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12-19-2003
ECONOMIC DEVELOPMENT COMMISSION AGENDA December 19, 2003 8:00 A.M. MOUNDS VIEW CITY HALL - CITY COUNCIL CHAMBERS 1. CALL TO ORDER A.M. 2. ROLL CALL (Present = P, Absent = A) Belting Fox Field Helgemoe Johnson Entsminger McDonald Backman (Staff) Ericson (Staff) 3. APPROVE EDC MINUTES October 24, 2003 Motion: Second: Vote: 4. SPECIAL BUSINESS A. No Special Business Scheduled 5. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON A. Report of Commissioners -No Materials Attached B. Report of EDA Liaison -No Materials Attached 1 C. Chamber of Commerce Update -Floorplan Layout Attached D. Report of Staff 1. Hwy 10 Business Center—Twin Cities Scout Shop 2. Developer Activities—Velmeir Companies (Amoco Site) 3. Developer Activities—Pro Craft Homes (Woods of Mounds View) Presentation by Jim Melcher, ProCraft Homes & Gary Nordness, Essence R. E. Services 4. Mounds View Community Center—Update 5. Metro North CVB—Executive Committee & Board Mtg.-12/10/03 6. Community Survey Update S \TroutCommDev‘Economic DevelopmentEMAgendas\Agenda03\12-19-03.doc 6. EDC BUSINESS A. Consideration of Resolution 03-EDC-36 setting the 2004 Meeting Schedule B. Everest Development Request for Supplemental TIF Payments for Buildingat tN Project 7. ADJOURN A.M. Next Regularly Scheduled Meeting: January 16, 2004 S Trout\CommDev\Economic Development\EDC\Agendas\Agenda03\12-19-03.doc 1111 Not Approved Minutes of the Economic Development Commission • City of Mounds View Ramsey County, Minnesota Regular Meeting December 19, 2003 City of Mounds View, Council Chambers 2401 Highway 10, Mounds View, MN 55112 1. CALL TO ORDER: Chairperson Greg Belting called the meeting to order at 8:00 a.m. 2. ROLL CALL: Members Present: Dr. Greg Belting, Jackie Entsminger, Tom Field, Jason Helgemoe, Torri Johnson, Stan McDonald Members Absent: David Fox Staff Present: Economic Development Coordinator Aaron Backman; Kurt Ulrich, City Administrator • Others Present: Jim Melcher, Pro Craft Homes; Gary Nordness, Essence Real Estate Serv. 3. APPROVAL OF EDC MINUTES: Motion/Second: Helgemoe moved and Entsminger seconded the approval of the October 24, 2003 EDC minutes. Motion Carried: 5 Ayes 0 Nays 4. SPECIAL BUSINESS Backman reminded Commissioners whose terms end this month and who wish to continue on the Commission need to fill out the application form. 5. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON A. Commissioner Reports: Johnson inquired about EDC members whose terms are expiring this year(12/31/03). Backman noted there are three—herself,Stan McDonald,and Jason Helgemoe in this category. Members can speak with Backman or others at City Hall regarding there interest in continuing on the Commission. Members may need to fill out the application again. Backman will look into the matter. B. Report of EDA Liaison: None. Stan McDonald arrived at this point in the EDC meeting. • C. Twin Cities North Chamber of Commerce Update: At the December 8th City Council meeting two Chamber related items were considered and adopted. The first was Resolution 6146 that recognized, for charitable gaming purposes, the name change due to the merger between EDC Minutes Approved roved December 19, 2003 Not Page 2 Southern Anoka and New Brighton-Mounds View chambers. The second was Resolution 6153 S approving a lease agreement to allow the TCN Chamber to relocate its offices from the City of Fridley to Mounds View. The TCN Chamber will be leasing a portion of the Mounds View Community Center from the Mermaid (a site map was distributed to the members). The Mermaid will pay for the necessary leasehold improvements and workstations. Backman also mentioned that earlier this month the City of Arden Hills has decided to drop membership with the St. Paul Chamber and join the Twin Cities North Chamber. D. Report of Staff: 1. Hwy 10 Business Center—Twin Cities Scout Shop: Backman reported that the largest Boy Scout shop is relocating this month from Har Mar Mall in Roseville to the Hwy. 10 Business Center in Mounds View. Marlene Gerdts,the Territory Manager,is excited about the change. The new location offers the store a more visible location with easy access and better parking for customers. 2. Developer Activities—Velmeir Companies (Amoco Site): Not a lot has transpired over the past month. The biggest obstacle has been Amoco and the issue of potential environmental cleanup. Velmeir Companies appears to be willing to take on that responsibility to move the project forward. Hopefully progress on this project will occur in the near future. 3. Developer Activities—Pro Craft Homes(Woods of Mounds View): Chair Belting introduced Jim Melcher, President of Pro Craft Homes and Gary Nordness, President of Essence Real Estate Services (also part of the Pro Craft team). Backman briefly reviewed the history of 111 The Woods of Mounds View project. Backman distributed three plans of the project to the members—Plan A (included City property, Fyksen property & Vik property), Plan B (City property, Fyksen property), and Plan C (City property only). Backman commended the Pro Craft team for their hard work and persistence in the negotiations, and willingness to spend time and money on the project. He turned over the presentation to Mr. Melcher. Melcher discussed the challenging negotiation process with the private landowners. As it stands today it appears that Pro Craft will go ahead with Plan C. The City's property would still allow for 11 homes in the$400,000 price range. McDonald stated that this project is an example of everyone winning—homes with more amenities and more tax base created. Belting asked about ponding requirements. Mr. Nordness noted the physical challenges with the site, including the need for fill, soil balancing, and drainage. Backman asked for the Commission's input regarding this project. The consensus of the EDC members was that the project was exciting and still a benefit to the community even if Plan C is the selected version that is pursued. 4. Mounds View Community Center—Banquet Center: Discussion already occurred earlier in the meeting regarding this topic. 5. Metro North CVB—Executive Committee& Board Mtq.-12/10/03: Backman attended the Executive Committee meeting on December 10, 2003. To generate additional revenues for the Convention & Visitors Bureau Backman suggested to the Board that Arden Hills be approached to join the CVB. The Board approved taking this step. 6. Community Survey Update: Kurt Ulrich arrived at this point in the EDC meeting. Backman 1111 distributed a copy of the proposed survey with 50 questions. This was presented to the City Council on December 1st. There is not a separate section for Economic Development in this survey instrument. Mr. Ulrich indicated that the last time such a survey was done was 1988 and that the City Council wants to conduct a survey to get customer feedback to better EDC Minutes p ,�r� December 19, 2003 Not Approved Page 3 understand the needs of Mounds View and evaluate services. He met with the Parks & Recreation Commission last night. They want 10 questions related to park facilities and what type of programming and capital investments should be made. Two bids have been received—the cheapest being $10,000. This random survey is not fully authorized yet by the Council and questions still need refinement. Johnson asked about the prevalence of questions within questions leading to a longer survey. Field suggested performance measures to evaluate the survey's effectiveness. Belting suggested holding town meeting(s) instead of the telephone survey. 6. EDC BUSINESS A. Consideration of Resolution 03-EDC-36 setting the 2004 Meeting Schedule: It was the consensus of the EDC members to keep the EDC meetings on the third Friday of each month. Motion was made by Johnson and seconded by McDonald to approve the resolution setting the 2004 meeting schedule. Motion carried 6 to 0. B. Everest Development Request for Supplemental TIF Payments for the Building N Project: Backman distributed a handout to members with Tim Nelson's letter and various attachments. Due to time constraints, the Commission decided to consider this matter at a later meeting. 7. ADJOURNMENT Commission members provided a Christmas gift basket to Backman in appreciation for his work. There being no further business before the Commission, Belting adjourned the December 19th meeting of the • Economic Development Commission at 9:07 a.m. Respectfully submitted, Aaron A. Backman Economic Development Coordinator \\Trout\CommDev\Economic Development\EDC\Minutes\Min03\12-19-03.doc • ECONOMIC DEVELOPMENT COMMISSION AGENDA December 19, 2003 8:00 A.M. MOUNDS VIEW CITY HALL - CITY COUNCIL CHAMBERS 1. CALL TO ORDER A.M. 2. ROLL CALL (Present = P, Absent = A) Belting Fox Field Helgemoe Johnson Entsminger McDonald Backman (Staff) Ericson (Staff) 3. APPROVE EDC MINUTES October 24, 2003 Motion: Second: Vote: i 4. SPECIAL BUSINESS A. No Special Business Scheduled 5. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON A. Report of Commissioners -No Materials Attached B. Report of EDA Liaison -No Materials Attached C. Chamber of Commerce Update -Floorplan Layout Attached D. Report of Staff 1. Hwy 10 Business Center—Twin Cities Scout Shop 2. Developer Activities—Velmeir Companies (Amoco Site) 3. Developer Activities—Pro Craft Homes (Woods of Mounds View) Presentation by Jim Melcher, ProCraft Homes & Gary Nordness, Essence R. E. Services 4. Mounds View Community Center—Update 5. Metro North CVB—Executive Committee & Board Mtg.-12/10/03 6. Community Survey Update 1110 \\Trout\CommDev\Economic Development\EDC\Agendas\Agenda03\12-19-03.doc 6. EDC BUSINESS A. Consideration of Resolution 03-EDC-36 setting the 2004 Meeting Schedule B. Everest Development Request for Supplemental TIF Payments for Building N Project 7. ADJOURN at A.M. Next Regularly Scheduled Meeting: January 16, 2004 \\Trout\CommDev\Economic Development\EDC\Agendas\Agenda03\12-19-03.doc 9 12/5/2003 • EXHIBIT B Floorplan Layout of the Banquet/Meeting (Community Ed)Areas - 1V1. > �- _ „ E1 = Room C r, �al 3J4r.E �y a, i t .:•.i. t O i=. ,� > %.”-4. 1 roc r� y .. :.- ',-;% ;•,,\.>.,;,,, ),;•.•,4:-....------- - # � - 01 Y; ter– N t t II — -I,, i }F, I b109 . 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LO C M v H' >O z 0 7 . -C C In _C p u rn co C O- r0 V) o ' a 0 a x � 0 � .� v L � C '� � � Co E � 0 , S 0 U Cl) oo c v E L. a � N °' ucD ° 0 a) C0 ' o v) u o +� C rn a r° v) 0 v, N *-I , o 45 I U ... 6;z• 10 V) C a�+ a) L o c s M E .0 ?� a) N ' O i ZO N fl U C 4 ' op op a) r0 C a) ,. .T C%) iL v C U -p L a ID o ID C Ci E-•- X j = C Z7 a) a1 Lf) ko N _ ~ Q r0 O C G7 ID a a) ( C > n a-+ C I j3 � f° 'oE ° > a) c) __Q) a) �' LviQ � ! -v c a) a) c c v a o W a) C U O N a) — L r0 O u'�i _c N a) N ° C GI UO L = r0 m a _C r0 _ — 4 0 i O \¢ U = V) .4 • Scout Shops Around the World Page 21 of 23 Boy Scouts of America 1776 West Warren Ave. •Detroit, Michigan 48208 Voice: 313-897-1965 Fax: 313-897-9870 Business Hours. 9:00 am - 5:00 pm EST Scout Shops hours same as above. Orders can be fax or directly from the scout shop. Every Michigan CSP can be order from Detroit... Minnesota Here is a list of the Scout Shops in the Mpls./St. Paul Twin Cities area. The list came from a packet I received as a new leader(Indianhead Council, Chief Black Dog District, Pack 104, Den 7). * Main Store Har Mar Mall 2100 N. Snelling Avenue Roseville, MN 55113-6000 612.633.7500 612.633.7640 - FAX Hours: Mon-Fri: 10 am to 9 pm Sat: 10 am to 6 pm Sun: Closed el Minneapolis - Scout Satellite Shop 5300 Glenwood Avenue Golden Valley, MN 55422-5118 612.545.9459 Hours: Mon to Wed &Fri: 8:30 am to 5:30pm Thurs: 8:30 am to 8 pm Sat& Sun: Closed St. Paul - Scout Satellite Shop 393 Marshall Avenue St. Paul, MN 55102-1717 612.224.4175 Hours: Mon to Wed & Fri: 8:45 am to 5 pm Thurs: 8:45 am to 8:30 pm Sat & Sun: Closed The following distributors listed below are also licensed to carry official boy scout merchandise and are located in and about the Twin Cities Metropolitan area(the are Councils extend to these areas). No other information is given for each establishment except what is listed below: Jim &Joe Clothing Company 316 Central Avenue Faribault, MN 55021 • Schneider Ralphe 113-117 E 2nd Street http://www.chsscout.net/rescenter/docs/printing/scoutshop.htm 12/18/2003 o p2 �tA 12 p��S Mee0ro BV%.055. ,hype Staff R e °r d5 Viet f MoUn okl Gov �` Vti (vest CI tY O ay°C ara`r ator� uNey �oC y°vC s�ni�tr staff M dm k s e of c' . G�� P GoCrc� uest�ors Corra`C s ard' d Nor V\C\Gr Re�\e`N vNey q s qve svNey aCK ar % 'C o Kv� bled• ut'A s Ce40) e�\ovs • • ra\p C\a \e Cate F,�o�`' . eiSu orrcr • \r9 P pC WO' va b -��t1 sed G cev�e� r Com s. P Ca�rg ay a e ey a t�e� y'Ore°c)9�Oped°ls aCeCe�°vs au st�or Ce9 '�� es °� as d\s a �sToe\\st*la the ae vvts iC . �e\' a Pia aeCa`o s\ors • o `pace beer added. C oocc`°erts. and G o e,Gare `ons rave r e Kr°�y°v treGeeatl°s�eC. \ors and\et csar,�arl e�tre quest Pease Cev\ t 7. 8. It we0 , f' 9. L re Below is , to avoid ir, me if you v would oppo. 10. Increas save fun 11. Increase t 12. Decrease ti city parks? 13. Reduce the ar, Item No: 02 Meeting Date: 12/01/03 Type of Business: WS City of Mounds View Staff Report To: Honorable Mayor and City Cou el From: Kurt Ulrich, City Administrator Item Title/Subject: Review Communi urvey Questions Attached is a list of fifty-one proposed community survey questions for your consideration. The list was developed by reviewing previous questionnaires with staff and commissions. Many of the questions are taken from previous surveys and, therefore, can be compared to results from previous surveys. Additional park and recreation questions have been added, as well as a question regarding variable rate sanitary sewer. Please review the questions and let me know your comments. • • COMMUNITY SURVEY 1. Approximately how long have you lived in Mounds View? 2. Could you tell me one or two reasons why you moved to Mounds View? 3. How would you rate the quality of life in Mounds View — excellent, good, only fair, or poor? 4. Over the next five years, do you expect the quality of life in Mounds View to decline, remain about the same, or improve? 5. What do you kife MOST about living in Mounds View? /Tick, 6. If you were moving to another city, what factor would be most import to you in selecting your new place of residence? 7. How would you rate Mounds View on that — excellent, good, only fair or poor? 8. If it were needed to maintain city services at their current level, would 411) you favor or oppose an increase in city property taxes? 9. Do you consider property taxes in Mounds View to be excessively high, relatively high, about average, or comparatively low? Below is a list of changes in city services, which could be made in the future, to avoid increases in taxes or special assessments. For each one, please tell me if you would favor that change as an alternative to higher taxes, or if you would oppose that change even if it meant higher taxes. 10. Increase the time it takes police to respond to a non-emergency call to save funding more positions? 11. Increase the time it takes to plow city streets after a snowstorm? 12. Decrease the amount of funds spent on the maintenance and upkeep of city parks? 13. Reduce the amount of street maintenance undertaken each year? 14. Reduce the frequency of inspections and response time to complaints about violations of city residential codes? Below is a list of a few services provided by the City or County. For each one, please tell me whether you would rate the quality of the service as excellent, • good, fair, or poor. 15. Park Maintenance 16. Snow Plowing 17. Police Protection 18. Fire Protection 19. City Street Maintenance 20. Animal Control • 21. Waste and Storm Water Control 22. Water for Residential Use If"FAIR" or "POOR" in questions 15-22, Ask each one: 411 23. Why did you rate as (Only fair/poor)? 24. Have you or any members of this household had contact with the Mounds View City staff during the past year? 25. From what you have seen or heard, how would you rate the job performance of the Mounds View City staff— excellent, good, only fair, or poor? 26. Do you feel that the amount of police patrolling in your neighborhood is too little, about right, or too much? 27. If the City were to attract more development, what kind would you prefer it to be? 28. What is the location of your principal retail shopping area? 29. Have you visited Mounds View City Hall during the past twelve months? • For each of the following characteristics, please rate the Mounds View City Hall facility or staff as excellent, good, only fair or poor. 30. Convenience of City Hours? 31. Courtesy of the staff? 32. Efficiency of the staff? 33. Of the following three proposals, which do you most favor: A. The City contracts with one hauler to serve the entire city. B. The City contracts with a group of haulers, each serving one area of Mounds View exclusively. C. The present system. 34. In general, do you feel that the condition and upkeep of city streets is a serious problem in Mounds View, a minor problem, or no problem at all? 35. Do you feel that the City if too tough, about right, or not tough enough in enforcing the City Code regarding residential property maintenance for 1111 weed control, outdoor storage, junk cars, animal control, and noise? 36. Resident are currently charge a flat rate of $ per quarter for sanitary sewer service. Would you be in favor of changing to rate which will change depending on usage? Yes or No. 37. How would you rate the park and recreation facilities in Mounds View — excellent, good, only fair, or poor? 38. In general, do you usually spend you leisure time in outdoor activities, weather permitting, or indoor activities? 39. In the part year, have you or any member of your household participated in a city-sponsored recreation program? 40. Could you tell me about how often you and other members of your household have used the park and recreational facilities in Mounds View during the part year, weather permitting? 41. What is your principal source of information about city government and its activities? • 42. Are you generally satisfied or dissatisfied with your level of information about city government and its activities? 43. Does your household currently receive the "New Brighton Bulletin?" (If "YES" ask: DO you generally read that newspaper?) 44. Other than voting, do you feel that if you want to, you could have a say about the way the City of Mounds View runs things? 45. Do you recall receiving the Mounds View City Newsletter? If so, do you or any members of your household regularly read it? 46. About how often during the year do you use the Mounds View Parks? If you answered yes: A. What season do you use the parks most —Winter, Spring, Summer, or Fall? B. How do you get to the Park(s) —Walk, Drive, or Bike? C. What kind of activities to you engage in? D. For each of the following Mounds View Recreation features, please rate the following excellent, good, only fair, poor, don't know/refuse? Identification/Signage Buildings Playground Equipment Picnic Area Trees Rinks (Hockey and Pleasure) Open Space Surface Play Areas (Football, Soccer, Baseball, Softball, Open Play Fields) Lighting Hiking/Walking Trails Bike Traits Cross County Skiing Sledding Nature Study Golf Course 47. Would you support a bond issue for the development of items within the Park(s)? Yes or No 48. In which of the following Recreation activities do you participate? (Please respond yes or no) Golf Course Handball Basketball Volleyball Shuffle Board Horseshoe Pits Playground Equipment Picnic Areas • Ampi-theater Skateboard Park Lawn Bowling Swimming Sledding Cross County Skiing 49. In the past two years have you used the Mounds View Community Center? Yes or No 50. What additional features would you like to see at the Community Center? 51. What do you use the Community Center for? Exercise Equipment Banquet Center Gym Meetings Other • S • • MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION RESOLUTION NO. 03-EDC-36 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION ESTABLISHING CALENDAR OF MEETING DATES FOR 2004 WHEREAS, The Mounds View Economic Development Commission plans to hold one business meeting per month throughout 2004, with the exception of Special Meetings; and WHEREAS, the adoption of a list of meeting dates provides an orderly system of advance notification for the benefit of the EDC, City staff and the general public. NOW, THEREFORE, BE IT RESOLVED that the Economic Development Commission hereby adopts the calendar of 2004 meeting dates attached hereto. Adopted this 19th day of December 2003. Chair ATTEST: City Administrator \\Trout\CommDev\Economic Development\EDC\Resolutions\Res03\03-36.doc • • CITY OF MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION 2004 MEETING DATES January 16, 2004 February 20, 2004 March 19, 2004 April 16, 2004 May 21, 2004 June 18, 2004 • July 1 16, 2004 August 20, 2004 September 17, 2004 October 15, 2004 November 19, 2004 December 17, 2004 (All meetings will be held at Mounds View City Hall at 7:30 a.m. unless otherwise noted) S TIMOTHY J. NELSON O REDHORSE REAL ESTATE INC. 7050 West 120th Avenue, Suite 118, Broomfield CO 80020 303/439-8300; 303/439-8301 Fax November 3. 2003 Aaron Backman Economic Development Director CITY OF MOUNDS VIEW 2401 Highway 10 Mounds View, MN 55112 RE: Building N Project - TIF Revenue Note Dear Aaron: 410 Thank you for your time and consideration in meeting with Mayor Linke, Kurt Ulrich, Jim Knight and me last week concerning the noted project. In follow-up to that meeting I am writing on behalf of my client, Michael Investments, developer of the Building N project and holder of the Tax Increment Revenue Note issued by the City in connection with the project, to propose a solution to the substantial TIF payment deficit that has developed concerning the project. As we have discussed recently, at the time the Building N Development Agreement and companion Revenue Note were negotiated with the City, tax increment projections indicated that approximately $150,000 per year in tax increment would be generated by this project. Both the City and the developer anticipated the project would generate increment in this range, sufficient to pay off the $1.2 Million principal amount of the Revenue Note, with the agreed 7.75% interest over the term of the note, which extends to 2013. Through no fault or action of the City or the developer, but rather, as a result of state legislative changes in the tax class rates for commercial/industrial • property, and the removal of schools from the local real estate taxing formula, a substantial deficit has emerged in the payments under the 111 Building N Revenue Note. In the current year, total increment available for payments on the Note will be approximately $47,000. This falls short, by approximately $100,000 per year, of the projected increment which was expected to be available to pay off the Revenue Note. As a result, the developer is not getting the benefit of the bargain that the parties anticipated when the development agreement was struck in 1999, and no principal of the Revenue Note is being paid. In reviewing the City's annual reports on its tax increment financing districts and projects, it appears there is a solution available to remedy this deficit situation through the application of "surplus" tax increment generated by the City's Tax Increment Financing District No. 1, where in excess of$1 Million of increment per year is generated by Mounds View Business Park. We understand that the tax increment bond obligation for the business park will be fully paid approximately one year from now, and that "interfund loans" of the City being repaid from District 1 tax increment will be paid off in one additional year, leaving approximately $1 Million per year of • increment available for other purposes. We have discussed the fact that despite active and ongoing marketing efforts from the top real estate professionals in the area, Building N remains approximately 60% vacant and unleased now, 4 years after shell completion. In addition, we have learned recently of Disetronic Medical Systems' intention to relocate to Indiana, vacating its leased space of approximately 30,000 SF sometime next year, potentially leaving the entire building vacant. The developer's profit potential in this project was and is the anticipated tax increment revenue under the Revenue Note. As a result of the substantial shortfall in the tax increment revenues, as described above, the task of completing the project with quality appropriate tenants/users is made substantially more difficult because funds from the increment needed to build out the interior to meet tenant requirements are not available. Anticipated tenant improvement costs to build out the 40,000 SF currently vacant range from about $18 to $30 per square foot, depending on the amount and nature of interior finish required. And, as you know, the more attractive and higher quality the tenant(s), typically the more extensive and expensive the buildout required. 2 Enclosed is a spread sheet we have prepared to show how the mushrooming TIF deficit on this project can be remedied by the application of surplus increment from TIF District 1, after the tax increment bonds from Mounds View Business Park are retired and the interfund borrowing is paid off. Our dilemma in trying to remedy the TIF deficit payments and complete Building N to 100% occupancy, is that ideally it would be best to pay off the Revenue Note upfront, in a lump sum, so that funds are available to invest in completing tenant improvements to fill up the building. We understand, however, the City's priorities in paying off the TIF bond debt and the interfund borrowing debt. We also understand that the City has other funding needs and desires — e.g. for sidewalk and other infrastructure projects—that it may want to fund in the future from the District 1 increment surpluses. In recognition of these City goals and desires, our proposal provides for continuing the payments under the Revenue Note through August, 2005, exclusively from increment generated by the project (approximately $47,000/year). Beginning in 2006, we propose that supplementary semi- annual payments of$199,500 be made under the Revenue Note from • available District 1 increment surplus. Continuing these supplemental payments for a period of only four (4) years will pay off the Building N Revenue Note in full, by August 2009, some 4.5 years early. As a result, the City will collect the full tax increment generated by the project over these last 4.5 years, saving substantial interest payments. Under this proposal, the City is able to pay off the Mounds View Business Park bonded TIF debt, and its interfund borrowing debt, over the next two years, as currently planned. In addition, spreading the supplemental payments over a period of the succeeding four (4) years leaves approximately $600,000 per year available to the City in District 1 surplus increment, and over $1 Million per year thereafter, for application to other eligible projects. To demonstrate our desire and commitment to apply the requested supplemental increment to successfully finish off the project, we propose that the supplemental funds be placed in an escrow account, subject to a written escrow agreement between the City and Michael Investments which requires that the funds be applied only to payment or reimbursement of costs • necessary to complete the occupancy of the project (i.e. - costs of interior buildout, leasing commissions, etc.) This presents a true "win/win" 3 opportunity for the City and the developer. The developer has security that • over time, the funds needed to complete the project will be available, and the City has security that the funds will be used specifically to that end. Both developer and City benefit by occupancy and completion of the project, and the City receives the additional benefits of job creation, more corporate citizens, and the economic impact of Building N tenants spending money on restaurants, products, and services in the community. Please call me with your thoughts and comments after you have reviewed this letter and the enclosed financial projections. Thank you for your assistance in this matter. Sincerely, REDHORSE REAL ESTATE INC. fp (ttS ')\\ Timothy J. Nelson• .a.) Enclosure cc: Mayor Jerry Linke Kurt Ulrich, City Administrator 4 0M 100 tp 1f1 co M N.-O CD CO h co n N.M co 0 O co M co Tr M co co 6O1 N co hO co co CM of NOO C OM0!n0)00MN O 0 C)CO COr`M CO N cc O)`'� aUN m0'-I.-NCOCOC)000Ca.C a Tr.O)'Ca.11)la-m c /00." 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O C— m CO00O)N I•,-M0000N1nr'O).-NN. 01 - p t6 z 'e aCO m•,NNNNe U)aetet�Lnlnc+1.:00000'tN C • •5'13 E m o m a•c v 03 E y a0> O m Z c c Co —` 10 m E o c O < Om m MY OF • • OUKIDS . 4 DEW oePeJl Partnerstit0 FAx TRANSMISSION . • TO: TA, A✓el FROM: 17 r rA., /a c)c.'rr��- FAX#: 203 -2/39- ? 3o1 • DATE: .t l/j t/0- • ioPages p SUBJECT: s;7f .rt..s rim, 3�9ft • COMMENTS: • • If you do not receive all of the pages, please call 763-717- f© 9 . • N:\DATA\USERS\Ioanb\SHARE\NOTICES\Fax Transmission Cover Sheet.doc INCREMENT PAYMENT PRINCIPAL INTEREST BALANCE PAYMENT DATES 12/31/99 $0 $0 $0 $1,200,000 0 02/01/2000 $0 $0 $8,000 $1,208,000 08/01/2000 $0 $0 $48,320 $1,256,320 02/01/2001 $0 $0 $50,253 $1,306,573 08/01/2001 $54,274 $2,011 , $52,263 $1,304,562 02/01/2002 $54,274 $2,092 $52,182 $1,302,470 08/01/2002 $54,274 $2,175 $52,099 $1,300,295 02/01/2003 $54,274 $2,262 $52,012 $1,298,033 08/01/2003 $54,274 $2,353 $51,921 $1,295,680 02/01/2004 $54,274 $2,447 $51,827 $1,293,233 08/01/2004 $54,274 $2,545 $51,729 $1,290,689 02/01/2005 $54,274 $2,646 " $51,628 $1,288,042 08/01/2005 $54,274 $2,752 $51,522 $1,285,290 02/01/2006 $54,274 $2,862 $51,412 $1,282,427 08/01/2006 $54,274 $2,977 $51,297 $1,279,451 02/01/2007 $54,274 $3,096 $51,178 $1,276,355 08/01/2007 $54,274 $3,220 $51,054 $1,273,135 02/01/2008 $54,274 $3,349 $50,925 $1,269,786 08/01/2008 $54,274 $3,483 $50,791 $1,266,304 02/01/2009 $54,274 $3,622 $50,652 $1,262,682 08/01/2009 $54,274 $3,767 $50,507 $1,258,915 02/01/2010 $54,274 $3,917 $50,357 $1,254,998 1111 08/01/2010 $54,274 $4,074 $50,200 $1,250,924 02/01/2011 $54,274 $4,237 $50,037 $1,246,666 08/01/2011 $54,274 $4,407 $49,867 $1,242,280 02/01/2012 $54,274 $4,583 $49,691 $1,237,697 08/01/2012 $54,274 $4,766 $49,508 $1,232,931 02/01/2013 $54,274 $4,957 $49,317 $1,227,974 08/01/2013 $54,274 $5,155 $49,119 $1,222,819 02/01/2014 $54,274 $5,361 $48,913 $1,217,458 . TOTAL $1,411,124 $89,115 $1,428,582 Assumptions: 1. Building complete by 12/31/99 2. Eligible costs equal $1,200,000 3. 8 % interest rate 4. Interest calculated on the basis of a 360-day year consisting of 12 30-day months. 5.New 69,582 square foot office flex bulding would generate taxes equal to $2.15 per sq. ft. 6. Base tax capacity equals $22,342. 7. New tax capacity equals $115,281 8. Local tax capacity rate equals 129.771% 9. Tax increments equals $120,608 per year ii0. Available tax increments equals 90% total tax increments which equals $108,547 4---- T. W e .L 4 A i . 8 M N N N_N e h N.-O o o0,V N e M N_O O.eo 1�m N e M N N ep ' C ri O ri M..i nv.L 0i N NrinbPa rQOi n0N.pV1 ee.�re nV ro 'mf t 1g OMrn$mOOOOOkCO ;MaO.Cammmro 0 :mi Ea, gO ^ AaON< .eb. .MhN<hP=_ Nn " r ? • m OOpaNp `0000000000000000000000 O c0ceo.- rirrrrt—Z4 MNNOOOoOOOOOooOOOooOoOOOO Aone . .n,,n.n.nv: v:.qnnnv:Nn .n 7. 'FI NN==NNNNVNNNNNNNNfNNNNVNnN p g.M=ggSggggog8oeo,eo,Seo,Sggggeogeo,888g z d d o 0 0 0 0 o c o c o o d € s _$88888oegeOeOeeeg88eeegggegg - 0 vov:v: v�v,..n.n ^v:vt.t�tn:"2�Rn.n..n. 1'�L"1nn.,,. O !•e.D..�D�O V V b.D N.O..D V.•D V V.O.D.O.D.D•D•D•D`D pp��LLo •5 i po po po po Gp Gp Gp Cp S N Ny amu, , o rn O b►.M.Oe.Q P P N m T P Q a a Q 00.00.".m 00.S.U T m m O^ Y . O C G_ei C C e4 N N N N N eV N N N N N N N N eV fV 1V N fV N N g p ea$a ie' _ 9 7 NNaN aa381" aga..1k k Q � <NMMNryNNNNNNNNNNNVNrrNNNN N N N _- - " O V ,g I mI Pt' • $ iii g N 4 0 ,F: aee 1 oa a ii i a tom_ e .21 A FS g° I N t` a s M ;�'lddit* , 1 E- N . it / s a' m o E. 6 m u: .V.7 ai5 vei C m 1111101 i g mt, U c I vu M . o . V Q M 3 i i T. 6vYo.i°.K:.1.R At .0 i i i 'I31 lar r EI m, o Si o F! 0 o O • e 1 4 aS; d2 51 U`-'—, Vie_ • r ' •g 44_- 5' C� N Y .�I k. G. ii •ml d! t d N g:� 0 g'p m c O!'-1 ' oQ " p =•1, g Fq '722 c> m=� o o :vQ2Nd N e p� ^ o g e g g oo g g g g eo 0 0 o e o g C g.S .T P O. a a a N N N N N N N N N N N N N N N a tEy .s 0 0 5 0 4 6 E Thursday, November 20, 2003 3:45 PM Timothy J. Nelson 303-439-8301 p.01 FAX ATTN. Aaron Backman ... . ..Fax Number 1-763-784-3462 Phone Number FROM Timothy J. Nelson Fax Number 303-439-8301 Phone Number 303-439-8300 • SUBJECT Building N TIF Number of Pages 2 Date. 11/20/2003 MESSAGE Aaron, For your review and information - a financial TIF projection for the Building N project, undated, with annual TIF projected at about $143,000, increasing over the term of the Note. • Thursday, November 20, 2003 3:45 PM Timothy J. Nelson 303-439-8301 p.02 . . I 0 a ill --------- . 0 I ti 1 pg5g411110111plit)Mpf. la 1 11 ififihitdjialk=stajr!ffifiggir . li II ;i A 01 1 if I . 7 ix 4g g k it 1 . . I ,-.. Jill i i - xl I millimi It ' big% 'i! 0 20V4 ew 0a888 I 0 Iltrinpli nillpill gai Aistigk 45 ;' ...; 'lig 1iI 111141111111111111111210111 111 0 Nil ill gt;.. iit 4i2S cRt a .g ri . • • 410 EHLERS & ASSOCIATES INC To: Aaron Backman From: Shelly Eldridge UNI Subject: Building N Issues Date: November 19, 2003 Aaron: Per your request I have reviewed the correspondence of November 2, 2003 regarding the TIF Revenue Note for the Building N Project. Following are my observations: 1.) Class Rate Compression: a. There have been two rounds of significant class rate compression. In 1997, the legislature gradually reduced the class rates applied to commercial and industrial properties over a period of years. In 2001 they made a more radical reduction all at once. The 1997 class rate compression should not be an issue for this project, as the assumption for 1999 Developer Agreement should have considered the class rates that were in effect as of 1999. If fact, the class rates in effect for 1999 were lower than those in 1998 and were subsequently lowered again in 2000. In other words, class rate compression had been happening for years and were in place at the time the developer agreement was executed and should not be not a new issue. b. The other developers in Mounds View that have pay as you go arrangements have also been impacted by the class rate compression. All of the increment payments that are based on total increment generated from the project have seen reduced payments on the TIF Notes. 2.) Developer Agreement Assumptions: a. The risk is the Developers. The developer agreement defines the increment revenue to be limited to the revenues generated by the Development Property. The developer agreement does not allow for the payment of any other revenues except those received from Ramsey County associated with the specific property. The TIF Note also is 3060 Centre Pointe Drive (651)-697-8504 Fax:(651)697-8555 Roseville,MN 55113-1105 Shelly@ehlers-inc.com http://www.ehlers-inc.com explicit in stating that it is a limited revenue obligation and not a general obligation of the EDA. 4110 b. The Developer receives a portion of the local property taxes that theypay as a reimbursement for expenses to develop the property. c. The Developer Agreement would need to be amended to allow other increments, besides the project increments, to be used to pay the TIF Note. 3.) Tax Increment Law Issues: a. Tax Increment District No. 1 is a Redevelopment District. Any increment expended must be in accordance with the TIF law and the requirements associated with this type of TIF District. There may be limitations on what types of expenditures qualify as legal reimbursements. If the EDA were to consider the proposal of additional TIF District No. 1 funds being used for leasehold improvements care should be taken to be sure that the costs being reimbursed were within the law. According to documents found in EDA files, it appears that, for taxes payable in 2003, the market value of the building is near what the original estimates projected. There is a question as to whether the market value would be greater if the building was fully rented. If this is the case, and the building would be fully rented in the future, more increment would be available to apply to the TIF note. Be aware that the interest continues to accrue,which means the balance of the TIF note increase, as the unpaid interest is added to the principal of the note. As the contract is currently structured, the EDA has a limited responsibility for the obligation. That responsibility is only to the extent that increments are generated from the project property. • 3060 Centre Pointe Drive (651)-697-8504 Fax:(651)697-8555 Roseville,MN 55113-1105 Shelly@ehlers-inc.com http://www.ehlers-inc.com Dec 17 03 03: 59p Timothy J. Nelson 303-439-8301 P• 2 • TIMOTHY J. NELSON REDHORSE REAL ESTATE INC. 7050 West 120th Avenue, Suite 118, Broomfield CO 80020 303/439-8300; 303/439-8301 Fax December 17, 2003 Aaron Backman Economic Development Coordinator CITY OF MOUNDS VIEW 2401 Highway 10 Mounds View, MN 55112 VIA FAX NO. 763/784-3462 RE: Building 'N'TIF Dear Aaron: As you may know, the negotiation concerning the TIF agreement for this project was carried on over a period of approximately 10 years. The developer moved offices three times over that time period and duplicative and non-essential files were purged with each move. Enclosed are some additional documents we have found, pertaining to the establishment of the $12 Million amount of the Revenue Note in relation to qualifying development costs, which both the City and the developer labored over, negotiated and finalized together. As you can imagine, the total loss of principal repayment under the Note is the opposite of what both the City of Mounds View and the developer deemed appropriate for the completion of a successful project. I hope this information is helpful to you. I look forward to hearing from you after the EDC's consideration of this matter. Sincerely, REDHORSE REAL ESTATE INC. Timothy J. Nelson Enclosure . EXHIBIT C 1111 CERTIFICATE OF COMPLETION WHEREAS, the Mounds View Economic Development Authority (the "Authority" ) and Michael Investments, a Minnesota general partnership (the "Developer") , have executed a Development Assistance Agreement, dated as of April 26, 1999 (the "Development Agreement") , with respect to the completion by the Developer of certain improvements (the "Improvements") , specifically, an approximately 69, 582 square foot building constructed by the Developer as office/flex/service facilities consistent with the plans for the Improvements dated March 8, 1999, and. revised on April 12, 1999, on certain land (the "Development Property" ) described in the Development Agreement; and WHEREAS, said Developer has to the present date substantially performed its undertakings under the Development Agreement in a manner deemed sufficient by the Authority to permit the execution of this certificate pursuant to Section 3 .4 of the Development Agreement : NOW, THEREFORE, this is to certify that the Improvements have been completed on the Development Property in substantial conformance with the terms of the Development Agreement. 4111 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY Bys. Its c. 5� ! rw� 4Ahe • Dated:4111 • 334455.7 C-1 J. THE EVEREST GROUP, LTD. January 11, 2000 Rick Jopke Community Development Director CITY OF MOUNDS VIEW 2401 Highway 10 Mounds View, MN 55112 Re: Building N, Mounds View Business Park Development Assistance Agreement dated 4/26/99 Certification of Site and Public Improvement Costs Dear Rick: Pursuant to the requirements of the noted Development Assistance Agreement for the Building N project, enclosed and forwarded to you is the Developer's certification of site and public improvement costs. • Under the Agreement, the amount of the pay-as-you-go tax increment Revenue Note is to be established as the lesser of $1,200,000 or the sum of the appraised value of the site ($615,000) and the site and public improvement costs for the items identified on Exhibits D & E to the Agreement. The qualifying site and public improvement costs total $636,936. This sum, added to the $615,000 appraised land value, is $1,251,936, exceeding $1,200,000; therefore the amount of the Revenue Note should be established as $1,200,000, with interest accruing from December 15, 1999, the date of the Certificate of Completion. Pursuant to the Agreement, please prepare the Revenue Note in this amount for execution by the EDA and forward the executed Revenue Note to Michael Investments, in care of our office, at your earliest convenience. Please note also that the first payment installment under the Revenue Note is due February 1, 2000. Thank you for your assistance. Sincerely, THE EVEREST GROUP, LTD on behalf of Michael Investments ,...,,"Q__A,_.,- 0 Timothy J. Nelson TJN:lc Enclosure 2665 Long Lake Road Suite 120 • Roseville, MN 55113 (651) 636-5500 Fax: (651)636-0183 U otS Z.-c)- -- < D 00 '1 Q * 0E U) N U) a) a) -0 V = = .) 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Z o 0 O > c 0a) • > (,) E W � > > vi Q o Z E a 0 W - E Ua 0C = _ -� g W o- O � O �� NOa. - CO 'V NZ C N: d - Co - - - 4 to r - (6 rnw rna) a) IEEE et co CWw v- C � mm to co ao) Qm C C C _C _C C co = 69- -0 -0 -0 � Lc- 'U '6 U) a) v v a ) a) a) .n 2 'o C C C c C C as 0 _ - - - W ,Wii C � � C Cl) CD a. O o 0 N Z w > e v1 N CD O � Z o a a) o13 >2. O 0 J ` i ' L. .— EZm � >' E - a W I- = o CU LLI a Wwo a a Et 2 -0 QIco � E ami H O W > o C Cl) U ? o � o QWal o cn 0 � _ a oca ci) O CO - CD a) w - C C ~ Q � o Q °' ors a) �. c o oN U- a) 0) >, a) -•- a) Z as a) a. o o ' a 0 0 .7) o a CU , \ 2 0 (6U CUt- oo ` U :Itaa)i Oma) �Li= CU .\ a) u� o� Cm QQE -JOL H�,�� � "= 3 _j 2a7 W U) ) Sa. cn > ~ U >, W 0) O C a)` a) WD ca 2 U — C al o 2"C a) 1- CO L- C (6 6Co > foWQNMmcw2 J > Q tq Z F`` N '" " III cc; (..5 ci L.Lio - a a) - � E � � c ca --, L — < • W Q- o L > _o ' •-r-; 0 N O a. 0 na 0 2 m H Dec 17 03 04: O1p Timothy J. Nelson 303-439-8301 p. 10 • • EXHIBIT 0 PUBLIC IMPROVEMENTS Public improvements include the following types of expenses for the Development Property incurred by the Developer: Public right-of-way costs for Program Avenue improvements (adjacent to Development ' Property), including: Estimated Cost Street Lighting $ 8,000 Entry/Driveway Aprons 8,000 Curbs and Gutter(north side of Program Avenue only) 4,000 Traffic Control Signs 1,000 Program Avenue Excavation and Repair 5,000 Landscaping and Irrigation within Public Right-of-Way 20,000 Water Main and Hydrants to serve Development Property 55,000 Storm Sewer to serve Development Property 3,000 • (Connection at Program Avenue) Engineering and Testing Fees for Public Improvements to serve Development Property 5,000 Administrative Costs: Supervision 6,000 Inspection Fees 4,000 Permits 2,000 • Surveys 2.000 Total Estimated Cost $123,000 Fio.+AatWAZUbis SlASwInnoaai S , Dec 17 03 04: O1p Timothy 3. Nelson 303-439-8301 p. 11 411 EXHIBIT E SITE lMPRSIVEMENTS Site Improvements include the following types of expenses for the Development ' Property incurred by the Developer. Estimated Cost Erosion Control/Silt Fence $ 5,000 Site Clearing and Tree Removal 5,000 Soil Correction 25,000 Grading/Backfilling/Compaction of Fill 90,000 Sanitary Sewer 35,000 Ponding and Storm Sewer System 90,000 Retaining Walls 106,000 Paving- Include Costs of Base Construction excluding Asphalt 56,000 Landscaping and Irrigation Sprinkler System 60,000 Project Identification Signage 15,000 Soil Testing and Location Surveys 14,000 Environmental Costs,Assessments,Work Programs, Abatement/Clean-up Architectural/Design Fees(Site Only) 4,000 Engineering and Inspection Fees (Site Only) 12,000 Site Work Permit Fees 8.000 Total Estimated Cost: $525,000 . "No environmental issues or remediation costs are anticipated at this time. C*D.rng$IAZ 1SY4S 6##Swinnows . .. .___._ _ .._ . ...___•