:1Pl\.Jf@.d)
Interest Rate
Tax Ext.nSlon Rat.
o 0000%
7 250%
1.457710 Pay 2002 Prelim City rate
PID
155-010-084010
155.010,084080
155-010-083010
Subtotal
BASE V,\LlJE INFORM.-\TION
Total
Value
33,100
76.500
27600
137.200
Estimate Only
Capoclty
Total Original Market Value 137.200
1,372
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1.372
Class Rate, Homest.ad >576.000
Homestead "576.000
Apartment
Apartment 4(d)
Commercial "$150,000
Commercial <$150,000
1 0000% Pay 04
1 0000% Pay 04
1 2500% Pay 04
1.2500% Pay 04
20000% Pay 04
1 5000% Pay 04
Original Tax Capacity (whon Use 15 changed)
1.3i2 Pay 2004
PRo.mCT V.-\L\lE INFORI\L\TION
Typ" of Tax Increment Dlstflct
Housing
Type Of Units or MVPer Total Market Tot.1 T.x Per Unit Ta:x:es" Year Year
Prolect r.s f Unlt/s f Value Capacity Land Sales Unlt/sJ Constructed Pavable
Owner Occupied Townhom@ 6 148,410 890,460 8,905 19,000 2,163.39 2002 2004
Owner Occupied Townhome 6 148,410 890,460 8,905 19,000 2,163.39 2003 2005
Owner Occupied Townhome 6 148,410 890,460 8,905 19,000 2,163.39 2004 2006
Totol 2.671.380 26.714
S,nQI. Famllv 18 2,611,380 26.714
. MV/Unlt aSSumes actual sales pflces are 10% higher than above
. 95% of homes must be sold to persons at 100% or' 115% of statewide median Incom.
Slii\Ii\-L\RY
Total Annual Taxes'
Total Annual Tax Increm"nt After Admin
38,91.11
36.941 After oil phases complete
"Not 1I11::J~J~llng market value levy rates which Will increas& taXes from estimates above
BU100-02
Prepi:lrp.(l by Ehlers - ESIln);)tes Only
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(:ity or i\lolltircllo
Dist"il'l No. 1-2'1
Oll'lIc,'-On'upic" Ilousing Distrid
T.l.V. C.-\SH FLOW ASSUMPTIONS
Inflation Rate (on market value only - tax rate tncreases are rlOt captured)
Interest Rate
Tax Extension Rate
o 0000%
7 250%,
1.457710 Pay 2002 Prelim City rate
PID
155-010-0M010
155-010-084080
155-010.083010
Subtotal
B.-\SE V.-\LlII': INFORM.-\TION
Total
Value
33,100
78,500
27800
137,200
1,372
o
1,372
Estimate Only
Capacity
Total Original Market Value
137.200
Class Rate:
Homestead >S76,OOO
Homestead <S76.000
Apartment
Apartment 4(d)
Commercial >8150,000
Commerctal <$150,000
1 0000% Pay 04
1 0000% Pay 04
, 2500% Pay 04
1.2800% Pay 04
20000% Pay 04
1 5000% Pay 04
Oflglnal Tax CapaCity (when use 15 changed)'
1,372 Pay 2004
PRo.n:CT VALliE INFORMATION
Typ. of Tax Increment District:
Housing
- rype Of Units or fotal Tax
MVPer Total Market Per Unit Taxes'/ Year Year
ProJect r.s f, Unlt/s f Value CaPaCity Land Sales Unlt/s.f. Constructed Payable
Owner Occupied Townhome 6 148,410 890,460 8,905 19,000 2,163.39 2002 2004
Owru!r Occupied Townhome 6 148,410 890,460 8,905 19,000 2,163_39 2003 2005
Owner Occupied Townhome 6 148,410 890,460 8,905 19,000 2,163.39 2004 2006
Total 2,671,380 26.714
Single Family 18 2,671,380 26.714
. MV/Unit a>SLlmes actual sales prices are 10% higher than above
~ 95% of homes. must be sold to pNsons at 1000/0 or 115% of statswide median income
SIIMM.-\RY
Total Annual Taxes'
Total Annual Tax Increment A~er Admin
08,941
36,941 After all phases complete
"HOllnr.:!tFting mark~t value levy rates which will increasf~ taxes from e~tirn<:ltes ~)bove
81!'IOOOL
Prepared Ly Ehlers ." Estimates Only
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MAR-18-02 MON 02:05 PM
MLC BUILDING & REMODEL
FAX:6122953227
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Front Porch Associates, Ltd. - Michael Cyr
722 West If' Street
Monticello, Minnesota 5536%
Phone: 763.295.0717 Fax: 763.295.3227
18 March 2002
Jeff O'Neil
City of Monticello
505 WalnlJt Street South
Monticello, Minnesota, 55362
Fax: 763.295,4404
Re: Vine Place Townhomes
Jeff,
FYI, this is a summary of the current status of Vine Place.
There are two major factors that will prevent us fro'm closing on the Grubbs and Ruff property next
week. F ai lure to close on those properties will result in abandonment of the project.
1. Our investor will back out because the project is $80K to $100K over budget j;
. 2. The inability to obtain title insurance on the Ruff encroachment area. 1-
There are. several measurable reasons why the project is over budget.
1. At the beginning of the planning process an assumption was made that the storm sewer
work being done for the Vine Place project could connect directly to the storm se\Ner lines
in 6th Street and Minnesota Street. This tum~eo be false, resulting in, an addition to
(,IV-- the cost of storm sewer 'NOrk of approximate I 30 When the area was surveyed it was
/~ C) also discovered that approximatelv two acres of e Ruff Auto property would drain to a
. location on the ~ Place develo' .' , ional storm sew 'ne costin
a r . This totals an increase in cost of about $50K for storm sewer VIIOrk.
2. At the beginning of the negotiating process for the city owned street right of ways,~n
1''J..~f''-(51otP estimation of the quantity of land was made to determine a selling price of about $731<.: -
, Once the sUlVey was completed the city has determined that the land is worth an amount in
. : excess ~3.K. By the way, oJJr cost for the uodevelopecl.Buff property will be about $1.85
per square fo.-Ot.-whilo the city 'lJ3nts $2.nn
3. At the beginning of the planning process an assumption was made that private alleys and
drives could be installed without using .curb and gutter. City planners have required that
curb and gutter be used, resulting in an increase in cost of approximately }20K --
4. City. planners have also required a~ fo.ot wide private alley system rather than !Z>, which
added approximately ~ to the cost of paving. ~
. The sum of the above costs is about $aSK.
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There are some possible solutions.
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MLC BUILDING & REMODEL
FAX:6122953227
PAGE 3
1. City reduce price of right of ways by $20k - $40K. - '/ ~
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2. City designate all area trunk fees for p~ying for inc~ased storm se\Ner costs. Direct staff to
not collect these fees. ( C ~~lL ~ , t-.. ~ /t.+ )
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3. HRA commit additional $20K - $SCK, part of which will be upfront money.
4. Investors infuse additional $10K - $20K
Will staff and council decline the above possible solutions. based on an unwillingness to set
precedence? My thought is that if precedenCe is to be set, it should be set with a project like this,
taking non producing property within the original city plat and making it valuable.
Will staff recommend and council resolve at the March 25th meeting to take action as described
above, to agree to some combination of the above suggestions as follows?
1. To reduce costs associated with city fees and right of way prices.-
2. To direct the HRA to fund additional costs, with some portion up front.-
. Total of reductions to be S60K - S80K This action would be jn addition to approving the)
development stage PUD and certifying the T.I.F. district at this meeting. j
One option that is not available to us is to increase the price of the homes. We have had an
appraisal completed indicating that our intended asking price of $169,900.00 is very close to the
value that-would be appraised.
One of the possible scenarios that may occur 'if we do not fulfill our obligations to close on the Ruff
property is that it could be sold to Ruff Auto, which would tie it up and prevent it from being
developed,
Sincerely,
t1/f/d;ruf 4----.
Michael Cyr
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