HRA Agenda 05-13-1987AGENDA
ti MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, May 13, 1987 - 9:OOAM
Monticello Council Chamber
Members: Acting Chairperson Bud Schrupp, Ken Maus, Ben Smith,
Marlys Erickson, and Al Larson.
1. Call to Order.
2. Approval of the April 20, 1987 HRA Minutes.
3. Public Hearing on the Disposition of Public Lands for
NAWCO Minnesota, Inc. Tax Increment District V.
4. Consideration to Execute the Purchase of Public Lands
from the Oakwood Industrial Park Partnership.
5. Consideration to Execute the Sale of Above Said Property
to NAWCO Minnesota, Inc.
6. Consideration to Review the HRA Budget for the Possible
Purchase of Public Lands from Larry Flake (Old Monticello
Ford Building).
4
7. Other Business.
8. Adjournment.
V
MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
116- Monday, April 20, 1987 - 9:OOAM
Monticello Council Chamber
Members Present: Acting Chairperson Bud Schrupp, Ken Maus,
Ben Smith, Marlys Erickson, and Al Larson.
Members Absent: None
1. Call to Order.
Acting Chairperson Bud Schrupp called the HRA meeting to
order at 9:02AM.
2. Approval of the April 3, 1987 HRA Minutes.
Ken Maus motioned to approve the April 3, 1987 HRA minutes,
seconded by Ben Smith. Minutes stand approved.
3. Public Hearin$ on the Disposition of Public Land for
Construction Five Tax Increment District 05.
Acting Chairperson Bud Schrupp called this the continuation
of the public hearing on the disposition of land for
Construction Five Tax Increment District 05. The
public hearing was opened on April 3, however, without
the publication of notice appearing in the newspaper
the public hearing remained open. With no public
comment or questions, Ken Maus motioned to close the
public hearing fnr the disposition of land for the
Construction Five Tax Increment District 05, seconded
by Al Larson, passed 5-0. Acting Chairperson Bud
Schrupp closed the said public hearing.
Consideration of the HRA to Execute a Quit Claim Deed
for Construction Five Tax Increment D1Btrict 05.
The Quit Claim Deed having been executed on April 3,
motion by Ken Maus, seconded by Al Larson, with the
assumpiton that no public comment or questions would
be hoard of the public hearing on the disposition
of lands. This so completed. Koropchak had suggested
an amendment of that motion for the purpose to clean
house (HRA minutes), however, Ken Maus was opposed to
amendment because of the question of legality.
5. Consideration of a Resolution Authorizing the Execution
of a Tax Increment Pledge Agreement for Construction Five.
Koropchak explained the pledge agreement is between the
HRA and the City of Monticello, whereby, stating that
the HRA will pass through to the City the tax increment
generated by the redevelopment district known as Tax
Increment District 05. Bon Smith motioned to execute
the Tax Increment Pledge Agreement for Construction Five,
seconded by Marlys Erickson, and passed 5-0.
V
HRA Minutes - 4/20/87
Other Business.
Ken Haus expressed his frustration with the City for their
repeated rational of why not to consider the demolition of
a blighted downtown area. It was a concensus of the HRA
members that blighted areas are one of their major concerns.
The City has previously recommended no action be taken of
the old Monticello Ford building because of high acquisition
cost plus without a proposed development plan, the City
would receive no taxes on the said property, as the City
is tax exempt. This assuming the HRA or City owned the undeveloped
land. The HRA felt this is no different than the School
District or County not receiving taxes during the life of
a Tax Increment District. The HRA asked Koropchak to check
the HRA budget, check if the HRA could borrow money from
the bank, check with Larry Flake on selling price, check
demolition cost, check the financial status of the Hess
property, and check on the appraised property valuation.
The HRA used the analogy of similiarities to the old
Oakwood School on South Highway 25, the property being undev-
eloped was more attractive to a potential developer.
7. Adjournment.
Ken Maus motioned to adjourn, seconded by Marlys Erickson,
1 and passed 5-0. The HRA meeting adjourned.
QLi- wt \".0 0 q'.,9'
Olive M. Koropchak
HRA Executive Secretary
HRA Agenda — 5/13/87
3. PUBLIC HEARING ON THE DISPOSITION OF PUBLIC LANDS FOR
NAWCO MINNESOTA, INC. TAR INCREMENT DISTRICT 07.
:III31�`l13.LK;Id'.ii 111 BIN
The purpose of the said public hearing is to accept public
comment on the proposed acquisition and subsequent sale by
the HRA to NAWCO Minnesota, Inc. for Lots 11 and 12, Block 2,
Oakwood Industrial Park, City of Monticello. The public
hearing being held the 14th day after publication notice.
The proposed plan calls for the construction of a 28,400
sq. ft. office/manufacturing building on Lot 12 with Lot 11
for future expansion. Tax Increment District 47 has been
certified by Wright County for a base assessment value of
$18,240.00 and a adjustment factor of 1.062. With the use
of the certified original assessed value (OAV) $18,240.00, the
adjustment factor of 1.062, a constant new assessed value
(NAV) $362,950.00, and a constant mill rate of 89.633 over
the life of the district (10 years) the average tax increment
estimated is $30.234.00. This sufficient to retire a bond
issuance of $155.000.00 at 81 percent interest rate for 8 years.
NAWCO Minnesota, Inc. projections include 21 jobs in the first
two years and a total of 45 jobs in five years. Estimated
property valuation will increase by $344,710.00. Construction
of the building to be completed in October of 1987. This
being a public hearing, the HRA Chairperson having opened
the public hearing, asking for public comment, and with the
assumption of no public comment the public hearing may be
closed.
Because this being a public hearing no alternative actions
or staff recommendation is necessary.
B. SUPPORTING DATA.
1. Publication of Public Hearing Notice.
2. Certification letter from Wright County.
3. Adjusted Assessment Valuation.
4. Bond schedule by Springsted, Inc.
Q
v.
il
I
NOTt09 OF NJBUC NfARINO
DMMMTWN OF pU9UC LAN09
Nods is Mreav oven that a pubtle he"
Mi9 be MW at 9 o'clock a.m. on Wednesday.
May 13, 1997, In the Mondmillo City Council
ChunWn. 260 beat Broachm. Mond"Ro.
Minnesota 66362. for the propose of
eornffwm on Me t#oposed ac0u1�rcwn Ana
subsoMAM We M the Mondedo Housing and
RaOrrvabpnent 'LvMrf v to NAWCO Mln•
neaots. Inc.. • Mln wrote cwmation. of the '
fopoMtm property:
Lon 1 and 12, Slots 2. Oak lr • .)
dumial pars. City of MOntkkb.
The proposed a" Is part of the NRA
RwavNopm m Nan and is tnhp to W in -
eluded In Til lr4twr nt Olspkt No. 7. Anyone
wiWrlp to sulurdt sen mens sfroWd summit
said convtrnn to the office of the City Ad•
mutuaatn no lata then 9:00 e.m.. Wednaf• ,
dear. May 12. 1997.
—Olive M. ROrepeMs. [attutJ 9evatery
Monticello Housing and Redevelopment
AuthoMV
(Aprlf 30. May 7. 1967)
O. J. ARLIEN
Wright County Auditor
Wright County Courthouse - Buffalo, Minnesota 55313
Phone: (612) 682-3900
Metro: 339881
CERTIFICATION
This is to certify that the original assessed value of the City of
Monticello Tax Increment Finance Plan for Tax Increment Economic Dis-
trict g7 pursuant to Minnesota Statutes, Section 273.73, Subdivision
7 based on the valuation by the County Assessor as of January 2, 1986.
This assessed value is $18,240. The adjustment factor is 1.062.
STATE OF MINNESOTA)
vs.
County of Wright )
Witness my hand and seal as duly elected, qualified and acting County
Auditor of Wright County, Buffalo, Minnesota on this 4th day of Nay,
1987.
O.7Ar'l.ion Wright County Auditor
OJA/lmo
City of Monticello,
Minnesota
Prepared
April
23, 1987
$155,000 G.O. Taxable
Tax Increment
By SPRINGSTED Incorporated
Bonds, Series 1987
�3ated: 8- 1-1987
Mature: 2- 1 -
Total
Capital-
Tax
Year of Year of
Principal
ized
Net
105%
Increment
Annual
Cumulative
Levy Mat. Principal
Rates
Interest
& Interest
Interest
Levy
of Total
Revenue surplus
Surplus
(1) (2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
1987 1989
0
0.00%
19,763
19,763
19,763
0
0
0
0
0
1988 1990
15,000
8.50%
13,175
28,175
0
28,175
29,584
30,688
1,104
1,104
1989 1991
15,000
8.50%
11,900
26,900
0
26,900
28,245
30,574
2,329
3,433
1990 1992
15,000
8.50%
10,625
25,625
O
25,625
26,906
30,452
3,546
6,979
1991 1993
20,000
8.50%
9,350
29,350
0
29,350
30,818
30,323
0
6,484
1992 1994
20,000
8.50%
7,650
27,650
0
27,650
29,033
30,186
1,153
7,637
1993 1995
20,000
8.50%
5,950
25,950
0
25,950
27,248
30,041
2,793
10,430
1994 1996
25,000
8.50%
4,250
29,250
0
29,250
30,713
29,887
0
9,604
1995 1997
25,000
8.50%
2,125
27,125
0
27,125
28,481
29,723
1,242
10,846
TOTALS:
155,000
84,788
239,788
19,763
220,025
231,028
241,874
10,846
Bond Years:
997.50
Annual
Interest:
84,788
Ave. Maturity:
6.44
Plus Discount:
2,000
Ave. Annual Rate:
8.500%
Net Interest:
86,788
LJ. I.C. Rate:
8.701%
Interest rates are
estimates;
changes
may cause
significant alterations
of this schedule
The actual Underwriter's discount bid
may also
vary
11
17
V
NAWCO MINNESOTA INC.
Proposed Tax Increment District 17
Block 2, Oakwood Industrial Park, City of Monticello
Lot 11 - A155-018-002110
Lot 12 - 0155-018-002120
81/82 82/83 83/84 84/85 85/86 86/87
Lot 11 4,410 4,410 4,400 7,040 7,040 8,840
Lot 12 9,488 9,488 9,480 7,520 7,520 9,400
TOTALS 13,898 13,898 13,880 14,560 14,560 18,240
A. 4/87 Estimated date
B. 1/2/86 Base year date
C. 18,240 Base year assessed value
D. 1/2/81 5th year preceding year assessment date
E. 13,898 5th year preceding year assessed value
F. 4,342 5 year assessed value increase (C - E)
G. .3124 5 year total increase ratio (F divided by E)
H. .06248 5 year average income ratio (G divided by 5)
I. 1.06248 Annual base year adjustment tactor (1.000 + H)
Now Captured Mill
Adjustment Adjusted Assessed Assessed Rate Tax
Year Factor OAV Value Value Estimate Increment
87/88 18,240 x 1.062 $19,371
88/89 18,240 x 1.062 20,572 $362,950 $342,378 x 89.633 $ 30,668
89/90 18,240 x 1.062 21,847 362,950 341,103 x 89.633 30,574
90/91 18,240 x 1.062 23,202 362,950 339,748 x 89.633 30,452
91/92 18,240 x 1.062 24,641 362,950 338,309 x 89.633 30,323
92/93 18,240 x 1.062 26,169 362,950 336,781 x 89.633 30,186
93/94 18,240 x 1.062 27,791 362,050 335,159 x 89.633 30,041
94/95 18,240 x 1.062 29,514 362,950 333,436 x 89.633 29,887
95/96 18,240 x 1.062 31,344 362,950 331,606 x 89.633 29,723
$241,874
$241,874 divided by 8 - $30,234 average
HRA Agenda - 5/13/87
4. CONSIDERATION TO EXECUTE THE PURCHASE OF PUBLIC LANDS
FROM THE OAKWOOD INDUSTRIAL PARK PARTNERSHIP.
A. REFERENCE AND BACKGROUND.
With the assumption that the public hearing was held without
public comment and closed; the RNA may proceed to execute
a purchase agreement for Lots 11 and 12, Block 2, Oakwood
Industrial Park, City of Monticello from the Oakwood
Industrial Park Partnership for the sum of $104,000.00
plus $1.00 earnest money. Total acreage is 10.48. The said
purchase agreement is contingent upon the execution of a
purchase agreement between the Monticello HRA and NAWCO
Minnesota, Inc. and contingent upon the execution of a
Development Agreement on or before May 31, 1987, between the
Monticello HBA and NAWCO Minnesota, Inc. A copy of the
purchase agreement and a copy of the first draft of the
Development Agreement has been mailed to Mr. Michael Murphy,
Attorney at Faegre 6 Benson, legal representative for
NAWCO Minnesota, Inc. The Oakwood Industrial Park Partnership
has initiated the preparation of the Abstract Title and a
Warranty Deed for the said property.
B. ALTERNATIVE ACTIONS.
1. To execute the purchase of public lands from the Oakwood
Industrial Park Partnership with the written contingencies.
2. To deny execution of the purchase of public lands from the
Oakwood Industrial Park Partnership with the written
contingencies.
C. STAFF RECOMMENDATION.
Staff recommends the HRA to execute the purchase of public
lands from the Oakwood Industrial Park Partnership for the
sum of $104,000.00 plus 11.00 earnest money. This to
Include tho contingencies written in the purchase agreement.
Staff recommends this action based job creation, increase
to property valuation, and the proposal a viable project.
D. SUPPORTING DATA.
1. Copy of the purchase agreement.
P
17
COPY OURCHASE AGREEMENT OO LDEM R•etlpl
,G -.not «.
li]Rt1C llo .IAIm 1987—
RECENEDOF tinticelI ibusirg & Paieyeloplmeat Authority
ae One Dollar and DO/104 f 1.00 ,DOLLARS
q same. money aha In prl par -4 t the Malm of pop•rtr at
(CMU. Car,. to be dopoNWd upon aavpt0 . a Novo—Slab Whwdhl
Oakwood Umtrial Park. Mmtloello 1pyW in De
toady .1 Wright Ods d M nesda, and 1.9.11' d—bsd q foam.. to W:
hats 11 and 12, Block 2, Ohlowood Irdustrial Park
M.04y L p.dm bub.. 0."..Mon and trees, M «oma .rah, ram down. dW..hft4 va bhmS, aaswn..wtehps, window rhea... buds (wndu % v.nesan bW&) cabs
rods. tr..erae rods. aap«r hoe+. tyaehp udae• ed eh�., pawrbeq eves, lona .ala bdu aro Mewq t9rY (Wm sol' tronas. tsrs.. srokas aro .mer sadarnh•a used n
hvvmoabrh m«ewunl. wobh .emotes ad Iwawa 9q ledh mho meati (+ One VaPerty a ••earl• stwrp Date. blev410n .rntarwn., kwaetav, whn•n erh..rrec PhOeP dlapnr.
tavate, moR gp.ove• aha camr .+ mhMautq eahtlpnen�l. Y wy, ossa aha l0cabd athero gwnvs aW Mm9 etre eh. bbwYq pa Wnd property:
M of wd+U pmpWy aro utd..grod M. INA dor sad to to bur. of 0e run a:
011ie Ihudred Pour Thoumand and One and ODAM } 304,001.00
.t*. h me buy« .roes to pey n d» bm.ke mower'
Eaml money wren PaW s 1.00 aro 9 �104 M.00_. cuh on or before June 15. 1987 thedoe of
This purchase agreement is cmtirgpnt upon the execution of a padlase agroEccilt between the Moaticello
Housing and Redcvelopmmt Authority laid W W HiEahesota, I=_ end conttthgmt upon the emawtion
of a Developmaht Agrcaocnt on or before I4ay 31, 19870 between the tbnticello Ilowirhg and
Redevelopment Authority and MW Minnesota,. ion.
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to pteeirs pct to poWwen dots. SELLER WARRANTS ALL APPLIANCES. 11E.MN0. An CONDITIONNG, WPM AND PLUMOM LISED AND LOWED ON SAID
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fBo' AM
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nloA d L"�dlr�itrlal ftt P= trrdhip n0�tl" [ .w 9 W "th�;1�7D,"t loriq
BY: (SEAL) BY: sEw
partner rad. owro
(SEAL) ""W
soft Owe,
THIS IS A LEGALLY BINDING CONTRACT. IF NOT UNDERSTOOD. SEEK COMPETENT ADVICE,
Rev &H R.Keie/aw..te.hw.n+rn.n w.hnw�w.h. rw wtwu�
HRA Agenda - 5/13/87
5. CONSIDERATION TO EXECUTE THE SALE OF ABOVE SAID PROPERTY
TO NAWCO MINNESOTA, INC.
A. REFERENCE AND BACKGROUND.
The above said property having been purchased by the HRA;
thereby, may proceed to execute the sale of Lot 11 and 12,
Block 2, Oakwood Industrial Park, City of Monticello to
NAWCO Minnesota, Inc. for the sum of $15,000.00 inclusive
of $1,000.00 earnest money. This purchase agreement is
contingent upon the buyer (NAWCO Minnesota, Inc.) executing
the Development Agreement on or before May 31, 1987, with
the HRA. The Development Agreement shall read that the
improvements proposed for this property shall be sufficient
to generate a tax increment not less than $30,000.00 per
annum. If for any reason a Development Agreement satis-
factory to the City of Monticello cannot be completed by
the end of Hay, 1987, this purchase agreement shall be
null and void and the sellers shall have no further obligation
to sell or the buyers to purchase. This purchase agreement
selling price is contingent upon an 83 percent interest rate
on the bonds. In the event the interest rate would increase to
9 percent the selling price would be $25,000.00 or in the
event the interest rate would increase to 91 percent the
j selling price would be $30,000.00.
•j A copy of the purchase Agreement has been mniled to Mr.
Michael Murphy, Attorney at Faegre b Benson. On Monday,
May 11, 1987, the City Council adopted a resolution auth-
orizing Jerry Shannon of Springsted, Inc. to execute the
preparation of bond sales for Tax Increment District V.
Award of the bond sales to expected to be Monday, June B.
1987.
B. ALTERNATIVE ACTIONS.
1. To execute the sale of Lots 11 and 12, Block 2,
Oakwood Industrial Park, City of Monticello to
NAWCO Minnesota, Inc. based upon the written con-
tingencies.
2. Deny the execution of the sale of Lots 11 and 12. Block 2,
Oakwood Industrial Park, City of Monticello, to NAWCO
Minnesota, Inc. with the written contingencies.
C. STAFF RECOMMENDATION.
Staff recommends the HRA to execute the sale of the above said
public lands to NAWCO Minnesota, Inc. for the sum of $15,000.00
inclusive of $1,000.00 earnest money. This to include the
contingencies written In the purchase agreement.
D. SUPPORTING DATA.
1. Copy of tho purchase agreement.
HRA Agenda - 5/13/87
6. CONSIDERATION TO REVIEW THE HRA BUDGET FOR THE POSSIBLE
V PURCHASE OF PUBLIC LANDS FROM LARRY FLAKE (OLD MONTICELLO
FORD BUILDING).
A. REFERENCE AND BACKGROUND.
At this time, this agenda item is an informational update
and does not require any motion or action. At the last
HRA meeting, the members authorized myself to obtain
information on the Old Monticello Ford building. I have
talked with Larry Flake in my office and his asking price
is $100,000.00; Mike Amo, appraiser with St. Cloud
Appraisal is scheduled to appraise the property on Tuesday,
May 26, 1987 at 10:00 AM. This appraisal will include
demolition cost. Mr. Flake having been notified of the
planned appraisal and will meet us at 10:30AM at said property.
Rick Wolfateller is in the process of preparing a break
down of the individual district budgets. I haven't contacted
the banks at this time. The HRA has approximately $60,000.00
dollars; however, Mr. Wolfsteller's recommendation is to
retain about $30,000.00 to cover debts (loan payment on
Lot 5, Block 3, Oakwood Industrial Park, City of Monticello.
The key question is 'how the HRA or city will repay the
loan?'
No alternative action or staff recommendation is needed at
this time.
D. SUPPORTING DATA.
1. HRA 1987 Annual Budget
2. Break down by district, to be presented at the meeting.
11
FUND N0. 140
REVENUE
1511 Ad Valorem
3582 Interest
3090 Application Fees
1513-160 Tax Increment
TOTAL REVENUE
CIC
RRA
1987
S 5,550.00
2,000.00
500.00
88,400.00 $ 96,450.00
S 96,450.00
a CITY OF MONTICELLO
FUND
�+ PROGRAM SUMMARY
NRA
DIVISION ACCOUNT NUMBER I SUPERVISOR
Special Revenue Fund No. 140
1987 BUDGET
DEPARTMENT
STAFF
BUDGET 1981
g 5,500.00
50.00
2,500.00
• 0.00
49,100.00
39,300.00
TOTAL EXPENDITURES g 47,500.00 g 298,625.00 g 41,350.00 g 96,450.00
ag, NARRATIVE
-42-
EXPENDITURES
MAJOR CLASSIFICATION
MIDGET 19 $S
ACTUAL 1985
1986 BUDGET
PERSONAL SERVICES
3 5,000.00
5 4,540.00
g 5,000.00
SUPPLIES
50.00
0.00
50.00
SERVICES 8 CHARGES
2,050.00
12,733.00
1,600.00
CAPITAL OUTLAY
0.00
232,132.00
0.00
DEBT SERVICE
40,400.00
49,221.00
0.00
TRANSFERS
0.00
0.00
34,700.00
BUDGET 1981
g 5,500.00
50.00
2,500.00
• 0.00
49,100.00
39,300.00
TOTAL EXPENDITURES g 47,500.00 g 298,625.00 g 41,350.00 g 96,450.00
ag, NARRATIVE
-42-
1987
. ; FOND 50. 140 _ - ..
.;_ ��. .:.. •.; ... - .. ":-� --•-- -
- --'�
REVENUE ..C: �-,,,
si.;iv« pJ,>;,.,�.•q:' - J.: :�'_
--`-y 1511' Ad Valorem
'.S'. 5,550.00
'3582 Interest
` ;2,000.00
3090 Application Fees ,'
_
;'. - 500.00
1513-140 Ta: Increment
88,400.00 S 96.450.00
. TOTAL REVENUE '"
3 96.450.00
EXPENDITURES
Personal Services
7511 Salary, Regular
S 4,900.00
7515 PEM/Penion
250.00
7519 Social Security
350.00 8''5,500.00
�- Cupplion
7521 Office Supplies
50.00 8 50.00
Other Services and Charges
7536 .Protossional Services
2,000.00
7549 Legal Publication
100.00
7537 Communication - Phone/Postage 50.00
7538 Travel-Coniorenco-School 250.00
7548 Dun, Nambarshlps, Subscriptions 50.00
7555 .N4laeellaneous
, •50.00 $ 28600.00 '
Debt Service
7568 .PclnciW
31,700.00
7569 Interest
17,400.00 8 49,100.00
Tranolerm C Otbaro
7566-140 . Pa®anent Transfer
38,300.00 $ 39,300.00
TOTAL EXPENDITURES
8 96.450.00
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