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HomeMy WebLinkAbout1993/03/01 - ADMIN - Agenda Packets - Economic Development Authority - RegularAGENDA ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK, MINNESOTA March 1, 1993 H. 5. Reports 9 0 / a. Execution of Agreements with ]-. Frauenshuh Companies ~(2, rNMCntrance sign: Triangle area "h}ref s "\i i set tress ,7 -0 he . 7-2 7.New business (hulac] e. communications and tis ,tD a. Financial statement peoursh/ ,, css 7 0 Park Nicollet Medical Center and ale yhr= 7-e) a. Tower Place traffic impact study Request for Proposal 9. Adjournment - Lt/u {oF) 7-o 7-0 7-0 REQUEST FOR EDA ACTION DATE March 1, 1993 AGENDA SECTION: uo. % 5 Public Hearings ORIGINATING DEPARTMENT: Community Development ITEM: conveyance OI ±LA Ownea Lana > Tower Place to PNMC Holdings NO. ' to Frauenshuh Companies av[A PP,QE D: an#' ([)pl David Hagen, Director B A C K G R OU N D At the regular February EDA meeting a public hearing to consider separate conveyances of the Tower Place site to PNMC Holdings and Frauenshuh Companies was established for this meeting of the EDA. Copies of the proposed contract for private redevelopment have been available for public review since the public hearing notice appeared in the February 17, 1993 issue of the st. Louis Park Sailor. Attached is a summary of the agreements as they are currently drafted. Attached also are resolutions that may be used by the Economic Development Authority to approve the contract, authorize its execution and authorize execution of a Deed of Conveyance and other documents ) related to the conveyance. RECOMMENDATION Open the public hearing relating to the separate conveyance of portions of the Tower Place site to PNMC Holdings and to Frauenshuh Companies and approve the attached resolutions after closing the public hearing. 3172:GEN38 PU BL IC W OR K S A P P R O V A L AIN E D F IN A N C E A P P R O V A L O B T A IN E D COMMU N ITY Ut V t L U H. A P P R O V A L O B T A IN E D A P P R O V A L O B T A IN E D Executive Director e AP P R O V A L O B T A IN E D A C T IO N : M O T IO N BY 2N D BY TO 02c 25- 93 14:02 FA FAX-LT75 (Z 002-004 POPHAM, HAIK MEMORANDUM Sui to 3300 222 South Ninth Street /inn&apal is, LN 55402 (612) 333- 4800 TO: Economic Development Authority FROM: Popham, Haik, Schnobrich & Kaufman, Ltd. (J.R. Steilen) DATE: February 25, 1993 RE: Park Nicollet Medical Center and Frauenshuh Companies Development Agreements ) Previously the EDA had approved a redevelopment agreement with a joint venture entity to be formed by the Park Nicollet Medical Center and the Frauenshuh Companies. Park Nicollet's tax attorneys and environm ental attorneys have requested significant structural changes which has led to dividing the contract into two contracts, one with Park Nicollet Medical Center and one with Frauenshuh Companies. Although the basic business terms are substantially the same as the business terms the EDA previously approved, we felt that these structural changes are significant and that a new hearing was required. I. Park Nicollet Medical Center. A. The business transaction remains substantially the same. Park Nicollet Medical Center (PNM C) will form a new company, PNM C Holdings, which will perform its obligations to the Authority. PNM C will guaranty all obligations of PNM C Holdings. Briefly, PNMC Holdings agrees to: l. Construct at least 250,000 square feet of medical office space during the next 10 years. 2. Pay at least $34 million in real estate taxes over the next 30 years on the new development and at least $16.5 million in real estate taxes over the next 30 years on the existing tower. 3. Perform all remediation required by the MPCA with respect to the landfill and the Authority Property to the extent of any leaching from the landfill. They will use $1.25 million of their own funds for that purpose as well as the fund of tax increment created by the Authority. 14:02 FAX FAX-LT7 5 00: 004 4. Pay the Authority: a. $255,000 for attorney fees and consultant costs; b. $250,000 in 2004; c. $488,400 in July, 1993. s. Guaranty payment of at least 80% of infrastructure costs for the Project. 6. Provide the Authority with a $650,000 letter of credit until Phase I is completed. B. The Authority agrees to: l. Convey land to PNMC Holdings which is necessary for the Project. 2. Build a municipal parking ramp at a cost to the Authority not to exceed $4.5 million. 3. Construct infrastructure for the Project. 4 . Establish a $9 million hazardous substance tax increment fund. The fund will contribute tax increment from the Project to reimburse PNM C Holding for remediation costs and establish an indemnity fund to protect project lenders from future costs. C. follows: The significant differences from prior drafts are as l. PNMC Holdings will have no obligation to remedy a Frauenshuh default. 2. There will be no cross default clause whereby if Frauenshuh defaults, PNMC Holdings is automatically in default. However, there will be a cross default clause running in the other direction, i.e. if PNMC Holdings defaults, Frauenshuh is automatically in default. Also, if Frauenshuh defaults prior to 2001, the subsidy on the ramp must be returned to the Authority on the basis of a dollar for each dollar of payment Frauenshuh fails to make to the Authority or City. -2- 0 2 7 2 5 7 9 3 14 :0 3 FA FA\-L T75 Z 004 004 e' II. Frauenshuh Companies, A. The business deal is largely unaffected. Frauenshuh Companies agrees to: l. Construct at least an 8,000 square foot family style restaurant and a 27,000 square foot cinema/retail structure. 2. Pay real estate taxes totaling at least $6,330,000 over the next 30 years. 3. Pay environmental costs for the site not covered by PNMC or the Authority. 4. Guaranty paym ent of at least 20% of the infrastructure assessments. 5. Pay the Authority $45,000 for attorneys fees and consultant costs. 6. Provide the Authority with a $250,000 letter of credit. B. The Authority has agreed to: 1. Convey the land. 2. Build the Infrastructure. 3. Remediate specified environmental problems at a cost not to exceed $300,000. 4. Relocate the water tower. Frauenshuh is not permitted to comm ence construction of any of its development until PNMC Holdings has firm noncontingent financing for its first two buildings. The Frauenshuh retail development is essentially a land inventorying device that keeps the land under control of PNM C and available for future expansion of the medical campus. PHM C will have an option or other legal control of the real estate. -3- 1 6181s8 RESOLUTION NO. RESOLUTION AP PROVI NG CONTRA CT FOR PRIVATE REDEVELOPMENT WI TH FRA UENSHUH COMPAN IES WH EREAS , the Housing an d Redevelopment Authority for the City of St. Louis Park (HRA ) established the Excelsior Boulevar d Redevelopment Project an d approved a plan for the project in 1977, which plan was am ended in 1984; an d WHEREAS, the City Council of the City of St. Louis Park tra nsferred control, authority and operation of the Excelsior Redevelopment Project from the HRA to the Economi c Developm ent Authority (EDA) in 1988; and WH EREAS , the HRA an d EDA purchased parcels of lan d in the northeast quadran t of Highway 10 0 and Excelsior Boulevard (the "Site") in St. Louis Park, the title for which currently is in the nam e of the EDA; and WHEREAS, a proposed contract for private redevelopment has been prepared wherein the EDA would convey its interest in part of the Site to the PNMC Holdings; and WHEREAS, a public hearing on the proposed sale of land was held at 6:30 p.m . on Monday, M arch 1, 1993 pursuan t to published public notice of the hearing in the St. Louis Park Sailor, on W ednesday, February 17, 1993, pursuant to a Minnesota Statute 469.105 Subdivision 2; and NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the Economi c Development Authority of the City of St. Louis Park as follows: 1. That the contract for private redevelopment by and between the St. Louis Park Economic Development Authority and the Frauenshuh Companies is hereby approved in substantially the form presented. 2. That the execution of the contract for private redevelopment in substantially the fo rm presented by the President and Executive Director of the EDA is hereby authorized. 3. That the President and the Executive Director of the EDA are hereby authorized to execute a Deed of Conveyan ce and other documents related to the conveyance of the pro perty, including but not limited to the PILOT agreement and the assessment agreement, under the terms and conditions contained in the contract for private redevelopment, as executed. Adopted by the Economi c Development Authority of St. Louis Park on Mar ch 1, 1993 ATTEST: President Approved as to form and execution: Executive Director EDA Attorney 2816-2:GEN34 R E SO L U T IO N N O . R E S O L U T IO N AP P R O VI N G C O N T RA C T FO R P R IVA T E RE D E VE L O PM E N T WI T H P N M C H O L D IN G S WH E R E AS , the H ou sin g an d R edevelopm en t A uth ority fo r th e C ity of St. Loui s Park (H RA ) establish ed the E xcelsior B ou levard R edevelopm en t Project an d approved a plan fo r th e project in 1977 , w h ich plan w as am en ded in 1984; an d W H E R E A S, th e C ity C ou n cil of th e C ity of St. L ouis P ark tra nsfe rr ed contro l, au th ority an d op eration of the E x celsior R edevelopm ent P roject fr om th e H R A to the E conomi c D evelopm ent A u th ority (E D A ) in 1988; an d WH E R E AS , the HRA an d E D A pu rch ased parcels of lan d in the northeas t quadran t of H ighw ay 100 an d E x celsior B ou levard (the "Site") in St. Louis P ark, the title fo r w hich cu rrentl y is in the nam e of the E D A ; an d W H E R E A S , a prop osed con tract fo r private red evelopm en t h as been prepared w h erein the E D A w ould con vey its in terest in par t of the Site to th e P N M C H oldings; an d W H E R E A S, a publi c h earing on the proposed sale of land w as h eld at 6:30 p.m . on M on day , M arch 1, 1993 pu rsu an t to publish ed public notice of th e h earin g in the St. Louis P ark Sailor, on W ed n esday , F ebruary 17, 1993, pursuan t to a M innesota Statute 469.105 S u bd ivision 2; an d N O W T H E R E F O R E B E IT R E S O L V E D by th e B oard of Com m issioners of the E con omi c D evelopm ent A u th ority of th e C ity of St. Louis P ark as fo llow s: 1. T h at th e con tract fo r private red evelopm ent by and betw een the St. Louis P ark E con om ic D ev elopm en t A u thority and the P N M C H oldin gs is h ereby approved in su bstan tial ly th e fo rm presen ted. 2. T h at th e ex ecution of the contra ct fo r private redevelopm en t in substantially the fo rm presen ted by th e P residen t and E x ecutive D irector of the E D A is hereby au thorized. 3. T h at th e Presiden t an d the E xecutive D irect or of the E D A ar e h ereby authorized to ex ecu te a D eed of C on veyan ce and other docu m ents related to the conveyan ce of the prop erty , incl udin g bu t n ot lim ited to the P IL O T agreem ent and the assessm ent agreem en t, un d er the term s and conditions contained in the contra ct fo r private red evelopm ent, as execu ted. A dopted by th e E con omi c D evelopm en t A uth ority of St. Lou is Par k on M ar ch 1, 1993 A T T E S T : Presiden t A pproved as to fo rm an d execu tion: E xecu tive D irect or E D A A tt orn ey 2816-1:G E N 34 REQUEST- FOR EDA ACTION DATE March 1, 1993 AGENDA SECTION: New Business NO. 6 ORIGINATING DEPARTMENT: ITEM: Traffic Impact Study - Excelsior Boulevard Area NO. 6a APPROVED: 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 authorize execution of a contract with Strgar-Roscoe-Fausch, Inc. to conduct the study. Background: On February 1, 1993 the Economic Development Authority (EDA) authorized release of a Request for Proposal (RFP) to area traffic engineering consultants' for a traffic impact study for the Excelsior Boulevard area. In authorizing the release of the RFP, the EDA directed that all qualified firms be solicited, and that staff seek assistance from the Minnesota Department of Transportation (Mn/DOT) and Hennepin County in the identification of qualified firms. Discussion: In response to the EDA directive that all qualified traffic engineering firms be advised of the RFP, staff consulted the Consulting Engineering Council roster of traffic engineers, cross referencing the roster with representatives of Mn/DOT and Hennepin County. The staff search yielded 10 firms, each of which was presented a RFP. Six of the firms submitted proposals in response to the RFP. Responding firms included: Strgar-Roscoe-Fausch, Inc. (SRF) Barton-Aschman Associates, Inc. (Barton-Aschman) Orr-Schelen-Mayeron & Associates, Inc. (OSM) BRW, Inc. (BRW) Short-Elliott-Hendrickson, Inc. (SEH) HNTB Corp. (HNTB) The proposals were reviewed by a staff team consisting of: Community Development Director Director of Public Works Planning Coordinator Superintendent of Engineering (continued) PU8LIC WORKS COMM. DEVELOP. Executive Director APPROVA~ APPROVAL 2/23/93 APPROVAL APPROVAL APPROVAL/'-/ r "NED [OBTAINED [OBTAINED [OBTAINED [OBTAINED '--° rC~UNCIL ACTION, MOTION BY 2ND BY TO St a f f ex am in at io n of the proposals consid er ed a num be r of is sue s in clu d in g , b u t n o t l i m i t e d t o : G r a s p o f p r o j e c t s c o p e S e n s i t i v i t y t o t i m e c o n s t r a i n t s E x p e r i e n c e o f t h e f i r m S t a f f e x p e r i e n c e S c h e d u l e I d e n t i f i c a t i o n o f E D A r e s p o n s i b i l i t i e s C o n t r a c t c o s t A t t a c h e d i s a t a b l e w h i c h c o m p a r e s t h e p r o p o s a l s b a s e d u p o n t h e c a t e g o r i e s i d e n t i f i e d a b o v e . A s n o t e d i n t h e c o m p a r i s o n t a b l e , t h r e e f i r m s : S R F , B a r t o n -A s c h m a n , a n d S E H e x h i b i t e d a g o o d g r a s p o f t h e p r o j e c t s c o p e . W h i l e e a c h o f t h e t h r e e f i r m s h a s g o o d e x p e r i e n c e i n t h e a r e a o f t r a f f i c s t u d i e s , a f o u r t h f i r m , B R W , a p p e a r s t o b e w e l l s u i t e d t o s e r v e t h e E D A 's n e e d s . A r e v i e w o f t h e f i r m s ' s t a f f r e s u m e s i n d i c a t e s e a c h c o m p a n y w i l l a s s i g n a s o l i d s t a f f t o t h e p r o j e c t . I t i s s t a f f 's o p i n i o n t h a t S R F , B a r t o n -A s c h m a n , B R W , o r S E H i s c a p a b l e o f p e r f o r m i n g a d e q u a t e l y w i t h i n a t h r e e t o f o u r m o n t h s c h e d u l e . B a s e d u p o n i t s e v a l u a t i o n o f t h e p r o p o s a l s , S R F i s t h e f a v o r e d c o n s u l t a n t d u e t o i t s e x p e r i e n c e a n d t h e p r o p o s e d $2 6 ,4 6 0 c o n t r a c t c o s t . S t a f f w a s c o n c e r n e d t h a t t h e S R F p r o p o s a l w a s a p p r o x i m a t e l y 2 0 p e r c e n t b e l o w t h e p r o p o s a l s p r e s e n t e d b y t h e o t h e r f i r m s . S R F i n d i c a t e d i t w i l l b e a b l e t o u s e a s i g n i f i c a n t p o r t i o n o f i t s w o r k p r o d u c t d e v e l o p e d i n a s i m i l a r 1 9 8 6 /1 9 8 7 s t u d y ; t h e r e f o r e , i t i s a b l e t o r e d u c e t h e s t u d y c o s t . S R F i n d i c a t e d i t i s p r e p a r e d t o h o n o r i t s p r o p o s a l . R e l a t i o n s h i p t o P a r k N i c o l l e t M e d i c a l C e n t e r S t u d y : I n i t s J a n u a r y 4 , 1 9 9 3 r e p o r t t o t h e E D A , s t a f f i n d i c a t e d t h a t t h e P a r k N i c o l l e t M e d i c a l C e n t e r (P a r k N i c o l l e t ) i s r e s p o n s i b l e f o r a c q u i s i t i o n o f a n I n d i r e c t S o u r c e P e r m i t (I S P ) f r o m t h e M i n n e s o t a P o l l u t i o n C o n t r o l A g e n c y (M P C A ) t o p r o c e e d w i t h t h e p r o p o s e d P a r k N i c o l l e t c a m p u s p r o j e c t . T h e I S P i s r e q u i r e d b e c a u s e t h e n u m b e r o f p a r k i n g s t a l l s p r o v i d e d i n t h e f i r s t t w o c a m p u s p h a s e s e x c e e d s t h e M P C A t h r e s h o l d f o r a n I S P . T h e o b j e c t i v e o f t h e I S P i s t o e x a m i n e p r o j e c t e d t r a f f i c v o l u m e s a n d c o n g e s t i o n i n t h e v i c i n i t y o f t h e c a m p u s o n e y e a r a f t e r p h a s e t w o c o m p l e t i o n (2 0 0 5 ). I n i t s J a n u a r y 4 r e p o r t , s t a f f i n d i c a t e d t h a t P a r k N i c o l l e t h a d s h o w n a n i n t e r e s t i n r e t a i n i n g t h e s a m e t r a f f i c e n g i n e e r i n g c o n s u l t a n t a s t h e E D A f o r t h e I S P r e l a t e d t r a f f i c s t u d y . D u r i n g t h e R F P p r o c e s s , P a r k N i c o l l e t e x a m i n e d i t s s c h e d u l e a n d e l e c t e d t o r e t a i n a n i n d e p e n d e n t t r a f f i c c o n s u l t i n g f i r m t o c o n d u c t t h e I S P r e l a t e d t r a f f i c s t u d y u n d e r a m o r e a g g r e s s i v e s c h e d u l e . O n F e b r u a r y 1 9 , 1 9 9 3 s t a f f m e t w i t h r e p r e s e n t a t i v e s o f t h e P a r k N i c o l l e t t r a f f i c e n g i n e e r i n g c o n s u l t a n t . T h e t r a f f i c e n g i n e e r i n g c o n s u l t a n t i n d i c a t e d t h a t P a r k N i c o l l e t i n t e n d s t o s u b m i t t h e r e s u l t s o f i t s I S P r e l a t e d t r a f f i c s t u d y a n d a n I S P a p p l i c a t i o n t o t h e M P C A i n f i v e w e e k s (m i d -A p r i l ). I n s o f a r a s t h e P a r k N i c o l l e t s c h e d u l e w i l l p r o v i d e s t u d y r e s u l t s w h i l e t h e E D A s t u d y i s s t i l l u n d e r w a y , s t a f f h a s d e t e r m i n e d a s l i g h t l y m o d i f i e d p r o j e c t s c o p e w i t h S R F w i l l s e r v e b o t h t h e E D A a n d P a r k N i c o l l e t . (c o n t i n u e d ) P r o p o s e d r e v i s i o n s t o t h e S R F t r a f f i c s t u d y e n g a g e m e n t i n c l u d e t h e e l i m i n a t i o n o f t h e e v a l u a t i o n o f t h e f o l l o w i n g d e v e l o p m e n t s c e n a r i o : e x i s t i n g c o n d i t i o n s w i t h P h a s e I 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 c a u s e i t r e s e m b l e s t h e P a r k N i c o l l e t I S P r e l a t e d t r a f f i c s t u d y . I n s t e a d o f p e r f o r m i n g t h e s t u d y o f t h a t s c e n a r i o , S R F c a n p r o v i d e c o n s u l t a n t s e r v i c e s t o t h e E D A i n r e v i e w o f t h e r e s u l t s o f t h e d e v e l o p m e n t s c e n a r i o a s d e v e l o p e d b y P a r k N i c o l l e t a n d i t s c o n s u l t i n g e n g i n e e r . T h i s m i n o r p r o j e c t r e v i s i o n w i ll s u p p o r t P a r k N i c o ll e t 's s c h e d u l e a n d i n s u r e t h e i n t e g r i t y o f t h e E D A 's a r e a -w i d e s t u d y , i n c l u d i n g n e i g h b o r h o o d im p a c t s . F i n a n c i a l C o n s i d e r a t i o n : A s n o t e d a b o v e , S R F h a s s u b m i t t e d a p r o p o s a l t o c o n d u c t t h e t r a f f i c i m p a c t s t u d y f o r $2 6 ,4 6 0 . I n d i s c u s s i o n s w i t h S R F r e g a r d i n g t h e m i n o r r e v i s i o n t o t h e p r o j e c t s c o p e o u t l i n e d a b o v e , s t a f f l e a r n e d S R F h a d v a l u e d t h e e x a m i n a t i o n o f e x i s t i n g c o n d i t i o n s w i t h p h a s e t w o d e v e l o p m e n t a t a p p r o x i m a t e l y t w o t h o u s a n d d o l l a r s . S t a f f i s o f t h e o p i n i o n t h a t S R F w i l l d e d i c a t e a p p r o x i m a t e l y t h e s a m e r e s o u r c e s i n i t s m e e t i n g s w i t h P a r k N i c o l l e t r e p r e s e n t a t i v e s a n d i t s e v a l u a t i o n o f P a r k N i c o l l e t 's t r a f f i c s t u d y r e s u l t s . A c c o r d i n g l y , n o r e v i s i o n i n t h e c o n t r a c t c o s t i s r e c o m m e n d e d . T h e t r a f f i c i m p a c t s t u d y w o u l d b e f u n d e d w i t h p r o c e e d s o f t h e b o n d s t h a t w e r e s o l d i n 1 9 9 0 . 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CZ c 4) ' <r , co s.. ' S = 0 I- 4,2 d S co ..c:: 7 r co co co (/) :::c:: March 1, 1993 ED A TO: Economic Development Authority THROUGH: Clinton Pires, Interim Executive DirectorC--- FROM: Harlan Syverson, Dir. of Finance ? Don Rambow, Asst. Dir. of Finance' 0 SUBJECT: February 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 collections reflect interest received on investments which matured during February. Expenditures reflect the semi-annual interest payment related to the 1990 bond issue, reimbursement for the Cityscape project pursuant to the June 26, 1992 memo, and soil excavation at the Wilkins Pontiac site. ) St. Louis Park Economic Development Authority ) Combining Statement of Revenue and Expenditures Budget and Actual For Period Ending February 28, 1993 YTD Balance Percent Collected/ Uncollec./ Collected/ Revenue Budget Expended Unexpend. Expended -------- --------- --------- --------- ------- Tax increment $2,331,371 $ $2,331,371 Rent 4,680 780 3,900 Interest 555,000 163,346 391,654 Land sale Transfers 4,057,652 504,000 3,553,652 12 Refunds & Reimburse 175,000 75,000 100,000 43 --------- --------- --------- Total Revenue 7,123,703 743,126 6,380,577 10 --------- --------- --------- Expenditures ------------ Administrative Salaries 84,000 84,000 Employee benefits 17,170 17,170 Supplies & other chgs. 5,420 300 5,120 Legal 7,200 7,200 Contractual 1,700 1,700 es Planning 10,000 10,000 ) --------- --------- --------- Total Administrative 125,490 300 125,190 --------- --------- --------- 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 12,360 82,640 13 Property taxes 74,362 74,362 Acquisition 1,824,800 62,230 1,762,570 3 Envirn. Remediation 62,500 62,500 Referendum payment 340,000 340,000 Property Maintenance 16,500 16,500 Other services 30,500 1,785 28,715 Transfers 3,553,652 3,553,652 --------- --------- --------- Total Project Costs 12,859,114 76,375 12,782,739 1 --------- --------- --------- Debt Service Bond interest 504,000 252,000 252,000 50 Transfer 504,000 504,000 100 Inter-govt., City 620,000 620,000 100 Bond agent fees --------- --------- --------- Total Debt Service 1,628,000 1,376,000 252,000 85 --------- --------- --------- / Total Expenditures 14,612,604 1,452,675 13,159,929 10 --------- --------- --------- Revenue over (under) Expenditures (7,488,901) (709,549)(6,779,352) 9 --------- --------- --------- w AA» St. Louis Park Economic Development Authority Individual Statement Of Revenue And Expenditures For Period Ending February 28, 1993 Revenue Tax increment Rent Interest Transfers Refund/reimburse Total Revenue Expenditures Administrative Salaries Employee benefits Supplies & other chgs. Legal Contractual Planning Total Administrative roject Cost .Appraisal/survey Legal Environ. analysis Public improvement Relocation/demolition Acquisition 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 $ $ $ $ $ $ 780 780 105,458 10,292 13,921 32,394 1,281 --- 163,346 504,000 504,000 75,000 75,000 180,458 100 100 12,360 12,360 504,000 620,000 Total Debt Service 1,124,000 Total Expenditures 1,136,460 (956,002) 11,072 100 100 100 10,972 Trunk Capital Hwy 7 Projects 13,921 100 100 62,230 1,785 64,015 64,115 (50,194) ======== 32,394 32,394 ======= Debt Service 505,281 252,000 253,281 ======= Total 743,126 300 300 12,360 62,230 1,785 76,375 252,000 504,000 620,000 252,000 1,376,000 252,000 1,452,675 (709,549) 2 x ) ST. LOUIS PARK ECONOM IC DEVELOPMENT AUTHORITY SCHEDULE OF INVESTMENTS FEBRUARY 28, 199 3 Date Investme nts 4 8 N we «» a o » » » o , In stitution/Type Yield Purchase Maturity Balance ---------------- -------- a a Da in B osworth • Treas. 6.08 09-04-9'1 02-28-93 $64 0,000 Dain Bosworth-Treas. 4 .20 01-10-92 02-28-93 475 ,000 Dain Bosworth - Treas. 5.75 10-11-91 03-31-93 1,000,000 1st Banks - Treas. 5.43 11-05-91 04-350-93 1,170,000 Pa rk Investme nt- FNM A 5.15 12-03-91 06-10-93 910,000 1st Banks - FC 5.21 12-03-91 08-02-93 950,000 Park National - C.D. 4.55 05-05-92 09-13-93 1,000,000 Park Investme nt • Treas. 4.67 06-02-92 09-30-93 975 ,000 1st Banks - FHL 6.09 10-25-91 10-25-93 2,250,000 Dain Bosworth-Treas. 3.59 10-26-92 11-15-93 2,626,444 1st Banks - FC 3.77 12-10-92 12-01-93 750,947 Dain 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 Paine Webbe r - FHL 3.53 09-10-92 01-25-94 820,100 Dain Bosworth-Treas. 3.42 09-10-92 01-31-94 390,229 Park National - C.D. 3.75 02-02-93 01-31-94 500,000 1st Banks - FHL 3.92 08-10-92 02-25-94 482,578 "x 1s t B anks - FHL 4.30 12-01-92 02-25-94 1,099 ,499 } 1s t B anks - FHL 5.35 02-28-91 02-28-94 500,000 1s t B anks 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 1s t B anks - Treas. 4.18 11-02-92 04-50-94 1,068 ,359 Da in Bosworth - Treas. 4.09 12-28-92 04 -30-94 666 ,363 Da in Bosworth - FNM A 4.25 12-28-92 05-22-94 518 ,551 4M Fund Various Ope n 66 2,411 ---------- Tota l Investme nts $23,471,298 ---------- Legend : C.D . = Certif ic ate of Depo sit C.P . = Comme rc ia l Pape r F.C . = Farm C red it F.N.M.A. = Fed era l National Mortgage Assn. F.H.L .B . = Fed era l Home Loan Bank Treas. = U.S . Treasury Bond s Gov't Agencie s = Te rm U.S . Governme nt Securitie s _) 3 VENDOR CLA IM S Ven dor Econom ic Dev elopm ent Auth ority-St . Lou is Park M arch 1, 1993 Description Amount Braun In ter tec Environmen tal M inneso ta Sun Publica tion s Northern Sta tes Pow er Co . Poph am , Haik , Schnobrich Sou tham Business Comm unication s City of St . Louis Park ST S Consultants Ltd . Zahl Equ ipm en t Co . Serv ices Publish & advertise Utilities Legal services-December Publish & advertise Construction project costs Engineering services Services $ 2,700.60 58.32 10.65 9,808.74 210.90 356,484.03 24,369.95 704 .64 TOTAL $394,347.83 Accounting Dep~ o/.--ouJ Dated_2-_-~k~7~5"_,_1~'3- _ e..lL2 J&s«%2ls/he ®fQ»»use Executive ) P O P H A M , H A IK , S C H N O B R IC H , & KAUFMAN, LTD. REMIT TO #4£2 POLIS OFFICE 3300 PP£= JAFFRAY TOWER 222 SOUTH 9TH STREET MINNEAPOLIS. MINNESOTA 55402 TELEPHONE 612-333-4800 DENVER OFFICE Client 11559 1200 SEVENTEENTH STREET SUITE 2400 DENVER. COLORADO 80202 TELEPHONE 303-893- 1200 P age : WASHINGTON OFFICE 1300 I STREET N.:, SUITE 500 EAST WASHING TOI. D.C. 20005 TELEPHONE 202-962- 6700 MIAMI OFFICE <100 ONE FINANCIAL CENTER 100 S.E. SECONDO STREET MIAMI, FL 33131 TELEPHONE ], 395-530-0050 St Louis Park Economic Development Authority January 29, 1933 PLEASE RETURN THIS PORTION WITH REMITTANCE 11953 St Louis ?ark Economic Sevelopmen? Autcrity l c ) , 5 1 4 15 17 Level II General Matters Level I I General Matters Meetings @ n t h e Avenue Park Nicollet 2roject 9reject Tower Site Environmental Matters Park Boulevard Assisted Living 13.7 27.7 7.1 s42.50 :207.00 s252.50 s1,554.00 =5,540.00 51,266.56 ss0 .0 0 s.00 s2.20 :97.20 5374.58 TOTALS: :2.6 5476-.2 FOR INFORMATION ONLY Inter-Off ice City of St. Louis Park Memorandum TO: FROM: DATE: SUBJECT: Economic Development Authority Clint Pires, Interim Executive Director(!__ March 1, 1993 Park Nicollet Environmental Reports Background On February 16, it was reported to the EDA that staff was in the process of reviewing environmental reports submitted by Park Nicollet Medical Center. These reports are the result of a Consent Order entered into by Med Center, Inc. with the Minnesota Pollution Control Agency (MPCA). Attached is an informational memo from the Director of Public Works describing activities required under the Consent Order. Discussion Staff has had the opportunity to review and discuss these draft reports with Park Nicollet, limited by time constraints under which Park Nicollet is operating and deli very of its reports to City staff. As of February 24, Park Nicollet was planning to deliver its reports to the MPCA by Friday, February 26. It is understood that Park Nicollet wishes to share some results of its reports with owners of neighboring properties. Should this occur, Park Nicollet will be encouraged to invite City staff to attend such meetings as Park Nicollet reports its findings. More information will be provided to the EDA as soon as Park Nicollet finalizes its reports and delivers them to staff for review. attch. For Information Only February 1, 1993 TO: THROUGH: FR OM: SUBJECT: Economic Development Authority Clinton E. Pires, Interim City Manager C James N. Grube, Director of Public Works Park Nicollet Medical Center Environmental Reports Synopsis: This report advises the Economic Development Authority (EDA) that staff and the EDA Attorney have taken receipt of a number of environmental reports submitted by the Park Nicollet Medical Center (Park Nicollet) and is in the process of document review before their release to the Minnesota Pollution Control Agency (MPCA). Background: In December, 1991 the MPCA and MedCenter, Inc. (MedCenter) entered into a Consent Order regarding the Old Beltline Dump near Excelsior Boulevard and Trunk Highway 100. The Consent Order required that certain investigations and remedial actions be conducted at the site. Consent Order activities included: 1. » [Investigation of methane concentrations in soils on and adjacent to the Old Beltline Dump. 2. Investigation of the St. Peter Aquifer in the vicinity of the Old Beltline Dump. 3. Investigation of subsurface soils in the vicinity of the Park Nicollet building which have exhibited a low plH condition (soils are within the Old Beltline Dump site). 4. Development of a groundwater pumpout system to control the movement of groundwater exiting the Old Beltline Dump site. Discussion: Discussions between Park Nicollet and Medcenter indicate that Park Nicollet may (or has) assume(d) responsibility for the Consent Order responsibilities. Over the past 12 months EDA staff and the EDA Attorney have been discussing the progress the Park Nicollet/MedCenter environmental consultant has made in each area, and on January 22, 1993 the consultant submitted reports addressing each of the issues. Staff and the EDA Attorney are in the process of reviewing the submittals and the EDA will receive a report concerning the information upon completion of the review process. sjk