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HomeMy WebLinkAboutEDA November 15, 2005 <f\NDbVE~ 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US ECONOMIC DEVELOPMENT AUTHORITY MEETING November 15, 2005 6:00 p.m. Conference Rooms A & B AGENDA 1. Call to Order - 6:00 p.m. 2. Approval of Minutes (11/01/05 Regular Mtg.) 3. Purchase Agreement Review I A. Rudnicki Agreement B. Casey Agreement (revised) 4. Discuss 2006 EDA Budget - Finance 5. Approve LMCIT Liability Coverage - EDA - Finance 6. Other Business 7. Adjourn . \ I CITY OF NDOVE 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US TO: CC: FROM: SUBJECT: DATE: INTRODUCTION Economic Development Authority J;m Dklo"",o, Exocucive DUeeto~ Vicki V olk, City Clerk Approval of Minutes November 15,2005 The following minutes were provided by TimeSaver Secretarial for approval by the EDA: \ , I November 1,2005 Regular Meting DISCUSSION Attached are copies of the minutes for your review. ACTION REQUIRED The EDA is requested to approve the above minutes. Respectfully submitted, U. Ur!? Vicki V olk City Clerk @ ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING NOVEMBER 1, 2005 - MINUTES A Meeting ofthe Andover Economic Development Authority was called to order by President Mike Gamache, November 1,2005,6:00 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Don Jacobson, Mike Knight, Ken Orttel, Julie Trude; Voting resident members Joyce Twistol and Robert Nowak Non-voting resident members Edward Schultz Executive Director, Jim Dickinson Community Development Director, Will Neumeister City Engineer, Dave Berkowitz Others Absent: Also present: APPROVAL OF MINUTES October 18,2005: Executive Session: Correct as written. October 18, 2005: Regular Meeting: Correct as written. MOTION by Trude, Seconded by Knight, approval of the Minutes as written. Motion carried 5 ayes, 2 present (Jacobson, Nowak). LETTERS OF INTENT/PURCHASE AGREEMENTS REVIEW Mr. Neumeister explained the "Letter of Intent" provided at the last EDA meeting on October 18, 2005 has been slightly modified by Mr. Rudnicki. Staff reviewed the terms in the proposed letter of intent and concurs with all but one point in the purchase agreement. The only issue is related to paragraph 12.e. and what type of signs will be allowed for the area Mr. Rudnicki is proposing to purchase. Staff recommends the purchase price of$4.59 per square foot be accepted by the EDA. Commissioner Trude thought it was important to back it out to the raw land because they do not have any other deals. Mr. Neumeister stated the EDA is asking $4.59 per square foot total; $3.50 per square foot for the raw land, 35 cents a square foot for park dedication fee and 74 cents a square foot for the assessments for improvements. Andover Economic Development Authority Meeting Minutes - November 1, 2005 Page 2 Commissioner Jacobson asked how the EDA can approve an on-site dry cleaner that does processing; he thought this needed to be approved by the City Council. Mr. Dickinson stated it was to be a contingency on his purchase agreement. Commissioner Orttel thought that if the EDA put a covenant stating there could not be an onsite dry cleaner, the City Council cannot override this because it is a private covenant on the deed. He wondered who has the authority. Councilmember Trude thought it was a City Ordinance that prohibited on-site dry cleaners in the City. Commissioner Jacobson stated by bringing this up, he was not saying no to the dry cleaners. Commissioner Trude stated all of the conditions are conditions for closing. Mr. Dickinson stated this is correct. Mr. Louis Rudnicki introduced Ms. Laura Heffner, owner of Mr. T's, the proposed on-site Dry Cleaner, who made a presentation to the EDA on how the on site dry cleaner works. / Commissioner Nowak wondered if the processing machine has an exhaust. Ms. Heffner stated it is all contained and nothing escapes. Commissioner Jacobson wondered if they need a permit from the State in order to operate. Ms. Heffner stated they have to follow strict guidelines and inspections yearly. Mr. Dickinson stated when there are specific chemicals at a location, the City receives notification. Commissioner Nowak wondered how potent the chemicals are. Ms. Heffner stated it is like turpentine or nail polish remover. It can be potent for extended periods of time but the containers are always closed. Commissioner Nowak wondered how many machines she would have. Ms. Heffner stated she would have one machine, hopefully eventually two machines at this site. Commissioner Twistol wondered if the Fire Department also receives notification of the chemicals. Mr. Dickinson stated they do get notified. Mr. Rudnicki stated all the new machines have a second containment system in case of a spill in the machines. J Mr. Rudnicki stated he has a copy of a report from another dry cleaning business indicating before installing new machines they used over 4,000 gallons of chemicals a year and after getting new machines, they used 38 gallons a year, which indicates the efficiency ofthe machines. Mr. Neumeister explained what would be on the area identification sign in the agreement. J Andover Economic Development Authority Meeting Minutes - November 1, 2005 Page 3 Mr. Rudnicki stated if they have an area identification sign with all of the tenants on it, it would be hard to get all of the tenants on it and would end up being unreadable, He explained they want a smaller sign for the retail development. Commissioner Nowak wondered why the sign would have to be on Bunker Lake Boulevard and not up at the retail entrance. Mr. Rudnicki stated the retail center will front on Bunker Lake Boulevard. Mr. Neumeister wondered if the area identification sign could be on Jay Street to identify what was in the business park. Commissioner Trude thought the area identification sign would bring people off of Bunker Lake Boulevard or Hanson Boulevard. She thought smaller signs could be constructed for individual businesses. Mr. Rudnicki stated his main goal is to get some sort of standard signage for the retail businesses in the area. Commissioner Trude thought they should have someone draw up signs with dimensions so they can discuss and review this further. I Commissioner Trude wondered if the drive-thru would be a possibility. Mr. Rudnicki stated it was. President Gamache stated this would have to go through the City Council and Planning Commission to approve. Commissioner Jacobson stated he would prefer the EDA indicate that whatever went in there would match Mr. Rudnicki's building but he did not want to give him full control of what goes in there. Mr. Dickinson stated it is in the best interest of Mr. Rudnicki if a zero lot line building were to go in to have a building that is consistent with his building. Commissioner Jacobson stated if there is more than one monument sign, who would have the maintenance and upkeep of the signs. Mr. Neumeister stated they would be part of an association and would be maintained that way. Motion by Orttel, Seconded by Knight, to approve the Letter of Intent and authorize the Executive Director to work through the details with the applicant based on discussions at the meeting. i Commissioner Knight stated they do not have a buyer for the southern part and if someone comes forward with another idea, how will they resolve the zero lot line. Mr. Rudnicki suggested if this is going to be a similar use, it be of similar construction even if they do not use the zero lot line and if it is not a zero lot line, he asked for continuity of parking and traffic flow. President Gamache stated if they start construction next spring and they still do not have anything Andover Economic Development Authority Meeting Minutes - November 1, 2005 Page 4 for the south, how would they build the parking out. Mr. Dickinson indicated the parking would only be on the north until it is built out. Motion carried unanimously. DISTRIBUTE 2006 EDA BUDGET Mr. Dickinson reviewed the 2006 EDA Budget with the Commission. Commissioner Jacobson wondered where the debt service fund is in the EDA budget. Mr. Dickinson stated this shows up on the City Council side as a debt service fund. He stated the EDA receives the payments but those funds go to the trustee and they pay the debt service. Commissioner Orttel wondered why in 2004 they had charges for services and in 2005 and 2006, it all went to miscellaneous. Mr. Dickinson explained how this has changed. " OTHER BUSINESS Commissioner Jacobson wondered if there has been anything with the Mistelske case. Mr. Dickinson stated they have followed through the order by the EDA to prepare the check and he is expecting Mr. Mistelske to appeal. Commissioner Knight wondered ifthey have had any response with the northern half of Andover Station North. Mr. Dickinson discussed the progress happening. Mr. Neumeister discussed the Casey progress with the EDA. Motion by Jacobson, Seconded by Knight, to adjourn. Motion carried unanimously. The meeting adjourned at 6:54 p.m. Respectfully submitted, Susan Osbeck, Recording Secretary 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 ~ Jim Dickinson, Executive Director~ Will Neumeister, Director of Community Developmentt.L<::/- FROM: SUBJECT: Purchase Agreement Review (Rudnicki) DATE: November 15, 2005 INTRODUCTION The "Letter ofIntent" provided at the last EDA meeting on November 1,2005 has been reviewed by the City Attorney. As directed, he prepared a purchase agreement containing the terms and stipulations of the land sale as proposed by Mr.Rudnicki (attached). Mr. Rudnicki will be present at the meeting to discuss any issues that may remain to be discussed (i.e. area identification sign and a separate sign for his parcel). Mr. Rudnicki will need some time to review this with his attorney. As such, the EDA is asked to review and comment on the "Draft" form of the agreement and whether it is in a form that is considered acceptable to turn over to Mr. Rudnicki and his attorney for their review. DISCUSSION Staff has reviewed the purchase agreement and concur with the terms in the purchase agreement. The EDA / should discuss and provide direction regarding the signs that will be allowed to be installed on the southern portion of Lot 5 adjacent to Bunker Lake Boulevard. OtherActionslVeeded If the EDA is comfortable with the form of the purchase agreement, the next step will be to have staff prepare and execute an administrative lot split (to split off the northerly 195 feet of Lot 5, Block 3) and have it recorded so that the closing can take place on or before May 1, 2006. The EDA will also need to modifY the "Design Guidelines" to enable a dry cleaner processing facility to locate there. Lastly, the City Code will need to be modified to make the use (dry cleaning processing) a Conditional Use Permit (C.U.P.) in the General Business (GB) zone. This will be taken to the next available Planning Commission meeting to hold a public hearing on this proposed change. ACTION REQUESTED Staff requests the EDA discuss with Mr. Rudnicki what their preference is regarding the sign issue and provide staff direction. The EDA is also asked to review and comment on the "Draft" form of the agreement and whether it is in a form that is considered acceptable to submit to Mr. Rudnicki and his attorney for their review. Lastly, EDA is asked to approve the "Design Guideline" change for the dry cleaner processing use (attached), and direct it be taken to a public hearing at the Planning Commission (to make it a C.U.P. in GB zone) with final action by the City Council as soon as possible. Respectfully submitted, U- Will Neumeister / 0/. ./ ./ Attachments: Purchase Agreement I Site Plan I Design Guidelines (use change) "Andover Station Design Guidelines" - March 15,2005 1.06 "Property" shall mean all ofthe real Property submitted to the provisions ofthese Design Standards, including all improvements located on the real Property now or in the future. The Property as of the date of the adoption of the Design Standards is legally described on Exhibit A. 1.07 "Permitted Uses" shall mean the permitted uses of the Property be limited to community commercial, office, entertainment, builder's showcase, office warehouse and residential as defined below. The uses shall be limited to those as defined herein. If there is a question as to whether or not a use meets the definition, the Economic Development Authority shall make that interpretation. 1.08 "Community Commercial" shall mean the establishments engaged in commercial operations including retail trade and services and hospitality industries. These uses shall include the following: / . Apparel and Clothing . Book Store . Food and Grocery Stores . Leather Goods . Photography Studio . Sporting Goods . Antiques . Bakeries . Carpets & Rugs . China & Glassware . Department Stores . Furniture . Hobby Shops . Interior Decorating . Locksmith Shop . Office Supply & Equipment . Pharmaceutical . Tailoring . Toys . Video Store Rental & Sales . Lighting Studios . Barber and Beauty Shop . Florist . Jewelry Store . Music Store . Optometrist . Car Wash . Bicycles . Candy . Catering Establishments . Clothing & Costume Rental . Electrical Sales & Repair . Gifts . Household Appliances . Laundry & Dry Cleaning Pickup & Processing Facilitv . Luggage . Paint & Wallpaper Sales . Restaurants . Tobacco . Variety Stores . Liquor Store Sales - Off-Sale 1.09 "Builders Showcase" shall mean uses related to the home building industry, these shall include: . Home and Office Electronics . Cabinet Shops . Drywall Companies . Contractors Offices Andover Station North Design Standards March 15,2005 =F / ~ ~ .~ .~ ~ ~ ~ ~ I I I I I I I I I I I I I I I I I I I I I L__~__ -- - - / 15 i/ tV J::. Ef!.. LAIc-& !3W/,. 50 25 0 r---_ 50 100 'Feel PURCHASE AGREEMENT 1. PARTIES. This Purchase Agreement is made on , 2005, by and between Andover Economic Development Authority, a body corporate and politic, 1685 Crosstown Boulevard NW , Andover, Minnesota, Seller and Boulder Point, LLC, , Minnesota, Buyer. 2. OFFER/ACCEPTANCE. Buyer agrees to purchase and Seller agrees to sell real property legally described as follows: North 195 feet of Lot 5, Block 3, Andover Station North, Anoka County, Minnesota. 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 a vacant lot. 4. PRICE AND TERMS. The price for the real and property included in this / sale: Two Hundred Fifty Eight Thousand One Hundred Forty-One and 60/100 Dollars ($258,141.60) which Buyer shall pay as follows: Earnest money of Ten Thousand and no/100 Dollars ($10,000.00) by check, receipt of which is hereby acknowledged, and Two Hundred Forty Eight Thousand One Hundred Forty-One and 60/100 Dollars ($248,141.60) cash on or before May 1, 2005 DATE OF CLOSING. The purchase price is based on a site estimated to be 70,429 square feet of gross area (56,240 square feet of net area). The price herein represents a net per square foot price of $4.59 ($3.85 per square foot for property and park dedication plus $0.74 per square foot for assessments to include street, storm sewer, sanitary sewer, water main, right turn lane, and construction restoration). After the survey of the property is completed by the AEDA as required in paragraph 8 herein and the actual net square footage of the site is known, the price shall be adjusted to reflect the change in land area based upon the net square foot price set out in this paragraph. Net square footage is defined as gross area minus the westerly 40 feet and the northerly 20 feet of the parcel. 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. 1 '. / (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, including, without limitation, a full building permit for a building conforming to Seller's design standards which Buyer determines can be built for a price acceptable to Buyer, in Buyer's sole discretion. (c) Buyer shall have determined that the roads, utilities, points of access and other infrastructure serving the Property will be adequate for Buyer's purposes. 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. If any of the foregoing contingencies have not been satisfied by the date of closing, Buyer may postpone the date of closing up to 60 days to permit more time for such contingencies to be satisfied. 6. DEED/MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver a 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; C. Reservation of any mineral rights by the State of Minnesota; D. Utility and drainage easements which do not interfere with existing improvements. E. Declaration of Covenants filed by the Andover Economic Development Authority. 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 levied 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. 2 8. S ::LLER'S OBLIGATIONS. (a)'3eller warrants that there has been no labor or material furnished to the property in~he past 120 days for which payment has not been made. Seller warrants that there ~ire no present violations of any restrictions relating to the use or improvement of the property. These warranties shall sUNive the delivery of the warranty deed. (0) SELLER shall provide a sUNey of the property reflecting boundary lines, topographic indications, subdivision, easements, restrictions and other matters customarily reflected in a sUNey of real property. (c) SELLER warrants that there shall be non-exclusive access from Ibis Street and 138th Avenue to the property. (d) SELLER shall cause all offsite utilities, storm drainage, street lights and paving to be constructed, if not already completed, necessary to seNe the subdivision at Seller's expense. Such obligation shall not include the sanitary sewer and water area connection charges. Said charges shall be the responsibility of the Buyer. (e) SELLER shall deliver the property with all mass grading completed. (f) SELLER shall provide to Buyer, Seller's existing Phase I and Phase II . / environmental reports for the site as well as a Brownfield Certificate of Completion from the Minnesota Pollution Control Agency. 9. BROKERAGE. Buyer and Seller represent that neither party is represented by a real estate agent or broker and no brokerage commissions are due any third parties as a result of this transaction. . I 3 , / 10. BUYER'S OBLIGATIONS. (a) BUYER will provide a preliminary site plan on or before February 1, 2006 for approval City of Andover. (b) BUYER will provide a final site plan to the City on or before March 10, 2006. (c) BUYER shall construct a building upon the property which is in substantial conformance to the building identified in attached Exhibit A. Buyer's obligation shall survive the closing on this transaction. (d) 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 accepted that Property in "AS IS" and 'WHERE IS" condition with any and all faults. 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. . J 11. 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. 12. POSSESSION. Seller shall deliver possession of the property not later than DATE OF CLOSING. 13. EXAMINATION OF TITLE. Seller shall, within a reasonable time after acceptance of this Agreement, furnish an Abstract of Title, or a Registered Property Abstract, certified to date to include proper searches covering bankruptcies, State and Federal judgments and liens. Buyer shall be allowed 30 business days after receipt for examination of title and making any objections, which shall be made in writing or deemed waived. 14. 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 / 4 '\ , ) 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 closing date, whichever is later. B. If notice is given and Seller proceeds in good faith to make title marketable but the 120 day period expires without title being made marketable, Buyer may declare this Agreement null and void by notice to Seller, neither party shall be liable for damages hereunder to the other, and earnest money shall be refunded to Buyer. C. If Seller does not give notice of intention to make title marketable, or if notice is given but the 120 day period expires without title being made marketable due to Seller's failure to proceed in good faith, Buyer may seek, as permitted by law, anyone or more of the following: (1 ) Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (a) Seek damages, costs, and reasonable attorney's fees from Seller as permitted by law (damages under this subparagraph (a) shall be limited to the cost of curing objections to title, and consequential damages are excluded); or, (b) Undertake proceedings to correct the objections to title; , I (2) Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be null and void and all earnest money paid hereunder shall be refunded to Buyer; (3) Damages from Seller including costs and reasonable attorney's fees, as permitted by law; (4) Specific performance within six months after such right of action arises. D. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: (1) Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given ) 5 , I pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; (2) Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees, as permitted by law. E. 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) Seek damages from Seller including costs and reasonable attorneys' fees; (2) Seek specific performance within six months after such right of action arises. TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 15. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at paragraph 1 above and, if mailed, are effective as of the date of mailing. 16. MINNESOTA LAW. This contract shall be governed by the laws of the State of Minnesota. 17. WELL AND FUEL TANK DISCLOSURE. Seller certifies that the Seller does not know of any fuel tanks or wells on the described real property. 18. INDIVIDUAL SEWAGE TREATMENT SYSTEM DISCLOSURE. Seller certifies that there is no individual sewage treatment system on or serving the property.. 19. PAYMENT OF CLOSING COSTS. Each party will pay closing costs which are normally allocated of Buyers and Sellers in a real estate transaction. 20. MONUMENT SIGN. The parties hereby agree that on or before closing they shall enter into an agreement for the construction of a monument sign on Bunker Lake Boulevard. Such monumel"!t sign agreement shall provide that construction costs and the use thereof shall be allocated based proportionately on the leasable square footage in the buildings located upon Lot 5, Block 3, Andover Station North. Said agreement shall prohibit all owners of buildings on said Lot 5 from using the Andover Station North area identification sign. , " 6 21. RESTRICTIVE COVENANT. Seller shall provide and record at the time of the closing a restrictive covenant on the southern 303 feet of Lot 5, Block 3, Andover . Station North, which shall include the following provisions: . A. If zero-lot line construction is used on the southern 303 feet of Lot 5, Block 3, Andover Station North, building design, layout and construction must be similar to that of the structure of the northern 195 feet of Lot 5, Block 3, Andover Station North. This includes, but is not limited to, building materials (textures and colors), building height, signs, and landscaping. Boulder Point, LLC shall have the opportunity to comment on the details, however, the Andover Economic Development Authority shall have the sole right to architectural approval. B. If zero-lot line construction is not used on the southern 303 feet of Lot 5, Block 3, Andover Station North, continuity of parking, traffic flow and access between the two lots must be maintained. C. No building, boulevard sign, landscaping or other structure may be erected on the southern 303 feet of Lot 5, Block 3, Andover Station North such that it blocks the view of the northern 195 feet of Lot 5, Block 3, Andover Station North, north and west of a line starting at the southwest property corner of Lot 5, Block 3, Andover Station North proceeding N38043'21.4" E, as shown on Exhibit B. \ , I 22. CROSS ACCESS AGREEMENT. The parties shall enter into a cross access agreement prior to closing for cross access between the parcel being conveyed to the Buyer described in paragraph 2 herein and the remainder parcel owned by the Seller described in paragraph 21 herein. \ '. I 7 I ~NDbVE~ 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100 FAX (763) 755-8923 . WWW.CI.ANboVER.MN.US TO: EDA President and Board ~. Jim Dickinson, Executive Direct Will Neumeister, Director ofComm "ty Development/vL FROM: SUBJECT: Purchase Agreement Review (Casey) DATE: November 15,2005 INTRODUCTION The original purchase agreement with Mr. Casy has been modified by the City Attorney to contain the most recent changes that staff indicated were necessary. It is attached for your review. Mr. Casey will be present at the meeting to discuss any issues that may remain to be discussed. DISCUSSION / Staff has reviewed the purchase agreement and concur with the terms in the modified purchase agreement. The EDA should discuss and provide direction regarding whether any further changes are needed. The Right of First Refusal document will not be changed and is also attached for your review. ACTION REQUESTED The EDA is asked to review and comment on the "Draft" form of the agreement and whether it is in a form that is considered acceptable to submit to Mr. Casey and his attorney for their review. Respectfully submitted:; C{/ ,4A__ Will Neumeister Attachments I Purchase Agreement (modified form) Right of First Refusal Document ./ Cc: Michael Casey, 4135 Coon Rapids Blvd., Minneapolis, Mn. 55433 , ) " I PURCHASE AGREEMENT 1. PARTIES. This Purchase Agreement is made on , 2005, by and between Andover Economic Development Authority, a body corporate and politic, 1685 Crosstown Boulevard NW , Andover, Minnesota, Seller and Michael S. Casey, an individual, of 14168 Orchid Street, Andover, Minnesota 55304, Buyer. 2. OFFER/ACCEPTANCE. Buyer agrees to purchase and Seller agrees to sell real property legally described as follows: See Exhibit A attached hereto. After execution of this Agreement by the parties, Sellers shall cause the Property to be surveyed and the legal description in said survey shall be attached hereto. 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 a vacant lot. I 4. PRICE AND TERMS. The price for the real and property included in this sale: Two Hundred Six Thousand Three Hundred Eight and no/100 Dollars ($256,308.00) which Buyer shall pay as follows: Earnest money of Ten Thousand and no/100 Dollars ($10,000.00) by check, receipt of which is hereby acknowledged, and Two Hundred Forty Six Thousand Three Hundred Eight and no/100 Dollars ($246,308.00) cash on or before May 1, 2006, DATE OF CLOSING. The purchase price is based on a site estimated to be 98,580 square feet with a price of $2.60 per square foot. After the survey is completed of the property by the EDA as required in paragraph 8 herein and the actual square footage of the site is known, the price shall be adjusted to reflect the change in land area based upon the square foot price set out in this paragraph. 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. (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, including, without ) 1 I limitation, a full building permit for a building conforming to Seller's design standards which Buyer determines can be built for a price acceptable to Buyer, in Buyer's sole discretion. (c) Buyer shall have determined that the roads, utilities, points of access and other infrastructure serving the Property will be adequate for Buyer's purposes. 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. If any of the foregoing contingencies have not been satisfied by the date of closing, Buyer may postpone the date of closing up to 60 days to permit more time for such contingencies to be satisfied. 6. DEED/MARKETABLE TITLE. Upon performance by Buyer, Seller shall execute and deliver a 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; C. Reservation of any mineral rights by the State of Minnesota; D. Utility and drainage easements which do not interfere with existing improvements. E. Declaration of Covenants filed by the Andover Economic Development Authority. 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 installments of special assessments certified for payment with the real estate taxes due and payable in the year of closing except any installments associated with the construction of 138lh Avenue and Ibis Street which shall be the responsibility of the Buyer. SELLER SHALL PAY on DATE OF CLOSING all other special assessments levied as of the date of this Agreement except any installments associated with the construction of 138th Avenue and Ibis Street which shall be the responsibility of the Buyer. BUYER SHALL PAY real estate taxes due and payable in the year following closing and thereafter and any unpaid special assessments payable therewith 2 I and thereafter, the payment of which is not otherwise provided herein. Seller makes no representation concerning the amount of future real estate taxes or of future special assessments. 8. SELLER'S OBLIGATIONS. (a) Seller warrants that there has been no labor or material fumished to the property in the past 120 days for which payment has not been made. Seller warrants that there are no present violations of any restrictions relating to the use or improvement of the property. These warranties shall survive the delivery of the warranty deed. (b) SELLER shall provide a survey of the property reflecting boundary lines, topographic indications, subdivision, easements, restrictions and other matters customarily reflected in a plat of real property. (c) SELLER warrants that there shall be two direct non-exclusive accesses to public streets to the property. (d) SELLER shall cause all offsite utilities, stonn drainage, street lights and paving to be constructed, if not already completed, necessary to serve the subdivision at its expense. Such obligation shall not include the sanitary sewer and water area connection charges. Said charges shall be the responsibility of the Buyer. , .I (e) SELLER shall provide site rough grading on the property. (f) SELLER shall provide and pay for a Phase I environmental assessment for subject property for the benefit of and with reliance letters addressed to the Buyer and Buyer's lenders. 9. BUYER'S OBLIGATIONS. (a) BUYER will provide a preliminary site plan on or before March 22, 2005 for approval of the Seller. (b) BUYER will provide a final site plan on or before May 15, 2005. (c) BUYER shall construct a building upon the property which is in substantial confonnance to the building identified in attached Exhibit B. Buyer's obligation shall survive the closing on this transaction. (d) 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 accepted that Property in "AS IS" and 'WHERE IS" condition with any and all faults. 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. 3 \ / 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. All interest, fueroil, liquid petroleum gas, and all charges for city water, city sewer, electricity and natural gas shall be prorated between the parties as of the date of change of possession. 12. EXAMINATION OF TITLE. Seller shall, within a reasonable time after acceptance of this Agreement, furnish an Abstract of Title, or a Registered Property Abstract, certified to date to include proper searches covering bankruptcies, State and Federal judgments and liens. Buyer shall be allowed 30 business days after receipt for examination of title and making any objections, which shall be made in writing or deemed waived. 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 closing date, whichever is later. B. If notice is given and Seller proceeds in good faith to make title marketable but the 120 day period expires without title being made marketable, Buyer may declare this Agreement null and void by notice to Seller, neither party shall be liable for damages hereunder to the other, and earnest money shall be refunded to Buyer. C. If Seller does not give notice of intention to make title marketable, or if notice is given but the 120 day period expires without title being made marketable due to Seller's 'failure to proceed in good faith, Buyer may seek, as permitted by law, anyone or more of the following: 4 / (1) Proceed to closing without waiver or merger in the deed of the objections to title and without waiver of any remedies, and may: (a) Seek damages, costs, and reasonable attorney's fees from Seller as permitted by law (damages under this subparagraph (a) shall be limited to the cost of curing objections to title, and consequential damages are excluded); or, (b) Undertake proceedings to correct the objections to title; (2) Rescission of this Purchase Agreement by notice as provided herein, in which case the Purchase Agreement shall be mill and void and all earnest money paid hereunder shall be refunded to Buyer; (3) Damages from Seller including costs and reasonable attorney's fees, as permitted by law; (4) Specific performance within six months after such right of action arises. D. If title is marketable, or is made marketable as provided herein, and Buyer defaults in any of the agreements herein, Seller may elect either of the following options, as permitted by law: j (1) Cancel this contract as provided by statute and retain all payments made hereunder as liquidated damages. The parties acknowledge their intention that any note given pursuant to this contract is a down payment note, and may be presented for payment notwithstanding cancellation; (2) Seek specific performance within six months after such right of action arises, including costs and reasonable attorney's fees, as permitted by law. E. 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) Seek damages from Seller including costs and reasonable attorneys' fees; (2) Seek specific performance within six months after such right of action arises. / 5 " TIME IS OF THE ESSENCE FOR ALL PROVISIONS OF THIS CONTRACT. 14. NOTICES. All notices required herein shall be in writing and delivered personally or mailed to the address as shown at paragraph 1 above and, if mailed, are effective as of the date of mailing. 15. MINNESOTA LAW. This contract shall be governed by the laws of the State of Minnesota. 16. WELL AND FUEL TANK DISCLOSURE. Seller certifies that the Seller does not know of any fuel tanks or wells on the described real property. 17. INDIVIDUAL SEWAGE TREATMENT SYSTEM DISCLOSURE. Seller certifies that there is no individual sewage treatment system on or serving the property. 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. RIGHT OF FIRST REFUSAL. The Seller and Buyer agree that at the closing, the property contained herein, they will enter into a Right of First Refusal Agreement attached hereto attached hereto as Exhibit C. J 20. RESTRICTIVE COVENANT. Seller and Buyer agree that at the time of the closing, they will execute a restrictive covenant to be recorded against the property described herein and in the Right of First Refusal which requires the Buyer, its successors and assigns to construct a "vapor barrier" under any building that is constructed upon the property being constructed on Lots 2 and 3, Block 3, Andover Station North. Said restrictive covenant shall also include a provision that prevents any new wells from being bored or drilled on any of the properties described in this paragraph. 21. PARK DEDICATION. Buyer agrees, at the closing, to pay a park dedication fee to the City of Andover in an amount of 10% of the purchase price listed in paragraph 4 herein. Said amount shall be in addition to the price paid for the land in paragraph 4. 22. CROSS EASEMENT. Buyer shall provide to Seller at the closing a signed cross easement prepared at Buyer's expense providing for driveway access rights between Lots 1, 2, 3, Block 3, Andover Station North, Anoka County, Minnesota. Such cross easement shall be in a form approved by Seller. The Andover Economic Development Authority agrees to sell the property for the price and terms and conditions I agree to purchase the property for the price and terms and conditions set forth above. 6 / set forth above. SELLER: ANDOVER ECOMONIC DEVELOPMENT AUTHORITY By: Michael R. Gamache, President By: James Dickinson, Executive Director ; ) BUYER: MICHAEL S. CASEY Michael S. Casey 7 / RIGHT OF FIRST RFFIJSAI This Right of First Refusal Agreement is made and entered into this day of , 2005, by and between Andover Economic Development Authority, a body corporate and politic, 1685 Crosstown Boulevard NW, Andover, Minnesota, Seller and Michael S. Casey, , 14168 Orchid Street, Andover, Minnesota, Buyer. WITNESSETH: WHEREAS, Seller is the owner of real property situated In Anoka County, Minnesota, described as follows: See Exhibit A attached hereto. hereinafter called "Right of First Refusal Premises"; and WHEREAS, pursuant to a purchase agreement dated 2005, Seller sold the Buyer all of the Seller's property described as follows: See Exhibit B attached hereto. and ~ WHEREAS, as apart of said purchase agreement dated 2005, Seller also gave Buyer the Right of First Refusal to purchase said "Right of First Refusal Premises." NOW, THEREFORE, in consideration of the sum of Dollars ($ ) and other good and valuable consideration and pursuant to the aforesaid purchase agreement dated . 2005, it is hereby agreed as follows: 1. Right of Fiffit Rp.flJ!>al. In the event Seller receives a bona fide offer from a 1 ) third party to purchase all or part of the Right of First Refusal Premises described herein, Seller shall give written notice thereof to Buyer. Buyer shall have ten (10) days after receiving written notice from Seller that Seller intends to accept the offer to notify Seller in writing that the Buyer will purchase the property upon the same terms and conditions set forth in the offer. Seller shall include a copy of the offer in the notice to the Buyer. 2. Nntir.p.!';. Any notices, elections, payment or demand, permitted or required to be given or made pursuant to this agreement shall be delivered personally or mailed by United States certified or registered mail, with retum receipt requested, to the addresses hereinafter set forth. Such notice, demand or payment shall be deemed given or made when delivered personally or deposited in the United States mail in accordance with the above. The addresses of the parties hereto are as follows: Seller: Andover Economic Development Authority 1685 Crosstown Boulevard NW Andover, Minnesota 55304 Buyer: Michael S. Casey 14168 Orchid Street Andover, Minnesota 55304 3. In the event the Buyer does not give written notice of their intention to purchase the Right of First Refusal Premises within the time period provided herein, the property may be conveyed to the third party, provided, however, if the terms of the offer are subsequently modified the offer must be resubmitted to the Buyer pursuant to the terms of this agreement. 4. The terms, conditions and covenants herein shall extend to, be binding upon and inure to the benefit of the heirs, personal representatives, successors and J assigns of the parties hereto. 2 5. All agreements herein contained shall survive the closing and shall bind the parties hereto subsequent to the closing of the sale pursuant hereto as fully as if new agreements were entered into at the time of said closing, a rule of law to the contrary notwithstanding. 6. Buyer's rights under this agreement shall terminate one year from the date of the execution hereof. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be duly executed on the day and the year first above written. SFII FR Rl IYFR ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MICHAEL S. CASEY , I Michael R. Gamache, President Michael S. Casey James Dickinson, Executive Director STATE OF MINNESOTA ) ) ss. COUNTY OF ANOKA ) This instrument was acknowledged before me on , 2005 by Michael R. Gamache and James Dickinson, the President and Executive Director of the Andover Economic Development Authority, a body corporate and politic under the laws of the State of Minnesota, on behalf of the Authority. Notary Public STATE OF MINNESOTA ) 3 \ ) ss. COUNTY OF ANOKA ) On this day of , 2005, before me, a Notary Public within and for said County, personally appeared Michael S. Casey, , to me known to be the person described in and who executed the foregoing instrument and he executed the same as his free act and deed. Notary Public I This instrument was drafted by: William G. Hawkins and Associates 2140 Fourth Avenue North Anoka, Minnesota 55303 (763) 427-8877 4 \ I EXHIBIT A I / 5 EXHIBIT B I I 6 CITY OF NDOVE @ 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: Approve 2006 EDA Budget DATE: November 15, 2005 INTRODUCTION The EDA is requested to receive a brief presentation on the 2006 EDA Special Revenue Budget, a presentation on budgets impacted by EDA decisions, and a consolidated tax increment cash flow analysis for TIF District 1-1 and 1-2 DISCUSSION \ The presentation will be based on the attached documents: / Pgs 2 - 6 Pgs 7 - 8 Pgs 9 - 21 Pgs 22 -23 Pgs 24 - 25 Pg26 EDA Special Revenue Fund - This is what needs to be approved at the meeting. Tax Increment Project Fund TIF Bond Summary and individual funds Community Center Construction Fund Community Center Debt Service Fund TIF Cash Flow Analysis for TIF District 1-1 and 1-2 If any of the Commissioners would like a one on one discussion with me on the attached financial data, I would be more than happy to do so. ACTION REQUESTED Receive a brief presentation and approve the EDA Special Revenue Fund Budget. I I " (\l Gl J: ... C Gl ~ (\l C. Gl C / ~ .;: o .c ... :::l <C ... C Gl E Co ..Q GO GO :::l > C GO GO C > .!:!~ E- o .!!! C u o GO U Co wen ) Qj " o o as c. ?:! Z;- -t; :~ c... :::l 0 u.<C L- o ... E ... .!!2 c 'E " <C ~ (3 = .:: - (ij 'C - 1Il :::l '0 . C Gl 1Il '0 (\l c.o (\l x _ (\l (\l- .~ -g Gll;:: E '(ij E a; o > 0'0 .....'0 o C C(\l Gl Gl E- o.il o .- - > Gl _ > Cl 1Il C " 0 >>.l:o :::: en (ij (\l :J 1Il 0".... 1Il :> .r: 1Il _ C .... 1Il .E 0 1Il-;;; :E 1Il El'f: .... 1Il a. a. o e 1-0. -; .. '" = '" e" '" - .c .!!1 ~~ c . 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In iii 'tl ~ Ul CIl 0.0 Ql CIl C > CIl Ql 0 0 c: 0 0 0.. ~ 0 c: C .!!1 I- .c CIl e I- - - 0.,- .c I- .c CIl - ::::I CIl .c > - ~ 0 0 >< Q.l :J :J - - ~ 0 ::::I ll.. a:: oE ::2: 0 l- e. l- I- W e. ene. 0 0 l- I- ll.. ) o " / ;' , ] / City of Andover Revenue I Expenditure Budget Worksheet Budget Year 2005 Economic Development Authoritv 202 Soecial Revenue Actual Actual Actual Actual Request Estimate Request 2001 2002 2003 2004 2005 2005 2006 Revenues . 34141 Financial Admin Fees $ - $ - $ 32,863 $ - $ - $ - $ - 36240 TIF Admin, Fee 88,000 88,000 114,490 - 130,000 130,000 130,000 36210 Interest Eamed 4,278 - - (479.18 - 1,000 - 36212 Valuation Adjustment 13,660 - - 1,905 - - - 36240 TIF Admin, Fee - - - 126,551 - - - 36255 Sale of Land 43,902 - - 101,440 - - - 36260 Refunds reimbursements - 2 0 2,954 - 13,600 - 39201 Transfers from other funds - - 46,497 - - - - ^.,,,.~,, """^ ';",'-'o-''''''','E "Total'Revenues7 m,'H ""~"" . 132,526 0" ^'m~ 88;002 '" "193;S5Cf' ""232;371' ., '130,000 . "14:4,600 ,-,--., 130;000 , ... '-.~ ^-~,-",.~",,",. ^~,,~-=,",,<,.. . Expenditures Personal Services 101 Salaries 91,681 92,916 106,072 111,794 - - - 106 Salaries - Commisson 0 415 340 - - - - 121 PERA 4,238 5,110 5,866 4,361 - - - 122 FICA 5,298 5,414 6,130 6,020 - - - 125 Medicare 1,269 1,320 1,498 1,571 - - - 131 Health Insurance 5,199 6,155 8,693 9,474 - - - 132 Dental Insurance 381 388 442 428 - - - 133 Life Insurance 286 373 383 397 - - - 134 Long Term Disabilitv 195 216 269 269 - - - 199 Intercity Labor Allocation - - 3,250 - 115,100 115,100 72,100 m"~'T~_"'_ ~'''",-7'''''''- ., . . ...,. 'SUb;;;;;,r "'~'",,~"_'l"~~_"_"' 1 08.547' 112,306 ' 132,943' . 134.313 115,1()O' . 115,100 ,,',^ 72,100 ^~"~--' -,- .. ~"".~ -" o,S"y,~_'-'''.'j Suoolies and Materials 201 General Office Supplies 59 20 555 49 2,000 - 2,000 210 Ooerating SunDlies - 938 1,180 4,612 - 15,000 . 260 Software - - 35e - - - - i Tr~~iJi;;i ..... .... "Y'~!l; ...........95!1.;... 2.0llt ...... >4.661 ." :>000' > 1~OOO"':?OOO Purchased ~ervices 301 Professional Services 6,416 3,503 7,305 6,061 5,000 2,500 5,000 304 AtIomev 1,834 916 6,245 271 2,000 1,000 2,000 322 Postage - - 44 505 1,000 1,000 1,000 330 Transportation 1,551 2,109 1,999 881 1,200 1,200 1,200 351 Publishing 992 1,197 2,482 1,633 2,500 500 2,500 360 Insurance - 9,888 2,600 3,461 3,500 4,740 5,000 381 Electric - - 2,933 729 - - - ""~ O',,,,,,,'~Y '''.._''''"F '-"-'-"'"",,',"Y""CC'--~ SubiOiOl' '^"'''''' C,--' 10,793" 17,614 23,608 13,542 15,200 10,940 16,700 " ""><' Other Services and Charaes 401 RepairlMaint Labor-General 0 - - 1,629 - 15,000 - 406 Contractual Services - 19,953 15,902 6,446 1,000 - 11,000 410 Rental - - 329 1,118 - 750 - 412 Inspections - 3,151 3,082 444 - - - ~!~ Computer Services 740 740 1,000 1,500 1,500 1,500 1,500 418 Maintenance Contracts - 469 - - - - - 433 Dues/Registrations 2,566 225 2,990 610 800 - 800 442 MealsILodginQ 17 269 100 439 700 500 700 443 Continued Education - - - - 1,500 750 1,500 499 Contingency 612 - - - - - - ~------ . " SUb;;;;;,r . 3.935 24,808 23,403 . 12,185 5,500 18,500 15,500 ",..;.:e,.,,,- ~-^', ,~-- ,"~ Caoital Outlav 530 Improvements - - - 500 - - - 570 Office Equipment - - - - - - - 611 Interest - - - :Iill - - - ... 'C C""_ 'C"" z.:. .... "- . . 425 - .' . ~ '.' '- . ..., Eauity Transfers -.1'12_ Resid!:Jal Equitv Trans. out - - - - - - - 727 Transfer to Other Funds - - - - . - - ...... - - - 0 - - ... I I I I I. I L .' ~. " .... ......... ,....... 123,334 155,684 182,039 '165,127 137,800 159,540 . 106,300 I I I ..... I I I. I. ..... ..! '" Excess 0' Reveriues'overEXpendihires $ 9,186 $167,682\ $ mile $ 67,244 $ , 17.800\ $/14,940($' 23,700 @ J 11912005 City of Andover 2005 Budget Detail for all Object Codes (Ust each expense account individually with specific cost detail) / Department I Cost Center: Economic Development - 202.41430 / Amount Requested Total Priority Object 2005 2006 2006 1 through 5 Code Explanation Budget Adjustment Request 1-high : 5-low 201 General Office Supplies 2,000 2,000 0 0 Total 2,000 0 2,000 301 Professional Services 3,500 3,500 audit 1,500 1,500 0 0 Total 5,000 0 ' 5,000 304 Attorney 2,000 2,DOO 0 0 Total 2,000 0 2,000 322 Postage 1,000 1,000 Newsletter Publication 0 Total 1,000 0 1,000 330 Transportation 1,200 1,200 0 0 0 Total 1,200 0 1,200 351 Publishing 2,500 2,500 0 0 Total 2,500 0 2,500 360 Insurance 3,500 3,500 EDA Insurance 1,500 1,500 0 Total 3,500 1,500 5,000 406 Contractual Services 1,000 1,DOO Landscaping @ Andover Station 10,000 10,000 0 Total 1,000 10,000 11,000 410 Rentals 0 EDA Share of And Station South Maintenance Agree. 0 0 0 Total 0 0 0 412 Inspections 0 EDA Share of And Station South Maintenance Agree. 0 0 0 Total 0 0 0 416 Computer Services 1,500 1,500 / Page 1 af2 ~ City of Andover 2005 Budget Detail for all Object Codes (List each expense account individually with specific cost detail) ./ Department I Cost Center: Economic Development - 202.41430 I Amount Requested Total Priority Object 2005 2006 2006 1 through 5 Code Explanation Budget Adjustment Request 1-high : 5-low 0 0 Total 1,500 0 1,500 433 Dues/Registrations 800 800 0 0 Total 800 0 800 442 Meals I Lodging 700 700 0 0 Total 700 0 700 443 Continuing Education 1,500 1,500 0 0 Total 1,500 0 1,500 #N/A 0 0 0 0 Total 0 0 0 #N/A 0 0 0 Total 0 0 0 Grand Total for all Expenditures $22,700 $11,500 $34,200 \ ) PageloJl W .s:: i Cl " ~ '" 0 ~ I ti .s:: 'C '" - ) en (ij Ql '" '6 0 '" Cl .a u. 1 i= Ql X .s:: .9 .S - ~ .s:: (ij .s '" U l.J '" 'C f'! t ~ Ql en i5 'S; ~ " ~ 0 -0 '" - .S l.J '" c: '" e - co ~ (ij c: .E .3 u:: '" '6 .~ - c Ql -0 c Ql E " '" 0 0. 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" .. ~ ~ >< >< ~ ~ S!. ~fl! .. li1 ~ tJ .. ::.~ s o o o '" ..... li .c '5 .E '5 o '0 " ~ .! .. c g " .Q !2 c G) CD B c:.. 0 ~ "C '0 ~ 1I US ~ Iii ~~~~i ~:c.5g~ Ul 0; ~ c 0 ~ ~ & ~.; .. ~ N .. 'tJ - - - - CD " .. .. .. " '5 c ,~ '0 '6 .. e s o o o o "', :::. " o. ;;; "', :::. o o o N N '" .".. '0 C .. ., '" '" g 5 'c Q. '0 " .. .. ~ ~ Q. '0 C .. .. @ .... J 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755.5100 FAX (763) 755.8923 . WWW.CI.ANDOVER.MN.US SUBJECT: President and EDA Commission Members Jim Dickinson, City Administrator / Finance Directo~ ') Approve LMCIT Liability Coverage - EDA ~ TO: FROM: DATE: November 15, 2005 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. Finance is recommending continuing with past practice. BUDGET IMPACT No budget impact if the EDA does not waive limits. ACTION REOUESTED The City of Andover EDA is requested to not waive the monetary limits on tort liability established by Minnesota Statutes 466.04. Respectfully submitted, '--- Attachment LMCIT 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 $300,000.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 $1,000,000. 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 $1,000,000. 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 $1,000,000., 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 ofthe 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. The City of accepts liability coverage limits of $ Minnesota Cities Insurance Trust (LMCIT). from the League of 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 completedfonn to LMCIT, 145 University Ave. W, St. Paul, MN. 55103-2044 \ ,,-j Page 1 of 1