HomeMy WebLinkAboutCC RES 03-097 A RESOLUTION RELATING TO THE REDEVELOPMENT OF PROPERTY IN REDEVELOPMENT PROJECT AREA NO. 3 AND AUTHORIZING THE PREPARATION, EXECUTION AND DELIVERY OF A REDEVELOPMENT AGREEMENT AND RELATED AGREEMENTS Meeting Sheet
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104586
Box: 31
Folder: RES 2003
Document: CC RES 03-097 A RESOLUTION RELATING TO THE
REDEVELOPMENT OF PROPERTY IN REDEVELOPMENT PROJECT AREA
NO. 3 AND AUTHORIZING THE PREPARATION, EXECUTION AND
DELIVERY OF A REDEVELOPMENT AGREEMENT AND RELATED
AGREEMENTS
• THE CITY OF ST. ANTHONY
RESOLUTION NO. 03- 097
RESOLUTION RELATING TO THE REDEVELOPMENT OF PROPERTY IN
REDEVELOPMENT PROJECT AREA NO. 3 AND AUTHORIZING THE
PREPARATION,EXECUTION AND DELIVERY OF A REDEVELOPMENT
AGREEMENT AND RELATED AGREEMENTS
WHEREAS, the City of St. Anthony(the"City") and the St. Anthony Housing and
Redevelopment Authority(the "HRA") have identified an area located in the northwest portion
of the City(the "Northwest Quadrant') for study regarding the area's decline and opportunities
for potential redevelopment; and
WHERAS, the City hired consultants and appointed a citizen-based task force to develop
a planning framework for redevelopment of the Northwest Quadrant; and
WHEREAS, the consultants and task force developed the Northwest Quadrant
Redevelopment Plan ("Northwest Quadrant Plan"), dated July 2001, which describes the
planning process, the existing conditions and provides redevelopment options for the Northwest
Quadrant; and
• WHEREAS, the City and HRA reviewed the Northwest Quadrant Plan and agreed with
the findings contained therein; and
WHEREAS, a portion of the property in the Northwest Quadrant is included in
Redevelopment Project Area No. 3 established by the Redevelopment Plan for Redevelopment
Project Area No. 3 of the HRA as modified (as so modified the"Redevelopment Plan"), which
Redevelopment Plan provides goals and objectives for the redevelopment of the property in
Redevelopment Project Area No. 3; and
WHEREAS, the City and HRA have been proceeding with plans and discussions
concerning the redevelopment of a portion of the property in Redevelopment Project Area No. 3;
and
WHEREAS, a portion of the property in Redevelopment Project Area No. 3 is included
in TIF District No. 3-5 ("TIF District 3-5") established by the HRA to provide tax increment
assistance in connection with the redevelopment of Redevelopment Project Area No. 3; and
WHEREAS, certain written reports (the "Reports") relating to the Redevelopment Plan
and to the activities contemplated therein have heretofore been prepared by staff and consultants
and submitted to the Council and/or made a part of the City files and proceedings on the
Redevelopment Plan, and which include data, information and/or substantiation constituting or
relating to the basis for the other findings and determinations made in this resolution; and
• WHEREAS, the Reports include the Report prepared by LHB Engineers and Architects,
the Environmental and Asbestos Reports prepared by Braun Intertec, the Northwest Quadrant
• Plan and the Northwest Redevelopment Area Blight Analysis prepared by Dahlgren Shardlow
and Uban Inc.; and
WHEREAS, Apache Redevelopment, LLC (the "Developer"), which has proposed that
approximately 211,000 sq/ft of retail and office space, 220 market rate rental units, 336 owner-
occupied flats, 26 three story town homes and 80 senior cooperative units, together with related
public improvements and public amenities be constructed on a portion of the property in
Redevelopment Project Area No. 3 (the"Redevelopment Property"); and
WHEREAS, the City and HRA has found and determined that such proposed
redevelopment of the Redevelopment Property will result in increased housing units to meet the
demands of the marketplace, the increase of employment opportunities for residents of the city,
the increase of the value of property subject to taxation by the City and other local government
units, needed public improvements and amenities and the increase of general economic activity
in the City, all of which will reduce unemployment, improve living conditions, promote desirable
redevelopment of land, remove blight and prevent the emergence of additional blighted property
and areas, and encourage and enhance the general health and welfare of the residents of the City;
and
WHEREAS, the City on September 23, 2003 pursuant to Resolution 03-085 approved
the redevelopment proposal of the Developer and approved the general terms of a redevelopment
agreement between the City, HRA and Developer and authorized the negotiation of a
redevelopment agreement between the City, HRA and Redeveloper; and
• WHEREAS, representatives of the Developer and of the City and HRA have negotiated
and resolved the proposed terms of a redevelopment agreement for the development by the
Developer of the Redevelopment Property, including the means by which such development will
be undertaken and the extent of public assistance required for such development, which proposed
terms are contained in a Redevelopment Agreement by and among the City, the HRA and the
Developer and related agreements(the Redevelopment Agreement and related agreements are
herein together referred to as the"Redevelopment Agreement") negotiated by such parties, a
draft of which has been made available for review by the City Council and is on file with the
City Manager and a summary of which has been presented to and reviewed and discussed by this
Council.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of St. Anthony as
follows:
1. The Council finds that the redevelopment of the Redevelopment Property as proposed
by the Developer, are in the vital and best interests of the City and (a) the proposed tax increment
and other public assistance to be provided by the City and HRA to such redevelopment is
necessary in order to allow the redevelopment to occur, (b) the public expenditures
contempalated therein primarily serve a public purpose and will result in needed public
improvements and amenities, including new streets and utilities, will result in the removal of
blight and blighting influences, will result in necessary storm water treatment facilities of
• material benefit to the natural environment and are in the public interest by permitting the
redevelopment of property in the City in a manner beneficial to the City and in a fashion that
2
• meets the goals and objectives of the Redevelopment Plan and (c) the adoption of the
Redevelopment Plan, the creation of the TIF District 3-5, the entry into the Redevelopment
Agreement, and other actions contemplated therein and thereby, is in accordance with the
provisions of all applicable federal, state and local laws.
2. The Mayor and City Manager are hereby authorized and directed on behalf of the City
to execute and deliver the Redevelopment Agreement in substantially the form on file with the
City Manager, with such changes, insertions, deletions and modifications as shall be approved by
the City Manager and City Attorney and which shall not, in the opinion of the City Manager,
substantially alter or impair the rights and obligations of the City and HRA as set forth in the
summary presented to this Council, such approval to be conclusively evidenced by the execution
and delivery of the Redevelopment Agreement by the City.
3. The approval herein given includes the conveyance by the City of certain property of
the City, the entry into a contract to acquire a new site for the municipal liquor store and the
construction by the Developer or its assignee of a new liquor store thereon, the construction of a
new 391h Street between Silver Lake Road and the existing terminus of 391h Street to the west
thereof and various other street and roadway improvements on exiting 39th Street, the acquisition
and conveyance of certain additional property to the Developer, including, if necessary the
acquisition thereof by the power of eminent domain, the provision of the specified tax increment
assistance, and various other matters, all as set forth more fully and specifically in the
Redevelopment Agreement.
• 4. The City Council approves the assignment by the Developer as provided by and
subject to the requirements of the Redevelopment Agreement of the rights and benefits related to
the Commercial Element(as defined in the Redevelopment Agreement) to the St. Anthony Retail
Development, LLC, and the assignment by the Developer as provided by and subject to the
requirements of the Redevelopment Agreement of the rights and benefits related to the For Sale
Housing Development(as defined in the Redevelopment Agreement) to Apache Homes 1 A,
LLC.
5. The City Manager and Executive Director of the HRA, upon execution of the
Redevelopment Agreement, are hereby directed to proceed expeditiously to take all actions
contemplated therein, and, as necessary and appropriate, bring before the City Council and HRA
any further matters requiring additional action or approval consistent with such Redevelopment
Agreement.
6. The City Council hereby incorporates into its files and proceedings relating to
the Redevelopment Agreement, including, but not limited to, the findings and
reasons and facts supporting the findings contained in Resolution No. 03-082,
adopted by the City Council on September 23, 2003, the testimony presented
to the City Council at public hearings with respect to the Redevelopment Plan
and proposed redevelopment of the Redevelopment Property and the Reports.
The City Council hereby confirms and ratifies the Reports, which are hereby
incorporated into and made a part of this resolution to the same extent as set
• forth in full herein.
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• Adopted this day of 2003.
22-
Mayor
ATTEST:
City Clerk
Reviewed for Administration:
City Manager
•
•
D:)�) HORSEY
• MEMORANDUM
TO: Michael Morrison, City Manager
FROM: Jerome P. Gilligan
Jay R. Lindgren
DATE: October 27, 2003
RE: Northwest Quadrant Redevelopment— Summary of Redevelopment
Agreement
1. Development Phases
The Redevelopment Agreement ("Agreement") is by and among the City, the HRA and Apache
Development, LLC (the "Developer"), which is a single purpose entity formed by Pratt Ordway
LLC. The Developer will acquire the Development Property (as described in the table below).
With consent of the HRA's Executive Director, the Developer will assign its rights under the
Agreement to a Commercial Developer, a For Sale Housing Developer and a Rental Housing
Developer.
The Development is divided into phases as follows:
• a. Commercial Development of approximately 232,000 square feet of commercial
and retail facilities.
b. Phase I For Sale Housing Development of 128 units of Phase IA stacked flats and
128 units of Phase IB stacked flats
C. Phase II For Sale Housing
i. Phase IIA—at least 80 units of senior housing.
ii. Phase IIB—26 townhouses.
iii. Phase IIC—80 units of for sale housing.
d. Rental Housing Development of approximately 220 units of rental housing.
Property Name PID Phase
I—Commercial
Apache Plaza 31-30-23-34-0016 IB—For Sale Housing
I—Rental Housing
Vacant New Market Site 31-30-23-33-0002 I—Rental Housing
Taco Bell 31-30-23-34-0018 I—Commercial
SAV II/Tires Plus 31-30-23-34-0017 I—Commercial
2 Vacant HRA Parcels 31-30-23-34-0014 I—Commercial
31-30-23-34-0019
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• Vacant Parcel around Taco 31-30-23-34-0015 I -Commercial
Bell
Pond behind Cub Foods 31-30-23-31-0028 1-Commercial
Pond Behind Mini Mall 31-30-23-31-0033 1 -Commercial
Cub Foods I-Commercial
Apache Squares 31-30-23-33-0001 IA—For Sale Housing
Apache Office 31-30-23-33-0011 IA—For Sale Housing
JA Cadwallader Office 31-30-23-33-0012 IA—For Sale Housing
Bakers Square &Parking Lot 31-30-23-33-0013 IIA—Housing
31-30-23-33-0014
Don's Car Wash 31-30-23-33-0005 IIA -Housing
Firestone 31-30-23-33-0006 IIB—Town Homes
Ed's Carwash 31-30-23-33-0010 IIB—Town Homes
Vacant parcel on Stinson Blvd 31-30-23-33-0018 IIB—Town Homes
Fuel Mart 31-30-23-33-0003 IIC—Housing
Carwash on Stinson Blvd 31-30-23-33-0004 IIC -Housing
The Agreement provides that Development is to occur as follows:
Square Development Desired Start
Development Footage/#of Time Frame Date Default Date
Units
Phase I Big Box 142,000 Sq/Ft 2004 -2005 Spring 2004 June 1, 2005
• Phase I Retail 56,000 Sq/Ft 2004-2005 Spring 2004 June 1, 2005
Phase I Office 25,000 Sq/Ft 2004-2005 Spring 2004 June 1, 2005
Phase I SAV Il 8,800 Sq/Ft 2004-2005 Spring 2004 June 1,2005
Phase I Market Rate 220 Units 2004-2006 Fall 2004 July 1, 2005
Apartments
Phase IA Urban Flats 128 Units 2004-2006 Fall 2004 July 1, 2005
Phase IB Urban Flats 128 Units 2005-2007 Fall 2005 July 1, 2006
Phase IIA 80 Units 2005-2007 Fall 2005 July 1, 2006
Senior Co-Op IIB 26 Units 2005-2006 Fall 2005 July 1, 2006
3-Story Town Homes
Phase IIC Urban Flats 80 Units 2006-2007 Fall 2006 July 1, 2007
TOTAL N/A N/A N/A N/A
Each Phase will be subject to customary City land use controls and approvals, including
one or more PUD Agreements and approval of Final Plans and Final Plats.
2. Assignment to Development Parties
The Developer is solely responsible under the Agreement if and until its interest are assigned to
another developer with approval by the HRA. The Developer currently intends to assign its
interests to the Commercial Development to St. Anthony Retail Development, LLC, which has
ownership evenly divided between the Developer and St. Anthony Partners, LLC, an entity
associated with Robert Muir. Approval of this assignment will be sought simultaneously with
• approval of the Agreement. Further assignments could be made with consent of the HRA
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• Executive Director from the Developer to other developers for the Phase I for Sale Housing and
Rental Housing and the Phase II For Sale Housing.
3. Tax Increment
a. Creation of a Redevelopment TIF District. The City and HRA have created a
Redevelopment TIF District. The City is not required to request certification of
the District until the Agreement is executed.
b. Administration Expense Allocation. Currently all TIF calculations show 5% of
available Tax Increment being available for administration. To the extent that
the development will require more than 95% of the TIF for actual redevelopment
costs or coverage of bonds, the City may elect to subordinate its 5%
administration until the entire development comes on line. In the alternative, if
there is excess increment, the City may increase its administration amount to the
statutory limit of 10%.
C. TIF Notes. The Development Team will finance development costs up front and
they will request the City to "take them out" after the development is completed
through the issuance of Tax Exempt TIF bonds. This is a tool that is used in
many of the metropolitan communities to assist developers with development and
is a low risk proposition for the City and HRA, since the developments will be
constructed and paying taxes when the HRA is issuing these bonds. These bonds
will not be General Obligations of the HRA.
• 4. Public Improvements
a. Roadway and Sanitary Sewer Improvements. 39`h Avenue will be reconstructed
from Silver Lake Road to Stinson Boulevard and upgrades will be made to the
sanitary sewer lines as well. It is anticipated that it will cost approximately
$2.205 million to complete these improvements and the cost will be assessed to
and paid for by the development and other benefiting properties within the TIF
District as follows:
Large Retailer: $1,205,000 Paid up front on completion of roadway
Small Commercial: $500,000 Assessed over term of bonds
Phase IA For Sale Housing: $325,000 Paid at sale of units
Benefiting properties: $175,000 Assessed over term of bonds
TOTAL $2,205,000
Any amount in excess of the anticipated amount of$2.05 million will be paid through
Tax Increment generated from the project. The City will be responsible for designing
these improvements in time for an anticipated 2004 construction commencement date
consistent with the timing of the private development. Construction by the City will
only need to commence when the City has received adequate assurances that the For
Sale Housing Developer and Commercial Developer are ready to commence
construction and have secured equity and debt financing satisfactory to the HRA.
• b. Site Improvements/Open Space. The Developer or Commercial Developer will
pay for the open space/ponding and site improvements, which are estimated to
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• cost approximately $1,430,000. They will be reimbursed by the City and HRA
for a portion or all of the site/ponding improvements through Park Dedication
Fees generated from the development (estimated at $205,000), any grants the
City may receive and from Tax Increment. The site improvements will be
phased over time if the City does not receive the $900,000 in LCDA funds it
requested from the Metropolitan Council. The Development and other benefited
properties will be assessed for the costs associated with maintaining the storm
water ponds and the City will be responsible for maintaining the open space
around the storm water ponds.
5. Miscellaneous
a. City Liquor Store. The Developer will construct and furnish a new Municipal
Liquor Store within the commercial development. The New Liquor Store is to be
constructed prior to demolition of the existing store so as to cause minimal
disruption to the City's Liquor operation. Since Tires Plus will be required to
relocate their business, the City will work with them to find a suitable site to
relocate to. The City commits to condemn the Tires Plus lease if necessary to
clear title. The Developer will pay the cost to relocate the existing Tires Plus
building and the cost to construct the new Liquor Store, up to an amount
currently anticipated to be $1,700,000.
b. Cub Foods. The Developer has a signed purchase agreement for the existing Cub
Foods store for $10,850,000, inclusive of the restrictive property covenants. The
• Developer intends to rehabilitate the store to upgrade its appearance to the design
standards of the new commercial development that is estimated to be $580,000.
Therefore, the Authority has approved these items as an approved Developer
expense.
In addition, the City agrees that absent this sale, the property was "under threat of
condemnation" and would consider taking all necessary actions to acquire the site if
the acquisition had not been negotiated.
C. Commercial Property Acquisition. The Developer has requested assistance in
acquiring the three commercial properties that the Phase IA For Sale Housing
units will be located upon (Apache Squares, Apache Office and JA Cadawallader
Office). Fannie Mae is willing to provide a non-revolving line of credit to assist
in acquisition. Fannie Mae will require, as collateral, a pledge of funds from the
City. The Authority may also require a Developer Guarantee and a portion of the
land as collateral. It is anticipated that the City will utilize funds from the Water
Filtration Fund to utilize as collateral for the loan and will not be required to
provide its General Obligation Taxing Authority. All closing costs associated
with the loan are the responsibility of the Developer or For Sale Housing
Developer and must be paid directly by such at the loan closing.
The Developer will be required to have 20% of the units in the first Phase IA building
sold prior to the City considering advancing the loan funds from Fannie Mae. In
addition the Developer will need to have obtained the construction financing for the
land prior to advancement of the loan.
•
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• d. Profit Sharing on For Sale Urban Flats. Preliminary development proformas for
the For Sale Housing Development are attached as an Exhibit to the Agreement.
The For Sale Housing Developer anticipates a twelve (12) percent profit on the
development. Once this profit margin is achieved, they will provide a prorated
"pay back" to the City and HRA of 25% of the excess profit. If the project profit
exceeds fifteen (15) percent, then the HRH's prorated share of the profit will be
increased to 50%. The profit calculations exclude any unit "upgrades"requested
by homeowners.
e. Below Market Profit TIF Assistance Increase. Provided the For Sale Housing
Developer is not in default, in the event the return to the For Sale Housing
Developer is less than 12%, the City and HRA shall provide the For Sale
Housing Developer a subordinated Pay-As-You-Go (PAYG)Tax Increment Note
in the amount needed to attain a 12%return. The Subordinated TIF Note shall be
payable solely from the amounts of Available Tax Increment on the Phase I For
Sale Housing not utilized to pay the Tax Exempt TIF Refinancing or the
City/HRA 5%administrative fee
f. Look Back Provision—Commercial. Preliminary development proformas for the
Commercial Development are attached as an Exhibit to the Agreement. When
the developments are completed the actual development proformas in the
categories of relocation, demolition, and Apache Plaza overhead and carrying
costs, will be compared with the preliminary development proformas. If the
Commercial Developer meets its construction and lease goals, then the excess
• proceeds will be disbursed to the City and HRA as excess TIF and will be made
available for Phase II developments within the TIF District.
g. Rental Housing Development. The City and HRA will enter into a separate
redevelopment contract with the Rental Housing Developer. A separate But-For
analysis will be completed for this portion.
h. Condemnation. The Developer will utilize reasonable efforts to acquire all
property privately prior to requesting the HRA to initiate condemnation,
including use, where appropriate of HRA sponsored mediation. The HRA will
agree to undertake condemnation of all real properties located within the
Development area, including any leaseholds, easements, restrictive covenants or
other or other legal or equitable interest that encumber the Development area and
would restrict redevelopment as contemplated. Condemnation shall be
undertaken on a schedule mutually agreed to between the Developer and the
HRA.
All costs of condemnation proceedings, including, but not limited to legal fees, filing
fees, costs, appraisal fees and title work, shall be paid by the Developer, subject to
reimbursement of certain costs as a public redevelopment cost from Tax Increment.
The Developer shall enter into a Reimbursement Agreement with the HRA to
reimburse the costs of condemnation proceeds, condemnation awards and relocation
as incurred for acquisition of the Phase I property.
• i. Advancement and Reimbursement to Developer. The Developer has reimbursed
and agrees it will in the future continue to promptly reimburse the City and HRA
for all costs of the City and HRA in advancement of the Project, including but
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• not limited to the costs of consultants, financial analysis of the Project and the
Tax Increment Plan, Redevelopment and TIF District analysis and creation, legal
fees, survey and title costs, environmental review costs, environmental site
investigation costs and other similar costs.
The Developer will be reimbursed for these costs and costs associated with acquiring
and holding the Apache Plaza property and other overhead as a qualified Tax
Increment cost in an amount that is currently estimated to be $2,645,000 and
individually listed as follows:
Predevelopment Costs(Public/Private): $1,250,000
Apache Mall Holding Costs $355,000
Apache Capitalized Interest: $100,000
Developer Overhead/Administration $590,000
Developer Capitalized Interest—Project Costs: $350,000
TOTAL $2,645,000
The Developer shall cost certify all such private third party costs and expenses of the
developer to the reasonable satisfaction of the HRA. Any cost savings will be
considered available Tax Increment for other qualified costs in the Redevelopment
District.
j. Developer Incentive Payment. Any costs savings by the Developer on
• negotiating the purchase, relocation (only due to non statutory payments) and
demolition of the three commercial properties for the Phase IA For Sale Housing
component will be used to first cover any overruns in any other Developer
category and second shall be paid one-half to the Developer and one-half shall be
available to the City and HRA for other public redevelopment costs. The
Incentive Fee will not be payable to the Developer if he is in default under the
Redevelopment Contract.
k. Grants. The City will provide the Developer with the $586,000 grant it received
from the Metropolitan Council for the Asbestos Abatement at Apache Plaza. The
City will use its best efforts to obtain LCDA and Tax Base Revitalization grant
funding and any other available funding from Metropolitan, Sate and Federal
Sources.
1. Master Developer Fee. The Developer will be paid a$1 million fee for the Phase
I development. The fee will be paid as follows:
Rental Housing Sale: $500,000
Commercial Sale: $300,000
For Sale Housing Sale: $200,000
The Developer will be paid at the time of the closing of the land sale for the Rental Housing and
the For Sale Housing. The Commercial portion will be paid at the time of construction financing.
At the land sale closing, one-half of the fee will be paid to the Developer and one-half of the fee
• shall be deposited with the HRA, until the HRA has received $250,000 as security against
defaults and for Phase 1I of the project. The HRA may use this $250,000 to fund public
redevelopment costs on an interim basis until payable to the Developer. No interest shall be paid
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• by the HRA on this fee. If the Developer defaults in any fashion of the Redevelopment contract,
all Developer Fee Hold Back shall be forfeited to the HRA. The Developer shall be paid back the
Hold Back Fee upon the earlier to occur of the following: a HRA decision not to proceed with
Phase II, a determination by the HRA to proceed with Phase II with a developer other than
Developer or as follows: $125,000 upon commencement of construction of the Phase IIA and
$125,000 upon commencement of the Construction of Phase IIB by the Developer.
M. Default. In the event that the Developer fails to commence any portion of the
Project by the default dates set forth in the chart on page 2 of this memorandum,
the City and HRA may terminate its obligations under the Agreement as regards
that phase.
Upon any termination, Tax Increment from portions of the Project, which have not
been commenced, shall, at the election of the HRA, no longer be pledged and
available to repayment of any "pay as you go" tax increment. As part of the
underwriting process, the parties and the underwriters, shall establish the terms of any
Tax Increment obligations to both recognize this provision and allow effective
issuance of the debt. Tax Increment from completed and under construction Elements
of the Project shall remain available for outstanding Tax Increment debt. A default
shall not prevent refinancing with Tax Exempt Take-out Debt on completed phases of
the Project.
n. Land Purchase Price. Purchase price of land for each use will be reviewed and
must be shown to be at market and similar to what other projects are paying.
• o. Phase I Preliminary Development Budget. A summary of the Phase I
preliminary development budget is attached.
•
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4819-2384-0768\1 10/27/2003 3:04 PM
PHASE I DEVELOPMENT&PUBLIC IMPROVEMENT •
27-Oct-03
SOURCES
Dev Agreement
Land Payment-Commercial($5.71 Sq/Ft) $ 2,779,360
Land Payment-Rental($10,227/Unit) $ 2,249,940
Land Payment-For Sale 1A($7,500/Unit) $ 960,000
Land Payment-For Sale 1 B($12,500/Unit) $ 1,600,000
TI Bonds-Commercial(Net Proceeds)
TI Revenue Bonds- For Sale Phase IA(Net Proceeds) $ 8,098,100
TI Revenue Bonds- For Sale Phase IB(Net Proceeds)
Grants-Met Council Tax Base(Asbestos) $ 585,600
Anchor Payment for 39th Avenue $ 1,205,000
Special Assessment Bonds-Small Commercial Tenants $ 500,000
Special Assessment Bonds-West end Benefited Properties $ 175,000
Special Assessment Bonds-Phase IB For Sale Housing $ 325,000
Park Dedication $ 205,000
Other Grants-LCDA(Park) $ 900,000
Coverage(Present Value) $ -
TOTAL $ 19,583,000
USES
Property-St. Marie $ 2,500,000
Property-3 Commercial Buildings $ 2,900,000
Property-Tires Plus/SAV II $ 1,550,000
Cub Foods Release $ 1,850,000
Demoliton, Relocation&Misc. $ 2,638,000
Predevleopment Costs $ 1,250,000
Contingncy $ 600,000
Streets&Streetscape $ 1,705,000
Cub Foods Building Facelift $ 580,000
Capitalized Interest-Loans for Apache $ 100,000
Capitalized Interest-Purchase of 3 Commercial Properties $ 350,000
Capitalized Interest-PAYG Notes $ 485,000
39th Avenue Upgrade(west of park)/Bury Power Lines $ 500,000
Devleoper Fee $ 200,000
Overhead(12 mos x$10K+ 18 mos x 15K) $ 590,000
Apache holding costs($40K/Month for 7 Months) $ 355,000
Site Improvements $ 1,430,000
TOTAL $ 19,583,000
PHASE I&PI EXCESS/(GAP) $ -