HomeMy WebLinkAboutEDA - March 16, 2021NDOVE
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755-5100
FAX (763) 755-8923 • WWW.ANDOVERMN.GOV
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
March 16, 2021
6:00 p.m.
Council Chambers
1. Call to Order— 6:00 p.m.
2. Approval of Minutes (February 16, 2021)
3. Commercial Updates - Planning
4. Consider Voluntary Cost Sharing Agreement for Anoka County Economic Development
(ACRED) —Administration/Planning
5. EDA Financial Update/Year-end 2020 - Administration
6. Redevelopment Updates/Discussion (Verbal) - Administration
7. Other Business
8. Adjournment
Some or all members of the Andover EDA may participate in the March 16, 2021 EDA meeting by
telephone or video conference rather than by being personally present at the EDA's regular meeting place
at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, MN 55304. Members of the public
can physically attend, although there is very limited seating in the City Council Chambers as appropriate
social distancing will be done by the Council and visitors. The public can also be provided a ZOOM video
conference invite by going to www.andovermn.gov and clicking on the meeting in the calendar for the
link.
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: March 16, 2021
0
INTRODUCTION
The following minutes were provided by Staff reviewed by Administration and submitted
for EDA approval:
February 16, 2021 Regular
DISCUSSION
The minutes are attached for your review.
ACTION REQUIRED
The EDA is requested to approve the above minutes.
�ReAspectfully submitted,
"I n
Michelle Harmer
Deputy City Clerk
Attach: Minutes
1
2
3
4
5
6 ANDOVER ECONOMICDEVELOPMENTAUTHORITYMEETING-
7 FEBRUARY 16,2021 -MINUTES
8
9
10 The Meeting of the Andover Economic Development Authority was called to order by President
11 Sheri Bukkila February 16, 2021, 6:00 p.m., at the Andover City Hall, 1685 Crosstown Boulevard
12 NW, Andover, Minnesota.
13
14 Present: Commissioners Jamie Barthel, Ted Butler, Valerie Holthus
15 (remote), Randy Nelson, Kari Kafer, and Greg Mueller
16
17 Absent: None
18
19 Also present: EDA Executive Director, Jim Dickinson
20 Community Development Director, Joe Janish
21
22
23
24 APPROVAL OFMINUTES
25
26 January 19, 2021, Regular Meeting: Correct as written.
27
28 Motion by Butler, Seconded by Mueller, to approve the minutes as written. Motion taken by roll
29 call:
30
31 Commissioner Barthel: aye
32 Commissioner Butler: aye
33 Commissioner Holthus: aye
34 Commissioner Kafer: aye
35 Commissioner Mueller: aye
36 Commissioner Nelson: aye
37 President Bukkila: aye
38
39 Motion carried unanimously.
40
41
42 COMMERCIAL PROJECTACTIVITY
43
44 Mr. Janish updated on the following:
45
46 Upper Midwest Athletic Construction — Staff received the as-built of the improvements, a few
47 corrections are needed in the spring.
48
Andover Economic Development Authority Meeting
Minutes —February 16, 2021
Page 2
1 Hearth Development, 1714 Bunker Lake Boulevard — Two tenant spaces remain to be leased.
2 Staff was asked if a liquor store could be located in this building, however due to the property
3 being zoned Industrial it would not be permitted.
4
5 Clocktower Commons, 15190 Bluebird Street — The final building pad location interest is
6 relatively low at this point.
7
8 Andover High School, 2018 Additions and Renovations, 2115 Andover Boulevard — Phase 2 is
9 underway. The northwest Outdoor Education classroom additions are completed and occupied.
10 Interiors of the new field house, locker rooms and weight room are being installed.
11
12 Interest in Hughes Industrial Park — The owner of the 10 -acre parcel has again contacted staff
13 asking questions about the roadway. The parcel owner was again told a roadway would be
14 necessary.
15
16 Andover Community Center, 15200 Hanson Boulevard— All areas are occupied. There are a few
17 exterior punch list items left.
18
19 YMCA Expansion, 15200 Hanson Boulevard - Complete, punch list items only.
20
21 Beberg Landscaping (self -storage), 13535 Grouse Street — City Council approved a CUP for
22 additional mini -storage on a portion of this location February 5, 2020. The buyers of the property
23 had intended to expand the mini -storage. The Building Department is working with the applicant
24 on structural drawings for review. Due to the type of structure, they are proposing a structural
25 engineer and architect need to be involved.
26
27 Hanson Builders, 13432 Hanson Boulevard — A second floor mezzanine is being remodeled to
28 provided expanded open office areas, restroom, and an elevator, nearly expanding their office areas
29 by one third.
30
31 Anoka County Sheriff, Forensic Lab Remodel, 13301 Hanson Boulevard — The forensic lab is
32 being remodeled to accommodate a new fume hood and more accessible lab stations.
33
34 Restaurants/Fast Food — Currently staff is aware of companies continuing to look for land to
35 locate to in Andover.
36
37 TCF Site — Staff was contacted by an individual indicating he expects to close on the property in
38 the next 30 days. At this time there are no specific plans for what will be constructed. Staff
39 suggested a restaurant or fast food. The Planning Department is working on a zoning letter for the
40 individual.
41
42 Train for Andover Station — Staff is attempting to follow up with a potential business on this
43 particular lot. This lot is owned by the Association.
44
45 Commissioner Barthel asked if there is still interest with the EDA to pursue getting a train car.
Andover Economic Development Authority Meeting
Minutes —February 16, 2021
Page 3
The consensus of the EDA was to remove the item from the list.
71h Avenue and Bunker Lake Boulevard — Staff continues to work with two developers, an
apartment developer is looking into the north side and Capstone is pursuing the south side and
expects to submit preliminary plat information by February 16`n
Holasek Property — A developer contacted staff on February 1 Oth related to possible multi -family
housing.
10 COVID-I9 — The City of Andover has distributed its COVID-19 Funds. Anoka County has
11 another program available based on a first come first serve basis provided criteria is met. Mr.
12 Dickinson stated the County is looking at the applications submitted to distribute funds to small
13 businesses.
14
15 Housing—Developers are looking for additional land for future developments. Several developers
16 are trying to keep an inventory of lots but are having difficulty in finding locations. Several sites
17 are being reviewed and looked at. In 2020 the City had 139 new housing starts.
18
19 Overall Marketing — City staff continues to work with parties interested in investing in Andover
20 and marketing all commercial sites. Staff continues to work with Anoka County Regional
21 Economic Development (ACRED) on marketing of the community and Anoka County. The
22 ACRED sole employee is leaving the County March 15`, there will likely be a gap until the position
23 is filled.
24
25 Mr. Dickinson indicated staff have received calls from restaurant owners whether in a strip mall
26 or stand-alone business interested in constructing a drive thru. Staff will be looking at these
27 requests.
28
29 Mr. Janish added constructing a drive thru would require a Conditional Use Permit (CUP).
30
31 DISCUSSION OF POSSIBLE RESIDENTIAL IMPROVEMENT GRANTS
32
33 Mr. Janish stated going back to May of 2020 the EDA had discussion for a possible residential
34 improvement grant program. At this time staff is verifying if the EDA is still interested in
35 pursuing this program.
36
37 Mr. Janish indicated the City of Coon Rapids has the Front Door Program. The purpose of the
38 program is to increase curb appeal. He stated the homeowner must pay at least $4,000 of their
39 own funds to be eligible to receive the minimum grant amount. There are two categories of the
40 grant Beautification Projects, and Basic Projects. He reviewed the eligibility requirements.
41
42 Commissioner Kafer stated she thinks it is a good program and is wondering what type of
43 paperwork would need to be submitted and where the funds would come from to support the
44 program.
45
Andover Economic Development Authority Meeting
Minutes — February 16, 2021
Page 4
Mr. Dickinson indicated staff would need to find funds for the program, they could also look for
a grant to apply for through Minnesota Housing.
Commissioner Mueller stated it is a good program, not sure where the funds will come from, but
thinks it is a good seed for a city.
7 President Bukkila asked what homes are we trying to target. She is concerned about the cost of a
8 project qualifying for the program. A lot of projects are "do it yourself' projects. President
9 Bukkila would like to look at the program helping the property owners that do not have the funds
10 to do a project. She would like the required project minimum amount and the required amount
11 for property value to be lowered.
12
13 Mr. Janish stated to keep in mind Andover has higher property values then neighboring cities.
14
15 President Bukkila suggested targeting older homes, maybe putting an age requirement into the
16 criteria.
17
18 Mr. Janish indicated there are items that can be looked at such as having GIS put together a map
19 with data showing market value and property value. It might help the EDA decide the criteria to
20 put into place for eligibility. The EDA concurred such data would be very helpful.
21
22 President Bukkila stated she would not limit the program to just a construction project. She
23 would be willing to include the cost for a dumpster to help clean up properties.
24
25 Mr. Dickinson indicated this item was brought to the EDA to see if there was still interest in
26 moving forward with the program, there is a lot of data to be put together and staff needs to find
27 opportunities locating funds for the program. Those items would be brought to a future meeting.
28
29 Commissioner Barthel stated he likes the program and agrees with President Bukkila at looking
30 at different areas and options. His only concern is how much staff time would this program take
31 up once implemented.
32
33 Commissioner Butler indicated he supports the program and agrees with Commissioner Barthel
34 about the program being efficient to run.
35
36 Commissioner Holthus stated she supports moving forward with the program and wants to know
37 where the funds would come from.
38
39 The EDA concurred to have staff move forward with the program, and to have more data
40 brought to a future meeting.
41
42 REDEVELOPMENT UPDATES
43
44 Mr. Dickinson stated the property owner of 2619 138,' Avenue is interested in selling the
45 property. The owner wants more than budgeted for. The parcel directly behind 2619 138,'
Andover Economic Development Authority Meeting
Minutes — February 16, 2021
Page 5
Avenue is owned by the Anoka County Highway Department. As of April, there will be zero
restrictions when acquiring this property. The City and the County could start negotiations in
April one option could be a land swap with the County.
5 Mr. Dickinson continued with another parcel located on the east side of Round Lake Boulevard
6 and South Coon Creek Drive. This parcel is tax forfeit. Mr. Dickinson indicated it makes sense
7 for the City to acquire this parcel. The current value of the parcel is between $10,000 - $12,000.
8 The City will have to pay fair market value since the parcel would likely be used for
9 development.
10
11 Mr. Dickinson stated across the street from the above parcel, on the west side of Round Lake
12 Boulevard is a parcel owned by the State and the County maintains the parcel. The market value
13 is $45,000. A majority of the parcel is wetland; however, it does have lake shore property and
14 high ground adjacent to Round Lake Boulevard.
15
16 Mr. Dickinson asked the EDA if they are interested in staff pursuing the parcels. The consensus
17 of the EDA is to have staff pursue the parcels.
18
19 Mr. Dickinson indicated the only parcel that would come back for EDA approval of purchase
20 would be the parcel located in the redevelopment area. The other two parcels would go to City
21 Council for approval of purchase.
22
23 OTHER BUSINESS
24
25 There was none.
26
27 ADJOURNMENT
28
29 President Bukkila declared the meeting adjourned at 6:47 p.m.
30
31 Respectfully submitted,
32
33
34 Michelle Hartner, Recording Secretary
35
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755-5100
FAX (763) 755-892ikectoi-11 WWW.ANDOVERMN.GOV
TO: President and Commissioners
CC: Jim Dickinson, Executive Dir�/
FROM: Joe Janish, Community Developmz
SUBJECT: Review Commercial Project Activity
DATE: March 16, 2021
INTRODUCTION
Staff will provide a progress report on ongoing commercial project activity at the meeting.
ANDOVER COMMERCIAL PROJECTS
• Upper Midwest Athletic Construction —Staff received the as built of the improvements, a few
corrections are needed in spring.
• Hearth Development, 1714 Bunker Lake Blvd. NW — Two tenant spaces remain to be leased.
• Clock Tower Commons —The final building pad location interest is relatively low at this point.
• Andover High School, 2018 Additions and Renovations — Interiors of the new field house,
locker rooms and weight room are being installed. Final inspections for building and fire
safety are occurring and occupancy is expected on March 10'x' through March 15`s.
• Interest in Hughes Industrial Park — Interest in this area comes and goes. A 10 acre property
east of the park has been on the market and City Council reviewed with the landowner desired
roadway connections through the parcel at a past work session. The owner of the 10 acre parcel
had again contacted city staff asking questions about the roadway.
• Andover Community Center, 15200 Hanson Blvd. NW — All areas are occupied, punch lists
and final inspections are anticipated soon.
• YMCA Expansion — Only a few punchlist items remain, including roof drain and overflow roof
drain adjustmemts.
• ABC Mini -Storage (self -storage) — City Council approved a CUP for additional Mini -storage on
a portion of this lot. The buyers of the property had intended to expand the mini -storage. The
Building Department is working with the applicant on structural drawings for review.
• Crooked Lake Elementary, Energy Management System Phase II, 2939 Bunker Lake Blvd
NW—A rooftop energy management system is being installed in three phases at the school. The
2"d phase is underway and ATS&R has submitted an acceptable plan for rooftop equipment
• Hanson Builders, 13432 Hanson Blvd NW — A second floor sales area has been constructed
including an elevator and restrooms. The first floor is also being remodeled, and the interior
finishes are nearly complete.
• Anoka County Sheriff, Forensic Lab Remodel, 13301 Hanson Blvd. NW —The forensic lab is
being remodeled to accommodate a new fume hood and more accessible lab stations.
• Restaurants/Fast Food — Currently staff is aware of companies continuing to look for land to
locate in Andover.
• TCF Site — Staff was contacted by an individual indicating he expects to close on the property in
the next 30 days. At this time there are no specific plans for what will be constructed. Staff
suggested a restaurant or fast food.
• 71' Avenue and Bunker — Staff continues to work with Quest Development and CenterPoint
Energy on acquiring an easement through the CenterPoint Property. CenterPoint has agreed to an
alignment. The proposed developer is working on an easement description for the property.
Surveying work for boundaries have been completed according to the developer. Staff has meet
with some home builders on this property. It is expected an administrative land split will occur in
order to allow for the sale of the southern parcel to a home builder in the future. Staff also
continues to have discussions with Anoka County Highway Department related to access along
Bunker Lake Boulevard. The density level has created issues with the developer as they have
builders for more density and less and is difficult to hit the target. Apparently Quest
Development has closed on the property and will sell the South portion of the property to a
housing developer. This housing developer has been in communication about approval processes
and timing. An apartment developer is still looking into the north side and Capstone is pursuing
the south side and is in process of working on a preliminary plat.
• Holasek Property (near City Hall) — Developer reached out on February 101 related to possible
multi -family. At a work session City Council indicated they would not be supportive of increase
the density beyond what is currently identified in the Comprehensive Plan.
• COVH)-19 —The City of Andover has distributed its COVID-19 Funds. Anoka County has
another program available based on a first come first serve basis provided criteria is met.
• Housing — Developers are looking for additional land for future developments. Several
developers are trying to keep an inventory of lots, but are having difficulty in finding locations.
Several sites are being reviewed and looked at. In 2020 we had 139 new housing starts.
• Overall marketing - City Staff continue to work with parties interested in investing in Andover
and marketing all commercial sites. Staff continues to work with the Anoka County Regional
Economic Development (ACRED) on marketing of the community and Anoka County.
1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755-5100
FAX (763) 755-8923 • WWW.ANDOVERMN.GOV
TO:
CC:
FROM:
SUBJECT
DATE:
President and Commissi
Jim Dickinson, Executii
Joe Janish, Community
0
Consider Voluntary Cost Sharing Agreement for Anoka County Economic
Development (ACRED)—Administration/Planning
March 16, 2021
INTRODUCTION
In 2017 Anoka County, Connexus Energy, and Metro North Chamber of Commerce along with Anoka
County Communities worked with Ady Advantage to develop an economic development road map. This
working group has become known as the "Anoka County Regional Economic Development Initiative."
The City of Andover has been participating with the above named identities through a memorandum of
understanding (MOU) since the inception of ACRED. ACRED had hired an individual to work on the
plan that was developed by Ady Advantage, and is currently in process of hiring a new individual to work
on ACRED items.
ACRED has been integral in assisting Anoka County and its Communities with economic development as
it relates to increasing awareness about opportunities in Anoka County. A cost sharing agreement has
been utilized to make payment to fund the budget to continue with the promotion of Anoka County and
opportunities within the county as it relates to Economic Development. Staff is asking the EDA to
consider authorizing the attached agreement.
The Cost Sharing Agreement outlines the following:
• Budget for 2021 of $20,000
• City agrees to contribute $0.057 per individual resident within its city limits
• Payment due at the end of the first quarter of each year
The City of Andover's contribution is expected to be around $1,855 for 2021.
p p7epe y s miffed,
oe Janish
ACHRA Contract # C0007031
Addendum 22
VOLUNTARY COST SHARING AGREEMENT
FOR ANOKA COUNTY ECONOMIC DEVELOPMENT
THIS AGREEMENT is made between the County of Anoka, a political subdivision of the State
of Minnesota ("County"), and the undersigned participating municipality ("City"), a municipal
corporation organized under the laws of the State of Minnesota.
WITNESSETH
WHEREAS, the County and the City, along with other community partners, entered into
a Memorandum of Agreement ("MOU") on January 1, 2019, to set goals, create an action plan,
and implement shared objectives in promoting economic development within Anoka County;
WHEREAS, the MOU addresses the need for cost sharing between the County and
municipalities of Anoka County to support continued services for website services, social media
support, marketing assistance, and future services related to the county -wide economic
development initiative;
WHEREAS, an annual budget for the above activities was developed, including a
formula for participating municipalities to provide proportional cost sharing based upon its
population;
NOW, THEREFORE, the parties understand and mutually agree as follows:
The budget for services related to website services, social media, marketing, and
other supportive activities required for economic development, is currently set at
$20,000.00 for calendar year 2021.
For 2021, the City agrees to contribute the sum of $0.057 per individual resident
within its city limits, as a voluntary contribution to the economic development
costs described above.
3. The City shall provide such payment annually, by the end of the first quarter in
each calendar year, beginning in 2021.
4. Each calendar year, the County will provide an annual budget and proposed
formula for the City's use in calculating its contributions under this Agreement.
5. The City may opt out or cancel this Agreement by providing 30 days' written
notice to the County Administrator: Rhonda Sivarajah, 2100 Third Avenue, Ste.
700, Anoka, MN 55303.
6. This agreement shall terminate concurrently with the MOU, unless a City chooses
to opt out or cancel this agreement prior to its expiration, as provided above.
ACHRA Contract # C0007031
Addendum 22
IN WITNESS WHEREOF, the parties of this Agreement have hereunto set their hands on
the dates written below:
ANOKA COUNTY:
10
Scott Schulte, Board Chair
Dated:
Karen Skepper, Executive Director
ACHRA
Dated:
APPROVED AS TO FORM
M
Christine Carney
Assistant County Attorney
CITY: Andover
Dated:
Dated:
10
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1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 Y (763) 755-5100
FAX (763) 755-8923 • WWW.ANDOVERMN.GOV
TO: President and Commissioners
FROM: Jim Dickinson, Executive Director
SUBJECT: EDA Financial Update/Year-end 2020
DATE: March 16, 2021
INTRODUCTION
The EDA is requested to receive a presentation on the pre -audit 2020 EDA financial information.
The Executive Director will use the attached documents as the basis for the pre -audit 2020 EDA financial
update and to facilitate discussion:
1. EDA Special Revenue Fund Statement of Revenues, Expenditures and Changes in Fund
Balance for the year ended December 31, 2020.
2. Cash Flow Analysis — TIF Projects Accounts - for the year ended December 31, 2020.
3. Redevelopment Districts 1-5 & 1-6 - for the year ended December 31, 2020.
4. TIF Rental Properties - for the year ended December 31, 2020.
ACTION REQUESTED
Receive a presentation & discuss.
submitted,
CITY OF ANDOVER, MINNESOTA
SPECIAL REVENUE FUND - EDA GENERAL
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended December 31, 2020
With Comparative Actual Amounts For The Year Ended December 31, 2019
Revenues:
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Economic development
Capital outlay:
Economic development
Total expenditures
Net increase (decrease) in fund balance
Statement 23
Fund balance (deficit) - January 1 198,788 247,431
Fund balance (deficit) - December 31 $ 153,980 $ 198,788
Variance with
Final Budget -
Budgeted Amounts
2020
Positive
2019
Original
Final
Actual
(Negative)
Actual
$ 2,000
$ 2,000
$ 26,005
$ 24,005
$ 7,096
9,000
9,000
2,435
(6,565)
6,231
-
-
443
443
177
11,000
11,000
28,883
17,883
13,504
102,078
71,927
43,540
28,387
62,147
-
30,151
30,151
102,078
102,078
73,691
28,387
62,147
$ (91,078)
$ (91,078)
(44,808)
$ 46,270
(48,643)
Fund balance (deficit) - January 1 198,788 247,431
Fund balance (deficit) - December 31 $ 153,980 $ 198,788
March 2021
CITY OF ANDOVER
Cash Flow Analysis - TIF Project Accounts
Districts 1-1 & 1-2
Budgeted at: $425k each $300k each
** $25,000 has been designated for landscaping improvements in the Building Fund for Andover Station Outlot E.
Year
Property Owned by Andover EDA
TIF
2600 138th Ave NW (quad)
Potential
TIF
Potential
Projects
Project Account
Year
Land Sales
Expenses
4-plex
2-plex
Interest Cash Balance
12/31/2019
rental
2018
2527 Bunker Lake Blvd NW (quad)
rental
$ 3,417,918
2020
rental
(66,754)
(1,795,482)
(285,245)
51,999 1,322,436
2021
-
(85,000)
(850,000)
(300,000)
- 87,436
2022
400,000
(85,000)
(300,000)
- 102,436
2023
150,000
(85,000)
- 167,436
2023
-
- 167,436
2024
-
- 167,436
*Available for
550,000
(321,754)
(2,645,482)
(885,245)
51,999 Bunker Acquisitioi
Budgeted at: $425k each $300k each
** $25,000 has been designated for landscaping improvements in the Building Fund for Andover Station Outlot E.
Year
Property Owned by Andover EDA
Purchased
2600 138th Ave NW (quad)
vacant lot
2011
2543 Bunker Lake Blvd NW (quad)
rental
2017
2557 Bunker Lake Blvd NW (quad)
vacant lot
2017
2526 138th Ave NW (quad)
vacant lot
2017
2542 138th Ave NW (quad)
rental
2018
2527 Bunker Lake Blvd NW (quad)
rental
2020
2556 138th Ave NW (quad)
rental
2020
2513 Bunker Lake Blvd (twin)
rental
2020
2621 Bunker Lake Blvd (quad)
rental
2020
2607 Bunker Lake Blvd (quad)
rental
2020
March 2021
I Redevelopment District 1-5 Arbor Oaks fund 4515
15 yr Pay -As -You -Go Note: $540,000 TIF Contract Tax TIF
Potential TIF Potential Increment Project Account
Year Land Sales Expenses Projects Revenue Xfer In /(Out) Cash Balance
12/31/2019 $
2020
- (7,628)
(68,648)
76,276
- -
2021
- (7,628)
(68,648)
76,276
- -
2022
- (7,628)
(68,648)
76,276
- -
2023
- (7,628)
(68,648)
76,276
- -
2024
- (7,628)
(68,648)
76,276
- -
2025
- (7,628)
(68,648)
76,276
- -
2026
- (7,628)
(68,648)
76,276
- -
2027
- (7,628)
(68,648)
76,276
- -
2028
- (7,628)
(68,648)
76,276
- -
2028 final year of Pay -As -You -Go Note
2029
- (7,628)
-
76,276
- 68,648
2030
- (7,628)
-
76,276
- 137,296
2031
- (7,628)
-
76,276
- 205,944
2032
- (7,628)
-
76,276
- 274,592
2033
- (7,628)
-
76,276
- 343,240
2034
- (7,628)
-
76,276
- 411,888
2035
(7,628)
-
76,276
- 480,536
2036
- (7,628)
-
76,276
- 549,184
2037
- (7,628)
-
76,276
- 617,832
2038
- (7,628)
-
76,276
- 686,480
2039
- (7,628)
-
76,276
- 755,128
2039 final year
fund 4516
Economic Development District 1-6 TE Connectivity
Tax
TIF
Potential TIF
Potential
Increment
Project Account
Year
Land Sales Expenses
Projects
Revenue
Interest Cash Balance
12/31/2019
$ (113,381)
2020
- -
-
24,703
(2,037) (90,715)
2021
- -
-
24,703
- (66,012)
2022
- -
-
24,703
- (41,309)
2023
- -
-
24,703
- (16,606)
2024
- -
-
24,703
- 8,097
2024 final year
Revenues
Rent
Interest
Total Revenue
Expenditures
Salaries & Benefits
Departmental
Operating
Professional Services
Equipment
Total Expenditures
Net increase (decrease) in fund balance
Fund Balance - January 1
Fund Balance - December 31
2600 138th Ave NW (quad)
2543 Bunker Lake Blvd NW (quad)
2557 Bunker Lake Blvd NW (quad)
2526 138th Ave NW (quad)
2542 138th Ave NW (quad)
2527 Bunker Lake Blvd NW (quad)
2556 138th Ave NW (quad)
2513 Bunker Lake Blvd (twin)
2621 Bunker Lake Blvd (quad)
2607 Bunker Lake Blvd (quad)
CITY OF ANDOVER
TIF Rental Properties
2017
2018
2019
2020
$ 3,677.75
$ 80,711.25
$ 88,903.00
$100,147.00
10.04
720.50
2,467.00
2,532.00
3,687.79
81,431.75
91,370.00
102,679.00
8.96
51.23
1,976.37
324.00
608.64
24,157.09
31,691.00
39,978.00
418.00
20,068.85
16,813.00
44,161.00
1,035.60
44,277.17
50,480.37
84,463.00
2,652.19
37,154.58
40,889.63
18,216.00
-
2,652.19
39,806.77
80,696.40
$ 2,652.19
$ 39,806.77
$ 80,696.40
$ 98,912.40
Purchased
vacantlot
2011
rental
2017
vacantlot
2017
vacantlot
2017
rental
2018
rental
2020
rental
2020
rental
2020
rental
2020
rental
2020