HomeMy WebLinkAbout03-26-1998 ECONOMIC DEVELOPMENT COMMISSION AGENDA
March 26, 1998
7:30 A.M.
MOUNDS VIEW CITY HALL
CONFERENCE ROOM C
I. CALL TO ORDER A.M.
2. ROLL CALL (Present = P,Absent = A)
Carlson Larson
Goff Nelson
Field Stigney(EDA Liaison)
Sjoberg Whiting(Staff)
Schmidt Jopke(Staff)
3. APPROVE EDC MINUTES
• February 26,1998
Action: Motion
Second
Vote
4. SPECIAL BUSINESS
5. EDC BUSINESS
A. Consideration of Housing Improvement Loan Program
Action: Motion
Second
Vote
Comments:
B. Review of TIF Funding Budgets
C. Update of Proposal for Tax Increment Financing for Development of a Hotel/Conference Center
D. North Metro I35W Corridor Coalition
E. Sale of Buildings in the Mounds View Business Park
F. Status of the Economic Development Coordinator Position
6. Report of Commissioners,Staff and EDA liaison
7. ADJOURN A.M.
Next Meeting April 23, 1998
•
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Minutes of the Economic Development Commission
City of Mounds View
Ramsey County, Minnesota
Regular Meeting
February 26, 1998
City of Mounds View, Conference Room C
2401 Highway 10, Mounds View, MN 55112
1. CALL TO ORDER:
The meeting was called to order at 7:32 a.m. by Chairperson, Cindy Carlson.
2. ROLL CALL:
Members present: Cindy Carlson, Rosemary Goff,Tom Field, and Steve Larson.
Members absent: Dan Nelson, Ron Schmidt, and Brian Sjoberg
EDA Liaison present: None
Staff present: City Administrator Chuck Whiting, Community Development Director Rick
Jopke, Housing Inspector Steve Dorgan
3. APPROVAL OF MINUTES:
1111 Motion/Second: Goff/Carlson to approve the minutes from January 29, 1998.
Motion Carried 4 Ayes 0 Nays
4. SPECIAL BUSINESS
A. Review of the current status of the request by Everest for tax increment financing
assistance for Building N in the Mounds View Business Park.
City Administrator Whiting updated the EDC on the status of the Everest TIF request for
Building N. Whiting pointed out that Everest is requesting amendments to the previously
approved development assistance agreement including changing the the name of the Developer
entity, extending the deadline for substantial completion to December 31, 2000, and
expanding the list of TIF reimburseable improvement costs to include SAC, WAC, and park
dedication fees, parking lot base and paving costs, and TIF application deposit. Whiting
indicated that staff would be bringing this item to the City Council work session on March 2,
1998.
•
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5. EDC BUSINESS
A. Consideration of Proposal for Tax Increment Financing for Silverview Estates
This project involves the construction of a Holiday station store, two office buildings and a
senior housing project at the intersaction of Silver Lake Road and Highway 10. Jopke reviewed
the history of the project and the developers request for pay-as-you-go tax increment
assistance. Jopke recommended that the EDC consider TIF assistance equal to
approximately $1,000,000 on a present value basis instead of the $1,700,000 requested
by the developer. Jopke introduced Jim Casserly, the City's financial consultant. Mr
Casserly summarized his review of the request and the basis for the $1,000,000
recommendation.
Marcel Ebensteiner, representing Silverview Estates, Inc. requested that the assistance
to the office portion be increased from $167,000 to $240,000 to cover potential soil
correction costs on the site of the one story office building. Ebensteiner also stated that
they are also exploring the a number of options for the senior housing including the
possibility of HUD financing and having some or all assisted living units.
Chairperson Carlson informed the commission that she had contacted the developer of
the Oakcrest Senior Apartment in Spring Lake Park and found out that there are 11
units vacant in the project and that there was a total of$750,000 of TIF bond funds
provided to the project ($500,000 directly to the project and $250,000 for public
improvements including lighting).
Commissioner Larson pointed out that assisted living did not work at the Brightondale
project in New Brighton. Larson indicated that that project was changed to full care.
Larson also stated that affordable rates should not be the overriding issue because40
Mounds View already has a sufficient amiunt of affordable housing units and that
what seniors are looking for is avoiding the ongoing maintenance of single family
homes.
Additonal items discussed included the impact of the single story office building on the
adjacent wetlands, the timing of the construction of the office buidings, whether the
office portion of the project should be handled separately from the housing portion, and
whether the TIF assistance for the offices should be contingent on the completion of the
two story office. The commission discussed amount of assistance, length of assistance,
and eligible uses of funds for each portion of the project.
Motion/Second: Goff/Larson to approve Resolution No. 98-EDC21
Motion Carried 4 Ayes 0 Nays
B. Consideration of Housing Improvement Loan Program
Chairperson Carlson generally described the discussion that city staff had with Western
Bank concerning possible home improvement loan programs.
Housing Inspector Dorgan summarized the types of existing and possible programs that
staff has investigated.
•
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Commissioner Larson questioned why income limits should be included. Larson stated
that emphasis should be placed on the end result of improving value, marketability, and
aesthetics.
40 The commisssion also discussed the need to define the type of improvements which any
funds could be used for.
Additional discussion cocerning this matter will occur at a future EDC meeting.
6. REPORTS FROM CHAIR, COMMISSIONERS, AND STAFF:
None
7. ADJOURNMENT
There being no further business before the Commission, this meeting of the Economic
Development Commission adjourned at 9:12 a.m.
Respectfully Submitted,
Rick Jopke
Community Development Director
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To: Economic Development Commission Members
From: Steve Dorgan, Housing Inspector MEMORANDUM
Subject: Proposed Loan Programs
Date: March 13, 1998
BACKGROUND
At the EDC meeting on February 26, the commission reviewed information regarding a city sponsored
home improvement loan program. The commission directed staff to provide additional information
including examples of guidelines for loan eligibility and criteria for improvements from existing loan
programs. Also requested was information regarding Ramsey County's "This Old House"program. A
brief description of this program has been provided as well. In keeping with the promotion of home
improvement within the city, staff has recently explored opportunities to establish a city sponsored
home improvement or remodeling fair. It may be timely to consider additional incentives to promote
home improvement within the city.
LOAN ELIGIBILITY GUIDELINES
The following are examples of eligibility criteria the commission may consider as part of a city
sponsored home improvement loan program. Criteria was obtained from existing loan programs
currently provided by various counties, cities and lending agencies.
• Income Limit: Most loan programs establish a maximum household income limit for
qualifying applicants. Household income limits for these programs
range from $10,000 - $49,000. Because loan funds are limited,the
income limit is designed to stimulate home improvements for
households which may not have borrowed through a conventional loan.
No Income Limit: Two programs were found to have no income limits. One program
was for rental properties only and the other was limited to energy
efficiency improvements.
Interest Rates: Interest rates vary for each program ranging from 2-8%. Most rates
are based on household income, with the lower rates going to lower
income households.
ELIGIBLE IMPROVEMENTS
The commission requested a set of improvements be provided as potential guidelines for the proposed
loan program. The commission requested consideration of exterior and interior improvements which
enhance or maintain property values. The following are qualifying improvements from loan programs
currently offered to Mounds View homeowners.
Basic Livability: Improvements which increase the basic livability of the home. Most all
improvements are covered by this criteria.
Energy Efficiency: Insulation, windows, furnace, air conditioning,water heater,windows,
• doors.
Staff Memo - Proposed Loan Program
March 13, 1998 •
Page 2
Code Compliance: Repair of items not compliant with required housing and building codes.
Improvements for
Disabled Persons: Improvements which provide increased accessibility throughout the home
for disabled persons.
Structural Repairs: Repairs to the structural portions of the home, walls, foundation, supports,
roof, etc.
Floors and Ceilings: Repair or replace floors and ceilings.
Interior and
Exterior Walls: Repair of interior and exterior walls.
Foundation Repair: Repair to the building foundations.
Increase Esthetics: It was suggested by the commission that one possible criteria may be to
consider home improvements which increase the esthetics of the
neighborhood. These may include, painting, landscaping, and general
maintenance to the exterior home and yard.
•
NONELIGIBLE IMPROVEMENTS
At the last commission meeting,the EDC requested specific improvements not be eligible through a
proposed home loan program. Items discussed included; saunas, hot tubs, swimming pools, and the like. •
The commission expressed concern that qualifying improvements should increase tax value of the property
and the surrounding neighborhood. By specifying noneligible improvements, the goals of the program
may be more clearly defined.
THIS OLD HOUSE
"This Old House" is a statewide program administered through the counties. The program provides tax
exemptions for home improvements which add tax value to the property. Home improvements that qualify
for the program must occur between the years 1993 and 2003. With the exception of core cities
(Minneapolis and St. Paul)qualifying homes must have an assessed value which is less than $150,000.
Qualifying exemptions are for work which does not exceed a$50,000 value. Eligible homes must also be
at least 35 years old and have a homestead classification. Homes which are 35-69 years old qualify for a
50% of the exemption. Homes which are 70 years old or older qualify for 100% of the tax exemption.
The tax exemption is a 10 year term beginning from the date of improvement. After which,the increased
value is phased in over a five year period. If the home is sold,the tax exemption is lost. However, past
years exemptions are not required to be payed back.
The "This Old House" program provides an incentive for homeowners to make improvements to their
homes without increasing the property tax. Approximately half of Mounds View homes fall within the
programs guidelines of less than a$150,000 value and being at least 35 years old. The program provides
an incentive for Mounds View homeowners to make home improvements without an increased tax burden.
However, a portion of the tax base is lost from homes qualifying for the program.
• Staff Memo - Proposed Loan Program
March 13, 1998
Page 3
HOME IMPROVEMENT FAIR
Another option for consideration by the EDC is the establishment of a"Home Improvement Fair" for
Mounds View residents. Numerous communities throughout the metropolitan area organize an annual fair
which features local contractors, home improvement and remodeling, financial institutions and other
various exhibits relating to home improvement. Attached is a copy of a brochure for the City of Roseville
"Home and Garden Fair"(Exhibit B). Possibilities include a home improvement fair exclusively sponsored
by the city or a combined effort with one or more communities. The city may wish to consider options for
a"Home Improvement Fair" at this time.
SUMMARY
Mounds View has taken a proactive approach to home improvement within the community this year by
joining efforts with a consortium of other first tier suburban communities in the development of a
remodeling plan book. The plan book will provide design samples for remodeling homes which are
typical of home designs of first tier suburbs(i.e. Rambler, Cape Cod, Bungalow, etc...). When the
Economic Development Authority appropriated the funding to participate in the creation of the plan book,
direction was provided to explore options to establish a low interest home improvement loan program
sponsored by the city. Numerous options are available to the city for implementing a low interest loan
program. The EDC should consider the city's goals for housing quality when recommending a loan
program. Even though the"This Old House"program may limit the increased tax base for home
improvements, the long term effect of stimulated home improvement would have a positive effect on
Mounds View's housing quality and value.
RECOMMENDATION
Provide direction to the Economic Development Authority for further consideration of a low
interest loan program and "Home Improvement Fair".
Steve Dorgan
Housing Inspector
717-4023
Attachments: Exhibit A: EDC Staff Memo- February 26, 1998
Exhibit B: City of Roseville"Home and Garden Fair"Brochure
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•
EXHIBIT A
To: Economic Development Commission Members
From: Steve Dorgan, Housing Inspector MEMORANDUM
Subject: Proposed Loan Programs
Date: March 16, 1998
•
BACKGROUND
The City Council has recently directed staff to review possible low-interest loan programs which
may be offered by the city to residents for home remodeling and renovation. It was suggested
that by establishing a low-interest loan program,the city may provide incentives for the
remodeling and renovation for much of the city's housing stock. Staff has reviewed loan
programs currently offered to Mounds View homeowners through existing agencies and lenders.
Most of the existing loan programs offer low-interest rates typically at 2-8%. However,the
household income requirements for these programs limit the number of qualifying homeowners
for the lower interest rates of 2-6%.
Staff has recently discussed possible low-interest loan programs for the city with Western Bank
of Mounds View,the Center for Energy and the Environment(CEE) and the Minnesota Housing
Finance Agency(MHFA). A list of existing programs as well as possible loan programs have
been compiled for the commission's review.
•
EXISTING PROGRAMS
Minnesota Housing Finance Agency(MHFA)
• Great Minnesota Fix-up Fund
Qualifying homeowners must have a gross annual income of$49,000 or less. Interest
rates are based on the homeowners annual income. Households with an adjusted gross
income($1,000 income deduction for each family member)of$30,000 or more pay an
annual percentage rate(APR) of 8%. Qualifying homeowners may borrow up to
$25,000. Improvements include basic livability and energy efficiency of the home.
Available through participating banks.
Revolving Loan Program
The household adjusted annual gross income must be less than $18,000. The APR is 3%
for a term up to 15 years. The loan may be used for basic improvements for livability
including: electrical wiring, plumbing, roofing, heating, energy saving items,
improvements specific to disabled persons and code items that require code compliance.
Deferred Loan Program
The household adjusted annual gross income must be less than $10,000. This loan must
only be paid if the home is sold or transferred within 10 years. The loan may be used for
basic improvements for livability including: electrical wiring, plumbing, roofing,
heating, energy saving items, improvements specific to disabled persons and code items 5
Staff Memo - Proposed Loan Program
• March 16, 1998
Page 2
that require code compliance.
Home Energy Loan
Qualifying applicants must be owner occupants of a single family home. There are no income
limitations to be eligible for a home energy loan. A qualifying homeowner may borrow between
$1,000 and $5,000 at an APR of 8% for a term not to exceed 5 years. Available through
participating lenders.
Environment and Energy Resource Center(EERC)
Energy Conservation Deferred Loan Program
Provides 10-year deferred payment loans to improve energy efficiency to 1-4 unit owner
occupied properties. Loans are restricted to low and moderate income households(generally
below $41,000 for a family of four) and must be recommended through an energy audit.
Financing for loans up to $5,000 is available for measures which reduce home energy costs, and
emphasize fast payback in reduced energy bills such as; high efficiency heating systems - attic,
wall and foundation insulation- and weatherization.
Home Energy Loan
Provides loans from $1,000-8,000 with 8%APR. Loans are approved within 24 hours (one hour
approval on no-heat emergencies). Unsecured loan qualification(no second mortgage on home
• unless over$5,000). Minimal documentation for approval. Eligible improvements: replacement
of furnace, air conditioner and hot water heater, insulation, doors and windows.
Home Improvement Loan
2%-8% APR depending on income and number of dependants. Loan amounts of$500-$25,000.
Upper income restriction of$46,000 a year adjusted gross annual household income. Loans
$5,000 and over are secured by a mortgage on your residence. All home improvements are
eligible.
Rental Energy Loan
4% APR for loan amounts of$1,000-$10,000. Only rental properties qualify (owner or
nonowner occupied). Loans$3,500 and over are secured by a mortgage on the property.
Ramsey County
Deferred Loan Program
Provides a 10-year deferred loans for low income homeowners. Loans are restricted to low
income households (generally below$30,400 for a family of four) The loans may be used for
basic and necessary improvements that make the home more livable, accessible, and energy
efficient.
Rental Rehabilitation
Provides loans to any private rental property owner providing housing to low-moderate income
• households. Loans may be up to $50,000 at 2% interest for 10 years. Improvements include;
ti
Staff Memo - Proposed Loan Program
March 16, 1998
Page 3
repair or replacement of mechanical, structural, electrical, plumbing, roofs, foundation, interior
and exterior walls, floors and ceilings and improvement to energy efficiency and handicap
accessibility.
The following table shows the existing housing loan programs provided by various agencies and
the respective eligibility requirements.
•
LOAN PROGRAM ELIGIBILITY
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MHFA Great MN Fix-up Owner $49,000 Basic Livability $25,000 max. 2-8%depending
Fund and Energy on income
• Efficiency
Revolving Loan Owner $18,000 Basic Livability $25,000 max. 3%
Deferred Loan Owner $10,000 Basic Livability $10,000 max. 10 year deferred
Home Energy Owner none Energy $5,000 max. 8%-5 year
Loan Efficiency term
EERC Energy Deferred Owner/Rental $41,000 Energy $5,000 max. 10 year deferred •
Loan Efficiency
Home Energy Owner none Energy $8,000 max. 8%
Loan Efficiency
•
Home Owner $46,000 All Home $25,000 max. 2-8%depending
Improvement Loan Improvements on income
Rental Energy Rental(owner or none Energy $10,000 max. 4%
Loan nonowner occup.) Efficiency
Ramsey Co. Deferred Loan Owner $30,400 Basic Necessary $25,000 10 year deferred
Improvements
Rental Rental Low-moderate All Home $50,000 max. 2%- 10 year
Rehabilitation income renters Improvements term
POSSIBLE PROGRAMS FOR MOUNDS VIEW
Minnesota Housing Finance Agency(1VIHFA)
Community Fix-up Fund
The City would partner with a local bank or financing provider to establish a loan program to
target a specific housing need or area of the city(exp. homes built before 1960). Home
improvement loans would be provided for households with incomes of$68,500 or less with APR
of 2%-8%. Households with an adjusted gross income of$30,000 or more pay an APR of 8%
•
Staff Memo - Proposed Loan Program
March 16, 1998
Page 4
($1,000 income deduction for each family member).
The MHFA has proposed an amendment to the Community Fix-up Fund program which would
allow participating cities to buy down interest rates for their programs. As the program currently
stands, interest rates may not be bought down. The MHFA board will review the proposed
changes at their March 26th meeting.
Center for the Energy and the Environment(CEE)
Home improvement loans may be provided at 4-6%with general loan funds provided by the City
of Mounds View. CEE processes applications, assists in the marketing of the program and
provides servicing of the loans through Community Reinvestment, an outside loan servicing
company. Remodeling Counselors may also be made available for$75 - $125 per consultation
Western Bank
Option 1. Rate Buy Down
Western Bank uses current underwriting guidelines. The city may adopt parameters for granting
loans; i.e. income, type of improvements, etc.. Western Bank provides the funds for loans and
the City of Mounds View either keeps money on deposit or pays a fee per loan to by down the
interest rate. The city would not have to lend out money. All loan risk, administration,
compliance with regulations and collection would be the responsibility of Western Bank.
•
Program Guidelines:
• Maximum of$25,000 loan without regard to equity in the home. Current rates
range from 8% - 13%.
♦ Loan minimum for a mortgage is $5,000. Loan minimum for all other loans are
$3,000.
• Applicants would pay normal closing costs. These may be financed with the
loan. Closing cost for a$25,000 loan are typically$195.
• Consolidation of other debts are available to accommodate the home
improvement payment.
Option 2. Revolving Loan Fund
The City of Mounds View would set aside a specific amount of funds that Western Bank would
lend according to the bank's parameters. Western would originate and administer the loans,
collect and place payments in a separate account and provide monthly reporting. Western Bank
and the City of Mounds View would agree to typical collection efforts that Western would
provide as it relates to delinquent loans. Interest rates may be set by the city.
Option 3. Matching Loan Fund
Both the City of Mounds View and Western Bank would set aside an amount of money to lend
according to agreed upon parameters. This arrangement could be in full recourse or non-
recourse depending on how it is set up. Two loans would be made to the customer. Mounds
11111 Views portion would be at a low rate and Westerns portion would be closer to market rate for a
Staff Memo - Proposed Loan Program
March 16, 1998 i
Page 5
melded rate between 5-6%.
Option 4 Originate Only
Western Bank would originate the loan for a fee using City of Mounds View funds and assign it
to a loan servicer. The city would set the interest rate.
DISCUS ION
Staff has reviewed loan programs currently offered to Mounds View homeowners. The majority of
existing loan programs offer low-interest ranging from 2-8%. However, the household income
requirements for these programs limit the number of qualifying homeowners for the lower interest rates
of 2-6%. Mounds View homeowners with middle incomes would most likely not qualify for the lower
interest rates offered through existing loan programs. Therefore, the city may considered offering a low
interest loan program to a wider range of the city's homeowners to promote remodeling and renovation
of the city's housing stock. The proposed programs may be modified to include a variety of scenarios
for a low-interest loan program offered by the city. When considering a city sponsored loan program,
existing programs offered by other agencies should be considered so that efforts are not duplicated.
ACTION TO BE CONSIDERED
Provide staff direction to further explore opportunities for creating a low-interest loan program for the
city. Specifically,what type of loan would the commission want to see offered through a city sponsored
program. Areas to consider include, interest rates, qualifications for home owners (applicants), income
limits, type of improvements.
•
"1.44'
Steve Dorgan —
Housing Inspector
717-4023
Attachments: Exhibit A: Letter from Western Bank
Exhibit B: Letter form Center for Energy and Environment
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To: Economic Development Commission Members
From: Rick Jopke, Community Development Director MEMORANDUM
Subject: Review of TIF Funding Budgets
Date: March 17, 1998
BACKGROUND
The City Council, on March 9, 1998, awarded bids for the construction of Phase II of the
project to renovate the former Bel Rae Ballroom into the Mounds View Community Center.
The bids awarded were equal to $3,473, 107. This would bring the total cost of the project to
approximately $6. I million. The source of funds for this project is the available TIF pool. The
EDC and EDA have previously approved a long range budget projecting the use of available
TIF pool funds. The amount of TIF funds needed for the Community Center exceeds what
was shown in the long range budget. Bruce Kessel, the city's finance director will be present
at the March 26 EDC meeting to review the attached projected TIF Funding Budgets with the
commission.
RECOMMENDATION
• This matter is being presented for information purposes only. No action is necessary at this
time. Future action will be required as part of the approval of a revised economic
development plan.
3—CfRick Jopke
Community Development Director
N:\DATA\GROUPS\ECONDEV\EDA-EDCVT1FUND.MEN1
•
City of Mounds View Staff Report
• To: Honorable Mayor and Members of the City Council
From: Bruce A. Kessel, Finance Director
Item Title/Subject: Status of TIF Cash Reserves
Date of Report: March 5, 1998
Attached is a summary of the TIF District's projected cash balances with supporting schedules
for the three TIF district. It should be noted that the largest TIF outlays (Community Center,
Housing programs, Business Loans, Highway 10 Redevelopment, and administrative costs) for
1997 through 2015 have been charged to District 1 for purposes of these projections (See
Attachment B-2). Budgets were prepared and approved for these items through the year 2006.
Because of the changes in the property tax system and a larger than originally projected
community center, the attached projections were lowered for the outlays for the other items
through the year 2006. Outlays were also extended through the year 2015 to provide a more
realistic picture for the overall TIF plan. This results in a projected deficit balance in the years
2002 through part of 2006. It should be noted that District 1 shows a deficit while District 2 & 3
have surpluses (Attachment A). Since the Districts are pooled, we will be allocating
expenditures to all three districts as they are incurred, but for planning purposes, it was easier to
show the expenditures in one district.
It should also be noted that for planning purposes, I reduced the tax capacity values by $230,000
• in 1999 and in 2000 in anticipation of changes in the state's formula for commercial, industrial
and apartment properties. This is the amount that our tax capacity values decreased in 1998.
Presently, we do not know what the changes will be in the property tax system in future years.
We will monitor legislative changes in order to estimate the impact on our TIF districts.
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