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HRA Agenda 12-06-1987AGENDA �I MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY ANNUAL MEETING \ Wednesday, December 2, 1987 - 7:30 P.M. City Hall Members: Lovell Schrupp, Ken Maus, Ben Smith, Al Larson, and Everette Ellison. 1. Call To Order. 2. Approval of the November 4 and November 24, 1981 HRA Minutes. 3. Consideration To Elect HRA Officers: Chairperson, Vice - Chairperson, and Secretary/Treasurer. 4. Consideration to Set HRA Goals for 1988 and HRA Long-range Goals. S. Other Business. 6. Adjournment. • MINUTES MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, November 4, 1987 - 7:OOAM City Hall Members Present: Acting Chairperson Lovell Schrupp, Ken Maus, Ben Smith, and Al Larson. Members Absent: Everette Ellison. 1. Call to Order. Acting Chairperson Lovell Schrupp called the HRA meeting to order at 7:10AM. 2. Approval of the October 7, 1987 HRA Minutes. Ben Smith made a motion to approve the HRA minutes, Al Larson seconded the motion. Ken Maus abstained. Minutes stand approved. 3. Consideration of Reappoint Everette Ellison to the HRA. Koropchak reported that Mr. Ellison had telephoned her and accepted reappointment to the HRA. Ken Maus made a motion for the HRA to accept and to recommend to the City Council, Everette Ellison for appointment to the HRA, this;for annual reappointment by the City Council in January. Seconded by Al Larson. Motion passed 4-0. 4. Consideration to Elect 1988 HRA Officers. Mr. Schrupp having served as temporary acting chairperson for the HRA for sometime has requested the election of new officers. According to the present bylaws an annual meeting is to be hold the 6th of April for the purpose of electing officers. A motion was made by Ken Maus to amend the bylaws to state regular HRA meetings shall be held the first Wednesday of each month at 7:OOAM and the annual meeting shall be hold on the first Wednesday of December at 7:30PM and special meetings (including public hearings)ahall be hold at 7:30PM. This subject to approval by legal counsel. Seconded by Bon Smith, passed 4-0. Election of officers will be hold at the December 2 HRA meeting from floor nominations of the commission. 5. Consideration to Sot 1988 HRA Coals and to Review the Preliminary Budget. Included in the agenda pack van copies of the 1988 Preliminary HRA Budget and Economic Development Budget, Koropchak advised the coemiesion that each year staff member@ are asked to complete their area budget, given a stated percentage of increase, this year woe 61. According to the HRA bylaws, compensation for the HRA Executive Director is to be detarminod by the Authority. The HRA discussed several options from picking a figure not to exceed a certain amount to another members concern of local businesses to compote with city wage increases if not HRA Minutes - 11/4/87 held within the yearly national cost of living increase. Ken Maus explained the City must set a preliminary budget increase inorder to set a mill rate.and due to the fact the Economic Development Director's salary is comprised from four different sources, the salary is set and worked backwards on the percentage of time dedicated to each group. It was recommended that the City should re-evaluate this position in terms of need by an outside party. It was a general consensus that if the City and community doesn't present a positive attitude for economic development the efforts of an economic developer may be futile. Ken Maus made a motion for City staff to evaluate the need of the position and recommend to the City Council a salary which would compensate for increase in work load, competency of the job, length of time employed with consideration of the yearly national cost of living increase. Seconded by Al Larson. Motioned carried 4-0. It was recommended that the HRA write a letter concerning the City staff's attitude toward economic development and Bud Schrupp is to contact President Harvey Kendall of the IDC to address the same concern. Koropchak expressed from her precoption the need for city staff meetings, the need for city staff long range goals, the need for quick answers to potential developers, and the results of successful economic development are a team effort. HRA goals will further be discussed and established at the annual meeting in December. 6. Reports. a) NAWCO Minnesota, Inc. - The Norwegian window company having completed the exterior of their 28,000 eq ft building In the Oakwood Industrial Park was agreed upon by commission members who have seen the facility that it is an asset to our community. There was concern from some HRA members that the drainage holding pond may be set too high, it was suggested to mention this to the Public Works Director. b) Old Monticello Ford Property - With the HRA being advised that the demolition specs for the Old Monticello Building not being completed, Ken Maus expressed from his understanding the HRA can secure their own bids and do not have to wait for the City since they operate under a separate budget. Mr. Maus made a motion for Lovell Schrupp to check with the City Attorney on the legal rights the HRA has to secure their own bide for demolitton; thereafter.'if legal for the Attorney to advise the City Administrator of the HRA'o intent to occurs their own bids (within legal bid Concepts) for the building to be demolished in 30 days. It was the HRA's intent to purchase and demolish the property by December 1, 1997 for the purpose to eliminate blight and to enhance the potential sale of the property for now development. Motion passed 4-0. The HRA agreed a sign should be constructed and installed as soon as the property is demolished. • HRA Minutes - 11/4/87 c) Beverage Processing Company - Koropchak advised the HRA members that she had received word that our competition was Mankato and St. Cloud, thereafter, she compiled a comparative study of the three communities based on salaries, coat of transportation based on mileage to market areas, and property taxes based on mill rates. At this point she has heard no word from the consultants. Mayor Grlmsmo telephoned the consultant expressing Monticello's interest In the beverage company locating in our community. HRA members expressed their concern if Monticello was just being toyed with as we are in competition with two other larger communities. d) Replat of Lots 9 and 10, Block 2, Oakwood Industrial Park. The HRA agreed with the City's concept to subdivide these two lots into smaller lots; however, it was suggested that the lots may be more marketable if subdivided even smaller. After some discussion by the HRA that the roads into the industrial park and within the industrial park are not of 9 tons if was recommended that the City Council consider the upgrade of the industrial park roads to 9 tons with the bid for city improvements of these two said lots. It was also recommended that John Simola talk to the County Commissioners to upgrade the portions of County Road 118 and Oakwood Drive which make the industrial park accessible to Interstate 94. a) Fulfillment Systems, Inc. - The NRA accepted the report on PSI rationale to expansion in St. Cloud (leasing property) because of a large available labor force in that particular job area; however, soma HRA members do not understand FSI rationale to move South (out of state) because of the greater intelligence and education in Minnesota and with the increase in state minimum wages previous patterns will indicate that the Federal government would soon increase minimum wages also. The HRA questioned what percentage of FSI employees fall within the minimum wage category. 7. Other Business. The HRA will continue with goal setting at the annual meeting. December 2, 1987, 7:30PM at the City Hall. The HRA is interested in providing the availability of housing for the elderly (all income levels). Ban Smith has obtained information on a cooperative living center concept in the City of Waseca, MN. It was agreed upon the a survey should be developed. The HRA needs to doftne the concept of townhouses, condominiums, or apartments. Services: community center, availability of delivered meals and laundry service; what size of project; and what income level the project is marketing to? HRA members are to list potential questions for the survey and brainstorm for ways to circulate the survey before the annual meeting. HRA Minutes - 11/4/87 8. Adjournment. By consensus of the HRA members, the meeting adjourned at 9:50AM. Olive M. Koropchak HRA Executive Secretary MICROFILM TITLE PAGE CITY OF MONTICELLO Housing & Redevelopment Authority (HRA) Agenda Books 1988 t����Y.PdJlvib'a�n1i uM1 pp MINUTES 14DNTICELL40 HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, November 7, 1984 - 7:00 P.M. Members Present: Chairman Don Cochran, Vic Vokaty, Bud Schrupp, Jack Reeve, and Gary Wieber. Chairman Cochran opened the meeting asking for approval of the minutes of the 10/3/84 meeting. Gary Kober moved to accept the 10/3/84 minutes and was seconded by Bud Schrupp. Passed 5-0. Allen asked the Authority if Mr. Tom Grua, representing IXI, could have his agenda item first. This was requested because he had another meeting out of town. Allen reviewed the offer made by IXI. It was as follows: $100 down, 88,000 paid on date of closing, with the remaining 87,400 contract for deed payable on 5/15/85 at 9% interest and a no penalty prepayment clause. Mr. Grua explained that they would like to use the 87,400 for their own working capital, etc. By purchasing this property, it would allow them to begin constructing their permanent parking lot. Gary Wiebor made a motion to accept IXI's offer totaling 815,500 and as described in the Purchase Agfeement. Jack Reeve seconded the motion, and it passed 5-0. Mr. Grua stated that he would be In to close the following week (11/12/84 to 11/16/84). Mr. Brad Larson stated that Monticello Elderly Partnere is no longer together. The option was assigned to Metcalf and Larson. This eliminated Mr. Barthel from the project. Larson explained that the project will now be known as the Metcalf and Larson project. He further explained that the application has boon submitted and resubmitted to PmHA several time and have now received an indication from FMA that upon submission to their superiors, expect to receive approval within 45-60 days. At that point the closing of the site between the City and the developer can take place. At this time, Mr. Larson requested to renew their option on Lute 13, 14, and 15, Block 51, by paying the HRA 8400 per month. Lon Cochran asked Allen which options staff recommended. Allen stated that the entire 82,400 amount be received by the HRA to grant another 6 -month option. This would cover our upcoming interest payment (due on 11/9/84). If Metcalf anti 1,Arwnn r„rrhAaM th• rr..,n„rty ,.w„ . n"th frta, the date of the option, we would use 8400 for interest and deduct the remaining 82,000 from the selling price. This would be pro -rated as the option expires. Chairman Cochran asked if either Mr. Metcalf or Mr. Larson had any Questions or response to thio option. Mr. Metcalf stated that the existing option expires 11/19/84 and that they would have to pay 82,400 to the v HRA Minutes - 11/7/84 HRA on or before 11/20/84, with an interest amount of $400/month and whatever amount is not expended for interest upon sale of property would be deducted from the selling price. Jack Reeve moved to accept the option of Lots 13, 14, and 15, Block 51, to Metcalf and Larson for the period of 6 months. The sum of $2,400 is to be paid the BRA on or before 11/20/84. The interest rate is to be set at $400/month with balance to be deducted from selling price if sale takes place prior to expiration of option. It was seconded by Vic Vokaty and panned 5-0. Chairman Cochran requested Gary wisber to begin the next agenda Item while he left the room. Gary Wisher reviewed the HRA 1985 Budget item of $5.000 for salary/services of the Executive Secretary. He stated that he and Don have discussed this item with the City Administrator, Mayor, and Allen prior to this meeting. Gary -s concern was that the HRA was not over stepping its authority in paying for the Executive Secretary's salary. The action tonight would be to ratify the 1985 salary/services amount for the 1985 Budget. Gary explained that Alien's duties covered 401 of HAA related activities and that this budgeted amount ($5,000) was approximately 211 of his total salary. Allen indicated that future meetings dealing with commercial/residential re-hab might increase his involvement with the HRA. Gary added that the total salary (approximately $23,375) is comparable with that of other similar positions of responsibility. Jack Reeve moved to ratify the Executive Secretary's 1985 salary at $5,000.00, this amount to be forwarded from the HRA fund to the General fund for distribution as specified in the 1985 Budget. Bud Schrupp seconded it and wan passed 4-0. Don Cochran was absent. (It should be noted that Chairman Cochran had no objections prior to this meeting on ratification of this salary for 1985.) Allan explained that the names on the attached lint of possible HRA nominees were picked becauoe of their activity in the area. Allen indicated that a majority of the names were disqualified because thoy resided outside of the corporate limits of Monticello. He then stated that Mr. Ken Maus has boon approached and has accepted to take over Don Cochran -s term if appointed by the Mayor. Mr. Cochran's term expires on 12/31/84. It woe the consensus of the Authority to submit Ken Mauo's name to the Council for appointment to the HRA. Further, 1t was the Authority -a Intention to have Allen prepare a list of 5 names of individuals moved to have Allen and various members of the Authority moat with individuals who would be interested in working with the HRA should a vacancy be needed to be filled. It was seconded by Vic Vokaty and passed 5-0. Allan indicated that Bud Schrupp-o term would expire on 12/31/84. Gary wiebor moved to submit Ken Maus -e name to the Council for appointment to the HRA. It was seconded by Vic Vokaty and passed 5-0. -2- IIIA Minutes - I1/7/84 The next item on the agenda dealt with the bylaws for the Monticello Housing and Redevelopment Authority. Article I, Section 2, Seal of the Authority, states that a circular seal shall bear the name of the Authority and the year of its organization. Allen indicated he could not locate such a seal and suggested ordering one at this time for our official documents. The Authority was given a brochure describing such scale and their costa. Gary Wieber moved to have Allen purchase a seal for the Authority. It was seconded by Jack Reeve. Passed 5-0. Jerk Reeve stated that Wednesday evenings were a conflict for him and would continue to be. He indicated that he had considered resigning. It was the consensus of the Authority to consider changing the meeting night rather than lose Jack as a member. Allen Indicated that in the bylaws, Article III,Section 2, Regular Meetings, It states the meeting will be the first Wednesday of each month at 7:30 P.M. He further indicated that Article IV, Amendments to the bylaws may be made with the approval of at least 3 HRA members. Unless Minnesota Statutes state otherwise, a simple motion to the effect and at least 3 -ambers- approval is all that is needed to amend the bylaws. After a discussion by HRA members, a motion to amend Article III, Section 2, Regular Meetings, to read as follows Monthly meetings shell be held without notice at the regular meeting place of the Authority on the tet Thursday of each month at 7:00 P.M., unions the same shall be a legal holiday, in which event said meeting shall be held on the next succeeding secular day was made by Gary Wieber and seconded by Bud Schrupp. Passed 5-0. It was the consensus to not only have Allen attend the Tax Increment Financing (T.I.F.) Seminar on December 0-5. but to have members of the Authority attend as well. It was determined that the mombaro present could not attend this seminar on December 4-5. It wao then suggested to at least have Allen attend and upon his return make copieo of the seminar materials and perhaps hold a mini-cominar at a regular meeting when there to no buoincoo pending. Chairman Cochran did indicate that if a member wishoo, at a later data, to attend the seminar, the Authority should pay for the costo. A motion to cord Allen to the T.I.I. seminar w. 4-.i r.w Lu yna.wyn i.ui.l a 04111-onwi-4 .161 Like Authority at a winter meeting when there is little or no business was made by Gary Wieber and seconded by Jack Reeve. The motion also included the authorization of any HRA member who would like to attend the seminar. Passed 5-0. Allen reviewed the progress with potential developers and the Larry Flake property. He informed the Authority that national 0 HRA Minutea - 11/7/86 Bushing, Greys Johnson i Associates, Poster and Franzen, and perhaps another developer are interested in developing this particular piece of property. Allen stated how he repeatedly tried to arrange meetings with the developers and the owner only to have the owner destroy his work. He stated as of 10/7/84, Mr. Plake has given Pat Townsend a long-term lease and the authority to remodel the building. Don Cochran asked Allen to look up all information on the conditional use permit given to Pat Townsend on 7/5/83. A copy of this is attached. The conditional use permit has expired as of 7/5/84. Mr. Flake stated that the City had not tried to work with him, and he had to look out for Larry Flake first. According to records of the Planning Commission and the City Council, IQ. Townsend was asked by both bodies if he understood that this was a conditional use and that he might have to relocate if the City redeveloped this property. He stated that he fully understood it. Chairman Cochran suggested that the Planning Commission review the Townsend conditional use permit at its next meeting. He asked how the Council and staff stood with regard to developing this property. Allen stated that it was the consensus of the Council and staff to redevelop this property. Chairman Cochran felt that review of the conditional use permit at this time would put both Townsend and Flake on notice. He suggested that staff develop an overall plan to cover all concerned before stopping Mr. Townsend'e plans for remodeling. Allen stated that if, as a last resort, there were no other means of obtaining the Fiske property, members of the Council and staff have indicated that condemnation proceedings (acquisition) would be pursued. They indicated that they would like to see the Authority make their intentions known about redeveloping the property and that if purchasing the property is not possible, then we oupport condemnation (acquisition) proceedings. Again, Chairman Cochran strongly suggests staff having a well-defined plan in place. This plan would describe the activities, businesses, costs, and types of incentives involved. Allen asked if the Authority would authorize payment of a professional appraisal of properties to be included in this redevelopment plan. Don stated that if a plan was in place and the City was backing this type of acquisition procedure, we should obtain a professional appraiser that has experience with court condemnation proceedings. Cary Weber suggested having staff contact the City Attorney for advice on condemnation procedures. The consensus of the Authority was to authorize profeoeional appraisals of such properties that are Included in the overall redevelopment plan. For example, Plako'6, O'Connors, Btolton's, and Haas's. When asked by Chairman Cochran what justification the Authority would have for appraising the Haas property, Allen stated that perhaps K i H Auto or the Post Office would be Interested In developing the property. Cochran would fool comfortable HRA Minutes - 11/7/84 authorizing an appraisal of this property as well if the City stood fast on condemning it. The City should not have this type of property allowing to exist. When approached in the past, action hes never been taken. It was the consensus of the Authority to remedy this blighted property. After discussing different avenues to use in obtaining this property, It was the Authority's direction to use whatever means available to condemn this property and help them relocate. Don suggested having this explored on the grounds that a public health purpose is in jeopardy. He added that if half of the things you hear about this house are true, there is no way the City of Monticello should allow this to exist. The Authority's consensus is to have as much information as possible by the December meeting in order to fully back such proceedings. Allen stated that he would work on this and bring it back to the December meeting. In discussing Mr. Townsend's doing business after expiration of hie conditional use permit, Chairman Cochran felt that he knew full well that the City had been actively searching for developers and that at any time he could be asked to relocate. He also knew that Townsend's type of business was not intended to be in the City's long term plans. This alone puts Townsend in violation of hie conditional use permit if he has signed a 6 -year lease. Thera being no further business, Gary Nisbet commented on Don's tenure with the Authority and expressed our sincere thank you's and congratulations. Don made remarks concerning his time spent as a member and Chairman of the HRA. He complimented the Authority an Ito accomplishments over the last two years and documented this by a tabulation prepared by the secretary. He urged the Authority to think big and plan ahead for what might Us ahead In 5 years. Don thanked each member for being a pert of his life. There being no further business, the meeting was adjourned. Arlon L. polvit Executive 8octetary for the HRA -S- 0 HRA Agenda - 12/6/86 3. Consideration of a Proposal by Joe Poehler. (A.P.) A. REFERENCE AND BACKGROUND: As you will remember, Mr. Poehler has withdrawn his proposal for an elderly housing project in the downtown area. After his withdrawal of the elderly housing project, Mr. Poehler indicated his intent to construct a 26 -unit multiple family project for low to moderate income persons. This project will be FmHA funded and is located in Outlot A along I-94 and south of Country Club Manor. Marvin George is currently platting the property. Mr. Poehler's reason for coming before the Housing and Redevelopment Authority does not involve any requests for financial incentives. He is looking for the Authority's endorsement of having more low to moderate income housing units. B. ALTERNATIVE ACTIONS: 1. Give HRA -s endorsement for more low to moderate income housing. 2. Do not give Mr. Poehler the HRA's endorsement for more low to moderate income housing. C. STAFF RECOMMENDATION: Staff has discussed Mr. Poehler's reason for coming before the HRA. He is not looking for any financial incentives, but the HRA'e official endoreemant of a need for more rental units for low to moderate persons. We feel that the proposed site, in Outlet A, being located on the opposite side of town is beneficial to renters in that it offers a choice or selection of apactmont locations. The property Is zoned properly. At present there is a shortage of rental units in Monticello, and we recommend giving the HRA -s endorsement for more low to moderato income housing. D. SUPPORTING DATA: Mone. t I HRA Agenda - 12/6/84 4. Consideration of a Proposal by Giles Lenzmeier for use of Tax Increment Financing. (A.P.) During the past two years, Mr. Lenzmeier, who owns the Ben Franklin store, has been thinking about developing the west kj of Block 32, more commonly known as the Oakwood Block. Approximately one year ago, Mr. Leazmeier inquired about what financial alternatives might be available to him. When discussing the idea of developing this property, I learned that his current lease expires in approximately 1 year. His plans are to construct a 17,000 sq. ft. building, utilizing 11,540 for his Ben Franklin store and 5,400 for speculative shops. This was only an idea until this past November when Security Federal broke ground for its new building. At that point, Mr. Lenzmeler contacted Mr. Warren Teigen of Security Federal in regard to the land costs and Barthel Construction in regard to building coats, etc. As of this writing, the legal work for obtaining an option to the west i of Block 32 is being completed. The preliminary plane are being developed for the building. We will know more about the coats of both the land and the building by Thursday's meeting; however, an approximate total cost would be $625,000.00. Two Hundred Thousand Dollars would be for the land, and $425,000 for the building. Based on a preliminary tax increment finance proposal, assuming 20,000 sq. ft. 0 $27/sq. ft., the HRA might be able to sell a $200,000 property to the developer for $150,000.00. These figures were arrived at using assumptions. Chould any of the assumptions change, so would the and result. During the last discussions with Mr. Lenrmeier, I stressed the purpose of Tax Increment Financing and that it has not previously been used for retail developments. I suggested he make hie presentation to the HRA keeping these 4 areas in mind: 1) Does thio project eliminate blight, or will it develop an area that previously was vacant and unproductive; 2) Will this project increase the tax base of the City; 3) Will this project provido new employment; and 4) "But for this type of financial incentive, ♦ha nrniarf wnn1A nnf fake rlanw.- B. ALTERNATIVE ACTIONS: 1. Approve Mr. Lonzmater-s request to uoo Tax Increment Financing. 2. Do not approve Mr. Lenzmeier0a request to use Tax Increment Financing. -2- HRA Agenda - 12/6/84 C. STAPP RECOMMENDATION: After some discussion among the staff, I contacted Holmes 6 Graven for their opinion. They agreed that a commercial/retail development project would be classified as an economic development project; however, the estimated market values were such that the HRA may only bond for $55,000.00. We recommend that this project be judged on its merits and ability to address all 4 of the criteria listed in Section A above. I would like to add that the Metcalf b Larson project was for $32,000.00. At this point, the developer is only looking for approval/disapproval on the project concept and whether the HRA would approve/disapprove Tax Increment Financing. Because of a present lease, the developer might not want the district certified until January of 1986. D. SUPPORTING DATA: None. L MI! I HRA Agenda - 12/6/84 5. Consideration of Redeveloping Have Property. (A.P.) A. REFERENCE AND BACKGROUND: On Friday, November 30, 1984, I personally contacted all members of the Authority for the purpose of obtaining their approval to make Mr. 6 Mrs. Hass an offer on their property located at 110 Linn Street. Under the direction of the Authority, staff had the property appraised by Mr. Mike Emil of St. Cloud Land Appraisals. It was appraised at $25,000.00. All members were in favor of making an offer to the Hasse. Gary Pringle, City Attorney, had suggested two alternative courses of action to proceed with. 1) Offer the Hass -s $25,000 for their property and $15,000 for their relocation efforts, and they accept; or 2) Offer them $25,000 and $15,000 ($40,000) amounts and they refuse. If they refuse, we have two alternative actions under condemnation proceedings: 1) To condemn the property under blight or health proceedings. Gary Pringle suggests that this should be avoided because the jury usually gives the homeowner time, 12, 18 or 24 months, to correct the problem. 2) To condemn the property based on the fact that we have a developer willing to redevelop the property. Although we have a developer, the developer does not want hie name referred to for fear of being confronted by the owner. Holmes a Graven suggests the developer form a corporation to act on behalf of the developer. Thin corporation, in effect, becomes the developer and avoids any deception on the City's part. It is Mr. Pringle's opinion to make the offer and proceed to condemn the property for the purpose of redeveloping it. S. ALTERNATIVE ACTIONS: Action has already been taken. The property has been professionally appraised and staff will make the Hase-s an offer prior to the 12/6/84 meeting. -4- -►�oa, � mol( ,--- T n�A� oto � , s�� r��• ff11 r� _ �.e/L( YJoGS.Av— e> 2M-�- Uon P't, N-�- 1N C)Aj to +a a ot.e 6,0,j "' 4 phone Pub Js Plk2,U c i0eo U -LCL -k- pO�sCQ- Coa(9��.. Is 1 14)wh1lJeD 4b �eU4 up -A- r n SP;y 0SO 04 �' �Ug �t]Oy`T �I� Imp J- C// , 4. "n{(t <<Q ,� --•-� (,.� �l _ by i �c off- � o� . (� cQ4 V6Qi � �( A lJ' ca {bU- �� o c jj o^ -SX - PL— ^ -SX- O'er �" S+ i'� fiL—,1 L�� - coo 0 tp•u a S AXltl/) ON %ORY—C? iQ, Th CoRhy I�NcX�f2SOti1 9 cb ZG �- T a �ac"V--tT- 4- so, A.w-o�•�o�- �'o �Q.,,.p�.�5�.—�rt� -r �ll i� whalc�Q��6S � 7. Spp I�Q�OCV4�lC1ti+ �.�) �1c1c1 "� / d/ (4ml Ute l k+ H akk0a If 0o,pa0 1 J FORMAT FOR PRELIMINARY T.I.F. PROPOSALS 1' Dgcoo K -kA Original Estimated Market Value Ni• �c, Ifr,Ioc) AASS Original Assessed Value c) LARD � - OCX� NEW ESTIMATED MARKET VALUE U1w�C> BLDG. n6.jSOU TOTAL && IL MLjO COMPUTE NEW ASSESSED VALUE : (34% & 43% ) %� . 34 %, rrYl ,4 S X Co I • S� y le 4 Y 4y� CAPTURED ASSESSED VALUE (NEW ASSESSED VALUE - OLD ASSESSED VALUE 4 CAPTURED ASSESSED VALUE ) CAPTURED ASSESSED VALUE s MILL RATE - INCREMENT. LAND ACQUISITION al lC PnorAwAiiJi. LEGAL Oi1,�n vilm ICE ae4cN Ti cam+ TOTAL NRA EXPENSE n�SADO tq•Sor�, c �o�s ( ADMINISTRATION ( SI of Admin. ) a.9e f�, TOTAL FROJXCT COST i 1A, ry-�n 0 TAX INCREMENT FINANCING WORKSHEET INCREMENT AMOUNT : $ a ,1 n p TOTAL PROJECT COST S TO x INTEREST RATE CR ` 8 OF YEARS PRINCIPAL + INTEREST TOTAL AMOUNT S � • ■ ■ (PrLnSinnll + (Intorsst) C261") (CAP. Int.) TOT, TOTAL INCREMENT�G ��� � �) � DIP R&KE l A QX, ao TpI eou fA � fr:,fyf —S .W a iva& L 0 /00 - SO' _� Snttt• tw*tAJct srrty ta+uuct L— J � As %� �s nouJ ii-aa-t5� Alma EoeA qty Siusrtees4; .�, B�-�• l/ © 7. J � L7 X7 4yVVV a KOO 1 EocA PA SaKdre. f$ae/5 a7., . so, 10 3 0' ..�t Is 301 30, t y?' 1- f fi 0 Ff a fra� .�rrdne �ptrsa i Q� .?' L _vd_ uu MICROFILM TITLE PAGE CITY OF MONTICELLO Housing & Redevelopment Authority (HRA) Agenda Books 1985 �..r,.nrwar�s,.nr.anr r...p