The URL can be used to link to this page

Home My WebLink About2006 [09] Sep 20 Administrdtor ludy Weyrens MdYor Richdrd Cdrlbom Councilors AI Rdssier Ross Rieke Renee Symdnietz Ddle Wick CITY Of 5T JOSEPH www.cityofstjoseph.com St. Joseph Economic Development Authority Meeting Notice Wednesday, September 20, 2006 3:00 p.m. City Hall 1. Call to Order. 2. Approval of Agenda. 3. Approval of Minutes. a. July 19, 2006 b. August 16, 2006 4. Accounts Payable and Financial Report. a. Approval of Accounts Payable b. Approval of Financial Report 5. Business. a. CSAH 75 Renewal Project b. Business Retention and Expansion Program Up ate c. Project Incentive Analysis 6. Director Report. a. Prospect List/Activity Report. 7. Board Member Announcements. 8. Adjournment. 1. ) Co II e g e Ave n u e N ~ r t h . P 0 B ox 668 . S din t. I 0 s e ph, M inn e sot d ,,6, 7 4 Phone ,1.0.16,.72.01 FdX )2.0.,6,.0)41. THIS PAGE INTENTI ALLY LEFT BLANK CITY OF ST. JOSEPH ECONOMIC DEVELOPMENT AUTHORITY Meeting Minutes - Wednesday, July 19, 2006 A Board Members Ross Rieke, Carolyn Yaggie-Heinen and Tom Skah n. rlbom and Jacobson. Also prese t: Cynthia Smith-Strack of Municipal Development Group. Chairpers n Rieke called the July 19,2006 meeting of the St. Joseph EDA to order t 3:05 p.m. Agenda. Chairpers n Rieke introduced the agenda. Moved by Skahenseconded by einen to approve the agenda. Approval f Minutes. EDA Chair erson Rieke noted the minutes from the June 17, 2006 meeting were in luded in the packet. Motion by Heinen, seconded by Skahen to approve the June 1"fl, 2006 re ular EDA minutes as presented. Motion carried 3-0. EDA Accofnts Payable. Rieke intr~~uced the topic. Strack noted accounts payable for the month includ d invoice for contract services i the amount of $2,152.86. The total hours provided through June 30th qual 200.25, on target for the pro ected 420 hours of service for the year. Motion by einen, second by Skahen to approve the June financial reports. Motion uld be holding budget iminary budget to the Motion by Skahen, second by Heinen to approve EDA accounts payable for the onth of June 2006 in the amoun of $2,152.86. Motion carried 3-0. Financial eport. Rieke intr duced the agenda item. Strack noted the June financial reports were ntained in the packet. Reports p sented included: revenue, expense, check register and fund balance. 2007 Preli inary Budget Rieke intr duced the 2007 preliminary budget discussion noting the City Council meetings uring the month of August in preparation for certification of the pr County by mid-September. Strack rev ewed the budget worksheet with the EDA Board noting the following: Fund 50: Operating Fund for the EDA: The 2007 budget is proposed to be i creased from $37,500 in 200 to $45,650 in 2007. The increase proposed is due to the inclusion of 8,000 for membership dues the St. Cloud Area Economic Development Partnership, a $1,000 in rease for professional servic s and a few nominal miscellaneous increases. The 2006 approved udget did not include mem rship dues to the SCAEDP. Fund 55: TIF Fund for 1-3: The anticipated revenues and expenses reflect IF revenue received in 2006. The City, via development agreement, is required to reimburse the developer 95% of the incre ent received. EDA Minutes . July 19,2006 Page 1 !J F\lnd 156: TIF Fund 1-4: The anticipated revenu s and expenditures are based on estimates. Actual n~mbers re dependent on assessed market value. The TIF beneficiary did not enter into an afsessed arket value agreement, therefore, th actual proceeds of the pay-as-you-go issue is less than inclu ed in the TIF budget included in the pi n for 1-4. F~nd 250: Revolving Loan Fund. The projected evenue for the revolving loan fund in 2006 is based Orill the a ortization schedule for the Vicwest e uipment loan. No expenses or loans have been bjdQeted s the fund currenfly (end of July) has balance of $24,000. The fund balance by the end 001 calenda year 2007 should be over $42,000. Strac~ stated t e budget adopted in December may e less than the preliminary budget, but it may not be highel than th t certified in September. The ~DA dis ssed the proposed budget and a d sire to budget for the acquisition of first rights of refus~I, prope options, etc. to encourage renewal f areas with potential for redevelopment. The EDA diSCU!Sed bud eting for such uses in 2007 as a capit I expense. Motio~ Skahel[l, Second Heinen to Approve the P Iiminary Budget with the Addition of $13,000 in a Capit~1 Improv~ ment Fund for the Pursuit of a Red elopment Program and Potential Land Acquisition. Motior carried :0. Transportatio Study Updates Riekel introdu ed the agenda topic. Strack repo ed there are three separate studies relating to trans~ortation currently underway: (1) Corridor Stu y - Field Street extension; (2) Corridor Study - Northfrn east est collector and extension of CS 3 to CSAH 2 and, (3) City transportation study lookintat futu collector streets and/or extensions 0 or connections to existing streets. Strac . noted t e Field Street study remained in the' vironmental review' phase. The Northern east-west study as pro eeding with two meetings scheduled July 2ih. Both meetings will have similar agendas and 1i11 focu on gaining input regarding two alt rnatives for each the northern east-west corridor (alter~atives 1 & 2 on the attached map) and the pro ection of CSAH 3 to CSAH 2 (alternatives 3 & 4 on . the a~ached ap). Perhaps of greatest significanc to economic development within the City are the altern tives 3 4 of the projection of CSAH 3 to CSA 2 (e.g. truck traffic, local access, aesthetics from 1- 94). he City transportation study was initiated an a memo prepared and forwarded to the project stake I olders g oup. The EDA disc ssed the projects and noted a round out at the intersection of the projection of CSAH 3 to CS H 2 wa desirable. Rieke volunteered to atten the July 27th meetings to represent the EDA. Rede elopme t TIF Area Rieke introdu ed the agenda item. Strack stated e EDA and City Council approved a preliminary applic tion for he use of redevelopment tax increme t financing in conjunction with a project proposed by Colle~eville D velopment. Staff met with Collegevill Development Group representatives and TIF plan cons1.tants to iscuss the TIF Plan for Collegeville D velopment and potential boundaries for a municipal redev lopmen district area. The municipal redevelo ment district area is proposed to include the area identi ed whic encompasses most of the CBD and a portion of the Highway 75 corridor renewal area. The IF plan or the Collegeville Development proj ct is not proposed to include the entire municipal redev lopmen area, however, a map of the entire rea will be included in the Plan. This will allow the City/E A to fa us its use of redevelopment TIF in a s ecified area. CSAH 75 Ren wal Plan Rieke introduc d the business item and suggested he item be placed on hold and carried over to the Augu~_ meetin as Board Members had not comple d an exercise to individually survey the corridor to choose areas hich could be identified as priorities fo redevelopment. EDA Mi utes - Jul 19,2006 Page 2 ~ Director's eport. Strack dist ibuted a request for proposals for the production of a market study b a qualified firm. The market stu y will provide insight into St. Joseph trade areas, the capacity of Dow town and CSAH 75 to absorb ad itional retail and office uses and the types/densities of housing units ost complimentary to the Downt n area. Strack not d an SCSU intern had been selected and would be starting an internshi Strack rep rted the plat for an additional 32 acres of industrial property was proce ding, an EAW for the project wa being conducted and the BDPI grant application had been submitted. Board Me ber Announcements. Rieke upd ted Board Members on the SCAEDP meeting held earlier in the day. Adjournm nt Motion by kahen, seconded by Heinen to adjourn. Motion carried 3:0. Meeting adj urned at 4:10 p.m. EDA Minutes July 19, 2006 Page 3 5 THIS PAGE INTEN IONALL Y LEFT BLANK CITY OF ST. JOSEPH ECONOMIC DEVELOPMENT AUTHORITY Meeting Minutes - Wednesday, August 16, 2006 Chairp rson Rieke called the August 16,2006 meeting of the St. Joseph Econ mic Development Authori to order at 3:05 p.m. Presen: EDA Board Members Ross Rieke, Richard Carlbom, Ken Jacobson a Tom Skahen. Absent Carolyn Yaggie-Heinen. Also present: Cynthia Smith-Strack of Muni ipal Development Group. Introd ction of Guests Rieke ntroduced Mr. Henry Fischer, Economic Development Coordinator fr m The St. Cloud Area E onomic Development Partnership and Ms. Mai Yang an intern with the ity/EDA. Agend . Chairp rson Rieke introduced the agenda. Moved by Skahen seconded by Ja obson to approve the ag nda to approve as presented. Motion carried 4-0. Appro al of Minutes. EDA Ihairperson Rieke noted the minutes from the July 19, 2006 meetin~ w re included in the packett Jacobson and Carlbom noted they were not present at the July 19 eeting and wished to abst in from any motion to approve. Motion by Skahen, seconded by Rieke to table approval of the July 19th, 006 regular EDA minute to the September regular EDA meeting. Motion carried 4-0. EDA ij counts Payable. Rieke introduced the topic. Strack noted accounts payable for the month i eluded invoice for contra t services in the amount of $2,152.86. The total hours provided thro gh July 31st equal 236.5 ,on target for the projected 420 hours of service for the year. Motio by Car/bom, second. by Skahen to approve EDA accounts payabl for the month of Augus 2006 in the amount of $2, 152.86. Motion carried 4-0. Finan ial Report. Rieke ntroduced the agenda item. Strack noted the July financial reports we e contained in the packe. Reports presented included: revenue, expense, check register and fu d balance. Motio by Car/born, second by Skahen to approve the July financial reports. M lion carried 4-0. CSAH 75 Renewal Priorities Rieke ntroduced the agenda topic and noted that at the June EDA meeting, t e Board discussed a dra corridor renewal plan for the first tier of lots adjacent to CSAH 75 betw n 2nd Avenue NW and 3 Avenue NE. Following thorough review of the draft plan, the EDA embers agreed to individ ally survey the corridor to choose areas which could be identifie as priorities for redev lopment. The agenda item was tabled at the July meeting. Jacob on alluded to the area south of CSAH 75 as being most likely to require active participation by the EDA to generate redevelopment. Jacobson noted redevelopment on roperties north of CSAH 75 was more likely to proceed on its own. Other Board Members concur ed. T e EDA oard then focused on the block at the southeast quadrant of the CSAH 75 and College A enue N rth intersection. There are eight par els in the first tier of lots abutting Birch Street ErSt. The econd tier of lots abuts Ash Street. Cr,rlbom uggested seeking rights of first refu I for the first tier of lots abutting Birch Street bf~een ollege Avenue and First Avenue E and/or purchase options as a means of eitablishi g control of the properties. Rieke oted that budget management should be a c nsiderat on of the EDA when examining al rnatives. Rieke inquired as to whether EDA fill,ancial r sources should be devoted to deer asing impediments to development or offering fiiancial a sistance to potential developers. J~CObSOn suggested starting the renewal proce s with a survey of property owners in the tier a utting C AH 75/Birch Street East east of Coli ge Avenue. Other Board Members indicated a n ed to be proactive in the renewal project but qu stioned what would be the best first step. S,rack sta ed that access to College Avenue co Id be problematic and that alternative access to Cpllege m y be needed via the east/west alley nd/or Ash Street. Strack noted the EDA had a number 0 alternative strategies to consider. One method would be to remove potential i~pedime ts to redevelopment and seek a con truction partner to actualize a project. Another method w uld be to master plan the area and s ek proposals from developers to accommodate refbeve,oP ent. A third would be to work with operty owners and local financial incentives to acommo ate redevelopment on a parcel by p reel basis. Strack requested direction from the EI A. Rieke sug ested the EDA focus on removing otential obstacles to redevelopment. Jacobson c I ncurred adding that the removal of potential redevelopment obstacles on the south side of C AH 75 could. be complimented by the de elopment of a written incentive package for di tributio to property owners north of CSAH 75. S rack off red to prepare for EDA considera ion at the September meeting: (1) Potential o stacles to redevelopment south of CSAH 75 including: costs, land use challenges, retlevelop ent alternatives, potential resale v lue and methods to bridge gaps in project firl~ncing; nd, (2) real world examples of how TI /tax abatement have affected previous projects stce ince tive packages are likely to vary from p 1ect to project. B~siness etention and Expansion Program ( RE) Rieke intI' duced the agenda topic and requeste an overview of the program from Yang. Yang ndted the objectives of the BRE are to de nstrate to local business that the EDAlCity appreciate their contribution to local economy, remove local obstacles that prevent existing fiEI s from remaining in operation in St. Joseph to help develop a strategic plan for long term b siness r tention and expansion activities and to collaborate with local businesses so as to stlengthen and sustain operations locally. Yang eviewed the four step proposed BRE program a d a draft survey to be completed during site visi s. meting. kahen suggested the survey be lim ed to a maximum completion time of fifteen m nutes. Fi cher st ted the SCA Partnership has an on- ing BRE program would be willing attend site vTts with t. Joseph EDA representatives. YC/ng will oordinate the release of BRE surv ys and establishment of site visits with the Ctlamber f Commerce if possible. Informatio regarding the BRE will also be sent to the N wsleader for publication consideration and a Ii k to the program will be added to the City of St. Jo eph we site. Page 2 o \J TIF Re orts. Rieke introduced the agenda item. Strack stated the City is required to rep rt annually to the State uditor's Office on activity within active TIF Districts which in St. Jose h include TIF 1-3 Borge Products and TIF 1-4 St. Joe Development, LLC. The TIF reports f r the year ending Decem er 31, 2005 have been completed by EDA staff. A copy of the repo s and an annual disclos re statement published in the Newsleader and mailed to the County uditor and School District Superintendent were included in the information packet distributed t Board Members prior to the EDA meeting. Board ember Announcements. Rieke gain introduced Mr. Henry Fischer from the SCAEDP and invited Mr. ischer to address the E A. Fischer provided the EDA with a summary of his backgro nd in Economic Develo ment, his participation in the SCAEDP and his interest in working ith the City of St. Josep and theSt. Joseph EDA. EDA members thanked Fischer for attending t e meeting. Rieke pdated Board Members on the SCAEDP meeting held earlier in the da including a report by the College of St. Benedict which will be constructing a new dinning h II and convention center. Adjou Inment Motion by Skahen, seconded by Jacobson to adjourn. Motion carried 4:0. Meting adjourned at 5:05 p. . Page 3 q THIS PAGE INTEN IONALL Y LEFT BLANK Administrdtor ludy Weyrens Mdyor Richdrd Cdrlbom Councilors AI Rdssier Ross Rieke Renee Symdnietz Ddle Wick CITY Of ST JOSEPH www.cityofstjoseph.com September 13, 2006 S1. Joseph Economic Development Authority Joanne Foust & Cynthia Smith-Strack, Municipal Develo ment Group Accounts Payable - August 2006 August Financial Reports . Accounts Payable: F 1I0wing are Accounts Payable for the EDA's Consideration. For Fund August Econ. Dev. Service 150-46500-300 Amount $ 2,152.86 $ 2,802.86 clion: MOTION is in order to approve the Accounts Payable. . Financial Report: ugust financial reports for the EDA are following. The reports consist 0 1. EDA revenue to date. 2. EDA expenditures to date. 3. Check Register. 4. Fund Balances (Econ Dev. 150, TIF 1-3155, TIF 1-4 156 an RLF 250). clion: MOTION is in order to approve the financial reports. 2" Co lege Avenue North. PO Boxbbs . Sdint. joseph, Minnesotd "b)74 Phone 120.,6,.72.01 FdX )20.,6,.0)42 \\ THIS PAGE INTE IONALLY LEFT BLANK .. I VOICE MUNI IPAL DEVELOPMENT GROUP, INC. 25562 WILLOW LANE NEW PRAGUE, MN 56071 952-758-7399 F~:952-758~711 mdg@bevcomm.net City of St. Joseph Attn: Judy Weyrens City Administrator PO 668 S1. Joseph, MN 5637 Invoice ate 09-01-06 Payment Tenns: 30 days Customer ID #: ST J06ED Project August Economic Development Services See attached detail Amount $1,820.00 Monthly contract fee-35 hrs $ 332.86 748 miles x .445 $2,152.86 Code to: 150-46500-300 for general EDA Remit T Municipal Development Group, Inc. 25562 Willow Lane New Prague, MN 56071 Dates-E A August ,2006 EDA Office Hours August 6, 2006 EDA Office Hours August 3, 2006 EDA Office Hours August 8, 2006 Meeting of DT Work Group Chairs August 0, 2006 EDA Office Hours Total ugust, 2006 9.00 hrs. C. St ack 8.75 hrs. C. St ack 8.25 hrs. C. St ack 1.50 hrs. C. S ck 7.50 hrs. C. St ack 35 hours Total MDG, Inc. 2006 Hours through August, 2006 Thank you! We appreciated the opportunity to work w: you! Che k No. Oat: Principal THIS PAGE INTEN IONALL Y LEFT BLANK City of St. Joseph EDA Report August 31, 2006 2006 YTD August 2006 Account De cr Budget 2006 Amt YTD Amt Bal nce FUND 150 Econo ic Development E 150-46500 103 Legislative Bodies $466.67 $0.00 $0.00 $46 .67 E 150-46500 151 Workers Compo $66.67 $0.00 $0.00 $6 .67 E 150-46500 200 Office Supplies $333.33 $67.11 $91.61 $24 .72 E 150-46500 300 Professional $18,666.67 $2,152.86 $15,030.42 $3,63 .25 E 150-46500 303 Engineering Fee $2,666.67 $0.00 $0.00 $2,66 .67 E 150-46500 304 Legal Fees $666.67 $0.00 $72.50 $59 .17 E 150-46500 321 Telephone $800.00 $39.42 $324.34 $47 .66 E 150-46500 322 Postage $133.33 $0.00 $88.10 $4 .23 E 150-46500 327 Tax Increment $0.00 $0.00 $0.00 $ .00 E 150-46500331 Travel & $333.33 $0.00 $73.77 $25 .56 E 150-46500 340 Advertising $666.67 $0.00 $45.00 $62 .67 E 150-46500 433 Dues & $0.00 $0.00 $8,000.00 -$8,00 .00 E 150-46500510 Land $0.00 $0.00 $0.00 $ .00 E 150-46500 582 Computer Software $200.00 $0.00 $0.00 $20 .00 E 150-46500 587 Special Projects $0.00 $0.00 $0.00 $ .00 E 150-46500 700 Misc $0.00 $0.00 $0.00 $ .00 FUND 150 Econo ic Development $25,000.00 $2,259.39 $23,725.74 $1,27 .26 FUND 155 TIF 1- Borgert (SKN) E 155-46500 300 Professional $623.33 $301.11 $301.11 E 155-46500 327 Tax Increment $0.00 $0.00 $0.00 E 155-46500 340 Advertising $33.33 $24.00 $24.00 E 155-46500 600 Debt SeNice - $5,538.28 $0.00 $10,563.57 E 155-46500611 Bond Interest $6,942.09 $0.00 $0.00 E 155-46500 620 Agent Fees $0.00 $0.00 $0.00 FUND 155 TIF 1- Borgert (SKN) $13,137.04 $325.11 $10,888.68 $2,2 FUND 156 TIF 1 St. Joe Development E 156-46500 300 Professional $4,844.00 $301.11 $301.11 .89 E 156-46500 304 Legal Fees $0.00 $0.00 $0.00 .00 E 156-46500 327 Tax Increment $0.00 $0.00 $0.00 .00 E 156-46500 340 Advertising $50.00 $24.00 $24.00 .00 E 156-46500 600 Debt SeNice - $12,879.88 $0.00 $25,061.33 -$12,1 1.45 E 156-46500 611 Bond Interest $31,015.52 $0.00 $0.00 $31,015.52 E 156-46500 620 Agent Fees $0.00 $0.00 $0.00 .00 FUND 156 TIF 1- St. Joe Development $48,789.40 $325.11 $25,386.44 $23,4 .96 FUND 250 Revol ng Loan Fund E 250-46500 304 Legal Fees $0.00 $0.00 $0.00 E 250-46500 490 Revolving Loan $0.00 $0.00 $0.00 FUND 250 Revol ng Loan Fund $0.00 $0.00 $0.00 $86,926.44 $2,909.61 $60,000.86 \0 Search Nam CHECK # FUND DEPART Amount MUNICIPAL {EVELOP ENT CORP 037696 156 46500 $301 .11 MUNICIPAL I EVE LOP ENT CORP 037696 155 46500 $301.11 MUNICIPAL I EVELOP ENT CORP 037696 150 46500 $2,152.86 ST. JOSEPH INEWSLE DER 037704 156 46500 $24.00 ST. JOSEPH tEWSLE DER 037704 155 46500 $24.00 TDS METRO I OM 037706 150 46500 $39.42 OFFICE DEP T 037766 150 46500 $67.11 $2,909.61 LIst 31, 2006 \ City of St. Joseph EDA Expenditures August 31, 2006 YTD % OBJ OBJ Descr Budget Exp Expense of Budget FUND 150 Econ mic Development DEPART 46 00 Economic Development Authority 103 Legislative Bodies $700.00 $0.00 33.33% 151 Workers Compo Insur. Premo $100.00 $0.00 33.33% 200 Office Supplies $500.00 $91.61 51.66% 300 Professional Services $28,000.00 $15,030.42 87.01% 303 Engineering Fee $4,000.00 $0.00 33.33% 304 Legal Fees $1,000.00 $72.50 40.58% 321 Telephone $1,200.00 $324.34 60.36% 322 Postage $200.00 $88.10 77.38% 327 Tax Increment Certification $0.00 $0.00 0.00% 331 Travel & Conference Expense $500.00 $73.77 48.09% 340 Advertising $1,000.00 $45.00 37.83% 433 Dues & Subscriptions $0.00 $8,000.00 0.00% 510 Land $0.00 $0.00 0.00% 582 Computer Software $300.00 $0.00 33.33% 587 Special Projects $0.00 $0.00 0.00% 700 Misc $0.00 $0.00 0.00% DEPART 4 500 Economic Development $37,500.00 $23,725.74 96.60% FUND 150 Econ mic Development $37,500.00 $23,725.74 $1,274.26 96.60% FUND 155 TIF 1.3 Borgert (SKN) DEPART 4 500 Economic Development Authority 300 Professional Services $935.00 $301.11 322.22 65.54% 327 Tax Increment Certification $0.00 $0.00 $0.00 0.00% 340 Advertising $50.00 $24.00 $9.33 81.33% 600 Debt Service - Principal $8,307.42 $10,563.57 -$ ,025.29 160.49% 611 Bond Interest $10,413.14 $0.00 $ ,942.09 33.33% 620 Agent Fees $0.00 $0.00 $0.00 0.00% DEPART 4 500 Economic Development $19,705.56 $10,888.68 $ ,248.36 88.59% DEPART 4 301 Transfer to other Funds 700 Misc $0.00 $0.00 $0.00 0.00% DEPART 4 301 Transfer to other Funds $0.00 $0.00 $0.00 0.00% FUND 155 TIF 1 3 Borgert (SKN) $19,705.56 $10,888.68 $ ,248.36 88.59% FUND 156 TIF 1 St. Joe Development DEPART 4 500 Economic Development Authority 300 Professional Services $7,266.00 $301.11 $ ,542.89 37.48% 304 Legal Fees $0.00 $0.00 $0.00 0.00% 327 Tax Increment Certification $0.00 $0.00 $0.00 0.00% 340 Advertising $50.00 $24.00 $26.00 48.00% 600 Debt Service - Principal $19,319.82 $25,061.33 -$1 ,181.45 163.05% 611 Bond Interest $46,523.28 $0.00 $3 ,015.52 33.33% 620 Agent Fees $0.00 $0.00 $0.00 0.00% DEPART 4 500 Economic Development $73,159.10 $25,386.44 $2 ,402.96 68.01 % FUND 156 TIF 1 4 St. Joe Development $73,159.10 $25,386.44 $2 ,402.96 68.01 % FUND 250 Revo ving Loan Fund DEPART 4 500 Economic Development Authority 304 Legal Fees $0.00 $0.00 $0.00 0.00% 490 Revolving Loan $0.00 $0.00 $0.00 0.00% DEPART 4 500 Economic Development $0.00 $0.00 $0.00 0.00% FUND 250 Revo ving Loan Fund $0.00 $0.00 $0.00 0.00% $130,364.66 $60,000.86 $2 ,925.58 79.35% \1 Ct y of St. Joseph DA Revenues August 31, 2006 YTD % SOURCE SOURCE Descr Budget Re Revenue Balance of Budget FUND 150lEconomic Development 3621q Interest Earnings $0.0 $607.09 -$607.09 0.00% 36300 Reimbursement $0.0 $25,000.00 -$25,000.00 0.00% 39201 Transfers from Other $37,500.0 $0.00 $37,500.00 0.00% FUND 150 Economic evelopment $37,500.0 $25,607.09 $11,892.91 68.29% FUND 1551TIF 1-3 B r gert (SKN) 3105Q Tax Increment $0.0 $11,119.55 -$11,119.55 0.00% FUND 155~'F 1-3 Bo gert (SKN) $0.0 $11,119.55 -$11,119.55 0.00% FUND 156 IF 1-4 Sl. Joe Development 31050 Tax Increment $0.0 $27,845.92 -$27,845.92 0.00% FUND 156 ~'F 1-4 51 Joe Development $0.0 $27,845.92 -$27,845.92 0.00% FUND 250 Revolving oan Fund 3621~ Interest Earnings $0.0 $563.56 -$563.56 0.00% 362121 CDAP Loan Interest $0.0 $522.13 -$522.13 0.00% 39312 CDAP Loan Proceeds $0.0 $5,665.80 -$5,665.80 0.00% FUND 250 R evolving oan Fund $0.0 $6,751.49 -$6,751.49 0.00% $37,500.0 $71,324.05 -$33,824.05 190.20% \ CITY OF 5T JOSEPH www.cityofstjoseph.com Administrdtor ludy Weyrens September 13, 2006 Economic Development Authority Cynthia Smith-Strack Municipal Development Group CSAH 75 Corridor Renewal Project MdYor Richdrd Cdrlbom Councilors AI Rdssier Ross Rieke Renee Symdnietz Ddle Wick B ckground: F r the past several months the EDA has been discussing a draft corrid r renewal plan for the fi st tier of lots adjacent to CSAH 75 between 2nd Avenue NW and 3n1 venue NE. Following t orough review of the draft plan, the EDA members agreed to individuall survey the corridor to c oose areas which could be identified as priorities for redevelopment As you recall at our A gust meeting the Board identified the area adjacent to the southeast uadrant of the CSAH 7 and College Avenue (CSAH 2) intersection as a particular area of otential interest. The E A requested further information on parcels within the area so as to rther define potential o portunities for public/private redevelopment partnerships. ff has compiled the following for your information: 1. A parcel map of the area of potential interest. 2. A spreadsheet containing information regarding each prope and redevelopment projections. 3. Analysis of potential impediments to redevelopment of the sub-ar a. ction: DA review and comment on information provided by Members of the Bo 2.) College Avenue North' PO Box 668 . Sdint. joseph. Minnesotd )6)74 Phone ,2.0.,6"72.01 FdX ,2.0.,6,.0,42. THIS PAGE INTEN IONALL Y LEFT BLANK Sub-Area Evaluation Location. The sub-a a identified for further research by the EDA is comprised of two tiers of lots located between: asl Birch Street, College Avenue, Ash Street East and First Avenue NE. The first tier of lot is identified as Sub-Area A. The second tie as Sub-Area B. CO RD 75 E 'l(::ll 1.~3 m ,cIS <( \ tn as <<1>\ ~) ~- ,,-- I .0/ :j' 'C/)'--- \, ,-/, I;?- &>, t47 .f- >-- -'>' ;f, '" e \' rtation Considerations. Sub-A a A is accessed by Birch Street E and First Avenue NE, h wever, Birch Street terminates in a right in/out at Colleg Avenue and First Ave NE terminates in a right in/out at CSAH 75. Adequate access is a significant imped ment to the redevelopment of Sub-Area A as a stand- lone project. The County Engineer has indicated the long-t rm suslainability of the right on/right off accesses at Birch reel/College Avenue and First Ave. NElCSAH 75 is dou I if significant additional trips are generated by comm rcial redevelopment. Full a to Sub-Area B could be achieved from College Aven e N. and/or Ash Street E. The County and City '2-\ ~ J -i';. ,'j;. ~~ THIS PAGE INTEN IONALL Y LEFT BLANK Sub-Area Evaluation Engine ers have indicated that it's likely left turn lanes at the intersection of Col I~ge Avenue North and Ash S t E and a right turn lane at College Avenue N. and.CSAH 75 would be required to adequately service Sub-Area B and or a redevelopment project incorporating both sub-area s. Develc Inment Costs Develc pment cost analysis is predicated on the estimated market value (2 006) for each parcel. Estima ted sale price is equal to 120% of the estimated market value. L ~nd preparation costs ( demo ition, relocation, site preparation) is estimated at ten percent of the sales value for each parcel. Newc mstruction cost estimates assume single story, $50/sf and 50% of parce I area developed. Est. Est. EM'\I EMV Total Property Sale Land ew Development Owner BLDG Land EM'\I Area Price Prep. onstruction Cost DDD Partner I;hio $131,800 $52,300 $144,702 $12,902 $173,643 $17,364 $322,558 $513,565 Student Hou ina LLC $61,900 $33,000 $73,784 $11,884 $88,541 $8,854 $297,110 $394,506 Posch, Brian P&MollvA $86,100 $42,800 $100,362 $14,262 $120,434 $12,043 $356,545 $489,023 Student Hou ina LLC $34,500 $30,600 $45,192 $10,692 $54,231 $5,423 $267,307 $326,961 Seraer, Andr ew C & Tara N $79,100 $28,500 $86,975 $7,875 $104,370 $10,437 $196,868 $311,674 Deutz Prope ties LLC $43,300 $28,000 $52,999 $9,699 $63,599 $6,360 $242,478 $312,437 Curtis, Mark A. & Susan D $97,700 $21,500 $105,852 $8,152 $127,022 $12,702 $203,800 $343,524 Arno, Drew ~ $74,300 $19,000 $78,436 $4,136 $94,123 $9,412 $103,390 $206,925 Stock, Garv b $34,600 $19,000 $40,747 $6,147 $48,896 $4,890 $153,667 $207,452 SUBT. AREA A $643,300 $274,700 $729,049 $85,749 $874,859 $87,486 $2,143,722 $3,106,067 NierenQarter , Michael $91,800 $35,300 $115,267 $23,467 $138,321 . $13,832 . $586,680 $738,832 Lemke, Kav $76,300 $35,600 $92,435 $16,135 $110,921 $11,092 $403,364 $525,378 Andreas, De IvteM . $84,900 $33,900 $99,688 $14,788 $119,625 $11,963 $369,693 $501 ,280 Loso, James A&JeanA $49,300 $34,700 $66,607 $17,307 $79,928 $7,993 $432,665 $520,586 -:- Loso, James A&JeanA $112,500 $34,100 $125,575 $13,075 $150,690 $15,069 $326,873 $492,631 Reber, Paul M $31,000 $8,200 $36,489 $5,489 $43,786 $4,379 $137,215 $185,380 Thelen, Osw elk/Bernadine $93,700 $31,000 $101,279 $7,579 $121,535 $12,154 $189,485 $323,174 Reber, Paul M $66,800 $25,000 $73,316 $6,516 $87,979 $8,798 $162,905 $259,682 Reber, Paul M $89,400 $28,000 $95,952 $6,552 $115,142 $11,514 $163,796 $290,453 SUBT. AREA B $606,300 $237,800 $710,655 $104,355 $852,786 $85,279 $2,608,878 $3,546,943 TOTAL $1,339,000 $540,500 $1,535,656 $196,656 $1,842,787 $184,279 $4,916,397 $6,943,463 * Sal e price estimate = 120% of EMV ** Lar d preparation = 10% of estimated sale price *** Ne W construction estimated at $50/sfwith 50% lot coverage (single story) Land se Considerations , The e isting larid use, existing zoning classification and future land use classif cation are illustrated in i the fol owing table. Differences in tax, zoning and future land use classificatior s are noted. The items in bo d type face in the following table are inconsistent with vehicula oriented commercial develc pment. ~) ~ner ~OO Partnership ~udent He using LLC osch, Bri an P & Mollv A ltudent He using LLC erger, An~rew C & Tara N eutz ProJ erties LLC urtis, Ma k A & Susan 0 I mo, Ore", M ~ock, Garll 0 I//J 1/ '/ ierenaarten, Michael emke, Kall F ndreas, [ elvte M oso, Jam Ps A & Jean A oso, JamPs A & Jean A eber, Pall M helen, OswalklBernadine eber, Pall M eber, Pall M Sub-Area ISvaluation Address 120 Colleae Avenue N 16 Birch St E 18 Birch St E 24 Birch St E 26 Birch St E 30 Birch St E 38 Birch St E 1191stAvenue N 1171st Avenue NE ....<<< 41 Ash St E 33 Ash St E 29 Ash S1. E 25 Ash St E 21 Ash St E 19 Ash StE 17AshStE 13AshStE 110 ColleQe Avenue N , ax Classifcation Zoning Commercial HiQhway Business R s. Non-Homestead HiQhwav Business Commercial HiQhway Business R s. Non-Homestead SF Resid. Res. Homestead SF Resid. Res. Homestead SF Resid. Commercial SF Resid. Res. Homestead SF Resid. Res. Homestead SF Resid. ." )',i .... .., '...... Res. Homestead SF Resid. Res. Homestead SF Resid. Res. Homestead SF Resid. R ~s. Non-Homestead SF Resid. Res. Homestead General Business Commercial General Business Res. Homestead General Business Res. Homestead General Business Res. Homestead General Business 1-~ Future Land Use HiQhway Business Highway Business HiQhway Business SF Resid. SF Resid. SF Resid. SF Resid. SF Resid. SF Resid. . .iJ.....i SF Resid. SF Resid. SF Resid. SF Resid. General Business General Business General Business General Business General Business ~ ~ ~ ~ if ,... ,... ~ ,... z if :>- ~ 5' g> ~ ~ ~ c 0 g g 13 ,," 3 c E .... ~ ~ ! <i P ::l- e .g g. i c .. .. .. !? P ... IF IS" ~ ." !t t- O' .~ ? '-- '-- .!" .. c " -~ a :r " ... .. ;:t ;y 0 ~ il '" ~ If.' <i !!: B :>- :t: ... :t: f .. c ~ :E ~ .. ::I" 5. 5. ~ 5. III -< 11: 0 .. ~ !!: !!: !!!: i" ." ? CI !!!: :>- i :r :ii .. ;;;: :>- :>- !!!: :e sr " sr .... en ~ .. .. g: en .. n ... .. ... loS" e: :- :. !l: e: CIl ,... r- !I: r- I I 173 ~ ~ III ~ ,... .. r- ~ r- :-' ,.. :-' n ~ n n :>- co. .. .. ~ '" ~. :>- :>- c :>- r: ~ z 173 :>- w ~ '" !:< ~ ~ eJ ~ <;l ~ ~ ~ '" '" ~ :>- '" '" ~ '" '" ~ ... '" @: @: ~ ~ ~ g: g: ~ ~ ~ co !P. '" '" '" ... ~ ~ ~ g. ~ ~ ~ i { '" !"!i !"!i !"!i !!i f!.' !!i !12 f f '" '" '" '" U> !12 { m m m m m m m m m m m m m m f z z f m z z '" '" "" '" I~ '" '" co '" '" '" "" '" '" '" "" '" '" ~ ~ ~ ... ~ ... ... ... ... ~ ~ ... ... ... ~ ... ~ ~ ~ ~ ~ ~ i ~ i m ~ ~ i::J i i ~ ~ ~ ~ ... ; 2J [ ~ ~ ~ 18 ~ ~ ~ ~ ~ ~ ~ g ~ ~ g g g .. I; ... ... .. ... I'" ... ... ... ... ... ... ... .. ... ... ... ... .. ... I~ I~ m l !: 0 '" ,< (!J '" <D W liS '" '" ... w ~ <D ~ i<i w ~ '" w III '" w ~ ... ... ~ ~ w ~ ,... en ~ ~ ~ ~ ~ ~ ~ ~ ~ I~ ~ ~ ~ ~ ~ ~ 8 ~ ~ C G> )> .. ... .. .. ... ... .. ... ... ... ... ... ... ... ... ... ... ... ... ... ... m :J: i '" ;r: ::: l~ .... I:ll ~ w '" J< ~ w ~ ll\ ~ '" '" ~ ~ ~ ~ ... w '" i '" w ~ '" '" ~ '" ~ ..... ~ "8 ~ ~ 8 ~ ~ ~ l~ ~ ~ ~ -8 ~ ~ ~ ~ ~ ... en .. ... - ... .. - - - - ... - ... /- ... .. .. - .. .. - ... I I~ .... (") .... .... E i: co '" ~ '" III !"fi '" '" '" t: ~ '" '" m ... <=> .... 0 ... '" "" '" '" ~ '" C> '" '" ~ '" <=> "" m '" $ '" ;.. ~ ~ ~ m ~ ~ "gJ ~ ~ -R! :i ~ !: g: '" i<i (!J ~ '" < ~ ,~ ~ :;t1 ... ... ... ~ ::0 i co ... ~ ."" '" '" .... '" w ~ ~ '" ~ ... '" ~ '" '" .... <=> .... ~ - g: w ~ '" :>- C ~ ~ 1?J ~ ~ ~ ~ ~ ~ ... 8l Ri tg ~ l~J ~ ~ :: ~ 2' .. - - .. .. - - - .. .. I: ... .. .. .. .. .. .. .. ... .. 0 ~ ~ ~ w w ... 0;' ;U ~ 'i.' '" '" ~ '" '" ~ .... ~ Ri ~ .... ~ ~ ~ .. CJ '" '" <=> I~ ... ... f: ~ ... '" I~ ~ '" '" .. "" g g g g g g g g g g g g g g g g ii: AJ I~ ~ I ~ ~ 0;' m .. ~ i' ~ g ~ ~. ~ ~ ~ ~ w: g: g n Z " If :r: :I: :I: (") :r: :'c :r: :I: :I: :r: :r: (") :I: :I: :'c () :'c (") m I ~ ~ ~ ~ i ~ i ~ i ~ ~ ~ ~ i ~ ~ ~ :g- ~ ~ ~ ~ :E [ I{ a;- ~. ft a;- ft [ " a;- [ [ ~ l!L l!L ~ l!L ~ "'- !'l "'" iD [ f [ ~ ~ :I: :I: :I: )> ~ ~ ~ " ~ ~ r- i1. i1. i1. .!i! ~ ff ~ co ff ~ ~ ~ '" <n '" ~ ~ Ii ~ '" '" ff N C ,., ,., ,., c c "tI ~ ~ ::0 ~ ~ ~ ~ ili' ~ ~ 0 i" i- i" i- i" Il i i" ;" .. ?: ;;: ~ ~ ~ !5: ~ ;;: ;[ ::0 ~ [ ~ ~ ~ :I: :r :I: ~ 0 ~ cg: ~ c.. ~ ~ " .. i1. i1. i1. i1. .!i! ~ m '" co '" ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ co '" co in C C C C C ... ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ (") ,,- ,,- "" 5 m- i- i" i" If II II 81 II ;;: ;;: p: ;;: ;;: a: ;;: ~ ;;: p: I- ... I... '" .. '" - '" .. '" '" ... - - .. - '" .. .. .. '" -f Ii w I~ ... ... ~ Ii '" m ~ ~ ~ " w - ... '" ~ '" <=> '" I~ 8! 5 ,., .... '" '" <=> '" "" '" ... '" ... ... "J! I~ ~ ~ ~ ~ ~ ~ ~ 1$ ~ ~ ~ ~ ~ 1:1 ~ ~ g w ,- ,~ I- ... .. '" .. .. - '" .. .. - ... - 1- .. .. .. .. .. .. - I ~ ... - I ~ ... Ii ... '" ~ ~ '" ~ w .... A '" ~ m <=> '" ~ '" ~ ... 1< ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 11 ~ ~ ~ ; ... '" .. .. ... - .. .. '" - ... - .. .. .. .. '" .. ." .. Z ~ <> 0 - i ., ~ '" '" '" w w "" !lJ <=> ~ ~ m '" '" ~ '" ~ g) ~ w a . ~ w 00 A m '" ~ $ w ~ '" ~ m ~ w ~ w w w ~ m " ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ '" g <=> gJ I- ... '" .. .. '" ... '" '" '" - ... - '" .. .. ." - - ." .. ~ .. :i' :i ~ w ... ;[ - 8 ~ Jj ~ '" 51 '" ~ ~ g w w w w ~ ~ ~ g ... '" '" '" ~ ~ w g ~ ~ 1:; '" '" ~ '" ~ '" w ~ '" w a . "e f3 ~ ~ ~ ~ 1:J ~ ~ Id ~ 'Ri ~ Rl ~ ~ ~ ~ ~ ~ n w ~ f>- ~ '" 0, '" '" :.. '" '" '" :.. :.. w '" '" '" " '" b> 7-5 SEH DataVi w Parcel Report 8/23/2006 . 0 RD. 75 E \ \ \. l! f*-- !i _---- ~ . r- ~\ \ \ ...,..,..'""" y--- \ \ \ ---~ I ~ ~ ~~ ,~CITY Of ST. JOSEPH www.cityofstjoseph.com HeIno Adrninistrdtor Judy Weyrens To: From: Date: Re: City of S1. Joseph, Economic Development uthority Mai Yang 9/13/2006 Business Retention and Expansion Program (BRE) Mdyor RichcJrd edr!born Councilors AI Rdssier R.oss Rieke Renee Symdnietz Ddle Wick in the last meeting, Ms. lViai Yang introduced Business Re ention and Expansion Program at the EDA meeting. Members of ED suggested that Ms. Yang should present at the next Chamber of Co merce Meeting along with limiting the survey questions. As of today the survey has been revised and Ms. Yang is cheduled on the Chamber's agenda on Tuesday, September 19 at noo . She had prepared a PowerPoint presentation along with a speech. Also a press release has been sent out to Newleader for publication co sideration. Dennis from Newleader called for an interview. Ms. Yang ad also been working on getting BRE on City of St. Joseph website, intr ducing BRE and access to the survey. Upcoming, Ms. Yang will be working on using Newieader distribute survey prior to the Chamber meeting. Requesti members to complete the survey and be sent back to the ity Hall. She will send business owners follow up post cards to those w 0 have not responded and setting up individual meeting with busines es. 2.) Co lege Avenue North . POBox b b 8 . S din t. 10 s ep h , ]\Ai n e sot d ') b j7 4 Phone , ~?...o '50) 72.0] F"cJ x / -)20.'3C).O-~~_2 THIS PAGE INTENTIO ALL Y LEFT BLANK CITY OF S ~ JOSEPH 'W'Ww. cityofstjoseph .com Administrdtor judyWeyrens September 13, 2006 EMO TO: Economic Development Authority Cynthia Smith-Strack Municipal Development Group Project incentive Analysis MdYor Richdrd Cdflbom ackgll"ound: t the August EDA meeting during discussion regarding CSAH 75 corr or renewal the Board r quested information regarding available incentives be compiled ror otential distribution to . usiness owners within the renewal area north of CSAH 75. Further di cussion noted specific ~. centlves available for specific projects would vary widely with commer ial incentives primarily Ii ited to tax abatement, the local revolving loan fund (RlF) and the Minnesota Community apital Foundation (MCCF) (accessed through electric utility providers) The Board requested i formation regarding potential incentives that could have been vallable to previous ommercial projects be analyzed and summarized for presented to the E A at a future meeting. Councilors AI Rdssier Ross Rieke Renee Syrrldnietz Dde Wiele he tables on the following page illustrate the potential available ta abatement for three i provement projects for properties adjacent to CSAH 75. All three proj cts were completed in 005, reflected in estimated market value In 2006 and will be reflected in taxes payable in 2007. I addition, the analysis applies the levy rate approved in 2005 for taxes ayabls 2006 has been tiiized to estimate 2007 taxes payable. The analysis also assumes 10 % of the City's portion f property taxes will be abated for a term of ten years. In reality the term andlor accrued benefit uid not exceed total project costs to be reimbursed by the abatement. he EDAlCity incentive oiicy precludes the issuance of bonds with debt retired from abated xes, instead a 'pay as y u go' format is employed (taxes are paid and then rebated to the prope owner). he tables on the following pages also reflect increases in estimated ma ket value {by Mn. law e Assessor is to employ 10% rule when calculating EMV). Th tables illustrate the . ackground value' of the commercial properties increasing at a similar rate over the previous fi e years. ther incentives potentially available to commercial property owners wit" in the renewal corridor i elude the St. Joseph Revolving loan Fund and the Minnesota Commun J Capital Foundation. he St. Joseph Revolving loan Fund has a current balance of appro imately $20,000. The alance is available as a lower than market rate loan to qualifying busine ses. Maximum term is ven years for material/equipment expenses and 15 years for real est te purchase. The RLF rincipal must be replenished prior to re-issuing a loan. he MCCF is a statewide program available to loan funds to qualifying b sinesses which cannot sure conventional finanCing andlor SBA loans to cover project costs. 'gap' in funding must - demonstrated, loans are typically at above prime rate and the loan m st be purchased in the s condary market prior to issuance. he EDA has entertained initial discussion regarding the establish ent of an additional i centive fund. To those ends the EDA requested $10,000 be included in the annual CIP budget s a means of capitalizing that fund. The 'incentive fund' could be used f r a number of different 2.) Co lege Avenue North' POBox 668 . Sdint. joseph. Minnesotd )6)74 Phone 120 ')6) 72.01 c , id>< 12,0 '~O~:;.014-2, '2.,1 purp es including purchase of options (orlrst rights of refusal) by the EDA, a matching grant to bu inesses (e.g. $1,000) pursuing buil ing enhancements and/or a short-term loan for canst uction activities (e.g. cap at $5,000). Actio : The oard previously indicated distribution f information to property owners north of CSAH 75 within the CSAH 75 renewal area regar ing available incentives may be beneficial. Staff reque ts the EDA review the attached Inf mation and determine whether or not a 'brochure' shoul be developed at City Hall for distri uti on to business owners north of CSAH 75. In additi n, staff requests discussion regardi 9 the proposed 'incentive fund' and what, if any guide ioes should be developed for use of th fund. ~ SAMPLE PROJECT #1 E~ timated Estimated Total Taxes Building Mark ~t Value Market Value Estimated % Change Payable 00 Change Improvements land Bida Market Value 2001 $ 42,300 $ 98,900 $ 141,200 - $ 3,754 - $ - 2002 $ 57,400 $ 96,400 $ 153,800 8.92% $ 4,186 11.51% $ - 2003 $ 57,400 $ 117,700 $ 175,100 13.85% $ 4,864 16.20% $ - 2004 $ 63,400 $ 128,900 $ 192,300 9.82% $ 5,146 5.80% $ - 2005 $ 81,500 $ 125,500 $ 207,000 7.64% $ 5,730 11.35% $ 175,000 2006 $ 82,900 $ 353,700 $ 436,600 110.92% $ 12,754 122.58% - *2006 taxes payable es timated as final 2007 levy not certified; EMV set by Feb. 1st of each year Tax abatement (ass ming City partiCipation only, 10 yr. term): $39,232 or $3,923/year, application fe e = $3,500 SAMPLE PROJECT #2 E~ timated Estimated Total Taxes Building Mark ~t Value Market Value Estimated % Change 00 Change land Blda Market Value Payable Improvements 2001 $ 27,900 $ 165,500 $ 193,400 - $ 5,526 - $ - 2002 $ 34,800 $ 168,594 $ 203,394 5.17% $ 5,946 7.60% $ - 2003 $ 34,800 $ 202,900 $ 237,700 I 16.87% $ 7,056 18.67% $ - 2004 $ 38,500 $ 222,200 $ 260,700 9.68% $ 7,394 4.79% $ - 2005 $ 47,400 $ 225,600 $ 273,000 4.72% $ 7,944 7.44% $ 12,500 " 2006 $ 50,200 $ 241,100 $ 291,300 6.70% $ 8,111 2.10% - *2006 taxes payable e timated as final 2007 levy not certified; EMV set by Feb. 1st of each year Tax abatement (ass ~ming City participation only, 10 yr. term): $24,949 or $2,495/year, application fe e = $3,500 SAMPLE PROJECT #3 E timated Estimated Total Taxes Building Mar~ et Value Market Value Estimated % Change 10 Change Payable Improvements land Blda Market Value I 2001 $ 32,500 $ 177,500 $ 210,000 - $ 5,462 - $ - 2002 $ 36,700 $ 193,500 $ 230,200 9.62% $ 6,929 26.86% $ - 2003 $ 59,400 $ 121,000 $ 180,400 -21.63% $ 5,049 -27.13% $ - 2004 $ 61,700 $ 155,500 $ 217,200 20.40% $ 5,965 18.14% $ - 2005 $ 71,200 $ 153,800 $ 225,000 3.59% $ 6,335 6.20% $ 436,000 2006 $ 73,600 $ 423,100 $ 496,700 120.76% $ 14,675 131.65% - *2006 taxes payable e timated as final 2007 levy not certified; EMV set by Feb. 1st of each year Tax abatement (ass ~ming City participation only, 10 yr. term): $45,139 or $4,512!year, application fE e = $3,500 3\ THIS PAGE INTEN IONAlL Y LEFT BLANK