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HomeMy WebLinkAboutEDA March 16, 2000 '\ CITY of ANDOVER ) Economic Development Authority Meeting - Thursday, March 16,2000 agenda Bookmark Call to Order - 7:00 PM Name Approval of Minutes minutes Discussion Items 1. Development Services Proposal for Andover Station proposal 2, Discuss Sale of Andover Commercial Park, Lot 2, Block 1 sale 3. TIF Debt Service Transfer Resolution tif 4. General Obligation Tax Increment Bonds, Series 1993B bonds '\ 5. A ward Bid/Project # 99-17/ Andover Station/Martin Street bid9917 '. ) 6. Authorize Soils Report/Andover Station soils 7. Discuss Bunker Lake Blvd. NW Redevelopment Area. Bunker 8. Park Development South of the WDE Site wde 9. Other Business Adjournment '\ ) CITY OF ANDOVER REQUEST FOR EDA ACTION , DATE: March 16, 2000 , AGENDA SECTION ORIGINATING DEPARTMENT Approval of Minutes City Cled, 11 J~ \/ ITEM NO. Approval of Minutes The Economic Development Authority is requested to approve the following minutes: January 27, 2000 Regular EDA Meeting (Johnson absent) February 17, 2000 Regular EDA Meeting j CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION \ / DATE: March 16. 2000 AGENDA SECTION ORIGINATING DEPARTMENT Discussion Community Development ITEM NO. 1 David L. Carlberg Discuss Development Services Proposal Community Development Director For Andover Station Included in your packet materials is the development services proposal from Advance Resources Development, Inc. Mike Mulrooney and his project team will be presenting the proposal to the EDA at the meeting. " / / . ,~!~~~ ) March 14,2000 Richard Fursman City Administrator City of Andover 1685 Crosstown Boulevard Andover, 'MN 55304 Dear Richard: I want to thank you, the City Council and the EDA for your interest in seeking a proposal from our firm to provide development services to the City of Andover. As you know, we are a local development consulting firm in the business of helping communities formulate and implement innovative and cost effective solutions for their economic development needs. We have has the opportunity to review the documentation that the EDA has assembled on the Andover Station site, Enclosed you will find a revised Scope of Services in response to our / review. This document will describe for you our understanding of the objective you want to achieve; what we will do to achieve it and the costs for our services. You will note that we have added a third member to our project team. He is Dennis Grebner, a registered architect and Professor (Emeritus) at the College of Architecture and Landscape Architecture at the University of Minnesota. We feel that his background will add significantly to an end product that the City can be proud of in the years to come. If the EDNCity Council approves the proposal, we are ready to begin work immediately. We look forward to the opportunity to work on behalf of the City, If you have any questions regarding the Scope of Services, please feel free to call me at (763) 780-7900. Best regards, ~::::T Development Consultant / Development and CORPORATE OFFICES: 8960 Springbrook Dr" Ste, 230 P,O, Box 3027 Finance Specialists Coon Rapids, MN 55433 Mankato, MN 56002-3027 Phone: (612) 780-7900 Phone: (507) 387-7117 Fox: (612) 786-6606 Fax: (507) 387-6115 / ADVANCE RESOURCES FOR DEVELOPMENT, INC. SCOPE OF SERVICES PROVIDED TO THE CITY OF ANDOVER L SITUATION ANALYSIS The City of Andover, Minnesota is one of the fastest growing cities in the State of Minnesota and the Minneapolis/Saint Paul Twin City Metropolitan Area (TCMA). Increased levels of commercial development are needed to provide necessary services and support for the rapidly growing population base, In response to the needs of area residents, the City has acquired a ninety-acre site located south of Bunker Lake Boulevard NW between Thrush Street NW and Jay St. NW. This area was formerly the site of numerous auto salvage businesses, The City's plans call for redeveloping the area into a multi-use business park and retail center. Construction of the first project in the redevelopment area has been initiated. A ten- screen movie theater that seats over 1,500 people is now open, Other projects are , planned within the 90-acre redevelopment area including an office warehouse complex / and a veterinary hospital. One of the objectives of the City is to provide a strong focal point or center to a city without a downtown, The redevelopment area has many amenities and is extremely attractive from a commercial development standpoint. Andover has the highest household income in Anoka County, Located within a mile of the redevelopment site are several thousand housing units with more being added at the rate of between 400 to 500 per year. II. THE SITE The site the city wishes to develop currently known as the Andover Station, The area is bounded by Bunker Lake Blvd, to the North and Commercial Blvd. to the south, The entire redevelopment area consists of approximately 90 acres, The major focus of this proposal involves the development of approximately 40,5 acres of the redevelopment area, The zoning of the site is GB, General Business, The GB District provides for a wide variety of businesses including retail trade and services, office, light manufacturing and similar uses, The city expects high quality urban architecture and use of durable building materials. Maintaining architectural integrity throughout the development project is a priority. , ) , III. ACTIONS TAKEN TO DATE / A concept plan has been completed for the site, The plan calls for a mix of housing, office, retail, service, restaurant, and parking areas. The site will serve as a focal point that establishes community identity. The goal of the redevelopment area is long term in nature and seeks professional and high tech employment as well as retail. A development style that integrates a mix of low-rise and mid-rise structures is desirable. The city has acquired and assembled the property. The City has also completed the environmental cleanup of the site: It is the desire of the city to resell the land to for development at fair market value, IV. WORK PLAN Objective To attract and secure the development on the Andover Station Site Tasks to Be Undertaken We envision a two step process, The first phase of our work would be directed at further refining the City's vision for the development of the site, The second step would involve direct marketing to secure interest from the development community. . / Visioning Phase Objectives To conceptualize and communicate the city's intent to develop the Andover Station Site as a commercial center. To create a plan that will realize the unique identity of the city of Andover at this central gathering place. Staff has provided the consultants the following exhibits: . Andover Station Plan: Town Planning Collaborative . City of Andover Master Development Plan: The Leonard Parker Associates . Andover Station Development Concept Plan: Ryan Companies US, Inc, . Andover Cinema West at Andover Station Preliminary Site Plan > Substantial groundwork has been completed on the master plan concept. Utilizing the existing base data, consultant will proceed with the visioning phase, Process . Advance would develop a graphic representation illustrating the utilization of the commercial center site by function (grocery, restaurant, retail, housing, public areas etc). The end product of this process would be the CONSOLIDATED MASTER PLAN for the site. . Advance would create drawings conveying the site's architectural and streetscape characteristics. The end product of this phase would be CHARACTER SKETCHES. . The final step in the process would be the drafting of development standards regulating the quality of the development within the commercial center, The end product of this phase would be a DESIGN AND DEVELOPMENT GUIDE for the Andover Station site, . City staff and public officials will be included at every step of the process as described above, , Implementation I . We would work with staff and public officials to confirm MASTER PLAN layout. . A rendered MASTER PLAN document will be completed. . Create ARCHITECTURAL SKETCHES depicting the streetscape and building character. . Prepare the graphic concept for printing the promotional material to be used during the marketing phase. (The actual printing . The final step to be implemented would involve drafting the DESIGN AND DEVELOPMENT STANDARDS, The target date for completion of the visioning phase would be June 1,2000, Marketing Phase The market for the sale of commercial real estate is at a ten year high. Sale prices are up and the market is extremely active, The Andover market potential continues to improve as the community grows. Andover's population should reach a level of approximately 27,000 people making it one of the larger cities in Anoka County. We propose to undertake a direct marketing approach for the sale and development of the Andover Station Site, This would involve communications with the development community both inside and outside of the State of Minnesota, The marketing phase would include: . Prospect identification . A sales package . Property Brochure . Direct mail . Proj ect signage . Market presence V. Compensation Compensation for the Visioning Phase of our work would be paid at a rate of $100 per hour not to exceed $15,000, Out-of-pocket costs such as travel, copying, marketing materials etc, would be billed at cost. Marketing services are proposed to be provided on a consulting fee commission basis. The fee to be paid would be based on a rate of 7% of the selling price. This will promote the concept of maximizing the selling price and revenue for the city, which will allow future redevelopment activities to be undertaken. VI. Term / The term of the agreement would be for a period of 1 year and could be renewed annually at the discretion of the city. / , , , VII. STAFF ASSIGNED TO THE PROJECT , Michael J. Mulrooney, CEO Mike currently serves as the President of Advance-Resources for Development Inc, Advance is a development-consulting firm with offices in the Twin Cities and Mankato, Minnesota. He is currently a resident of Andover and has been a resident of Anoka County for over 37 years, Mike served as Director of Business Development for the Minnesota Department of Trade and Economic Development under two governors and was also employed as the Economic Development Coordinator for the City of Coon Rapids. Mr. Mulrooney has held other leadership positions including the President of the Minnesota Industrial Development Association and Central Minnesota Development Company, He currently serves on the Board of Directors of three manufacturing companies, He holds advanced degrees in finance, accounting and business administration, Brian Wessel, Associate Brian is an Associate of Advance and is a Registered Architect. He has held numerous management level positions, He has served as Vice President of Business Development for Ellerbe, Inc, of Minneapolis and Vice President of \ Marketing for M. A. Mortenson Company, the largest general contractor in ,/ Minnesota. Brian is currently employed as the Community DevelopmentDirector for the City of Lino Lakes, Minnesota. Dennis Grebner, Associate Dennis is a registered architect and Professor (Emeritus) at the College of Architecture and Landscape Architecture at the University of Minnesota, A fellow of the American Institute of Architects, Dennis has extensive experience in urban planning and design of municipal mixed-use development. , , / CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION \ ~ DATE: March 16. 2000 AGENDA SECTION ORIGINATING DEPARTMENT Discussion Community Development ITEM NO.2 David L. Carlberg Discuss Lot Sale Community Development Director Lot 2, Block I, Andover Commercial Park Northwest Commercial, LLC The Economic Development Authority (EDA) is requested to discuss the sale of Lot 2, Block 1, Andover Commercial Park to Northwest Commercial, LLC. Attached is a letter from Greg Howard, President of Northwest Commercial LLC with the request. The EDA at the February 17,2000 meeting, discussed the potential of the site for the construction of a building for QCTV, who has been informed by the School District that their lease will not be renewed at the Ferry Street facility. " Additional discussion is needed by the EDA as to who the lot should be sold to guarantee the '-J construction of a facility for QCTV. If QCTV is not interested in the site, others have indicated an interest in the lot and priority should be considered in the EDA's decision. , , / Northwest Commercial LLC. , 1129 140TII Lane NW. / Andover, MN 55304 763-754-2910 March 3, 2000 City of Andover Attn: Dave Carlberg In response to our conversations about lot 2, block I, Andover Commercial Park. We at Northwest Commercial would like to purchase this property for the discussed price of .65 cents per square foot of build-able land. With the intention of building office and studio space for QC T.V. The structure will be all masomy exterior. In discussions with Teny O'ConneI they '\ will need approximately 7000 square feet with secured parking in rear (per Andover Code). '- ) Construction will start pending on QC T.V. final decision on location. We look forward to working with the City of Andover and your staff. Feel free to call with any questions. Cell # 328-7526 or 718-0568. Sincerely, '\ ) '\ tFi1\ City of Lot 1, Block 2 / \[Y Andover ANDOVER COMMERCIAL PARK / ~<O 138TH LN 13808 I 2135 I ~ a 13847 - ~ m 13843 13842 13796 31 2302 ~ 13835 - 2521 13829 13828 0 \ g- 13823 13788 ;!..... 't--.. a 13816 I- 13815 13814 I--- N N il ':'- ~ - en to 13811 _ 13802 s: 13801 13800 1---1 13~ 131'Z lO m t;:; '" '" ~ ~ - 0 ~ 13799 ~137 '" '" N ~ 2503 '<I' '<I' 13790 ...J 13789 13788 >1--- 1377 ~ N N lO lO N N - -I <( 13787 1Z N N 13778 1 ~ 13776 c:: 1376 '-.. 138TH A VF --.,::-1 So 13m 13775 '" ~ 13760 ~ I VJ - ~ ~ ~ N :;! 2462 13731 :;; 13765 13764 13763"; I '" 13754 '" ;;1; 2526 '" -- ~ ~ ' N N N 13718 < ;1::0, 137TH LN r ...... 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I ~\6, I .1oI I 0-- 10 " ~I.~ ,l<J I <\ 10 c::i 3 c::il:::: ~ 1[;:: I I I~ I t.. 0 I ' \ I -I c :: ~ I I ~ l:l I~ CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION , DATE: March 16.2000 J AGENDA SECTION ORIGINATING DEPARTMENT Finance Discussion Jim Dickinson ITEM NO. 3 TIF Debt Service Transfer Resolution REQUEST: The Andover Economic Development Authority is requested to adopt the attached resolution authorizing the transfer offunds from the Tax Increment Bonds, Series 1994B Debt Service Fund (379) to the Debt Service Account of the General Obligation Tax Increment Bonds of 1999 Fund (352). The resolution will then be forwarded to the City Council for approval. BACKGROUND: At the February 17,2000 EDA meeting staff was directed to work with legal council to provide a J resolution for the transfer of Tax Increment funds to provided for the $175,000 City funded capitalized interest referenced with issuance of the General Obligation Tax Increment Bonds of 1999. As part of the discussion at the February 17th meeting I recommended to transfer funds from the 378 (General Obligation Tax Increment Bonds, Series 1993B) and 379 (General Obligation Tax Increment Bonds, Series 1994B) Debt Service Funds to the 352 (General Obligation Tax Increment Bonds, 1999) Debt Service Fund. After detailed research of the bond sale resolutions it appears that the resolution for the 1993B Bonds has some restrictive language as to the use ofthe increment allocated to that Bond's Debt Service Fund. Some of the restrictions are: 1. The investment of the dollars deposited into the account cannot be invested at higher yields than the rate of the bonds. 2. The dollars allocated to the Debt Service Fund cannot be reallocated if a surplus of funds is determined. The transfer to provided for the $175,000 City funded capitalized interest referenced with issuance of the General Obligation Tax Increment Bonds of 1999 will need to be made from the 1994B TIF Bonds (which is how the resolution is prepared) coupled with a reallocation of the 2000 increment to the Debt Service Funds. If you have any questions please do not hesitate in contacting me at 767-5110. / I I EXTRACT OF MINUTES OF A MEETING OF THE , CITY COUNCIL OF THE CITY OF ANDOVER,M~ESOTA HELD: MARCH 16,2000 Pursuant to due call and notice thereof, a regular meeting of the Economic Development Authority of the City of Andover, Anoka County, Minnesota, was duly held at City Hall in said City on the 16th day of March, 2000 at 7:00 o'clock p.m. for the purpose, in part, of authorizing the transfer of funds from Tax Increment Bonds, Series 1994B Debt Service Fund to the Debt Service Account of the General Obligation Tax Increment Bonds of 1999 Fund. The following members were present: and the following were absent: Commissioner introduced the following resolution and moved its adoption: RESOLUTION NO. RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM , TAX INCREMENT BONDS, SERIES 1994B DEBT SERVICE FUND / TO THE DEBT SERVICE ACCOUNT OF THE GENERAL OBLIGATION TAX INCREMENT BONDS OF 1999 FUND WHEREAS: 1.01 The City established Development District No.1 (the "Development District") and Tax Increment Financing District No. 1-2 (the "Tax Increment District") within the City of Andover. 1.02. The City has outstanding General Obligation Taxable Tax Increment Refunding Bonds, Series 1994B (the "Series 1994B Bonds") issued to finance project costs within the Development District. 1.02. In connection with the issuance of the Series 1994B Bonds the City established the Tax Increment Bonds, Series 1994B Debt Service Fund (the "Series 1994B Debt Service Fund"). 1.04. The City on May 18, 1999 approved by resolution (the "Prior Resolution") the issuance of$I,500,000 General Obligation Tax Increment Bonds of 1999 (the "1999 Bonds") in accordance with the tax increment financing plan for the Tax Increment / District which financed additional project costs within the Development District and the 1999 Bonds are payable in part from tax increments derived from the Tax Increment District. / 1.05. In connection with the issuance of the 1999 Bonds the City established a debt service account in the General Obligation Tax Increment Bonds of 1999 Fund (the "1999 Debt Service Account"). The Prior Resolution provides that there shall be deposited in the 1999 Debt Service Account available moneys of the City in an amount necessary to pay the principal and interest on the 1999 Bonds coming due on December 1, 1999 through December 1, 2001. 1.06. The City has deposited in the Series 1994B Debt Service Fund tax increments form the Tax Increment District in excess of the annual principal and interest requirements of the Series 1994B Bonds. 1.07. The City intends to transfer $175,000 of available funds in the Series 1994B Debt Service Fund to the 1999 Debt Service Account for the payment of principal and interest on the 1999 Bonds. NOW, THEREFORE, be it resolved by the City of Andover that $175,000 of available funds held in the Series 1994B Debt Service Fund be transferred to the 1999 Debt Service Account. The motion for the adoption of the foregoing resolution was duly seconded by Commissioner , and upon vote being taken thereon, the following voted in favor thereof: / and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. Dated: March 16,2000. City Clerk ; STATE OF MINNESOTA ) ) ss, COUNTYOFANOKA ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Andover, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes of a meeting of the Economic Development Authority of said City held on the date therein indicated with the original minutes thereof on file in my office and that the same is a full, true and correct transcript thereof insofar as said minutes relate to Resolution No. - WITNESS my hand officially this 16th day of March, 2000. City Clerk , CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION : DATE: March 16.2000 AGENDA SECTION ORIGINATING DEPARTMENT Finance Discussion Jim Dickinson ITEM NO. Lf General Obligation Tax Increment Bonds, Series 1993B REOUEST: The Andover Economic Development Authority is requested to authorize staff to initiate the process to prepay Bonds maturing on or after August 1,2001 for General Obligation Tax Increment Bonds, Series 1993B. BACKGROUND: After detailed research of the bond sale resolutions it appears that the resolution for the 1993B Bonds has some restrictive language as to the use of the increment allocated to that Bond's Debt Service Fund. Some of the restrictions are: , 1. The investment of the dollars deposited into the account cannot be invested at higher yields than the rate of the bonds. 2. The dollars allocated to the Debt Service Fund cannot be reallocated if a surplus of funds is determined. The Cash balance for the 1993B GO TIF Bonds Debt Service Fund as of March 10,2000 is $231,850,01 with $241,230.00 of Principal and Interest payments remaining. With the 2000 increment allocation, the Debt Service Fund will have a Cash balance sufficient to pay off the Bonds. Section 1.04. Optional Redemption of Resolution 161-93 "A Resolution Awarding The Sale Of $520,000.00 General Obligation Tax Increment Bonds, Series 1993B; Fixing Their Form and Specifications; Directing Their Execution and Delivery; and Providing For Their Payment" states that "The City may elect on August 1, 2000 and on any day thereafter to prepay Bonds maturing on or after August 1, 2001. Redemption may be in whole or in part of the Bonds subject to prepayment. If redemption is in part, those Bonds remaining unpaid which have the latest maturity will be prepaid first.... Prepayments will be at a price of par plus accrued interest." With the limitations placed on the Debt Service Funds I think it would be prudent to prepay the Bonds, and any costs associated with prepayment would be offset by forgoing future paying agent fees and administrative costs. I If you have any questions please do not hesitate in contacting me at 767-5110. CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION , DATE: March 16. 2000 / AGENDA SECTION ORIGINATING DEPARTMENT Discussion Engineering Department ITEM NO. 5 Scott Erickson Award Bid/Project #99-1 7 City Engineer Andover Station/Martin Street Staffwill present this item at the meeting. / CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION , DATE: March 16. 2000 ) AGENDA SECTION ORIGINATING DEPARTMENT Discussion Engineering Department ITEM NO.6 Scott Erickson Authorize Soils Report City Engineer Andover Station Staff will present this item at the meeting. , ) " ) CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION / DATE: March 16. 2000 AGENDA SECTION ORIGINATING DEPARTMENT Discussion Community Development ITEM NO.7 David L. Carlberg Discuss Bunker Lake Blvd. Community Development Director Redevelopment Area Staffwill present this item at the meeting. / J CITY OF ANDOVER REQUEST FOR ECONOMIC DEVELOPMENT AUTHORITY ACTION DATE: March 16. 2000 AGENDA SECTION ORIGINATING DEPARTMENT Discussion Community Development ITEM NO. l! David L. Carlberg Discuss Park Development Community Development Director South of WDE Site Staff will present this item at the meeting.