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Home My WebLink About1995/05/01 - ADMIN - Agenda Packets - Economic Development Authority - RegularA G E N D A E C O N O M I C D E VE L O P M E N T A U T H O RI TY S T . L O U I S P ARK , M IN N E S O T A May 1, 1995 7:00 1. 7 2. 3. 4. 8. Call to order Roll call Approval of minutes of April 3, 1995 meeting Approval of agenda for May 1 Reports a. Authorize use ofTIF funds for City of St. Louis Park Excelsior Blvd. Streetscape Project 95-10 Unfinished business New business Communications and bills a. Monthly financial report b. Vendor claims 9. Adjournment 7: MO Jg r % FAX #: , DAJE / / [iJ '' ,ri ,/ jissciuvs { THIS PAGE: A G E ND A E C O N O M IC D E VE L O P M E N T A U T H O RI TY S T . L O U IS PARK, MINNESOTA May 1, 1995 1. Call to order 2. Roll call 3. Approval of minutes of April 3, 1995 meeting 4. Approval of agenda for May 1 5. Reports a. Authorize use ofTIF funds for City of St. Louis Park Excelsior Blvd. Streetscape Project 95-10 6. Unfinished business ) 7. New business 8. Communications and bills a. Monthly financial report b. Vendor claims 9. Adjournment REQUEST FOR EDA ACTION DATE May 1, 1995 __ ..;;;._ _ AGENDA SECTION: New Business NO. ORIGINATING DEPARTMENT: Comm unity,Development ITEM: NO. Authorize Use of TIF Funds for city of St. Louis Park Excelsior Blvd. Streetscape Project 95-10 APPROVED: ].ld Thomas K. Harmening Comm unity Development Director BACKGROUND PURPOSE The purpose of this discussion is two-fold: • Provide an update to the EDA regarding the Excelsior Boulevard streetscape project as requ ested during the April 3 EDA meeting. • Request EDA to authorize the use of tax increment funds for the Excelsior Boulevard streetscape project. BACKGROUND ) Bids were received on April 7, 1995 for the various streetscape improvements proposed to be made Excelsior Boulevard, Park Center Boulevard, W. 36th Street and Monterey Drive. These improvements relate to lighting, banner poles, landscaping, and other streetscape amenities. On April 17 the City Council accepted the bids for the improvements and authorized execution of contracts for the streetscape improvements. Based upon the bids received, the cost for the improvements will be $1,178,964.53. The 1995 Excelsior Boulevard tax increment financing district budget allocates over $1.5 million for the completion of these construction activities. As such, the project appears to have come in under bid. The project is scheduled to commence within the next one to two weeks and is scheduled to be completed by November 15, 1995. The project is being constructed under the authority of the City of St. Louis Park. However, the financing for the project is proposed to be funded 100% through the expenditure of tax increment funds. As the EDA essentially controls the use of tax increment, the EDA's legal counsel has recommended that the EDA take formal action to authorize the project and the transfer of tax increment funds for the streetscape project. PUBLIC WORKS "OVAL ' AINED FINANCE APPROVAL OBTAINED COMMUN1 I Y DUE VELU APPRov✓i;. °I}-- APPROVAL OBTAINED OBTAINED Executive Director APPROVAL /7,Q oerAe A/ht ACTION: MOTION BY 2ND BY TO TIF Funds-Excelsior Blv d. St reet scap e M ay 1, 1995 Page Tw o Recomm endat ion : It is recomm en ded th at th e St . Lou is Par k Econom ic Developm ent Auth or ity ad opt th e att ach ed reso lu t io n authorizing the proje ct an d th e tran sfe r of tax in c rem en t fu n d s to allow for th e st reet sc ap e am en it ie s an d oth er re la t ed im provem ents to be m ad e to Ex cels ior Bou lev ard , Par k Ce n t r e Boulevard , W est 36th St reet an d M on terey Dr iv e . 5803 :G EN 5O RE S O L UTI O N N O . --- RESOLUTION AUTHORIZING CONSTRUCTION OF CITY OF ST. LOUIS PARK IMPROVEMENT PROJECT NO. 95-10 AND THE TRANSFER OF TAX INCREMENT FUNDS TO DEFRAY THE COSTS OF SAID PROJECT ) WHEREAS, on March 19, 1990 the Redevelopment Plan for Excelsior Boulevard Redevelopment Project was modified to enlarge the Project to add areas in need of redevelopment and enable tax increments collected in the tax increment district to finance redevelopment. Also, a Tax Increment Financing Plan was added to clarify the change in the scope of activities in the original plan; and WHEREAS, the budget within said plan included expenditures associated with making public improvements in the Excelsior Boulevard Redevelopment Project Area; and WHEREAS the St. Louis Park Economic Development Authority desires to make various public street improvements along Excelsior Boulevard, Park Center Boulevard, West 36th Street and Monterey Drive, all of which are located in said redevelopment project area; and WHEREAS the St. Louis Park Economic Development Authority's 1995 Capital Improvements Program has budgeted $1,519,640.00 for said improvements; and WHEREAS the bids for said improvements amount to $1,178,964.53; and WHEREAS the St. Louis Park Economic Development Authority desires to have the City of St. Louis Park undertake said improvements to take advantage of the City's expertise and staff resources to complete said project in a timely and cost efficient manner; NOW, THEREFORE BE IT RESOLVED that the St. Louis Park Economic Development Authority formally authorizes construction of City of St. Louis Park Improvement Project No. 95-10 and the transfer of tax increment funds to defray the cost of said project. Adopted by the Economic Development Authority May 1, 1995 President ATTEST: City Clerk Reviewed for Administration: Approved as to form and execution: Executive Director EDA Attorney 5807:GEN50 May 1, 1995 EDA TO: THROUGH: FROM: SUBJE CT: Economi c Development Authority Charlie Meyer, Executive Director C,717 Z Mac McBride, Finance Director }[[\? I April 1995 EDA Financial Report A combined statement of revenues and expenditures for all districts is on page one. This is fo llowed by individual statements of revenues for each district along with statements for the capital projects fund and debt service fund. Highlights ) Interest on investments was the only revenue received during the month of April. Year-to-date investment earni ngs are runni ng ahead of the budget estimate. This is due to higher rates of return . T he m ajo ri ty of expenditu re activi ty duri ng the m onth dealt with specific projects within the E xcelsio r B o ulevard D istri ct. These include landscaping and related street work being done as part of the Streetscape project adjacent to Tower Place. ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY Individual Statement Of Revenue And Expenditures For Period Ending April 30, 1995 EXCELSIOR OAK PARK TRUNK CAPITAL DEBT REVENUE BLVD VILLAGE HWY7 PROJECTS SERVICE TOTAL Tax increment Rent 1,56 0 1,560 Interest 19 0,32 8 22 ,252 5,3 89 62 ,5 54 9,2 14 289 ,737 Transfers Refund/reimburse 289 ,5 3 1 289 ,531 TOTAL REVENUE 19 0 ,32 8 23,8 12 294 ,92 0 62 ,5 54 9,214 580,82 8 EXPENDITURES Administrative Salaries Employee benefits Supplies & other chgs. 524 524 Legal 2,520 507 352 3,37 9 Contractual Planning Total Administrative 3,044 507 352 3,903 ) Project Cost Appraisal/survey Legal 24 ,8 13 53 24,865 Environ. analysis 1,4 93 1,4 93 Public improvement 14 9 ,16 0 149,16 0 Relocation/demolition 38 ,972 38,972 Property tax Acquisition Referendum payment Property maintenance 600 600 Other services 514 514 Total Project Costs 214 ,952 653 215,605 Debt Service Bond principal Bond interest 17 0 ,368 170,368 Transfer Inter-govt., City Bond agent fees Total Debt Service 170 ,368 170,36 8 TOTAL EXPENDITURES 217 ,9 97 507 1,0 0 5 170 ,368 389,876 REVENUE OVER (UNDER) EXPENDITURES (27,66 9) 23,3 05 293 ,9 16 62 ,5 54 (16 1,155) 190,952 O 2 S t. Louis P ark E conom ic D evelopm ent A uthority Combining Statement of Revenue and Expenditures Budget and Actual For Period Ending April 30, 1995 YTD BALANCE PERCENT COLLECTED/ UNCOLLEC.I COLLECTED/ BUDGET EXPENDED UNEXPEND. EXPENDED REVENUE Tax increment $4,238,915 $4,238,915 Rent 4,680 1,560 3,120 33 Interest 453,514 289,737 163,777 64 Transfers Refunds & Reimburse 289,531 (289,531) TOT AL REVENUE 4,697,109 580,828 4,116,281 12 EXPENDITURES Administrative Salaries 163,060 163,060 Employee benefits 33,398 33,398 Supplies & other chgs. 6,500 524 5,976 8 Legal 10,000 3,379 6,621 34 Contractual 34,000 34,000 ) Planning Total Administrative 246,958 3,903 243,055 2 Project Cost Professional service 5,000 5,000 Legal 24,865 (24,865) Environ. analysis 2,000 1,493 507 75 Public improvement 2,004,640 149,160 1,855,480 7 Relocation/demolition 38,972 (38,972) Property acquisition 3,100,000 3,100,000 Referendum payment Property maintenance 34,125 600 33,525 2 Other services 514 (514) Transfers Total Project Costs 5,145,765 215,605 4,930,160 4 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 6,144,459 389,876 5,754,583 6 / REVENUE OVER (UNDER) EXPENDITURES (1,447,350) 190,952 (1,638,302) (13) 1 S T . L O U IS PARK ECONOMIC DEVELOPMENT AUTHORITY SCHEDULE OF INVESTMENTS A P R IL 30, 199 5 Investments Date Institution/Type Yield Purchase Maturity Balance 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 Park Investment - FHL 6.50 04-03-95 02-20-96 1,515,393 Dain Bosworth - FHLB 7.52 01-03-95 03-01-96 507,308 4M Fund Various Open 972,403 Total Investments $19,218,448 ---------- ---------- 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 VENDOR CLAIMS Economic Development Authority-St. Louis Park May 1, 1995 Vendor Dept. of Trade & Economic Dev. St. Louis Park School Dist. 283 Turf Supply Company Description Registration fee Tax increment payment Supplies Amount $ 75.00 295,998.21 225.78 TOTAL $296,298.99 asco t s sere. [/su sass +'/alas sos»solos)ls»»Ass»solos0ON3»»sos,Osso»so» )