HRA Agenda 03-29-2005
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AGENDA - SPECIAL MEETING
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Tuesday, March 29, 2005 - 6:00 p.m.
505 Walnut Street - River Room
Commissioners:
Chair Bill Fair, Vice Chair Darrin Lahr, Steve Andrews, Dan Frie, and Brad
Barger.
Council Liaison:
Wayne Mayer.
Starr: Rick Wolfsteller, Ollic Koropchak, and Angela Schumann.
1. Call to Ordcr.
2. Consideration to discuss scheduled public auction for the property locatcd at Lots 3, 4, & 5, Block
54.
A. Public Auction
8. Site Location Map
C. Tax Inrormation
D. Apartment Inside Photos
E. Redevelopmcnt Plan Goals
F. Financing
3.
Consideration to approve authorization or deny authorization to bid on the said property and to
dctermine maximum amount or bid if applicable.
4. Other.
5. Adjournment.
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HRA Agenda - 03-29-05
Public Auction:
The Ottice of the HRA was contacted a week or so ago about an upcoming auction for the
property descrihed as Lots 3, 4, & 5, Block 54, Original Plat, City of Montieello. This eight~
plex with detached garages is currently owned by Paul Wurm. The auction is scheduled for
Wednesday, March 30, 2005, 6:00 p.m., at thc VFW, Highway 55, Maple Lake, MN. It is a
puhlic auction with the bid going to the highest bidder. A Purchase Agreement will be signed
the evening ofthe auction. I know an Open (-louse for prospective bidders was held in which
two apartments wcre open to view.
Rick I3erens, CAI, AARE, CES Broker and Auctioneer, stopped by the Ottice of the HRA to
discuss potential redevelopment options for the site. JefT O'Neill had an inquiry from a lender in
Wayzata, perhaps representing a huyer, as to the zoning for upgrading or making improvements
to the existing building. I called Brad Johnson/Barry Fluth about upcoming auction. I received
a call from a developer/buildcr, previously with Shingobee, Inc., who's interested in the
property with plans for a 36-condo unit facility, owner-occupied. Was intcrcsted in plans for
area and HRA/City support.
The Mayor is interested in focusing on the four blocks at the intersection of Highway 25 and
Broadway for redevelopment. The City may look to acquire some targetcd properties.
Additionally, wc arc hopeful Landmark Square II will soon procced and a different dcvcloper
is looking at redevelopment of Block 53.
If cither the City or HRA purchases rental property, the tcnants are entitled to relocation costs
which Mark Ru1Testimated between $5,000 to $10,000 each. A home-owner can receive
both relocation and replacemcnt costs.
Show Items
Page 1 of2
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Auction Detail
SELLER
8.Unit Apartment
Sign up for our mailing Monticello,MN
list.
AUCTION DATE
Wednesday, Mar 30 2005
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UPCOMING
AUCTIONS
a-Unit ApartITwnt
Monticello,MN
Wednesday, Mar 30 2005
Auction at Maple Lake VFW,
MN
Multi-Propeliy f~eal Estale
Maple Lake VFW
Wednesday, Mar 30 2005
Auction at Maple Lake VFW,
MN
IO Acres Residential
Sartell MN
Tuesday, Apr 05 2005
Sartell, MN
110+/- Acres
Benton County
Tuesday, Apr 19 2005
Foley, MN
10,5+/- Acres
Clearwater MN
Thursday, Apr Ol 2011
Clearwater, MN
1\11(\\1 "ll .,
REAL ESTATE
LISTINGS
NEW CONSmUCTION IN
WHIGHT COUNTY
RESIDENTIAL LISTINGS
1\lIEW "ll .,
FAQ's
Marketing Your
Auction
Tax Deferred
Exchanges
Links to other sites.
Why sell at
auction?
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Estate Marketing
No Smoking, No Pets. This building has
maintenance free exterior and is clean. Next
to the park, downtown, and river. For
information packet showing the financials,
call today. All interested buyers are invited to
an open house. Easy to maintain and easy to
rent. Great cash flows! Inspection: To
minimize the inconvenience to the tenants 2
units will be open for inspection. Monday,
March 21 from 5-7pm. A tour of the building
can be viewed online or an information packet
mailed out. Call today!
AUCTION TIME
18:00 CST
Click the picture of the sale bill on the right for a printable
version or a larger view.
If you need Acrobat Reader to view the .pdf, go to Adobe.com and
follow the instructions to download Acrobat Reader based on your
operating system.
'. Click on the logo to get Reader.
CLICK HEREfor VisualTour of this listing.
http://www.auctionxpress.com/site03/6 ~ show _ items.php? AuctionNo'''' 170&PHPSESSID=... 3/29/2005
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. Seven - 2 Bedrooln
ApartInents
:mOne=rBedroomm
Anartment
,~"",~',w"'m~,',^w,wmmm~uu,,,=J::"",'m,'m,',','==~,,=u==~',','m,'~=~~~
. Seven Rented Garage
Stalls
No Smoking, No Pets. This building has
maintenance free exterior and is ckan. Next to
the park, river, and downtown. For an
information packet showing the financials, call
today. All interested buyers are invited to the
inspection. Easy to maintain and easy to rent.
GREAT CASH FLOWS! GREAT LOCATION!
Multi - Property
ReJ1 Estate Auction
M,1tch 30th. 6:00PM
MaJie Lake VFW
John Cargill
Licensed Agent
AUGnON & RMlJY SERVICES~ Shelly Weinzetl
Associate Broker
Trent Lampi
Lie. 86-58,
Auetioneer/RE Agent
Office. (763)295-8150 Cen~(61~)~10.1196
/.fAA ,.[ a.r. """p,,;( ,'~'
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Wnght County - Property Information Results - Parcel Data
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WRIGHT COUNTY OF M.NN&80TAiJf(iIii,="2::"-="...""'''%jrq;m,,...'""......,''''**w*tEE,,,^'~
Property Information
The property information database is updated daily, Last updated:3/28/2005
I P,lIcel [lata I
Ne.... Search
Tmc Summary
Assessment
Appraisal
Sales Detail
Property In: 155-010-054030
Tax V car: 2005
Property Address: Munidpality: CITY OF MONTICELLO
I I WALNUT ST School Dist : 0882- MONTICELLO
MONTICELLO MN 55362
Owner Name: Taxpayt'r Name & Address:
PAUL J & EVELYN M WURM '* PAUL.J & EVELYN M WURM
1445 I 37TII ST NW
MONTICELLO MN 55362
Lot: 003 Section: Plat Name:
Block: 054 'I'ownship: ORIGINAL PLAT
Range:
Deeded Aere: 0
Legal Desl'ription: LOTS 3 4 & 5 BLK S4
New Search :: Parcel [)ata :: 'fax Sununary :: /\ssessrncnt :: Appraisal :: Sales Detail
As a public service Wright County is providing access to information maintained by Wright County for individual
parcels of propelty. This information is to be used for reference purposes only. Although reasonable efforts are taken to
publish the most current property information, Wright County does not guarantee accuracy of the material contained
herein and is not responsible for misuse or misinterpretations.
Copyright (() :,()()3 Wrighl COllntv
http://www.co.wright.mn.us/department/audtrcas/proptax/results.asp?pid= 1550 1 0054030&... 3/28/2005
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Wright County - Property Information Results - Tax Summary
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WRIGHT COUNTY OF MINN&8'OTA_i0n~~b'm""",==",,"m- ""..."""""""""""""m""""'.",,"*
Property Information
The property infimnation dalahase is updated daily. Last updated: 3/28/2005
ITax SlIIlUlhllyl
Ne.... Search
Sales Detail
Parcel Data
Assessment
Appraisal
Property In: 155-010-054030
Tax Y car: 2005
Taxable Market Value: 334,500 I
Total Improvement Amount: 0 I
'fax Capacity Amount: 4,077 I
Green Aeres? No I
Total Net Tax: 4,994.00 I
"rotal Specials: 224.00 I
Total Gross Tax: 5,218,00 I
Penalty Collected 0.00
Interest C:ollected 0.00
'fax Colleded 1 st Half 0.00
Tax Collectt'd 2nd Half 0.00
Spt'cial Asst'ssments Colkcted 0.00
Prior Years Unpaid'! No
New Search :: Parcel Data :: Tax Summary:: Assessment :: Appraisal :: Sales Detail
As a public service Wright County is providing access to information maintained by Wright County for individual
parcels ofpropcl1y. This information is to be uscd for reference purposes only. Although rcasonable efforts are taken to
publish the most current property information, Wright County docs not guarantee accuracy ofthe material contained
hcrcin and is not rcsponsiblc for misuse or misinterpretations.
Copyrit',hl ((: ,)1I'i3 \Vright COllllly
http://www.co.wright.mn.us/department/audtreas/proptax/results.asp?pid= 1550 10054030&... 3/28/2005
Wright County - Property Information Results - Assessment Summary
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WRIGHT COUI\iTYDF MINNE8'OTA~~",..........".._.......... ,.. \\\\..H..AI,..~~
Property Information
The property in/ormation datahase is updated daily. Last updated:3/28/2005
I Assesslnent I
New Search
Parcel Data
Tax Summary
Appraisal
Sales Detail
Pmperty ID: 155-010-054030
TaxY car: 2005
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Valucs I I 2 II 3 II 4 II :" I
.. timated Land Market 8,600 I 48,700 I
Estimakd Building I 33,200 i 244,000 I
Market
Estimatcd Machilll'ry I 0 0
Market
Exdudcd Marl{ct I 0 0
Total Estimated Market I 41,800 292,700
Laud Limitcd I () 0
Building Limited 0 0
Total Limitcd 0 0
Classifications
RES 4+ RES 4 OR
Prop(~rty Type OWNERS MORE UNITS
VALUE
Homcstcad Status FULL NON-
HOMESTEAD HOMESTEAD
I Exempt Status I Not Exempt Not Exempt
New Search :: Parcel Data ::'l'ax Summary:: Assessment :: Appraisal :: Sales Detail
As a public service Wright County is providing access to infi.mnation maintained by Wright County for individual
parcels of property. This information is to be used for reference purposes only. Allhough reasonable efforts are taken to
publish the most current property information, Wright County does not guarantee accuracy of the material contained
herein and is not responsible for misuse or misinterpretations.
Copyrieht <<:.J 21)1/l Wlight COlllltv
.
http://www.co.wright.mn.us/department/audtrcas/proptax/results.asp?pid= 155010054030&... 3/28/2005
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Wnght County - Property Information Results - Parcel Data
Page 1 of 1
WRIGHT COUNTY OF MINNESOTA".~ -,_.,,,,,,~~,,,,,,.,,,,*\,,,*\~"",,,,,,,"....,
Property Information
The property information database is updated dai~v I_ast updated:3/28/2005
I Palcel Data I
New Search
Tax Summary
Assessment
Appraisal
Sales Detail
Property In: 155-010-054010
Tax V car: 2005
Property Address: Municipality: CITY OF MONTICELLO
10 LOCUST ST School Oist : 0882- MONTICELLO
MONTICELLO MN 55362
Owner Name: Taxpayer Name & Address:
ROBERT & LINDA WARNER ~ ROBERT & LINDA WARNER
10 LOClJST ST
PO BOX 194
MONTICELLO MN 55362-0194
Lot: 001 Section: I PIa' Narneo I
Blocl;,: 054 Township:
I~angc: ORIGINAL PLAT
Deeded Acre: 0
Legal Description: N 1-2 LOTS 1 & 2 RLK 54
New Search :: Parcel Data :: Tax Summary:: Assessment :: Appraisal :: Sales Detail
As a public servicc Wright County is providing access to information maintained by Wright County for individual
parcels of propcrty, This information is to be used lor refcrence purposes only, Although reasonable efforts arc taken to
publish the most current property information, Wright County does not guarantee accuracy of the material contained
herein and is not responsible for misuse or misintcrpretations,
Copyright (ei 2003 Wright Cou"ty
http://www.co.wright.mn.us/department/audtrcas/proptax/results.asp?pid= 1550 1 00540 1 0&... 3/28/2005
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wnght County - Property Intormation Results - Tax Summary
Page 1 of 1
WRIGHT COUNTY OF MIN'NEBOTAE~m~$EHMi~",;;-,;,c_,,,,,,~=,,stiiiIi
Property Information
'lhe property inj()l'mation database is updated daily. Last updated:3/2f1/2005
ITax SUlIlIlh11vl
New Search
Parcel Data
, Assessment
Appraisal
Sales Detail
Property Ill: 155-010-054010
Tax Year: 2005
Taxable Market Value: 138,300
Totallmprovcmcnt Amount: 0
'rax Capacity Amount: 1,383
Cn'en A(TCS? No
Total Nct 'rax: 1,516.00
Total Specials: 28.00
Total Gross Tax: 1,544.00
Ity Collected 0.00
Interest Collected I 0.00 I
Tax Collc('!t'dl st Half 0.00
Tax C'ollccted 2nd Half 0.00
Spt'c1111 AssessllH'nts Colketcd 0.00
Prior Years Unpaid? No
New Search :: Parcel Data :: Tax Summary:: Assessment :: Appraisal :: Sales Detail
As a public service Wright County is providing access to information maintained by Wright County for individual
parcels of property. This information is to be used for refercnce purposes only. Although rcasonable efforts are taken to
publish the most current property information, Wright County does not guarantee accuracy orthe material containcd
herein and is not responsible for misuse or lnisinte'lJretations.
Copyright to .,OCl..) Wr'ght C(Hlllly
http://www.co.wright.mn.us/department/audtreas/proptax/results.asp?pid."-= 1550 1 00540 1 0&... 3/28/2005
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Wright County - Property Information Results - Assessment Summary
Page 1 of 1
w.... . .R.... IGHT,... C... ... OU. 'N. T. Y. OF. M". 'I.N... N... .r!.. aA....... r. As;,ww. "Pl-m:,Lm.mw->m...."'w....wow.mmm......m.m........m'.=-'","%&%0ib""\;("""'''
mvw ..........~<<"'<<~~~m..~~~..~~~.~~~~=~~= X <ox, <,"~
Property Information
The property information database is updatcd daily- Lastupdated3/28/2005
I A sseSSlnent I
New Search
Sales Detail
Parcel Data
TBX Summary
Appraisal
Property In: 155-010-054010
Tax Y car: 2005
Values
2
5
3
4,
31,000
Estimated Building
Marl(et
107,300
I
II
'rotal Estimatt'd Mal'kct I
"
I Building Limited II
I Total Limited II
I
I Property Type
01
01
138,300 I
01
01
01
Estimated Machintry
Marl{{'f
I ExdudNI Marl{ct
I Land Limited
Classifications
Homestcad Status
II RESIDENTIAL I
FULL
HOMESTEAD
I Excmpt Status
Not Exempt
New Search :: Parcel Data :: 'Tax Summary:: Assessment :: Appraisal :: Sales Detail
As a public service Wright County is providing access to information maintained by Wright County for individual
parcels ofpropeliy_ This information is to be used for reference purposes only. Although reasonable efforts are taken to
publish the most current property information, Wright County does not guarantee accuracy of the material contained
herein and is not responsible for misuse or misinterpretations_
Copvright (() 21)03 Wright Coun1y
http://www.co.wright.mn.us/department/audtreas/proptax/results.asp?pid~.. 1550 1 00540 1 0&... 3/28/2005
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Alliance
RIAL l5T.m .\Ul'TIO~'i
rill. 'mt Ap",tmpnt r nmplp>< In MnntkPllo, MN - MI(rOSQ~~ In~c:.r~e.t_ElCplQ!er _ u ".. _ ,~.I!I_ , "
f'Otllf:l"t;,d b!J VHHJiEil'lour,,(:OUi
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1.~a~0.". 9:55AM
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2E.
HRA Agenda - 03/29/05
Redevelopment Plan Goals.
As you remember, in the late 1990's, theI-loisington Group worked with the community, Mep,
City, Planning Commission, and HRA to develop a Downtown Monticello Revitalization Plan
which later was adopted into the Comprehensive Plan.
Various ideas were discLlssed for the area including Block 54. Starting out with a grand hotel,
community center location, acquisition of the parcels immediate to the river bank westward
from West Bridge Park for purpose of parkland, and redevelopment with housing that creates
density. The most discussion among staff for the remaining southerly one-half of Block 54 has
centered around a three-story housing facility with underground parking which appears doable
because of the elevation change in the area. First-floor retail along West River Strcct with
second and third floor housing and underground parking has also been discussed. I belicvc the
liRA would prefer owner-occupied units rather than rental.
The HRA purchased the Hawkin's property in 1998 for $55,700 plus closing costs and the
house was later demolished.
The third parcel is owned and occupied by the Warner's and has a market value of$138,300
for 2005.
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HRA Agenda - 03/29/05
2F.
Financine:.
Financing Options to purchase up-front:
In preliminary review of the year-end 2004 HRA finaneial Reports as being prepared by Rick
Wolfsteller, the cash balance of the TIF Distriets is $779,317 (restrictive)and the eash balance of the
HRA General Fund is $953,424 less $500,000 disbursed at the Otter Creek closing for a balancc of
$453,424 (non-restrictivc). Additionally, the liRA matchcd the City's commitment of $1 00,000 in
2005 for future land acquisition, this was not part of the $500,000 disburscd in 2004 closing.
TIF Districts (Restrictive Funds) Balance 12-2004
No pooling restrictions.
Construction Five 1-5 $484,083 (Debt retired), 7 years rcmaining to collect.
Rainbow Entcrprises 1-6 $180,715 [$70,000 principal rcmaining of $350,000 Bond, 8 years
rcmaining to collcct]
Metcalf/Larson 1-2 ($26,122) [$85,000 principal remaining 01'$260,000 Bond,S ycars rcmaining to
collect]
Pooling rcstriction.
Downtown 1-22 [ 25% pooling dollars availablc $450,000 ($150,000 committed for Loan pilot
program and 10% admin $45,000)1
HRA Gencral FWld (Non-restrictive Fund) Balance 12-2004
$453,424 less $100,000 (2005 industrial land) $353,424.
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Futurc Redevelopment District (15% minimum improvement coverage per parcel) plus substandard.
WurmLot size 66 x 3 x 165 - 32,670 square feet.
Buildings - Apartment 40 x 84 = 3,360 and 7-stall garage 1,554 square feet = 4,914 square feet of
improvcments
4,914 divided by 32,670 = .150412% without driveway/parking
Warner Lot sizc 66 x 165 = 10,890 square feet
House 26 x 42 = 1,092 plus garage 20 x 22 = 440 total of 1,532 sq n
1,532 divided by 10,890 = .140679% without hard surface driveway.
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TIF Cashflow Estimates
March 2005
Acquisition and demolition costs:
Wurm 8-plex
Relocation Costs
Demolition
I [awkins
Demolition
Warner
Relocation
Demo or move
No site prep costs
Attorney, etc
TOTAL
$ 750,000
64,000
20,000
$ 57,500
6,000
$ 250,000
10,000
10,000
Built in 1964
Built in 1976 House 26x42=1,092
Garage 20x22=440
$ 20,000
$1,187,500
ASSUMPTIONS: Owner-occupied condos (30) units with underground parking
Market value of each unit $150,000.
New Market Value
Tax Capacity
Base Tax Capacity
Capturcd Tax Capaeity
2005 Tax Ratc
Tax Increment
90% TI (Availablc)
$4,500,000
45,000 Taxes $54,898
5,770
39,230
I .219960%
$ 47,859
$ 43,073
$43,000 x 25 ycars = $1,075,000 or $537,500 NPV
:~Mar 29 05 08:33a
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Alliance Auction & Realt~ 763-295-8175
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~\lTCTI()I\ & REA.LIT SER\,1CES~
www.alliancesuctionandrealtv.com
1337 County Road 37 NE, Buffalo, MN 55313
Office: 763..295..8150
Fax: 763-295-8175
Fax Cover Sheet From:
.......---. .
.......--.~ Richard Berens
612-910-1196
John Cargill
612-849-0949
.
Arika BjorkedaJ
612-805-0053
Shelly Weinzetl
763-300-5055
TO: 61 ['t:
Date:
Fax:
Pages:
Re:
Comments:
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Mar 29 05 08:34a
Alliance Auction & Re~lt~
763-295-8175
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SCHEDULE C
(Form 1040)
e:J1lp3l1",ent o'lhe Tre8$1Jr'y
'itarnal Revenue Servicn
"j""" of proprietor
Profit or loss From Busines~
(Sole Proprietorship)
",PartnershipS,lointventvres, ete., mustiil. Form 1065 or 1065-B.
... Attach to Form 1040 or 1041. ....See InstructIons for Schedule C Form 1040).
":rd I,,;"
OMS No, 15~S.DOH
2004
~~=~o.09
.--
';i'.~;>::.);.:, '"
~~/' ;:~"""','_'.;I
A Principal business or profession,lncluding product or service (see page C-2)
APARTMENT B LDIN
G
?A
E
~-------------- --------------
F
G D~
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H If you started or acquired this business during 2004, check here ____.0 ...... .... .... ......n
Part I I Income ........
1 Gross receipts or sales. Caution. II this income was reported to you on Form W.2 and the "Statutory employee. box on
that form ks checked, see page C-3 and check here ..... ...0.........., ....0. ...... ......... ....... ..... ....0.............. ............... ... D 1 57 216.
2 Relurns and allowances . _.... ~... .w.. .._........w.... ............ I............. raO............ ............................~................... I . _&............. Ow..... 2
3 Subtract line 2 from line 1 ........... .............. ....... ...... II..... ....... ...... ......... ......... _........................... 0................ ....... ..~.. -.. .~.
3 57 211\.
4 Cost of goods sold (from line 42 on page 2) ............. 0" ............. _.... ................. .. 0............... .... .................. ......~......... .... ... 4
5 Gross profit. Subtract line 4 from line 3 ..... ........... ,........... _ ........... ................ ~...................... -........................ ............. 5 57.216.
6 Other income, including Federal and slate gasoline or fuel tax credit or refund (see page C-3) ...... ..... ~..................................... 6
7 Gron Income. Add lines 5 and 6 .. , .. . , . ....... . . .. ... .. ... a.- 1 57.216.
: Part 111 Expenses. Enter expenses for business use of your home only on line 30.
B Adllertising ,...... ................ ....... c. .... a 439. 19 Pension and profil-sharlng plans .,................ 19
9 Car and truck expenses 20 Rent or lease (see page C"S):
(see page C-3) ., .......$.T.M'.r....9.... 9 2 346. a Vehicles, machinery, and equipment ............ 20a
10 Commissions and fees .................. to b Other business properly ........................... 20b
11 Contract labor 21 RepaIrs and maintenance ........,._................ 21 722.
(see page C-4) .........,.................... 11 22 Supplies (not included in Part III) ...........-... 22 1.951.
12 Depletion ....................-.-............. 12 23 Taxes and liCenses .................................... 23 5.218.
13 Depreciation and section 179 24 Trave~ meals, and entertainment
expense deduction (not included in I Travel ...........,....................................... 24a.
Part III) {see page C04),.................... 13 8 125. b Mealsand
14 Employee benefit programs (other entertainment ..................
than on line 19) . ...... .............. .~.... 14 c Enter nondeductible
15 Insurance (other than health) ............ 15 2 557. amount included on line 24b
~6 Interest (see page C-S) ..................
a ..Mortgage (paid to banks, ete.) ......... 1Sa 7.943. d Subtract line 24c from line 24b .................. 24d
b Other . . .. ... .. ........... ..... ~...... .......... 16b 2,168. 25 Utlllties ............_.......................r.............. 25 4 947.
17 Legal and professIonal 26 Wages (less employment credits) ............... 26
services ............ ..... ...... ............ .... 17 220 27 Other expenses (from line 48 on
18 Office expense ". ........... ...... .. 18 naoe 21 . , 27 675.
28 Total expenses before expenses for business use of home. Add lines 8 through 27 in columns .......,............................... .... 28 37 311.
29 Tentative profit (loss). Sublract line 28 from line 7 ............................,........................................................,................... 29 19 905.
10 Expenses lor business use of your home. Attach Ferm 8829 ...........~............. ......... . -........................................... ........... 30
31 Net prolil or (loss). Subtract line 30 from line 29.
. If a profit, enter on Form 1040, line 12, and also on Sohedulll SE,IIne 2 (statutory employees, see page CoG). 905.
Estates and trusts, enter on Form 1041, line 3. 31 1q
}
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32 0 AU h,v.stm..t
a Ie al ris!<.
32b D 50'1'8 Investment
I. not al rISk.
. If a loss, you mllst go to line 32.
.2 If you have a loss, check the box that describes your Investment in this activity (see page C-6).
. II you checked 32a, enter tile loss on Form 1040, line 12, and also on Schedllle SE, line 2 (stalutory employees,
see page C-G). Estates and trusts, enter on Form 1041, line 3.
. If you checked 32b, you must attach Form 619B.
:.HA For Paperwork Reduction Ac, Notice, see Form 1040 Instructions.
'20DD 1 "-03-04
Schedule C (Form 1040) 2004
9
Mar 2S 05 08;34a
Alliance Auction ~ Realt~ 763-295-8175
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Park Place Apartments
Summary
Park Place is an 8-plex apartment with seven
two bedroom apartments and one single bedroom
apartment. Six garages are available for rent on site
in addition to four mini-storage units.
Ten year rental history:
. 99.50/0 rental success
. 8 units X 10 years X 12 months = 960
possible rental months ..",
. We rented 955 of the 960 possible -rental
months
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Park Place tenants are responsible for paying
their own electric and phone. The owners pay the
heat, city sewer and water, garbage, and electric for
common areas.
Each rental unit has a refrigerator and
stove/oven as well as an air conditioner.
The building is equipped with:
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. Gas hot water heat
. A gas fast recuperating hot water heater
. A commercial grade wash machine and gas
drier'
. A heavy duty water softener
. Timer for outside and hallway lights
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Mar 28 05 08:34a
Alliance Auction & Realt~ 763-285-8175
p.....
.
Park Place Apartments
Improvements to Park Place within the last 10 years by the
current owners.
1994-2004
.
· Roof/30 year shingles/30 Ib felt/ice & water/drip edge
· Roof rafters reinforced and fire wall installed in attIc
· Gutter and downspouts
. Entry Sidewalk
· Exterior and Commons area lighting upgrade to energy efficient
high pressure sodium and compact fluorescent
. Attic insulation upgrade
· Commercial Wash Machine
· Commercial Drier
. Laundry Tub
· Laundry flooring
· Heavy Duty Water Softener
· Furnace pump
· Furnace air extractor
. Adjustable Boller Thermostat
· Furnace zone valves and Thermostats as needed
. Insulate hot water pipes
. Carpets 1000/0 including commons area
. Air Conditioners 5 new
. Majority of Appliances new
. Sinks and faucets as needed
. All blinds
· Interior Paint 1000/0
· Bath Ceiling fans replaced or rebuilt as needed
· Door knobs and dead bolts
. Apartments wired for satellite TV
. Fire extinguishers
· Garage door loCks as needed
. Garage door panels as needed
· Trees/shrubs/bulbs planted
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Mar 25 05 08:34a
Alliance Auction & Realt~ 763-255-8175
p.5
.
Park Place Apartments
Property Landscape and Drainage
Drainage of water from the property is a natural flow
from east to west starting at the parking lot and flowing
around the north and south. sides of the buildings. The
flowage continues off of the property to the adjoining
property directly west or behind the apartment building
where the City of Monticello has installed a new sewer drain
site. This sewer drain site was an upgrade in 2002 at the
same time the Hans Haugen Town Homes to the north were
being constructed.
Decorative rock and landscape plastic was:added to the
perimeter of the apartment building with a positive slope
away from the building.
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Mar 29 05 08:34a
Alliance Auction L Re8lt~ 763-295-8175
p.6
.
Park Place Apartments
Rentallnc::ome 2004 $ 57,216.00
Property Tax $ (5,218.00)
Utilities $ (4,947.00)
i Insurance $ (2,557.00)
Net Rental Income 2004 $ 44,494.00
Rental Income 2003 $ 58,038.00
. Property Tax $ (5,714.00)
Utilities $ (5,040.00)
Insurance $ (2,202.00)
Net Rental Income 2003 $ 45,082.00
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HRA Agenda - 03/29/05
3.
Consideration to approve authorization or denv authorization to bid on the said
Ilropertv and to determine maximum amount of bid if applicable.
After review and discussion ofthc information provided, the l{RA needs to decide whether to
participate in the bidding process on March 30,2005.
Things to waive:
Acquisition costs
Relocation/replacement costs
Demo (perhaps asbestos in apt building)
Control of two parcels. (Third parcel remaining)
Unknown site prep costs.
Prefer developer driven.
Control desired density and redevelopment.
What does the market demand?
Source of funds for up-front purchase.
Does improvements to apt meet density or goals?
Are the HRA and City goals consistent?
What would be the intent of the HRA? RFP - purchase
remaining site? Be the developer? Demolish or rent out
apartment? No construction or for sale price estimates.
A. Alternative Action:
I. A motion to approve authorization to bid on the said property and to determine
as the maximum amount to bid. Request I IRA
Chair and/or Executive Director to attend auction. Determine source of funding.
2. ^ motion to deny authorization to bid on the said property.
3. ^ motion requesting the HRA Chair and/or Executive Director to attend auction and
bid only based on bidder's intent for property. Determine
maximum of bid and source of funding.