HomeMy WebLinkAbout1995/04/03 - ADMIN - Agenda Packets - Economic Development Authority - RegularAGENDA
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK , MINNESOTA
April 3, 1995
7:15 p.m.
1. Call to order
2. Roll call
3. Approval of minutes ofM arch 6, 1995 meeting
4. Approval of agenda for April 3, 1995
5. Reports
6. Unfi nished business
l 7. New business
)
8. Comm unication and bills
a. Monthly financial statement
b. Vendor claims
9. Adjournm ent
April 3, 1995
EDA
TO: Economic Development Authority
THROUGH: Charlie Meyer, Executive Director ~
FROM: Mac McBride, Finance Director~
SUBJECT: March 1995 EDA Monthly Statement
The Combining Statement of Revenue and Expenditures, the Individual Statement of
Revenue and Expenditures and the Schedule oflnvestments provides in summary form the
financial position of the EDA
) Revenues received, besides investment income, were receipts from SPS related to the sale
of property. The majority of March expenditures were for attorney expenses.
Approximately $10,000 in landscaping costs for the Excelsior Boulevard streetscape
project were also paid in March.
An additional exhibit is included this month which shows the history of the total tax
capacity for all three districts. There is a 34% increase for 95 over 94. This reflects
building activity in both the TH 7 district (SPS completion) and the Excelsior District
(Park Nicollet).
S t. L o u is Park Economic Development Authority
Combining Statement of Revenue and Expenditures
Budget and Actual
For Period Ending March 31, 1995
YTD BALANCE PERCENT
COLLECTED/ UNCOLLEC.I COLLECTED/
BUDGET EXPENDED UNEXPEND. EXPENDED
REVENUE
Tax increment $4,238,915 $4,238,915
Rent 4,680 1,170 3,510 25
Interest 453,514 245,275 208,239 54
Transfers
Refunds & Reimburse 289,531 (289,531)
TOTAL REVENUE 4,697,109 535,976 4,161,133 11
EXPENDITURES
Administrative
Salaries 163,060 163,060
Employee benefits 33,398 33,398
Supplies & other chgs. 6,500 430 6,070 7
Legal 10,000 2,998 7,002 30
) Contractual 34,000 34,000
Planning
Total Administrative 246,958 3,428 243,530 1
Project Cost
Professional service 5,000 5,000
Legal 14,653 (14,653)
Environ. analysis 2,000 1,493 507 75
Public improvement 2,004,640 122,611 1,882,029 6
Relocation/demolition
Property acquisition 3,100,000 3,100,000
Referendum payment
Property maintenance 34,125 34,125
Other services 409
Transfers
Total Project Costs 5,145,765 139,167 5,007,007 3
Debt Service
Bond principal
Bond interest 351,736 170,368 181,368 48
Transfer
Inter-govt., City 400,000 400,000
Bond agent fees
Total Debt Service 751,736 170,368 581,368 23
_? TOTAL EXPENDITURES 6,144,459 312,963 5,831,905 5
REVENUE OVER (UNDER)
EXPENDITURES (1,447,350) 223,013 (1,670,772) (15)
1
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
Individual Statement Of Revenue And Expenditures
For Period Ending March 31, 1995
EX C ELS IO R OAK PARK TRUNK CAPITAL DEBT
REVENUE BLVD VILLAGE HWY7 PROJECTS SERVICE TOTAL
Tax increment
Rent 1,170 1,170
Interest 161,121 18,837 4,562 52,955 7,800 245,275
Transfers
Refund/reimburse 289,531 289,531
TOTAL REVENUE 161,121 20,007 294,093 52,955 7,800 535,976
EXPENDITURES
Administrative
Salaries
Employee benefits
Supplies & other chgs. 430 430
Legal 2,140 507 352 2,998
Contractual
Planning
) Total Administrative 2,570 507 352 3,428
Project Cost
Appraisal/survey
Legal 14,606 48 14,653
Environ. analysis 1,493 1,493
Public improvement 122,611 122,611
Relocation/demolition
Property tax
Acquisition
Referendum payment
Property maintenance
Other services 409 409
Total Project Costs 139,119 48 139,167
Debt Service
Bond principal
Bond interest 170,368 170,368
Transfer
Inter-govt., City
Bond agent fees
Total Debt Service 170,368 170,368
TOTAL EXPENDITURES 141,689 507 400 170,368 312,963
REVENUE OVER (UNDER)
EXPENDITURES 19,433 19,500 293,694 52,955 (162,568) 223,013
2
S T . L O U IS P A R K E C O N O M IC D E V E L O P M E N T A U T H O R ITY
S C H E D U L E O F IN V E S T M E N T S
MARCH 31, 1995
Investments Date
In st it ut io n/T ype Yield Purchase Maturity Balance
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
1st Banks - CP 6.22 03-13-95 06-12-95 1,999,580
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 1,000,000
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
Park Investment - CP 6.40 03-13-95 09-11-95 1,452,983
1st Banks - FHL 3.84 09-20-93 09-20-95 1,000,000
Dain Bosworth - FHL 6.59 11-16-94 11-03-95 1,023,922
1st Banks -FNMA 7.09 12-01-94 01-10-96 1,244,839
Dain Bosworth - FNMA 7.22 12-01-94 02-12-96 1,005,388
Dain Bosworth - FHLB 7.52 01-03-95 03-01-96 507,308
4M Fund Various Open 1,095.625
Total Investments $19,225,431
---------- ----------
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
<\ Tax increment Districts - Tax Capacity History
90/91
91/92
92193
93/94
94/95
2,545,118
2,601,502
2,445,204
2,179,946
2,929,643 > 34%
Increase over prior year
Tax Increment Districts - Tax Capacity History
3,000,000
2,500,000
>- 2,000,000 - O
«U
) C. 1,500,000 «a
g O
>< «o = 1,000,000
500,000
90/91 91/92 92193 93/94 94/95
PROPVLS.XLS
V E N D O R CL A IM S
E c o n om ic D e v e l o p m en t A u th o r i ty -S t . L o u i s Pa r k
A p r i l 3 , 19 9 5
V e n d o r D e s c r i p t i o n Am ou n t
Br a u n In te r t e c Co r p o r a ti on
Ch i c a g o T u b e & Iron
City of St. Louis Park
Dahlgren, Shardlow & Uban
Park Nicollet Med. Center Holding
Popham, Haik, Schnobrich
Services
Supplies
Services
Professional services
Expense reimbursement
Legal services-January
TOTAL
$ 984.88
600.00
198.90
25,564.15
38,972.41
10,592.75
$ 76,913.09
Accounting Dept. ~--•--·~----~ Dated 0~~- ..... /_'/_~ _
Executive Director~ft-,,,,..,__ Dated Ji/~ )lr
MINUT ES
ECO N O MI C D EVE LOPME NT AUT H ORITY
CITY OF ST. LOUI S PARK
April 3, 1995
1. Call to Order
President Hanks called the meeting to order at 7:15 p.m.
2. Roll Call
The following Commissioners were present at roll call: Jeff Jacobs, George Haun, Robert
Young, Gail Dorfman and Lyle Hanks.
3. Approval of minutes of March 6. 1995 meeting
It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to approve the
minutes of March 6, 1995. The motion passed 5-0.
4. Approval of agenda for April 3. 1995
It was moved by Commissioner Jacobs, seconded by Commissioner Haun to approve the
agenda. The motion passed 5-0.
5. Reports - None
6. Unfinished business - None
7. New business - None
8. Communication and bills
a. Monthly financial statement
It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to approve. The
motion passed 5-0.
b. Vendor claims
It was moved by Commissioner Jacobs, seconded by Commissioner Haun to approve. The
motion passed 5-0.
c. Communication
Commissioner Haun requested a report for the May meeting from the Public Works and the
EDA/Community Development Departments to update the Authority on the Excelsior
Boulevard streetscape project.
9. Adjournment
The meeting adjourned at 7:17 p.m.
President Hanks
Executive Director
5748:GEN51