HomeMy WebLinkAboutEDA - November 19, 2013C I T Y O F
NDOVE
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
November 19, 2013
6:00 p.m.
Conference Rooms A & B
1. Call to Order — 6:00 p.m.
2. Approval of Minutes (October 1, 2013)
3. Approve LMCIT Liability Coverage - EDA
4. Approve Purchase Agreement with Capstone Homes for 8 -plex lots
5. TIF 1 -6 District/Measurement Specialties /Follow Up Items
6. Cherrywood Advanced Living Update
7. Andover Station North Marketing Update
8. Redevelopment Discussion
9. Set Andover Business Development Day Date
10. Review /Approve 2014 Proposed EDA Budget
11. Other Business
12. Adjournment
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV
TO: Economic Development Authority
CC: Jim Dickinson, City Administrator
FROM: Michelle Hartner, Deputy City Clerk
SUBJECT: Approval of Minutes
DATE: November 19, 2013
INTRODUCTION
The following minutes were provided by Staff reviewed by Administration and submitted
for EDA approval:
October 1, 2013 Regular
DISCUSSION
The minutes are attached for your review.
ACTION REQUIRED
The EDA is requested to approve the above minutes.
Respectfully submitted,
Michelle Hartner
Deputy City Clerk
Attach: Minutes
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ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING
OCTOBER 1, 2013 - MINUTES
A meeting of the Andover Economic Development Authoril
Gamache, October 1, 2013, 6:00 p.m., at the Andover City
Andover, Minnesota.
Present:
Commissioners Tony
Nowak and Joyce T
Commissioner SIR,eri
Community Developi
Executive Director J
as
Director,
the
I to order by President Mike
Crosstown Boulevard NW,
Julie Trude, Robert
as presented. Motion carried
CATION TO THE DEVELOPMENT
?. 1, ESTABLISHING TAX INCREMENT
ADOPTING A TAX INCREMENT
- tings`there was discussion about creating a Tax Increment
Specialties Inc. The City will be selling 1711 -139t` Avenue,
msurement Specialties. Ehlers & Associates and Briggs &
essary for the creation of TIF District 1 -6.
37 Mr. Carlberg indicated TIF District 1 -6 would be a 9 year economic development district and by
38 creating District 1 -6 this allows the City to write down the cost of the land. All tax dollars
39 generated during the 9 years is paid to the City for the business incentives provided to
40 Measurement Specialties Inc.
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42 Commissioner Nowak asked how the City recovers the cost of the land. Mr. Carlberg explained
43 how the new TIF District will provide payback. Mr. Dickinson stated right now the parcel is not
44 generating any tax dollars, with the land sale and construction of the building the City will be
45 generating property tax dollars.
46 Mr. Carlberg explained in the Developers Agreement, Measurement Specialties Inc. is required
47 to build a 25,000 s.f. building and bring close to 100 jobs into the City. They have to provide
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Andover Economic Development Authority Meeting
Minutes — October 1, 2013
Page 2
some new jobs within two years of the opening of the facility. There are also provisions
provided in the Developers Agreement if Measurement Specialties Inc. does not perform.
Commissioner Trade asked if a minimum tax value for the building is required during the 9 year
TIF District. Setting a minimum value protects the City for payback. Mr. Dickinson answered;
through the minimum assessment agreement the County Assessor will be able to set a minimum
value according to the agreement. That value could go higher but not lower than the set
minimum.
Motion by Trade, Seconded by Howard, approving resolution R006 -13. Motion carried
unanimously.
APPROVE PURCHASE AGREEMENT — MEASUREMENT SPECLALTIES, INC.
Mr. Carlberg stated the EDA is requested to approve the Purchase Agreement with Measurement
Specialties. No closing date has been scheduled. Measurement Specialties are still interested in
starting construction yet this year.
Motion by Knight, Seconded by Twistol, approving the Purchase Agreement and authorizing the
Executive Director to complete and sign all documents.
The joint parking lot was discussed. The parking lot will provide parking for Measurement
Specialties and the Andover Station North Ballfield Complex.
Motion carried unanimously.
APPROVE RESOL UTIONA UTHORWING THE EXECUTION OF A DEVELOPMENT
AGREEMENT — MEASUREMENT SPECIALTIES, INC.
Mr. Carlberg indicated Briggs & Morgan drafted the Developers Agreement. The agreement sets
the terms of what Measurement Specialties will provide. The agreement does indicate if
Measurement Specialties does not perform the City can ask for payback of the incentives
provided.
Motion by Trade, Seconded by Howard, approving resolution R007 -13 and contingent upon
review and approval by the City Attorney. Motion carried unanimously.
CHERRYWOOD ADVANCED LIVING UPDATE
Mr. Carlberg indicated the closing date has been moved from September 24, 2013 to October 4,
2013. Staff is reviewing the Commercial Site Plan. Cherrywood Advanced Living plans to start
construction this fall.
Motion by Trade, Seconded by Knight approving as part of the land sale to Cherrywood
Advanced Living LLC, approving resolution R008 -13, authorizing the Executive Director to sign
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Andover Economic Development Authority Meeting
Minutes — October 1, 2013
Page 3
all documents on behalf of the EDA. Motion carried unanimously.
ANDOVER STATION NORTH UPDATE
Mr. Carlberg updated on the following:
Dynamic Sealing Technologies, Inc. — DSTI has reviewed the purchase agreement and has made
a counter offer on the land price and would like to close on the property the end of 2014. Staff
will continue to negotiate the land price and seek an earlier closing date with DSTI.
Pizza Ranch — Construction is moving along, the walls and trusses are up. Interviews and hiring
of staff will take place in November. Pizza Ranch plans to open by the end of 2013.
Wal -Mart - The landscaping inspection was completed last week. Wal -Mart is planning for a
November 13, 2013 opening date. Wal -Mart staff will be meeting with the Anoka County
Sheriff's Office and the Andover City Attorney regarding loss control.
REDEVELOPMENT DISCUSSION
Mr. Carlberg explained the Minnesota Pollution Control Agency (MPCA) required the City to
register the 1993 leak at the Stop -N -Shop as a "new" leak when the underground storage tanks
were removed. Staff informed the MPCA the current plan is to leave the site as is until a buyer is
found for the property.
OTHER BUSINESS
Mr. Carlberg stated he contacted Anoka County regarding landscaping around the monument
signs on Round Lake Boulevard and Crosstown/Bunker. The license agreements do permit for
low level landscaping around the signs. The EDA agreed not to landscape around the Round
Lake Boulevard sign. The sign on the Ham Lake border is on City property, needs the most
landscaping. Commissioner Twistol will work with staff on landscaping plans.
Mr. Carlberg indicated staff is still waiting for a dock/pier quote from MINNCOR Industries for
the pond by Target. The quote will be for construction only; installation would be a separate
cost.
ADJOURNMENT
Motion by Trade, Seconded by Twistol to adjourn. Motion carried unanimously. The meeting
adjourned at 6:58 p.m.
Respectfully submitted,
Michelle Hartner, Recording Secretary
•
,NDOVEA
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US
TO: President and EDA Commission embers
FROM: Jim Dickinson, Executive Director
SUBJECT: Approve LMCIT Liability Coverage -
DATE: November 19, 2013
INTRODUCTION
The League of Minnesota Cities Insurance Trust (LMCIT) requests that participating EDA's
annually decide whether or not to waive the statutory tort liability limits established by
Minnesota Statutes 466.04.
DISCUSSION
Attached is the "LMCIT Liability Coverage — Waiver Form" provided by the LMCIT, which
provides a description of the options available to the City of Andover EDA. Currently the City
of Andover EDA DOES NOT WAIVE the monetary limits on municipal tort liability
established by Minnesota Statutes 466.04. I am recommending continuing with the past
practice.
BUDGET IMPACT
No budget impact if the EDA does not waive limits.
ACTION REQUESTED
The City of Andover EDA is requested to not waive the monetary limits on tort liability
established by Minnesota Statutes 466.04.
SECTION I: LIABILITY COVERAGE WAIVER FORM
Cities obtaining liability coverage from the League of Minnesota Cities Insurance Trust must decide
whether or not to waive the statutory tort liability limits to the extent of the coverage purchased. The
decision to waive or not to waive the statutory limits has the following effects:
If the city does not waive the statutory tort limits, an individual claimant would be able to recover no
more than $500,000. on any claim to which the statutory tort limits apply. The total which all claimants
would be able to recover for a single occurrence to which the statutory tort limits apply would be
limited to $1,500,000. These statutory tort limits would apply regardless of whether or not the city
purchases the optional excess liability coverage.
If the city waives the statutory tort limits and does not purchase excess liability coverage, a single
claimant could potentially recover up to $1,500,000. on a single occurrence. The total which all
claimants would be able to recover for a single occurrence to which the statutory tort limits apply would
also be limited to $1,500,000., regardless of the number of claimants.
If the city waives the statutory tort limits and purchases excess liability coverage, a single claimant
could potentially recover an amount up to the limit of the coverage purchased. The total which all
claimants would be able to recover for a single occurrence to which the statutory tort limits apply would
also be limited to the amount of coverage purchased, regardless of the number of claimants.
Claims to which the statutory municipal tort limits do not apply are not affected by this decision.
This decision must be made by the city council. Cities purchasing coverage must complete and
return this form to LMCIT before the effective date of the coverage. For further information, contact
LMCIT. You may also wish to discuss these issues with your city attorney.
accepts liability coverage limits of $ from the League of
Minnesota Cities Insurance Trust (LMCIT).
Check one:
❑ The city DOES NOT WAIVE the monetary limits on municipal tort liability established by
Minnesota Statutes 466.04.
❑ The city WAIVES the monetary limits on tort liability established by Minnesota Statutes 466.04,
to the extent of the limits of the liability coverage obtained from LMCIT.
Date of city council meeting
Signature Position
Return this completed form to LMCIT, 145 University Ave. W., 5t. Paul, MN. 55103 -2044
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US
TO: EDA President and Board
CC: Jim Dickinson, Executive Director
FROM: David L. Carlberg, Community Dev'�rl�m�nt Director
SUBJECT: Approve Purchase Agreement with Capstone Homes for the Sale of Lots 1,
1A,2,3,4,4A,5,6,7,7A,8,9, Block 2, Parkside at Andover Station
DATE: November 19, 2013
REQUEST
The EDA is requested to approve the attached purchase agreement with Capstone Homes for
the purchase of Lots 1, 1A,2,3,4,4A,5,6,7,7A,8,9, Block 2, Parkside at Andover Station.
BACKGROUND
The EDA held a public hearing and adopted the attached resolution at the September 3, 2013
meeting approving the land sale of the above described lots to Capstone Homes for the
purpose of building an 8 -plex residential building on 139 h Avenue NW to the west of Jay
Street NW (See attached map). The purchase agreement has been signed by Capstone
Homes and the earnest money has been received. The closing date is scheduled for
December 15, 2013.
ACTION REQUESTED
The EDA is requested to approve the attached purchase agreement.
Respectfully submitted,
<2)� d 401-v�
David L. Carlberg
Attachments
Purchase Agreement
September 3, 2013 EDA Resolution Approving Land Sale
Location Map
PURCHASE AGREEMENT
1. PARTIES. This Purchase Agreement is made on iii , 2013, by and
between Andover Economic Development Authority, a body corporate and politic, 1685
Crosstown Boulevard NW, Andover, Minnesota, ( "Seller ") and Capstone Homes, Inc., a
Minnesota corporation, 14015 Sunfish Lake Boulevard, Suite 400, Ramsey, Minnesota 55303
( "Buyer ").
2. OFFER/ACCEPTANCE. Buyer agrees to purchase and Seller agrees to sell real
property legally described as follows:
Lots 1, 1A,2,3,4,4A,5,6,7,7A,8,9, Block 2, Parkside at Andover Station, according
to the recorded plat thereof, Anoka County, Minnesota. Subject to, and together
with, easements of record.
(hereinafter collectively referred to as the "Property ").
3. PURCHASE OF LOT WITH BUILDING OR VACANT LOT. (Check
paragraph that pertains.)
A. Buyer is purchasing the lot with an existing building
X B. Buyer is purchasing vacant lots.
4. PRICE AND TERMS. The purchase price for the Property (the "Purchase
Price ") shall be Forty Thousand and 00 /100 Dollars ($40,000), which Buyer shall pay as follows:
Earnest money of Five Thousand and no /100 Dollars ($5,000), and Thirty Five Thousand and
00 /100 Dollars ($35,000) cash on or before December 15, 2013 Date of Closing, subject to the
contingencies in paragraph 5 below, for which Buyer can reasonably extend the Date of Closing.
Buyer shall have six (6) months from the date of this Purchase Agreement within which to
complete its due diligence. Thereafter, the earnest money shall become non - refundable.
5. CONTINGENCIES. Buyer's obligations under this Purchase Agreement are
contingent upon the following:
(a) Seller shall permit Buyer, at Buyer's expense, to enter the Property to
conduct investigations and testing and Buyer shall be completely satisfied with the
environmental and soil conditions of the Property, as determined by Buyer in Buyer's
sole discretion. Buyer shall indemnify and hold Seller harmless from all loss, cost,
damage and expense (including court costs and reasonable attorney's fees) that Seller
may suffer or incur as a result of Buyer's entry onto and investigation and testing of the
Property, and Buyer's obligation under this sentence shall survive Closing.
(b) Buyer shall have obtained all zoning, land use, signage, watershed,
environmental and other governmental approvals and permits Buyer shall deem necessary
to use the Property in the manner contemplated by Buyer.
(c) Buyer shall have determined that the roads, easements, driveways,
utilities, points of access and other infrastructure serving the Property will be adequate
for Buyer's purposes, as determined by Buyer in Buyer's sole discretion.
(d) On or before the Date of Closing, Title shall have been found acceptable,
in accordance with the requirements and terms of Sections 12 and 13 below.
(e) Buyer, on or before the Date of Closing, shall have received, reviewed and
determined that it is satisfied with the matters disclosed by the survey of the Property.
(f) The representations and warranties made by Seller in Section 8 shall be
correct as of the Date of Closing with the same force and effect as if such representations
and warranties were made at such time.
(g) Seller will assign to Buyer any and all Special Declarant Rights relative to
the Parkside Townhomes at Andover Station, Common Interest Community No. 255,
County of Anoka, State of Minnesota.
In the event any of the above contingencies have not been satisfied or waived by Buyer on or
before the Date of Closing, this Agreement shall be voidable at the option of the Buyer.
6. DEEDIMARKETABLE TITLE. Upon performance by Buyer, Seller shall
execute and deliver a Limited Warranty Deed conveying marketable title, subject to:
A. Building and zoning laws, ordinances, state and federal regulations;
B. Restrictions relating to use or improvement of the property without
effective forfeiture provisions which do not interfere with Buyer's
intended use of the property;
C. Reservation of any mineral rights by the State of Minnesota;
D. Utility and drainage easements which do not interfere with Buyer's
intended use of the property.
7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS. Real estate taxes
due and payable in and for the year of closing shall be prorated between Seller and Buyer on a
calendar year basis to the actual Date of Closing.
Seller shall pay on Date of Closing all special assessments for street, storm sewer,
sanitary sewer, water main and water area charges and sewer area charges and any and all other
special assessments against the Property levied and pending as of the date of closing.
Buyer shall pay real estate taxes due and payable in the year following closing and
thereafter and any unpaid special assessments payable therewith and thereafter. Seller makes no
representation concerning the amount of future real estate taxes or of future special assessments.
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8. SELLER'S REPRESENTATIONS AND WARRANTIES. Seller represents
and warrants to and covenants with Buyer that:
(a) Seller is the owner of fee simple title to the Property and that Seller has
the power and authority to enter into and perform the terms and conditions of this
Agreement, and such performance will not conflict with or result in a breach of any of the
terms, conditions or provisions of any agreement or instrument to which Seller is a party
or by which it is bound, or constitute a default under any of the foregoing; this
Agreement is valid, binding and enforceable against Seller in accordance with its terms.
(b) Seller has not received any notice of and Seller is not aware of any
violation of any law, municipal ordinance or other governmental requirement affecting
the Property, including without limitation any notice of any fire, health, safety, building,
pollution, environmental or zoning violation.
(c) Seller has not received any written notice of any condemnation or eminent
domain proceedings, or negotiations for purchase in lieu of condemnation, relating to the
Property or any portion thereof, and Seller has no actual knowledge that any condemnation
or eminent domain proceedings have been commenced or threatened in connection with the
Property, or any portion thereof.
(d) Seller warrants that there has been no labor or material furnished to the
property in the past 120 days for which payment has not been made.
(e) (1) The Property (A) is not subject to any private or governmental lien or
judicial or administrative notice, order or action relating to Hazardous Substances or
environmental problems, impairments or liabilities with respect to the Property and (B) to
Seller's knowledge, is not in, or with any applicable notice and /or lapse of time, and /or
failure to take certain curative or remedial actions, will not be in violation of any
Environmental Laws (as herein defined).
(2) Seller shall not allow, prior to the Date of Closing, any Hazardous
Substances to exist or be stored, generated, used, located, discharged, released,
possessed, managed, processed or otherwise handled on the Property, and shall
comply with all Environmental Laws affecting the Property.
(3) Seller shall immediately notify Buyer should Seller become aware of
(A) any Hazardous Substance or other environmental problem or liability with
respect to the Property, (B) any lien, order, action or notice of the nature
described in subparagraph (1) above, or (C) any litigation or threat of litigation
relating to any alleged unauthorized release, discharge, generation, use, storage or
processing of any Hazardous Substance or the existence of any Hazardous
Substance or other environmental contamination, liability or problem with respect
to or arising out of or in connection with the Property.
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As used herein, "Hazardous Substances" means any matter giving rise to liability under
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Sections
9601 et seq. (including the so- called "Superfund" amendments thereto), or other applicable,
federal, state or local statute, law, ordinance, rule or regulation governing or pertaining to any
hazardous substances, hazardous wastes, chemicals or other materials, including without
limitation asbestos, polychlorinated biphenyls, radon, petroleum and any derivative thereof, or
any common law theory based on nuisance or strict liability (all of the foregoing statutes, laws,
ordinances, rules, regulations and common law theories being sometimes collectively hereinafter
referred to as "Environmental Laws ").
(f) No litigation or proceedings are pending or, to Seller's knowledge,
contemplated, threatened or anticipated, relating to the Property, or any portion thereof.
(g) Seller has no knowledge of any unrecorded agreements, undertakings or
restrictions which affect the Property. There are no tenants, persons or entities occupying
any portion of the Property and no claim exists against any portion of the Property by
reason of adverse possession or prescription.
(h) To the Seller's knowledge (i) there is no obligation with respect to the
Property for any assessment, annexation fee, payment, donation or the like, (other than
general real estate taxes, sewer connection fee, sewer availability charge and water unit
connection charge, which are required to be paid by the Buyer); (ii) there are no
obligations in connection with the Property of any so- called "recapture agreement"
involving refund for sewer extension, oversizing utility, lighting or like expense or charge
for work or services done upon or relating to the Property or otherwise; and (iv) there is
no unexecuted paving agreement or undertaking with any government agency respecting
construction or any acceleration or de- acceleration lane, access, or street lighting.
If, prior to the Date of Closing, Seller obtains knowledge of a fact or circumstance the
existence of which would constitute a breach by Seller of its representations and warranties
hereunder or would render any such representations and warranties materially untrue or
incorrect, Seller shall promptly notify Buyer in writing of the same. Under said circumstances,
and in addition to any other right or remedy that may be available to Buyer, Buyer, at its option,
may terminate this Agreement without further liability by giving written notice thereof to Seller,
in which event the earnest money shall promptly be returned to Buyer.
9. BUYER'S REPRESENTATIONS AND WARRANTIES.
(a) Buyer is a Minnesota corporation and has the power and authority to enter
into and perform the terms and conditions of this Agreement, and such perfonnance will
not conflict with or result in a breach of any of the terms, conditions or provisions of any
agreement or instrument to which Seller is a party or by which it is bound, or constitute a
default under any of the foregoing; this Agreement is valid, binding and enforceable
against Seller in accordance with its terms.
(b) Buyer acknowledges that it has had (and will have) an adequate
opportunity to inspect the Property and, upon closing the transaction contemplated by this
Agreement, shall be deemed to have, subject to the express warranties herein contained,
accepted that Property in "AS IS" and "WHERE IS" condition with any and all faults,
except as specifically provided in this Agreement. Seller hereby disclaims all warranties,
whether oral or written, express or implied, as to the Property's merchantability, fitness
for a particular purpose, condition, type, quantity or quality, except as specifically
provided otherwise in this Agreement. Buyer's acceptance of title to the Property shall
represent Buyer's acknowledgment and agreement that, except as expressly set forth in
this Agreement or the closing documents: (i) Seller has not made any written or oral
representation or warranty of any kind with respect to the Property (including without
limitation express or implied warranties of title, merchantability, or fitness for a particular
purpose); (ii) Buyer has not relied on any written or oral representation or warranty made
by Seller, its agents or employees with respect to the condition or value of the Property;
(iii) Buyer has had an adequate opportunity to inspect the condition of the Property,
including without limitation, any environmental testing, and to inspect documents
applicable thereto, and Buyer is relying solely on such inspection and testing; and (iv) the
condition of the Property is fit for Buyer's intended use.
10. DISCLOSURE OF NOTICES. Seller has not received any notice from any
governmental authority as to violation of any law, ordinance or regulation. If the property is
subject to restrictive covenants, Seller has not received any notice from any person as to a breach
of the covenants.
11. POSSESSION. Seller shall deliver possession of the property not later than Date
of Closing.
12. EXAMINATION OF TITLE. Title examination will be conducted as follows:
A. Seller's Title Evidence. Seller shall famish to Buyer a commitment
( "Title Commitment ") for an ALTA form B 1990 Owner's Policy of Title
Insurance, certified to date to include proper searches covering bankruptcies, State
and Federal judgments and liens, insuring title to the Property deleting standard
exceptions and including affirmative insurance regarding zoning, contiguity,
appurtenant easements and such other matters as may be identified by Buyer, in
the amount of Forty Thousand and 00 /100 Dollars ($40,000) issued by a title
insurance company acceptable to Buyer, subject only to the Permitted
Encumbrances.
B. Buyer's Objections. Buyer shall be allowed thirty (30) business days after
receipt for examination of title and making any objections, which shall be made in
writing or deemed waived.
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13. TITLE CORRECTIONS AND REMEDIES. Seller shall have 120 days from
receipt of Buyer's written title objections to make title marketable. Upon receipt of Buyer's title
objections, Seller shall, within ten (10) business days, notify Buyer of Seller's intention of make
title marketable within the 120 day period. Liens or encumbrances for liquidated amounts which
can be released by payment or escrow from proceeds of closing shall not delay the closing. Cure
of the defects by Seller shall be reasonable, diligent, and prompt. Pending correction of title, all
payments required herein and the closing shall be postponed.
A. If notice is given and Seller makes title marketable, then upon presentation
to Buyer and proposed lender of documentation establishing that title has been
made marketable, and if not objected to in the same time and manner as the
original title objections, the closing shall take place within ten (10) business days
or on the scheduled Date of Closing, whichever is later.
B. If title is marketable, or is made marketable as provided herein, and Buyer
defaults in any of the agreements herein, Seller may, as its sole remedy, cancel
this contract as provided by statute.
C. If title is marketable, or is made marketable as provided herein, and Seller
defaults in any of the agreements herein, Buyer may, as permitted by law:
(1) Cancel this contract as provided by statute;
(2) Seek specific performance within six (6) months after such
right of action arises.
TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT.
14. NOTICES. All notices required herein shall be in writing, and shall be deemed
to have been given on the earlier to occur of when personally delivered to the addressee, or when
deposited with the United States Postal Service, postage prepaid, certified mail, return receipt
requested, and mailed to the address as shown at paragraph 1 above. Either party may change
the address(es) to which notice to such party thereafter shall be given, by providing notice of
such change to the other party. Any written notice given in a manner other than as provided in
this Section 18 shall be effective only upon actual receipt by the addressee(s). A fax (telecopy)
shall be deemed written notice provided the receipt thereof is electronically confirmed by the
sending machine and an original, manually signed original of such notice also is given on the
date of such fax transmission.
15. ASSIGNMENT. This Agreement, and rights hereunder, may be sold, assigned
or transferred at any time by Buyer to Buyer's parent, affiliates or subsidiaries, any party that
merges or consolidates with Buyer or its parent, or any entity which acquires substantially all of
the assets of Buyer, without the consent of Seller. As to other parties, this Agreement may not
be sold, assigned, or transferred without the prior written consent of Seller, with such consent not
to be unreasonably withheld or delayed. For purposes of this paragraph, a "parent," "affiliate" or
"subsidiary" means an entity which directly or indirectly controls, is controlled by or under
common control with Buyer. In the event of a sale, assignment or transfer to a parent, affiliate or
subsidiary, Buyer shall remain liable for the full performance of Buyer's obligations hereunder
unless Seller expressly releases Buyer from such liability in writing.
16. WELLS, STORAGE TANKS, AND SEPTIC SYSTEMS. Seller certifies to
Buyer that Seller does not know of any wells, private septic systems, or underground storage tanks
located on or serving the Property.
17. BROKERAGE. Buyer and Seller each represents and warrants to the other that
it has not caused the other to incur any brokerage commission or other third party compensation
in connection with the transactions contemplated by this Agreement. Buyer and Seller each
agrees to indemnify and hold the other harmless for costs or damages incurred by the
indemnified party arising out of a breach by the indemnifying party of any representation or
warranty under this Section 17.
18. PAYMENT OF CLOSING COSTS. Each party will pay closing costs which are
normally allocated of Buyers and Sellers in a real estate transaction.
19. CAPTIONS. The captions contained herein are for convenience only and are not a
part of this Agreement.
20. MISCELLANEOUS PROVISIONS.
A. Attorneys' Fees and Jury Waiver. If either Party shall be required to
employ an attorney to enforce or defend the rights of such Party hereunder, the
prevailing Party shall be entitled to recover reasonable attorneys' fees. EACH
PARTY HERETO WAIVES TRIAL BY JURY IN ANY ACTION,
PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY
IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY
WAY CONNECTED WITH THIS CONTRACT, THE RELATIONSHIP OF
BUYER AND SELLER HEREUNDER OR THE PROPERTY.
B. Integration. This Agreement contains the complete agreement between
the Parties and cannot be varied except by the written agreement of the Parties.
The Parties agree that there are no oral agreements, understandings,
representations, or warranties which are not expressly set forth herein.
C. Binding Effect. This Agreement shall inure to the benefit of and bind the
Parties hereto and their respective heirs, representatives, successors, and assigns.
D. Interpretation. The Parties acknowledge and agree that each has been
given the opportunity to independently review this Agreement with legal counsel,
and /or has the requisite experience and sophistication to understand, interpret, and
agree to the particular language of the provisions hereof. The Parties have equal
bargaining power, and intend the plain meaning of the provisions herein. In the
7
event of any ambiguity in or dispute regarding the interpretation of this
Agreement, the interpretation of this Agreement shall not be resolved by any rule
of interpretation providing for interpretation against the party who causes the
uncertainty to exist or against the draftsman. This Agreement shall be construed
in accordance with the laws of the State of Minnesota.
E. Counterpart. This Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed an
original and together shall constitute one and the same instrument.
21. ENTIRE AGREEMENT. This Agreement, including any exhibits attached hereto,
contains the entire agreement between Seller and Buyer. All other representations, negotiations and
agreements, written or oral, with respect to the Property or any portion thereof, are superseded by
this Agreement and are of no force and effect. This Agreement may be amended and modified only
by a written instrument executed by both parties hereto.
The Andover Economic Development
Authority agrees to sell the
property for the price and
terms and conditions
set forth above.
SELLER:
ANDOVER ECONOMIC
DEVELOPMENT AUTHORITY
:
:
Michael R. Gamache, President
James Dickinson, Executive Director
I agree to purchase the property
for the price and terms and
conditions set forth above.
:l-
CAPSTONE HOMES, INC.
By:
Its: 5
By:
Its:
CITY OF ANDOVER EDA
COUNTY OF ANOKA
STATE OF MINNESOTA
RESOLUTION NO.R004 -13
A RESOLUTION APPROVING THE LAND SALE OF PARCELS LOCATED IN
PARKSIDE AT ANDOVER STATION
WHEREAS, the City of Andover EDA has held a public hearing to gather public
comments on the proposed land sale and to disclose the pending land sale of Lots 1,
1 A,2,3,4,4A,5,6,7,7A,8,9, Block 2, Parkside at Andover Station, and
WHEREAS, the findings substantiating that it is in the public interest to sell the EDA
owned parcels to the buyer include the following:
The land sales of the above described properties meet the original objective of
developing the area with a diversity of housing opportunities that will meet the needs
of the broader community.
NOW, THEREFORE, BE IT RESOLVED by the EDA of the City of Andover, Anoka
County, Minnesota, that the public hearing has been held and it has been found to be in the
public's interest to sell EDA owned land described as Lots 1, 1A,2,3,4,4A,5,6,7,7A,8,9, Block
2, Parkside at Andover Station.
Adopted by the EDA of the City of Andover this 3`d day of September, 2013.
CITY OF ANDOVER EDA
nchael R. Gamache, President
Attest:
Michelle Hartner — Deputy City Clerk
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Disclaimer: Maps and documents made available to the public by the City of Andover are not legally recorded maps or surveys and N
are not intended to be used as such. The maps and documents are created as part of the Geographic Information System (GIS) w
that compiles records, information, and data from various city, county, state and federal resources.
Copyright 0 2013 City of Andover, All Rights Reserved
Printed 08/2912013
• orT.'y
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US
TO: EDA President and Board
CC: Jim Dickinson, Executive Director
FROM: David L. Carlberg, Community Development Director
SUBJECT: TIF District 1 -6/ Measurement Specialties, Inc. Follow Up Items.
DATE: October 1, 2013
INTRODUCTION
0
The EDA is requested to receive an update from the Community Development Director on the
creation of TIF District 1 -6 and the related land sale to Measurement Specialties, Inc.
BACKGROUND
The EDA on October 1, 2013 approved the purchase agreement and development agreement with
Measurement Specialties, Inc. These documents have been executed by both parties and a closing
date is in the process of being scheduled. Measurement Specialties has hired Environ an
environmental firm out of Chicago, Illinois to perform a Phase II environmental review as a part of
their due diligence process. Measurement Specialties is also working with an architectural firm in
creating the necessary plans (site plan; grading drainage and erosion control plan; utility plan and
landscape plan) to construct the proposed 25,000 square foot manufacturing facility. Staff will also
be working with the MPCA on the installation of the gas probe monitoring well required due to the
close proximity of the property to the WDE site.
Regarding the creation of TIF District 1 -6, staff is working with Ehlers and Associates and Briggs
and Morgan now that all of the agreements have been executed in completing and certifying TIF
District 1 -6.
ACTION REQUESTED
Receive presentation and provide direction if deemed necessary.
Respectfully submitted,
David L. Carlberg
ANLb A
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI. ANDOVER. MN.US
TO: President and Commissioners
CC
Jim Dickinson, Executive Direc
FROM: David L. Carlberg, Community
SUBJECT: Cherrywood Advanced Living Update
DATE: November 19, 2013
INTRODUCTION
ector
The EDA is requested to receive an update from the Community Development
Director on construction activities regarding the Cherrywood Advanced Living
project ( Cherrywood of Andover, LLC).
DISCUSSION
The closing on the property occurred on Friday, October 4, 2013. Construction
commenced on October 15, 2013. Construction is on schedule for an April 1, 2014
completion date. Cherrywood Staff will take occupancy, train and furnish the
facility through the month of April with the first residents moving in May 1, 2014.
ACTION REQUESTED
Receive presentation and provide input if necessary.
Respectfully submitted,
W V oat�
David L. Carlberg
C I T Y O F
,ND OVE
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US
TO: EDA President and Board
CC: Jim Dickinson, Executive Di er ctor
FROM: David L. Carlberg, Community Deveent Director
SUBJECT: Andover Station North Update
DATE: November 19, 2013
INTRODUCTION
Dynamic Sealing Technologies, Inc.
Revised purchase agreement has been submitted to DST, Inc. for the 7.27 acre
site located to the north of their facility located at 13829 Jay Street NW.
Agreement has been reached on the purchase price of $3.35 a square foot and a
closing date of July 1, 2014.
Pizza Ranch
Construction has commenced on the restaurant located at 13727 Jay Street NW.
Hiring will be conducted in early November. Opening of the restaurant will
occur by the end of the year.
Wal -Mart
Store opened November 13, 2013.
ACTION REQUESTED
Receive update.
Respectfully submitted,
David L. Carlberg
A'Lb6q^� (D
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI. ANDOVER. MN.US
TO: President and Commissioners
FROM: Jim Dickinson, Executive DirectVelopent
David L. Carlberg, Community recto r
SUBJECT: Redevelopment Area Discussion
DATE: November 19, 2013
INTRODUCTION
The EDA is requested to receive an update from staff on the redevelopment of the
Bunker Lake Boulevard/Crosstown Drive /Crosstown Boulevard area.
ACTION REQUESTED
The EDA is requested to continue discussions on the redevelopment of this area.
Respectfully submitted,
David L. Carlberg
AC I T Y 0 F
NLb 0 V E
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US
TO: EDA President and Board
CC: Jim Dickinson, Executive Director
FROM: David L. Carlberg, Community level*ment Director
SUBJECT: Selection of Venue for 2014 Annual Business Development Day
DATE: November 19, 2013
INTRODUCTION
The City has conducted an annual business development day for the past eleven
years to promote business and development networking. From 2003 -2009 the
event was held at Green Haven. In 2010 and 2012 the event was held at The
Refuge and in 2011 the event was held at Majestic Oaks. This year's event was
held at the Rum River Hills Golf Club. The EDA has set a Wednesday, June 18,
2014 date for the event.
Staff has obtained two price quotes for the 2014 venue for June 18th and they
are: Rum River Hills Golf Club ($48.00) and Green Haven ($67.98). All golf
courses quoted a round of golf and a sirloin steak dinner (See attachments).
Note that the proposal from The Rum River Hills Golf Club provides for one
free round of golf for each person who plays in the tournament. Both courses
will also provide a certificate for four 18 holes of golf to be used as prizes.
ACTION REQUESTED
Select a venue for the 2014 Annual Business Development Day.
Respectfully submit led,
David L. Carlberg
Attachments
Proposals
09 -05 -2013
Brenda Holmer,
Thank you for the opportunity to bid the 2014 Golf Tournament. The following is
the bid. Also RRH did a $300,000 clubhouse remodel in 2010 and 2011 and I am
sure you would enjoy the facility. We also, spent over $50,000 to remodel the
course and it is in great shape.
Bid $48 per person includes golf, cart, range balls, sirloin dinner (includes bake
potato, salad, veggie and desert. All the course and cart set up, scoring etc.
Extra meal $15 each.
RRH will also give every player a pass good for a free round they can use in the fall
of 20144 ($30 value). You also will be given a free foursome to play the course the
week before your event ($180 value). We will also provide a foursome certificate
for your raffle. We can provide up to 10 tables and chairs for free, all we have.
If you choose our facility we will also honor this rate for as long as you would like
to come back, so if you continue to return to RRH your rate would never change,
even in the year 2030. You will also be our only event that day.
This is a very aggressive rate and it should show our commitment to the City of
Andover.
Sincerely,
Jeff Toilette
RRH GM
This is the agreement and we are set for June 18th with a 12 noon start.
M
September 20, 2013
City of Andover Tournament Bid for 2014
The cost of the golf with a riding cart is $40 per player and that fee includes all the necessary
tournament supplies, i.e. printed scorecards, cart signs, proximity events, scoring with video
leaderboards in the banquet rooms, etc. We will also donate 4 rounds of golf with carts for every 40
players.
The cost of the steak dinner is $27.98 for a total cost of the golf event equaling $67.98.
Please let me know if there are any further questions.
Sincerely,
Larry Norland
Director of Golf
Green Haven Golf Course
Inoriand(@ci.anoka.mn.us
763 - 576 -2971
ANL66W^� n0a
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100
FAX (763) 755 -8923 • WWW.CI.ANDOVER.MN.US
TO: President and Commissioners
FROM: Jim Dickinson, Executive Director
SUBJECT: Discuss /Approve 2014 EDA Budget
DATE: November 19, 2013
INTRODUCTION
I. The EDA is requested to receive a brief presentation on the proposed 2014 Special Revenue Fund budget.
DISCUSSION
The Executive Director will use the attached documents as the basis for the 2014 EDA Budget
presentation and to facilitate discussion:
1. EDA Special Revenue Fund Statement of Revenues, Expenditures and Changes in Fund
Balance
2. EDA Special Revenue Fund Budget Worksheet for 2014
3. EDA Budget Detail Worksheets
ACTION REQUESTED
Receive a presentation, discuss and adopt the proposed 2014 EDA Special Revenue Fund budget.
ed,
City of Andover
Special Revenue Funds
Economic Development Authority Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
L � �
?
p
$ 513,254
, k
ted� i
xy
Revenues
"
1P 4 r
Charges for Services
190,538
0
Fund Balance, January 1
$ 497,472
$ 513,254
$ 513,254
$ 326,999
Revenues
Charges for Services
190,538
75,000
30,000
30,000
Investment Income
7,222
5,000
5,000
5,000
Miscellaneous
509
-
-
-
Total Revenues:
198,269
80,000
35,000
35,000
Other Sources
Transfers In
-
-
_
Total Revenues and Other Sources:
198,269
80,000
35,000
35,000
Total Available:
695,741
593,254
548,254
361,999
Expenditures
Personal Services
98,677
109,455
109,455
52,067
Supplies and Materials
4,593
18,200
18,200
18,200
Purchased Services
29,336
78,750
78,750
63,750
Other Services and Charges
9,690
14,850
14,850
14,850
Capital Outlay
40,191
-
-
-
Total Expenditures:
182,487
221,255
221,255
148,867
Other Uses
Transfers Out
-
-
-
-
Total Expenditures and Other Uses:
182,487
221,255
221,255
148,867
Fund Balance, December 31
$ 513,254
$ 371,999
$ 326,999
$ 213,132
Fund: Economic Development Authority
Activity Type /Code: Special Revenue
Expenditure Hi2h1iehts
2012, 2013 & 2014 includes funding for monument entrance signs.
EDA Budget provided for ongoing maintenance around the Andover Station
Development area.
Department Head: City Administrator
General Activity Description
To provide for the quality development of commercial and industrial
properties to ensure a strong, viable and diversified tax base.
Process Used
Promotion and expansion of the commercial and industrial tax base
through the development and redevelopment of land.
The EDA is the primary authority involved in managing the City's three
Tax Increment Financing (TIF) Districts. The EDA monitors and initiates
the activities within the TIF Districts to reach the goals of the TIF plans.
ADOPTED 2014 BUDGET
CITY OF ANDOVER, MINNESOTA
CITY OF ANDOVER
Budget Worksheet - 2014
EDA
2110 -46500
Account
Actual
Actual
Actual
Actual
Actual
Budget
Estimate
Requested
Number
Description
2008
2009
2010
2011
2012
2013
2013
2014
- �;ReVenues
Charges for Services
54370
Tax Increment Administration F
173,096
181,416
199,403
199,030
190,538
75,000
30,000
30,000
Charges for Services
173,096
181,416
199,403
199,030
190,538
75,000
30,000
30,000
Investment Income
56910
Interest Earned
14,670
7,959
8,223
10,020
9,063
5,000
5,000
5,000
56920
Valuation Adjustment
(1,283)
1,527
1,077
5,128
(1,841)
Investment Income
13,387
9,486
9,300
15,148
7,222
5,000
5,000
5,000
Miscellaneous Revenue
58100
Refunds & Reimbursements
1,693
2,487
547
34,196
509
Miscellaneous Revenue
1,693
2,487
547
34,196
509
Total Revenues
188,176
193,389
209,250
248,374
198,269
80,000
35,000
35,000
UZ�21,Ziiiiia di
Salaries & Benefits
60110
Salaries - Regular
65,603
67,735
79,025
75,527
77,026
-
-
-
60140
Salaries - Council / Commissio
598
326
532
533
494
5,600
5,600
5,600
60210
FICA
3,691
3,849
4,489
4,237
4,386
347
347
347
60220
Medicare
901
924
1,063
1,020
1,051
81
81
81
60310
Health Insurance
3,839
6,074
8,948
8,546
9,124
-
-
-
60320
Dental Insurance
260
248
326
284
317
-
-
-
60330
Life Insurance
15
15
12
13
13
-
-
-
60340
Long -Tenn Disability
169
172
189
167
190
-
-
-
60410
PERA
4,220
4,523
5,458
5,152
5,561
-
-
-
60420
Nationwide Retirement
515
514
514
514
514
-
-
-
60990
Inter -City Labor Allocation
-
-
103,427
103,427
46,039
Salaries& Benefits
79,811
84,380
100,556
95,993
98,676
109,455
109,455
52,067
Departmental
61005
Supplies- General
802
1,021
546
1,149
1,245
2,000
2,000
2,000
61105
R & M Supplies - General
-
-
1,202
1,483
-
-
-
-
61130
R & M Supplies - Landscape
4,093
-
1,924
830
-
10,000
10,000
10,000
61310
Meals / Lodging
-
-
-
45
16
700
700
700
61315
Continuing Education
100
-
200
-
-
1,500
1,500
1,500
61320
Annual Dues /Licenses
750
765
915
1,204
938
800
800
800
61405
Postage
319
1,061
506
223
594
1,000
1,000
1,000
61410
Transportation/ Mileage
1,839
1,943
1,800
1,882
1,800
2,200
2,200
2,200
Departmental
7,903
4,790
7,093
6,816
4,593
18,200
18,200
18,200
Operating
62005
Electric
-
7,134
5,172
4,861
5,063
8,000
8,000
8,000
62010
Water
-
-
-
-
536
-
-
-
62100
Insurance
2,190
2,537
4,738
2,873
2,491
5,250
5,250
5,250
62200
Rentals
-
-
2,563
1,924
-
-
-
.
62210
Computer Services
1,545
1,600
1,600
1,600
1,600
1,600
1,600
1,600
Operating
3,735
11,271
14,073
11,258
9,690
14,850
14,850
14,850
Professional Services
63005
Professional Services
1,550
5,656
3,464
9,917
9,255
5,250
5,250
5,250
63010
Contractual Services
12,533
14,244
17,046
32,576
20,696
69,000
69,000
54,000
63015
Attorney
619
1,810
-
197
-
2,000
2,000
2,000
63025
Publishing
816
25
988
971
628
2,500
2,500
2,500
63100
R & M Labor - General
1,950
-
-
-
-
-
-
-
63200
Inspections
23
35
24
Professional Services
17,491
21,770
21,522
43,661
30,579
78,750
78,750
63,750
Capital Outlay
65200
Buildings
-
-
-
21,683
-
-
-
65300
Improvements
38,327
38,950
Capital Outlay
60,010
38,950
Total Expenditures
108,940
122,211
143,244
217,738
182,488
221,255
221,255
148,867
Net Increase (Decrease) in FB
79,236
71,178
66,006
30,636
15,781
(1415255)
(186,255)
(1135867)
Fund Balance
Beginning
250,417
329,653
400,831
466,837
497,473
513,254
513,254
- 326,999
Ending
329,653
400,831
466,837
497,473
513,254
371,999
326,999
213,132
1111412013
City of Andover
Budget Detail for all Object Codes
(List each expense account individually with specific cost detail)
Department / Cost Center: Economic Development - 2110
Object
Code
Explanation
Amount Requested
Total
2014
Request
Priority
1 through 5 `
1 -high : 5 -low
2013
Budget
2014
Adjustment
61005
SUPPLIES - GENERAL
2,000
2,000
paper /promotions supplies
0
0
0
0
Total
2,000
0
2,000
61130
R & M SUPPLIES - LANDSCAPE
0
0
median expenditures
10,000
10,000
0
0
Total
10,000
0
10,000
61310
MEALS f LODGING
700
700
Special events participation - Staff /Commission
0
0
0
0
Total
700
0
7001
61315
CONTINUING EDUCATION
1,500
1,500
Training opportunities - Staff /Commission
0
0
0
0
Total
1,500
{ 0
1,500;
61320
ANNUAL DUES / LICENSES
800
800
Chamber of Commerce Dues
0
0
-Anoka Area & Metro North
0
0
0
0
Total
800
0
800
61405
POSTAGE
1,000
1,000
Newsletter Publication & Mailings
0
0
0
0
Total
1,000
0
1,000
61410
TRANSPORTATION f PARKING
2,200
2,200
Staff / Commision Travel
0
0
Executive Director % allocation
0
0
0
0
Total
2,200
0
2,200
62005 IELECTRIC
8,000 1
8,000
Andover Station Area Street Light Cost Sharing
0
0
0
0
Total
8,000
0
8,000,
62100
INSURANCE
5,250
5,250
Risk Management/LMCIT Premiums
0
0
01
0
Total
5,250
0
5,250
62210
COMPUTER SERVICES
1,600
1,600
Central systems - Server /email /imaging /etc.
0
0
0
0
Page 1 of 2
City of Andover
Budget Detail for all Object Codes
(List each expense account individually with specific cost detail)
Department / Cost Center: Economic Development - 2110
Object
Code
Explanation
Amount Requested
Total
2014
Request
Priority
1 through 5 -
1 -high : 5 -low
2013
Budget
2014
Adjustment
Total
1,600
0
1,600
63005
PROFESSIONAL SERVICES
3,500
3,500
Audit and Financial Services
1,750
1,750
0
0
Total
5,250
0
5,250
63010
CONTRACTUAL SERVICES
1,000
1,000
Landscaping @ Andover Station - assoc membership
2,000
2,000
Maintenance -Andover Station Area
20,000
20,000
Partnership opportunities - EDA Discretionary
16,000
16,000
Community Monument Entrance Signs
30,000
(15,000)
15,000
Total
69,000
(15,000)
54,000
63015
ATTORNEY
2,000
2,000
0
0
0
0
Total
2,000
- 0
2,000
63025
PUBLISHING
2,500
2,500
Tax Increment Reporting
0
0
0
0
Total
2,500
0
2,500
Grand Total for all Expenditures
$111,800
1 ($1.5,000)1
$96,800
Page 2 of 2
November 2013 Forecast
(') Parkside
iz) Measurement Specialties ($50k) & DSTI ($941 k) (5) Cleanup ($100k) of site, street light replacement ($130k)
(3) 4-plex ($20k), Bunker Lot ($350k), 139th /Jay St ($200k) M Environmental Reserve ($25k), Redevelopment purchases ($500k)
Redevelopment purchases ($750k)
Redevelopment purchases ($250k)
$25,000 has been designated for landscaping improvements in the Building Fund for Andover Station Outlot E.
11/15/2013
9)
O
Transfers (To)
TIF
CITY OF ANDOVER
Project Account
Debt Service
Cash Balance
$ 1,122,408
-
Cash Flow Analysis - TIF Project Accounts
-
2,785,718
-
2,580,718
-
1,830,718
Districts 1 -1 & 1 -2
1,080,718
-
830,718
'Available for
®
Primary Revenue Source
Potential
TIF
Potential
Tax Increment Revenue
Year
Land Sales
Expenses
Projects
1 -1 1 -2
Total
Xfer Out
12/31/2012
2013
1,282,596 �'�
(26,000)
(230,000) (5)
182,857
182,857
2014
991,000 (2)
(25,000)
(525,000) (6)
182,857
182,857
(170,000)
2015
570,000 csl
(25,000)
(750,000) rn
2016
-
(750,000) m
2017
(750,000) pl
2018
-
(250,000)
-
-
2,843,596
(76,000)
(3,255,000)
365,714
365,714
(170,000)
(') Parkside
iz) Measurement Specialties ($50k) & DSTI ($941 k) (5) Cleanup ($100k) of site, street light replacement ($130k)
(3) 4-plex ($20k), Bunker Lot ($350k), 139th /Jay St ($200k) M Environmental Reserve ($25k), Redevelopment purchases ($500k)
Redevelopment purchases ($750k)
Redevelopment purchases ($250k)
$25,000 has been designated for landscaping improvements in the Building Fund for Andover Station Outlot E.
11/15/2013
9)
O
Transfers (To)
TIF
From TIF
Project Account
Debt Service
Cash Balance
$ 1,122,408
-
2,331,861
-
2,785,718
-
2,580,718
-
1,830,718
-
1,080,718
-
830,718
'Available for
-
Bunker Acquisition
(a) TIF 1-6 Advance