08-19-02 agenda~G
CITY OF RICHFIELD, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
MONDAY, AUGUST 19, 2002
RICHFIELD CITY HALL
6700 PORTLAND AVENUE
COUNCIL CHAMBERS
7 P.M.
AGENDA
Call to order
Approval of minutes of Regular HRA Meeting of July 15, 2002
1. Opportunity for citizens to address the HRA on items not on the agenda
Notes:
2. HRA approval of agenda
3. Public hearing and consideration of resolution approving business subsidy agreement
between HRA and Gramercy Corporation for City Bella project
Staff Report No. 32
Notes:
4. Consideration of resolutions approving 2003 Proposed HRA budget and tax levy and
2002 Revised HRA budget
Staff Report No. 33
Notes:
5. Executive Director report
6. Claims and payroll
7. Adjournment
Auxiliary aids for individuals with disabilities are available upon request. Requests must be
made at least 96 hours in advance to the Administrative Services Director at 612-861-9702.
AGENDA ITEM # 4
REPORT # ~~
STAFF REPORT
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
AUGUST 19, 2002
REPORT PREPARED BY:
CHRIS REGIS, FINANCE MANAGER
NAME, TITLF.
REPORT PRESENTER:
DEPARTMENT DIRECTOR REVIEW:
STEVEN L. DEVICH, ADMINISTRATIVE
SERVICES DIRECTOR
NAME, ITLE
~~
f ~\ S/GNATURE
REVIEWED BY EXECUTIVE DIRECTOR:
ITEM FOR HRA CONSIDERATION:
Consideration of resolutions approving proposed property tax levy for payable 2003 for
certification to Hennepin Countv
I. RECOMMENDED ACTION:
By Motion: Adopt the attached resolutions approving the 2003
Proposed Housing and Redevelopment Authority Budget and Tax
Levy and 2002 Revised Housing and Redevelopment Authority
Budget.
II. BACKGROUND 1
N/A
III. BASIS OF RECOMMENDATION
A. POLICY
• Minnesota Statutes require adoption of a preliminary levy from each
taxing authority.
• The budget and accompanying proposed levy for 2003 are ready for
consideration.
0821 budget
Even though a pubic hearing for the HRA tax levy is not required by
State Statute, this does not preclude the HRA from opening this item
up for public discussion if the HRA desires to do so.
B. CRITICAL ISSUES
• As required by State Statutes, each taxing authority must certify its
proposed tax levy for the payable year 2003 to the County Auditor on
or before September 15, 2002.
C. FINANCIAL
• The Proposed 2003 HRA levy represents a 2.60% increase from the
previous year's levy.
D. LEGAL l
• N/A
IV. ALTERNATIVE RECOMMENDATION~S~
• The HRA could adopt a preliminary levy less than the one proposed herein.
However, that would not provide for programs that are recommended in the
2002 Revised/2003 Proposed budget.
V. ATTACHMENTS V
• Resolution Approving Proposed 2003 Housing and Redevelopment Authority
Budget and Certifying the 2003 Tax Levy
• Resolution Authorizing Revision of the 2002 Budget of the Housing and
Redevelopment Authority of Richfield
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• N/A
HRA RESOLUTION NO.
RESOLUTION APPROVING PROPOSED 2003 HOUSING AND REDEVELOPMENT
AUTHORITY BUDGET AND CERTIFYING THE 2003 TAX LEVY
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of
Richfield, Minnesota as follows:
Section 1. The budget for the Housing and Redevelopment Authority
General Fund of Richfield for the year 2003 in the amount of
$453,120 is hereby ratified.
Section 2. The estimated gross revenue of the Housing and Redevelopment
Authority General Fund of Richfield from all sources, including
general ad valorem tax levies as hereinafter set forth for the year
2003, and as the same are more fully detailed in the Executive
Director's official copy of the budget for the year 2003, in the
amount of $400,220 is hereby approved.
Section 3. There is hereby levied upon all taxable property in the City of
Richfield an ad valorem tax in 2002, payable in 2003 for the
following purposes:
Housing and Redevelopment Authority $270,825
Section 4. A certified copy of this resolution shall be transmitted to the County
Auditor.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of August, 2002.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING REVISION OF THE 2002 BUDGET OF THE
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
WHEREAS, Resolution No. 830 appropriated funds for personal services and other
expenses and capital outlay for the Housing and Redevelopment Authority for the year
2002, and
WHEREAS, The Executive Director has requested a revision of the 2002 budget as
detailed in the 2003 budget document.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of Richfield, Minnesota as follows:
Section 1. That the 2002 appropriation for the Housing and Redevelopment
Authority General Fund be revised as follows:
$173,280 decrease
Section 2. Estimated 2002 gross revenue of the Housing and Redevelopment
Authority General Fund from all sources, as the same are more fully
detailed in the Executive Director's official copy of the 2003 budget
document, are hereby revised as follows:
$32,080 decrease
Section 3. That the Executive Director bring into effect the provisions of this
resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of August, 2002.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary
AGENDA ITEM # 3
REPORT # Z ~
~~ STAFF REPORT
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING
AUGUST 19, 2002
BRUCE NORDQUIST,
REPORT PREPARED BY: HOUSING & REDEVELOPMENT MANAGER
NAME, TlTLS
BRUCE NORDQUIST,
REPORT PRESENTER: HOUSING & REDEVELOPMENT MANAGER
NAME, TITLE
DEPARTMENT DIRECTOR REVIEW: ~~~
REVIEWED BY EXECUTIVE DIRECTOR:
ITEM FOR HRA CONSIDERATION:
Conduct and close a public hearing on a Business Subsidy Agreement between the Housing
and Redevelopment Authority and Gramercy Corporation for the City Bella project.
RECOMMENDED ACTION:
By Motion: Authorize a resolution approving a Business Subsidy
Agreement between the Housing and Redevelopment Authority in and
for the Citv of Richfield and Gramercy Coraoration.
III. BACKGROUND ~
The Housing and Redevelopment Authority (HRA) and Gramercy Corporation
entered into an Amended and Restated Contract for Private Redevelopment
(Contract) in April 2002. The contract calls for the HRA to consider economic
assistance to the developer, which may include a business subsidy. In May 2002,
the HRA approved the general business subsidy criteria that would apply for the
City Bella project. The criteria are guided by a state law that defines the types of
economic assistance that constitute a "business subsidy". Public hearings were
continued from June and July HRA meetings as the developer prepared project
costs and Ehlers, Inc., the HRA's financial advisor, reviewed the information.
The Business Subsidy Agreement between the HRA and Gramercy is summarized
as follows:
0819businessCityBella
Project Element Total Economic Assistance That Amount Considered a
(type of assistance) Business Subsidy
Tower (component one)
Condominium (component
two)
$4,669,530 (TIF)
$1, 570,470 (TIF)
$81,047
$370,394
TOTAL
$6,240,000 (TIF)
The guiding principles for these determinations is:
$451,441
• Assistance provided under the Contract for the housing related portions of
the development are by State law not a business subsidy.
• The total business subsidy assistance is based on the projected market
values of the non-housing portions of the development as a share of the
total projected market value.
• The public purpose of the subsidy is to redevelop an area occupied by
substandard and obsolete buildings, establish amixed-use residential
and commercial development restoring vitality to a part of the downtown,
and to increase tax base.
• The subsidy is needed because of the eligible public costs, identified as
"extraordinary expenses" in the attachments. This includes the cost of
structure parking, acquisition, and plaza improvements.
• Mr. Sid Inman of Ehlers, Inc. will explain the basis for the HRA to
conclude that these project elements and proposed outcomes would not
occur but-for the assistance.
III. BASIS OF RECOMMENDATION
A. POLICY
• The business subsidy consideration by the HRA is required by the
Contract.
The Business Subsidy Agreement sets the level of assistance that will
be treated as a business subsidy in accordance with state law.
The HRA has previously established business subsidy criteria. The
agreement has been prepared to comply with the established criteria.
A public hearing is required prior to making the business subsidy
determinations.
B. CRITICAL ISSUES
• The HRA consistently uses Tax Increment Financing (TIF) in a proper
and prudent manner.
The public purpose and but-for findings have been clearly stated.
Only 55 percent of the eligible costs will be TIF supported.
C. FINANCIAL
• The proposed $6,240,000 TIF reimburses the developer over time for
$11,345,530 of eligible public costs (55 percent).
• An estimated $451,441 of the assistance, attributed to the commercial
project elements is the business subsidy.
• Ehlers, Inc. has reviewed the developers financial information and
prepared the recommendations.
D. LEGAL
• Legal counsel has prepared the Business Subsidy Agreement and
supporting resolution.
• Legal counsel has reviewed and concurs with Ehlers' process for
calculating the business subsidy amount.
IV. ALTERNATIVE RECOMMENDATION~S~
• Modify the amount of business subsidy.
• Do not support a business subsidy for the project.
V. ATTACHMENTS
• Proposed Resolution
• Business Subsidy Agreement
• But-For analysis prepared by Ehlers and Associates, Inc.
VI. PRINCIPAL PARTIES EXPECTED AT MEETING
• Mr. Michael Conlan, Gramercy
• Mr. Sid Inman, Ehlers
HRA RESOLUTION NO.
RESOLUTION APPROVING A BUSINESS SUBSIDY
AGREEMENT BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF RICHFIELD AND
GRAMERCY CORPORATION
BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota, (the "HRA") as follows:
Section 1. Recitals.
1.01 On or about April 15, 2002, the HRA and Gramercy Corporation (the
"Redeveloper") entered into that certain document entitled, Amended and
Restated Contract for Private Redevelopment (the "Contract").
1.02 Section 10.5 of the Contract called for the parties to enter into a separate
Business Subsidy Agreement as required by the Business Subsidy Act, setting
the level of assistance that is treated as a business subsidy under the Business
Subsidy Act.
1.03 There has been presented before the HRA a proposed business subsidy
agreement (the "Agreement") between the HRA, and the Redeveloper, setting
forth the terms and conditions of the business subsidy to be provided to the
Redeveloper.
1.04 The HRA has on this date conducted a duly noticed public hearing regarding the
business subsidy agreement at which all interested persons were give an
opportunity to be heard.
1.05 The HRA has reviewed the Agreement, and finds that the execution thereof by the
HRA and performance of the HRA's obligations thereunder are in the best interest
of the City and its residents.
Section 2. HRA Approval; Further Proceedings.
2.01 The HRA approves the Agreement.
2.02 The Executive Director and Chair are authorized to take all steps and do all
things necessary to carry into effect the provisions of this resolution and the
Agreement.
2.03 The Executive Director is authorized to present the Agreement to the Richfield
City Council for its consideration as required by the Business Subsidy Act.
Approved by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 19th day of August, 2002.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary
DRAFT
Not reviewed or approved by HRA or City
Business Subsidy Agreement
THIS AGREEMENT, made and entered into this _ day of , 2002
is by and between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND
FOR THE CITY OF RICHFIELD, MINNESOTA, a Minnesota public body corporate and
politic (the "HRA"), and GRAMERCY CORPORATION, a Minnesota corporation (the
"Redeveloper").
WITNESSETH:
WHEREAS, the parties did, on or about April 15, 2002, enter into that certain
document entitled, Amended and Restated Contract for Private Redevelopment (the
"Contract"); and
WHEREAS, Section 10.5 of the Contract called for the parties to enter into a
separate Business Subsidy Agreement in accordance with Minnesota Statutes, sections
116J.993 through 116J.995 (the "Business Subsidy Act") setting the level of assistance
that is treated as a business subsidy under the law;
NOW THEREFORE, the parties hereto stipulate and agree as follows:
Section 1.1. Definitions. Unless the context clearly suggests a contrary intention, the
terms used in this Agreement shall have the meanings given them in the Contract.
Section 1.2. Business Subsidy Agreement.
(a) General Terms. The parties agree and represent to each other as follows:
(1) The business subsidy provided to the Redeveloper consists of (i) a
portion of the principal amount of the Note; and (ii), the estimated value of the
HRA Lands, which the Authority will convey to the Redeveloper for $1.00 under
Article III. The estimated market value of the HRA Lands is $450,000. Each
payment on the Note represents a forgivable loan that is repayable by the
Redeveloper in accordance with this Section. As of the date of this Agreement,
the aggregate business subsidy (in present value terms) is estimated to be
approximately $451,441. However, a substantial portion of the assistance under
the Contract is intended to facilitate development of housing within the project,
which assistance does not constitute a business subsidy under the Business
Subsidy Act. The total assistance under the Contract for Component One is $
4,669,530; and the total assistance for Component Two is $1,570,470. The
JBD-215700v2
RC125-209
parties agree and understand that the total business subsidy assistance has
been determined, based on the projected market values of the non-housing
portions of the development as a share of the total projected market value of the
completed Minimum Improvements. Therefore, the business subsidy allocated to
the commercial portion of Component One is $81,047, and the business subsidy
allocated to the commercial portion of Component Two is $370,394. The actual
amounts of the business subsidy are subject to modification in accordance with
the provisions of Section 6.3 of the Contract.
The Note is payable from a portion of the Tax Increments from the TIF
District, a redevelopment tax increment financing district.
(2) The public purposes of the subsidy are to redevelop an area
occupied by substandard and obsolete buildings, establish a mixed use
residential and commercial development that serves as the "city center" of the
City, implement the City's land use goals identified in the comprehensive plan,
and increase tax base.
(3) The goals for the subsidy are: to secure completion of the
Commercial portions of Components One and Two by the Redeveloper, in each
case by the completion date for the Minimum Improvements under the Contract,
and to ensure that such components are operated for at least five years as
described in clause (6) below.
(4) If the goals described in clause (3) are not met, the Redeveloper
must make the payments to the Authority described in Section 6.4(c).
(5) The subsidy is needed because the cost of land acquisition,
demolition and site clearance, make development of the Minimum Improvements
financially infeasible without public assistance, all as has been determined by the
Authority and City upon approval of the TIF Plan.
(6) The Redeveloper must continue or cause to be continued operation
of the Commercial portions of Components One and Two for at least five years
after the date of issuance of the final certificate of completion for such
components. For the purpose of this Section, space in any component will be
considered to be maintained in operation if it is leased, or available for lease, to
any person or entity, or occupied by Redeveloper for use in its trade or business.
After the five-year period the Redeveloper remains obligated to operate and
maintain the Commercial portions of Components One and Two as required in
the Contract, provided that the remedy described in Section 1.2 (c) will not apply.
(7) The Redeveloper does not have a parent corporation.
JBD-215700v2
RC125-209
(8) The Redeveloper has not received, or expects to receive, financial
assistance from any other "grantor" as defined in the Business Subsidy Act, in
connection with the Redevelopment Property or the Minimum Improvements.
(b) Job and Wage Goals. In accordance with Section 116J.994, subdivision
4, the Authority has determined after a public hearing that the creation or retention of
jobs is not the goal of this redevelopment effort. Accordingly, the wage and job goals
are set at zero.
(c) Remedies. If the Redeveloper fails to meet the goals described in Section
1.2 (a)(3), and subject to the notice and cure provisions of Article IX, the Redeveloper
shall repay to the Authority upon written demand from the Authority (a) the portion of the
aggregate business subsidy received the Redeveloper as of the date of default that is
allocable to the Component, which is the source of the default, and (b) interest on the
amounts in clause (a) at the rate set forth in the Business Subsidy Act, accrued from the
date of issuance of the certificate of completion for the relevant component to the date
of payment. If the space is timely completed but the Redeveloper fails to meet the five-
year operation goal, the total subsidy amount allocable to such space will be further
prorated by the portion of the five-year operation period elapsed as of the date of
default.
Nothing in this Section shall be construed to limit the Authority's remedies under
Article IX in the event of a violation of any other provision of this Agreement, but the
remedies set forth in this paragraph (c) are the exclusive remedies for failure to comply
with the terms of this Section 1.2. In addition to the remedy described in this Section
and any other remedy available to the Authority for failure to meet the goals stated in
Section 1.2 (a)(3), the Redeveloper agrees and understands that it may not a receive a
business subsidy from the Authority or any grantor (as defined in the Business Subsidy
Act) for a period of five years from the date of the failure or until the Redeveloper
satisfies its repayment obligation under this Section, whichever occurs first.
(d) Reports. The Redeveloper must submit to the Authority a written report
regarding business subsidy goals and results by no later than March 1 of each year,
commencing March 1, 2003 and continuing until the later of (i) the date the goals stated
Section 1.2 (a)(3) are met; (ii) 30 days after expiration of the five-year period described
in Section 1.2 (a)(6); or (iii) if the goals are not met, the date the subsidy is repaid in
accordance with Section 1.2 (c). The report must comply with Section 116J.994,
subdivision 7 of the Business Subsidy Act. The Authority will provide information to the
Redeveloper regarding the required forms. If the Redeveloper fails to timely file any
report required under this Section, the Authority will mail the Redeveloper a warning
within one week after the required filing date: If, after 14 days of the postmarked date of
the warning, the Redeveloper fails to provide a report, the Redeveloper must pay to the
Authority a penalty of $100 for each subsequent day until the report is filed. Failure by
the Authority to deliver a timely warning .notice will not relieve the Redeveloper's
obligation to pay a penalty within 14 days after receipt of a notice to pay. The maximum
aggregate penalty payable under this Section is $1,000.
JBD-215700v2
RC 125-209
(e) Allocation of liability. Notwithstanding anything to the contrary herein,
the Redeveloper shall have no liability as to a non defaulting Component under this
Section arising from failure to comply with any goals or covenants under this Section
related to the defaulting Component
Section 1.3. Notices and Demands. Except as otherwise expressly provided in
this Agreement, a notice, demand, or other communication under the Agreement by
either party to the other shall be sufficiently .given or delivered it if is dispatched by
registered or certified mail, postage prepaid, return receipt requested, or delivered
personally:
As to the HRA: Housing and Redevelopment Authority
6700 Portland Avenue South
Richfield, Minnesota 55423
Attention: Executive Director
With Copy to: John Dean
Kennedy & Graven
470 Pillsbury Center
Minneapolis, MN 554302
As to the Redeveloper: Gramercy Corporation
6601 Lyndale Avenue South
Suite 110
Richfield, MN 55423
Attention: Michael W. Conlan, President
With Copy to: .Rolfe A. Worden
Hinshaw &Culbertson
Suite 3100
222 So. 9th Street
Minneapolis, MN 55402
or at such other address with respect to either such party as that party may, from time to
time, designate in writing and forward to the other.
Section 1.4. Counterparts. This Agreement may be simultaneously executed in
any number of counterparts, all of which shall constitute one and the same instrument.
JBD-215700v2
RC125-209
IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of
the day and year first above written.
THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
RICHFIELD, MINNESOTA
Dated: , 2002 By:
Its: Chairperson
Dated: , 2002 By:
Its: Executive Director
GRAMERCY CORPORATION
Dated: , 2002 By:
Its:
STATE OF MINNESOTA }
ss..
COUNTY OF HENNEPIN
The foregoing instrument was acknowledged before me this day of
2002, by
and
the Chairperson and Executive Director
of The Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota.
Notary Public
STATE OF MINNESOTA }
ss..
COUNTY OF HENNEPIN
JBD-215700v2
RC125-209
The foregoing instrument was acknowledged before me this day of
2002, by
the
of Gramercy Corporation, a corporation under the
laws of Minnesota, by and on behalf of said corporation.
Notary Public
JBD-215700v2
RC 125-209
M~l~®~ANDUM
TO: Project Team List
FROM: Sid Inman -Ehlers
DATE: August 2, 2002
RE: City Bella BUT/FOR Update
Following is a list of the status of our But/For analysis.
1. The developer has stated that the plaza expense is $1,100,000. The city staff has
reviewed these costs and believes that they are "Over And Above" the normal cost
of redevelopment therefore extraordinary expenses.
2. Gramercy has submitted parking ramp costs fora 330-stall ramp totaling
$6,460,000. Assuming a cost for surface parking is $1,000 per stall, the normal
cost would be $330,000. Therefore the net amount of extraordinary cost is
$6,130,000.
v 3. The developer has stated that the total amount they can spend for land is $20,000 a
unit or $3,300,000. The estimated total acquisition cost is $7,415,530.thereforethe
net amount of extraordinary cost is $4,115,530.
This brings the total redevelopment costs to $11,345,530. The developer is currently
requesting $6,240,000. As you are aware, Section 6.3 of the Amended and Restated
Contract for Private Redevelopment requires us to review the developers Net Return and
comment when they reach 50% presales. At that time, any adjustments to the requested
amount will be made if needed.
Please let me know if you have other questions or comments.
From the desk of.•
Sid Inman
Development
Consultant/Financial Advisor
Ehlers and Associates, Inc.
3060 Centre Pointe Drive
Roseville, MN 55113
(612) 697-8507
FAX: (612) 697-8555
E-MAIL:sid @ehlers-inc.com
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