HomeMy WebLinkAbout1993/02/01 - ADMIN - Agenda Packets - Economic Development Authority - RegularA G E N DA
EC O N OM I C DE V E LO P M EN T AUT H O R IT Y
ST . LO U IS P AR K , M INN E SO TA
FEB R U AR Y 1 , 19 9 3
7:00 p.m.
1. Call to order
2 . Roll call
3. Approval of minutes
a. January 4, 1993 meeting
b. January 11, 1993 study
c. January 19, 1993 study
session
session
/
4. Approval of February l, 1993 agenda
Lr#/-As
b-0
L/GD - 6-0
see #/eLU G -O
5. Reports
a. Park Nicollet Agreement
)
6. Unfinished business
b. Highway 7/Louisiana Ave. electrical line relocation (for
landscaping)[#/LIM 6-O o/-
e. Results of environmental study at 6007 Highway __ ~. t.ay!/.H ·{j/}f}/tV
H /u - Sif] dpo
for Proposal- Excels±s- YJ/. o-O a. Traffic impact study: Request
sva. are@zH/J/ G-O
7. New business
8. Communications and bills
a. January 1993 financial
b. Claims
9. Adjournment 7128
#
... 4/%-;;;
L#/U et. Cu/Sc#p
REQUEST FOR EDA ACTION
DATE February 1, 1993
AGENDA SECTION:
NO. 5
Reports ORIGINATING DEPARTMENT:
Community Development
ITEM:
Tower Place Development
Agreement NO. 2-
APPROVED:
~ David Hagen, Director
BA C K G R O U N D
The EDA's attorney is in the process of separating the redevelopment
agreement into two separate agreements, one with Park Nicollet and one
with Frauenshuh. Because the EDA will be conveying part of the
property it owns to Frauenshuh and part to Park Nicollet, it is
necessary to have a new public hearing to consider the terms of these
conveyances.
RECOMMENDATION
By motion establish a public hearing for March 1, 1993 to consider the
conveyance of the Tower Place site to Park Nicollet and Frauenshuh per
)the terms of the proposed development agreements.
s
3114:GEN36
PUBLIC WORKS FINANCE COMMUNITY UEVELUH. Executive Director
APPROVAL APPROVAL APPROVAL APPROVAL APPROVAL c ,OT AINED . OBTAINED OBTAINED OBTAINED OBTAINED
<?
ACTION: MOTION BY 2ND BY TO
R E Q U E S T F O R E D A A C T IO N
DATE February 1, 1993
lose
AGENDA SECTION: Reports
NO. 5
ORIGINATING DEPARTMENT:
Community Development
ITEM: APPROVED:
Highway 7/Louisiana Landscaping qu/
Project-Electric Line Relocation] Mr David Hagen, Director NO•
BA C KG R O U N D
At the January 4 EDA meeting staff was authorized to prepare plans and
specifications and to advertise for bids for installation of
landscaping for this and South Oak Pond landscaping projects. At that
meeting it was reported that NSP has been requested to prepare cost
estimates to relocate electric lines along the south side of Highway
7. This relocation is required to avoid the necessity of trimming the
trees to eliminate their conflict with overhead lines.
While the conflict between the trees to be planted and the electrical
lines will not occur for at least ten years after planting, it is
advantageous to begin planning for the relocation now so that the most
desirable option can be taken advantage of. Both in terms of cost and
aesthetics the most desirable option is to relocate the overhead lines
underground in a conduit along the south side of Highway 7. NSP
estimates that the cost of installing the conduit for the electrical
)lines is approximately $31,000. Since installation of the conduit
after the trees have been planted and are established would be
detrimental to the root structure of the tree, it is suggested that
the conduit be installed at this time.
BUDGET CONSIDERATIONS
The 1993 EDA budget contains $300,000 for this landscaping project.
It has been estimated that the landscaping project will cost $226,000
excluding the cost of relocating overhead electric lines.
RECOMMENDATION
It is recommended that the EDA authorize execution of necessary
agreements to have NSP install conduit for the eventual undergrounding
of the overhead electrical lines on the south side of Highway 7 at an
estimated cost of $31,000.
3113:GEN36
PU BL IC WO R K S FINANCE COMMU N ITY UEVtE LUH. Executive Director
APPRO V AL APPRO VAL APPRO VAL APPROVA L APPROVAL c O BTAIN E D O BTAINED O BTAINED O BTAINED O BTAINED AAJOAAJJJJJJ
0 ACTIO N: M O TIO N BY 2NDBY TO
RE Q U EST- FO R E D A AC T IO N
DATE February 1, 1993 ----~----
AGENDA SECTION: Reports
NO. 5
ORIGINATING DEPARTMENT:
Public Works
ITEM:
NO•
Results of Environmental Study
at 6007 Highway 7
APPROVED:
b q.1/4. l..1 James N. Gru e - -
Director of Public Works
Synopsis: This report considers the issue of environmental conditions at 6007
Highway 7 (southwest corner of Trunk Highway 7/Wooddale Avenue) and recommends the
Economic Development Authority (EDA) authorize staff to submit a final report to
the Minnesota Pollution Control Agency (MPCA).
Background: In 1985 the Economic Development Authority (EDA) purchased the
property at 6007 Highway 7 to facilitate the reconstruction of the Trunk Highway
7/Wooddale Avenue intersection. The building was removed from the site in 1991,
and during the demolition process an underground storage tank was encountered. A
review of records indicated the property had been owned by Pure Oil Company and
during that tim e fiv e underground tanks were known to exist on the site. Further
review of records indicated four tanks had been removed; therefore, staff was
confid ent that the existing. tank was the only tank on the site .
On May 29, 1992 the EDA 's tank removal contractor removed the tank from the
) property . Upon removal of the tank from the excavation, stained soils possessing a
petrole um -lik e odor were encountered . As additional soil was removed from the
excavatio n to def in e the vertic al extent of soil contam in ation, groundwater flowed
into the excavation and soil removal was halted (at a depth of approximately nine
feet). Observation Of the groundwater indicated it possessed a petroleum-like
sheen. Accordingly , the MPCA was contacted, indicating that a release had occurred
on the sit e . As a result of the encounter of petrole um in the soils , im pacted
soils generated during the tank removal process were incin erated to "burn off" the
petrole um and an envir onmental study was conducted to determine the extent of
contam in atio n and the need for addit io nal study and/or rem ediatio n .
Discussio n : The EDA 's envir onmental consult ant, Braun Intertec (Braun), has
comple ted the env ir onmental study of the sit e. Specif ic activ itie s conducted by
Braun in clu ded :
1. Three soil borings were taken on the site and sample s were retrieved for
fie ld and la boratory analy sis .
2. A petrole um vapor risk assessment survey was conducted to evalu ate whether
nearby structures and utilit ie s have been im pacted by the petrole um rele ase .
(contin ued)
PUBLIC WORKS
APPROVAL
{NED
COMM . DEV .
@a ggE APPROVAL
OBTAINED
E xecutive Director
APPROVAL
OBTAINED
COUNCIL ACTION: MOTION BY 2NDBY TO ---------- ---------- -----
The soil boring/laboratory analysis activity provided for field analysis of 37 soil
samples and laboratory analysis of four samples. Each soil sample submitted for
laboratory analysis was analyzed for benzene, ethyl benzene, toluene, and xylenes
(BTEX) and total hydrocarbons (THC) as fuel oil and gasoline. With the exception
of THC as fuel oil in the sample collected at 10-13 feet in one boring, none of the
parameters was detected.
The petroleum vapor risk assessment survey included organic vapor measurement in an
adjacent building basement and three storm sewer structures. Measurements made at
the locations did not detect organic vapors above normal levels.
Braun Conclusions/Recommendation: Based on data obtained during its investigation,
Braun concludes that a limited amount of petroleum impacted soil may remain at the
site. The data also indicates that the petroleum impacted soil does not extend to
the water table (the water table is approximately 10 feet below the impacted soil).
Braun recommends the EDA propose to the MPCA that no further investigative or
remedial actions be taken and that the leak site file be closed. The
recommendation is based on the following:
* Both the organic vapor data and analytical results indicate that soil
contamination does not extend to the water table; and
*
)
The contamination appears to pose no immediate risk to public health or
the environment (City water is supplied to the area, petroleum vapors
related to the contamination at the site do not appear to be migrating
off site, and groundwater does not appear to be impacted).
EDA Options: It appears the EDA has two options available:
1. Recommend to the MPCA that no further action be taken.
2. Remove the impacted soils.
Braun has presented a number of perspectives in support of the no further action
option. Regarding the option of removing the impacted soils, staff estimates the
project cost at approximately $4,000 (for approximately 10 cubic yards of material
or less). Discussions with a representative of the MPCA indicate the material can
be excavated by either the City or a State licensed contractor. Costs incurred in
the material excavation, sampling, and disposal are eligible for reimbursement from
the State Petroleum Tank Release Compensation Fund as long as the MPCA tank release
file remains open. Once the file is closed any costs incurred by the EDA must be
borne by the EDA.
Although the estimated cost appears significant in relation to the amount of
material generated, total removal will result in full remediation of known
conditions. The rationale for removing the impacted site is that it may make
adjacent property more marketable.
(continued)
»,,
Staff Perspective: Staff supports Braun's recommendation that no further action be
taken. Staff bases its position on the fact that the location of the impacted
soils is the site of the future (and final) location of the south highway frontage
road detachment at Wooddale Avenue. Attached herewith are copies of the future
south frontage road location between Brunswick Avenue and Wooddale Avenue (Figure
1). The location of the impacted soils is identified on the figure, at a location
directly beneath the street. The second figure (Figure 2) identifies the previous
location of the underground storage tank (UST) and the three soil boring locations.
The impacted soil was encountered in boring no. 2 (ST-2).
Recommendation: It is recommended the Economic Development Authority authorize
staff to release the results of the environmental study conducted at 6007 Highway 7
to the Minnesota Pollution Control Agency and propose that no further action be
taken at the site.
sk
)
.
u) z
~ &, o {i
dlgdplb f rpm ho]
k
«t
2 •
> BT (CURB ®»w
E.B. T.H. 1
7
I
I FUTURE PROPOSED R/W
(I2' FROM BACK OF CURB)
LOCATION OF IMPACTED SOILS _ __,
or\
PA RKI
- 50 OO rs a HORIZONTAL
SCALE: ]"= 50'
Q 5 o
7TT""Wl VERTICAL
SCALE: ]"= 5
FIGURE 1
U
0 =
Cc
0
20 z
cy
pg
0
?
=4
0 z
"0 C
o
3a 0 z g
Ar
Co
s3
720 ►
~
U
r- C
/
co co
]
7
5
5 I?
[.,1..]{
[ '[®es nun io-os-s2 " Arr s gut' SITE MAP "[oG]cud@z-gos faoiiaesugoto Report BR
• [@ @ @ uzooid ]av]r @vs iir. {AUN
SALE 1'eJ)' St Louts Park, Minnesota ' [] NTERTEC
R E Q U E S T FO R EDA ACTION
DATE February l, 1993
AGENDA SECTION:
NO. 6
Unfinished Business
ORIGINATING DEPARTMENT:
ITEM:
NO. 6a
Traffic Impact Study - Excelsior
Boulevard area
APPROVED: )/).4
James N. Grube .>°
Director of Public Works
)
Synopsis: This report addresses the issue of a traffic impact study for the
Excelsior Boulevard area and recommends the Economic Development Authority
(EDA) authorize staff to issue a Request for Proposal (RFP) to traffic
consultants to examine the impacts.
Background: On December 14, 1992, January 4, January 11, and January 19, 1993
the EDA considered the issue of a traffic impact study for the Excelsior
Boulevard area. On January 19 the EDA reviewed the traffic study RFP,
receiving comments from a representative of the Excel Neighborhood regarding
RFP content. Specific areas of interest to the Excel Neighborhood included
the consideration of the Trunk Highway 1O0/Excelsior Boulevard interchange and
the impacts experienced as a result of the W. 39th Street closure west of
Quentin Avenue. These issues are addressed in sections B, C, and D of the RFP
Scope of Engagement element and Exhibit A of the RFP.
Attached is a copy of the RFP which calls for a February 15, 1993 proposal
submittal date. The RFP will be released to all qualified consulting firms.
The RFP requires the consultants to establish a study schedule so staff will
be able to develop related schedules regarding negotiations with the State,
County, and Tower Place developer.
Recommendation: It is recommended that the Economic Development Authority
authorize release of the Excelsior Boulevard traffic impact study Request for
Proposal.
cmr
attachment
PUBLIC WORKS Executive Director
A P P R O V A L A P P R O V A L AP P R O V A L AP P R O V A L A PPR O VA L c ( 'IN E D O B T A IN E D O B T AIN E D O BT AIN E D O B TAIN ED
ea
C O U N C IL A C T IO N : M O T IO N BY 2N D B Y TO
TO:
FROM:
DATE:
SUBJECT:
Selected Consultants
James N. Grube, Director of Public Works
February 1, 1993
Request for Proposal - Traffic Impact Study for the Excelsior
Boulevard Area
STATEMENT OF PURPOSE
The St. Louis Park Economic Development Authority (EDA) is negotiating with
the Park Nicollet Medical Center (Park Nicollet) for the development of the
Tower Place site located at the intersection of Excelsior Boulevard and Park
Center Boulevard and the expansion of Park Nicollet facilities on adjacent
properties. The Park Nicollet development will be accomplished in phases. It
is anticipated that adjacent properties will be redeveloped by others as the
Park Nicollet development occurs.
The selected consultant will be responsible for the examination of available
information and development of a traffic impact study which addresses the
phased Park Nicollet expansion and adjacent improvements.
SCOPE OF ENGAGEMENT
A. The consultant shall develop a computerized trip generation and
distribution model for the area south of County Road 25 and east of
Trunk Highway 100 (including the Trunk Highway 100/Excelsior Boulevard
interchange). The model shall be used for the following development
scenarios:
1. Existing conditions with Phase I development by Park Nicollet
2. Existing conditions with Phase II development by Park Nicollet
3. Area wide redevelopment with Phase II development by Park Nicollet
4. Area wide redevelopment with Phase III development by Park Nicollet
B. The selected consultant shall examine the impacts of the development
scenarios on the streets within the area south of County Road 25 and
east of Trunk Highway 100, including the Trunk Highway 100 interchanges
with W. 36th Street and Excelsior Boulevard, and the County Road 25/Belt
Line Boulevard intersection. The impact evaluation will include P.M.
peak hour movements within the study area and will be measured in terms
of levels of service A to F commonly used in the industry.
C. The selected consultant shall provide recommendations for geometric
improvements within the study area which will result in service levels
of "C" along Excelsior Boulevard between Monterey Drive and Xenwood
Avenue and at the Trunk Highway 100 interchanges with W. 36th Street and
Excelsior Boulevard for each development scenario.
D. The selected consultant shall examine the impacts of the development
scenarios on W. 39th Street, Park Center Boulevard and Quentin Avenue
north of Excelsior Boulevard and recommend improvements necessary to
assure continued access in the area.
Selected Consultants
February 1, 1993
Page 2
E. The selected consultant shall examine the im pacts of the development
scenarios on W. 38th Street, Quentin Avenue, and Wooddale Avenue south of
Excelsior Boulevard and coordinate improvement recommendations with C
above.
F. The selected consultant shall develop a computerized base map of the
Excelsior Boulevard corridor between Monterey Drive and Xenwood Avenue
for use in the examination of recommendations offered in C above. The
consultant shall be prepared to generate up to three geometric
alternates for the area along Excelsior Boulevard between Quentin Avenue
and Xenwood Avenue.
G. The selected consultant shall recommend geometric improvements for the
County Road 25/Belt Line Boulevard intersection for each development
scenario.
H. The selected consultant shall provide up to twenty hours of site
planning assistance by one specified person on the consultant project
team on the Park Nicollet development in meetings with EDA staff and
Park Nicollet.
I. The selected consultant shall provide the following deliverables:
1. Report (20 copies) summarizing
a. Activities
b. Results/impacts
c. Recommendations
2. Basemap of the Excelsior Boulevard corridor which depicts the
geometrics favored by the EDA for each development scenario
(placed on a reproducible medium).
3. Cost estimates related to Excelsior Boulevard corridor
improvements favored by the EDA for each development scenario.
J. The selected consultant shall be responsible for attendance at three EDA
meetings and two neighborhood meetings.
PROPOSAL CONTENT
The consultant is requested to submit a proposal which addresses the
following:
A. Experience
l. Provide a summary of applicable experience in the area of traffic
impact studies.
a. The summary shall contain a description of the projects
including client, location, and year(s) of contract
relationship.
2. Provide a summary of the consultant project team, including
resumes of each team member.
S e l e c t e d C o n s u l t a n t s
F e b r u a r y 1 , 1 9 9 3
P a g e 3
C o m p u t e r P r o g r a m
l . P r o v i d e a s u mm a r y o f t h e c o m p u t e r p r o g r a m w h i c h w i l l b e u s e d f o r
t r i p g e n e r a t i o n /d i s t r i b u t i o n a c t i v i t i e s .
C . S c h e d u l e
B .
l . P r o v i d e a n e s t i m a t e o f t h e t i m e r e q u i r e d t o p e r f o r m t h e s t u d y a n d
p r o v i d e a r e p o r t , a f t e r E x h i b i t A r e f e r r e d t o b e l o w h a s b e e n
f i n a l i z e d .
D . E D A R e s p o n s i b i l i t i e s
1 . D i s c l o s e w h a t r e s p o n s i b i l i t i e s t h e E D A a n d it s s t a f f m u s t a s s u m e
i n s u p p o r t o f t h e c o n s u l t a n t .
E . C o n t r a c t C o s t
1 . T h e c o n s u l t a n t 's p r o p o s a l s h a l l b e b a s e d o n t i m e a n d m a t e r i a l
c o s t s w i t h a c o s t "n o t t o e x c e e d " f o r a l l a c t i v i t i e s r e l a t e d t o :
a . E x i s t i n g c o n d i t i o n s w it h P h a s e I d e v e l o p m e n t b y P a r k
N i c o l l e t
b . E x i s t i n g c o n d i t i o n s w it h P h a s e II d e v e l o p m e n t b y P a r k
N i c o l l e t
) c. Area wide redevelopment with Phase II development by Park
Nicollet
d. Area wide redevelopment with Phase III development by Park
Nicollet
2. The EDA will make consultant payments within 7 days of the first
Monday of each month for invoice and supporting documentation
received at least 7 days before the first Monday of that
particular month.
AVAILABLE INFORMATION
A. Site Information
l. Enclosed Exhibit A depicts Park Nicollet's Phase I, Phase II, and
Phase III development proposals. These may change somewhat before
commencement of the study.
2. Enclosed Exhibit Bis an excerpt from the Urban Design and
Redevelopment Plan, St. Louis Park, Minnesota, November, 1991.
The excerpt identifies area wide redevelopment potential along
Excelsior Boulevard.
B. Existing Traffic Information
1. Enclosed Exhibit C is the Excelsior Boulevard Traffic Impact Study
prepared by Strgar-Roscoe-Fausch, Inc. in response to a previous
area redevelopment proposal.
S e l e c ted Consultants
F e b r u a r y 1 , 1 9 9 3
P a g e 4
2 . E n c l o s e d E xhibit D i s a Barton-Aschman Associates, Inc. report
addressing traffic impacts to Excelsior Boulevard result ing from
full development of Tower Place.
3. Enclosed Exhibit E depicts P.M . peak hour conditions at selected
intersections (observed September, 1991) and average daily traffic
volumes at selected intersections (1987, 1990).
4. Enclo sed Exhib it F i s an excerpt from the Urban Design and
Redevelopment Plan, St. Louis Park, Minnesota, November, 1991.
The excerpt identif ies Tower Place area traffic improvement
potential.
C. Neighborhood Concerns
1. Enclosed Exhibit G is an excerpt from a report entitled Excelsior
Boulevard Redevelopment, An Evaluation of Proposals for the Water
Tower Site. The excerpt identifies traffic concerns of the EXCEL·
Neighborhood Association (1986).
D. Available Street Information
1. The City possesses as-built information for local area streets.
2. As-built information for Excelsior Boulevard (including signals)
may be possessed by either Hennepin County or the Minnesota
Department of Transportation (Mn/DOT).
3. As-built information for Trunk Highway 100 may be available from
Mn/DOT.
QUESTIONS
A. Questions should be referred to Jim Grube.
PROPOSAL SUBMITTAL
Five (5) copies of the proposal shall be submitted to:
Jim Grube, Director of Public Works
5005 Minnetonka Boulevard
St. Louis Park, MN 55416
no later than 12 P.M. (noon) February 15, 1993.
PROPOSAL EVALUATION
A. Following receipt of proposals, the Director of Public Works, Community
Development Director, Superintendent of Engineering, and Planning
Coordinator will review the information provided and submit their
recommendations to the EDA for contract award.
C93A/RFPTraff
F e b r u a r y 1 , 19 9 3
ED A
TO:
THROUGH:
FROM:
SUBJECT:
Economic Development Authority
cTinton Pires, Interim Executive Director('
Harlan Syverson, Dir. of Finance /-5
Don Rambow, Asst. Dir. of Finance,{
January 1993 EDA Monthly Statement
)
The Combining Statement of Revenue and Expenditures, the Individual Statement
of Revenue and Expenditures and Schedule of Investments provides, in summary
form, the financial position of the EDA.
Revenue co 11 ect ions reflect reimbursements for Tower Pl ace Development and
interest received on investments which matured during January.
The transfers in the Excelsior Blvd. Construction Fund reflect: the amount due
the City of St. Louis Park for bond and interest payment during 1993, and the
amount due the EDA Debt Service Fund for interest payments during 1993.
3
St. Louis Park Economic Development Authority
Combining Statement of Revenue and Expenditures
Budget and Actual
For Period Ending January 31, 1993
YTD Balance Percent
Collected/ Uncollec./ Collected/
Revenue
Budget Expended Unexpend. Expended
-------- --------- --------- ---- ·----
-------
Tax increment $2,331,371 $ $2,331,371
Rent 4,680 390 4,290
Interest 555,000 9,586 545,414
Land sale
Transfers 4,057,652 504,000 3,553,652 12
Refunds & Reimburse 175,000 75,000 100,000 43
--------- --------- ---------
Total Revenue 7,123,703 588,976 6,534,727 8
--------- --------- ---------
Expenditures
------------
Administrative
Salaries 84,000 84,000
Employee benefits 17,170 17,170
Supplies & other chgs. 5,420 5,420
Legal 7,200 7,200
Contractual 1,700 1,700
) Planning 10,000 10,000
--------- --------- ---------
Total Administrative 125,490 125,490
--------- --------- ---------
Project Cost
Appraisal/survey
Legal 75,000 75,000
Environ. analysis 43,300 43,300
Public improvement 6,743,500 6,743,500
Relocation/demolition 95,000 95,000
Property taxes 74,362 74,362
Acquisition 1,824,800 1,824,800
Envirn. Remediation 62,500 62,500
Referendum payment 340,000 340,000
Property Maintenance 16,500 16,500
Other services 30,500 30,500
Transfers 3,553,652 3,553,652
--------- --------- ---------
Total Project Costs 12,859,114 12,859,114
--------- --------- ---------
Debt Service
Bond interest 504,000 504,000
Transfer 504,000 504,000 100
Inter-govt., City 620,000 620,000 100
Bond agent fees
--------- --------- --------- Total Debt Service 1,628,000 1,124,000 504,000 69
--------- --------- --------- Total Expenditures 14,612,604 1,124,000 13,488,604 8
O --------- --------- --------- Revenue over (under)
Expenditures (7,488,901) (535,024)(6,953,877) 7
--------- --------- --------- ---
l
St. Louis Park Economic Ddevelopent Authority
Individual Statement Of Revenue And Expenditures
For Period Ending January 31, 1993
Revenue
Tax increment
Rent
Interest
Transfers
Refund/reimburse
Total Revenue
Expendit ures
Administrative
Salaries
Employee benefits
Supplies & other chgs.
Legal
Contractual
Planning
Total Administrative
Project Cost
) Appraisal/survey
Legal
Environ. analysis
Public improvement
Relocation/demolition
Acquisit ion
Condemnation
Referendum payment
Property maintenance
Other services
Total Project Costs
Debt Service
Bond interest
Transfer
Inter-govt., City
Bond agent fees
Revenue over (under)
Expenditures
Excelsior Oak Park
Blvd Village
$ $
5,976
75,000
80,976
504,000
620,000
Total Debt Service 1,124,000
Total Expenditures 1,124,000
(I, 043, 024)
390
605
995
995 ------- -------
$
Trunk Capital
Hwy 7 Projects
$ $ $
390
820 1,904 281 9,586
504,000 504,000
75,000
820
820 ------- -------
1,904
1,904
=======
Debt
Service
504,281
Total
588,976
504,000
620,000
1,124,000
------- ---------
1,124,000
504,281
=======
(535,024)
2
--\,
)
ST. LOU IS PARK ECONOM IC DEVELOPMENT AUTHORITY
SCHEDULE OF INVESTMENTS
JANUARY 31, 199 3
Date
Investme nts --------------------
In stitution/Type Yie ld Purchase Maturity Balance
Ag , o, -------- .... - - .... - ..
Park National - CD 6.65 08-06-9 1 02-02-93 $1,200,000
Da in Bosworth - Treas. 6.08 09-04-91 02-28-93 64 0,000
Da in Bosworth-T reas. 4 .20 01-10-92 02-28-93 475 ,000
Da in Bosworth - Treas. 5.75 10-11-9 1 03-31-93 1,000,000
1s t Banks - Treas. 5.43 11-05-9 1 04-30-93 1, 170,000
Pa rk Investme nt- FNMA 5.15 12-03-9 1 06-10-93 910,000
1s t Banks - FC 5.21 12-03-91 08-02-93 950,000
Pa rk National - C.D. 4.55 05-05-92 09-13-93 1,000,000
Park Investme nt - Treas. 4.67 06-02-92 09-30-95 975 ,000
1s t Banks • FHL 6.09 10-25-9 1 10-25-93 2,250,000
Da in Bosworth-T reas. 3.59 10-26-92 11-15-93 2,626,444
1s t Banks - FC 3.77 12-10-92 12-01-93 7 50,947
Da in Bosworth • FC 4.03 07-08-92 12-02-93 1,001,063
Park Investme nt - FNMA 4.08 07-10-92 01-10-94 966 ,699
Pa in e W ebbe r - FHL 3.53 09-10-92 01-25-94 850,300
Da in Bosworth-T reas. 3.42 09-10-92 01-31-94 399,73 5
1s t Banks - FHL 3.92 08-10-92 02-25-94 482,578
1st Banks FHL 4.30 12-01-92 02-25-94 1,099,499
) 1s t Banks FHL 5.35 02-28-9 1 02-28-94 500,000
1s t Banks - FC 5.80 04-01-92 04-04-94 1,000,000
Da in Bosworth-T reas. 3.75 10-13-92 04-15-94 1,048,055
1st Banks - Treas. 4.18 11-02-92 04-30-94 1,068 ,359
Da in Bosworth · Treas. 4.09 12-28-92 04-50-94 666 ,363
Da in Bosworth - FNM A 4.25 12-28-92 05-22-94 518,551
4M Fund Various Ope n 68 5,699
As s, a ,
Tota l Investme nts $24,234,292
----------
Legend : C.D. = Certificate of Depo sit
C.P . = Comm ercia l Pape r
F.C . = Farm Cred it
F.N.M.A. = Fed eral National Mortgage Assn .
F.H.L.B . = Fed eral Home Loan Bank
Treas. = U.S. Treasury Bond s
Gov't Agencies = Term U.S. Governme nt Securities
3
MEMORANDUM
TO: Economic Development Authority
THROUGH: Clinton E. Pires, Interim Executive DirectorC-
FROM: David Hagen, Community Development Directorf2f/---
DATE: February 1, 1993
SUBJECT: Addendum ~Claims
The second half real estate taxes for the Cityscape Project have
now been paid in the amount of $132,724.38. The minutes of the
December 7, 1992 EDA meeting indicate that the EDA would consider
making payment of the $62,400 due on the note at such time as
this tax increment is received. A cost of $170 in legal fees was
incurred in researching the EDA's obligation under the Cityscape
agreement.
RECOMMENDATION
Add a payment of $62,230 ($62,400 minus $170 for legal fees) to
Aetna Life Insurance Company for payment pursuant to the note.
3123:GEN37
V E ND O R CL A IM S
E c o n om ic D e v e l op m en t A u th or i ty -S t . L ou i s P a rk
F e b r u a ry 1 , 19 9 3
V en d o r D e s c r i p t i o n Am ou n t
ED AM
F i r s t T r u s t
M in n . D e p t . of H e a l t h
P o p h a m , H a ik , Sc h n o b r i ch
C i ty o f St . L o u i s P a rk
Z a h l Eq u ipm en t Co .
M em b e r sh ip du e s
Bo n d s & interest
Permit fee
Legal services
Debt service-Excelsior Blvd.
Services
TOTAL
$ 300.00
252,000.00
150.00
189.70
620,000.00
12,170.00
$884,809.70
ecoooetos et.2rn. c)rar e
-, LE. #» sees ,har/as
//'
)
P O P H A M , H A IK , S C H N O B R IC H , & KA U F M A N , L T D .
DhA de-»
3
Client N o :
Matter No:
11959
1
REMIT TO
MINNEAPOLIS OFFICE
3300 PIPER JAFFRAY TOWER
222 SOUTH 9TH STREET
MINNEAPOLIS, MINNESOTA 55402
TELEPHONE
612-333-4800
DENVER OFFICE
1200 SEVENTEENTH STREET
SUITE 2400
DENVER, COLORADO 80202
TELEPHONE
303-893-1200
WASHINGTON OFFICE
1300 I STREET N.W.
SUITE 500 EAST
WASHINGTON, D.C. 20005
TELEPHONE
202--962-8700
MIAMI OFFICE
4100 ONE FINANCIAL CENTER
100 S.E. SECOND STREET
MIAMI, FL 33131
TELEPHONE
305-530-0050
St Louis Park c onom ic Jevalopmant Authority
William Dixon»y Executive Sirector
5005 Minnetonka Bo ul ev a r d
St, Louis Park» MN 55416
December 23, 1992
Invoice No. 355034
L EASE RETURN THIS PORTION W ITH REMITTA NC
For professional services rendered» including;
L e v e l I General Matters
11/16/92 N. Chadwick
11/17/92 i% Ch=duuick
'so Hours:
Amount Cue, Professional Services:
5xpensas Advanced.
/y 57..» £ .'A.-C Ta - cc ta3--
Analyze status of title
to Lot 3% Sl0ck 2,
3eltline Business 9ar
and status of Klout's
interest in tne land,
Analyze the Moruusst
Mortgage recorded
aj=inst "Klo!t"
property,
1.0 35.0 0
• 2 17.00
1.2
$102.00
11/16/92 ietro Legal 341151
11/19/92 Metro L3gal 341608
11/30/92 Photocopies
4 2.50
40.00
5.20
Total ixpenses a v a n c e d :
Total rhis Matter
337.70
$139.70
2 11017= 720-#
Popham , Haik, Schnobrich, & Kaufman, LTD.
3300 Piper Jaffray Tower • 222 So. 9th St. • Minneapolis, MN 55402
FEDERAL ID. NUMBER 41-0947885
J a n u a r y 2 8 , 1 9 9 3
M E M O RA N D U M
T O : E c o n o m i c D e v e l o p m e n t A u t h o r i t y
T H R O U G H : C l i n t o n E . P i r e s , I n t e r i m E x e c u t i v e D i r e c t o r '
D a v i d H a g e n , C o m m u n i t y D e v e l o p m e n t D i r e c t o r ~
S U B J E C T : M o d i f i c a t i o n s t o T o w e r P l a c e A g r e e m e n t t o I n c o r p o r a t e
P l a n n i n g a n d D e s i g n C o n s i d e r a t i o n s
F R O M :
)
At an EDA Study Session on December 14, 1992, the EDA urged staff
to address identified planning and design issues in negotiations
with Park Nicollet. Some of these issues have already been
addressed, some will more appropriately be addressed through the
construction plan approval process as set forth in the agreement
and some should be addressed at this time. The request from Park
Nicollet and Frauenshuh to create two separate agreements gives
the EDA an opportunity to address the latter issues at this time.
One of the issues identified by staff which should be addressed
at this time is to increase the intensity level in Phase I.
Staff is planning to request that the EDA's attorney make a
modification to the agreements which will require 10,000 square
feet of additional clinic, office or retail space to be
constructed as part of Phase I, unless directed otherwise by the
EDA.
3116:GEN37