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HomeMy WebLinkAbout1993/11/01 - ADMIN - Agenda Packets - Economic Development Authority - Regular1 . C a l l t o O r d e r A G E ND A E C O N O M IC D EV EL O PM E NT A UT H OR I T Y S T . LO U IS PA RK , M INN ES O TA November 1, 1993 7:00 p.m. 7 ;0 0 2. Roll Call 7-O Al/) 3. Approval of minutes of October 18, 1993 7 0 4 . Approval of agenda for November 1, 1993 3 y1 7- 0 ) 5. Reports a. Contract amendment: Traffic study contract with Strgar- Roscoe-Fausch A c t i o n : Motion to authorize execution of an amendment to Contract 2-93 with Strgar-Roscoe-Fausch increasing contract amount to sso,40 [H/[M 7 -O b. Early access agreement for soil testing A c t i o n : Motion to approve the agreement and authorize its execution subject to EDA attorney approval//jt/(C D 7- c. Temporary easement for Park Nicollet on Frauenshuh site A c t i o n : Moti?};©o approve contingent staff's report[ ]t/J 7-0 d. Early access agreement: Frauenshuh on two conditions in = sea om9, jg7,#4g Environmenta1 lawsu~~ - Wil~hq. 6. Unfinished business LO 7. New business 8. Communications and bills A c t i o n : Motion to approve early access agreemen~/and_authorize its execution subject to EDA attorney approval _Jl/GH 7- .4; lite#?"3l .4 p °(Z)U-€ 7 -0 7- 0 a. October 1993 financial « 1l63 A c t i o n : Motion to receive for filing b. Vendor claims 1y©? 7-O A c t i o n : Motion to approve and authorize payment 9. Adjournment a 7 3 0 IR/<4 ) REQUEST- FOR EDA ACTION DATE November 1, 1993 -------=---- AGENDA SECTION: Reports NO. 5 ORIGINATING DEPARTMENT: Public Works Contract Amendment - Contract 2-93 {APPROVED: n) ±0 , Traffic Study Contract with Strgar- James N. Grube S/.//Z-6> wo Roscoe-f@uswh. Ie ' Prector of Pulic Wore + ITEM: Synopsis: This report considers traffic impact study services provided by Strgar-Roscoe-Fausch, Inc. (SRF) under a professional services contract and recommends the Economic Development Authority (EDA) authorize execution of a contract amendment to the contract. Background: On March 1, 1993 the EDA entered into Contract No. 2-93 with SRF to conduct a traffic impact study for the Excelsior Boulevard corridor in the vicinity of ·Tower Place. The scope of study included: I. Review of the Park Nicollet Medical Center/Frauenshuh Companies traffic study and street layout.concept proposals. 2. ) 3. Expansion of the Park Nicollet Medical Center/Frauenshuh Companies year 2005 component of the traffic study. Development of a year 2015 traffic impact study for the Excelsior Boulevard area. Discussion: SRF began work on its contract with meetings with the developers' consultants to assure proper development of the developers' traffic impact scenarios and agreement with the EDA's traffic impact study. Upon receipt of the developers' traffic impact study and street layout concept, SRF examined the information and concluded that the proposals were feasible, with minor modification. Based upon the SRF conclusion, EDA staff presented the developers' proposal to the Minnesota Department of Transportation (Mn/DOT), Hennepin County, and City Council. On July 1, 1993, EDA staff received a critical response to the developers' proposal from Mn/DOT. During the months of July, August, September, and October (through the 15th), various SRF staff dedicated a significant amount of time and resources on "out of contract scope" work to secure Hennepin County, Mn/DOT, and neighborhood support. This "out of contract scope" activity resulted in an additional $24,000 in costs. A summary of the expenditures and explanation of the activities follows: (continued) PUBLIC WORKS A =VAL } Ou .4ED APPROVAL OBTAINED APPROVAL OBTAINED APPROVAL OBTAINED executive Director APPBovAL 2..». osrAiwess /4/// COUNCIL ACTION: MOTION BY 2NDBY TO I ---------- ---------- ----- D e t a i l r e v i e w o f d e v e l o p e r s ' c o n s u l t a n t w o r k - $2 ,4 0 0 U p o n r e c e i p t o f M n /D O T 's J u l y 1 , 1 9 9 3 r e s p o n s e S R F w a s d i r e c t e d t o r e v i e w t h e d e v e l o p e r s ' p r o p o s a l a s e c o n d t i m e f r o m a M n /D O T p e r s p e c t i v e . T h e S R F t e a m w a s d i r e c t e d t o id e n t i f y a n y "f a t a l " o r "p o t e n t i a ll y f a t a l " fl a w s in t h e d e s i g n , a s v i e w e d b y M n /D O T . A d d i t i o n a l meetings with development team - $1,200 Upon review of the July 1, 1993 Mn/DOT letter and a subsequent Mn/DOT staff memorandum of August 16, 1993, a series of team meetings were held to evaluate the letter and memorandum content and develop response strategies. Additional meetings were held to evaluate developed responses. Meetings with Mn/DOT and Hennepin County - $1,700 SRF staff and EDA staff conducted a series of informal meetings with Mn/DOT and Hennepin County to explain the results of analyses conducted by SRF in support of the developers' proposal. Traffic operations, signal timing, and queuing analyses to address Mn/DOT and Hennepin County concerns - $13,OOO SRF staff performed in depth analysis of the traffic signal systems which will serve Excelsior Boulevard, and developed signal timing relationships which accommodate projected traffic volumes. This activity necessitated a number of trials before the entire traffic signal system was optimally coordinated. The developers' consultant was considered to be less qualified (by EDA staff) than SRF to conduct this activity. Develop and evaluate alternative interchange concepts - $4,000 Both Mn/DOT and Hennepin County expressed concern over the lack of long term planning represented by the developers' year 2005 concept. SRF has a well known and respected highway design staff and was directed by EDA staff to examine various conventional and progressive interchange designs. SRF staff examined eight interchange layouts and developed three detailed concepts for the City to present to Mn/DOT and the County. Each concept was based on the developers' year 2005 concept and site development proposal. During discussions with Mn/DOT staff, EDA staff learned Mn/DOT was examining on its own, some interchange concepts SRF has previously reviewed and rejected as unable to meet long term traffic projections. As a result of SRF's work, EDA staff advised Mn/DOT to abandon its concept review because the results were already known to be unacceptable. It is the EDA staff's opinion that the SRF/EDA team gained credibility because it possessed such knowledge. W. 38th Street/W. 39th Street neighborhood traffic issues - $1,700 In preparation for neighborhood meetings held in September and October, and scheduled for November, SRF staff has examined the impacts of various traffic signal/geometric revisions along Excelsior Boulevard and internal neighborhood controls. SRF has attended a neighborhood meeting (in September) and is scheduled to assist EDA staff in a November meeting. (continued) ) Staff Perspective of SRF Role in Mn/DOT Discussions: During discussions with Mn/DOT, EDA staff learned that SRF played a critical role in gaining Mn/DOT's support. EDA staff learned that Mn/DOT's District Engineer had at least three private conversations with Peter Fausch of SRF in October. During the week of October 11 Mr. Fausch had two significant conversations with the District Engineer. On October 15, the day Mn/DOT provided its concept approval letter, Mr. Fausch was present in the EDA/Mn/DOT staff meeting, at the request of the District Engineer. Financial Considerations: As noted above, SRF has provided, or will provide, up to $24,000 in "out of contract scope" activity for Contract No. 2-93, a contract which was originally established at $26,460. Preliminary discussions with Park Nicollet Medical Center staff indicate Park Nicollet Medical Center may be willing to pay approximately half the costs experienced in the Mn/DOT/Hennepin County activities (0.50 x $22,300 = $11,150). While it appears the EDA may be able to receive up to $11,150 from the developers, certain elements of the City/developer agreements addressing professional service costs must be finalized. It is recommended that the EDA pay SRF for services rendered and include the SRF costs in the professional services negotiations with the developers. Recomm endation: It is recommended the Economic Development Authority authorize execution of an amendment to Contract No. 2-93 with Strgar-Roscoe- Fausch, Inc. increasing the contract amount to $50,460. sjk RE Q U EST F O R E D A A C T IO N DATE November 1, 1993 AGENDA SECTION: Reports NO. 5 ORIGINATING DEPARTMENT: Community Development ITEM: NO. Early Access Agreement for Soil Testing-Frauenshuh Company APPROVED: ## David Hagen BACKGROUND Frauenshuh has requested permission from the EDA to go on to that portion of the Tower Place site which is proposed to be conveyed to Frauenshuh for the purpose of doing soil testing. Attached is an agreement that would give Frauenshuh permission to go on to the site, before the EDA conveys the land to Frauenshuh, for that purpose. RECOMMENDATION By motion, approve the agreement and authorize its execution subject to EDA attorney approval. ) 4527:GEN42 PUBLIC WORKS PPROVAL _grate I FINANCE APPROVAL OBTAINED COMMUNITY UE VELU. APPROVAL [APPROVAL OBTAINED [OBTAINED 1Executive Director APaova 7 ,, oeries g/y ACTION: MOTION BY 2NOBY TO ----------- ------ A G R E E M E N T D A TE : B E TW E E N : A N D : THE ST. LO U IS PA RK EC ONO M IC DEVELO PM EN T AUTHO RITY a Minnesota body politic and corporate FRAU EN SHUH C O M PANIES a Minnesota corporation ('EDA") ('Frauenshuh") A. B. REC ITALS: Frauenshuh has an option to purchase the property described on Exhibit A (the EDA Property") pursuant to the Contract for Private Redevelopment dated April 8, 1993, between EDA and Frauenshuh (the 'EDA Contract"). Frauenshuh desires to conduct surface arid subsurface observations, testing and investigation of the EDA Property ('Testing") and EDA agrees to such Testing under the terms of this Agreement. ) AG REEM ENT EDA and Frauenshuh agree as follows: 1. So long as Frauenshuh has the option to purchase the EDA Property under the EDA Contract, Frauenshuh and its representatives may at Frauenshuh's cost enter the EDA Property and conduct such Testing of the EDA Property as Frauenshuh may reasonably deem appropriate. Frauenshuh shall remove any liens filed against the EDA Property by entities conducting such Testing within 15 days of the filing of any such lien. 2. Frauenshuh will at Frauenshuh's cost repair any damage to the EDA Property and indemnify, defend, and hold harmless EDA from any injury or damage to persons or property resulting from such Testing. 3. If Frauenshuh does not exercise its option to purchase the EDA Property, Frauenshuh will at no charge to EDA provide the EDA with a copy of any reports or other written findings from such Testing. 4. If Frauenshuh does not comply with this Agreement, EDA shall be entitled to its attorneys' tees and costs incurred in seeking compliance or damages resulting from non-compliance. frauensh\agree2.eda 10/26/93 10:00 - 1 - IN W ITN E S S O F this Agreement, EDA and Frauenshuh have executed this Agreement as of the date set out at its head. THE ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY By _ Its _ FRAUENSHUH COMPANIES ) frauensh\agree2.ed a 10/26/93 10:00 - 2 - R E Q U E S T F O R E D A A C T IO N DATE Nov. 1, 1993 AGENDA SECTION: Reports NO. 5 ORIGINATING DEPARTMENT: Administration ITEM: NO. 5c Temporary easement for Park Ni co 11 et APPROVED: on Frauenshuh site Robert Larson~ ) Background Construction activities at the Tower Place site have necessitated the closing of a portion of 39th St. west of Park Nicollet Medical Center and east of the AAA building. Park Nicollet is constructing a surface parking lot on the south side of 39th St. for their employees and some patients to be used during the construction of the parking ramp. Under the current plans, Park Nicollet staff will park in the new surface lot south of 39th St. and were to have access to that lot only off of Park Nicollet Blvd. It appears that Park Nicollet will not complete construction of Park Nicollet Blvd. to provide access to the mall parking lot before winter begins. Discussion Park Nicollet is requesting a temporary easement on Excelsior Blvd. just west of what will become Park Nicollet Blvd. This easement would include a curb cut on the north side of Excelsior Blvd. into the surface lot area. If the temporary easement were granted by the EDA, drivers would access the lot using a right turn off of westbound Excelsior Blvd. and a right turn out of the lot onto westbound Excelsior Blvd. also. There would not be a median cut on Excelsior Blvd. This request is acceptable to staff with the conditions outlined below in the recommendation. Re comm endation: It is recommended the EDA grant a temporary easement to Park Nicollet on Excelsior Blvd. west of the future Park Nicollet Blvd. for the purpose of access to the surface parking lot to be located south of 39th St. contingent upon the following conditions: P U BL IC W OR K S FINANCE COMMU Nl I Y Ut VtLU~ • MANAGER'S ~ AQyAL APPROVAL APPROVAL APPROVAL APPROVAL AINED [OBTAINED [OBTAINED [OBTAINED [OBTAINED ',------"-----------L.--------L---------...l.------------1-------...;;........;L----j COUNCIL ACTION: MOTION BY 2NDBY TO ------------ ------------ ------ 1 . T h a t F r a u e n s h u h , t h e f u t u r e o w n e r o f t h e p r o p e r t y , c o n s e n t s t o t h e t e m p o r a r y e a s e m e n t a n d t h a t t h i s c o n d i t i o n b e i n c l u d e d a s p a r t o f F r a u e n s h u h b e i n g c o n v e y e d t h e l a n d f r o m t h e E D A . 2 . T h e E D A a t t o r n e y s h a l l r e v i e w a n d a p p r o v e t h e t e m p o r a r y e a s e m e n t w i t h P a r k N i c o l l e t . 3 . H e n n e p i n C o u n t y a p p r o v e o f a n d i s s u e p e r m i t f o r t h e c u r b c u t o n E x c e l s i o r B l v d . ) R E Q U E S T F O R E D A A C T IO N DATE ---------- November 1, 1993 AGENDA SECTION: NO. 5 Reports ORIGINATING DEPARTMENT: Community Development ITEM: Early Access Agreement- NO, 5d Frauenshuh Co. APPROVED: MI- David Hagen, Director BAC K G R OU N D Similar to Park Nicollet, Frauenshuh would like to begin site grading before the portion of the Tower Place site is actually conveyed to them. Attached is an agreement that would give Frauenshuh the right to begin grading and excavation work prior to conveyance of the land to Frauenshuh. The agreement calls for a letter of credit in the amount of $50,000 to be provided to the EDA which can be drawn upon to restore the site to its original condition in the event conveyance to Frauenshuh does not occur by a certain date. This agreement has not yet been reviewed by the EDA's attorney. Recommendation ) By motion approve the early access agreement execution, subject to EDA attorney approval. 4 5 2 9 : G E N 4 4 and authorize its P U B L IC WOR K S APPROVAL ( AINED __,, FINANCE APPROVAL OBTAINED COMMUN1I Y DUtEVtELUH. APPROVAL OBTAINED APPROVAL OBTAINED Executive Director APPROVAL /.a. OTA=D (W/hp ACTION: MOTION BY 2ND BY TO SENT 5Y:Xerox Ts accpier 7020 310-25-35 11303 EARLY ACCESS AGREEMENT ) THIS AGRE EMENT made and entered into this day of , 1993 by and among the CITY OF ST. LOUIS PARK , a Minn esota Municipal corporation ("City"), THE ST. LOUIS PARK ECONOMIC DEVE LOPME NT AUTH ORITY, a public body politic and corporation ("Authority") and FRAUENSHUH COMP ANIES ("Frauenshuh"), a Minnesota Corporation. WITNESSETH: WHE REAS, the Authority and PNM C Holdings ("Holdings") made and entered into a Contract For Private Redevelopment (the "Redevelopment Contract") dated April 8, 1993 to redevelop property previously own ed by the Authority and now own ed by Holdings (the "Holdings Property "); and WH ERE AS, the Authority and Frauenshuh made and entered into a Contract For Private Redevelopment (the "Frauenshuh Contract" dated March 18, 1993 to redevelop property now owned by the Authority and the City (the "Frauenshuh Property") adjacent to the Holdings Property ; and WHE RE AS, development approval for the Holdings Property and the Frauenshuh Property has been received under the Plann ed Unit Development process provided for in Section 14:6-7.0 of the City's Zoning Ordinance subject to a num ber of conditions; and WH E RE A S, H oldings and Frauensh uh have filed an application for approval of a final plat pur suan t to Section 14-303 of the C ity Code upon whi ch th e H oldings Property is identified as L ots 4 an d 5, Block 1, Tow er Place, the property adjacent to the Holdings Property also own ed by Holdings is identified as Lot 1, Block 1, Tower Place, and the Fra uenshuh Property is identified as Lots 6 and 7, Block 1, Towe r Place all as shown on E xhi bit A attached hereto and m ad e a part here of; an d WHE RE A S, all of th e condi tions th at must be complied with and satisfied prior to the A uthority conveying title to th e Frauensh uh Property to Frauenshuh pursuant to the Redevelopment Contract have not been complied with and satisfied but the Authority and Frauenshuh believe and expect that such conditions will be complied with and satisfied by April 1, 1994; an d WH E RE A S, pri or to th e conveyan ce of th e title to the Frauenshuh Property to Frauenshuh, Frauenshuh desires to do and perform master site grading and to construct and install utilities necessary for development as required by the Redevelopment Contract on the Frauenshuh Property , pursuant to plans and specifications which have been or must be approved by the Authority and the City (herein collectively referred to as the "Site Improvements"); and SENT SY:Xerox Te =cosier 7020 310-25-55 11:04 E'23422075- ) WH ERE A S, th e Authority is wi lling to perm it Frauenshuh to do, perform , constru ct and install th e Site Im provem ents subject to th e term s an d conditions of thi s Agreement. N O W , THE RE FORE , in consideration of the premises an d oth er good and valuable consideration, the receipt an d suffi ciency of which is ackn ow ledged by each of the parti es hereto, th e part ies hereto do hereby covenant an d agree as follow s: 1. The City an d th e Auth ority each hereby agree to perm it Frauenshuh to do, perform , construct an d instal l th e Site Im provem ents, subject to the followi ng: (a) The prior submi ssion of an erosion control plan pursuant to Section 14:14-10 of th e City's Zoni ng Ordinan ce an d Site Im provem ent plan s and sp ecifications and approval th ereof by th e A uth ority an d th e City ; (b) The prior provi ding to th e City and the Authority of a letter of credit in a fo rm accepta ble to th e City and th e Auth ority in an am oun t equal to $50,000.00 that can be drawn upon by th e City an d th e A uth ority in th e event that title to the Frauenshuh Property or an y part th ereof is not conveyed by th e A uth ority to Fraue nshuh by January 31, 1994 to pay th e costs an d expenses of (i) importi ng fill m aterial to pro vide positive drainage off of th e Frauenshuh Property an d th e Frauenshuh Property , an d (ii) reesta blishing the tur f on the Frauenshuh Property ; an d (c) The providin g to th e City an d the Authority of a sworn constru ction affi davit setti ng forth th e nam es, ad dr esses, phone num bers and estim ated cost of all persons or entities contributing labor or material to th e Site Improvements, in cluding with out limitation all design professional s, at any tim e an d from tim e to tim e as contracts or subcontracts coverin g an y portion of th e Site Im provem ents are awar ded. (d) The obtai ning of a cons ent by Holdings to th is Agr eem ent and th e rights gr an ted to Frauenshuh un der thi s Agreem ent an d a waiver and releas e by Frauenshuh of any an d all causes of ac tions and claim s which may arise from the constru ction of th e Site Im provem ents by Frauenshuh, including but not lim ited to any righ ts and remedi es available to H oldin gs un der th e Holdin gs Contract, whi ch consent, waiver and release must be in form an d content reasona ble accep table to th e Auth ority 's attorn ey and the City's attorn ey. 2, Frauenshuh shall include in every contract Frauenshuh enters into with every contractor, subcontractor, m aterial m an or supplier ("Claim ant") whi ch coul d file a lien on the Frauenshuh Property as a result of the Site Im provements, lan guage reasonably acceptable to th e Auth ority 's attorn ey an d the City 's attorney w hereby the Claim an t waives th e right to file a m echani c lien against th e Frauensh uh Property as a result of th e Site Improvem ents or bring a claim agai nst th e A uth ority or th e City with respect to the Site Im provem ents and such contract shall be entered in to befo re such Claim ant enters th e Frauenshuh Property . The Auth ority an d th e City also reserve th e right to post and maintain signs on the Frauenshuh Property indicating th at th e Auth ority and th e City shall not be liable for un paid constru ction 2 SENT BY:Xerox 7e scdsie+ 7020 115-25-53 11305 G123222070- ) costs an d m echan ic liens. The purp ose of th is Par agraph 2 is to protect the A uth ority, th e City, an d th e Frauensh uh Property from claim s of ar chitects, engineers an d oth er Claim an ts for w ork or supplies furni shed or provided in conn ection w ith th e Site Im provem ents in th e event lack of finan cin g or oth er factors result in Frauenshuh not acquirin g title to the Frauenshuh Property . 3. Excep t for the negligent acts or om issions of th e City or Auth ority , Frauenshuh C om pani es, hereby agrees to indemni fy , defend an d hold harm less th e A uth ority an d th e City from an y an d all caus es of acti on ar ising out of Frauenshuh use of the Frauenshuh Property fo r th e constr uction of th e Site Im provem ents an d an y an d all claim s fo r dam ages w hi ch m ay ari se from th e per fo rm an ce by Frauensh uh , or its contractors, subcontractors or th ose for w hich Frauensh uh is responsible, of th e Site Im provem ents. In th e event an y claim sh all be made or an y action shall be brought against th e A uth ority or the City in respect of which eith er the A uth ori ty or th e City seeks indemni fication from Fraue nshuh hereun der, either th e City or th e Auth ority shal l prom ptly notify Frauenshuh in wri ting setting forth th e parti culars of such acti on or claim an d Frauens huh shall as sum e th e defense th ereof including th e retai nin g of coun sel an d th e paym ent of all expenses. The City an d th e Auth ority shal l have the right to retain separ ate coun sel in an y su ch actions an d to part icipate in the defense th ereof. In th e event th e City reasonable determi nes that such separ ate representation in any such action is necessar y in order to protect th e in terests of th e City or the Auth ority , the fe es an d expenses of such separ ate coun sel sh all be at th e expense of Frauenshuh . Except as provi ded above, the fees an d expenses of such separ ate couns el shal l be at th e expens e of the City or th e Authority unl ess th e retainin g of such separ ate coun sel has been specifically auth oriz ed by Frauenshuh . 4. Frauens huh wi ll provide an d maintain or cause to be main tain ed at all times duri ng th e process of constr uc ting th e Site Im pro vem ents un til th e termin ation of thi s A gr eem ent an d, from tim e to tim e at th e request of th e A uth ority or th e City, fur nish the A uth ori ty an d th e City wi th proof of paym ent of premi um s on comprehensi ve general liability insur an ce (including operations, contingent liabili ty , operations of subcontractors, completed operations an d contr actu al liability insuran ce) wi th lim its against bodily injury an d property dam age of not less than Ten M illion Dollar s ($10,000,000) for each occurr ence on an occurr ence b asis an d not on a claim s mad e basis; pro vided how ever that to ac complish the above-requi red limi ts, an um br ella excess liability policy may be us ed. If an occurrence basis policy is not available, Fraue nshuh sh all pur chas e a claim s m ade policy wi th su ch riders as are availab le at comm ercially reasonably rates so as to closely as possible duplicate occurr ence bas is coverage an d avoid gaps in coverage. Such insur an ce shal l nam e the A uthority an d th e City as additional insur ed un til th e termin ation of th is A greem en t, be tak en out an d m aintained in responsib le insur an ce com pan ies selected by Frauensh uh which are auth oriz ed un der th e law s of th e State of M inn esota to assum e th e risks covered th ereby, w hich are rated by Best's an d w hi ch are acceptable to the A uth ority an d the City. Prior to comm en cem ent of any Site Im provem ents, Frauenshuh wi ll deposit w ith the Auth ority an d the City copies of policies evidencing all such insur an ce, or a certi ficate or cert ificates or binders of th e respective insur ers stating th at such insur an ce is in fo rce an d effect. Each policy shal l contain a provision th at th e insur er shall not refu se to renew , can cel or m odify it wi th out giving wr itten notice to 3 SEy7 BY:Xerox Te.eccsier 7020 110-23-53 1106 G' 25422070- Frauens huh , th e Auth ori ty an d th e City at leas t sixty (60) days before the nonrenewal, cancellation or modification becomes effective. Not less than fifteen (15) days prior to the expiration of an y policy, Frauensh uh shall furn ish the Authority and the City evidence satisfactory to th e A uth ority an d th e C ity th at th e policy has been renew ed or replaced by an oth er policy confo rmi ng to th e provisions of this paragraph 4 or that there is no necessity th er efo re un der th e terms here of. 5. Upon th e occur rence of an y E vent of Defaul t (as sai d term is used an d defi ned in th e R edevelopm ent C ontract) un der th e Redevelopm ent C ontr act, th e C ity an d th e Auth ority shal l each ha ve th e righ t to termina te thi s A gr eem ent upon th e Auth ority or th e City givin g Frauenshuh wr itt en notice of such term ination. Frauensh uh sh al l have th e right to termi nate th is A gr eem ent upon Frauens huh givin g th e City an d th e Auth ori ty wr itten notice of such termi nation. N otwi th stan din g any termin ation of th is A greem ent, th e C ity 's ri ghts to dr aw upon th e letter of credit as provi ded in par agraph (1)(b) hereof an d th e obligations of Fraue nsh uh un der par agraph 3 hereof sh al l sur vive an d continue aft er such termin ation. The ri ghts an d obligations of Frauens huh , th e City an d th e A uth ority under this Agreement are personal rights and obligations of Frauenshuh, the City and the Authority and shall not run with the title to the Frauenshuh Property. In the event the Frauenshuh Contract is terminated for any reason, the Authority shall use its best efforts to obtain from any person or entity that acquires or has a right to acquire th e fe e title to, or any interest in, the Frauensh uh Property an agreem ent fr om such person or entity to recogni ze th e rights gran ted Frauens huh un der this A gr eem ent an d to continue ac cess by Frauens huh for cons tru ction an d instal lation of th e Site ) Im provem ents as provi ded in thi s A gr eem ent. 6. Prior to comm encing an y w ork on th e Frauensh uh Property, Fraue nshuh , at Frauenshuh 's expense, shal l obtain an y an d all licenses, perm its an d approval s requir ed in order to construct th e Site Im provem ents, in cludin g but not limi te d to, grad ing an d bui ldin g perm its, an y necessary approvals of th e Minn esota Pollution C ontr ol A gency an d any required indirect sour ce perm it. 7. N othi ng contai ned in th is Agreem ent sh all be alleged or cons tru ed to requir e, or have an y affect on, th e term s an d conditions of, or th e rights an d rem edies avail able to th e part ies hereto un der, an y oth er agr eem ents or contracts betw een Frauens huh an d th e A uth ority or th e City an d th e part ies hereto each waive an d releas e th e oth er part ies hereto fr om an y an d all claim s ari sing out of thi s A greem ent with respect th ereto. 8. A notice, deman d or oth er comm un ication un der thi s A gr eem ent by any party to an y oth er sh al l be sufficiently given or deliver ed if it is dispatched by registered or certified m ai l, postage prepaid, return receipt requested, or deliver ed personal ly; an d 4 SENT BY:Xerox Te/eccoie? 7020 310-253-93 1106 G123422070- ) (a) in the case of Frauensh uh addressed to or delivered personal ly to: Frauenshuh Companies 800 LaSalle Avenue, Suite 900 M inn eapolis, MN 55402 Attention: Richard Wicka (b) in th e case of the City, is addressed or delivered personally to: Th e C ity of St. L ouis Park 5005 M inn etonk a B oul evard St. Louis Par k, Mi nn esota 55416 A ttention: C ity M an ager wi th a copy to: Jam es R. Steilen, Esq. Popham , H aik, Schn obrich & K aufm an , Ltd. 3300 Piper Jaffr ay T ow er 222 South N inth Street M inn eapolis, Mi nn esota 55402 or at such oth er ad dr ess wi th re sp ect to an y such Party as th at party m ay, fr om tim e to tim e, design ate in wr iting an d fo rward to th e oth er, as provided in thi s secti on. IN WI TN ESS WH E RE OF, each of he parti es hereto ha s caused thi s A gr eem ent to be duly executed in its nam e an d on its behalf on or as of th e date firs t above wri tten. THE CITY OF ST. LOUTS PARK By _ Its _ And _ Its ------------- A T T EST : C ity C lerk 5 SENT BY:Xerox Telecosier 7020 110-28-93 11707 REVIEWED FOR ADMINISTRATION: G123422070- APPROVED AS TO FORM AND EXECUTION: City Manager City Attorney THE ST. LOUIS PARK DEVELOPMENT AUTHORITY By _ Its President And _ Its Executive Director ) FRAUENSHUH COMPANIES By _ Its. _ And _ Its _ 6 N o v e m b e r 1 , 1 9 9 3 EDA TO: Economic Development Authority THROUGH: Charlie Meyer, Executive Direct» &n FROM : Mac McBride, Finance Direct,»-lL Don Rambow, Asst. Finance Director SUBJECT : October 1993 EDA Monthly Statement ) The Combining Statement of Revenue and Expenditures, the Individual Statement of Revenue and Expenditures and the Schedule of Investments provides in summary form the financial position of the EDA. Revenue collections reflect interest received on investments which matured during October. Significant expenditures reflect environmental clean up costs associated with the Park Nicollet project and landscaping near South Oak Pond. St. Louis Park Economic Development Authority Combining Statement of Revenue and Expenditures Budget and Actual For Period Ending October 31, 1993 YTD Balance Percent Collected/ Uncollec./ Collected/ Budget Expended Unexpend. Expended Revenue Tax increment Rent Interest Transfers Refunds & Reimburse Total Revenue Expenditures Administrative Salaries Employee benefits Supplies & other chgs. Legal Contractual Planning Total Administrative \ . P roject Cost Appraisal/survey Legal Environ. analy sis Public im provement Relo cation/demolition Property taxes Acquisition Environ. remediation Referendum payment Property Maintenance Other services Transfers Total Project Costs Debt Servic e Bond interest Transfer Inter-govt., City Bond agent fees Total Debt Service Total Expenditures R evenue over (under) Expenditures $2,331,371 $1,593,027 4,680 3,900 555,000 807,139 4,057,652 504,000 175,000 248,333 7,123,703 3,156,399 3,967,304 84,000 17 ,170 5,420 7,200 1,700 10,000 125,490 75,000 43,300 6,743,500 95,000 74,362 1,824,800 62,500 340,000 16,500 30,500 3,553,652 504,000 504,000 620,000 61,681 12,444 3,684 2,889 1,200 21,977 103,875 121,763 101,569 1,891,416 101,533 204,77 8 5,257 4,064 $738,344 780 (252,139) 3,553,652 (73,333) 22,319 4,72 6 1,736 4,311 500 (11 ,977 ) 21,615 (46,763) (58,269) 4,852,084 (6,533) 74,362 1,620,022 62,500 340,000 11 ,243 26,436 3,553,652 12,859,114 2,430,380 10,428,734 504,000 504,000 620,000 1,628,000 1,628,000 14,612,604 4,162,255 10,450,349 (7,488,901)(1,005,856)(6,483,045) --------- --------- ========= ========= 68% 83 145 12 44 73 72 68 40 71 220 83 162 235 28 107 11 32 13 19 100 100 100 100 28 13 === St. Louis Park Economic Development Authority Individual Statement Of Revenue And Expenditures For Period Ending October 31, 1993 , Excelsior Oak Park Trunk Capital Debt Revenue Blvd Village Hwy 7 Projects Service Total ------- --------- -------- ------- -------- ------- ------- Tax increment $1,031,179 $199,755 $362,093 $ $ $1,593,027 Rent 3,900 3,900 Interest 504,779 54,824 55,091 166,237 26,208 807,139 Transfers 504,000 504,000 Refund/reimburse 248,333 248,333 --------- ------- ------- ------- ------- --------- Total Revenue 1,784,291 258,479 417,184 166,237 530,208 3,156,399 --------- ------- ------- ------- ------- --------- Expenditures ------------ Administrative Salaries 24,047 12,991 24,643 61,681 Employee benefits 4,310 2,500 5,634 12,444 Supplies & other chgs. 1,782 890 1,012 3,684 Legal 964 963 962 2,889 Contractual 610 235 355 1,200 Planning 21,977 21,977 --------- ------- ------- ------- ------- --------- Total Adm in istrative 53,690 17 ,5 79 32,606 103,8 75 --------- ------- ------- ------- ------- --------- Project Cost A ppraisal/survey Legal 115 ,8 57 5,906 121,763 Envir on . analy sis 97,138 4,431 101,569 Public im provement 36,478 1,8 54 ,938 1,8 91,4 16 Relo catio n/demolit ion 98 ,6 41 2,892 10 1,533 Property tax Acquis it io n 80 ,148 124,630 204 ,778 Referendum payment Property main tenance 2,2 57 3,000 5,257 Other services 847 3,2 17 4,064 --------- ------- --------- ------- ------- --------- Total Project Costs 431,3 66 1,9 99 ,0 14 2,430 ,380 --------- ------- --------- ------- ------- --------- Debt Servic e Bond interest 504,0 00 504 ,0 00 Transfer 504 ,0 00 504,0 00 Inter-govt ., City 620 ,0 00 620 ,0 00 Bond agent fees --------- ------- --------- ------- ------- --------- Total Debt Servic e 1,124 ,0 00 504 ,0 00 1,628 ,0 00 --------- ------- --------- ------- ------- --------- Total Expend it ures 1,6 09 ,0 56 17 ,5 79 2,031,6 20 504 ,000 4,162,2 55 --------- ------- --------- ------- ------- --------- Revenue over {under ) ? Expend it ures 17 5,235 240,900 {1,6 14 ,436) 166,237 26 ,208 {1,005,8 56) --------- ------- --------- . ======= ------- --------- --------- ------- --------- ------- --------- 2 ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY SCHEDULE OF INVESTMENTS October 31, 1993 Date Investments -------------------- Institution/Type Yield Purchase Maturity Balance ---------------- -------- -------- ------- Dain Bosworth-Treas. 3.59 10-26-92 11-15-93 $2,513,944 1st Banks - FC 3.77 12-10-92 12-01-93 750,000 Dain Bosworth - FC 4.03 07-08-92 12-02-93 1,000,000 Park Investment - C.P. 3.47 06-10-93 01-10-94 1,176,010 Park Investment - FNMA 4.08 07-10-92 01-10-94 955,000 Paine Webber - FHL 3.53 09-10-92 01-25-94 800, 000 Dain Bosworth-Treas. 3.42 09-10-92 01-31-94 390,000 Park National - C.D. 3.75 02-02-93 01-31-94 500,000 1st Banks - FHL 3.92 08-10-92 02-25-94 460,000 1st Banks - FHL 4.30 12-01-92 02-25-94 1,040,000 1st Banks - FHL 5.35 02-28-91 02-28-94 500,000 1st Banks - FC 5.80 04-01-92 04-04-94 1,000,000 Dain Bosworth - Treas. 3.75 10-13-92 04-15-94 1,000,000 ) 1st Banks - Treas. 4.18 11-02-92 04-30-94 1,050,000 Dain Bosworth - Treas. 4.09 12-28-92 04-30-94 650,000 Dain Bosworth - FNMA 4.25 12-28-92 05-22-94 518,551 Park National - C.D. 3.50 03-01-93 05-22-94 1,000,000 Dain Bosworth - Treas. 3.61 03-31-93 07-31-94 1,000,000 Park National - C.D. 3.55 04-30-93 09-07-94 1,250,000 1st Banks - Treas. 3.57 07-07-93 09-30-94 1,000,000 Park Investment - Treas. 3.49 10-01-93 11-15-94 1,050,007 Dain Bosworth - FHL 3.59 10-25-93 01-25-95 1,554,187 1st Banks - FHL 3.84 09-20-93 09-20-95 1,000,000 4M Fund Various Open 1,034,109 ---------- Total Investments 23,191,808 ---------- ---------- Legend: C.D. = Certificate of Deposit C.P. = Commercial Paper F.C. = Farm Credit F.N.M.A. = Federal National Mortgage Assn. F.H.L.B. = Federal Home Loan Bank Treas. = U.S. Treasury Bonds Gov't Agencies = Term U.S. Government Securities 3 V E ND O R C L A I M S 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 -S t . L o u i s P a r k N o v e m b e r 1 , 1 9 9 3 V e n d o r H e n n . C o . T r e a s u r e r I n t e r p o l l L a b o r a t o r i e s , I n c . L e g e n d T e c h n i c a l S e r v i c e s N a t i o n a l E n v i r o n m e n t a l T e s t i n g N o b l e N u r s e r y R e t a i l , I n c . S & T Lawn Service, Inc. Strgar-Roscoe-Fausch, Inc. STS Consultants, Ltd. Zahl Equipment Co. Description Second half property taxes Services Professional services Services Landscaping services Services Professional services Professional services Services TOTAL Amount $ 40,074.03 1,020.00 1,985.00 2,520.00 19,896.80 750.00 23,007.92 443.00 12,350.51 $102,047.26 hoe ), 1 Accounting Dept.Z5ttics,/l@-L_ Executive Director~ k ~ 7 Dated )