HomeMy WebLinkAboutEDA April 15, 2003
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N.w. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 0 WWW.CI.ANDOVER.MN.US
CITY OF ANDOVER
ECONOMIC DEVELOPMENT AUTHORITY
SPECIAL MEETING
April 15, 2003 - 5:30 p.m.
CONFERENCE ROOM A
AGENDA
1. Call to Order
2. Approve Minutes - March 11, 2003
3. Andover Station Wedand Mitigation Plan/Revised Site Plan-
Update
4. Andover Station Residential Development - Update
5. Appeal Request ~ Linder's Greenhouse SUP/Festival Foods
6. Review AL T A Survey - Great River Energy Property
7. Approve Andover Station Maintenance Quotes/03-10
8. Participating Business Program (Carry over)
9. Other Business
10. Adjourn
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, M1NNESOT A 55304 . (763) 755-5100
FAX (763) 755-8923 0 WWW.CI.ANDOVER.MN.US
TO: EDA President and Commissioners
CC: John Erar, Executive Director
FROM: Vicki Volk, City Clerk
SUBJECT: Approval of Minutes
DATE: April 15, 2003
INTRODUCTION
The following minutes have been provided by staff for EDA approval:
March 11, 2003
Regular EDA Meeting (Orttel, Schultz absent)
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Copies of the minutes are attached for your review.
ACTION REQUIRED
The EDA is requested to approve the above listed minutes.
Respectfully submitted,
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Vicki V olk
City Clerk
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CITY of ANDOVER
OVER ECONOMIC DEVELOPMENT AUTHORITY MEETING
MARCH 11, 2003 - MINUTES
A meeting of the Andover Economic Development Authority was called to order by
President Mike Gamache at 7:00 pm. Tuesday, March 11,2003 at the Andover City Hall,
1685 Crosstown Boulevard NW, Andover, Minnesota.
Commissioners Absent:
Also Present:
Don Jacobson, Mike Knight, Julie Trude, Robert Nowak,
Fred Larsen
Ken Orttel, Ed Schultz (advisor to the EDA)
Lee Brezinka, Assistant Finance Director
John Erar, City Administrator
Will Neumeister, Community Development Director
Others
Commissioners Present:
APPROVAL OF MINUTES
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Page 6, under Park Commission Recommended Ballfield Complex, Commissioner Trude
asked that the second paragraph be changed as follows: "Mr. Berkowitz stated the
location of the ballfields and the way they are facing is because of the sun and how the.
balls are played. He also mentioned that it was Mr. Blackstad's opinion there was a
possibility of changing this to a football/soccer complex.
MOTION by Trude, seconded by Jacobson to approve the minutes as amended.
Motion carried on a 4-yes, I-present (Jacobson) vote.
CONSIDER LINDER'S FLOWER MART AT FESTIVAL FOODS
Mr. Neumeister explained that Linder's has requested a special use permit to allow a
temporary greenhouse in the parking lot at Festival Foods.
Keith Ulstad, United Properties noted that they have given Festival Foods the right to do
this. They were told that as long as the city approved it they had no problem.
Caio Cella, Linder's Flower Mart, stated that they are leasing the space from Festival
Foods with permission from United Properties.
The EDA discussed the request noting that there is a possibility of water running in the
parking lot and dirt in the area of the flower mart. It was also mentioned that businesses
\. ) such as these do not pay property taxes
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EDA Meeting
March 11,2003 - Minutes
Page 2
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Mr. Neumeister suggested that a one-year special use permit be issued with a review at
the end of the year to see if it should be renewed for another year. Mr. Erar noted that
Festival Foods is looking at this as a way to attract more customers to the area
Commissioners Gamache and Knight suggested considering the use for a one-year trial.
Commissioners Trude, Larsen, Jacobson, and Nowak were not in support of the use.
No action was taken.
OPTION AGREEMENT EXTENSION WITH UNITED PROPERTIES
Mr. Erar reviewed his staff report requesting the authority to negotiate with United
Properties for a six month option extension agreement on the "release parcel" and a six
month Option Agreement on any developable property created through wetland
mitigation.
Commissioner Trude felt that an estimate of the engineering costs would be helpful. She
also felt that if the wetland were filled in, that property would become more valuable.
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Commissioner Jacobson asked if the wetland replacement is 2 for 1. Mr. Erar stated that
it would be two for one. Mr. Erar explained that United Properties and Ryan Companies
had been meeting more than 4 weeks ago. Meetings were also held with Briggs and
Morgan to discuss the non-compete clause. Preliminary discussions on whether Target
could be relocated to Andover Station south were held, but only after the EDA approved
staff to proceed.
Joe Samuel, RLK Kuusisto noted that they have been working with United Properties.
He presented a concept plan that identifies the wetland basin and explained that they have
reconfigure the entire site. The plan shows two restaurant pads and a 15,000 square foot
retail building. The wetland area is 5.6 acres so 11.2 acres need to be replaced. The first
5.6 acres could be replaced in-kind and the rest as a public value credit.
Mr. Erar explained that a net difference of 125,000 square feet will be created in Andover
Station that could generate a half million dollars in land sales, not including park
dedication fees. The area in Andover Station North is already area that was identified as
wet area The property located under the power lines is useless as nothing can be built on
the easement. Mr. Erar stated that this was considered to be a winlwin situation for the
EDA as United Properties has agreed to underwrite all engineering and development
costs associated with wetland mitigation in Andover Station. The EDA would only need
to provide land for off-site mitigation in Andover Station North.
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Commissioner Jacobson was under the impression that the northeast comer of Andover
Station North could have nothing on it because of the landfill. Mr. Erar stated that he and
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EDA Meeting
March 11, 2003 - Minutes
Page 3
the City Engineer had met with the MPCA and they don't have any objections to certain
types of features being incorporated into that area
Discussion continued on the reasons Target should build in Andover Station rather than
in Andover Station North. Commissioner Knight was concerned that if Target does not
go in Andover Station North there will be nothing there to attract other businesses.
Keith Ulstad stated that in order to get Festival Foods in the EDA approved deed
restrictions for Andover Station and Andover Station North that included the fact that a
grocery store could not locate in either plat. In order for Target to go in, they have to be
satisfied, United Properties has to be satisfied and Festival Foods has to be satisfied with
the type of store they would build. He noted that he has been meeting with both Target
and Festival and they are getting close to a deal. He did note that Target would definitely
not build in the north area
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Commissioner Knight stated that the ponds were to be considered amenities with
boardwalks and trails. Mr. Erar noted that those items could still be a part of the design.
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Commissioner Nowak asked why the lower pond in Andover Station couldn't be moved
to Andover Station North. Mr. Ulstad explained that it's not a wetland but a storm water
pond.
Mr. Erar stated that the EDA could either go with this plan or stick with the original
vision and wait it out. The nice part of this plan is that there is no capital outlay for the
EDA.
Commissioner Trude again stated that the EDA needs to see estimates of the costs. She
asked if we are going to sell land at the same price as three years ago. She feels there is
some tax benefit in having Target here; however, there is a lot of economic information
missing. Commissioner Jacobson agreed that the EDA needs to see a balance sheet
showing what we will be getting and what United will be paying. President Gamache
stated that he is in favor of extending the option and would like to see us get this going.
Commissioner Trude suggested holding a special meeting prior to the next Council
meeting to review balance sheets.
Mike Mulrooney thought that asking for the numbers is heading in the right direction. If
the ponds can be turned into an amenity instead of just holding ponds it will be a nice
, plan. He noted that the EDA isn't approving the site plan tonight but approving an
) extension to the option agreement.
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MOTION by Jacobson, seconded by Nowak that we agree to extend the option agreement
for six months based upon the written materials we have and the points that are listed in
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EDA Meeting
March 11,2003 - Minutes
Page 4
the staff report but with the consideration that if Target does not go in. United Properties
comes back to the EDA immediately and both agree that we re-negotiate at that point the
extended option if need be.
Discussion: Commissioner Trude didn't feel certain she has enough information to know
if the price is correct for the new land.
Motion carried lImmimously.
REVOLVING LOAN PROGRAM -ADDITIONAL INFORMATION
The EDA discussed whether to provide financial assistance to local businesses in the
form of a loan. The loans would not be granted by the EDA unless a financial institution
is involved in the development project. Loans would be a maximum of $1 00,000 to any
company. Lee Brezinka, Assistant Finance Director, explained that the money for the
loans would come from our investment pool, not from the general fund. He noted that
there would be a lot of paperwork for staff.
Consensus of the EDA was that the EDA should not become a lending institution.
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MOTION by Jacobson, seconded by Nowak to discontinue the revolving loan program
proposal.
Mike Mulrooney - suggested the EDA look at a participation loan program where you
work with local lenders to buy down the interest rate. That can eliminate a lot of the risk
and the bank: would make the decision on whether to grant a loan.
Vote: Yes - Jacobson, Nowak, Knight; No - Gamache, Trude
President Gamache asked staff to prepare information on the participation loan program.
MOTION by Jacobson, seconded by Knight to adjourn. Motion carried unanimously.
Meeting adjourned at 9:15 pm.
Respectfully submitted,
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Vicki V olk, City Clerk
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N.W, 0 ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 0 WWW,C1.ANDOVER.MN.US
TO:
EDA President and Board
FROM:
John Erar, Executive Director
SUBJECT:
Andover Station Wedand Mitigation Plan/Revised Site Plan
DATE:
April 15, 2003
INTRODUCTION
Site planning items associated with off-site wedand mitigation and a revised site plan for Andover Station are
nearing completion. United Properties representative Keith Ulstad, RLK Engineering, Tim Kelly from Coon
Creek \Vatershed and City staff have been meeting to develop an acceptable commercial site plan and
wedand mitigation plan.
DISCUSSION
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Representatives from United Properties and RLK Engineering will be in attendance at the meeting to present
the latest version of their proposed site plan. \Vedand mitigation issues to a great extent have been effectively
resolved with the Coon Creek \Vatershed, with wedand mitigation areas effectively being concentrated in
areas with limited development potential in Andover Station North. The EDA Board will be presented with a
wedand mitigation plan at the April 15, 2003 meeting.
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BUDGET IMPACT
In response to EDA Board discussion from the March 11, 2003 meeting, Finance Director Dickinson has
prepared a cost-benefit analysis associated with relocating the Target development to Andover Station South.
Based on Mr. Dickinson's analysis, the benefits of relocating Target to Andover Station are exceptional in
terms of tax base enhancement, generation and timing of tax increment revenues, securing a major anchor,
creating new redevelopment sites and attracting new businesses to the Andover Station area. Jim will be in
attendance at the meeting to present his analysis.
ACTION REQUIRED
The EDA Board is respectfully respected to approve the Andover Station North wedand mitigation plan as
presented and direct staff to move forward in assisting United Properties in securing regulatory approval
from the Coon Creek \Vatershed. Secondly, the EDA Board is requested to provide United Properties with
any site plan comments associated with the development of a Target Greadand in Andover Station.
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N,W.. ANDOVER, MINNESOTA 55304 0 (763) 755-5100
FAX (763) 755-89230 WWW,C1.ANDOVER,MN,US
TO:
EDA President & Commissioners
CC:
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John Erar, Executive Director~~1l-'
FROM:
Jim Dickinson, Finance Director
SUBJECT: Target Relocation Analysis
DATE: April 15, 2003
INTRODUCTION
At the March 11, 2003 EDA meeting during the discussion item, "Option Agreement Extension
with United Properties", a request was made by the EDA to have staff provide an analysis of
what United Properties would be paying for and what the EDA would be getting if the Target
project was to proceed forward as presented. The following provides the requested analysis.
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DISCUSSION
Benefits of Relocation of Target to Andover Station:
Accelerated build-out of Andover Station and positive annual increment of approximately
$250,000.
Creation of approximately 125,000 sq. ft. of additional marketable land that could be sold
as two highly visible sites. If sold at $3.75 a sq. ft would yield additional land sale
proceeds of$468,750 and park dedication of$46,875.
The presence of another anchor business to provide additional traffic flow to other
businesses in Andover Station.
Adequate cash flow is now provided to serve TIP District debt service.
Costs of relocating Target to Andover Station:
Creation of a wetland mitigation area (approximately 4.5 acres of marginal and difficult
to market land) on the Andover Station North site, value unknown.
United Properties would pay for the costs of wetland mitigation plan, excluding land
provided by EDA.
United Properties would pay for the cost of reconfiguring the pond.
United Properties would pay for the costs ofre-grading the Andover Station site.
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BUDGET IMP ACT
The Target relocation eliminates a future cash shortfall for the TIP District.
ACTION REQUESTED
Informational, no action required.
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ully submitted,
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD NW, . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923. WWW.CI.ANDOVER.I\1N.US
TO:
EDA President and Board
FROM:
John Erar, Executive Director
SUBJECT:
Andover Station Residential Development - Update
DATE:
April 15, 2003
INTRODUCTION
Negotiations with Bruggeman Homes are nearing completion. According to Keith Ulstad, Vice
President for United Properties, key issues regarding the sale of the residential site to Bruggeman
Homes have been resolved.
DISCUSSION
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Mr. Ulstad will be in attendance at the April 15, 2003 meeting to provide the EDA Board with a
verbal update of the status of negotiations. It is staffs understanding that Bruggeman Homes has
agreed to a purchase price that will enable the EDA to share in additional land sales revenue from
the site. In addition, Bruggeman Homes is an experienced developer in relation to brown field site
redevelopment and have expressed no significant concerns regarding their ability to market the site
for residential development.
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ACTION REQUIRED
EDA Board information and acknowledgement to proceed with the development of the property as
proposed by United Properties.
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N.w, 0 ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923. WWW.CI.ANDOVER.MN.US
TO:
EDA President and Board
FROM:
John Erar, Executive Director
SUBJECT:
Appeal Request - Linder's Greenhouse/Festival Foods
DATE:
April 15, 2003
INTRODUCTION
Representatives from Linder's Greenhouse and Festival Foods have contact my office requesting
EDA reconsideration of their request to establish a temporary greenhouse retail location in the
Festival Foods parking lot.
DISCUSSION
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Both businesses have submitted written requests to be placed on the EDA Board agenda and will be
in attendance at the April 15, 2003 meeting. My office informed both businesses of the EDA
Board's position regarding their request given various Board member concerns expressed at the
meeting citing parking lot traffic flow concerns, design standards and perceived unfair competition
with similar tax paying nursery businesses.
Attached, please find written correspondence from both businesses requesting an opportunity to
appeal the EDA's position of non-support for a temporary building structure.
ACTION REQUIRED
Consider an appeal request from Linder's Greenhouse and Festival Foods to locate a temporary,
seasonal greenhouse retail structure in the Festival Foods parking lot.
Respectfully,
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CITY OF ANDOVER ~
PORATE OFFICES
W. Wheelock Pkwy.
St. Paul, MN 55117
(651) 488-6717
ax: (651) 488-5726
GREENHOUSES, GARDEN CENTER & FLOWER MARTS ...
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John Erar
City Administrator
City of Andover
1685 Crosstown Bl. N.W.
Andover, MN 55304
April 4, 2003
Dear John,
Recently Linder's submitted a proposal for a spring garden center in front of the new
Festival Food store at Andover Station on Bunker Lake Bl. On March 11 the proposal
was presented to the EDA Committee. After some discussion it was decided not to
forward the proposal to the Planning Commission for their approval.
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We were understandably disappointed. Linder's has been doing temporary garden centers
("Flower Marts") such as these for fourteen years in and around the Twin Cities. We have
always been proud of our operations and have received huge quantities of excellent
comment, both written and oral as to the quality of our products, selection, customer
service and our willingness to stand behind our sales.
We have been working with Festival Foods and their other Knowlan's stores for thirteen
of these years. Marie Aarthun and her staff pride themselves on fIrst quality products and
excellent customer service as well as clean and well staffed stores. Because we are
located at these stores we are held to these same high standards. Throughout these many
years we have developed an excellent relationship with Festival and to this end we would
like to continue and expand with one of our Flower Marts at the Andover store.
Linder's is a family bus mess and has been growing and selling high quality flower and
vegetable plants for over 90 years. We grow most everything we sell other than nursery
stock, some perennials, and specialty items, and have two large growing locations: St.
Paul and Lake Elmo.
We have a large garden center on Larpenteur Ave. in St. Paul where we offer complete
lines of plant materials, garden supplies, and nursery stock for the home gardener. We
also sell some of our Linder's grown plants on the wholesale market. This business was
started by our grandfather in about 1910. He grew celery and other vegetables and
brought them to the local markets for sale. His "truck garden" was successful until a
blight made growing celery impossible. He built some greenhouses and began to grow
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many of the products which we still grow today. Grandfather Albert retired and sold the
business to his sons who operated it for many years.
The next generation bought the company and expanded on the work of our grandfather
and father. Today it is a third generation family business producing first quality crops
for the home gardener and offering many other seasonal items such as Easter Lilies, and
Poinsettias. We work extremely hard to continue our tradition as a first quality provider
of products for the home gardener.
Our name is on this business and we are determined to uphold our reputation as well as
that of Festival and United Properties who own the property. Without this business
philosophy we could not have achieved the successes we now enjoy.
Having written all of this, we would like to have another opportunity to reappear at the
EDA Committee to explain some of these subjects that may not have been explained
clearly enough. I am confident we can allay some fears which the committee may have
had.
Please consider this our request to reappear as soon as possible in order to be able to have
a timely start to the spring season and be able to provide the citizens of Andover with
quality products in a convenient 10catiolL
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Thank you for processing this request.
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Marie K. Aarthun, President/CEO
APR - 8 2003
CITY OF ANDOVER
April 7,
John Erar
City Administrator
City of Andover
1685 Crosstown Blvd. N.W.
Andover, Mn. 55304
Dear Mr. Erar,
I appreciated you taking the time to discuss our disappointment in the request for
special use permit allowing Linder's to place a flower hut in our parking lot.
We were very selective 14 years ago in making the Linder family our partner in
operating the outdoor flower huts. It is a short-term program that our customers have
enjoyed and appreciated the convenience of. .
We will appreciate, along with our customers, your reconsideration of our request. It
would allow the "Andover Station" to draw additional customers and more importantly,
to retain our customers - not having to go to the Coon Rapids stores to purchase outdoor
plants.
Looking forward to a positive resolve.
Sincerely,
J~
Marie Aarthun
President, CEO
Knowlan's Super Markets, Inc.
Festival Foods
Corporate Offices 0 lit East County Road F. Vadn.ais Heights. MN 55127 . (651)483-9242. Fax (651) 483-0622
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CITY OF ANDOVER
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
FROM:
John Erar, Executive Director
SUBJECT:
Review ALTA Survey - Great River Energy Property
DATE:
April 15, 2003
INTRODUCTION
Several months have elapsed since this item was last discussed with the EDA Board relative to
purchasing a parcel of land owned by Great River Energy (GRE) described as Lot A which is
located adjacent to the comer lot housing their electrical substation on the comer of Hanson and
Bunker Lake Boulevards. During this extended period of time, Great River Energy had
commissioned an ALTA survey of the property for purposes of locating and recording power line
easements and other utility encroachments and allowing for the calculation of land which is not
impacted by utility easements.
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Staff has received a copy of the ALTA survey for this site and determined that this site contains
approximately 56,740 sq. ft. of fully buildable property, which is not impacted by utility easements
and/ or encroachments. Development Director Will N eumiester will be making a presentation to the
EDA Board regarding property site characteristics and two alternate site development scenarios,
each of which provide for parking, setbacks and site access. At this point, staff is requesting Board
direction affirming the purchase of the site and directing staff to negotiate a purchase agreement
with GRE.
If the Board may recall, an appraisal was conducted in 2002 that placed the value of this land in a
range of $4.50 to $5.00 per sq. ft, with an appraised fair market value of $459,300 (attached).
However, staff has already indicated to GRE that the land value is negatively affected by utility
encroachments that prevent full utilization of the property thus limiting the market value of the
property. In addition, staff has raised the issue of proximity to the electrical substation
infrastructure, which in itself limits the appeal and marketability of the site. GRE has already
committed to landscaping the area to enhance the aesthetics of the site and buffer any retail
development from directly viewing the substation. Previously, the EDA discussed the landscaping
aspect of this site, and concluded that an enhanced level of landscaping would be necessary to
produce an acceptable result.
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Should the EDA affirm its previous desire to pursue purchase of this property, staff would
recommend that any purchase be contingent on a landscaping plan acceptable to the EDA for the
comer lot housing the substation and that GRE be willing to undertake the landscaping of their
remaining property in 2003.
BUDGET IMPACT
Based on the level of private development interest expressed in early 2002, staff would anticipate
that this site would be appealing to a number of different retail users. The redevelopment of this site
would be a good fit to the" overall redevelopment plan of Andover Station North. Funding for this
acquisition would come from land sales originating from Andover Station and would subsequently
be reimbursed to the EDA upon final sale for redevelopment.
ACTION REQUIRED
Community Development Neumeister will present the ALTA survey to the EDA Board, along with
information relating to site features and characteristics.
The EDA Board is requested to affirm their previous interest in purchasing this property and direct
staff to negotiate an acceptable purchase agreement with GRE.
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United Power Association
Lots A & B, at the NW quadrant of
Bunker Lake Blvd and Hanson Blvd,
Andover, MN
March 14, 2002
Fee Simple
Land
Commercial
General Business District
Lot A - 94,500 Sq. Ft.
Lot B - 55,000 Sq. Ft.
Zone C, Areas of Minimal Flooding
6 to 12 Months
N/A
No sales reported in the-past 5 years.
SUMMARY OF SALIENT FACTS OR EXECUTIVE SUMMARY
Property Name:
Location (address, City, State):
Effective Date of Value:
Property Rights Appraised:
Property Type:
Highest and Best Use:
Zoning:
Land Area (Square Feet)
Flood Plain:
Est. Marketing Period:
Personal Property:
Subject History:
IMPROVEMENT DESCRIPTION
The land is unimproved.
VALUE INDICA nONS
Cost Approach:
Sales Comparison Approach - Land Only:
Income Capitalization Approach:
Concluded Market Value:
FINANCIAL INDICATORS
Market Value Per SF:
(GBA or Land Area)
Overall Capitalization Rate:
Discount Rate:
Est. Market Rent/Basis:
N/A
Lot A $459,300, Lot B $283,800
N/A
$
Lot A $4.86, Lot B $5.16
N/A
N/A
N/A
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CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923. WWW.C1.ANDOVER.MN.US
TO: Economic Development Authority
CC: John Erar, City Administrato!i'ffrv-
David D. Berkowitz, City Engineer \)'Dl>
FROM: Kameron Kytonen, Natural Resources Technician
SUBJECT: Approve Andover Station Maintenance Quotes / 03-10
DATE: April 15, 2003
INTRODUCTION
City staff met with six different landscaping companies interested in reviewing the proposal for
the maintenance of Andover Station.
'. The City received two quotes as of 10 a.m. on April 8, 2003.
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DISCUSSION
Some of the duties the contractor will be asked to perform include spring cleanup, mowing and
maintenance of the boulevards, perennial plantings, miscellaneous maintenance such as trash
cleanup and weeding, and irrigation monitoring such as general operation and repairs.
Here are the quotes from the two landscapers:
Bleeker's Landscaping:
Talberg Lawn and Landscape:
$30,087.50
$51,465.00
ACTION REOUIRED
The EDA is requested to authorize a contract with Bleeker's Landscaping for the maintenance of
Andover Station for the sum of$30,087.50
Respectfully submitted,
,') iJ/ J!Y-
~_/ ~ 7 ~
Kameron Kytonen
@
CITY OF ANDOVER
1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100
FAX (763) 755-8923. WWW,CI.ANDOVER.MN.US
TO: EDA President & Commissioners
CC: John Erar, Executive Directoift-
FROM: Jim Dickinson, Finance Director
SUBJECT: Participating Business Program
DATE: Apri115,2003
INTRODUCTION
At the March 11, 2003 EDA meeting a request was made by the EDA to have staff research a
"Participation Loan Program" and report back at a future meeting for EDA consideration.
DISCUSSION
Staff discussed a Participation Loan Program with two local banks and the mechanics of such a
program. The criteria for when the City would participate would be similar to the Revolving
Loan Program discussed previously with the EDA.
'-. ---,"
Briefly the program would function in one of the two following scenarios:
The Bank would provide a loan to a local business along with the EDA/City in an effort
provide a loan with a lower interest rate, or
The EDA/City would provide additional funding to the bank to facilitate a loan to a local
business that is higher than the ratios the Bank is allowed to give.
In either scenario the Bank would administer the loans, the EDA/City would provide funding to
the bank to facilitate the loans, and the EDA/City would hold a second position on whatever is
securing the loan.
BUDGET IMP ACT
The loans would generate interest income for the EDA/City.
ACTION REOUESTED
The EDA is requested to review, discuss and provide further direction.
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garage door
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. Water faucet in garage for car
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chrome faucet and sprayer
. Food disposal
. Quality vinyl floor covering
. Spacious vaulted ceilings
. Central air conditioning
. Stain resistant carpet
. Decorator lighting package
. Sound absorption channel between
units where feasible for better
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. Fiberglass tub/shower enclosure
. Extra storage and closets
. Three telephone jacks
. Three cable jacks
. Efficient gas forced air furnace
. 40 gal. energy efficient hot water
heater
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