HomeMy WebLinkAbout2009.02.23 EDA Packet AGENDA
CITY OF HUGO
ECONOMIC DEVELOPMENT AUTHORITY
MONDAY, FEBRUARY 23, 2009
8:30 AM
8:30 am 1. Call to Order
8:31 am 2. Roll Call
8:32 am 3. Approval of Minutes
EDA Meeting of January 26, 2009
8:35 am 4. Update on Downtown Redevelopment
8:45 am 5. Discussion on TIF Certification
9:20 am 6. Discussion on Power Lines on Highway 61
9:50 am 7. Update on BR&E Subcommittee
10:00 am 8. Discussion on Kidz n' Biz Fest Donation
10:15 am 9. Discussion on Promotion of Good Neighbor Days
10:30 am 10. Adjournment
a
BACKGROUND MEMO FOR THE EDA MEETING OF
MONDAY, FEBRUARY 23, 2009
3. Approval of Minutes for EDA meeting of January 26, 2009
Staff recommends approval of the January 26, 2009 EDA meeting minutes.
4. Update on Downtown Redevelopment
Staff will provide an update on the progress of downtown redevelopment projects.
5. Discussion on TIF Certification
Staff has received preliminary TIF information for Carpenters Restaurant. Staff will
update the EDA on the information at the meeting.
6. Discussion on Power Lines on Highway 61
During this construction year MNDOT will be improving portions of Highway 61
from County Road 8 north to the Post Office. The improvements will include
resurfacing of the road, turn lanes, and a stop light at 147th Street. During the
construction there will be relocation of above ground power lines along Highway 61.
Staff would like to discuss with the EDA the possibility of putting the power lines
under ground, in the downtown area, during the construction of the improvements.
7. Update on BR&E Subcommittee
Staff will provide an update to the EDA on the progress of the BR&E subcommittee.
8. Discussion on Kidz n' Biz Fest Donation
On April 4th, 2009, the 5th annual Kidz `n Biz Fest will take place at the Oneka
Elementary School. This annual event is an opportunity for the Hugo Business
Association and the Hugo EDA to directly connect with Hugo families and children
in a PTA carnival atmosphere. This event is expected to attract more than 400 Hugo
children and their families, and will once again feature an assortment of carnival
games presented by Hugo businesses with assistance from the WBL High School and
National Honor Society. Last year the EDA and the Hugo Business Association
(HBA)co-sponsored the event in the amount of$500. Staff recommends that the
EDA make a recommendation to the City Council that the EDA co-sponsor with the
HBA for Hugo Kidz `n Biz Fest.
9. Discussion on Promotion of Good Neighbor Days
A resident has suggested that staff video tape the Good Neighbor Days parade to
show on the City Cable Channel and was looking for other ways to promote Good
Neighbor Days. Staff would like to discuss with the EDA possible ways to promote
Good Neighbor Days.
MINUTES FOR THE EDA MEETING OF JANUARY 26,2009
EDA President Fran Miron called the meeting to order at 8:35 am.
PRESENT: Jan Arcand, Jim Bever, Tom Denaway, Mike Granger, Phil Klein, Fran Miron,
and Brian Thistle
ABSENT: None
CITY STAFF PRESENT: City Administrator Mike Ericson, Community Development
Director Bryan Bear, and Community Development Assistant Dennis Fields
APPROVAL OF MINUTES FOR THE EDA MEETING OF NOVEMBER 24, 2008
Klein made motion, Thistle seconded, to approve the minutes for the EDA meeting of November 24,
2008.
All ayes. Motion carried.
UPDATE ON DOWNTOWN REDEVELOPMENT
Staff updated the EDA on downtown redevelopment projects. Carpenters Restaurant
continues working on their site plan and TIF application. They have drastically changed
their site plan and design of their building from a 2 story 20K sq ft building to a single story
8K building. They have removed the commercial space and continue to work on their floor
plan of the building.
On the City owned properties just north of Carpenters, developers have discussed plans of a
business park with office buildings that they would like to start construction on one of the
office buildings just north of the Carpenters site this year. Staff has not yet received official
submittal of plans for the project.
On the Endzone property, staff has received a TIF agreement but it is not signed. They are
having a hard time finding tenants due to market conditions. If and when they do find
tenants the approved plans for the site may change.
The Ricci's Restaurant site is now in full ownership of the bank. Price has been drastically
reduced and the bank has recognized that the building and home may have to be demolished.
Staff is planning to meet with the bank and realtors as to how they site may develop.
The intersection at 147`x' ST and Hwy 61 will not add driving lanes, only turn lanes and a
street signal. Plans have been approved and construction is planned to start in 2009.
DISCUSSION ON TIF CERTIFICATION
Staff invited Paul Steinman and Mikaela Huot, from Springsted. Mikaela gave a
background to the EDA and things to consider in the coming months. Certification needs to
be completed within 3 years of the first demo and that timeline will end in March 2009.
She explained that the EDA has three options:
- Do nothing
- Certify the district
- Modify and then certify the district
The EDA discussed the options and whether delaying would effect Carpenter's aggressive
plan. Mayor Miron made a motion, Granger seconded, to direct staff to discuss with
carpenters the urgency of their TIF application and bring the issue back to the EDA.
All Ayes, Motion carried.
ANNUAL REPORT
Bryan credited Rachel Simone for her work and efforts in putting together the report. The
EDA thought that the report would serve as a good marketing tool. Denaway motioned,
Klein seconded, to approve the EDA annual report.
All Ayes, Motion Carried.
DISCUSSION ON GOALS
Bryan reviewed past goals with the EDA leading to a discussion on future goals for 2009.
2009 EDA Goals:
1. Create Business Retention and Expansion Subcommittee of the EDA
• Work with U of M, St. Thomas, or others on BR&E research program
a. Case studies
• On-going site visits
• Continue collaboration with HBA
a. Breakfast meeting with businesses
b. Kidz N Biz fest
• Continue participation in events. (groundbreaking, ribbon-cutting
ceremonies)
2. Continue working on downtown redevelopment projects
• Certify the TIF District
• Partner on initial project to begin in 2008
• Coordinate public infrastructure
o Stormwater management planning & funding
o Traffic improvements (signals, Hwy 61)
o Trail and sidewalk improvements
3. Establish quality commercial development
• Focus on gateways
• Coordinate site planning for 165th & 61
• Begin area plan for 170th& 61
• Create design guidelines
• Collaborate with the Planning Commission
• Review development policies and incentives within the approval process
4. Continue implementation of the EDA marketing plan
• Continue to update the marketing plan
• Updating City website
• Continuation of the City's cable access show
Klein made a motion, Denaway seconded, to approve the Goals for 2009.
All Ayes, Motion Carried.
The EDA requested that the next meeting date be changed to February 23, 2009.
Thistle motioned, Klein seconded, to change the meeting date from February 16`" to February
23`d in observation of President's Day.
All Ayes, Motion Carried.
ADJOURNMENT
Klein made a motion, seconded by Thistle, to adjourn at 10:33 am.
All Ayes, Motion Carried.
Summary
City of Hugo, Minnesota
Carpenter's Steak House
Type of District Redevelopment
School District 624
Maximum Duration 26 Years
Fiscal Disparities Rate 36.1261% Pay 2008
Total Local Tax Capacity Rate 80.2740% Pay 2008
Cumulative
Tax
Cumulative Increment
Base Base Project Project Available Present
Assessed Tax Assessed Tax Tax Valued
Value Cal2acity Value Capacity Increment at 6%
Scenario 1 758,700 39,250 2,000,000 39,250 580,212 261,239
Scenario 2 594,200 10,661 2,000,000 39,250 636,614 287,850
Scenario 3 594,200 10,661 2,200,000 43,250 721,632 326,712
Z:\SWA10Q10010OCSMF 13FEB09 2MALS
Scenarios
City of Hugo,Minnesota
Carpenters Steak House
Type of District Redevelopment
SOW District 624
Maxirnum Duration 26 Years
Fiscal Disparities Rate 36.1261% Pay 2008
Total Local Tax Capacity Rate 80.2740% Pay 2008
Inflation 1.00%
BASE TAX CAPACITY Pay 2009(Jan 2,2008) Class Base Tax
Parcel Assessed Value Rate Capacity
20.031.21.24.1X744 11,700 Comm 234
20.031.21.24.0045 259,200 CommPref 4,434
20.031.21.24.0046 115,200 Comm 2,304
20.031.21.24.0047 334,100 CommPref 5,932
20.031.21.24.0048 38,500 Comm 770
Base Assessed Value 758,700
Base Tax Capacity 13,674
ESTIMATED PROJECT TAX CAPACITY Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CCMMMW Restaurant Facility Stan Aon 09 Completed Dec 09
8,700 sq ft 230 2,000,000 2,000,000 2,020,000 2,040,200 2,060,602 2.061,208 2,102,020 2,123,040 2,144,271 2,165,713 2,187,371 2,209,244
TC Rate: k1dP 39,250 39,250 39,650 40,054 40.462 40,874 41,290 41,711 42,135 42,564 42,997 43,435
Total Project Assessed Value 2,000,000 0 2,000,000 2,020,000 2,040,200 2,060,602 2,081,208 2,102,020 2,123,040 2.144,271 2,165,713 2,187,371 2,209.244
Total Project Tax Capacity(Annual) 39,250 0 39,250 39,65D 40,054 40,462 40,874 41,290 41,711 42,135 42,564 42,997 43,435
Less: Less: Retained Times: Less: County Less:Admird TI TI
P(0)W Project Base Fiscal Captured Local Annual State Aud. Annual Pooling Annual Cumulative Present Cumulative No.
Period Assessed Tax Net Tax Disp.a Net Tax Tax Rate Gross Deduction Net Retainage Na" Available Value Present of TI
Ending Value Capacity Capacity 0.000% Capacity 0,80274 TI 0.36% TI 10.00% TI T r 6.00% Value Pmt
(1) (2) (3) (4) (5) (6) (7) (a) (9) (10) (11) (12) (13) (14) (15) (16)
0.0 12/31/09
1.0 QW/10
2.0 12731/11 2,000,000 39,250 13,674 25,576 0.8027 20,531 74 20,457 2,046 18,411 18,411 16,386 16.386 1.0
3.0 12131/12 2,020,000 39,650 13,674 25,976 0.8027 20,852 75 20.777 2,078 18,699 37,110 15,700 32,086 2.0
4.0 12131/13 2,040,200 40,054 13,674 26,380 0.8027 21,176 76 21.100 2,110 18,990 66,101 15.042 47,128 3.0
5.0 12/31/14 2,060,602 40,462 13,674 26,788 0.8027 21,504 77 21,426 2,143 19,284 75,384 14,410 61,538 4.0
6.0 12!31115 2,081,208 40,874 13,674 27,200 0,8027 21,835 79 21,756 2,176 19,580 94,965 13,803 75,341 5.0
7.0 12!31716 2,102,020 41,290 13,674 27,616 0.8027 22,169 80 22,089 2,209 19,880 114,845 13,221 88.563 6.0
8.0 12+31/17 2,123,040 41,711 13,674 28,D37 0.8027 22,506 81 22,425 2.243 20,183 135,028 12,663 101,226 7.0
9.0 12131118 2,144,271 42,135 13,674 28,461 0.8027 22,847 82 22,765 2,276 20,488 155,516 12,127 113,353 8.0
10.0 1213U19 2,165,713 42,564 13.674 28,890 0.8027 23,191 83 23,106 2,311 20,797 176,313 11,613 124,966 9.0
11.0 12/31/20 2,187,371 42,997 13,674 29,323 0.8D27 23,539 85 23,454 2,345 21,109 197,422 11,120 136,086 10.0
12.0 128121 2,209,244 43,435 13,674 29,761 0.8027 23,890 66 23,804 2,380 21,424 218,846 10,647 146,733 11.0
13.0 1213122 2231,337 43,677 13,674 30,203 0.8027 24,245 87 24,158 2.416 21,742 240,588 10,193 156,926 12.0
14.0 1213123 2,253,650 44,323 13,874 30,649 0.8027 24,603 89 24,515 2,451 22,063 262,651 9.759 166,685 13.0
15.0 1213124 2,276,187 44,774 13,674 31,100 0.8027 24,965 90 24,875 2,486 22,388 285,038 9,342 176,026 14.0
16.0 1213125 2,298,948 45,229 13,674 31,555 0.8027 25,330 91 25,239 2.524 22,715 307,754 8,942 184,968 15.0
17.0 12131/26 2,321,938 45,689 13,674 32,015 0.8027 25,700 93 25,607 2,561 23,046 330,800 8.559 193,527 16.0
18.0 12/31127 2,345,157 46,153 13,674 32,479 0.8027 26,072 94 25,978 2,598 23,381 354,181 8,191 201,718 17.0
19.0 1213128 2,368,609 46,622 13,674 32,948 0.8027 26,449 95 26.354 2.635 23,718 377,x99 7,839 209,557 18.0
20.0 12/31/29 2,392,295 47,096 13,674 33,422 0.8027 26,629 97 26,733 2,673 24,059 401,956 7,502 217,059 19.0
21.0 1281130 2,416,218 47,574 13,674 33,900 0.8027 27,213 98 27,115 2,712 24,404 426,362 7,178 224,237 20.0
22.0 12131/31 2,440.380 48,058 13,674 34,384 0.8027 27,601 99 27,502 2,750 24,752 451,113 6,869 231,106 21.0
23.0 12/31132 2.464,784 48,546 13,674 34,872 0.8027 27,993 101 27,892 2,789 25,103 476,216 6,572 237,678 22.0
24.0 12/31/33 2,469,432 49,039 13,674 35.365 0.8027 28,389 102 28,286 2,829 25,458 501,674 6,288 243.965 23.0
25.0 12/31/34 2,514,326 49,537 13.674 35,863 0.8027 28,788 104 28,665 2,868 25,616 527,490 6,015 249,981 24,0
26.0 1213185 2.539,469 50,039 13,674 36,365 0.8027 29,192 105 29,087 2,909 26,17a 553,668 5,754 255,735 25.0
27.0 12/31/36 2,564,864 50,547 13,674 36,873 0.8027 29,600 107 29,493 21949 26,544 580,212 5.504 261,239 26.0
647,009 2.329 644,680 64,468 580,212 281,239
Z'ASWA)WQD1ND"SmF 13FrbW 2a7Qs
Scenario 2
City of Hugo,tdlnnesota
Carpenter's Steak House
Type of District Redevelopment
School District 624
Maximum Duration 26 Years
Fiscal Disparities Rate 36.1261% Pay 2008
Total Local Tax Capacity Rate 80.2740% Pay 2008
Inflation 1.00%
BASE TAX CAPACITY Pay 2009(Jan 2,2008) Class Base Tax
Peel Y Assessed Value Rate Capacity
20.031.21.24.0044 11,700 Comm 234
20.031.21.24.0045 54,700 CommPref 1.421
20.03121.24,0046 115,200 Comm 2,304
20.031.21.24.0047 334,100 CommPref 5,932
20.03121.24.0048 38,500 Comm 770
Base Assessed Value 594,200
Base Tax Capacity 10,661
ESTIMATED PROJECT TAX CAPACITY Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Commercial Restaurjigt Facility Start Aor 09 Completed Dec 09
8,700 sq ft 230 2,000,000 2,000,000 2,020,000 2,040.200 2.060,602 2,081,208 2,102,020 2,123,040 2,144,271 2,165,713 2,187,371 2,209,244
TC Rate: IndP 39,250 39,250 39,650 40,054 40,462 40,874 41,290 41,711 42,135 42,564 42,997 43,435
Total Project Assessed Value 2,000,000 0 2,000,000 2,020,000 2,040,200 2,060.602 2,081,208 2,102,020 2,123,040 2,144,271 2,165,713 2,187,371 2,209,244
Total Project Tax Capacity(Annual) 39,250 0 39,250 39,650 40,054 40,462 40,874 41.290 41,711 42.135 42,564 42,997 43,435
Less. Less: Retained Times: Less: County Less:Admird TI TI
Project Project Base Fiscal Captured Local Annual Slate Aud. Annual Pooling Annual Cumulative Present Cumulative No.
Period Assessed Tax Net Tax Disp.@ Net Tax Tax Rate Gross Deduction Net Retainage Net Available Value Present of TI
Ending Value Capacity Capacity 0.000% Capacity 0.80274 TI 0.36% Tt 10.00% TI T1 6.00% Value Pmt
(1) (2) (3) (4) (5) (6) (7) (6) (9) (10) (11) (12) (13) (14) (15) (16)
0.0 12/31/08
1.0 12/31/10
2.0 1281/11 2,000,000 39,250 10,661 28,590 0.8027 22,950 83 22,867 2,287 20,581 20,581 18,317 18,317 1.0
3.0 12x31/12 2,020,000 39,650 10,661 28,990 0.8027 23,271 S4 23,187 2,319 20.869 41,449 17,522 35,838 2.0
4.0 12/31/13 2,040,200 40,054 10,661 29,394 0.8027 23,595 85 23,510 2,351 21,159 62.608 16,760 52,598 3.0
5.0 12131114 2,060,602 40,462 10,661 29,802 0.8027 23,923 86 23,637 2,384 21,453 84,062 16,031 68,629 4.0
6.0 12!31/15 2,081,208 40,874 10,661 30,214 0.8027 24,254 87 24,166 2,417 21,750 105,811 15.333 83,982 5.0
7.0 12/31/16 2,102,020 41,290 10,661 30,630 0.8027 24,588 89 24,499 2,450 22,049 127,861 14,664 98,626 6.0
8.0 12131/17 2,123,040 41,711 10,661 31,050 0.8027 24,925 90 24,836 2,484 22,352 M.213 14,024 112,650 7.0
9.0 12/31/18 2,144,271 42,135 10,661 31,475 0.8027 25,266 91 25,175 2,518 22,658 172,870 13.411 126,061 8.0
10.0 12/31/19 2,165,713 42,564 10,661 31,904 0.5027 25,610 92 25,518 2,552 22,968 195,837 12,824 138,8% 9.0
11.0 12/31/20 2,187,371 42,997 10,661 - 32,337 0,8027 25.958 93 25,855 2,586 23,278 219,115 12.263 151,148 10,0
12.0 12131/21 2,209,244 43,435 10,661 32,774 0.8027 26,309 95 26,215 2,621 23,593 242,708 11.725 162,873 11.0
13.0 12/31/22 2,231,337 43,877 10,661 33,216 0.8027 26,664 96 26,568 2,657 23,911 266,619 11,211 174,084 12.0
14.0 12/31/23 2,253,650 44,323 10,651 33,663 0.8027 27,022 97 26,925 2,692 24,232 290,852 10.718 184,802 13.0
15.0 12/31/24 2,276,181 44,774 10,661 34.113 0.8027 27,384 99 27,265 2,729 24,557 315,409 10,247 195,049 14.0
16.0 1281125 2,298,948 45,229 10,661 34,668 0.8027 27,749 100 27,650 2,765 24,885 340,293 9,796 204,844 15.0
17.0 12/31126 2,321,938 45,689 10,661 35,028 0.8027 28.119 101 28,017 2,802 25,216 365.509 9,364 214,209 16.0
18.0 12/31/27 2,345,157 46,153 10,661 35,493 0.8027 28,491 103 28,369 2,839 25,550 391,059 8,951 223,160 17.0
19.0 12/31/28 2,368,609 46,622 10,661 35,962 0.8027 28,866 104 26,764 2,876 25,888 416,947 6,556 231,716 18.0
20.0 12/31129 2,392,295 47,096 10,661 36,435 0.8027 29,248 105 29,143 2,914 26,229 443,175 8,178 239,894 19.0
21.0 12/31/30 2,416,218 47,574 10,661 36,914 0.8027 29,632 107 29,526 2,953 26,573 469,748 7.617 247,711 20.0
22.0 12131131 2,440,380 48,056 10,661 37,397 0.8027 30,020 108 29,912 2,991 26,921 496,669 7,471 255,1S1 21.0
23.0 12131/32 2,464,784 48,546 10,661 37,885 0.8027 $0,412 109 30,302 3,030 27,272 523,941 7,140 262,321 22.0
24.0 1281/33 2,489,432 49,039 10,661 38,378 0.8027 30,808 111 30,697 3,070 27,627 551,568 6,823 269,145 23.0
25.0 12131/34 2,514,326 49,537 10,661 38,876 0.8027 31,207 112 31,095 3,109 27,985 579.554 6,521 275,665 24.0
26.0 1213185 2,539,469 50,039 10,661 39,379 0.8027 31,611 114 31,497 3,150 28,347 607,901 6.231 281,896 25.0
27.0 1281/36 2,564,864 50,547 10,661 39,887 0.8027 32,019 115 31,903 3.190 28,713 64614 5.954 287,850 26.0
709,905 2,555 707,349 70,735 636,614 287,850
Sclr
City of Hugo,Minnesota
Carpenter's Steak House
Type of District Redevelopment
School District 624
Maximum Duration 26 Years
Fiscal Disparities Rate 36,1261% Pay 2006
Total Local Tax Capacity Rate 80.2740% Pay 2008
Inflation 1.00%
BASE TAX CAPACITY Pay 2009(Jan 2,2008) Class Base Tax
Parcel 4 Assessed Value Rate Capacity
20.031.21.24.0044 11,700 Comm 234
20.031.21.24.0045 94,700 CommPref 1,421
20.031.21,24.0046 115,200 Comm 2,304
20.031.21.24.OD47 334,100 CommPref 5,932
20.031.21.24.0046 36.500 Comm 770
Base Assessed Value 594,200
Base Tax Capacity 10,661
ESTIMATED PROJECT TAX CAPACITY Pay Pay Pay Pay Pay Pay Pay Pay Pay Pay
2010 2011 2012 2013 2014 2015 2016 201; 2018 2019 _
Commercial Restaurant Facility Stan Aor 09 Completed Dec 09
8,700 sgttQ 263 2200,000 2,200,000 2.222,000 2.244,220 2,266,662 2,289,329 2,312,222 2.335,3x• 2,358,5S'c 2,382,285
TC Rale: IndP 43,250 43.250 43,690 44,134 44,583 45,037 45,494 45,E:7 46,4::• 46,896
Total Project Assessed Value 2,200.000 0 2,200,OD0 2,222,000 2,244,220 2,266,662 2.289,329 2.312.222 2,355,: 2,358,6+1: 2,382.285
Total Project Tax Capacity(Annual) 43,250 0 43,250 43,690 44,134 44,583 45,037 45,494 45.0 i 46.4:!. 46,896
Less: Less: Retained Times: Less: County Less:Admini TI
Project Project Base Fiscal Captured Local Annual State Aud. Annual Pooling Annual Cumu!etivz Present Cum,:
Period Assessed Tax Net Tax Disp.Q Net Tax Tax Rate Gross Deduction Net Retainage Ne: Available Value P:e<: :;
Ending Value Capacity Capacity 0.0001A Capacity 0,80274 TI 0.36% TI 10.00% 71 T! 6.00% Val..
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (1 2) (13) (14)
0.0 121`31/09
1.0 12131/10
2.0 12131111 2,200,000 43.250 10,661 32,590 0.8027 26,161 94 26,067 2,607 23,46: 23,4x1 20,879
3.0 12131112 2,222,000 43,690 10,661 33,030 0.8027 26,514 95 26.41.9 2,642 ,771. 47.2:• 19,963
4.0 12131/13 2,244,220 44,134 10,661 33,474 0.8027 26,871 97 26,774 2,677 24,C5/ 71,3:> 19,087
5.0 12131/14 2,266,662 44,583 10,661 33,923 0.8027 27,231 98 27,133 2,713 24,42 95,7:*• 18,248
6.0 12/31/15 2,269,329 45,037 %661 34,376 0.8027 27,595 99 27,496 2,750 24,749- 12C./Il. 17,445 y1.i :3
7.0 72131118 2,312222 45,494 70,861 34,834 0.8027 27,963 101 27.862 2.785 25,0'61.45,5' 16,677 S
8.0 12131117 2,335,344 45,957 10,661 35,296 0.8027 28,334 102 28,232 2,823 25,40 170,5 i 15,942 "2&,:411
9.0 12!31!78 2,358,698 46,424 10,661 - 35,763 0.8027 28,709 103 28,605 2.861 25,74c 196.1-' 15,238 '4Z;.-:
10.0 12!31119 2,382,285 46,896 10,661 36,235 0.8027 29,067 105 28,983 2,898 26.0'(,4 222.1.1; 14,565 S f::•:5 7
11.0 12/31/20 2,406,108 47,372 10,661 - 36,712 0.8027 29,470 106 29,364 2,936 26.427 249: 13,922 171, 1x" l
12.0 1213121 2,430,169 47,853 10,661 37,193 0.8027 29,856 107 29,749 2,975 26,724 275.:% 13,306 185,2''2 )
13.0 1213122 2,454,470 48,339 10,661 37,679 0,8027 30.246 109 30,137 3.014 27,12, 30 .' 12,717 197,4i65 )
14.0 12/3123 2,479,015 48,830 10,661 38,170 0.8027 30,640 110 30.530 3,053 27,47 - 12,153 210,142 :)
15.0 1213124 2,503,605 49,325 10,661 38,666 0.8027 31,038 112 30,927 3,093 27,83, b E•.= 11,614 221,756 0
16.0 12f3125 2,528,843 49,827 10.661 39,166 0.8027 31,440 113 31,327 3,133 28,,ii5 5c°•.'. 11,099 232,855 J
17.0 1213126 2,554,132 50,333 10,661 - 39,672 0.8027 31,846 115 $1,732 3,173 28,555; 10,606 243,461 0
18.0 1213127 2,579.673 50,843 10,661 - 40,183 0.8027 32,256 Its 32,140 3.214 7.8,5:?6 `•/r. 10,134 253,595 J
19.0 1213128 2,605,470 51,359 10,661 40,699 0.6027 32,671 118 32,553 3,255 29,298 9.683 263,278 J
20.0 1213129 2.631,524 SIAM 10,661 41,220 0.8027 33,089 119 32,970 3,297 29.61"; 9,252 272,530 J
21.0 12131130 2,657,840 52,407 10,651 - 41,746 0.8027 33,511 121 33,391 3,339 30,05:? 8,840 281.370 0
22.0 1201131 2,664,418 52,938 10,651 42,278 0.8027 33,938 122 33,816 3,392 30,4Y: -3::i 8,446 289,616 0
23.0 12/31f32 2,711,262 53,475 10,661 42.815 0.8027 34,369 124 34,245 3.425 30,82: 8,069 297,864 0
24.0 12/31/33 2,738,375 54,017 10,661 43,357 0.8027 34,804 125 34,679 3.468 31,21; 7,708 305,593 0
25.0 12131134 2,765,759 54,565 10,661 43,905 0.8027 35,244 127 35,117 3,512 31,635 7,364 312,957 0
26.0 12131/35 2,793,416 55,118 10,661 44,458 0.8027 35,688 128 35.560 3.555 32,004 7,035 319,992 0
27.0 12131/36 2,821,350 55,677 10,661 45.017 0.8027 36,137 130 36,006 3.501 32,403 6.720 326,712 0
804.711 2,897 801,814 80,1?1 721,632 1 326,712
HoInnes
Al l or n e i s .t l LSI tA
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February 13,2009
Mr. Michael Anderson
Swanny of Hugo,Inc.
14559 Forest Blvd. N'.
Hugo, MN 55038
Re: Tax Increment Projections.
Dear Michael:
Pursuant to Jim's request, I'm enclosing the recent TIF runs and a project site map for
your review. If you have any questions,please feel free to contact Jim. Thank You.
Very truly yours,
Mary Jaworsky
Legal Assistant to James S. Holmes
6o1 Carlson Parkway,Suite to5o I Minneapolis,Minnesota 55305
Telephone:(763)249-0888(Facsimile:(763)249-0777
Direct:(763)249-2900 1 Cell:(763)29011 Llai]: jholnles n hohnesltd.conn
f 1i li:
�1
11 Y
j
20.031.21.24.0044
`
57-.'',Y').5 1.'3,f 5;7.`7:1 134.;,J a Catherine E.Anderson
I' 11785 sf
rf ? Pay 2009 AV$11,700
i
20.031.21.24.0045
-� 11 Catherine E.Anderson
1� ! 11,924 sf
P
Y 2009 AV$259,200
2Q.C31 21.24.0046'
j Catherine E.Anderson
__.....__._. _�_.. :.._..... -.. ...:_:...._...._...,_....:. ; j 17,467 sf
- ,•?••i, •i•y r, , �i{ r....__....• r !!!'rni Anna�1!?�1��7nf1
-----f it 20.03 .2 .24.0047
�Swanny of Hugo,Inc.
,
I F j i ��• ,•-�„+z_ '_'--.•,_.,,, [:ii i:ii::::_.i�.:::i^.i:.iiii
�`'"'--x _•5,834 sf
• r r .i
Page 1 of 2
Rachel
From: Bryan Bear
Sent: Monday, February 23, 2009 8:12 AM
To: Rachel
Subject: FW: Proposed Carpenters project
-----Original Message-----
From: Mikaela Huot [mailto:mhuot@springsted.com]
Sent: Monday, February 23, 2009 8:03 AM
To: Bryan Bear
Subject: Proposed Carpenters project
Hi Bryan -
I was not able to connect with Jim Holmes prior to the EDA meeting regarding the preliminary analysis of the
proposed Carpenters project.
However, he did leave me a voicemail indicating the projections are very preliminary and subject to further
refinement.
I was not able to receive verification to my questions but can still provide you with a summary for the EDA meeting:
General assumptions:
Base valuations assume certification prior to June 30, 2009
The difference in base values between Scenario 1 and Scenarios 2 and 3 is the building value of one of the
properties (20.031.21.24.0045- and I'm not sure why
1% compounded market value inflator over 26 years
Fiscal disparities contribution outside district
All properties classified as commercial-industrial
Total values per square foot (building only) range from $143 - $185/sq ft
Scenario 1:
Base value of 5 parcels (land and building value) is $758,700
Total value -$230/square foot(including land) is $2,000,000
Value for building only is $143/sq ft
Total gross increment over 26 years is approximately $617k (future value)
Total net increment over 26 years is $553k (future value)
Total increment (present value at 5%) is $276k
Total increment(present value at 6%) is $245k
Scenario 2:
Base value of 5 parcels (land value - no building value of 1 parcel) is $594,200
Total value-$230/square foot (including land) is$2,000,000
Value for building only is $162/sq ft
Total gross increment over 26 years is approximately $685k (future value)
Total net increment over 26 years is$615k (future value)
Total increment(present value at 5%) is $308k
Total increment(present value at 6%) is $273k
2/23/2009
Page 2 of 2
Scenario 3:
Base value of 5 parcels (land value - no building value of 1 parcel) is $594,200
Total value - $253/square foot (including land) is $2,200,000
Value for building only is $185/sq ft
Total gross increment over 26 years is approximately $780k (future value)
Total net increment over 26 years is $700k (future value)
Total increment(present value at 5%) is $351 k
Total increment (present value at 6%) is $312k
In summary- most of the initial assumptions seem reasonable. Since I was not able to confirm what the actual
request for assistance is from Jim, aside from the$300k that has been indicated, we don't really know what the gap
is, if any. We will also need the project sources and uses to analyze it further.
Please let me know if you have any questions or need additional information.
Thanks, Mikaela
Mikaela R. Huot,Assistant Vice President
Consultant
Springsted Incorporated
380 Jackson Street,Suite 300
Saint Paul, Minnesota 55101.2887
651-223-3036
651-268.5036 Fax
mhuot@springsted.com
Visit us on the web at www.springsted.com
This communication is confidential and intended for the addressee only. If you are not the intended recipient,please notify the sender immediately and then
delete this communication from all data storage devices and destroy all hard copies. Dissemination,distribution,copying and/or other use of the information
contained in this communication is strictly prohibited.
2/23/2009
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Message Page 1 of 2
Mike Ericson
From: Michele Lindau
Sent: Wednesday, February 11, 2009 2:35 PM
To: 'Gondek Insurance'
Cc: Mike Ericson; Shelly Clasen
Subject: RE: SCC &GNDs
Hi Jim,
I asked around and I know of no video tapping of the parade from last year. I spoke to Cindra Schmidt, who does
our video for the Council meetings, and she said she did it two years ago. I was a real rainy, stormy day but she
said it looked like everyone was having fun. It could be edited some and played back on our Cable Channel 16.
We have total control over Channel 16, but someone would have to make the request to the SCC for Channel 19
or 15. 1 can find out for you who that request should come from.
If you would like to have it recorded this year, I would speak to Cindra Schmidt. She has all the equipment to
record and edit and does really nice work. She is a Hugo resident at 651-429-4516. You could also speak to her
about the filming from two years ago and see if something can be done with that.
I also spoke to Mike Gallivan who said he'd be getting me the pictures for airing on Channel 16. Thanks!
Michele
-----Original Message-----
From: Gondek Insurance [mailto:gondekinsurance@msn.com]
Sent: Tuesday, February 10, 2009 1:13 PM
To: Michele Lindau
Subject: RE: SCC &GNDs
Hi Michele,
That's Great! I'll round-up some pics and get you some info, which we will need to add to as
we get closer and identify/book various events.
Also, Katy thought the City might have had someone (or know of someone) video tape the
parade and maybe some of GNDs last year; do you know of this person? was it SCC? I'm
thinking we may be able to get video on channel 19 a couple weeks before if we have it.
Lastly, since you seem to be the contact point for this stuff, I'm thinking it would be nice to
have SCC volunteers bring the SCC truck to capture the parade live with a couple Lions
narrating and then visit the park, so we could use this for next year's SCC advertising.
Where do we find out more about this?
Enjoy,
Jim Gondek, MBA
651-426-1026
GondekInsurance@msn.com
Personalized Insurance Services
2/11/2009
Message Page 2 of 2
Subject: RE: SCC & GNDs
Date: Tue, 10 Feb 2009 11:36:02 -0600
From: mlindau@ci.hugo.mn.us
To: gondekinsurance@msn.com
CC: mericson@ci.hugo.mn.us
Hi Jim,
Our cable plays a bulletin board continuously if no meetings, replays of meetings, or"That's Hugo
Today" is airing. Please send me some photos and details of the GND for this year(not sure of the date).
I will put something together and get it airing on our Channel 16. 1 will also update our website. I think it's
important we get it on the calendar asap.
Thanks,
Michele
From: Gondek Insurance [mailto:gondekinsurance@msn.com]
Sent: Monday, February 09, 2009 11:33 AM
To: Shelly Clasen
Subject: SCC &GNDs
Hi Shelly,
Since you work with SCC and the City's channel, I would like some ideas on how we
can advertise, post notices, and generally "spread the word" about Good Neighbor
Days. I believe we could get a posting on Channel 15 for awhile, maybe something on
19, I'm hoping you will be able to help us get on channel 16. On 16, I would like
maybe put still photos of prior GNDs with reference to a web site for more info or
something, during the non-programming time or between programs. If I need to talk
with Mike or Fran or anyone else to get approval for the City's channel, please let me
know. We can discuss this next Tues or you may respond to this or my phone is 651-
426-1206.
Thanks for your assistance.
Enjoy,
Jim Gondek, MBA
651-426-1026
GondekInsurance@msn.com
Personalized Insurance Services
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2/11/2009