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,
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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.
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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.
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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.
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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
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Plymouth Housing and Redevelopment Authority
July 21, 2011
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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.
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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.
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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.
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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
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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!
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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)
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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
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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
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Tdal Estimated Taxes on Completion
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CROSSROADS COMMONS
The Waters
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As of Judy 7, 2011
Draft for HRA 111feeting
Modification to the
Tax Increment Financing Pian
for
Tax Increment Financing District No. 1-3
a redevelopment district)
within
Redevelopment Project Area No. 1
Housing and Redevelopment Authority in and for the City of Plymouth
City of Plymouth
Hennepin County
State of Minnesota
Adopted: October 24, 2006
Administrative Modification; .luly 2l, 2011
a EHLERS Prepared by: EHLERS & ASSOCIATES, INC.
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105
Lrn FRS 1,14PUBUC fINANI<Wf. 651-697-8500 fax: 651-697-8555 wvvw.ehlers-inc.com
TABLE OF CONTENTS
for reference purposes only)
Section I - Afodifrcation to the Tax Increment Financing Plan for
Tax Increment Financing District 1Vo. 1-3
Estimated Sources of Revenue .................. ..................... ............ 2-1
Estimated Public Costs ............... . ............ . ......... . .................. 2-1
Appendix A
Map of Redevelopment Project Area No, 1 and TIF District No. 1-3 ............. . 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