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Home My WebLink About1994/09/12 - ADMIN - Agenda Packets - Economic Development Authority - Regular1. 2. 3. Call to order Roll call .S 0 A G EN D A EC O N O M IC DEVE LO PM EN T A U TH ORI TY ~ ST. LOU IS PA RK , M IN N ESO TA _\} M onday,S eptem ber12,1994 \{\O 6:30p.m. ~ ~ . -tr'~ G '+ u pg \- J) yw --;t::;J'Jr :,fl P- ct a EDA meeting of July5, 1994,[('l b. EDA meeting of August 1, 199, (V] Approval of minutes 4. A ct ion: Motion to approve; Motion to approve as amended ° Approval of agenda ) 5. a. Agenda for September 12, 1994 A ction: Motion to approve - Motion to add item(s) - Motion to delete item( s) Reports 6. A uthority to convene in executive session to discuss m atter of litigation ._,;. a. Victoria Village: Master project schedule R l/_Q. / b. Parkshore Place: Assisted living a G/ HE (o-O New business 7. Unfinished business 8. Other business 9. Comm unications and bills a. Monthly financial statement b. Vendor claims 6 -0 c r}/i coy # :/¥ -0 -o J REQUEST FOR EDA ACTION September 12, 1994 DATE ---------- AGENDA SECTION: NO. Reports ORIGINATING DEPARTMENT: Community Development ITEM: NO. 1 Victoria Village Master Project Schedule APPROVED: S# David Hagen, Director BACKGROUND The developer of the Victoria Village project would like to commence construction early in the spring of 1995 and in order to meet that schedule, is planning to apply for an allocation of authority to issue revenue bonds to finance the construction from the Minnesota Department of Finance immediately after the first of the year. In order to reduce the developers risk relating to expenditure of resources to request a revenue bond issuance allocation from the finance department, the developer has requested that the various approvals be given prior to the end of the year. ) There are essentially five approval processes that need to be worked through with the EDA and the City. These include the business terms of the deal and the redevelopment agreement with the EDA and the creation of the tax increment district and redevelopment project, zoning and issuance of revenue bonds with the City. Attached is a master project schedule that sets forth deadlines by which the various components of each of these processes must be completed in order to meet this schedule. The master project schedule also lists the party responsible for each of the components. This master project schedule is being provided for information purposes to the EDA. 5274 : GEN47 COMMUNITY UtVtLUH. Executive Director APPROVAL [APPROVAL [APPROVAL //.(L.. MNe loBTANE [OBTAzD [oeTAwsD [osrAiv= /fP] r·- ACT ION; MOTIONBY 2NDBY TO...,, - / PUBLIC WORKS APPROVAL FINANCE APPROVAL 9/7 /9 4 VICTORIA VILLAGE MASTER PROJECT SCHEDULE I. EDA Approvals A. Business Deal Aug. 22 Submission of proforma Sept. 12 Sept. 23 Agreement reached on business deal terms ) Oct. 10 Review of proforma Approval of business deal terms B. Redevelopment Agreement Oct. 11 Oct. 21 Oct. 28 Preparation of draft agreement commences First draft of agreement circulated Meeting on first draft of agreement Nov. 4 Nov. 14 Nov. 21 Dec. 5 Second draft of agreement circulated Agreement reviewed; public hearing date identified Public hearing formally established Public hearing held on proposed sale of land and resolution approving the agreement and authorizing its execution approved Responsible Party Dev. (Developer) P.H. (Popham Haik) , Staff, Dev., Pub. (Publicorp) P.H.,Staff, Dev. EDA (Economic Development Authority) P.H. P.H. Staff,P.H., Dev. P.H. EDA EDA EDA Victoria Village Project Schedule Page 2 II. City Approvals A. Creation of Tax Increment Financing District (TIFD) and Redevelopment Project Sept. 26 Sept. 30 Oct. 5 Draft of TIFD Plan comm ences Draft TIFD Plan circulated Draft TIFD Plan reviewed at meeting Oct. 10 Oct. 17 Oct. 24 Nov. 4 Nov. 7 Nov. 16 Plan reviewed at Study Session Written opinion of Planning Comm ission form ally requ ested TIFD Plan transmitted to Comm issioner An drew Plan transmitted to Planning Comm ission for wr itten opinion and to County and School District for review and comm ent Written opinion received from Planning Comm ission and Coun cil approval of Plan applied for Written opinion on Plan form ulated for transmittal to EDA Nov. 16 Nov. 23 Dec. 5 Pub lic hearing notice sub mitted to Sailor Pub lic hearing notice appears in Sailor Planning Comm ission written opinion, comm ents from County and School District and EDA's requ est for approval of Plan received; pub lic hearing held and Plan approved Pub . Pub . P.H.,Dev. Pub . ,Staff EDA EDA Staff Staff EDA pP.C. (Plann ing Comm ission) Staff Staff c.c. (city Council) Victoria Village Project Schedule Page 3 B. Issuance of Revenue Bonds Oct . 3 Oct. 5 Oct. 10 Oct. 11 Oct. 17 Nov. 2 ) Nov. 9 Nov. 14 Nov. 21 Dec. 26 Jan. 2 Submission of Application for issuance of revenue bonds to City Review of application for completeness; preparation of staff report Consideration of application at study session Preparation of resolution calling for public hearing and public hearing notice Establishment of public hearing on issuance of bonds for November 21 Public hearing notice provided to Sailor Public hearing notice published in Sailor Preparation of inducement resolution to be considered after public hearing Public hearing held and inducement resolution approved Submission of application for revenue bonding allocation to Minnesota Department of Finance Approval of application for revenue bonding allocation Jan. 9 Jan. 16 April 1 Bond sale resolution prepared Bond sale resolution approved Construction commences Dev. Staff c.c. P.H. c.c. Staff Staff P.H. c.c. Dev. Minn. Dept. of Finance P.H. c.c. Dev. V ict or ia V illage Proje ct Sch edu le Page 4 c. Zoning Sept. 19 Submission of request to amend zoning ordinance text relating to maximum number of dwelling units in cluster Dev. Oct. 17 Submission of request for conditional use permit (CUP) for cluster housing Dev. Oct. 19 Consideration of zoning ordinance amendment P.C. Nov. 7 First reading of zoning ordinance amendment c.c. Nov. 16 Consideration of CUP request pP.C. Dec. 5 Second reading of zoning ordinance amendment c.c. Dec. 5 Approval of CUP request c.c. 5273: GEN48 REQUEST FOR EDA ACTION September 12, 1994 DATE ---------- AGENDA SECTION: Reports NO. ORIGINATING DEPARTMENT: Community Development ITEM: NO. 2 Park Shore Place Assisted Living Project APPROVED: f- David Hagen, Director BACKGROUND Attached is a report along with a proforma that was provided to the City Council at the Study Session held on August 29th. At that meeting, it was requested that this matter be placed on the agenda for the September 12th EDA meeting. Staff has requested that the developer reformat the pro forma such that return on investment is shown. 5277:GEN47 PUBLIC WORKS APPROVAL INED FINANCE APPROVAL OBTAINED COMMUN1 I Y UVtLUH. APPROVAL OBTAINED APPROVAL OBTAINED Executi veea· rector APPROVAL '/ zzk .a OeTANe 'X// Z/ ACTION: MOTION 8Y 2NDBY TO ----------- ----------- ------ I Study Session August 29, 1994 Agenda Item 5 ---- To: City Council THR OUGH: Charles Meyer, City Manager~~ FROM: David Hagen, Director of Community Development/l SUBJE CT: Park Shore Place - Assisted Living Proposal In September of 1992 staff reported to the EDA that agreements had been reached pursuant to negotiations authorized by the EDA relative to providing $800,000 of assistance for an assisted living project for the elderly proposed by G & P Properties. The project would have involved the construction of 90 assisted living units in a building attached to the north side of the Park Shore apartments at 3663 Park Center Boulevard in St. Louis Park on land occupied by the office building and drive-in bank located in the southeast quadrant of W. 36th St. and Park Center Boulevard. The agreement was that the $800,000 would be paid back through tax increment collected by the EDA, that interest in the amount of $240,000 accruing on the unpaid balance of the $800,000 loan would be paid back in the years 1995 to 2000 out of cash flow after annual debt service obligations have been met and that the EDA would receive a return of up to 4% annual cash-on-cash return amounting to maximum of $68,000 per year from 1996 to 2000 after the developer receives a 17% cash-on-cash return. The EDA approved these terms but due to inability to secure financing the project was not constructed. Recently financing was identified and the request for $800,000 of assistance was renewed but with modifications as per the attached letter. Modifications to the deal requested at this time are waiving the interest payment and the sharing of cash flow. Staff is looking for direction from the EDA as to l.) whether to proceed with preparation of a redevelopment agreement on the terms requested by G & P Properties, 2.) to negotiate for more favorable terms or, 3.) to pursue some other course of action. 5248 :GEN48 % »we;+ gw% , A u gus t 5. 19 9± Mr . D avid H ag en C ity Plann er C ity of St. Loui s Par k 5005 M inn eto nk a B lvd. St. L oui s Par k. M inn esota 55416 R e: Par ks h ore A ssisted Living D ear D avid : A tta ch ed is th e proform a for th e developm ent of th e proposed as sisted livin g facility atta ched to Par ks h ore. W e now have obtain ed better num bers as th e "G ar dens " project in Bloomin gt on an d "E agle C rest" in R oseville ar e now com plete an d w e have review ed th eir constru ction costs . ) A s refl ected in Par ks hore, th e as sisted livi ng fa cility wi ll be of a hi gh er qual ity level th an m ost oth ers fo un d in th e Twin C ity ar ea Thi s hi gh er qual ity level com bin ed wi th th e in creas ed cons tru ction costs has gi ven rise to a different finan cial scenari o th an exi sted befo re. W ith th e in creas e in con stru ction costs th ere has not been a corre sp ondin g in creas e in our cons truction loan as it is fi x ed at S6.000,000. In addition to th e $1,839,720 in equi ty requir ed by our con stru ction len der th ere wi ll al so be needed a Letter of C redit of approxim ately S1,000,000 to cov er opera tin g sh ortfal l durin g th e leas e up of th e facility . Th e lender is lookin g at th e City 's $800,000 as an equi ty contri bution an d not a loan . Thi s m ean s tha t th ere can be no interes t paym ents requi red an d th at th e m oni es appear as a tru e equi ty contri bution. In addi tion, th e project sim ply cann ot afford m ore interest paym ents on top of th e constru ction loan . Al th ou gh th e project's cost has increas ed, G & Pis not requestin g an y additional subsidy dollars fr om the C ity , bu t rath er a w aivin g of th e in tere st paym ents an d th e cas hfl ow shari ng as ori ginall y prop osed . Th e w ai vi ng of th e cas hfl ow paym ents needs to be done due to th e potential upfr ont sal e of th e project to a non-profit entity in order to obta in th e constru ction loan necessary to build the project. H ow ever, G & P w ould propose th e fo llowi ng pro gram to the C ity : $800.000 of C ity subsidy to be pai d at lan d closing for the as sisted living facility . • R epaym ent of th e S800.000 wi ll com e thr ough property taxes un til th e end of th e TI F distri ct an d th e rem ai nder by th e partn ership on an ann ual bas is equal to th e am oun t of the tax es. Mr . David Hager Page 2 August 5, 1994 In addition to the equiry and shortfall Letter of Credit required by the construction lender, there will also be a required principal reduction of the mortgage for the office building next door in order to assume the loan, as well as more costs associated with the regrading and paving of the new parking lot for the office building. In conclusion. I am requesting a waiving of the interest and cashflow payments to the City for the $800,000 subsidy, but G&P will guarantee a full repayment of the S800,000 through the property taxes of the project and the rest from the partnership. G &Pis now prepared to move forward through the City for needed approvals and drafting of the redevelopment agreement. Thank you for your consideration of this issue. Sincerely, G&P PROPERTIES, INC. + 2 Michael F. Gould President MFG:kao PARKS H O RE AS SISTE D LIVIN G PR O JE CT CO STS Purc hase of Park Center Office Buil din g Park Center Mortgag e Buydown (mortgage) for Assum ability Regra din g and Pavin g of Office Parkin g Lot Landscaping of Office Buildin g Ar ea As sisted Livin g Equity Assisted Livin g Shortfall Letter of Credit ) Total Developer Out of Pocket Costs Equity and Letters of Credit 1.800.000 1.000.000 (300.000) (100,000) (30,000) (1,800,000) (1 ,900 .900) S3,230,000 Park Shore Assisted Livin g Financial Forecast Prepared by: SENIOR INN OVATIONS, INC. 2700 Rice Creek Rd New Brighton, MN 55127 3/3/94 D E VE L O PME N T A S S U MP T I O N S Paris Shore As sisted M arketin g Fin ancin g Stabilized Occupancy 95.00% Construction Loan Rate 3.50 % Percent Preieased 5.56% Permanent Loan [Interest Rate 3.50 % Absorption Rate 5 Permanent Loan Term (Years) 50 Rent-up Months 16.3 Debt as a % or Project Uses 66.76 % Construct & Rent-up 25.3 Financing Cost (% of Debt) Estimated 3.00 % Marketing Cost/Unit 55,000 Sponsor Fee (% of Equity) 0.00% Total Marketing 5450,000 Preopening Marketing S50,000 Fill-up Marketing S400,000 C onstru ction Number of Units 90 Investor Unused 0 Main Bldg Sq. FT 90,000 Distribution of Net Available to Investors 100.00% Square Footage 90,000 Tax Increment Loan $800,000 Construction Months 9 Sunbordinated Fees so Investor Equity s1,839,720 Land so Total Equity 52,639,720 Acres 2 Equity as a % of Project Uses 20.47% Land Cost/Acre S400,000 Interest Earned on Equity Balance 0.00% Density (Units/Acre) 45.00 3/3/94 PR O JE C T E D SC HE D U L E O F CAP IT AL IN VE STM E N T Park Shore Assisted Uses Land Development Fee Architect Fee Building Construction Bond Premium Builders Risk Engine1zing Pre-Development/Bldg Permits Major & Minor Moveable Legal Fees & Organizational Title, Registration & Permit Taxes & Assessments Marketing Cost Pre-Open Salary & Fees Sac & Wac Finance Fee Contingency Subtotal Construction Interest Debt Service \Neg. NOI Unused Subtotal Total Uses Sources Construction Loan Tax Increment Loan Sunbordinated Fees Investor Equity Unused Total Sources Cost/nit CosuSq Ft S800.000 58.389 58.39 5547.256 55.358 53.36 S200.C00 gr 66 gy<· 55.220.000 558.000 558.00 S58.070 54 23 50.+2 521.150 s235 50.2± 550.000 5556 S0.56 S40.000 S444 S0.44 S550.000 S3.889 $3.39 5125,000 S1.389 51.39 S65,000 s712 50. 72 S20.000 s222 s0.22 $450,000 S5.000 S5.00 S80,000 $889 S0. 89 $48,000 S533 50.53 S157,500 $1,750 $1.75 S300,000 s5.333 s5.53 58.311,956 592,355.07 $92.36 $300,000 s3.333 $3.33 $575,000 $4,167 $4.17 SO SO S0.00 S675,000 57,500.00 S7.50 -------- ----- ====== -------- ----- $8,986,956 $99,855.07 S99.86 S6,000,000 66.76 % $800,000 8.90% $347,236 3.86% S1,839,720 20.47% SO 0.00% -------- ------ -------- ------ S8,986,956 100.00% 3/3/94 P a r ix S h o r e A s s is t e d O p e ra tin g As s u m p t io n s Studi o One B ed.r oom w o B edro om Typ e D Typ e E Typ e F Typ e G Average/ Totals Rental Income M onthl y Daiiy Rate Rate # Units % of Units S1.700 $56.67 15 16.67 % S1.900 563.33 60 66.67 % $2.200 573 .55 I5 16.67 % SO S0.00 0 0.00 % SO so.00 0 0.00% sO SO.00 0 0.00% SO SO.00 0 0.00% $1,917 $63.89 90 Annual Increase Revenue s Exp ens es NOi ANAL YSIS Sta biliz ed Total Revenues Stab iliz ed T otal Exp ens es 52.112,679 51.061,125 Stab ilized NOI NOI increase/$100 rent increase = y • .2r Income Meal Incom e Second O ccupan t M ontly Ra te $300 Variable Expense Assumptions Buil din g Sq. Ft. 90000 Gas S/Sq Ft SO.47 El ec. S/Sq Ft SO.47 W ater S/Sq Ft $0 .09 Taxes 1st Yr Taxes w / Asses sm ent Raw Food Lin en Serv ice M ana gem ent Fees R eplacem ent Reserv e $39,009 $1,051,555 5100.394 S5.00 Per M eal 25 .00 % 3rd meal % % Second 15.00% Trend % 3.00 3.00 % Index Inde x Year L 1.00 1.00 Year 2 1.000 1.030 Year 3 1.050 1.061 Year + 1.061 1.093 Year 5 1.093 1.126 Year 6 1.126 1.159 Year 7 1.159 1.194 Year 8 1.194 1.23 0 Year 9 1.23 0 1.267 Year 10 1.267 1.3 05 % Stabiliz ed Occu pan cy 95.00% M onthl y Fill -up Rate 5.00 M onths to Fill 16.3 Pre Leas ed % 5.56 % Pre leas ed Units 5 57 5.00 Added Averag e Revenue Uiiir M onib S10,000 $153,000 Per Uni t $4.25 /day/un i $129 Per M onth: $19 /m onth/uni t 5.00 % of Revenues $3,500 M inim um/M onth S20.000 Annual M inim um - 8/3/94 ionrhiv Operating Cash Flow Ana1ys1s Parix Shore Assisted Month Month Month Month Monti Month Month Montt Montt Month Mont Month 1 = 3 ± 5 5 7 3 9 :0 :I - Units Rented 5.0 10.0 5.0 20.0 s.0 30.0 35.0 ±0.0 ±5.0 50.0 55.0 50.0 Revenues 36.11% Occupancy Studio 1417 833 4250 5667 7085 8500 9917 I1535 12750 14167 15583 17000 One Bedroom 6353 12667 19000 ") gs9 31667 38000 44333 50667 57000 63333 69667 76000 --222 Two Bedroom 1853 3667 5500 7553 9167 11000 12833 14667 16500 18333 20167 22000 Type D 0 0 0 0 0 0 0 0 0 0 0 0 Type E 0 0 0 0 0 0 0 0 0 0 0 0 Type F 0 0 0 0 0 0 0 0 0 0 0 0 Type G 0 0 0 0 0 0 0 0 0 0 0 0 Meal Income 188 375 563 750 938 1125 1313 1500 1688 1875 2063 2250 Second Occupant 25 450 675 900 1125 1350 1575 1800 2025 2250 2475 2700 ell AAA0ANA AO » Ao» a. A A» Total Revenues 9996 19992 29988 39983 49979 59975 69971 79967 89963 99958 109954 119950 Expenses Home Care Home Care 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 0 Home Care Supply 0 0 0 0 0 0 0 0 0 0 0 0 Other Care Activity Director 2083 2083 2083 2083 2083 2083 2083 2083 2083 2083 2083 2083 Social Worker 1733 1733 1733 1Ts3 1733 1753 1733 1733 1733 1733 1753 1733 Activity Supplies 616 616 616 616 616 616 616 616 616 616 616 616 Dietary Dietary Salaries 5876 6171 6465 6760 7055 7349 7644 7939 8233 8528 8823 9117 Dietary Supplies 583 583 583 583 583 583 583 583 583 583 583 583 Dietary Consult 167 167 167 167 167 167 167 167 167 167 167 167 Food 64 6 1293 1939 2585 3232 3878 4524 5171 5817 6464 7110 7756 Hskg/Laundry Hskg Salaries 1352 1432 1511 1591 1670 1750 1829 1909 1988 2068 2147 2227 Hskg Supplies 417 417 417 417 417 417 417 417 417 417 417 417 Laundry Supplies 50 50 50 50 50 50 50 50 50 50 50 50 Linen 95 190 285 380 475 570 665 760 855 950 1045 1140 Plant Operations Maintenance Salary 1560 1560 1560 1560 1560 1560 1560 1560 1560 1560 1560 1560 Maintenance Sup. 833 833 833 333 833 833 833 833 833 833 gs? 833 22 3/3/94 Montnrv Operang Cash Flow Ana1ysis Paris 5iore Assisted ,.,--, Month Month Month Month Month Montt Month Month Month Month l ontn Month > ± 5 5 3 9 :0 e o e a,, Uzits Re:es 5.0 10 .0 .5.0 20.0 5.0 30.0 55.0 :0.0 ±5.0 50.0 55.0 50.0 Trasn 50 50 50 50 2s0 50 50 s0 250 50 s0 50 Purchased Services 917 917 917 917 917 917 917 917 917 917 917 917 Building Repair 500 500 500 500 500 500 500 500 500 500 500 500 G as 3525 3525 3525 3525 3525 355 3525 3525 3525 3525 3525 3525 E:ec. 5525 5525 3525 3525 3525 3525 5525 3525 5525 3525 3525 5525 Water 675 675 675 675 675 675 675 675 675 675 675 675 General & Admin Manager\ Asst. Mang 3333 3535 3333 A, 3333 3333 go% e p 3333 33s3 3333 9) p p 3333 2222 2222 2222 Administrative Salarie 2817 2817 2817 2817 2817 2817 2817 2817 2817 2817 2817 2817 Employee Benefits 2383 2455 2488 25 40 25 93 264 5 2697 2750 2802 2854 2907 2959 FICA 14 35 1463 1492 1521 1549 1578 160 6 1635 1664 1692 172 1 1750 FUTA 150 153 156 159 162 165 168 171 174 177 180 183 SUTA 413 421 429 437 44 6 454 462 470 478 487 495 503 Workers Comp 68 1 696 711 72 6 741 756 77 1 786 80 1 816 33 1 845 Payroll Service 10 0 10 0 10 0 I00 10 0 100 I00 10 0 10 0 100 100 I00 Profesional Srv. 308 308 308 308 308 308 308 308 308 308 308 308 Travel & Lodging 100 I00 I00 100 10 0 10 0 100 100 100 10 0 I00 I00 "" 25 0 25 0 25 0 25 0 25 0 25 0 25 0 25 0 25 0 25 0 25 0 25 0 125 125 125 125 125 125 125 125 125 125 125 125 Want Ads 25 25 25 25 25 25 25 25 25 25 25 25 Phone 500 500 500 500 500 500 500 500 500 500 500 500 Postage 100 100 100 100 100 100 100 100 100 100 100 100 Bank Charges 25 25 25 25 25 25 25 25 25 25 25 25 Office Supplies 40 0 400 400 400 400 40 0 40 0 400 40 0 40 0 400 40 0 Photocopying 100 100 100 100 100 100 100 100 100 100 100 I00 Equipment Rent 50 50 50 50 50 50 50 50 50 50 50 50 Marketing 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 500 500 500 500 500 500 500 500 500 500 500 500 Insurance 125 0 125 0 125 0 125 0 125 0 125 0 125 0 125 0 125 0 125 0 125 0 125 0 Real Estate Tax 833 833 833 833 833 833 833 833 833 833 833 833 Management Fees 3500 3500 3500 3500 3500 3500 3500 3998 44 98 4998 5498 5998 Awl0 l o o0ow A0AN All s Awl A AA egg Operating Expense 5478 1 5500 4 55227 5544 9 55672 55895 56118 56839 5756 1 58284 5900 6 60 72 9 NOI 44 785 -350 12 -25239 -15466 -5693 40 80 13853 23 128 3240 1 41674 50948 59221 Replacement Reserve 1667 1667 1667 1667 1667 1667 1667 1667 1667 1667 1667 1667 Cash Flow b4 Debr 4 64 52 -36679 -2690 6 .17 133 .7360 2413 12186 21461 30734 40 00 8 49281 57554 Loan Interest 425 00 42474 42448 42422 42396 42369 423 43 423 16 42289 42262 ±223 4 42207 'rinc1pa 3635 3661 3686 3713 3739 3765 3792 3819 3846 3873 390 1 3928 Cas4 Fl ow -92587 -82814 .7304 1 -63268 -53494 -4 3721 -33948 -24674 -15400 -6127 3146 11420 3/3794 l ontiiy O perating C asi Flow A nalysis ParK Shore A ssisted Month Month Month Month Month Month Monti Monti Monrt Month Monti Monti = 2 { 5 6 7 3 9 lO I: I oo » Units Rented 5.0 lO.O 15.0 :0.0 25.0 50.0 55.0 10.0 15.0 50.0 55.0 60.0 Revenues 90.14 9% Occupancy Studio 18417 19833 21250 212567 24083 2425 24275 24275 4mg 24225 24275 24275 Taos» One Bedroom 32553 88667 95000 101333 107667 108300 108300 108300 108300 I08300 108300 108300 Two Bedroom 23833 25667 27500 29553 31167 31350 31350 31350 31350 31350 51350 31350 Type D 0 0 0 0 0 0 0 0 0 0 0 0 Type E 0 0 0 0 0 0 0 0 0 0 0 0 Type F 0 0 0 0 0 0 0 0 0 0 0 0 TypeG 0 0 0 0 0 0 0 0 0 0 0 0 Meal Income 2511 2704 2897 3090 3283 3302 3302 3502 3302 3302 3302 3302 Second Occupan t 3013 3245 3476 3708 3940 3963 3963 3963 3963 3963 396 3 3963 AAA»ANA0AON QA0ANJA-N»Al AAA JOANA o T otal Revenues 130107 140 115 150123 160131 170 140 171140 171140 171140 171140 171140 171140 171140 E x p enses Home Care Home Care 0 0 0 0 0 0 0 0 0 0 0 0 Home Care Supply 0 0 0 0 0 0 0 0 0 0 0 0 Other Care Activity Director 2146 2146 2146 2146 2146 2146 2146 2146 2146 2146 2146 2146 Soc ial Worker 1785 1785 1785 1785 1785 1785 1785 1785 1785 1785 1785 1785 Activity Supplies 634 634 634 634 634 634 634 634 634 634 634 634 D ietary Dietary Salaries 9694 10289 10901 11212 11212 11212 11212 11212 11212 11212 11212 11212 Dietary Supplies 601 601 601 601 601 601 601 60 1 601 60 1 601 601 Dietary Consult 1T2 172 1T2 1T2 172 172 1T 172 1T 172 172 1T2 Food 8655 9320 9986 10652 11318 11384 11384 11384 11384 11384 11384 11384 Hskg/Laundry Hskg Salaries 2376 2529 2687 2849 2785 2785 2785 2785 2785 2785 2785 2785 Hskg Supplies 429 429 429 429 429 429 429 429 429 429 429 429 Laundry Supplies 52 52 52 52 52 52 52 52 52 52 52 52 Linen 1272 1370 1468 1566 1663 1673 1673 1673 1673 1673 1673 1673 Plant Operations Maintenance Salary 1607 1607 1607 1607 1607 1607 1607 1607 1607 1607 1607 1607 Maintenan ce Sup. 858 858 858 858 858 858 858 858 858 858 858 858 Trash 258 258 258 258 258 258 258 258 258 258 258 258 Purchased Services 944 944 944 944 944 944 944 944 944 944 944 944 3/3/94 M o n t i i v O p e ra ti n g C a s i F i o w A n aiysis Park Shore Assisted M onth M onth Month Month Month Month M onth Month Month Month Month Month \ % 3 4 5 6 I 3 9 :0 I1 I2 - .t5 Rented 5.0 10.0 .5.0 20.0 5.0 50.0 55.0 ±0.0 ±5.0 50.0 55.0 50.0 3uiiding Repair 515 515 515 515 515 515 515 515 515 515 515 515 Gas 3631 3631 3631 3631 3631 3631 3631 3631 3631 3651 3631 3631 Ei ec . 3631 3631 3631 3631 3631 3631 3631 3631 3631 3651 3631 3631 Water 695 695 695 695 695 695 695 695 695 695 695 595 General & Admin Manag er\ As st. Man g 3433 3453 3433 3433 3433 3433 3433 3433 3433 3433 3433 3433 Adminis trative Salari e 290 1 2901 2901 290 1 2901 2901 2901 2901 2901 290 1 2901 290 1 Emp loyee Benefits 3102 3207 3314 3381 3372 3372 3572 3572 3372 3572 3372 3372 FICA 1695 1752 1811 1847 1842 1842 1842 1842 1842 184 2 1842 1842 FUT A 177 183 189 193 193 193 193 193 193 193 193 193 SUT A 487 504 521 531 530 530 530 550 530 530 530 530 Workers Comp 886 916 947 966 963 963 963 963 963 963 963 963 Payroll Serv ice 10 3 10 3 103 103 103 103 103 103 103 103 103 103 Pro fesional Srv. 318 318 318 318 318 318 318 318 318 318 318 318 Travel & Lodgin g 10 3 103 103 103 103 103 103 103 103 103 103 103 Trans porta tion 25 8 258 25 8 25 8 258 258 258 258 258 258 258 258 Dues 129 129 129 129 129 129 129 129 129 129 129 129 W ant Ads 26 26 26 26 26 26 26 26 26 26 26 26 Phone 515 515 515 515 515 515 515 515 515 515 515 515 se 103 103 103 103 103 103 103 103 103 103 103 103 Bank Char ges 26 26 26 26 26 26 26 26 26 26 26 26 Offi ce Supplies 412 412 412 412 412 412 412 412 412 412 412 412 Photocopying 103 103 103 103 103 103 103 103 103 103 103 103 Equi pment Rent 52 52 52 52 52 52 52 52 52 52 52 52 Marketin g 0 0 0 1667 1667 1667 1667 1667 1667 1667 1667 1667 Misce llan eous 515 515 515 515 515 515 515 515 515 515 515 515 Insuran ce 1288 1288 1288 1288 1288 1288 1288 1288 1288 1288 1288 1288 Real Estate Tax 13133 13133 13133 13133 13133 13133 13133 13133 13133 13133 13133 13133 Mana gement Fees 6505 700 6 7506 8007 8507 8557 8557 8557 8557 8557 8557 8557 AAA0All 0AMOA 0ONA 0All0All 4A g All AAA0A A0NO AA0ANN Ag Operating Expense 76222 78448 80702 84242 85 424 85551 85551 85551 85551 85551 85551 85551 NOI 53884 61667 694 21 75889 84715 85590 85590 85590 85590 85590 85590 85590 Rep lacement Reserv e 1667 1667 1667 1667 1667 1667 1667 1667 1667 1667 1667 1667 Cash Flow b4 Debt 52218 60000 67754 74222 8304 9 83923 83923 83923 83923 83923 8392 3 83923 Loan Interest 42179 42151 42122 42094 42065 42037 42008 41978 41949 41919 41889 41859 Loan Prin cipal 3956 3984 40 12 404 1 40 69 4098 4127 4156 4186 4216 4245 4275 Cash Flow 6083 13866 21619 28088 36914 37788 377 88 37788 37788 37788 37788 37788 38/3/94 S e p te m b e r 12 , 19 9 4 E D A T O : Economic Development Authority THR O U G H : Charlie Meyer, Executive Director ~ 6 - FR O M : Mac McBride, Finance Director-+\/l? Lori Ziemer, Asst. Finance Director A7 S UB JE C T : August 1994 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 August and reimbursement from the State Petrofund for environmental clean up costs associated with the former Wilkins Pontiac site. Significant expenditures reflect construction associated with the Park Nicollet parking ramp project, architectural design services for Excelsior Blvd. and the semi-annual interest payment related to the 1994 refunding bond issue. St. Louis Park Economic Development Authority Combin ing Statement of Revenue and Expenditures Budget and _Actual For Period nding August 31, 1994 YTD BALANCE PERCENT COLLECTED/ UNCOLLEC./ COLLECTED/ BUDGET EXPENDED UNEXPEND. EXPENDED REVENUE -------- --------- --------- --------- ------- Tax increment $3,100,740 $1,476,151 $1,624,589 48% Rent 4,680 3,120 1,560 67 Interest 639,005 596,361 42,644 93 Transfers Refunds & Reim burse 149,188 (149,188) --------- --------- --------- TOTAL REVENUE 3,744,425 2,224,820 1,519,605 59 --------- --------- --------- EXPEND IT U RES ------------ Adm in istrativ e Sala rie s 84,520 33,976 50,544 40 Employee benef it s 17,278 7,132 10,146 41 Supplie s & other chgs. 4,647 1,941 2,706 42 Legal 3,560 703 2,857 20 Contractual 656 (656) Pla nning --------- --------- --------- Total Adm in istrativ e 110,005 44,408 65,597 40 --------- --------- --------- » Project Cost Profess i ona 1 servic e 108,200 108,200 Legal 75,000 43,423 31,577 58 Envir on. analy sis 2,000 16,423 14.423) 821 Public im provement 7,392,000 4,855,918 2, 136,082 66 Relo catio n/demolit io n 692, 500 484,133 208,367 70 Property acquis it ion 824,800 824,800 Env ir on. remediatio n Referendum payment 11,802 (11,802) Property Main tenance 22,860 3,698 19,162 16 Other servic es 8,000 523 7,477 7 Transfers ---------- --------- ---------- Total Project Costs 9,125,360 5,415,920 3,709,440 59 ---------- --------- ---------- Debt Servic e Bond interest 600,000 (600,000) Bond interest 504,000 198,763 305,237 39 Transfer Inter-govt ., City 840,000 840,000 Bond agent fees 5,587 (5,587) --------- --------- --------- Total Debt Servic e 1,344,000 804,350 539,650 60 ---------- --------- ---------- TOTAL EXPEND IT URES 10,579,365 6,264,678 4,314,687 59 ---------- --------- ---------- REVENUE OVER (UNDER) EXPEND IT URES (6,834,940)(4,039,858)(2,795,082) 59 O --------- --------- --------- --- St. Louis Park Economic Development Authority Individual Statement Of Revenue And Expenditures For Period Ending August 31, 1994 ) EXCELSIOR OAK PARK TRUNK CAPITAL DEBT REVENUE BLVD VILLAGE HWY 7 PROJECTS SERVICE TOTAL ------- --------- -------- ------- -------- ------- ------- Tax increment $940,952 $197,889 $337,310 $ $ $1,476,151 Rent 3,120 3,120 Interest 391,750 45,801 11,092 128,754 18,964 596,361 Transfers Refund/reimburse 94,524 50,000 4,664 149,188 --------- ------- ------- ------- ------- --------- TOTAL REVENUE 1,427,226 246,810 398,402 128,754 23,628 2,224,820 --------- ------- ------- ------- ------- --------- EXPENDITURES ------------ Administrative Salaries 11 ,860 7,509 14,607 33,976 Employee benefits 2,493 1,549 3,090 7,132 Supplies & other chgs. 1,309 292 340 1,941 Legal 742 (90) 51 703 Contractual 656 656 Planning --------- --------- --------- ------- ------- --------- Total Administrative 16,404 9,260 18,744 44,408 --------- --------- --------- ------- ------- --------- Project Cost Appraisal/survey ) Legal 34,010 9,413 43,423 Environ. analysis 15,364 1,059 16,423 Public improvement 4,769,970 85,948 4,855,918 Relocation/demolition 484, 133 484,133 Property tax Acquisition Referendum payment 8,980 2,822 11,802 Property maintenance 2,260 1,438 3,698 Other services 523 523 --------- --------- --------- ------- ------- --------- Total Project Costs 5,315,240 2,822 97,858 5,415,920 --------- --------- --------- ------- ------- --------- Debt Service Bond principal 600,000 600,000 Bond interest 198,763 198,763 Transfer Inter-govt., City Bond agent fees 5,587 5,587 --------- --------- --------- ------- ------- --------- Total Debt Service 804,350 804,350 --------- --------- --------- ------- ------- --------- TOTAL EXPENDITURES 5,331,644 12,082 116,602 804,350 6,264,678 --------- --------- --------- ------- ------- --------- REVENUE OVER (UNDER) EXPENDIT URES (3,904,418) 234,728 281,800 128,754 (780,722) (4,039,858) --------- ======= --------- ======= ======= --------- 2 ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY SCHEDULE OF INVESTMENTS August 31, 1994 Date Investments -------------------- Instit ution/Type Yield Purchase Maturity Balance ---------------- -------- -------- ------- Park National - C.D. 3.55 04-30-93 09-07-94 $1,250,000 lst Banks - €.P. 3.44 12-30-93 09-26-94 341,206 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 1,000,000 Dain Bosworth - Treas. 3.61 11-15-93 11-30-94 1,500,000 Dain Bosworth - Treas. 3.65 11-15-93 12-31-94 1,000,000 Dain Bosworth - FHL 3.59 10-25-93 01-25-95 1,500,000 1st Banks - FNMA 3.90 12-01-93 03-10-95 2,332,350 1st Banks - FC 3.90 12-02-93 04-03-95 707,314 1st Banks NA - FHL 5.06 05-03-94 04-03-95 699,154 Park Investment - Treas. 3.25 01-10-94 04-30-95 1,500,000 1st Banks - Treas. 3.65 01-31-94 04-30-95 1,500,000 1st Banks - Treas. 4.44 03-08-94 05-31-95 700,000 Park National - C.D. 5.45 06-03-94 05-31. 95 600,000 Dain Bosworth - Treas. 4.90 04-15-94 06-30-95 1,000,000 ) Park Investment - FC 5.52 07-07-94 07-05-95 I, 297,77 9 Dain Bosworth - FC 5.47 08-01-94 09-01-95 500,781 1st Banks - FHL 3.84 09-20-93 09-20-95 1,000,000 4M Fund Various Open 325,401 ---------- Total Investments $19,753,985 ---------- 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 R e v i s e d 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 S e p t e m b e r 1 2 , 1 9 9 4 V e n d o r F i r s t T r u s t A d o l f s o n & Peterson Inc. City of St. Louis Park City of St. Louis Park Coop De Grass Inc. Dahlgren Shardlow & Uban Egan Field & Nowak Inc. First Trust National Assoc. Horizons Inc+ Kraus-Anderson Popham Haik Schnobrich Thibault Associates Description Interest payment Park Nicollet Ramp Water tower Reimburse salaries, expenses Services Professional services Services Services Professional services Park Nicollet Ramp Legal services-May & June Services Amount $170,368.13 (Added) $129,859.39 740,000.00 36,485.58 3,008.62 16,950.88 801.00 612.50 12,469.00 27,591.78 25,017.77 510.00 TOTAL $1,163,674.65 > Accounting Dept._--15! .~--~-------Dated __ ~f-1/_?. ..... /_f __ f_· __ v s wee. {4,l MA, #0s 7 waa 8 -?} 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 S e p t e m b e r 1 2 , 1 9 9 4 V e n d o r D e s c r i p t i o n Am o u n t A d o l f s o n & Peterson Inc. City of St. Louis Park City of St. Louis Park Coop De Grass Inc. Dahlgren Shardlow & Uban Egan Field & Nowak Inc. First Trust National Assoc. Horizons Inc. Kraus-Anderson Popham Haik Schnobrich Thibault Associates Park Nicollet Ramp Water tower Reimburse salaries, expenses Services Professional services Services Services Professional services Park Nicollet Ramp Legal services-May & June Services $129,859.39 740,000.00 36,485.58 3,008.62 16,950.88 801.00 612.50 12,469.00 27,591.78 25,017.77 510.00 TOTAL $993,306.52 ) Accounting Dept ._-re~'--''---'~'--[..;....~-------Dated __ __,9._../_· 'i:__,_/_'f_,f_· __ Directo~k/~ Executive . Popham, Haik, Schnobirch and Kaufman MAY-JUNE 1994 CLIENT/MATTER TIME FEES EXPENSES 11959 ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY { General matters $2.20 4 Meetings 3.70 $829.50 5 On the Avenue Project 24.10 $4,825.00 $81.30 11 T.I.F. Projects 1.50 $330.00 13 Suburban Plumbing Project 0.40 $38.00 14 Park Nicollet Project 48.80 $8,192.00 $139.18 15 Tower Site Environmental Matters 4.90 $922.00 $1.67 18 Park Nicollet Redevelopment 61.60 $9,289.50 $367.42 TOTALS 145.00 $24,426.00 $591.77 ) Page 1 July 29, 1994 R e v i s e d V E ND O R C L A IM 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 S e p t e m b e r 1 2 , 1 9 9 4 V e n d o r F i r s t T r u s t A d o l f s o n & Peterson Inc. City of St. Louis Park City of St. Louis Park Coop De Grass Inc. Dahlgren Shardlow & Uban Egan Field & Nowak Inc. First Trust National Assoc. Horizons Inc. Kraus-Anderson Popham Haik Schnobrich Thibault Associates Description Interest payment Park Nicollet Ramp Water tower Reimburse salaries, expenses Services Professional services Services Services Professional services Park Nicollet Ramp Legal services-May & June Services Amount $170,368.13 (Added) $129,859.39 740,000.00 36,485.58 3,008.62 16,950.88 801.00 612.50 12,469.00 27,591.78 25,017.77 510.00 TOTAL S 1,163,674.65 ) Accounting Dept . -t{!:__,_-'-,7Jt, _...;;;..~--------Dated __ ~9 ...... /_<;:_,_/_f_f.__ __ E xec u ti v e Dir e cto # k;.,/ fr sea -