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HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 08-25-2011MEETING AGENDA PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, AUGUST 25, 2011 - 7:00 p.m. WHERE: Parkers Lake Room City of Plymouth 3400 Plymouth Boulevard Plymouth, MN 55447 CONSENT AGENDA All items listed on the Consent Agenda are considered to be routine by the Housing and Redevelopment Authority and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner, citizen or petitioner so requests, in which event the item will be removed from the consent agenda and considered in normal sequence on the agenda. 1. CALL TO ORDER - 7:00 P.M. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from July 21, 2011. B. Plymouth Towne Square. Accept Monthly Housing Report. C. Vicksburg Crossing. Accept Monthly Housing Report. 3. NEW BUSINESS A. First Time Home Buyer Program. Consider forgiveness of First Time Home Buyer loan. B. Vicksburg Crossing. Marketing Report. 4. OLD BUSINESS A. Oppidan Development. Consider request to revise Tax Increment Financing District 1-3 budget to facilitate a new development project. Tabled from July 21, 2011 meeting.) 5. ADJOURNMENT 2.A. DRAFT MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY July 21, 2011 PRESENT. Chairman Jeff Kulaszewicz (arrived at 7:08 p,m.), Commissioners Paul Caryotakis, David Miller, Bob Stein, and Jim Willis ABSENT: None STAFF PRESENT: Housing Program Manager Jim Barnes, Executive Director Steve Juetten and Office Support Representative Janice Bergstrom OTHERS PRESENT: Grace Management Representative Jody Boedigheimer, Paul Tucci, Oppidan, Mark Ruff and Clare Naughton representing Ehlers 1. CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to order at 7:09 p.m. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from June 23, 2011. B. Plymouth Towne Square. Accept June housing report. C. Vicksburg Crossing. Accept June housing report. D. CDBG. Accept consolidated annual performance and evaluation report (CAPER). Motion by Chairman Kulaszewicz to move Item 2.D to New Business 3.1) for discussion. MOTION by Commissioner Willis, seconded by Commissioner Miller, to approve the revised consent agenda. Vote. 5 Ayes. MOTION approved unanimously. 3. NEW BUSINESS A. Oppidan Development. Consider Request to revise Tax Increment Financing District 1- 3 budget to facilitate a new development project. Housing Program Manager Barnes gave an overview of the staff report. Housing Program Manager Barnes said the Nagel Appraisal, which was just received, details an estimated land value of $3,950,000 and $250,000 demolition costs. He said Oppidan has a purchase agreement for $3.5 million. Housing Program Manager Barnes introduced Mark Ruff and Clare Naughton, Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 2 from Ehlers and Associates, who completed a preliminary review of the projected TIF increment. He said their estimated amount is $1,899,645, which is less than Oppidan requested. Commissioner Willis asked if there were any reservations in the appraisal other than the demolition costs. Housing Manager Barnes said the appraisal reviewed this as a land deal, with no consideration for all the improvements. He said they worked with the city assessor to create the value of the different parcels, and added there were no deductions or cost assumptions for the soil corrections which will be needed. Chairman Kulaszewicz asked if the soil corrections will be part of the building estimate versus the land estimate. He asked if the TIF is for highways and clearing the site. Housing Manager Barnes clarified that the soil corrections included in the TIF request would be for the public road and utilities costs. Mr. Tucci estimated 80-90 percent of the soil corrections would be on the approximate four acres on the east side. He said the southeast corner of the senior housing building would have some soil corrections. Mr. Tucci said there was discussion at the Planning Commission meeting about pushing the building forward 20-40 feet. Mr. Tucci said he is encouraging that and they are working with the residents. Mr. Tucci explained the TIF request, which is for the demolition of the existing building, asbestos abatement of the building, parking lot and light fixtures, re- grading, and grading of the new roadway there would not incur a lot of soil corrections. He said there is some contaminated soil which leached possibly from the gas station site. IIe said the soil correction will be reflected in the individual parcels, either by purchase amount or in the development of the building and site work, rather than in the initial infrastructure improvements. Commissioner Stein asked why the TIF is administrative since the HRA Board and City Council approved the TIF district based on a completely different development. Housing Manager Barnes explained that under the TIF statutes certain revisions trigger public hearings and some revisions can be done to TIF plans that are considered administrative. Housing Program Manager Barnes said in this case we are not increasing the budget nor adding additional property into the district - only revising budget line items within the original plan to fit with Oppidan's request of $2 million to assist with the demolition of the existing building and site improvements. Commissioner Stein said he has been working on this site a long time. He said the Dove Capital proposal, in his opinion, would have been an amenity to the community. Commissioner Stein said he is concerned about the alignment of the road. He said he understands the desire of the city to rework the frontage road, but half of the road being developed in the proposed development is a benefit to the project not the city. Commissioner Stein asked if it is possible to isolate that cost of the frontage road as part of the TIF funding. Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 3 Executive Director Juetten said the HRA Board can work the numbers how they want. Executive Director Juetten said the City has asked the developer to create a safer intersection with more stacking distance which results in pushing the road back into their site. If the road were not requested by the City, the developer could have figured out a way to internally serve the McDonald's and the senior building. Commissioner Stein asked if the improved stacking would be for Honeywell. Executive Director Juetten said the improved road would serve the people who live on Cottonwood Lane, Honeywell employees, and people who go to the nearby church. Commissioner Stein said he is very familiar with this road and has never seen cars stacked and is not sure if it is or is not a problem. Commissioner Stein said lie is concerned with the whole project in principle as he looks at TIF funding as a way to serve as an asset or community benefit. Commissioner Stein said he does not see an assisted senior housing project that does not provide any subsidized rents nor a McDonald's as a necessary asset or benefit to the community. He said he is not real excited about this proposal and unsure if he will vote for it. Commissioner Stein said we would not get state support, but the county had planned to straighten Co. Rd. 73, and said the County should participate with Plymouth taxpayers in some of these road costs. Commissioner Willis asked for a comparison of the TIF requests for the Dove Capital proposal and the current proposal. Housing Manager Barnes reviewed the Dove Capital originally requested $2.5 million and the City Council approved $1,687,000. Housing Program Manager Barnes said the Oppidan request is for $2,034,800, and in both cases the Ehlers report indicated the district would only generate approximately $1.9 million. Mr. Ruff noted the requested amount of $1.9 million may be reduced after further analysis of public costs with engineering. Mr. Ruff said the appraisal helps justify the $3.5 million as a reasonable acquisition price. He said an analysis after the lots are finished would determine if what they are selling to the respective businesses and housing groups is market rate. Mr. Ruff said after further analysis they may need to sell it for more than $1.5 million but based on presented evidence the land value is $1.5 million. Commissioner Stein asked if the demolition of the building and land costs were excluded. Mr. Ruff said implicit in Oppidan being a land developer is a profit for them, so they reduced what they viewed as an appropriate profit for this type of development. Commissioner Willis said the approved T1F request for Dove was $1,687,000 and asked what the total project budget was. Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 4 Housing Manager Barnes said the original project budget was estimated at $20 million and the city assessor valued the completed project at $13 million. Mr. Ruff stated the city assessor's value is $18,075,000, and Oppidan estimates $21 million for the proposed project. Commissioner Willis said these numbers seem substantially disproportionate for the TIF to be administrative. Housing Manager Barnes said the Dove development TIF plan estimated costs of $1,028,100 for road improvements, and $228,300 for the installation of public utilities, $430,600, loan interest payments, capitalized interest and administrative expenses of $459,000. He explained those are the line items which are being adjusted or moved and ultimately the bottom line is still 4,595,918 and that is considered administrative under the TIF Statute, Commissioner Caryotakis asked about timing and why the HRA needs to act at this time. Housing Manager Barnes said the economic development package to spur the economy made some modifications to TIF districts that were approved between certain dates. He said if improvements are not made on one of the parcels in this TIF district by May 10, 2013, that parcel would be removed from the district. Housing Program Manager Barnes said TIF money was used for culvert work on two of the parcels. He said by May, 2018, 75% of the TIF must be spent or committed through a "pay as you go note" or bonds need to have been issued. Housing Program Manager Barnes said once a development is approved, that money would be obligated and that requirement would be met. Chairman Kulaszewicz said the proposed assisted living facility is for public good and he does not have a problem with McDonald's since the Holiday station across Highway 55 is open 24 hours a day. Chairman Kulaszewicz said the existing frontage road is a hazard. Chairman Kulaszewicz said in general, he is in favor of this proposal. Chairman Kulaszewicz asked if the developer has to put in more cash if the TIF amount is lower. Housing Manager Barnes said if the HRA Board establishes perimeters for the TIF which are lower than what is anticipated, the developer would have to find the money from another source. Housing Program Manager Barnes said at the conclusion of the project, costs and expenses for roadwork, regrading, etc. would be verified. He explained that if these numbers are higher the developer would cover the difference; if the numbers are lower our TIF contribution would be lowered. Housing Program Manager Baines said the TIF document is the high level document guiding the development and the detail is in the development agreement and the note. Housing Program Manager Baines said these mechanisms are in our system to protect the city, the residents and the HRA. Chairman Kulaszewicz asked if there is anything to compel the developer to sell the third parcel. Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 5 Housing Manager Barnes said that parcel is included in the increment the developer wants to receive. If they don't develop it or the longer it takes to develop, the less money they get from TIF. Mr. Tucci compared the road connections from the Dove Capital plan and the current proposal, and explained they were able to reduce road costs and redesigned the road to create a safer environment. Mr. Tucci explained that the $2 million includes the costs of an infrastructure to make the road safer - as identified by city staff, utilities in the road, dedicate and create a new storm water outlot, and install three vaults which would handle more run off from the road which is not being treated today. Mr. Tucci said they are creating a retaining wall to buffer the edge of the wetland to minimize impacts, removing the existing building, asbestos abatement, grading of parking lot, buying the land and giving 1.5 acres for the right-of-way. Mr. Tucci concurred with Housing Program Manager Baines that they have a huge interest in getting this developed or they will not realize the total value that has been placed as time will run out. He said they are contributing money up front, have a loan with the bank, and over time will garner some of that back. Mr. Tucci said they are prepared to go forward and be said they are negotiating on the third parcel with a medical office user regarding price and deductions for soil corrections. He said there has been contact with another retailer who would use approximately 60% of the site. Commissioner Willis asked if the public improvements and road realignment would be constructed in the first phase. Mr. Tucci said that is a city requirement, and added there is an indemnity and an escrow to ensure the roads are done. Mr. Ruff said if affordability is an important component for the assisted living, he suggested discussion with Shelter Corporation as they have been amenable to agreeing to a certain level of affordability. He said the contract would be with Qppidan but possibly Shelter Corporation could be tied into the development agreement. Housing Manager Barnes said we have not discussed this with Shelter Corporation. He said they had tried that with a bond issue for Summerwood and said much of the $2,000 - $4,000 rent was for services and it is difficult to deal with the service side of the housing costs. He said if Shelter Corporation can determine a base rent, then we could discuss the possibility of soiree type of affordability. Mr. Ruff said they would not guarantee a rent affordability but certain money can go toward lower renting. Chairman Kulaszewicz said he would be interested in more information on Shelter Corporation, Chairman Kulaszewicz said he is in favor of this proposed development. Commissioner Willis said he shares Commissioner Stein's concerns. He said from the council's perspective a lot of time was spent on the Dove Capital proposal which was like frosting on the Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 6 calve, but you didn't get the cake. He said in this instance, one key corner piece is a McDonald's. Commissioner Willis said in his value system of renewal and using tax increment, McDonald's does not do much for employment opportunities, and there are already fast food places along Highway 55. In terms of improvements, it would be a community asset to work with the developer to get the infrastructure replaced. He said he came up with higher numbers than projected by Ehlers. Commissioner Willis said he believes the original developer paid too much for the land, it sold for $6.8 million in foreclosure, and now they will take $3.5 million. Commissioner Willis said we are starting to get some realization of the property value which still seems like a lot of money with the burden of the problems on this site. Commissioner Willis asked how pervasive the petroleum problem will be. He said when the city rebuilt its forced main along Highway 55 in the mid -1970's, there was an explosive atmosphere from leaks in gas tanks at the old gas station. He said that suggests there is something there, which could result in a cost surprise for the developer. Commissioner Willis said he is inclined to not move forward with this proposal until the consultants can provide a more definitive answer on the amount of TIF that might be warranted in this case. Commissioner Miller said he likes this project, but is not too crazy about a McDonald's as there are two within a couple of miles of this site. Commissioner Miller concurred with Commissioner Willis in that he would like to see more definitive numbers before giving approval. Commissioner Caryotakis said there are challenges to develop this property. He said he is hesitant because the use has not been identified for the outlots making it hard to assess the benefit to the city. He acknowledged it is a tough economy to be doing this in. Chairman Kulaszewicz said without assistance from someone, this property may never get developed. He said he has no problem with McDonald's and said it is not his wherewithal to decide which fast food restaurant to go with. He said he is more concerned about the assisted living property and what would occupy the third parcel. Chairman Kulaszewicz said Plymouth is not lacking for places to spend our money; however, a medical facility would be an excellent choice in adding to the cominunity. Chairman Kulaszewicz said he would like to move it forward as presented or table it if the board wants more information. MOTION by Commissioner Willis, seconded by Commissioner Miller, to table the request by Oppidan Development to revise tax increment financing district 1-3 budget to facilitate a new development project to the August 25, 2011 HRA meeting, Mr. Ruff said they will finalize the site improvement budget and will work with the appraiser and city assessor to establish the sale price. MOTION to table seconded by Commissioner Miller. Roll call vote. 5 Ayes. MOTION to table approved unanimously. B. Senior Buildings. Review placement schedules and Vicksburg Crossing long range forecast. Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 7 Housing Program Manager Barnes gave an overview of the staff report. Commissioner Stein asked if the numbers are adjusted for inflation. Executive Director Juetten said no, but the inflation factors could be incorporated. This report is for discussion and suggestions to assist with the budget. Commissioner Stein asked about the $2.7 million balance. Executive Director Juetten said there would be an additional revenue of $340,000 if we continue to put away $84,000, and the debt would be paid off in 2024. Commissioner Miller asked what number would be used for inflation. Executive Director Juetten said there would be variable inflation options of 1, 2, and 3%. Housing Manager Barnes said there is a replacement schedule for Vicksburg Crossing. He said if all the heating/air conditioning units were replaced, the cost of these Magic-Paks would be 580,000. Housing Program Manager Barnes said there is $211,517 in the reserve replacement account, and $60,000 is set aside annually for that account. Housing Program Manager Barnes said the balance starts going negative in 2021, and substantially negative in 2031. He said the debt on this building is set to be paid off in 2036. Housing Program Manager Barnes said without inflation factored, $60,000 may not be the right number. Housing Program Manager Barnes said the board may want to determine a minimum amount to maintain in the replacement reserve accounts. If something major occurred, the HRA general reserves are available. Housing Program Manager Barnes said the City of Plymouth name is on these buildings so we do want to ensure the buildings are maintained properly. Commissioner Caryotakis said we are just getting started with Vicksburg Crossing and now breaking even on an annual basis. He asked if the market will allow us to charge enough money so we can fund more into this maintenance reserve. Housing Manager Barnes said Grace Management's market analysis of rents in the last four years have indicated Vicksburg Crossing is at the high end for rents in its category and market place. If the board were looking to raise rents, consideration would have to be given to the increase in the operating cost and what is left over, or would it be added to the subsidy on an annual basis, Housing Manager Barnes said he and Executive Director Juetten have gathered recent information and feel we don't have to fully fund the reserve accounts. He said there should be a minimum amount maintained. He said if we go under the amount in a given year, we might have to raise the levy or transfer funds from the General Fund reserve. Draft Plymouth Housing and Redevelopment Authority July 21, 2011 Page 8 Commissioner Caryotakis said we are seeing it negative by 2021, but a lot can happen in that time. Vice Chair Caryotakis concurred that it is right to look ahead and set aside a minimum amount in the present budget. Housing Manager Barnes noted that half of the money in the HRA general fund was a transfer over five years ago from a Plymouth Towne Square account that had been left open with some excess reserves. Housing Program Manager Barnes said funds from the general fund could be transferred now to the Vicksburg Crossing replacement reserve. He reiterated there are many options to look at. Chairman Kulaszewicz said his inclination would be to take some funds out of the general fund. He said if the Magic -Pales start going, $200,000 would not last very long. He suggested leaving a moderate annual contribution, but would be more comfortable with an account balance of 300,000. Housing Manager Barnes said rather than rent or levy increases, $30,000 could be taken from the general fund on an annual basis.. Housing Program Manager Barnes added that in the upcoming budget there will be a substantial amount of capital improvements being requested for Plymouth Towne Square. He said 10 boilers are being replaced with 2-3 as technology has improved. He said payback would occur in 5-6 years. Housing Program Manager Barnes said a complete analysis of the exterior and interior common areas revealed a number of areas that need attention. C. Vicksburg Crossing. June, 2011 Marketing Reports. Grace Management Representative Boedigheimer stated there is only one apartment that does not have a deposit on it. She said they continue to have steady traffic and more interested people. Grace Management Representative Bodigheimer said there is a need to upgrade the website as the current one is basic and not very interactive. Chairman Kulaszewicz asked if there have been comments regarding the website. Grace Management Representative Boedigheimer said many seniors know how to get to the Internet. She said the photo gallery page should be updated. Chairman Kulaszewicz asked if the website is owned by the property or the city. He asked if city staff could update the website. Housing Manager Barnes stated that there is a link to it from the city's website, but it is a stand alone website. Executive Director Juetten asked Grace Management Representative Boedigheimer to research and recommend a website that could be used as a model. Commissioner Willis suggested Office Support Specialist Shelia Langer could update the photos. Draft PIymouth Housing and Redevelopment Authority July 21, 2011 Page 9 Grace Management Representative Boedigheimer said the current photos are from when the building was first built and the trees have grown since then. Housing Manager Barnes asked for information regarding upgrading the website before the budget process. Housing Manager Barnes said he did not know the urgency of the request, but as more buildings are built for the senior population there is more competition. He said this needs to be considered down the road. Commissioner Stein concurred. D. CDBG. Accept consolidated annual performance and evaluation report (CAPER). Chairman Kulaszewicz discussed Hammer Residence and said $15,000 was spent twice to redo two units. He asked if the board wants to continue with Hammer Residence or consider bringing in some other groups to serve more people with less money. Housing Manager Barnes explained that while the CDBG funding is more flexible than other IIUD programs, it does have restrictions. For instance you wouldn't be able to take the Hammer funding and put that money toward some of the social services. Housing Program Manager Barnes said we are already capped out at the 15% maximum that we give to social service agencies, so you wouldn't be able to fund CAPSH or Tree House, or another social service at a higher level. He added that Hammer is a non profit social service agency, but we are doing redevelopment for them so it is outside of that cap. He said money could be taken from Hammer and given to the first time homebuyer or rehab programs, but we would have to ensure those programs are not overfunded. Housing Program Manager Barnes said we would not want to get into loan guarantees or economic development because of the burdensome restrictions with the CDBG regulations. Housing Program Manager Barnes said there is a 16% reduction for 2011 and anticipates another 16% cut for 2012 in the budget overall. He said we were at $324,000 in CDBG funding in 2003 and are now at $238,000. MOTION by Commissioner Willis, seconded by Commissioner Stein, to accept the consolidated annual performance and evaluation report (CAPER). Vote. 5 Ayes. MOTION approved unanimously. 4. ADJOURNMENT MOTION by Commissioner Miller, seconded by Commissioner Caryotakis to adjourn the meeting at 8:46 p.m. MOTION approved unanimously. F& PLYMOUTH TOWNE SQUARE MEMORANDUM To: Jim Barnes From: Lori Jackson, Managing Director, Plymouth Towne Square Date: August 16, 2011 Re: PTS Monthly Report for July 2011 August Newsletter and Calendar attached July Financial Statement attached Occupancy/Marketing New resident moved into apartment 120. Resident internally moved from apartment 318 to 126. No notices to vacate. Currently there are 120 individuals on the one bedroom wait list and 30 names on the two bedroom wait list. Administrative/Building Operations Plunkett's Pest Control. $7189.14 DorGlass replaced broken windows in several apartments. $1828.87 Collins completed the annual inspection of the fire alarm system and emergency call system. $1068.00 15500 37th Avenue North • Plymouth, MN 55446-3250 Phone: (763) 550-9525 - Fax: (763) 551-0144 Owned by Plymoudt Housing and Redevelopment Authority EnviroClean jetted out the garage floor drains and pumped out the sand traps. $744.14 St. Croix Company, new outdoor tables. $2296.76 Western Waterproofing injected two conduit pipes to seal leaks in the electrical panels in the garage. $950.00 Kaufenberg Drywall repaired ceiling and drywall from leaks incurred this winter. $1250.00 A Women's Touch painted the guest bathroom, walls and ceiling from leaks incurred this winter. $95.00 Motzko Plumbing and Heating Company repaired leaks in the hot water circulation line in the garage. $702.45 Automatic Garage Door replaced a broken spring on the east garage door and two new springs were ordered to keep in stock. $758.38 Owens replaced a bad capacitor for the condensing unit fan. $125.72 Interior Design replaced carpet and vinyl for turnovers in apartments 126 and 120. $4917.34 Interior Design replaced vinyl in apartment 329 due to a damaged floor. 1001.06 (this cost was absorbed by Plunketts) Interior Design re -stretched carpet in apartments 302, 307 and 329 due to pest control. $540.00 Resident Services Residents continue to work on their flower and vegetable gardens. Parsley, basil, mint, chives, green beans and zucchini are available for all residents to harvest. Residents are continuing to hold cookouts on Wednesday evenings. July Birthdays were celebrated with brownies and ice cream. Balance Sheet PLYMOUTH TOWNE SQUARE As Of Jlu[y 31 ,241 1, ASSETS CURRENT ASSETS M I PETTY CASH M I OPERATING ACCOUNT M I SEC DEPOSIT CASH ACCOUNT INVESTMENTS -WORKING CAPITAL FUND INVESTMENTS - NEW DEBT SERVICE ACCOUNTS REC-TENANTS INTEREST RECEIVABLE ACCOUNTS REC-OTHER PREPAID PROPERTY INSURANCE PREPAID OTHER TOTAL CURRENT ASSETS FIXED ASSETS LAND SITE IMPROVEMENTS BUILDING BUILDING IMPROVEMENTS FURN, FIXT & EQUIP -GENERAL FURNITURE & FIXTURES - HOUSEKEEPING COMPUTERSIOFFICE EQUIPMENT ACCUMULATED DEPRECIATION TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND DISCOUNT DEFERRED CHG - ORIG ISS COSTS DFFERRED CHG -BOND ISSUANCE COSTS DEFFERED CHARGES -BOND ISSUANCE COST 2011A TOTAL NON-CURRENT ASSETS TOTAL ASSETS Ending Balance 500 53,123 48,652 815,567 3,447,612 205 1,900 908 9,355 3,570 459,247 111,390 5.7G7.619 301,779 237,041 8,696 13,060 2,895,234) 30,241 17,009 22,095 37,468 Total 4,381,592 4,003,597 106,812 8,492,001 Balance Sheet SQUARE As Of July 31,201t Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 9,990 ACCRUED PAYROLL 3,044 ACCRUED COMPENSATED BALANCES 906 ACCRUED INTEREST 51,696 ACCRUED REAL ESTATE TAXES 16,947 ACCRUED OTHER 644 TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 47,809 BONDS PAYABLE 3,490,000 BONDS PAYABLE- SERIES 2011A 3,244,509 TOTAL LIABILITIES EQUITY RETAINED EARNINGS RESERVED FOR DEBT 115,170 SERVICE RETAINED EARNINGS 1,469,977 TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Total 83,227 6,782,319 6,865,545 1,585,147 41,348 8,492,041 and Loss Variance LYMOUTHTOWNE SQUARE Trough July 31,2011. 2TMENT RENTAL REVENUE INDIVIDUAL AGE RENT ST ROOM REVENUE DRY REVENUE JCATION FEE REVENUE 45FER FEE REVENUE STMENT INCOME ELLANEOU8 REVENUE INCOME MANAGER SALARIESIWAGES PAYROLLTAXES HEALTH INSURANCE WORKERS COMP INSURANCE MAINTENANCE SALARIESfWAGES MAINTENANCE ASST SALARIESAVAGES EMPLOYEE COSTS SEMINAR/TRAINING BANK FCFS DUES SUBS & MEMBERSHIPS CICENSF, & PERMITS MILEAGE REIMBURSEMENT POSTAGEIOVERNIGHT EXPRESS PRINTING MANAGEMENTFEES PROFESSIONAL FEES TELEPHONE EXPENSE EQUIPMENT LEASE7REPAIR OFFICE SUPPLIES MISCELLANEOUS ADMIN EXPENSE TOTAL ADMIN EXPENSES RESIDENT SERVICES RESIDENT PROGRAMIACTIV}TIES TOTAL RES SERV EXPENSES CAARKLTING PROMOTIONALIPARTIFS TOTAL. MARKETING EXPENSES HOUSEKEEPING CONTRACT LABOR CLEA(+11NG SUPPLIES TOTAL HOUSEKEEPING EXPENSES MTD Aclual Budget Var. YTD Actual Budget Var. Year Budget 50,342 49,016 1,326 362,628 343,112 8,916 588,192 20,000 20,000 0 140,000 140,000 0 240,000 2,860 2,790 70 20,124 19,530 594 33,480 50 160 100) 1,000 1,050 50) 1,800 99B 865 43 5,644 6.055 211) 10,380 70 53 17 350 371 21) 636 350 0 350 350 350 0 100 475 475 0 2,377 3,325 946) 5,700 488 20 468 841 140 701 240 76,644 73,369 2,175 522,915 513,933 8,982 881,128 3,884 3,855 429) 26,707 26,905 278 46,260 523 548 25 4,248 3,836 412) 6,575 843 1,366 523 5,488 9,562 4,074 16,392 176 110 466) 1,417 770 647) 1,320 1,550 1,456 94) 10,604 10,192 412) 17,472 856 775 81) 5,638 5,425 213) 9.300 45 220 175 338 1,540 1.203 2,640 25 15 1 n) 270 105 165) 180 4 3 1) 39 21 18) 36 0 0 0 0 50 50 110 0 0 0 0 0 0 894 31 55 24 305 385 60 560 6 10 4 94 70 24) 120 0 9 9 150 63 87) 108 4,400 4,400 0 30,800 30,800 0 52,800 352 270 82) 1234 1.890 656 3,240 440 443 5) 3,122 3,101 21) 5.316 222 130 92) 1,230 910 320) 1,560 47 92 45 976 644 332) 1,104 0 10 10 0 70 70 120 13,411 13,767 356 92,659 96,419 3,760 166,205 81 226 144 1,743 1,650 93) 3,950 81 225 144 1,743 1,650 93) 3,950 0 15 15 0 105 105 180 0 15 16 0 105 105 180 1,429 1,500 72 10,009 10,500 501 18,000 69 179 110 1,186 1,235 49 2,130 1,497 1,679 182 11,186 11,735 549 20,130 Profit and Loss Variance PLYMOUTH TOWNE SQUARE JWV 31.201 MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING & GROUNDS CABLE TV EXPENSE 58 74 16 407 518 111 BBB UTILITIES -ELECTRICITY 2,384 2,500 116 14,121 13,000 1,121) 23,600 UTILITIES - GAS 657 fi00 57) 16,268 16,109 168) 26,590 UTILITIES - WATERISEWER 942 980 38 4,653 4,930 277 8,490 WATER SOFTENING SERVICE 401 305 95) 2,017 2,135 118 3,660 DOORS, KEYS & WINDOWS 1,829 420 1,409) 3,022 2,940 82) 5,040 FIRE SYSTEM SERVICE 1,158 323 835) 4,532 2,261 2,271) 3,876 LAWN SERVICEILANDSCAPISNOW RMVL 837 1,440 603 10,789 10,080 709) 17,28D PEST CONTROL 7.189 0 7,189) 7,565 320 7,346) 640 TRASH REMOVAL 672 629 43) 4,821 4,403 418) 7,548 UNIT TURNOVER REPAIRS 6,458 2,250 4.20B) 23,423 15,750 7,673) 27,000 RESERVEIREPLACE CAPITAL EXPENSE 2.297 0 2,297) 3,994 8,000 4,006 8,000 ELEVATOR -REPAIRS & MAINTENANCE 454 550 96 3,855 3,850 5) 6,600 REPAIRS & MAINTENANCE 4,286 2,200 2,086) 24,658 19,840 4,628) 28,115 BUILDING & GROUNDS SUPPLIES 661 1,050 389 5,835 7,300 1,465 12,550 HVAC- REPAIRS& MAINTENANCE 344 1,500 1,156 6,209 10,500 4,291 18,000 MISCELLANEOUS B & G EXPENSES 0 15 15 0 105 105 180 TOTAL BUILDING & GROU N DS 3D,628 14,836 15,792) 136,279 122,632 14,247) 198,961 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,353 2,359 4) 16,647 16,513 134) 28,308 PAYMENT IN LIEU OF PROPERTY TAX 2,421 2,423 2 16,947 16,061 14 29,076 TOTAL OTHER OPERATING EXPENSES 4,784 4,762 2) 33,595 33,474 121) 57,384 TOTAL OPERATING EXPENSES 50,401 35,304 15,697( 275,462 265,415 10,047) 446,819 NET OPERATING INCOME I ( LOSS) 25,143 38,065 12,922) 247,453 246,518 1,0651 434,369 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 16,450 16,450 0 115,148 115,150 2 197,400 AMORTIZATION EXPENSE 465 465 0 3,256 3,255 1) 6,580 INTEREST EXPENSE 12,924 12,924 0 87,741 90,468 2,727 153,735 TOTAL DEPREC, INTEREST & OTHER 29,1139 29,839 0 206,145 206,673 2,728 356,715 NET INCOME I (LOSS) 4,6961 8,226 12,922) 41,306 39,645 1,663 71,594 3 C z y N ul W 7 N 4 ZLLr N N N m W } t2 W y W NOw W wn W W 2 { F ¢ p[ W S W li z W z a qLL 3 W u5 z d z j j Z w ] w r m w 4 a wawrc z 3 w W. w w z x w> w Z W LL UU z N 2¢ N Z 7 LL LL W w Z U [7 W O W W ? 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W V~ WZ W W Q m w O o o O o 0 0 0 0 0 v O o O v o 0 0 0 0 0 O O O o 0 0 O W M a m 0 W w W a N o w K a g Z N z 0 x o ¢ W Y K a w g W On M a 3 z a v v o v v a a v a o a o 0 0 0 o b o o d e o 0 0 0 0 0 w` oN O M d U0 0 Lu o a N a oM a 0 0 0 0 0 0 o v v o a o v a v v o o v o 0 o a a o 0 0 w w` o y N a 4 0 0 o. o 0 o v a A o A o 4 v a o P 4 0 0 o c a v o 0 Wa 4d' 2 4 S F W o Z m F W O W N F W a o 4o O W p F o O U a S LiW a o W~ zaDzww Fj ID°> j 3 u. g a r K w a w [ r 41 IV N g rWp ¢ Z r LL z w0 z Lu a M p_ C M V e - 7 wry N V W a w o ry m r r a rn 6 M N ry p r N e- d RQ M a m N Q LL O N o0wN d 17 a N Y r - N N OMO N - 1 00 - 1 O N A NWN W R N W w WrczuwC ui w w 7a. W V~ WZ W Nuj w NO W r W O oyF W N f a z oS ~¢ 1° °C W m a fz z w w W w W a N o w K a g Z N z 0 x o ¢ W Y K a w g w w wOWmr w( a o M Z? z W W w z m Y" Z Z, W Z_ R' g V 2 o a m O Z a w? w W w W 2 U O W w ~ z y N cWi } g n ° rc a w ff z z u w l7 LL W 7 K =e n 7 r qF O[ D W W W12 Z W 0 muZww ° rc yd? IL;7Fr0 rc z Wa 4d' 2 4 S F W o Z m F W O W N F W a o 4o O W p F o O O LiW a o W~ zaDzww Fj ID°> j 3 u. g a r K w a w [ r FOa Q O w g rWp ¢ Z r LL z w0 z A 0 IYA lx NEW RESIDENT Welcome to Linda Bardes in apartment 318. We are very happy to have youl MEMORIAL FUND You can still donate to the hearts and memorial fund even though we are no longer using the envelopes for rent checks. Just put your donation in the box along with your check. Your continued support of this fund is appreciated. GARDEN There is basil, mint, parsley and chives for harvest in the community garden. Also coming, green beans and zucchini. Please help yourself. EVENTS Night to Unite is Tuesday, August 2nd from 6-9 pm. Please purchase your tickets from Lori. We will be having a BBQ dinner from Dickey's and Kristy on the accordion. Drawing with door prizes too! Taylor Marie's will be here Friday, August 5t" from 10-12 noon. Lots of great deals! LLI WLOLO U) aaNaaNaaAaaN V ULUdam' C1lLUIt Z Z W Z ' qt Z ' oar oar oar oar to r N N w . w ul ur ro L U ro L U ro U ro U a- uo F- d Lo H a- Lo HIL u-) E E E E E E E E E E E E m CLCL m 0- CL ro as ro CL CL 000 000 000 000 crSOo NcnOo t*]oo tp m0o W) oo It m r co It co r co -r c4 N oo r co Q) L O Q7 L O QS b IIS L O O UU UU UU UU is C a) mcu C 2 m C Q) 40 C Q7 C QS C_ QS 7cu C_ m QS C m Q) f0 C mm7m CL aOf4QO. Q G,- CL a iY 70 0 0 0 0 0 0 0 0 0 0 0 0 0 crSOo rcn00 ap ch9Q V) c000;0 meo r Omr-- r. 0) m i m L U L U z U L U U m mmmm 0 co 0 L*] 0 N c? 0 V M 0 Cq co r oo r ao N oo ri o0 a T a) of O a) T p of cn a) a, O a a a) y TJZ3 a 2 0 f>7 (n O U cn L O C U (LS CO L O U co L O C r U ro [!) s- Qu,3rn/ro I U V QNNro 7 C U Q a3: ,ro 1 C V Qulur/sad 1 C C QN3 ro C) 1 C U a n E C saa a E V= a'E a wE C ro(D (DE 202 a s2 202 a 2 a 05 a 00000 0000 000000000 00000 oc*NoO 0c*00 p0c*Noo 0Co p ocri 00 N of M CO LO W m Oi ri io r M of CO LO N o) of co io Lr1 bi ai Ci iCj a) t CO L 0 L U)oU L CO oUL t _U) oUL o LUa m a 0 rn 0 a tf m mmmmm m ECJ E ECJ E ECJ E a E0 E ECJ E U Q ID , d m Q m I? ro r CD- CDO O c*6o o— o c 6l O o 60 o T 0 N coo O— O CC) C; r co 00 00 ti r co — l- N oo N co r l r co I r N N I Vclzsln- g Crossing MEMORANDUM To: Jim Barnes From: Sara Paquette Date: August 15, 2011 RE: Vicksburg Crossing Monthly Report for July 2011 August Newsletter and August Calendar attached Rentals: As of July 31 st, we have 88 occupied apartments with 5 vacant, and we have 5 deposits at this time, giving us a total of 0 apartments available to rent. The Low Income Apartment waiting list now has 40 names so I have been adding interested people to the list. Listed below is a breakdown of units that are occupied and vacant. Style (Total #) Square Feet Bedrooms Occupied Vacant Deposits Est'd Move in Style A (23) 850 Sq Ft 1 Bedroom 21 2 1 September I Style C (8) 884 Sq Ft 1 +Den 7 1 1 August 12 Style C2 (8) 950 Sq Ft 1 +Den 7 1 2 September 15 August 1 Style D (8) 1187 Sq Ft 2 Bedroom 7 1 1 September I Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 0 Style E (7) 1055 Sq Ft 2 Bedroom 7 0 Style E2 (3) 1055 Sq Ft 2 Bedroom 3 0 Affordable 725 Sq Ft 1 Bedroom 33 0 0 TOTALS 89 3 5 Y-., -- - -.. ) X3155 V(icksburg bane N • Plymouth, PIN 55447 • Pho, 763) 559-1877 • Fax (763)559-0144 • www.6.p1ymoulb.nm.us Qnaxed by Plvmoudi 11nusing and Redew1upmentlLulhoiity 121 EQUAL HOUSING OPPORTUNITY had one move out during the month of July. We had two move ins both into one bedroom market rate ketin On September 15t' we anticipate the building will be fully occupied. We have a waiting list for our l argest 2 bedroom apartments. We continue to take names and information for people that are interested in 17 living at Vicksburg Crossing but do not need to move immediately. Due to our vacancy rate, we are not planning an open house in September this year and instead would like to look at ways we could improve our website. Resident Services Ve were lucky to get a beautiful day for our July family picnic at the Parkers Lake pavilion. Approximately 30 residents and family members attended. We served Potbelly sandwiches, fruit, potato salad, veggie tray, and cookies for dessert. Everyone enjoyed the location and the food. Me had our monthly birthday party on Thursday, July 21 st we had cake, ice cream, and coffee. We decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The residents stood if it was their birthday and we sang Happy Birthday. We also give residents a card on their birthday. e had to have the carpet stretched in apartment 106, which is occupied, and in apartment 201 to prepare r a move in. Balance Sheet VICKSBURG CROSSING As Of July 31,2011. Ending Balance ASSETS CURRENT ASSETS M I PETTY CASH 721 M I OPERATING ACCOUNT 303,870 M I SECURITY CASH ACCOUNT 56,606 INVESTMENTS -WORKING CAPITAL FUNO 216,517 INVESTMENTS - OEBT SERVICE 418,217 ACCOUNTS REG -TENANTS 130) INTEREST RECEIVABLE 680 PREPAID PROPERTY INSURANCE 9,957 PREPAID OTHER 801 TOTAL CURRENT ASSETS FIXED ASSETS LAND 874,593 SITE IMPROVEMENTS 238,793 6UILDING 9,025,428 FURNITURE, FIXTURES & EQUIP -GENERAL 348,957 COMPUTERS/OFFICE EQUIPMENT 4,711 ACCUMULATED DEPRECIATION 1,718,976) TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND ISSUANCE COST TOTAL NON-CURRENT ASSETS 55,821 Total 1,007,240 8,773,506 55,821 TOTAL ASSETS 9,836,566 Balance Sheet iC9 U R G C R 05Si As Of July 31,2011. Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 8,865 HEARTS & MEMORIALS FUND DONATIONS 221 ACCRUED PAYROLL 3,044 ACCRUED COMPENSATED BALANCES 906 ACCRUED INTEREST 239,220 ACCRUED REAL ESTATE TAXES 29,370 ACCRUED OTHER 254 TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 53,484 BONDS PAYABLE 10,235,0D0 BOND DISCOUNT 29,452) TOTAL LIABILITIES EQUITY RETAINED EARNINGS -RESERVED FOR DEBT 487,762 SERVICE RETAINED EARNINGS (1,100,315) TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Total 281,881 10,259,032 10,540,913 612,553) 91,793) 9,836,566 rofit and Loss Variance iC'"`S JRG CROSSING Through July 31,2011. APARTMENT RENTAL REVENUE APARTMENT RENTAL REVENUE -COUNTY HRA SUBSIDY - TAX LEVY GARAGERENT GUEST ROOM REVENUE APPLICATION FEE REVENUE TRANSFER FEE REVENUE INVESTMENT INCOME MISCELLANEOUS REVENUE TALINCOME MANAGER SALARIES PAYROLLTAXES HEALTH INSURANCE WORKERS COMP INSURANCE MAINTENANCE SALARIESIWAGES MAINTENANCE ASST SALARIES EMPLOYEE COSTS SEMINAWYRAINING 13ANKFEES DUES, SU13S a MEMBERSHIPS LICENSE 8 PERMITS MILEAGE REIMBURSEMENT POSTAGFJOVERNIGHT EXPRESS PRINTING MANAGEMENT FEES PROFESSIONAL FEES TELEPHONE EXPENSE EQUIPMENT LEASEIREPAIR OFFICE SUPPLIES TOTAL ADMIN EXPENSES RESIDENT SERVICES RESIDENT PROGRAMIAGTIVITIES TOTAL RES SERV EXPENSES AARKETING POSTAGE PRINTING ADVERTISING PROMOTIONALJAAR'I'IFS TOTAL MARKETING EXPENSES j40USEKEEPING CONTRACT LABOR CLEANING SUPPLIES TOTAL HOUSEKEEPING EXPENSES MTD Actual Budget Var. YTD Actual Budget Var. Year Budget 82,516 85,899 3,361) 585,574 597,793 12,219) 1,022,918 2,967 2,546 421 20,721 17,622 2,899 30,552 2,000 2,000 0 14,000 1009 0 24,000 2,925 2,1125 0 20,641 20,473 166 35,100 0 98 BB) 160 686 506) 1,176 70 35 35 420 245 176 420 0 29 29) 500 203 397 348 170 170 0 1,096 1,19D 92) 2,040 377 400 23) 3,160 2,SOD 360 4,800 91,027 94,102 3,075) 646,394 655,214 8,620) 1,121,354 3,864 3,855 29) 26,707 26,985 278 46,260 523 548 25 4,248 3,836 412) 6,576 840 1,365 526 5,203 9,562 4,359 16,392 153 110 43) 1,132 770 362) 1,320 1,550 1,456 94) 10,604 10,192 412) 17,472 856 775 81) 5,638 5,425 213) 9,30D 45 220 175 335 1,540 1,203 2,640 0 25 25 245 175 70) 30D 4 5 1 20 35 15 60 0 10 10 50 70 20 120 0 0 0 876 576 O 576 31 55 24 305 385 60 660 12 2 10) 81 14 67) 24 0 4 4 O 28 28 4B 4,006 4,000 0 28,000 28,000 0 48,000 484 160 304) i,380 1,260 120) 2,160 481 477 4) 3,366 3.339 27) 5.724 63 140 77 440 1,026 580 1.726 fit 78 16 946 630 315) 1,020 12,988 13,306 318 89,576 94,148 4,570 160,676 314 250 54) 1,734 1,750 16 4,250 314 250 64) 1,734 1,750 16 4,250 0 17 17 59 119 60 204 0 5 5 0 35 35 60 0 700 700 2,346 4,900 2,554 8,400 0 U 0 351 5UU 149 1.100 0 722 722 2,756 5,554 2,798 9,764 996 980 16) 9,628 6.86G 232 11,760 197 70 127) 824 490 334) 840 1,193 1,050 143) 7,452 7,350 102) 12,600 Profit and Loss Variance VICKSBURG GROSSING 4 1y 31.X911. MTD Actual Budget Var. YTD Actual Budget Var, Year Budget BUILDING S GROUNDS CABLE TV EXPENSE 67 116 49 420 812 392 1,392 UTILITIES -ELECTRICITY 2,754 2,365 389) 15,473 14,405 1,068) 24.630 UTILITIES - GAS 598 500 6) 15,600 16.200 600 25,900 UTILITIES - WATERISEWER 1,069 1,225 155 6,330 7,450 1,120 12,775 WATER SOFTENING SERVICE 148 140 8) 868 980 112 5,680 DOORS, KEYS 8 WINDOWS 0 75 75 496 525 29 900 FIRE SYSTEM SERVICE 53 255 202 4,323 1,785 2,536) 3,060 LAWN SERVICEMNOSCAP)SNOW RMVL 837 1,425 588 10,347 9,975 372) 17,100 PEST CONTROL 0 0 0 322 330 8 666 TRASH REMOVAL 687 503 184) 4,865 3,521 1,344) 6,036 UNIT TURNOVER REPAIRS 998 1,600 602 11.651 11,200 451) 19,200 RUSERVF1RFPLACE CAPITAL EXPENSE 0 0 0 0 3,000 3,000 3 000 ELFVATOR-REPAIRS 6 MAINTENANCE 384 378 6) 2,672 2,646 26) 4,536 REPAIRS & MAINTENANCE 0 1,000 1,000 12,643 16.900 4,357 21,900 BUILDING 8 GROUNDS SUPPLIES 454 550 97 3.608 3.850 242 6.600 HVAC- REPAIRS B MAINTENANCE 697 750 53 4.010 5.250 1,240 9,000 MISOFLLANEOUS B B G EXPENSES 0 i5 15 0 105 105 180 TOTAL BUILDING & GROUNDS 8,655 10,897 2,242 93,529 96,934 5,405 156,549 OTHER OPERATING EXPENSES PROPERTY& LIABILITY INSURANCE 2,492 2,677 185 17,659 18,739 1,180 32,124 PAYMENT IN LIEU OF PROPERTY TAX 4,196 4,20D 4 29,370 29,400 30 54400 TOTAL OTHER OPERATING EXPENSES 6,688 6,877 189 46,929 46,139 1,210 82,524 TOTAL OPERATING EXPENSES 29,038 33,102 3,264 241,978 255,675 13,897 42B,365 NET OPERATING INCOME I ( LOSS) 61,189 61,000 189 404,417 399,339 5,076 692,909 OEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 30,723 30,723 0 215,058 215,051 3 368,676 AMORTIZATION EXPENSE 325 325 0 2,278 2,275 3) 3,900 INTEREST EXPENSE 39,071 39,9711 1) 279,874 279,090 216 478,440 TOTAL OEPREC, INTEREST& OTHER 7D,919 70,918 1) 496,21D 496,426 216 651,016 NET INCOME 1 (LOSS) 9,73D) 9,91H) 188 191,793) 97,087) 5,294 15B4O27) C N C) U ~ » D N r E o 0 0 0 0 0 0 0 o p o 0 0 0 0 0 0 o g p a 6 a v v a v v O v O v v v O v v p C r W O E N O r N d N Q 0 0 0 0 0 0 0 0 0 p o 0 0 0 0 0 0 0 0 o p o 0 0 o p g o p p p 6 4 q O 6 0 O CW h 0 0 m a z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o a p q p p n a UO E o 0 0 0 0 0 0 0 o p o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o p o o p o o p q q p C W 6 E ry O p a m U) E p o 0 0 0 0 0 0 0 0 o p p o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 a o 0cr w o E ry CL 4 O p r pa tlld 3 c a 0 m OI r N N R E m m N AM n. a a W m ry N . - q e • mr a `m N n o o H o o » oq » c{ o ry ry m m r N a m WE N m4 C4 rl n e v r r O a 2 W U N Z W w w W N a z x zyzy w o ya} C a eXe N F z w w W W W 7 z 2 J pw Wu} G 2 U 4 Zqui a x z r w a o w CL w u 3 a y z f w w "' w tt 4 F s W. 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N N o 9 0 o O o O o 0 0 0 0 0 0 0 0 O O O O o 0 o O O ac r W a a N O r d a 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 e o a 0 0 0 ry 0 0 0 0 0 0 m 0 o iL 3 m N m b m N O m N n o P N ry d 7 N r CL m C r W c m < y OommOooNOOr ^ pOpffmF A W mQ V W n m y pN O 0. ry .- r ry Y 0 rN, N M ti V Q a r W p n p m N w m o b o ID Y rJ rvo n N ry w r N a N 0. Zl 1.a rmi m ry m n N r 1Op LL V r W Na a m< b r m' O w m o m ry I N C N Q A N Q At N N a n In wzzx III Wa w r cti z w N Jn r X N K ° 3 Z m V P W Z W G w 47 W z w 7 4 7 z a c9 W F- Z _ N a ¢ w a w a a N 6 ar W W US a4¢ a s F--' m W z a ;E° C7 a W L' n a w z w z w w g rc a i ? J °° z ? z w O ww 3 N w> ° o Q W m w z rc F o 4 a a m w w w W Y N m °, w o z °; J uj W z a lxz LU - 0q'` m O W a F OJ W¢ O w F 2 m F- w a ~ O W W Q q r0 F- z 0 z Viii lldx rg Croi5siXIg August 2011 There is a lot to look forward to in August. All the wonderful foods har- vested this time of year are now available at the Plymouth Farmers Mar- ket, which is located in the Life Time fitness parking lot. It is open Wednesdays from 2:30 to 6:30. August is also the month the State Fair be- gins, which for me has always been synonymous with the end of summer. Some people will look forward to the change in weather, July brought us some very hot and muggy days, but our summers are short so I think we should enjoy this final month. Our Night to Unite party is the perfect way to celebrate Au- gust. It is the first Tuesday in August, and it is one of the best parties at Vicksburg Crossing, so I hope many of you W ill be able to attend. It offers a good opportunity to meet new neighbors or visit with friends, eat good food and en- joy the music. The party is Tuesday, August 2nd at 5:30. We will be having a cookout with brats, hot dogs, potato salad, beans, watermelon, chips, dessert and beverages. Musical entertainment will be provided by Gary and Sue, Gary plays the piano and keyboards and Sue is the vocalist. The music will begin at 6:00. Their repertoire includes songs I'm sure many residents will be familiar with. It is not required, but any residents who would like to donate either food for the local food shelf, or back -to -school supplies for children in the community, please bring your donation the night of the party. Nail Clinic We have a nail clinic scheduled for Thursday, August 11th be- tween 1:30 and 3:30 in the Community Room. They will soak your feet, trim your nails and provide a hand massage. If you are interested there is a sign up sheet outside my office. We have 2 new residents this month. Kathy Paciotti in apart- ment 310 and Anne Anthonie in 201. Welcome to Vicksburg g' Crossin t Taylor Marie's Fall is right around the corner, and I don't know about you, but my wardrobe could sure use some updating. Taylor Marie's will be here on Wednesday, Au- gust 3rd from 2-4 in the community room. It's a great time to shop without the hassle of the back -to -school crowds! Plunkett's Pest Control Mike, from Plunkett's, will be here on Wednesday, August 17th at 10:00. Residents will have time to visit, drink coffee and have a snack before he starts his presentation. He is coming to provide residents with information about bed bugs. Recently bed bugs have made a comeback nationwide, with cases being found in homes, apartments, hotels and hospitals. The resur- gence may be linked to increased international travel, changes in pest control or insecticide resistance. Bed bugs do not occur because of poor housekeeping, they are likely to appear in a household where someone has been traveling or has had visitors who have traveled. They also tend to be found if someone recently acquired used furniture. Mike will have a lot of use- ful information and residents should feel free to come with questions. j Building and Maintenance Update As I walk through the garage lately I have noticed items accumulating in front of parking spots, please be careful not to store too many items in your under- ground parking stall. We have an annual inspection and last year residents were asked to remove certain items. Items allowed in the garage are wind- shield washer fluid, folding metal grocery carts and walkers. Our cable television in the community room has been upgraded. Residents will now be able to watch the Twins play! You need to use only the new re- mote and there is a list of channels (circled in black ink) that are now avail- able. Emergency Generator Due to several power outages lately, it has been brought to our attention that residents are not aware we have an emergency generator. The generator pro- vides power so that during an outage our elevators operate, we have hallway light, some electricity in the community room, and our garage door works. When we do have a power outage all the magnetic fire doors close, including the doors elevator lobby doors on each floor, although the doors are closed, the elevators are still operating. When these doors close during a fire alarm however, residents should not take the elevator. r j Spaulding Reminder: Resident Meeting We discussed upcoming events. We had 3 residents volunteer to r do the grilling for our Night to Unite party. Some residents expressed concern that the lights are being left on in the trash rooms. Please be sure to turn off the light when you leave the trash room. We have put up signs by the light switch to rimminrl n=cirIj=n+e The next resident meeting will be on Wednesday, August 3rd at 9:00 in the Community Room. Our Happy Birthday to the following residents this month: August Birthdays will be celebrated on Thursday, August 18th in the Community Room. The birthday celebration is open to all residents who wish to come down and help us celebrate. Even if it's not your birthday) birthday party is always on the 3rd Thursday of the month. Al Keding August 6th Mary Templeton-Bukowski August 7th Margot Schuleman August 12th Clay Hagen August 14th Sharon Langland August 15th Russ Peterson August 15th Jacquelyn Casey August 19th A Z1 yy Z1 yy ti jda 01 _p O Z O T d Q • pOiO 0Q o oa 2 o 2 m Q m Q po Q to Q omo _m o m 0 m ylb lb m 16 Its Ol ilk m m a m o m acom o cw a Z Q Gp a 'o m °_' m a, Q Q Q ' Q Q Q to ' _ • ' .' ' • ' V n CN b ti a co O 0 O O Ch O O i V O i~i.y R k Agenda Number 3. ' ` • PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Kip Berglund, HRA Specialist through Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: August 25, 2011 SUBJECT: First Time Homebuyer Loan Forgiveness Request — Consider request to forgive the existing loan for property located at 13730 54"' Avenue North, #204 BACKGROUND: The Plymouth HRA has received a request for full forgiveness of a first time homebuyer loan. The loan was issued to Luke and Amy Davey on August 19, 2002, in the amount of $19,700.00, The loan assisted in the purchase of the property located at 13730 50' Avenue North, #204, 55446. The terms of the loan are a zero interest, zero payment, 30 -year forgivable loan. The amount that is required to be paid back decreases by ten percent (10%) each year from year 20 to year 29 and is ultimately forgiven at year 30 (2032). The home is a two-bedroom townhome located in The Reserve. The purchase price was $168,115.00. This is the fifth workout/forgiveness request that the Plymouth HRA has received in the past four years. Due to the existing terms of the loans being zero interest, zero payment 30 -year deferred loans, workout options/forgiveness of loans have not been the policy. The HRA Board did recently allow a workout of an existing loan where a portion of the loan will be paid back at closing and the remaining amount will be paid back over a period of time not to exceed ten years. The current guidelines regarding loan forgiveness state: Generally, the HRA will require that all First Time Homebuyer loans be repaid. However, the HRA may waive repayment if the homeowner can prove a documented financial hardship. This hardship may include the homeowner not having the resources to pay the HRA's loan back (requires a denial letter from one or more financial institutions) or the property value declining since the HRA's loan was taken out. In addition, the HRA may consider forgiving a portion or the entire loan amount if the Page 2 homeowner is facing foreclosure and forgiving the loan, or a portion thereof, will assist the homeowner in restructuring their mortgage so they can remain in the home. The HRA will not consider forgiveness of the loan for the reasons stated above if the homeowner's reason for selling is to purchase a larger home unless there is severe overcrowding in the home. Severe over crowding means that there are more than two persons per sleeping room in the home. A living room is considered a sleeping room for this purpose. Due to their expanding family, the Davey's would like to sell their townhome and move into a larger single-family home with three to four bedrooms. They have three children ages nine, seven and five months. The Davey's put their home on the market in January 2011 for 179,900.00. The home is cui eptly listed for that same price and has not had a lot of showings, The 2010 assessed value was $168,500.00, the 2011 assessed value is $158,200.00. The Davey's have asked that their first time homebuyer loan be forgiven due to falling property values and their lack of savings to pay-off their loans at the point of sale. The home remains at the above listed price in order to payoff their existing mortgage of $150,500.00, the Plymouth FTHB loan and realtor fees. With a further reduced asking price, they would be in a short sale situation. In 2004, Amy lost her job as a youth pastor and no longer works. Luke currently works full-time for Grainger and parttime at the Central Middle School ice arena. With their current income, asset and debt information that was submitted with the loan forgiveness request, it appears that their monthly income exceeds their monthly obligations with an excess of over $1,500.00. RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners discuss the loan forgiveness request for the property located at 13730 54" Avenue North, #204. ATTACHMENTS: 1. Forgiveness Request Letter May 5, 2011 Plymouth City Hall C/O HRA Manager 3400 Plymouth Blvd. Plymouth, MN 55447-1482 MAY 9 2011 Oi'NNUT To Whom It May Concern: We are writing to request that our loan from the City of Plymouth would be forgiven due to financial hardships we have been facing. In 2004, Amy's job as a youth pastor was lost due the merge of our church with another. Her income was our house payment. With that loss, we had to refinance our mortgage to make ends meet. Since then, we have been working hard to pay back the debt we accrued that year, working multiple jobs at times, while raising our 2 children. We currently are living in The Reserve neighborhood in a 2 -bedroom town home. We have been Plymouth residents for over eight years. At the surprising news that we were expecting our third child in February 2011, we began the preparation for selling our home. Our home has been actively on the market since January 4, 2011 with little action. From the advice of our realtor, we need to lower the price of our home to be competitive with homes selling in our area. But with the loan we have with Plymouth, it would put us as a short sale to do so. Also, with the property value of our home dropping $20,000 in the last year, makes things even harder to keep our heads above water. We would ask that you look at our situation and take the next step to help us sell our home and move towards our future. We thank you for your time and consideration of our request. Sincerely, f Luke & Amy Davey 13730 54'x' Ave N #204 Plymouth MN 55446 612-720-2444 IV_ T mcksburg Crossing To: Plymouth Housing and Redevelopment Authority From: Sara Paquette Managing Director Date: August 15, 2011 Subject: Vicksburg Crossing Market Report July Inquiry/marketing activity recap is as follows 3.a PhonelInternet Inquiries 17 phone calls from different people inquiring about apartments for themselves or family members. 0 7 people made appointments to come in and see apartments. 0 9 people did not make appointments to see the apartments. The rates were too high, they were looking for assisted living or they were just interested in having information sent. We will follow up with these people. o We received 3 emails from people who found us on our web site. Walk-in Traffic 4 people came in as walk-in traffic in July. Interest Timeline for Move In Of the 11 people that came into the office (either set up appointments or came in as walk-in traffic): o 2 selected an apartment and put down a $500 deposit. o 5 people were looking for a new home within the next 6 months. 0 1 was looking for a new home within 6 -12 months. 0 0 were looking for a new home beyond 12 months from now. 3155 lfic)Zsliurg I ane N • Plymouth, MN 55447 • Phone (763)559-1877 + Fax (763)559-0144 • Rmw.6.plvniouth.rrmn.us Owned by PlpnouLh Housing and RedevelopmenL lout} ority 12Y EQUAL HOUSING OPPORTUNITY Interest Level by Apartment Style Of the total of 24 contacts (the sum of phone calls, emails and walls in traffic). 0 10 people were interested in information on low income I were under the impression we had subsidized housing o 4 people were most interested in moderately priced 1 bedrooms 0 1 was most interested in a 1 bedroom with den o 2 people were most interested in 2 bedrooms o The remaining wanted pricing on several sizes. They were more interested in price. Ongoing Uarketing Strate ies — Update July Marketing Medium Frequency Cost Results Recommendation Sun Newspaper Typically 1 x 475 Good Continue, alternate mo. wI Lakeshore page Weekly Lakeshore Weekly Typically 1 x 450 Good Continue, alternate News mo.; wl Sun Sailor — page Brochures placed in Ongoing Nothing Keeps our Continue as Senior Centers of more than info in permitted Crystal, Hopkins, cost of the circulation. Robbinsdale, and brochure Maple Grove also PCC & City Hall. VC Website Ongoing 50 mo Typically Tracking inquiries. receive several inquiries a month Open House Twice a year. Approx. Was very We are not Try to coincide 350 successful. planning a fall with a resident Gave a lot of open house this party. tours. year. We Prospects anticipate the impressed wl building will be building & fully occupied in apartments. September. Agenda Number 4. PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: August 25, 2011 SUBJECT: Oppidan Development — Request for TIF assistance and Modification of TIF District 1-3 (Tabled from July 21, 2011 meeting) BACKGROUND: At the July 21, 2011 meeting, the HRA Board discussed the request to modify the Tax Increment Financing (TIF) Plan for the HRA TIF district 1-3. Oppidan has submitted a development application for the redevelopment of the Plymouth Shopping Center, which is located on Highway 55 just west of County Road 73 (see attached location map). The Board heard testimony from the developer as to the need for TIF assistance and a review of the project from staff. The Board tabled this item because the City Council had not considered the development application and they wanted some additional review completed on the costs associated with the TIF request. Staff asked the City's Engineering Division to review the costs associated with the TIF request to determine if they were in line with current costs for similar infrastructure projects that have been completed recently in the city. The Engineering department was able to review some of the submitted costs that were relevant to work the City is commonly involved with. This includes installation of the new roadway, ponding, improvements to Highway 55 and re -grading the site after demolition. In their opinion the costs Oppidan has presented the City are reasonable and in line with current costs for similar types of improvements. We have also asked the developer how they arrived at their costs. They indicated that the costs are preliminary cost estimates they have received from contractors based on the current plans. These costs will be further refined when the developer receives actual bids for the work, which will be one of the factors that will be used to establish the TIF assistance if it is approved. In addition to the costs submitted with the TIF application, the developer has indicated to the City that there will be additional costs associated with the soil contamination clean up and the need to relocate a gas line that is currently under the frontage road. These additional costs are estimated to be $350,000. The Board should keep in mind that the eligible costs that could be included in the TIF may exceed the amount of TIF that is available or awarded by the HRA. If this is the case, the developer would be responsible for the additional costs. The City Council will consider the development application on August 23`d and staff will provide the Board with an update on this item at the meeting. RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners consider the tag increment financing request by Oppidan Development. ATTACHMENTS: 1. Staff report and attachments from the July 21, 2011 meeting 2. Resolution Agenda Number " PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: June 23, 2011 SUBJECT: Oppidan Development — Request for TIF assistance and Modification of TIF District 1-3 BACKGROUND: In October of 2006, The City Council approved the creation of Tax Increment Financing District 1-3 on behalf of the Plymouth Housing and Redevelopment Authority. This district was established at the request of Dove Development tq facilitate the redevelopment of the Plymouth Shopping Center, which is located on Highway 55 just west of County Road 73 see attached Location Map). Dove's proposed development never made it past the approval stages for a variety of reasons including the economic down turn and the high cost of the site. The properties involved ultimately went into foreclosure and Minn.west Bank took over the site. Over the past couple of years, staff has met with a number of developers and the bank regarding possible development dptions. While some of these options came close, the developers never submitted an application for new development to the City. In the fall of 2010, Oppidan Development began discussions with the City about the possible redevelopment of the site. Staff has been working with Oppidan and the Bank to put together a redevelopment project that would fit with the surrounding area and enhance the site. Oppidan has submitted a development application for the redevelopment of the site that would include a 4 -story senior assisted living facility; a McDonald's restaurant and a yet to be determined commercial/office use on approximately half of the site. The Planning Commission reviewed the plan at their July 6"' meeting and continued the matter to the July 20`h meeting. The Planning Commission asked the developer to provide some additional studies on the proposed uses. Staff will provide an update of the July 20th Planning Commission meeting to the Board the night of the HRA meeting. TAX INCREMENT FINANCING REQUEST: Oppidan has requested $2,034,800 in TIF to assist with the demolition and site improvements. Attached is the TIF application which details their request including the breakdown of the uses of TIF, Staff has also requested that an independent appraisal of the land be completed to verify the value. This appraisal will be provided to the Board at the meeting on July 21St Ehlers has completed a review of Oppidan's request and provided an initial TIF Assumptions report to determine the amount of increment that may be possible. As you can see on page 3 of the TIF run, the anticipated increment available to the developer would be 1,899,645. This is lower than their request and will most likely be adjusted as more detailed information becomes available. RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners consider the tax increment financing request by Oppidan Development. ATTACHMENTS: 1. Location Map 2. TIF Application 3. TIF Preliminary Assumptions 4. TIF 1-3 Plan Modification 5. Resolution ROC HRA TIF District 1-3 APPROVED OCTOBER 24, 2006r10.5 0w 1 2 C ity of Plymouth Miles City of Plymouth, Minnesota Community Development Department 3400 Plymouth Boulevard Plymouth, MN 55447 763) 509-5400 Fax (763) 509-5407 APPLICATION FOR TAY INCREMENT FINANCING A. PROJECT: 1. Name: Address: Telephone: Fax #: Contact Person 3 CROSSROAD COMMONS Oppidan, Inc. 5125 County Road 101, Suite 100, Minnetonka, MN 55345 952-294-0353 952-294-0151 Paul Tucci ---- Email paulQo idan.com Brief Description of the project: The current property that is Crossroad Commons has become a blighted property aj eyesore for the Highway 55 corridor in the area, the residents of the area and the City There have been previous attempts to redevelop this property but all have failed for v reasons. This development proposed for Crossroad Commons will include the demolition i vacant building and adjoining asphalt parking area currently on the property, re -grad that portion of the property, grading and construction of a new frontage road (incl sidewalks, boulevard landscape, lights and utilities as required, all to City stane modifications to Highway 55 and County Road 73 (as required by MNDOT and Her. County) and initial development of a 90 unit Senior Housing complex and a 5,000 S. food restaurant, with an additional 4+1- acres available for development. Address and/or Legal Description of Site. 11255, 11015 & 11013 State Highway 55. PID Numbers: 35-118-22-14-0026 3 5-118-22-14-0023 36-118-22-23-0007 36-118-22-23-0008 4. Proposed Project: Building square footage, size of property, description of bui materials, etc. Attach site plan, if available. The proposed property currently consists of approximately 20 acres. The property will platted into three (3) buildable lot areas, consisting of approximately 9 acres of buildat an elf. Oils the of ling ds), pin fast area and the balance being, either non -buildable outlots or wetland areas. Initial buildings w'11 include a 4 -Story, 90 unit senior assisted living facility comprising approximately 130,000 gross square feet and a 5,000 square foot fast food restaurant. Building materials for the senior facility will include siding, brick/stone accent areas, glass and other accent materials and amenities will include a parlor area, wellness center, activity area, beauty salon/spa, chapel, restaurant style dining area and rear patio and garden area overlooking the wetlands. The fast food restaurant building materials primarily brick on the all sides with accents of EFIS, arch elements and canopies. Colors for the brick will generally be earth toned. Future construction on the remaining land will be designed to integrate color and design elements where possible. A Site Pian is included with this application. 5. If property is to be subdivided, describe division planned. Subdivision of the property is planned. The platting will result in 3 buildable lots (of which 2 have identified users of senior housing and fast food) and 3 outlots (Outlots A & B are not buildable and Outlot C may need to be part of a future R -O -W alimnent). A copy of the plat is attached. Lot areas are: Senior Development Lot: Fast Food Restaurant Lot: Future Dev Lot -- Outlot B: Outlot A — Road Pond Area: Outlot C — Potential Future ROW R -O -W Dedication. 3.56 Acres 1.45 Acres 10.42 Acres (includes a Wetland area) 40 Acres 80 Acres 2.51 Acres 6. Estimated Project Costs: (Please enclose construction proforma, if available) SITE DEVELOPMENT a. Land Acquisition S 3,500,000 b. Site Development (a further breakdown is attached) 1,659,450 c. Buildina Cost 0 d. Equipment e. Engineering FeeSNiPCA Costs/Trafficc 125,000 f. Legal Fees 2,000 g. Financing Costs 0 h. Broker Costs/Development Fee 250,000 2 i. Contingencies 100,000 j. Other (please specify) City Fees & Interest 135,000 TOTAL 5,794,450 7. Total Estimated Market Value at completion (Land co $12/s.£) $ 4;700,000 8. Source of Financing a. Equity b. Bank Loan c. Tax Increment Assistance d. Industrial Revenue Bonds e. Other (please attached description) 9. Form of tax increment financing: X Pay as You Go or Bond Issuance 10. Name & Address of architect, engineer and general contractor. 259,650 3,500,000 2;034,800 Site Development Engineer — Dan Parks, Westwood Professional Services 17699 Anagrain Drive, Eden prairie, MITN 55344 Senior Housing Engineer - Dan Parks, Westwood Professional Services 7699 Ana -gram Drive; Eden prairie, NN 55344 Phonz (952) 937-5150 Senior Housing Architect — Jill Krance, ESG Architects, 500 Washington Avenue, Minneapolis, MN 55415 Phone (612) 339-5508 l-lcDonalcl Architect —Trish Rothe; Kimley Hoin, 2550 University Avenue West, quite 238N, St. Paul, IVN 55114 Phone (651) 643-0470 McDonald's Architect James Hergett, Reprise Design, 12400 Portland Ave, Suite 185, Burnsville, T N 55337 Phone (952) 252-4042 IL Estimated real estate taxes on project site upon completion of project. Please show calculations) Senior Housing — Estimated Value of $12,200,000 Tax=1.75% of Value or $213,500 McDonald's — Estimated Val -Lie of 52,150,000 Tax = 3.25% of Value or 569.875 Future Lot Retail/Office Estimated Value of 57,000,000 Tax = 3.25% of Value or 5230,750 12. Project construction schedule: a. Construction Start Date. Fall, 2011 b. Construction Completion Date: Winter 2012 c. If phased project: 2011 35% Complete 2012 65% Complete B. TAX 11 1CREMENT FNANCING REQUEST: 1. Describe amount and purpose for which tax increment financing is required. The Tax Increment Financing Request is for $2,034,800. These dollars will be used to pay for the following items: building and parking lot demolition, building hazardous materials abatement, re -grading of the building pad and parking Iot demolition areas, roadway grading, roadway pending, utility work in the roadway, demolition and abandonment of utilities as directed by the City, installation of new roadway, installation of new path along roadway, installation of roadway landscaping and lighting, Highway 55 modifications, City fees (including TIF application fee, traffic analysis, etc.), geotechnical and environmental costs related to the new roadway, MPCA required remediation and clean-up costs, the land value of the roadway area dedicated to the City and/or Co{mty and the land value of the outlets dedicated for pending of the new roadway (Outlet "A' } 2. Statement of necessity for use of tax increment financing for project. Current cost estimates for the project total approximately $5.8Uf, of which S3.51vf is land and the balance is for demolition, public roadway improvements and infrastructure improvements in the area. The residual value of the remaining buildable lots is estimated to be approximately $4.7M, using an average valuation of land at 512 per square foot on the 9 acres of buildable land area. Without the inclusion of Tax Increment Financing for this project, the owner/developer would not move forward to complete this project, given the resulting economic realities. The inclusion of TIF allows the owner/developer to move forward and complete the required improvements 11 both on-site and off-site), deliver to the City a new; integrated commercial district and clean up the blighted area that exists today. 3. Please indicate how the project and use of T.I.F. would meet one or more of the following goals: job retention, job creation, head -of -household jobs; affordable housing or ta"t base expansion. The project and uses within this development would create an expansion of the tax base and create newjobs for the City. The estimated property valuations upon completion would be approximately $21 M. New jobs would also be created. The Waters Senior Housing facility is estimated to add 30-40 new frill time jobs and 20-30 new part time jobs. The wage ranges for the full time jobs would be $40,000-580,000 for Executive/Management positions and 25,000-$80,000 for nursing/staff positions. The wage range for part time jobs W' ould be dependent on the person education/training and experience level but would fall into the annual range as stated above. McDonald's would add approximately 15 newfull time jobs and 50-60 new partime jobs. The actual number of jobs will depend on the sales generated at the location. Wage ranges for the full trine jobs would be $12-20 per hour. The wage range fol part time jobs would be $7.75-$12 per hour. Additionally, there will be additional development on the 4.25 acre parcel on the east side of the site. Currently, we have both office and retail user interested in the site. We feel that this site will add a significant amount of jobs, both full and part time, to this site. Last, there will be numerous construction jobs at this location. From the work to complete the infrastructure to the construction of the Senior Housing facility; Restaurant facility and the building(s) on the remaining parcel, the numb&r of construction jobs would be in the 100's. 4. Municipal Reference (if applicable). Please name other municipalities wherein the applicant, or other corporations the applicant has been involved with, has completed development within the last ten years. —Minnesota Only Deals City of Minnetonka — Goodwill City of Minn etorika— Sports Coinplex City of Minnetonl a — MGM Liquor Warehouse City of Maple Grove — MGM Liquor Warehouse City of Rosemount - Cub Foods & Adjoining Retail City of Victoria — Sports Complex City of Eden Prairie — Multi -Tenant Retail City of Eden Prairie --- Gander Mountain City of Belle Plaine — Coborn's/TVIcDonald's City of St. Paul — Cub Foods & Adjoining Retail City of Hibbing — Walgzeen's City of Hibbing — Multiple Retail Buildings City of Blaine — Gander Mountain City of Blaine — Northern Tool City of Blaine — Multi -Tenant Retail City of Spring Lake Park — Multi -Tenant Retail City of Vadnais Heights — Sports Complex City of Faribault — Multi Tenant Retail City of Owatonna — Multi Tenant Retail City of Marshall — Multi -Tenant Retail City of Woodbury — Gander Mountain City of Woodbury — Multi -Tenant Retail City of Woodbury — Goodwill City of Hennantown (Duluth) — Gander Mountain City of Duluth — Multi -Tenant Retail City of Mankato — Gander Mountain & Gordman's City of Big Lake — Coborn's City of Arden Hills — Cub Foods & Adjoining Retail City of Northfield — Cub Foods City of Coon Rapids - Cub Foods & Adjoining Retail City of Mankato - Cub Foods & Adjoining Retail City of Brainerd - Cub Foods & Adjoining Retail City of Shakopee — Target -Kohl's & Adjoining Retail City of Red Wing — Econo Foods & Adjoining Retail 5. Applicant acknowledges and agrees that all fees and expenses in in connection with this application or establishment of the TIF District, whether or not approved, will be paid by Applicant. Fees include, but are not limited to, consultant fees, attorney fees, staff time and publication of notices. The City requires the applicant to provide an initial escrow amount of $20,000 along with this application that will be used to cover the above fees during the process. If the costs exceed the above amount the City will request additional fiords to be deposited with the City. The Applicant shall hold the City, its officers, consultants; attorneys and agents harmless from any and all claims arising from or in connection with the Project, including but not limited to, any alleged or actual violations of any State or Federal securities laws. Applicant recognizes and agrees that the City reserves the right to deny any Application for Tax Increment Financing at any stage of the proceedings prior to adopting the resolution approving the district, that Applicant is not entitled to rely on any preliminary actions of the City prior to the final resolution, and that all expenditures, obligations, costs, fees or liabilities incurred by the Applicant in connection with the Project are incurred by the Applicant at its sole risk and expense and not in reliance on any actions of the City. The undersigned, a duly author zed representative of the Applicant, hereby certifies that the foregoing information is trete, correct and complete as of the date hereof and agrees that the Applicant shall be bound by the terms and provisions hereof and of the City's Policy and Procedures attached hereto. an DATE: June 15. 2011 Applicant: Oppidan, Inc. 5125 County Road 101, Suite 100 Minnetonka, MNI 55345 By: Paul T ci Its: Vice President torus/fir) 0 0 0 0 0 O 0 0 0 0 0 0 0 0 0 0 0 0 0 0000Ln0000000000u10QOOd 13 LO Ln 00 00 00 N n D M Ln 00 0 a 1 W 0 Ln 0 0 Co ap LL N r- l6 7 00 Lr rl N O N O 00 O) C LO G)CD m d C 01 LD li a LO Ui OQ 1- N 00 M lf1 fr1VON pz ci rl Gr ri ci C aC0 4-- 7 Z D m op N a L aJ utop cc W oop,0 Qj 0 0 0 0 o o o L a o o obaa00000oa0000000000Oo a Z5_ roo Lo 0 0 0 0 O a a 0 0 0 0 0 0 0 0 0 0 0 0 0 LL c n 0 0 0 0 O O d O 0 0 a d 0 0 0 a 0 Ln u1 apa) R, 0 0 0 0 0 0 0 0 0 O a Ln O L, m m Lf) Q O to In m C O Lv J I n c U O I 0 IC O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OO00Lnd0000000000000000LnCDLno000m E m Ln m 0 0 r -I m 0 0 0 0 0 d' 4 O f H H f l0 O 00 Ln I- N A N O 00 01 0 U-1 CD0 a) 0 eMtm0O1C6mc. O a'q cn G) CO d LD O oO Ln N ci Ln 0 O G) E C Lf1 a) O pp l I 1 H v H H H W i O N ri H n r, U rr I C O L Q J Ln C06 y QJ u L tA Ca bA O p v to O m a E i C LU C LLU V C O cU Co U a) a) O- 0.0 O O O v a t! t!r trr trr th ih th i!} th th th th i!} i/ th ih iJ' t!} V} th t/? th Q) O ap 7 C tw C tip Q C_ bQ O pz U C 4-- 7 Z D m op L aJ utop cc Qj L ro O 0 o Z5_ wU y.l U Z3 R, Ln Ql Q to In C O Lv J I n U O I 0 IC O C 3 a m m O uO OC O c O O c O a) Q 4 U v L E E O ra cv O U vaic o a) 2 a) v o c d O y Q a) v vl 4 O m cn E c p 2 U j C 3 u. b a) a) O pp O L v W O CUCClQCOLQJLnC06yQJ u L tw Ca bA O p v to O m a E i C C C LLU V C O cU Co U a) a) O- 0.0 O O O v a c a 7 d M v O v Q v a) O l c U LL v a) m a. o a) d Value ding Cost Work Solt Costs TEAL VALUE ESTIMATE a,Tax Estimate St. -Housing -1.75% Of Value Retail/Commercial - 3.25% of Value Tdal Estimated Taxes on Completion Assumes 35,000 s -f- of Building on 4.3 Acre Site ESTIMATED SITE VALUIES CROSSROADS COMMONS The Waters 1,5()0,000.00 8,700,000.00 1,000,000-0() 1,000,000-00 12,200,000. 00 213,500.00 514,125.00 69,875.00 $ 230,750-00 LaMd McDonald's RemaEning (1) 725,000.00 2,10bl000.00 1,000,000-00 3,50D,000.00 300,000.00 1,000,000.00 125,000-00 500,000.00 2,150,000-00 7,1ob,000.00 69,875.00 $ 230,750-00 qe a o o ***-. ? lZ;e;e 1 rbp O OOOY1 heti O N O q O rlM O u' pp ryM1N O N O h c! bra °O r. -r mo amrP O 4 Z O C u Q C ..J E O v LL c c C S N Q m o} E v y d o E E? m mcoumca r9C D a} U m ... 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Appendix -A Section l - Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-3 AS MODIFIED JUL Y 21, 2011) The City Council originally adopted a TIF Plan for District No. 1-3 on October 24, 2006, The Housing and Redevelopment Authority in and for the City of Plymouth (the "Authority") is the administrative agent for District No. 1-3. No redevelopment has occurred to date on the project due to a variety of circumstances, including the slow down in the real estate industry in the past four years. The Legislature has recognized the difficulty in achieving new development and in 2009 authorized tax increment financing districts approved between 2005 and 2009 to extend both the "four year knockdown rule" and the "five financing rule" to six years and 10 years respectively. The Authority proposes to modify the budget for the TIF Plan for District No. 1-3 to account for a different costs associated with a proposal by Oppidan to develop a 90 unit senior housing rental building, a fast food restaurant, and a future commercial/retail building of approximately 35,000 square feet. The fiscal implications of this development are less than what was contemplated in the original TIF plan. The modified budget below reflects the new proposal as well as new guidelines from the Office of the State Auditor This modification is an administrative modification only which does not require a public hearing nor a 30 day notice to the affected County and the School District. A development agreement has not yet been negotiated with Oppidan, but is expected to be considered by the Authority in 2011. Estimated Sources of Revenue The total estimated tax increment revenues are shown in the table below. SOURCES OF FUNDS TOTAL Tax Increment 4,500,000 interest 95,918 Total 4,595,918 Housing and Redevelopment Authority in and for the City of Plymouth Tax Increment Financing Plan for Tax Increment Financing District No. 1-3 2-1 Estimated Public Costs The budget set forth below reflects the Authority's estimate of the amount of tax increment necessary for project completion. USES OF FUNDS TOTAL Land/Building Acquisition 275,000 Public Utilities 10,000 Site Improvements and Preparation Costs 1,000,000 Other Public Improvements 50,000 Administration 5450,000 PROJECT COST TOTAL 2,425,000 Interest 2,170,918 PROJECT AND INTEREST COSTS TOTAL 4,595,918 Housing and Redevelopment Authority in and for the City of Plymouth Tax Increment F€rnancing Plan for Tax Increment Financing District No, 1-3 2_2 Appendix A Map of Redevelopment Project Area No. 1 and Tax Increment Financing District No. 1-3 HIAA i IF District 1-3 Plymouth Crossroads Station ro 1 o_s o t 2PcityofPtymouth reit ti Housing and Redevelopment ALAhority in and for the City of Piymouth Tax Increment Financing Plan for Tax Increment Financing District No. 1-3 Appendix -A HOUSING AND REDEVELOPMENT AUTHORITY N AND FOR THE CITY OF PLYMOUTH CITY OF PLYMOUTH HENNEPIN COUNTY STATE OF MINNESOTA RESOLUTION NO. 2011-05 RESOLUTION ADOPTING AN ADMINISTRATIVE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMTENT FINANCING DISTRICT NO. 1-3 WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Housing and Redevelopment Authority in and for the City of Plymouth (the "HRA") and the City of Plymouth (the City") that the HRA adopt an administrative modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-3 (the "TIF District Modification"), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799, inclusive, as amended (collectively, the "Act"), all as reflected in the Redevelopment Plan and Tax Increment Financing Plan and presented for the Board's consideration; and WHEREAS, the HRA has investigated the facts relating to the TIF District Modification and has caused the TIF District Modification to be prepared; and WHEREAS, the HRA has performed all actions required by law to be performed prior to the adoption of the TIF District Modification. Due to the nature of this modification, and because the TIF District Modification does not entail an enlargement of geographic area, an increase in the amount of bonded indebtedness, a determination to capitalize interest on the debt, an increase in the portion of the captured net tax capacity to be retained by the HRA, an increase in the total estimated tax increment expenditures, or a designation of additional property to be acquired by the HRA, nor does it extend the term of the TIF District, this Administrative Modification is not subject to a public hearing by the City Council. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The Board hereby reaffirms that the District as modified herein is in the public interest and is a "redevelopment district" under Section 469.174, Subdivision 10 of the Act and finds that the TIF District Modification conforms in all respects to the requirements of the Act. The Board further reaffirms that the TIF District Modification will help fulfill a need to develop and redevelop areas of the City that are already built up and that are newly annexed and will provide employment opportunities in the City while preserving and enhancing the City's tax base. 2. The TIF District Modification, as presented to the Board on this date, is hereby approved, established and adopted and shall be placed on file in the office of the Community Development Director. 3. The staff, the HRA's advisors and legal counsel are authorized and directed to proceed with the implementation of the TIF District Modification and for this purpose to negotiate, draft, prepare and present to this Board for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval of the TIF District Modification does not constitute approval of any project or a Development Agreement with any developer. 4. The Community Development Director is authorized and directed to forward copies the TIF District Modification to the Minnesota Department of Revenue and Office of the State Audi pursuant to Section 469.175, Subdivision 4a of the Act. Approved by the Board of Commissioners of the Housing and Redevelopment Authority in for the City of Plymouth this 2154 day of July, 2011, Chair ATTEST. Secretary HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF PLYMOUTH CITY OF PLYMOUTH HENNEPIN COUNTY STATE OF MINNESOTA RESOLUTION NO. 2011-05 RESOLUTION ADOPTING AN ADMINISTRATIVE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-3 WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Housing and Redevelopment Authority in and for the City of Plymouth (the "HRA") and the City of Plymouth (the City") that the HRA adopt an administrative modification to the Tax Increment Financing Plan for Tax Increment Financing District No, 1-3 (the "TIF District Modification"), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469,1799, inclusive, as amended (collectively, the "Act"), all as reflected in the Redevelopment Plan and Tax Increment Financing Plan and presented for the Board's consideration; and WHEREAS, the HRA has investigated the facts relating to the TIF District Modification and has caused the TIF District Modification to be prepared; and WHEREAS, the HRA has performed all actions required by law to be performed prior to the adoption of the TIF District Modification. Due to the nature of this modification, and because the TIF District Modification does not entail an enlargement of geographic area, an increase in the amount of bonded 'indebtedness, a determination to capitalize interest on the debt, an increase in the portion of the captured net tax capacity to be retained by the HRA, an increase in the total estimated tax increment expenditures, or a designation of additional property to be acquired by the HRA, nor does it extend the term of the TIF District, this Administrative Modification is not subject to a public hearing by the City Council. NOW, THEREFORE, BE IT RESOLVED by the Board as follows; 1. The Board hereby reaffirms that the District as modified herein is in the public interest and is a "redevelopment district" under Section 469.174, Subdivision 10 of the Act and finds that the TIF District Modification conforms in all respects to the requirements of the Act. The Board further reaffirms that the TIF District Modification will help fulfill a need to develop and redevelop areas of the City that are already built up and that are newly annexed and will provide employment opportunities in the City while preserving and enhancing the City's tax base. 2. The TIF District Modification, as presented to the Board on this date, is hereby approved, established and adopted and shall be placed on file in the office of the Community Development Director. 3. The staff, the HRA's advisors and legal counsel are authorized and direeted to proceed with the implementation of the TIF District Modification and for this purpose to negotiate, draft, prepare and present to this Board for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval of the TIF District Modification does not constitute approval of any project or a Development Agreement with any developer. 4, The Community Development Director is authorized and directed to forward copies of the TIF District Modification to the Minnesota Department of Revenue and Office of the State Auditor pursuant to Section 469.175, Subdivision 4a of the Act. Approved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Plymouth this 25` x' day of August, 2011. Chair ATTEST: Secretary