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HomeMy WebLinkAbout1994/11/07 - ADMIN - Agenda Packets - Economic Development Authority - RegularR E Q U E S T F O R E D A A C T I O N Novemb er 7, 1994 , DATE ---------- AGENDA SECTION: NO. 5 ORIGINATING DEPARTMENT: Comm unitv Development ITEM: Victoria Village NO. Q APPROVED: David Hagen, Director BACKGROUND At the October 24 study session by consensus it was agreed that a neighborhood meeting should be held to discuss the proposal. The purpose of this memo is to summarize concerns that were raised at the neighborhood meeting, to describe modifications to the design and its impact on the schedule, and to outline alternatives available to the EDA. In view of the effect of modifications to the design on this schedule, it is recommended that a meeting be established to discuss matters relating to the use of tax increment financing and particulars of the redevelopment contract. NEIGHBORH OOD ME ETING ) J On Novemb er 2 a neighborhood meeting was held at Cedar Manor School. Approximately 330 owners of property located within about 600 feet of the property were invited. Approximately 26 own ers attended the meeting and the following concerns were raised. 1. If there is not adequ ate demand from seniors would the units be rented to low-income families. 2. Concerning the environment, how will the project affect the qu ality of water in Lake Victoria, and has it been conclusively determ ined that the asphalt mixing plant that operated on the site at one time did not leave the site contaminated. 3. Traffic concerns included increasing traffic levels on Virginia from the project, the location of the access to the proje ct from Virginia, traffic control at the corner of Virginia and 28th, and the 1995 schedule for constru ction of Victoria Village and the upgrading of this section of Cedar Lake Road. 4. Concerns relating to the use of tax increment financing and the nature of the redevelopment contract for the project. PUBLIC WORKS APPROVAL {OBTAINED [ ' -c ._ _J FINANCE APPROVAL OBTAINED COMM APPROVAL OBTAINED APPROVAL OBTAINED Executive Director APPROVAL OBTAINED ACTION: MOTION BY 2NDBY TO ----------- ----------- ------ 5. The quality of the project in terms of building materials and design. 6. The nature of management controls on the site. It is staff's feeling that most of the concerns were addressed to the satisfaction of those in attendance. Relating to concerns raised about the use of tax increment financing and the nature of the redevelopment contract for the project, staff explained that Council is required to hold public hearings on these and that those interested could be notified of the time for that hearing. Several expressed a desire to discuss these matters at a less formal meeting, perhaps at a Council study session. Safety concerns relating to traffic control at Virginia and 28th and the location of access to Virginia will be looked at more closely. Concerns about the water quality of Lake Victoria will also be addressed. MODIFICATION TO DESIGN Responding to fire protection in architectural control issues, the developer has reduced the number of dwelling units in each structure to four. In order to accommodate this design, along with the necessary on-site storm water ponding, it appears that it will be necessary to drop the number of units significantly. The developer is taking another look at increasing the number of units in some of the structures from four to eight or twelve. These site plan modifications make it unlikely that the zoning TIF plan and redevelopment contract approvals can be completed by the end of the year. The developer is requesting that the City continue to move forward on this project, however, with the idea that an allocation of bonding authority would be applied for either later in 1994 or if no bonding authority remains after the January allocation in January of 1996. ALTERNATIVES Alternative courses of action available to the EDA include the following: 1. Establish an informal meeting either as part of or separate from a study session to discuss the use of tax increment financing and the nature of the redevelopment contract with those present at the neighborhood meeting and others interested. 2. Move forward with preparation of the redevelopment contract in anticipation that the design modifications will be satisfactory. 3. Drop the project. RECOMMENDATION Staff recommends Alternative 1. 5409:GEN48 R E Q U E S T F O R E D A A C T IO N DATE November 7, 1994 AGENDA SECTION: NO. 5 Reports ORIGINATING DEPARTMENT: Community Development ITEM: Approval of Construction Plans for Retail/cinema Building NO.¢ / APPROVED: David Hagen, Director BACKGROUND ) According ·to the contract for private redevelopment with Frauenshuh Companies, construction plans for the various project elements are subject to approval by the EDA. Being requested by Frauenshuh Companies at this time is approval of the retail/cinema building. Previously plans for the sit-down restaurant and fast-food restaurant were approved. Attached are copies of the construction plans for the retail/cinema building. These plans are different from the plans that were approved by the City through the PUD process in that a marquee for the theater and windows on the north and east elevation have been eliminated. The Excelsior Boulevard elevation and the basic composition of the building remains unchanged. ) It will be necessary for the City to also approve an amendment to the PUD before the portion of the building affected by the change can be constructed. It is expected that plans modifying the location of the fourth retail building as well as the exterior elevations for the retail/cinema building will be considered by the Council on November 21 in the form of an amendment to the PUD. 5397:GEN48 PUBLIC WORKS [FINANCE COMMUNITY DUVtLUH. Executive Director APPROVAL APPROVAL APPROVAL APPROVAL APPROVAL ~ TAINED [OBTAINED [OBTAINED [OBTAINED [OBTAINED _ ' tr" I'6 [V'''Se ' h '--r ACTION: MOTION BY 2ND BY TO FRAUENSHUH COMPANIES A DIVERSIFIED PROPERTIES GROUP October 31, 1994 Mr. Dave Hagen C ITY O F ST . L O UI S PARK 5005 Minnetonka Boulevard St. Louis Park, MN 55416 Dear Dave: Per our conversation last week, enclosed are the construction drawings for the theater/retail building at Park Village. Please put us on the Monday, November 07, 1994 EDA Meeting agenda for approval of these drawings. Please call if you have any questions. Sincerely, IE S RVW:nkb S:\2414\1049\88\A5EHLI8 900 LASALLE PLAZA 800 LASALLE AVENUE r MINNEAPOLIS, MN 55402 r (612) 342-2200 Equal Opportunity Employer t r # 0 Lao, t o@re Loe: 4e le gTTeT'URAL,' gr g !Au «e $e {£/NL LAT= AL RAN og" Lr/AON9es $RUN:) TO AROX Pc e» Ls 9 zwpr act au at» 48H' AL RAH WATTS ( {p) AD ;: pLY.Te ' ;me: i&scums n ' [-crrcrs o Ar0OD r·:111--,-·1 ; wt 0u, ueou lg;' { ; a. sec 4et1" j P=, tiiiliii.' ] I I I so] I 4 Pr. # =LLY Pao r! gTtum9re aRog re. =gweaeer. rr= yTare CADE! P± s» » 4UP! a to Pw; Te: peg. ± + » gm! a.Epp pe gTure wAO. &pH@ 4 vgr c,»re, tTUg®pg TNDI Se. PCT Lr{TH I PONY LUreTOr WT cote 0cwt! s/@ 46 AC Ls ag TO t « ». 7 eTTSMtS« eOwsg NOTES T s=! 9re:TL. RM as, ac± a0 LIONS A; XS mD et eA OT0Ct OR, OS" OOCE A &e, £YO AT ORLAN TY! w/ 2-A. 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TEL PLUNK,C SPCA[ION CR RI PORT A5 PEARL.D BY E OR UN(R t REC'T SUP VISION AANO TAT I All A DULY REGISTERED PESLS90A A4CHIT1LT (UMKR pH Lars Of TE SATE Of -£XJ CA\IEEMA 6 6T. LAIS PARK, MA 7ta 4 [ao ') ----- '\ , Eg"4 ef pl of , d. As 4 #V A T [e , Yg » f'-0 SEY To FIN{SttE= -"---.I : EmF-3% ITEpAriE scr Q rs ·«p ofv8N A cor g.3'7,,-v-a Cao 1 cpH@I9foNE > TT -OF• Arca' LEE,PEI> VERIFY W A&&rt!"cf gIT» st cAse (ooe2) €-At: CA €A£ p#[&ok. t co. Ee tNAt- "DE[Al» =SHET' A-5 Que.E Er ·i. GT pGTO REALE LO» LY e» le»l OT'NTD ~.~r1- ---------- I ff ) ·-> _J EXTERIOR. s. ELEVATIONS A-]] ) ) lees»JJJAOOOAAAAAAJJAAAAAJJJAJ~ale ion&aoso6- - r A>e' ft,a9l wa>re=={h==== @ z---"" _J • a, J AAA»AJA TuoaT issocift. I ,___,..l'WOV 1S UeT «ELL0Ga 'eoU 'gAF UL, NIE"SITA $ u. mac mg m TY 9 \ELEVATION G AUE7\-{@yq]A4 • soy[ 9WALL» AN-J set g f ·rr + ' ! ! j I I 1 1 ·#i 1 ! -, t i ' I ! i , I)'>.or I AR5AL. 4PU.IlZA, ' yo fabh ! lD? = I\ ~- {" \· 4 ,.._____ w' e f9 r 1 ls Jo llJ % ,g"yorv res a [:w o, AAA, gap Luo - Yap». t t-are ' PARK VILLAGE ._FR=TAE I HERESY CERTIFY THA T THIS PNL SPEDIE"ICATON OR REPORT 5 PEPRED BY IE OR UNDO DECT SUPERVISION ARD TT I Al A DUY RE'OISTEED PROFESS0AL CHIT1T (NDEL IM UIS Or E SUE OF ESO C ANEEM A 6 5T. LAIS PARK, MN grim Vs-X p> prier go a,/8! row$ Apr t} Pliny y &y {.4e M ] em t) win _ .. {UIL I>I SE=cTIo ®-[ ·A-[2 5c R E S O L UT I O N N O . R E S O L UT I O N A C C E P T IN G W O RK O N T H E P I L I N G F O UND ATION S Y ST EM FO R TH E T O WE R P LA C E PAR K IN G RAM P ED A C o n t r a c t N o . 7 -9 3 BE IT RESOLVED by the St. Louis Park Economic Development Authority that: 1. Pursuant to a written contract with the EDA dated October 4, 1993, Frontier Foundations, Inc. has satisfactorily completed the construction of the piling foundation system for the Tower Place parking ramp as stated in EDA Contract No. 7-93. 2. The Executive Director of the EDA has filed his recommendations for final acceptance of the work. 3. The work completed under this contract is accepted and approved. The Executive Director is directed to make final payment on the contract, taking the contractor's receipt in full. Adopted by the Economic Development Authority November 7, 1994 ) ) President V Executive Director c 0 2 2 ti 2 he 3 ) } d) 3 0 ' S - <¢ J z ±1 = z C. rr 0 LL LL] bz O - LL - = LL] O co z < z 0 - bz O : 0 "pf O 4l d) c. E 6 9 z z i 0 .. 0 = g ? 5 c t : O a' a c Do, £LI C «' O O, LL] tz 0 3 1- z o # [] pry o <t Lr Lr cN 0 z 0 z d) d ~ O cd • r: 0 p] 4J d) O r! DD r! }e .D2 4? 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O U » t LL! 1- - 1 O rr < LI g z ~ LLI r, n ® l y cl o Lit : z7 r ,% it O ps o a ... z LI = z 0.. a: 0 LL, @ en u! , z o 9 C = cr LL] Q -- o O z ry 5 ! i= = o a 7 5 = a LL] G r ±: z - o DI n g aE U a g 95 LLI = co & w t, < » £ LLI a: t, z co 3 O z r U 5 o o o -= f» uu 3 > .9 2, o 5± S5 <l'l z 0 t ::> Q LL] co <l'l o ~ ~ z o 0 . = O I ls O a co o o [ I ps ps o 0 g 0 <¢ C c O Jr kr- J- o t el ~ "O - 5 cr. he g O <¢ c ! .r: oO 5 ·a% g = c > o 3 0 p ? .r; = z u / s £2 .2 >, c¢ Q. , S .D LL] Q. 5 U co A» o LL) cr, CZ O o 0 o o > "= 0 z LL] .. «" 33 • O • 5 z p <«¢ IE s t 1 O ? a e z N cc C ... I N s Novem ber 7, 1994 EDA TO: Economic Development Authority THROUGH: Charlie Meyer, Executive Director }] / FROM: Mac McBride, Finance Director/\/jv7.> Lori Ziemer, Asst. Finance Director 7} SUBJECT: October 1994 EDA Monthly Statement ) J 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 construction costs associated with the Park Nicollet parking ramp project, reimbursement for the Cityscape Project, architectural design services for Excelsior Blvd. 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, 1994 YTD BALANCE PERCENT COLLECTED! UNCOLLEC.I COLLECTED/ BUDGET EXPENDED UNEXPEND. EXPENDED REVENUE Tax increment $3,100,740 $1,476,151 $1,624,589 48 Rent 4,680 3,900 780 83 Interest 639,005 760,051 (121,046) 119 Transfers Refunds & Reimburse 149,188 (149,188) TOT AL REVENUE 3,744,425 2,389,290 1,355,135 64 EXPENDITURES Administrative Salaries 84,520 63,188 21,332 75 Employee benefits 17,278 13,201 4,077 76 Supplies & other chgs. 4,647 3,304 1,343 71 Legal 3,560 1,033 2,527 29 Contractual 761 (761) ) Planning Total Administrative 110,005 81,487 28,518 74 O) Project Cost Professional service 108,200 379 107,821 Legal 75,000 68,112 6,888 91 Environ. analysis 2,000 16,423 (14,423) 821 Public improvement 7,392,000 5,992,361 1,399,639 81 Relocation/demolition 692,500 484,133 208,367 70 Property acquisition 824,800 824,800 Environ. remediation 62,910 (62,910) Referendum payment 11,802 (11,802) Property maintenance 22,860 6,706 16,154 29 Other services 8,000 13,414 (5,414) 168 Transfers Total Project Costs 9,125,360 6,656,240 2,469,120 73 Debt Service Bond principal 600,000 (600,000) Bond interest 504,000 198,763 305,237 39 Transfer Inter-govt., City 840,000 840,000 Bond agent fees 1,199 (1,199) Total Debt Service 1,344,000 799,962 544,038 60 TOTAL EXPENDITURES 10,579,365 7,537,689 3,041,676 71 O REVENUE OVER (UNDER) _? EXPENDITURES (6,834,940) (5,148,399) (1,686,541) 75 1 ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY Individual Statem ent Of Revenue And Expenditures For Period Ending October 31, 1994 EXCELSIOR OAK PARK TRUNK CAPITAL DEBT REVENUE BLVD VILLA GE HWY 7 PROJECTS SERVICE TOTAL Tax increment $940,952 $197,889 $337,310 $ s $1,476,151 Rent 3,900 3,900 Interest 499,277 58,372 14,137 164,095 24,170 760,051 Transfers Refund/reimburse 94,524 50,000 4,664 149,188 TOTAL REVENUE 1,534,753 260,161 401,447 164,095 28,834 2,389,290 EXPENDITURES Administrative Salaries 22,071 13,855 27,262 63,188 Employee benefits 4,620 2,835 5,746 13,201 Supplies & other chgs. 2,044 582 678 3,304 Legal 742 75 216 1,033 Contractual 761 761 Planning ) Total Administrative 29,477 17,347 34,663 81,487 Project Cost ) Appraisal/survey 379 379 Legal 57,322 462 10,328 68,112 Environ. analysis 15,364 1,059 16,423 Public improvement 5,157,816 834,545 5,992,361 Relocation/demolition 484,133 484,133 Property tax Acquisition 510 62,400 62,910 Referendum payment 8,980 2,822 11,802 Property maintenance 2,260 4,446 6,706 Other services 13,414 13,414 Total Project Costs 5,740,178 3,284 912,778 6,656,240 Debt Service Bond principal 600,000 600,000 Bond interest 198,763 198,763 Transfer Inter-govt., City Bond agent fees 1,199 1,199 Total Debt Service 799,962 799,962 TOTAL EXPENDITURES 5,769,655 20,631 947,441 799,962 7,537,689 R E VEN UE O VER (UN D ER) EXP END IT U R ES (4,234,902) 239,530 (545,994) 164,095 (771,128) (5,148,399) __) ? 2 S T . L O U IS PARK ECONOMIC DEVELOPMENT AUTHORITY SCHEDULE OF INVESTMENTS OCTOBER 31, 1994 Investments Date Institution/Type Yield Purchase Maturity Balance 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 - FH L 3.59 10-25-93 01-25-95 1,500,000 1st Banks - FNMA 3.90 12-01-93 03-10-95 2,250,000 1st Banks - FC 3.90 12-02-93 04-03-95 700,000 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 1,297,779 1st Banks - FHL 5.93 09-30-94 08-08-95 1,023,646 1st Banks - FHL 6.01 10-11-94 08-25-95 398,853 Dain Bosworth - FC 5.47 08-01-94 09-01-95 500,000 1st Banks - FHL 3.84 09-20-93 09-20-95 1,000,000 4M Fund Various Open 490,375 Total Investments $18,659,807 ---------- ---------- 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 N D 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 7, 1994 Vendor Description Amount City of St. Louis Park Coop De Grass Inc. Dahlgren Shardlow & Uban Egan Field & Nowak, Inc. Frontier Foundations, Inc. Popham Haik Schnobrich Publicorp Inc. RLK Associates Ltd. Grounds Mtnce. Services Services Professional services Professional services Park Nicollet Ramp Legal services-July & August Services Professional services TOTAL $ 13 ,281.54 1,970.26 19,252.24 3,216.00 8,619.56 24,931.70 420.00 8,407.82 $ 80,099.12 Accounting Dept._-"-=---'--=::::......~~:=...~=-::~<-----Dated //~/_0_/_a_/~f _ Executive Director-~4~~~~~:::::....£.~~~~~~~Dated 7 ~ 2;Y ) )