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HomeMy WebLinkAbout97-23 - ADMIN Resolution - City Council - 1997/02/18RESOLUTION NO. 97-23 A RESOLUTION APPROVING TOWN CENTER CONCEPT PLANS TO GUIDE REDEVELOPMENT IN THE AREA BOUNDED BY HIGHWAY 100, WEST 36TH STREET, MONTEREY DRIVE AND EXCELSIOR BOULEVARD AND INCLUDING THE PROPERTIES IMMEDIATELY ADJOINING EXCELSIOR BOULEVARD TO THE SOUTH OF THE DESCRIBED AREA WHEREAS, `Vision St. Louis Park" recommended creation of a community focal point or town center in the northeast quadrant of Idighway 100 and Excelsior Boulevard; and WHEREAS, the City of St. Louis Park received a grant from the Livable Communities Demonstration Account to assist in achieving the development of a community focal point or town center in the above mentioned area; and WHEREAS, a community design process, known as a charrette, was held from October 20-24, 1996 to generate ideas and concept plans for development of the town center area; and WHEREAS, comments on the concept plans have been received from business owners, residents and other interested individuals and groups; and WHEREAS, the Planning Commission considered the comments and recommended adoption of the concept plans on February 5, 1997, subject to the outcome of various studies relating to the plans. WHEREAS, approval of the Concept Plan indicates the City Council's support for the `Livable Communities" principles that are inherent in the plans: higher density, mixed use development that provides an appropriate mix of jobs, services, and housing for the community; well defined public gathering places, and safe, convenient vehicular, pedestrian, bicycle and transit connections; and WHEREAS, approval by the City Council of the Concept Plan does not commit the City to any specific aspect of the plan, but provides the basis for further study and refinement of the plan. NOW THEREFORE BE IT RESOLVED by the City Council of St. Louis Park that the Town Center Concept Plans are hereby adopted in accordance with the following conditions: 1) The proposal for a local transit circulator is subject to the outcome of the Local Transit Circulator Feasibility Study. 2) The design of Wolfe Park and related eastern Town Center concepts, including design of pedestrian crossings, are subject to the outcome of the Town Center East/Wolfe Park Master Plan Study; and related Task Force recommendations. 3) The proposed north -south roadway and other western Town Center concepts, including design of pedestrian crossings, are subject to the outcome of a Town Center West study; and potential Task Force recommendations. 4) The proposed. mix of uses, density, and phasing of redevelopment are subject to the outcome of a Market Study and other necessary analysis. 5) Public improvements and incentives to leverage private investment are subject to further financial analysis. Adopted by the City Council February 18, 1997 ATTEST: Reviewed by administration: 9162:RESIO Exhibit A CITY OF ST. LOUIS PARK MATURED SPECIAL ASSESSMENT DEBT SERVICE FUND POLICY I. PURPOSE The City of St. Louis Park has recognized the need of a funding source for construction of or improvements to City buildings and structures. The City has moneys available in matured or inactive special assessment debt service funds to provide for the construction of or improvements to City buildings, structures and capital improvements or related expenses, such as debt service payments on bonds issued for public structures and improvements. The assets of the matured special assessment debt service fund(s) are primarily intended to be used as a revolving fund, established and administered by the City Council. The fund shall be used to pay the allowable costs of projects of general benefit to the City through transfers to funds incurring such costs. This policy establishes the general guidelines for the use of the matured special assessment debt service fund's assets. The City Council may modify these terms at any time. II. FUNDING OF THE MATURED SPECIAL ASSESSMENT DEBT SERVICE FUND The matured, inactive special assessment debt service fund(s) are to be maintained in the official city records and administered by the City Manager in accordance with the following provisions: Principal and Reserves All residual assets in any special assessment debt service fund which remain after all debt service costs have been paid shall be subject to the guidelines. Additional moneys subject to the guidelines include investment earnings earned or accrued to the assets of the fund and any other moneys appropriated by the Council or donated for the purposes of the fund. Upon City Council affirmative vote of at least six (6) members, a reserve for future debt service may be established for future transfers to the G.O. Tax Increment Bonds Debt Service Fund for supplemental financing of the principal and interest payments on the bonds. Allocation of Investment Earnings The unreserved principal amount shall be increased annually by an amount equal to ten percent of the investment earnings allocated to the unreserved principal portion. The remaining investment earnings attributable to the unreserved principal shall not accrue to the unreserved principal but be used to finance the construction or improvement costs of City facilities. The principal amount reserved for future transfers to the G.O. Tax Increment Debt Service Fund shall be increased annually by one hundred percent of the investment earnings allocated to the reserved principal portion. III. FUNDING PREFERENCE Expenditures from the fund that may be granted for competitive projects shall use the following order of preference: A. First Priority: Projects which can be funded within the amount of the available investment earnings. B. Second Priority: Projects requiring expenditures from principal funds which have the capacity to repay the principal amount borrowed. C. Third Priority: Projects requiring expenditures from principal funds which have no -,reasonable funding source other than City bond proceeds, are non -revenue . producing, require significant funding, and will provide an otherwise unattainable community benefit. IV. EXPENDITURE LIMITATIONS Expenditures may be made from the unreserved principal portion, but must be structured as a loan to repay the principal, and no further expenditures of any kind may be made from the Fund until investment earnings and / or loan repayments have re-established the unreserved principal at an amount equal to that existing before the principal loan expenditures plus ten percent of the investment earnings that would have been earned per year if the principal had not been reduced. 2 V. FUNDING PROCEDURES As a matter of policy, the assets of the matured special assessment debt service fund will only be used to assist proposed projects which meet the following criteria. A. The project(s) to be funded must have been included in the City's formally adopted capital improvement program. B. The City Council must hold a public hearing on whether the proposed project should be funded. Notice specifying the date, time and place of the hearing, the projects to be funded, and the amount of funding must be published at least fifteen days before the hearing in the City's official newspaper. In addition, efforts shall be made to give notice to the community through other reasonable means, such as press releases, cable television and other City publications. C. The City Council must make the following project findings which shall be incorporated into an adopted resolution: 1. The project has sufficient community -wide benefit as determined by a review of its intended users, the degree to which it addresses a community -wide need or problem, and its consistency with other city goals, programs or policies. 2. The project to be funded could not occur but for the use of the matured special assessment debt service fund assets. 3. The matured special assessment debt service fund assets are not replacing funding from another previously programmed or available source. 4. The project has been included in the City's formally -approved capital improvement program. 5. If principal is used, the project has the funding source(s) with potential to reasonably repay the funds. 6. An estimate of the ongoing annual operating and maintenance costs resulting from the capital project has been made and the source(s) for paying such costs identified. VI. ADMINISTRATIVE EXPENDITURES. The limitations imposed in the sections above shall not apply to reasonable expenses necessary for the administration of the Fund. 3 VII. AMENDMENTS No amendments may be made to Section IV except upon the affirmative vote of at least six members of the Council. No other amendments to the Fund guidelines may be made except upon the affirmative vote of at least five members of the Council. 4 1 a i