HRA Agenda Packet 06-01-1983AGENDA FOR THE METING OF THE HRA
j June 1, 1983 - 7:30 P. M.
Members: Don Occhran, Phil White, Bud Schrupp, Vic Vokaty, and
Jack Reeve.
1. Call to Order.
2. Minutes of the Meeting Held on April 6, 1983.
Old Business
3. Consideration of the Purchase of Lots 13 and 14 and Lot 15, less the
southerly 15 feet in Block 51.
4. Consideration of Extending the Option to Joe Poehler.
S. Consideration of Purchase of Lots 5 and 6, Block 3, Oakwood in-
dustrial Park.
New Business
6. Consideration of a Tax Increment Financing Proposal for Economic
Development.
7. Presentation of Various Preliminary Tax Increment Financing Proposals.
S. Other Business.
9. Adjournmont.
HAA Agenda - 6/1/83
3. Consideration of the Purchase of Lots 13 and 14 and Lot 15, less
the southerly 15 feet in Black 51.
This is the parcel of land that lies behind the old Ford Garage
where we have cleared the houses. we currently have an option
an that land and recently had an option to Joe Poehler that was
valid until May 9, 1983. The following item on the agenda
refers to the Poehler proposal and I will address that after
completing this item. The bank, which is currently holding
the mortgage valued at $35,000 on this land, had agreed to
extend this mortgage as long as the interest was paid. The
past six months interest is now due and the renewal of the note
is currently due. The interest rate for the past six months
was 14%j the proposed interest rate for the upcoming six months
would be 13.5%. We currently owe on interest incurred from
November 9th to May 9th, approximately $2400 in interest in
order to extend the mortgage interest clear. Based upon the
Information contained in the reprint of the Minnesota
statutes and attached as a reference, the HAA can, in fact,
issue bonds, the payments of which are secured by a special
tax levy within the redevelopment area. I am gradually be-
coming more inclined to think that the HRA should make the
land acquisition outright and assume title to the land, thus
getting it off of the tax rolls and discontinuing the interest
and penalty that is accruing against the property. Item 115 of
this agenda rolates closely to this particular issue. If we
are going to go to public market for land acquisition, it
would, perhaps, be best to go for a large enough issue and by
both the property downtown and the remaining lots (5 and 6)
out in Oakwood next to the I.X.I. site. while I have not run
the detailed figures out completely at this time, but I hope
to have them completed by the meeting time, I suspect the
issue would be approximately $150,000. The debt retirement
could bo secured by this special tax levy over the redevelop-
ment area up until the time that there is tax incromont
generated to start retiring thio debt. If the HRA elects to
simply pay the interest, you have that amount of money avail-
able in your fund. This would keep the existing option In
tact, and have the interest paid to date and with respect to
the bank, we would probably rewrite the note at a lower
intarost rate.
- 1 -
ERA Agenda - 6/1/83
ALMERMTIVE ACTIONS
1. Investigate a public issue of bonds for the purpose of
purchasing NRA land.
2. Pay the interest due and extend the option.
3. Pay the interest due, cancel the option.
REFERENCES: A copy of pages of the Minnesota Statutes authorizing
spec is 1 levy.
2
DUE TO THE POOR
CONDITION OF
THE FOLLOWING
DOCUMENT (S)
YOU
MAY NOT BE ABLE
TO READ THEM
CLEARLY.
WE CANNOT
PRODUCE THEM
ANY BETTER
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HRA Agenda - 6/1/83
6. Consideration of Extending the Option to Joe Poehler, Developer.
Mr. Poehler's recent letter is attached as a reference and I
believe is fairly self-explanatory. Beyond his letter, I am
not sure there is much more that I can add. As you can see,
the workings of the Federal government are not always in the
best interest of the local government, and unfortunately, we
are bound by their regulations at this time. Basically, the
Federal government is trying to protect its own behind for
funding a project in Big Lake. They have apparently expressed,
off the record, that the siting of the Big Lake project has
caused them some concern about it renting in full. Thus, they
are not prepared to authorize a now project that may ultimate-
ly be more attractive to renters and consequently, compromising
the rental market for the Big take project.
ALTERNATIVE ACTIONS
1. Deny the extension of the option and begin a search
for different development.
2. Grant the extension of the option and endorse the
Poohler project.
REFERENCESi A copy of letter from Joe Poohler.
- 3 -
HRA Agenda - 6/1/83
5. Consideration of Purchase of Lots 5 and 6, Block 3, Oakwood
Industrial Park.
A good deal of this information will be repetitive from
item A3 above. Whereas, we are not faced with an interest
payment with lots 5 and 6, we did indicate in good faith
that we would secure an option on these two lots on behalf
of I.X.I. This option was never executed due to a break
down in the negotiations of the monetary c—ittment
suitable to both the Oakwood Partnership and the HRA. In
the fairest sense, Oakwood Partnership is withholding these
lots from the open market, but, in fact, are incurring
additional taxes, penalties and interest. Because I.X.I is
expanding at a more rapid rate than even they originally
anticipated, it might not be harmful to the HRA to purchase
the land prior to the actual proposed development. As noted
in N3, we could secure the debt retirement with the special
levy, and when the I.X.I. development occurs, we would then
capture the tax increment for the remaining debt retirement
and conceivably to pay back the HRA fund for any special
levy that had to be collected. As with any number of proposals
the acquisition of land is the problem area being that the NRA
resources are relatively limited, and the economic climate is
still not a verified fact that would promote development.
Purchase of any land for speculative development is just as
risky for the HRA as for any private investor. However, the
HRA has the resource of the special levy to retire any debt.
Thus, the real underlying question is whether or not the HRA
wants to get into the "unpopular" position of tacking on
an additional levy.
- 4 -
Adiler %�r.rocia/ea
ro. IN
w,n.r...■, rH eeore
i
�. I1011 361 '• A
Yoperaei
May 16. 1983
Mr. Tom Eidem, City Administrator
City of Monticello
Monticello, MN 55362
Dear Mr. Eidem;
Re: FmHA financed housing project for elderly occupancy.
Aue/oilmen/
We have had several telephone conversations relative to the reasons for
FmHA not approving the above -referenced project at this time. As you
recall. the two principal reasons are. (1) location and (2)1 similar pro-
ject in Big Lake.
I have spent the past six weeks resolving the first problem, which centered
around a cost effective decision regarding two-story elevatored structures
vs. one-story large lot projects somewhat removed from city center. I was
able to bring two FMA people to Monticello and convince them that the
River St. site is the best.
Reason number two is one on which I have limited influence. FOA will not
consider Monticello's project until the Dig Lake project is well rented-upr
(24 units). However, rent -up is supposed to begin on May 23 and if all goes
well. 1 may be able to get FmHA to proceed on my application in July. The
one indesputable fact about the Monticello project is that it has a strong
survey and has excellent odds of being an inmediate sucess. FmHA knows and
agrees with this.
The conclusion is that 1 am optimistic that I can move forward on this
project in July and would therefore ask the Monticello HRA to consider
extending the option on the River St. site for another six months.
I should be grateful if you would present this letter to them for their
consideration. Thank you.
IV trui��
J
Poe
IN
HRA Agenda - 6/1/83
6. Consideration of a Tax Increment Financing Proposal for Economic
Development.
Mr. Oddie Henrickson of Willmar was courted by the Industrial
Development Committee to encourage the creation of a new
settling production plant in Monticello. Oddie and I had
several conversations and I indicated that there maybe ways,
through tax increment financing, that we could assist in his
expansion. Due to some apparent confusion, Mr. Henrickson
has already ordered the plant mechanics and is waiting for
us to develop his land acquisition proposal. I am afraid
what happened is that he decided that we would do 100% of
the work on his behalf to get him located here. As such,
be is about three steps ahead of the rest of us. on this
Tuesday morning, I have a scheduled appointment to talk with
Mr. Henrickson and will explain in far greater detail the
workings that we will have to go through to assist. Based
on the results of our conversation, I may request his
attendance at the HRA meeting to go over this. Tentatively,
he is looking at Lot 10 in Thomas Park which would provide
him with enough room, but which would require rezoning. The
asking price for that piece of land is $16,000 and as ouch,
certainly would not warrant going to public market for us to
acquire that land. We may again be faced with requesting
a temporary loan, or short term loan from the City Council.
If the HRA is disposed to cooperate in this matter, we may
wish to lump this particular purchase in with other purchases
if you desire to make those. Ono more item to complicate
this matter is that Mr. Henrickson may elect to take Lot 11
which has a sale price of approximately $40,000 plus assess-
ments. If he took this land, rezoning would not be required,
but we would be faced with a greater upfront capital expense.
As of this writing, I have no real references, recommendations,
or alternative actions to present to you.
- 5 -
HRA Agenda - 6/1/83
7. Presentation of Various Preliminiary Tax Increment Financinq
Proposals.
Rather than attempt to go ever preliminary plans of a number
of speculative proposals, I ask your indulgence for approxi-
mately one half hour to 45 minutes for me to review where we
stand on three other projects. All three have valuable
potential and if economically feasible, I suggest we promote.
Briefly, they are:
1. A proposal to substantially rehabilitate the down-
town Holker Building (next to the drive inn) and
convert to a collection of smaller retail stores.
2. The acquisition and demolition of two structures
adjacent to the post office, expanded post office
service•, and the expansion of the Metcalf and
[arson corner. This would entail some relocation,
demolition of two buildings and the building of
a new structure on the corner of Locust and Broad-
way.
3. The acquisition of Jone's Manufacturing and the
relocation of said plant to an area along Hwy 25
south of I-94.
4. A proposal to build a substantial athletic club
south of I-94 along Hwy 25. The land being pro-
posed for this project is the Longloy land that
we discussed at an earlier mooting and also the
land further south which is currently owned by
Sam Peraro.
Final Notes Because of my ochoduling conflicts and our
inability to meet in the month of May, and the expressed
urgency of all of these projects, I will ask each of you
if you would be open to any special ocooiono to help
promote those developments if and when they develop to a
stage of being definite.
- 6 -
I
TAX INCREMENT FINANCING CHECKLIST
Preliminary Phase
Site Plan
Building Plan _
Legal Description
Land Cost (Current Market Asking Price)
Statement of Developer's Financial Cummittment
Comprehensive Plan
Original Assessed Value (OAV)
New Assessed Value (NAV)
Captured Assessed Value (CAV)
Preliminary Development Agreement
Certification Phase
Final Site Plan
Final Building Plan
Purchauc Alrooment/Option on Land
NRA Resolution Approvinq Proposal
Notice of Public Hearing on Sale of Public Lando
Minuteu of Public Itearinq on Sale of Public Jandu
IIRA Resolution Adopting T.I.F. Plan
Inttern to School District and Cuunty
Sign -offs by School Diutrict n County (it ovaLlal.lu)
Notice of Public Hearin,,) on '1'.I .1' Plan
Minuton of R;bllc Iloaring on T.I.F. Plan
Council Rouolution Adopting T.I.F. Plan
County Auditor's Curtiftcation of OAV
Anneanor'n lettor Setting Estimated NAV
T.I.F. Plan (Final)
):xocutod Devoloper'a Ayroement
TAX INCREMENT FINANCING GENERAL GUIDE
Developer Must Provide:
1) Proposed Development in as much detail as possible. Formal
plans and specifications are desirable.
2) Legal Description of Property.
3) Cost of Land Prcposed for Development.
4) Proposed Development Time Table.
5) Statement of Financial Committment and Arrangements to Data.
6) Financial Justifications for T.I.F.
7) Proposed Number of New Jobs Created by Project (This relates
only to redevelopment and economic development proposals).
8) Corporate Comprehensive Plan (if available).
City/NRA Will Provide:
1) Current Valuations on Property.
2) Estimated Valuations on Proposed Development.
3) T.I.F. Formula.
4) Development Agreement.
If Project Proccedo Succon:cfully,
5) T.I.F. Plan and Finance Statement.
I � �
GENERAL TIME TABLE
OPTION A
Developer makes presentation to City/HRA Staff.
Not more than 30 days
City Staff accumulates valuation data and preFares Tax Increment
Finance formula and proposal. Returns results to developer.
First Wednesday of Month
If acceptable to developer, the developer will make presentation
to HRA.
First Wednesday of Month
HRA adopts resolution approving proposal, authorizing the
acquisition of the land, netting a public hearing for the
disposition of public lands, and requoeting the City Council
to set a public hearing on tho T.I.F. Plan.
14 days
Staff nogotiatos acquisition and sale of land and propares
transfer documents and developer's agreomonti Propares
T.I.F. Plan.
At least 14 days after first Wednesday of Month
HRA Public Hearing on disi.onition of public lands.
Same Night
HRA adopts roeolution odopting T.I.F. Plan and submits to
City Council for the }uhtic hearing. Copies also submitted to
Wright Cownty Board of Commissioners and IndoFendent School
District 0882. County and School havo 30 days within which
to respond.
Fourth Monday of Month
City Council holds public hearing on T.I.F. Plan.
Same Night
City Council adopts ruoolution adopting the T.I.P. Plan.
Next Day
Staff begins financing orrangemanto.
31 days after rocoipt of plan by County anf Gchool
T.I.F. certified to County Auditor.
or whenever they sign -off, whichever comas first.
As soon as in foaoiblo aftor T.I.P. is cortified.
Execution of Development Agreement and Acquisition of land by
HRA and sale to devsleper.
Not more than 20 days
First Wednesday of Month
First Wednesday of Month
Second Tuesday of Month
First Wednesday of Month
Second Monday of Month
First Wednesday of -Ionth
GENERAL TIME TABLE
OPTION B
Developer makes presentation to City/HRA Staff.
City Staff accumulates valuation data and prepares Tax Increment
Finance formula and proposal. Returns results to developer.
If acceptable to developer, the developer will make presentation
to HRA.
HRA adopts resolution sending proposal, with comments, to the
Planning Commission for review.
Planning Ccammission reviews proposals, adopts resolution
approving and returns to HRA.
HRA receives Planning Commission resolution, oiopto resolution
approving proposal and submits to City Council for review.
Council reviews and adopts resolution approving proposal,
setting a public hearing on T.I.F. plan.
Staff prepares T.I.P. Plan and Development Agreement.
HRA reviews T.I.P. Plan and sots public hearing for dia-
position of public lando.
14 days after publication of Not ice of Hearing. HRA holds hearings adopts resolution adopting T.I.F. Plan,
submits to Council requesting public hearing on plan.
Day after NRA adoption of T.I.P. Plan Staff submits copies to County and School.
Fourth Monday of Month Council holds hoaringi adopts resolution adopting T.I.P. Plan.
Next Day Staff begins financing preparation.
31 days after submittal to County and School District S.I.P. Play; certified to Auditor.
As soon as possible after Certification Execute Development Agreement and land transfer.
s
70: HRA Members, Don Cochran, Jack Peeve,
Vic Vokaty, Bud Schrupp and Phil White.
FROM: Thomas Eidem, City Administrator
DATE: Wednesday, May 18th, 1983
TIME: 7:00 P.M.
PIACE: Monticello City Hall
I have taken the liberty of again rescheduling the Key
meeting of the HRA. The new meting date is:
Wednesday, May 18th, 1983
7tOO P.X.
Monticello City Hall
Sorry for all the scheduling problems.