HomeMy WebLinkAbout1995/01/03 - ADMIN - Agenda Packets - Economic Development Authority - RegularAGENDA
ECONOM IC DEVE LOPME NT AUTHORI TY
ST. LOUIS PARK, MINNESOTA
Tuesday, January 3, 1995
7:00 p.m.
(o
1.
2.
3.
Call to order
acu (Gis)
Approval of minutes
a. EDA meeting of December 5, 1994
Action: Motion to approve - Motion to approve as amended
4. Approval of agenda
a. EDA agenda for January 3, 1995
)
5.
6.
7.
:/
Action: Motion to approve - Motion to add/delete item(s)
Reports
a. Parkshore Assisted Living
Other business
Communications and bills
a. Vendor claims
8 . Adjournment
V E N D O R CL A IM S R e v i s e d
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
J a n u a r y 3 , 1 9 9 5
V e n d o r
W i l k i n s P o n t i a c /C h r i s D i e t z e n
B r a u n I n t e r t e c C o r p o r a t i o n
C i t y o f St . L o u i s P a r k
C i t y o f St . L o u i s P a r k
D a h l g r e n Sh a r d l o w & Uban
EDAM
Kraus-Anderson Construction
Popham Haik Schnobrich
RLK Associates Ltd.
Description
Relocation expenses
Services
OPV Parking Lot Constr.
Staff salaries & expenses
Professional services
Registration fee
Park Nicollet Ramp
Legal services-Sept. & Oct.
Services
Amount
$277,343.66 (Added)
$ 947.13
40,031.81
39,910.14
10,565.97
90.00
4,202.97
25,300.37
243.00
TOTAL $398,635.05
)
MEM O RAND UM
)
TO: Dawn Postudensek
FROM: Scott Moore, Zoning Administrator®"°
SUBJECT: Variance Descriptions For Parkshore Place
DATE: January 31, 1995
Below, by address, is a list and description for the variances that G &P Properties have
applied for. If you have any questions, I can be reached on ext. 592.
3663 Park Center Boulevard
Description
1. Floor Area Ratio
2. Density
3. Usable Open Space
4. Side Yard Setback (north)
5. Rear Yard Setback (east)
6. Side Yard Setback (south)
7. Bufferyard (west)
8. Bufferyard (south)
9. Building Height
10. Parking In Front Yard
3633 Park Center Boulevard
Description
1.
2.
3.
4.
5.
6.
Ground Floor Area Ratio
Density
Side Yard Setback (south)
Rear Yard Setback (east)
Bufferyard (west).
Dwelling Units Below Grade
3601 Park Center Boulevard
Description
1.
2.
3.
4.
5.
6.
Parking
Stacking of Vehicles
Buff eryard
Bufferyard (west)
Bufferyard (south)
In- Vehicle Sales & Service
Required Provided
1.2 2.21
50 units/acre 82 units/acre
82,800 sq. ft. 44,318 sq. ft.
95 feet 20 feet
115 feet 37 feet
90 feet 20 feet
"D" "C"
"D" "B"
75 feet 115 feet
None Some
Required
.25
50 units/acre
30 feet
50 feet
"D"
None
Provided
.282
59 units/acre
[3.7 feet
25 feet
"C"
Some
Required
143 stalls
6 vehicles
"D"
"D"
"D"
Not Permitted Adjacent
to Residential
Provided
127 stalls
5 vehicles
None**
"C"
"B"
Adjacent to
Residential
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A bufferyard is required between the Land Use of In- Vehicle Sales and Service and
adjacent streets and properties.
There is no landscaping proposed along any side of the Land Use.
The Land Use of In-Vehicle Sales and Service is not permitted to be located adjacent to
an "R " Use District.
Ernie Petersen
Dave Hagen
Judie Erickson
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PRE SENT VALUE ON RE PAYME NT OF $800,000 LO AN
FOR ASSISTED LIVING PROJECT USING TW O RE PAYME NT ME THODS
Developer Proposal
Increments/
Interest Cumulative Interest Present
Principal Rate Amount Interest Payment-years Value
1995 800,000 2% 16,000 16,000
1996 800,000 4 % 32,000 48,000
1997 800,000 4 % 32,000 80,000 160,000-2.5
1998 640,000 7% 44,800 124,800 160,000-3.5
1999 480,000 7% 33,600 158,400 160,000-4.5 472,162
2000 320,000 7% 22,400 180,800 160,000-5.5
2001 160,000 7% 11,200 192,000
2002 160,000 9% 14,400 14,400-7.25
2003 160,000 9 % 14,400 14,400-8.25
2004 160,000 9 % 14,400 14,400-9.25
2005 160,000 9% 14,400 14,400-10.25
2006 160,000 9% 14,400 14,400-11.25
2007 160,000 9% 14,400 14,400-12.25 63,548
2008 160,000 9% 14,400 14,400-13.25
) 2009 160,000 9 % 14,400 14,400-14.25
2010 160,000 9% 14,400 14,400-15.25
2011 160,000 9 % 14,400 14,400-16.25
2012 160,000 9% 14,400 14,400-17.25
2012 160,000 9% 14,400 352,000-17.75 89,799
1,150,400 Total 625509
Assumptions
Assistance is provided in April, 1995
Interest accrues and increments are received in October of each year.
Interest payments are made in July of each year.
For purposes of making present value calculations, a discount rate of
8% is used.
The 2012 payment in the amount of $352,000 includes $192,000 of
interest accumulated through 2001 and the last principal payment
of $160,000.
Staff Proposal
Interest
Principal Rate Amount
Principal
+interest
1995
1996
1997
800,000 2%
816,000 4%
848,640 4%
rFy No. &
882,586/2.5/8%
16,000 816,000
32,640 848,640
33,946 882,586
Present Value
= $728,111
5608:GEN49
1/30/95
PARK SHORE ASSISTED LIVING PROJECT
CITY/EDA APPROVAL PROCESSES
I. Land Use
Submission PC/
Deadline BOZA Council Council Effective
Vacations 1/17 2/15 3/6 3/20 4/12
(utility and
drainage)
Conditional Use 1/30 3/1 3/20 N/A 3/20
Permit (existing
Park Shore; Office
Bldg-Drive-in Bank)
Variances 1/24 2/23 3/20 N/A 3/30
Comp Plan Map
Zoning Map
II. Development Agreement
) EDA approval of financial terms:
First draft of agreement completed
by Popham Haik:
Meeting on first draft of
agreement:
Second draft of agreement completed:
EDA establishes public hearing on
agreement for April 3:
EDA public hearing and approval of
agreement:
III. Bond Sale
Application submission deadline:
Council Study Session consideration:
Council resolution establishing
public hearing:
Council public hearing and
preliminary resolution:
Council final bond sale
resolution:
Feb. 6
Feb. 17
Feb. 24
March 3
March 6
April 3
Feb. 6
Feb. 13
Feb. 20
March 20
April 3
5584 :GEN50