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HomeMy WebLinkAbout1996/03/04 - ADMIN - Agenda Packets - Economic Development Authority - RegularSCANNED AGENDA ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK , MINNESOTA Monday, March 4, 1996 7:0 0 p.m. 1. 2. Call to order Roll call Approval of minutes of February 5, 1996 meeting Action: Corrections/amendments - Minutes approved as corrected/amended 4. Approval of agenda Action: Motion to add/delete items and approve 5. Reports a. Resolution advancing funds - 4820 Excelsior Blvd. 6L,, ls,ass: Motion to adopt resolution b. Order special meeting for March 18 - Victoria Ponds TIF Action: Motion to order meeting Gy/+! {-O ./ 6j J o c. Purchase of single family home at 373 2 Natchez Ave. So. Action: Motion authorizing bid up to $90,000 for the purchase of the property and to negotiate and execute the sales contract for the purchase .J r C y 6. New business 'r-0 7. Unfinished business 8. Communications and Bills a. Monthly financial statement Action: Motion to approve and order filed : ' d&@»-,4 .-%s a us _lJ/© LO Action: Motion to approve and authorize payment 9. Adjournment ) J Economic Development Authority Agenda Item No._2d Meeting of March 4, 1996 Title: Brief Description: Recommended Action: ) Resolution authorizing the disbursement of EDA fun ds by an agen t of the Authority. The EDA has retained the services of Frauenshuh Management Company to manage the EDA's property at 4820 Excelsior Boulevard and desires to authorize the management firm to make required operating disbursements from a bank account for the property. M oti on to appro v e a resolution authorizing the di sbur sem en t of E D A fun ds by an agen t of the Auth ori ty . Background D ecem ber 28, 19 95, the S t. L oui s P ark E D A acquir ed the property located at 4820 E x celsior B oul evar d fr om H enn ep in C oun ty . Th e prop erty w as a tax fo rfeited par cel whi ch w as op era ted by H enn ep in C oun ty duri n g fo rfeitur e. Th e C oun ty man aged th e pro p erty wi th nin e ten an ts in the fa cility at the tim e th e E D A acqu ired it. Al l of th e ten an t hav e rem ai n ed in the pro p erty to da te. Frau en sh uh M an agem en t C omp an y w as retai n ed to man age, op er ate, an d m ai n tai n the curr en t ten an ts an d fa cility on an in terim bas is on behal f of th e E D A . As part of th e man ag em en t of the prop erty , a bank accoun t has been establish ed fo r the dep osit of coll ected ren ts an d paym en t of m on thly op er ati n g expen ses fo r the pro p erty . In order fo r th e m an agem en t of th e pro perty to w ork m ost effi cien tl y , it is recomm en ded that the E D A au thori ze F rau en shuh M an agem en t C ompan y to m ak e di sbur sem en ts fr om the project bank accoun t (set up fo r thi s purp o se) fo r paym en t of app ro ved m an agem en t ex p en ses. It is expected that at an y gi v en tim e, the bal an ce in the accoun t wi ll not ex ceed $5 ,000 . D isbur sem en ts that in v olv e sum s in ex cess of $1,000 fo r an y tran sacti on or gr oup of tran sacti on s mu st be exp ressly au thori zed by the E D A in wri ti n g. Th e m an agem ent firm wi ll m ak e m onthly finan cial rep orts to th e Economi c Devel opm en t Authority which wi ll outline the reven ues an d expen di tur es of the pro perty fo r the m onth. Th ese reports wi ll be revi ewed by the EDA . Attachments: Resolution Respecfully Submitted, /4 < 929, Charles W. Meyer Executive Director By: David M. Anderson, Economic Development Coordinator s Economic Development Authority Agenda Item No.5C Meeting of March 4, 1996 Title: Purc hase of Single Fami ly Home at 3732 Natchez Ave. So. Brief Description: As part of a long-range redevelopment plan for the area of Excelsior Boulevard between Monterey Drive and Quentin Avenue, the City Council/EDA has indicated interest in purchasing properties that are ready for redevelopment. The above mentioned property in this area is now for sale. R eco m m ended Action: Motion authorizin g staff to mak e a bid of up to $90,000 for the purc hase of the property at 3732 Natchez Ave. So. and to negotiate and execute the sales contra ct for the purchas e. ) B ackgr ound The abo ve referen ced property was adverti sed for sale by the Departm ent of Housin g and Urban Developm ent on February 25, 1996. The pro perty is a sin gle fami ly home located at 3732 Natches Avenu e South, west of Monterey Dri ve and north of38th street west ( see attac hed locati on map). The home is a HUD foreclosed property which and will be auctioned by seal ed bid whi ch must be submitted by Tuesday Marc h 5, 1996. Thi s pro perty is located in the Excelsior Boulevard Redevelopment Distri ct and the desi gnate d livab le communi ties plannin g area. City staff has comp leted the pur chase of one pro perty in thi s area at 4820 Excelsior Boulevard and is workin g on acquirin g others that are available for redev elopm ent as part of future, larg e-scal e red evelopm ent plans. Th e City Council has indicated its support of these acti vities to begin to assem ble of parc els for future redev elopm en t. Pr ope rty an d Purch ase Ov ervi ew Owner: Use: Zonin g: Lot Di men sions: Year Built: Assessed Value (96): Tax es Payab le 1996: Dep artm ent of Housing and Urban Development. Single Fami ly Residential RC so: x 120° 1920 84,800.00 2,370.50 City staff has conducted a prelimin ary evaluation of th e property in question. Th e an ticipated pur chase price an d asso ciated red evelopm en t costs have been estima ted as fo llow s: Sale Pri ce (estab lished by HUD ) B ui ldin g dem olishin g Costs Legal/T rans fer Enviro nm en tal As ses s. TOTAL ESTIMA TE D CO STS 81,000 10 ,000 5,00 0 2.000 98,000 As a biddin g muni cipality , a disc oun t of 10% of th e purc hase pri ce is availab le. Th erefore , it the ED A is inter ested in acquirin g th e property , it may wi sh to in creas e its bid am ount to ensure a m ore comp eti tive bid. For examp le, a bid of $90,000 after th e 10 % disco un t w oul d resul t in an actual purc hase pri ce of $81,000. Bid submi ssions must be ac comp ani ed by earnest money of $2,000. Du e to th e timin g of thi s pro posal , staff has not had an opp ortuni ty to conduct an y kin d of en vir onm en tal as ses sm en t of the pro perty . H ow ever , th e ED A has rec en tly comp leted Phas e I Enviro nm en tal Assessm en ts of nearb y pro perti es located at 4820 an d 4515 Excelsior Boul evard, whi ch fo un d no indi cati on of en viro nm en tal contam inati on on eith er sigh t. Staff will determin e if addi tional en viro nmen tal ev aluati on of the pro perty is need ed. " Th e avail ab ili ty of th e pro perty is consi sten t wi th th e City an d ED A 's efforts to redev elop thi s area. With the ED A 's auth orizati on , staff will prep are th e nec essary bid materi als in order to m ee t th e Mar ch 5th bid submi ttal date. Seal ed bids fo r thi s property will be open ed on Thursda y, Marc h 7, 1996. Attachments: L ocati on Map s Resp ectfull y Submi tted, lk rh, Char les W . 'M eyer Executive Direct or B y: D avi d M. 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I4 21 [4 T a0 13 8 .5° 19 12 9 18 - II 10 » > as'x, , ...... , .W O L 19 18 ,· P.A R K soas \ (rT 22 rT 6 ·3 732 Nat 15 14 9 42,- =·>- 8 1 8 9 r3 10 ~""""""""'""""""""~ .... ~-----""""""""--""""""I~, < I ~..,,...--13--------f:i::1-----z----tNI ~ 'hang 1_~ ..;._ ----:~---'----I ~I : . ..._......,,......~_~..;.~(,_, -s--+'.tt:----·----1 <zl , es »"%» I ] I I ] - p S •• 12 II 115 » E e ( 12) - 2 (a) 120 120 T (7) 120 6 A 120 s (6) 1----=----t 251 2!5 4810 so C ( 10) 95 -- 38TH ST W . .i:.· J VENDOR CLAIMS Economic Development Authority-St. Louis Park March 4, 1996 Vendor ) Aetna Life Insurance Company Dave Anderson City of St. Louis Park Constructive Ideas Dahlgren Shardlow & Uban Ehlers & Associates, Inc. Judie Erickson Evergreen Land Services Co. First Trust National Assoc. Tom Harmening Kinko's Natl. Council Urban Econ. Dev. MN Real Estate Journal STS Consultants Ltd. Town Planning Collaborative Twin City Catering Twin West Chamber of Commerce Description Cityscape Apartments Reimburse expense Office services expense-January Services Services Services Reimburse expense Services Bonds & interest Reimburse expense Services Membership dues Subscription Services Services Meeting expense Services Amount $ 62,400.00 72.04 337.95 425.17 2,874.38 5,355.00 52.58 164.00 170,368.13 9.00 13.41 295.00 119.00 881.89 1,636.19 132.80 750.00 TOTAL $245,886.54 ± Account±ns Dept. 7y. /tell Dated 7/la7/t Dated--'-,2__._.~'-...=#<---=-~--- Ex ecu tiv e D irector ~ t.,_/' ~ 7'