HomeMy WebLinkAbout2007 [01] Jan 17
st. Joseph Economic Development Authority
Meeting Notice
VVednesday,January 17,2007
3:00 p.m. City Hall
1. Call to Order.
2. Election of Officers for 2007.
3. Approval of Agenda. .
4. Approval of Minutes.
a. December 20, 2006
5. Accounts Payable and Financial Report.
a. Approval of Accounts Payable
b. Approval of Financial Rer;>ort
6. Business.
a. Final TIF Application Collegeville Communities
b. CSAH 75 Renewal Project
c. Business Retention and Expansion Program Presentation
7. Director Report.
a. Prospect List/Activity Report.
8. Board Member Announcements.
9. Adjournment.
-
Mu N I C I PAL
DEVElOPMENT GRoUP,INC.
DATE: January 11, 2007
MEMO TO: EDA Board Members
FROM: Joanne Foust and Cynthia Smith~Strack, MDG, Inc.
RE: EDA Board Annual Meeting
Background:
State statutes requires the EDA to conduct an annual meeting. As a part of this meeting
the election of officers is scheduled.
EDA Board appointments for 2007 are as follows:
Tom Skahen (2013)- at large
Carolyn Yaggie-Heinen (2012)- at large
To Be Appointed (2009) City Council
Ken Jacobson (2012)- at large
Richard Carlbom (2009) - Mayor
The 2006 Officers were: Chair - Ross Rieke, Vice Chair - Richard Carlbom, Treasurer
- Tom Skahen and Secretary - Ken Jacobson.
Action:
Nominations for the Board Officers shall be made during the meeting.
A MOTION to elect the following officer positions is in order:
Chair
Vice Chair
Treasurer
Secretary
CITY OF ST. JOSEPH
ECONOMIC DEVELOPMENT AURTHORITY
Meeting Minutes - Wednesday, November 15, 2006
Present: EDA Board Members Ross Rieke, Richard Carlbom, Carolyn Yaggie - Heinen, Ken
Jacobson, and Tom Skahen.
Absent None.
Also present: Mai Yang, SCSU Intern and Cynthia Smith - Strack of Municipal Development
Group.
Chairperson Rieke called the December 20, 2006 meeting of the St. Joseph EDA to order at
3:05PM.
Agenda.
Chairperson Rieke introduced the agenda. Moved by Carlbom seconded by Skahen to approve
the agenda as presented. Motion carried 5-0.
Approval of Minutes.
EDA Chairperson Rieke noted the minutes from the November 15, 2006 meeting were included in
the packet.
Motion by Skahen, seconded by Heinen to approve the November 15, 2006 regular EDA minutes
with the correction of the reference to "Skahen" on page three which was presented as "Shaken".
Motion carried 4-0 with Rieke abstaining.
EDA Accounts Payable.
Rieke introduced the topic. Strack noted accounts payable for the month an included invoice for
contracted services in the amount of $2,356.23. The total hours provided by MDG, Inc. through
November 30th equaled 388.5, on target for the contracted 420 hours of services for the year.
Strack added that mileage reimbursement in the month of November is higher than usual due to
downtown revitalization meetings.
Motion by Carlbom, second by Jacobson to approve the EDA accounts payable for the month of
November 2006 in the amount of $2,356.23. Motion carried 5-0.
Financial Report.
Rieke introduced the agenda item. Strack noted the November financial reports were contained
at the close of the packet. Reports presented included: revenue, expense, check register and
fund balance. Jacobson inquired as to whether or not the interest earned on the revolving loan
fund balance was retained by the EDA. Strack noted accrued interest was retained by the EDA..
Strack also alluded to the fund balance a portion of which may be carried over annually; the fund
balance is estimated at approximately $20,000. Jacobson inquired as to how the amount
applicable to phone/telcom service was calculated. Strack noted the amount attributed to phone
service was proportionate to the use of the system.
Motion by Carlbom second by Heinen to approve the November financial report as presented.
Motion carried 5-0.
CSAH 75 Renewal Project.
Chairperson Rieke introduced the topic. Strack noted the November EDA meeting Board
Members discussed feedback from a joint meeting with the Planning Commission and the City
Council relating to the CSAH 75 Renewal Project. The EDA then directed MDG to prepare a list
of property owners and contact information for properties within the potential renewal area.
EDA Minutes - December 20, 2006
EDA Members noted ten of the. property owners in the identified potential CSAH 75 renewal
project area were homesteaded, an additional four were taxed as commercial establishments and
the final four carried a tax classification of non-homestead residential.
Carlbom noted the College of 5t.Benedict has announced a plan to require students reside on
campus for all four years of college. The plan is to be rolled out over the next several years with
affects impacting the student rental market beginning in 2010. The student rental market
vacancies will greatly impact property ownership/use within the City and especially within the
CSAH 75 renewal project area.
Strack noted the City/EDA could consider application to DEED's Small Cities Development
Program for commercial/residential rehabilitation in connection with implementation of the new
CSB residency requirement. In addition, the SCDP could be leveraged with redevelopment TIF to
attempt to convert student rentals into business uses within the potential renewal project area.
EDA Members identified the next step as reaching out to owners of homesteaded property within
the potential project area. The purpose of the outreach is gather information regarding the
properties, including, listening to homeowners' future plans for their properties and, if applicable,
to let them know the EDA would like to help them realize those plans. Strack is to visit with
homeowners within the subject area.
Business Retention and Expansion Update.
Rieke noted the topic on the agenda. Yang presented a final report on the progress the Business
Retention and Expansion Program created/implemented as part of her internship. Ms. Yang
noted:
. She visited with 31 business owners
. 18 of the 31 businesses started up in St. Joseph
. Of those interviewed and/or responding to the BRE survey: nine were service-oriented
facilities; four were restaurant establishments and four were wholesale operations.
. Only about half of the responding businesses offered benefits such as vacation, 401 K
plan, health insurance and the like. .
. Respondents indicated they would like additional information regarding business
management and incentives offered by the EDA along with e-business, marketing and
legislative issues.
. The majority of those responding (82%) noted they have not used local, state or other
incentives.
. The majority of those responding (73%) noted they would like to access local, state or
other incentives.
. 73% of businesses noted sales have increased in the past three years; 23% noted sales
have stayed approximately the same.
. 87% of those responding indicate they expect their businesses to grow within the next
three years.
. 70% of those businesses responding noted they have considered expansion within St.
Joseph.
. When asked what type of expansion those business owners had considered: 23% noted
they have considered adding employees, 20% noted the expansion was adding new
equipment, 14% noted the expansion was training existing/new employees and 11%
noted they have considered building/facility expansion.
. Of those participating in the BRE program, three establishments noted they were
considering moving and one establishment noted it was considering closing.
. Most respondents 73% noted they were not considering expansion/building additions at
the present time, six respondents noted they were considering expansion.
EDA Minutes - December 20, 2006
· When asked about deterrents to expansion respondents noted: increased property taxes
were deterring expansion along with a feeling the costs of expansion outweigh the
potential benefits and a feeling the current business size was adequate.
· When asked to rate the importance of the appearance of their building those responding
replied: 27% 'very important'; 36% 'important' and 36% 'not very important'.
· Those completing the BRE survey were asked to comment on the "business atmosphere"
within S1. Joseph. The term was not defined within the survey. No respondents rated the
'business atmosphere' as excel/ent or poor, 100% of those responding noted the
'business atmosphere' in S1. Joseph was average.
EDA members discussed whether or not the survey was confidential and how the potential
perception of confidentiality could impact the next step within the BRE program. Skahen stated
that those responding on the condition of confidentiality may not want a follow-up call from EDA
staff regarding survey results. Heinen noted follow up with those stating they were considering
moving and/or closing was imperative.
The EDA following additional discussion reached consensus that follow-up was necessary. In the
near-term Strack was directed to mail out thank you cards to those who received surveys and/or
those interviewed by Ms. Yang. In addition Strack is to prepare a mailing including survey results
for the EDA to review/approve at the next meeting. The mailing should be general enough to
retain the confidentiality of those participating in the BRE program but be specific enough to be
useful to business owners. In addition to survey results the mailing is to include planned activities
resulting from the survey and an offer to visit further with business owners. The formal letter is to
be placed on official City letterhead.
In addition, Carlbom noted he was working with Janelle Von Pinnion with The News/eader
regarding a reoccurring EDA column. The EDA column would attempt to further efforts at
business outreach.
EDA Annual Report to City Council.
Rieke noted the topic on the agenda. Strack stated the EDA is required to submit an annual
report of activities to the City Council on an annual basis. The report must highlight EDA activities
over the previous year and plans/goals for the next year.
Strack summarized the accomplishments for 2006 including:
· Itemization of core initiatives and strategic directions followed throughout the year
. Convening of 12 EDA meetings
· Downtown revitalization project: revitalization plan created, project initiated, work groups
formed, 19 meetings held
· 2006 commercial building permit summary: down from previous year. Contributing factors
include: uncertainty surrounding future transportation routes, lack of industrial lots,
competition with available industrial properties within the township and the fact several
downtown business owners were waiting for direction from the Urban Environs Work
Group regarding design guidelines and potentially, architectural renderings
. CSAH 75 Renewal Project
· Preparation and maintenance of information for distribution to development prospects
· Maintenance of inventory of available commercial and industrial acreage, buildings and
lease space
· Participation in Southern Corridor (Field Street) TAC, the Northern Corridor task force
and the stakeholders group working on the St. Joseph Transportation Study
. Promotion/offering of financial incentives
. Zoning ordinance update review/comment
. Bioscience zone acreage allocation application
EDA Minutes - December 20, 2006
. Business Development Public Infrastructure grant program application
. Establishment of the business retention/expansion program
. Consideration of the establishment of a new grant program (matching, not to exceed
$1,000) designed to assist in securing architectural services with regard to new business
construction, expansion and/or rehabilitation, and
. 2006 work plan analysis
In addition the EDA discussed goals for 2007. Due to a prior commitment, Board Member
Jacobson exited the EDA meeting during the goal-setting discussion. Goals established include:
1. CSAH 75 Renewal Project advancement.
2. Downtown Revitalization program advancement.
3. Updating of Economic Development Plan included in the 2002 City of St. Joseph
Comprehensive Plan.
4. Establishment/implementation of communication plan to proactively reach out to
businesse~ em a variety of issues.
5. Approval/implementation of architectural services grant programs beginning with five
property owners within the downtown who have expressed a desire to secure
architectural renderings.
6. Facilitation of communication between the College of St. Benedict and the business
community to exchange information regarding the impact CSB has -on business
oWners, in terms of both increasing clients and potential competition between
services provided.
Motion by Carlbom, second by Heinen to submit the annual report to the City Council. Motion
carried 4-0.
2006 Reimbursement Forms and 2007 EDA Calendar
Rieke noted the topic on the agenda. Reimbursement forms and 2007 calendars were distributed.
Board Member Announcements.
None.
Adjourment.
Motion by Skahen, second by Heinen to adjourn. Motion carried 4-0. Meeting adjourned at
4:57PM
EDA Minutes - December 20, 2006
DATE:
January 11, 2007
MEMO TO:
St. Joseph Economic Development Authority
FROM:
Joanne Foust & Cynthia Smith-Strack, Municipal Development Group
RE:
Accounts Payable - December 2006
December Financial Reports
A. Accounts Payable:
Following are Accounts Payable for the EDA's Consideration.
Payable To For Fund
MDG, Inc. December Econ. Dev. Service 150-46500-300
Borgert Products/SKN TIF Disbursement - 2nd half 2006
MinnWest TIF Disbursement - 2nd half 2006 (GohmanNicWest)
Office Depot Holiday Greeting Cards
Ken Jacobson EDA Per Diem 2006
Tom Skahen EDA Per Diem 2006
Carolyn Yaggie-Heinen EDA Per Diem 2006
SEH, Inc. Preparation of maps for Downtown
Pitney Bowes Postage
TDS MetroCOM Telephone
Total
Amount
$ 2,355.34
$ 10,563.57
$ 25,061.33
$ 13.90
$ 330.00
$ 330.00
$ 270.00
$ 425.00
$ 8.28
$ 41 .25
$ 39,398.67
Action:
A MOTION is in order to approve the Accounts Payable.
B. Financial Report:
December financial reports for the EDA are following. The reports consist of:
1. EDA revenue to date.
2. EDA expenditures to date.
3. Check Register.
4. Fund Balances (Econ Dev. 150, TIF 1-3 155, TIF 1-4 156 and RLF 250).
Action:
A MOTION is in order to approve the financial reports.
..
INVOICE
MUNICIPAL DeVELOPMENT GROUP, INC.
25562 WILLOW LANE
NEW PRAGUE,MN 56071
952-758..7399
FAX: 952-758.3711
mdg@bevcomm.net
City of St. Joseph
Attn: Judy Weyrens
City Administrator
PO 668
St. Joseph, MN 56374
Invoice Date 12-31-06 II Payment Terms: 30 days II Customer 10 #: STJ06ED I
Project December Economic Development Services
See attached detail
Amount: $1,820.00 Monthly contract fee-35 hrs
$ 249.65 561 miles x .445
$2,069.65 ,
Code to: 150-46500-300 for general EDA
Remit To: Municipal Development Group, Inc.
25562 Willow Lane
New Prague, MN 56071
Dates-EDA
December 6, 2006 EDA Office Hours 9.00 hrs. C. Strack
December 13, 2006 Hours at MDG Office 10.50 hrs. C. Strack
December 20, 2006 EDA Office Hours 7.00 hrs. C. Strack
December 28,2006 EDA Office.Hours 6.50 hrs. C. Strack
Total December, 2006 33.00 hours
Total MDG, Inc. 2006 Hours through December, 2006 = 421
Thank you! We appreciated the opportunity to work with you!
Check No.
Date:
Principal
City of St. Joseph
EDA Expenditures
December 31, 2006
YTD %
OBJ OBJ Deser Budget Exp Expense Balance of Budget
FUND 150 Economic Development
DEPART 46500 Economic Development Authority
103 Legislative Bodies $700.00 S930.00 -$230.00 132.86%
151 Workers Compo Insur. Premo $100.00 597.00 $3.00 97.00%
200 Office Supplies $500.00 $239.59 $260.41 47.92%
300 Professional Services $28,00MO $24,049.05 $3,950.95 85.89%
303 Engineering Fee $4,000.00 $425.00 $3,575.00 10.63%
304 Legal Fees $1,000.00 $7250 $927.50 7.25%
321 Telephone $1,20000 $501.47 $698.53 41.79%
322 Postage $200.00 $196.38 $3.62 98.19%
327 Tax !ncrement Certification $0.00 $0.00 $0.00 0.00%
331 Travel & Conference $500.00 $73.77 $426.23 14.75%
340 Advertising $1,000.00 $45.00 $955.00 4.50%
433 Dues & Subscriptions $0.00 $8,000.00 -$8,000.00 0.00%
510 Land $0.00 $0.00 $0.00 0.00%
582 Computer Software $300.00 $0.00 $300.00 0.00%
587 Special Projects $0.00 $0.00 $0.00 0.00%
700 Mlsc $0.00 $0.00 $0.00 0.00%
DEPART 46500 Economic Development $37,500.00 $34,629.76 $2,870.24 92.35%
FUND 150 Economic Development $37,500.00 $34,629.76 $2,870.24 92.35%
FUND 155 TIF 1-3 Borgert (SKN)
DEPART 46500 Economic Development Authority
300 Professlonat Services $935.00 $301.11 $633.89 32.20%
327 Tax Increment Certification $0.00 $0.00 $0.00 0.00%
340 Advertising 550.00 $24.00 $26.00 48.00%
600 Debt Service - Principal $8,307.42 $21,127.14 -$12,819.72 254.32%
611 Bond Interest $10,413.14 $0.00 $10A13.14 0.00%
620 Agent Fees $0.00 $0.00 $0.00 0.00%
DEPART 46500 Economic Development $19,705.56 $21,452.25 -$1,746.69 108.86%
DEPART 49301 Transfer to other Funds
700 Misc $0.00 $0.00 $0.00 0.00%
DEPART 49301 Transferto other Funds SO.OO $0.00 $0.00 0.00%
FUND 155 TlF 1-3 Borgert (SKN) $19,705.56 $21,452.25 -$1,746.69 108.86%
FUND 156 TIF 1-4 St. Joe Development
DEPART 46500 Economic Development Authority
300 Professional Services $7,266.00 $301.11 $6,964.89 4.14%
304 Legal Fees SO.OO $0.00 $0.00 0.00%
327 Tax increment Certification $0.00 SO.OO $0.00 0.00%
340 Advertising $50.00 $24.00 $26.00 48.00%
600 Debt Service - Principal $19.319.82 $50,122.66 -$30,802.84 259.44%
611 Bond Interest $46,523.28 $0.00 $46,523.28 0.00%
620 Agent Fees $0.00 $0.00 $0.00 0.00%
DEPART 45500 Economic Development $73,159.10 550,447.77 $22,711.33 68.96%
FUND 156 T1F 1-4 St. Joe Development $73,159.10 $50,447.77 $22,711.33 68.96%
FUND 250 Revolving Loan Fund
DEPART 46500 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 46500 Economic Development $000 $0.00 $0.00 0.00%
FUND 250 Revolving Loan Fund $0.00 $0.00 $0.00 0.00%
$130,364.66 $106,529.78 $23,834.88 81.72%
SOURCE
SOURCE Oeser
City of St.. Joseph
EDA Revenues
December 31, 2006
YTD 'Yo
Budget Rev Revenue Balance of Budget
$0.00 $1,069.06 -$1,069.06 0.00%
$0.00 $25,000.00 -$25,000.00 0.00%
$37,500.00 $0.00 $37,500.00 0.00%
$37,500.00 $26,069.06 $11,430.94 69.52%
$0.00 $22,239.10 -$22,239.10 0.00%
$0.00 $22,239.10 -522,239.10 0.00%
$0.00 $55,691.84 -$55,691,84 0.00%
$0.00 $55,691.84 -$55,691.84 0.00%
$0.00 $814.18 -$814.18 0.00%
$0.00 $576.75 -$576.75 0.00%
$0.00 $22,047.37 -$22,047.37 0.00%
$0.00 $23,438.30 -$23,438.30 0.00%
$37;500.00 $127,438.30 -$89,938.30 339.84%
Page 1
FUND 150 Economic Development
36210 . Interest Earnings
36300 Reimbursement
39201 Transfers from Other
FU ND 150 Economic Development
FUND 155 TIF 1-3 Borgert (SKN)
31050 Tax Increment
FUND 155 TIF 1-3 Borgert (SKN)
FUND 156 TIF 1-4 51. Joe Development
31050 Tax Increment
FUND 156 TIF 1-4 51. Joe Development
FUND 250 Revolving Loan Fund
36210 Interest Earnings
36212 CDAP Loan Interest
39312 CDAP Loan Proceeds
FUND 250 Revolving Loan Fund
City of St Joseph
EDA Report
December 31, 2006
2006 YTD December 2006
Account Descr . Budget 2006 Amt YTD Amt Balance
FUND 150 Economic Development
E 150-46500-103 Legislative Bodies $700.00 $930.00 $930.00 -$230.00
E 150"46500-151 Workers Camp. $100.00 $0.00 $97.00 $3.00
E 150"46500-200 Office Supplies $500.00 $13.90 $239.59 $260.41
E 150"46500.300 Professional $28.000.00 $2,355.34 $24,049.05 $3,950.95
E 150-46500-303 Engineering Fee $4,000.00 $425.00 $425.00 $3,575.00
E 150-46500-304 Legal Fees $1,000.00 $0.00 $72.50 $927.50
E 150-46500.321 Telephone $1,200.00 $41.25 $501.47 $698.53
E 150-46500-322 Postage $200.00 $8.28 $196.38 $3.62
E 150-46500-327 Tax Increment $0.00 $0.00 50.00 $0.00
E 150-46500-331 Travel & $500.00 $0.00 $73.77 $426.23
E 150-46500-340 Advertising $1,QOO.00 $0.00 $45.00 $955.00
E 150-46500-433 Dues & $0,00 $0.00 $8,000.00 -$8,000.00
E 150-46500-510 Land $0.00 $0.00 $0.00 $0.00
E 150-46500-582 Computer Software $300.00 $0.00 50.00 5300.00
E 150-46500-587 Special Projects $0.00 $0.00 $0.00 $0.00
E 150-46500-700 Mise $0.00 $0.00 $0.00 $0.00
FUND 150 Economic Development $37,500.00 $3,773.77 $34,629.76 $2,870.24
FUND 155 TIF 1-3 Borgert (SKN)
E 155-46500-300 Professional $935.00 $0.00 $301.11 $633.89
E 155-46500.327 Tax Increment $0.00 $0.00 $0.00 $0.00
E 155-46500-340 Advertising $50.00 SO.OO $24.00 $26.00
E 155-46500-600 Debt Service _ $8,307.42 $10,563.57 $21,127.14 -$12.819.72
E 155-46500-611 Bond Interest $10,413.14 $0.00 $0.00 $10,413.14
E 155-46500.s20 Agent Fees $0.00 $0.00 $0.00 $0.00
FUND 155 TIF 1-3 Borgert (SKN) $19,705.56 $10,563.57 $21,452.25 -$1,746.69
FUND 156 TIF 1-4 5t Joe Development
E 156-46500-300 Professional $7,266.00 $0.00 $301.11 $6,964.89
E 156-46500-304 Legal Fees $0.00 $0.00 $0.00 $0.00
E 156-46500-327 Tax Increment $0.00 $0.00 $0.00 $0.00
E 156-46500"340 Advertising $50.00 $0.00 $24.00 526.00
E 156-46500-600 Debt Service _ $19,319.82 $25,061.33 $50,122.66 -$30,802.84
E 156-46500-611 Bond Interest $46,523.28 SO.OO $0.00 $46.523.28
E 156-46500-620 Agent Fees $0.00 $0.00 $0.00 $0.00
FUND 156 TIF 1-4 51. Joe Development $73,159.10 $25,061.33 $50,44777 $22,711.33
FUND 250 Revolving Loan Fund
E 250-46500-304 Legal Fees $0.00 $0.00 $0.00 $0.00
E 250-46500-490 Revolving loan $0.00 $0.00 SO.OO $0.00
FUND 250 Revolvin9 Loan Fund $0.00 $0.00 $0.00 $0.00
$130,364.66 $39,398.67 $106.529.78 $23,834.88
Search Name
CHECK #
MUNICIPAL DEVELOPMENT CORP
BORGERT PRODUCTS, INC/SKN
JACOBSON, KEN
MINNWEST BANK
OFFICE DEPOT
PITNEY BOWES
SEH
SKAHEN, TOM
TOS METROCOM
YAGGIE-HEINEN, CAROLYN
038227
038250
038267
038279
038282
038284
038287
038288
038296
038306
City of St. Joseph
EDA. Check Register
December 31,2006
Comments
FUND
eda contract 150
2nd HalfTIF 15!?
2006 EDAAuthority 150
2nd HaffTlF 156
cards 150
postage-Dee 150
EDA 150
2006 EDAAuthority 150
telephone-Dee 150
2000 EDAAuthority 150
DEPART
Amount
46500
46500
46500
46500
46500
46500
46500
46500
46500
46500
$2,355.34
$10,563.57
$330.00
$25,061.33
$13.90
$8.28
$425.00
$330.0.0
$41.25
$270.00
$39,398.67
DATE:
January 10, 2007
MEMO TO:
Economic Development Authority
FROM:
Cynthia Smith-Strack, Municipal Development Group
RE:
Request for Tax Increment Financing Assistance - Collegeville Communities
Request:
Collegeville Communities,. LLC previously submitted a pre-application for the use of tax increment
financing in conjunction with a redevelopment project within the Central Business District.
Following EDA recommendation the City Council accepted the preliminary application and
authorized the preparation/submittal of the final application.
Collegeville Communities has now submitted the final application and fee requesting Tax
Increment Financing assistance for the construction of a 21,518 square foot mixed-use
condominium facility. The proposed project site includes the former Krebsbach Chevrolet property
and the current laundromat/tanning site. A COpy of the TIF Application will be distributed at
the EDA meetina due to the proprietary nature of the data.
Collegeville Communities is requesting a total of $467,000 in pay-as-you-go TIF assistance
estimated to extend for a term of 25 years.
Representatives of the company will be present to answer questions regarding the application.
Background:
A copy of the following are attached for the EDA's information. It is noted that due to the
proprietary information included in the final application it will be distributed at the EDA meetina.
1. A memo completed for EDA information in conjunction with the preliminary TIF
application, and
2. A copy of the Tl F report card for the project.
The preliminary TIF memo will refresh your memory on the purpose/structure of redevelopment
TIF and the application process employed by the City/EDA. The final application will be referred
to throughout this memo. .
The project will rehabilitate an under-utilized parcel within the Downtown. The redevelopment
project consists of the construction of a 21,518 s.f. commercial/residential mixed-use structure
within the Downtown. The two-story structure will consist of stick built construction with hardy
plank siding. Construction cost is estimated at $2.089 million in addition to $550,000 in land
acquisition and site preparation costs. With soft costs and contingencies the total project cost is
estimated at $3.5 million. The Company has provided the EDA with pro-forma analysis illustrating
a $204,519 gap in funding following an injection of equity (6%) and a conventional loan (82%).
The pro-forma demonstrates that without redevelopment TIF assistance, the project will not occur
due to financial infeasibility.
TIF assistance is requested in order to help the project move forward.
TIFPolicy:
The pOlicies for the use of TIF include the following:
1. General Policy - The project should serve to accomplish the goals for economic development
including the attraction, retention, and expansion of business and housing options in the City.
The request meets the policy criteria.
2. Objectives: The project meets the objectives of:
a. Removing blight and/or encouraging redevelopment in the commercial areas of the City
in order to encourage high quality development or redevelopment and private
reinvestment in those areas, and,
b. Providing for a balanced and sustainable housing stock to meet diverse needs both today
and in the future.
3. Costs that qualify for TIF assistance: The TIF would be used to offsetland acquisition, site
demolition/preparation and utility installation costs.
4. Minimum Qualifications:
a. TIF would facilitate development that would not occur without the assistance.
b. But-For Test. The application includes a sources/uses statement and pro-forma
analysis demonstrating the project is not financially feasible without TIF
assistance. In addition, the application includes the following statements:
"A critical piece of this project is the acquisition and demolition of two
parcels that are occupied by deteriorating and substandard buildings.
Those buildings are located on the most important part of the site to be
developed: that is the corner of Minnesota Street and College Avenue. The
. cost of the substandard buildings is $324,000 which translates into a cost
of approximately $60/square foot. The buildings include a laundromat and
tanning salon and a vacant wood frame building. The approximate size of
the underlying real estate is 5,404 square feet. That cost compares to a
price of approximately $2.73 per square foot for the balance of the property
purchased by the developer in 2005 from a third party ($153,000 divided by
56,100 sf is $2. 73/sf). " .
"The project is not economically feasible without TIF assistance. Given the
cost of land acquisition, demolition and clearance other TIF eligible
expenses; and taking into consideration a reasonable absorption rate
based on current market conditions, the project would not result in a
reasonable return for the developer without the assistance. "
c. The project is consistent with the Comprehensive Plan and zoning ordinance. The
proposed development meets the objectives of the Comprehensive Plan. The site
is appropriately zoned (Central Business District) to allow mixed-use development.
d. Prior to approval of the TIF Plan (after final application is submitted), financial guarantees
and credentials will be required. Credit references are included in the application but
a credit check has not been conducted at this time.
e. Ownership of the parcel will be required by the applicant. The applicant has provided
documentation certifying ownership of the former Krebsbach site and a purchase
agreement relating to the laundromat/tanning salon site.
5. Desired Qualifications:
a. Taxes paid before and after the development will be greater than a 2:1 ratio. Current
taxes on the combined sites are $3,403 on the laundromat site and a combined subtotal
of $3,656 on the Collegeville Communities sites. Aggregate taxes paid on the combined
sites total $7,059. Estimated taxes after the development as established by Stearns
County are $ (awaiting information at this time, it is expected taxes
generated will exceed the 2:1 ratio).
b. TIF should not be used for speculative projects. Collegeville Communities is an
existing company with similar projects established in Northfield and Winona. The
pro-forma analysis indicates two commercial units and five of the residential lofts
are pre-sold.
c. TIF should not be used to pay for overpriced land.
d. TIF should be pay-as-you go. The request is for pay-as-you go assistance, if taxes
are not generated the increment will not be achieved.
e. Preference is given to projects that do not cause extraordinary demands on City services.
The proposed mixed commercial office/retail and residential loft units will not
place extraordinary demands on City services.
f. Preference is given to projects that are consistent with the Comprehensive Plan, improve
surrounding land uses, provide new employment, are financially feasible and provide the
highest and best desired use for the property. The project appears to meet these
criteria.
Appropriateness of TIF:
Attached is the "Grading and Report Card for TIF". The proposed project received a composite
score of '5' meaning it is an excellent use of TIF.
Estimated TIF available:
Stearns County has estimated $ (will be available by EDA meeting) in tax increment
available for the project based on building plans reviewed by the Senior Appraiser. A complete
TIF plan with cash flow will be prepared upon the EDA and Council's approval of development of
the TIF Plan for the district.
To summarize the information, tax increments are based on three factors:
. Estimated increase in market value - the difference between pre-project and post-
project market value as determined by the County Assessor (this is not necessarily
equal to project cost)
. Tax Capacity - Increase in market value multiplied by property tax class rate
(Commercial/Industrial property taxed at a rate of 1.5% for the first $200,000 in value
and 2% for portions of the value exceeding $200,000)
. Net tax capacity multiplied by the eligible portions of property tax rate.
The gross tax increment available is subject toa State Auditor reduction of 0.25% and a City
administration fee of 10%. The net annual tax increment is available for use as a financial
incentive to development. The net annual tax increment is collected for a finite period of time and
includes the school district, county and City portions of new taxes generated.
Collegeville Communities proposes to use the TIF agreement to secure a note from a private
lender. The lender will likely not issue debt based on the total amount of TIF identified in the
agreement but rather a percentage thereof. A minimum assessed market value agreement
between the applicant and Stearns County will likely be needed.
Action:
If the EDA is supportive of utilizing TIF for this project, a MOTION is in order to approve the pre-
application and recommend to the City Council they (1) authorize the services of Northland
Securities, the City's Financial Advisor to prepare the TIF Plan and (2) call for a public hearing on
the TIF Plan. The City Council will be meeting in February to take action on the EDA's
recommendation. '
DATE:
May 10, 2006
MEMO TO:
Economic Development Authority
FROM:
RE:
Cynthia Smith-Strack, Municipal Development Group
Request for Tax Increment Financing Assistance - Collegeville Development
Request:
Collegeville Development has submitted a pre-application for Tax Increment Financing
assistance for the construction of a 19,296 square foot mixed-use facility at the former
Krebsbach Chevrolet site located at 25 East Minnesota Street and may include the current
laundromat. A copy of the TIF Pre-Application is attached for your review. Representatives of
the company will be present to answer questions regarding the preliminary application.
Background:
T1F
Tax increment financing is a tool which allows the City/EDA to reimburse a company or land
owner a portion of the new property taxes qenerated as a result of an development project.
The amount of financial assistance available (TIF) is dependent upon a number of factors
including but not limited to the assessed market value of the building and the financial need of
the company. There are several types of tax increment financing districts, each of which has
a maximum increment period established by state law. Collegeville Development is
requesting assistance in the form of redevelopment TIF.
Redevelopment TIF
A "redevelopment district" means a type of TIF district consisting of a project, or portions of a
project, within which the authority finds by resolution that one or more of the following
conditions, reasonably distributed throughout the district, exists:
1. Parcels consisting of 70 percent of the area of the district are occupied
by buildings, streets, utilities, paved or gravel parking lots, or other
similar structures and more than 50 percent of the buildings, not
including outbuildings, are structurally substandard to a degree
requiring substantial renovation or clearance;
2. The property consists of vacant, unused, underused, inappropriately
used, or infrequently used rail yards, rail storage facilities, or excessive
or vacated railroad rights-of-way;
3. Tank facilities, or property whose immediately previous use was for tank
facilities, as defined in section 115C.02, subdivision 15, if the tank
facilities:
a. Have or had a capacity of more than 1,000,000 gallons;
b. Are located adjacent to rail facilities; and
c. Have been removed or are unused, underused,
inappropriately used, or infrequently used; or
4. A qualifying disaster area.
The Collegeville Development project is expected to qualify for redevelopment TIF under (1)
above. .
Term of TIF Aareement
The maximum term of a redevelopment TIF district is 25 years, however, the term of a'ny TIF
agreement should only reflect the amount needed to close a demonstrated 'gap' in financing;
therefore, very often the approved agreement terms are much shorter than the maximum
allowed by state law.
Pay as YOU ao TIF
State law allows the City/EDA to proceed with two types of TIF financing mechanisms. The
first is the issuance of a TIF bond by the City/EDA. In this arrangement the proceeds of new
tax increments are immediately available to the developerit:l the form of cash. With this type of
mechanism the City/EDA bear significant risk in that if the project isn't completed and/or taxes
are not paid, the City is responsible for making the bond payment.
Due to the amount of risk involved, the City of St. Joseph's TIF policy highly discourages the
issuance of TIF bonds. Instead an arrangement known as 'pay as you go' is the standard
mechanism embraced by the City/EDA. With 'pay as you go' TIF, the City does not issue
debt, instead the City enters into an agreement with the Developer pledging to 'rebate' a
portion of the tax increment provided property taxes are paid. In this kind of arrangement, the
Developer may use the TIF agreement to leverage a note from a conventional lender but the
City is not incurring risk if taxes aren't paid or the project not completed.
The Proiect
A summary of the proposed project is attached. The redevelopment project consists of the
construction of a 19,296 sJ. commercial/residential mixed-use structure within the Downtown.
A conceptual site plan and cost estimates for the two-story, traditional downtown facility are
attached for your information.
Pay-as-you-go redevelopment TIF assistance is requested in order to help the project move
forward. The Company has provided the EDA with pro-forma analysis illustrating a $340,000
gap in funding following an injection of personal capital and conventional loan; without
redevelopment TIF assistance, the project will not occur.
Requirements: Preliminary TIF Application:
The following are required to be submitted with the preliminary application for TIF assistance:
1. A map showing the exact boundaries of the proposed development. A site plan is
attached which illustrates the proposed 19,296 sf mixed-use facility.
2. A General description of the project including the following:
. Size and location of building(s); The proposed two story structure will be
utilized for commercial lease space on the ground level with residential lofts
on the second floor. The building design is reminiscent of traditional
downtown' buildings with a flat roof, balconies on the second floor and a
building forward position on the lot. Parking will be provided to the rear of
the facility and landscaped courtyard is proposed for the front of the lot at
the comer of Minnesota and College.
. Business type and use; The redevelopment project will add nine 1,200 sf
commercial lease units in downtown. Commercial uses are expected to be a
mix of retail and professional offices. A total of 10 housing units (lofts) are
proposed to occupy the second story of the building. The lofts have been
designed to accommodate an upscale clientele and feature balconies on
both the front and rear of the each loft. The lofts are not for rental by
students. The project as proposed allows for renting or owning of lofts.
. Traffic information, including parking; Parking facilities are proposed to the rear
of the building, as required in the Central Business District. The Planning
Commission must approve the facility site plan, including parking
requirements. The EDA does not have jurisdiction over parking lots.
. Timing of project; The applicant wishes to proceed with the expansion on a
timely basis. The project can not commence until, if approved, a TIF
agreement is signed. Commencement of any construction activity prior to
the signing of a TIF agreement will void any/all increment available to the
project and therefore, the employment of tax increment financing. The
applicants wish to proceed with site plan approval later this summer with
com~truction anticipated to begin in the Fall of this year or Spring 2007.
. Estimated market value following project completion. MDG has not consulted
with the County Assessor pending receipt of formal site/building plans. The
applicant, however, has provided project estimates within project pro-
formas which place the project cost at $2.24 million. If theEDA/Council
approve/authorize submission of a final TIF application, building plans will
be submitted at that time for review by the Stearns County Assessor.
3. The existing Comprehensive Plan land use designation and zoning of the property. The
comprehensive plan guides the subject parcel to continued downtown (Central
Business District) use. Current zoning class is B-1. Mixed-use facilities are
permitted within said zoning class providing residential does not occupy greater
. than 50% of the gross square footage.
4. A statement identifying how the increment will be uses and why it is needed to complete
the project. The increment will be used to assist with the following eligible expenses
associated with the development: land acquisition, site preparation, demolition and
utility placement/service/connection.
Thorough sources/uses will be included with the final application for TIF, the
company will be required to disclose financial information in conjunction with the
final application. Preliminary sources/uses are included in attachments to this
memo.
5. A statement identifying the public benefits for the proposal including estimated increase in
property valulation, new jobs to be created and other community assets. The subject
property currently consists of a vacant gravel parking lot within the Central
Business District (downtown). The proposed project is estimated to cost $2.24
million. The proposed project will redevelop an underutilized parcel and, if the TIF
district is structured large enough, encourage additional revitalization within the
Downtown in conjunction with other revitalization ettots.
6. A written perspective of the developers company (Le. corporation, principals, history, past
projects, etc.). A written narrative is attached to this memo.
TIF Policy:
A copy of the City's TIF policy is attached. The policies for the use of TIF include the
following:
1. General Policy - The City of St. Joseph and EDA shall consider Tax Increment
Financing for projects that serve to accomplish the City's goals for housing and
economic development as they may change over time. The goals include facilitating
projects that would result in the creation of quality jobs(Le. stable employment and/or
attractive wages and benefits) and the attraction. retention. and expansion of business
and housinq options in the Citv. The request appears to meet this policy criteria.
2. Objectives: As a matter of adopted policy, the City of St. Joseph and EDA. will
consider using tax Increment Financing (TIF) to assist private development projects to
achieve one or more of the following purposes: The project appears to meet the
objective outlined in (a)-(d) and (f) below.
a. Remove blight and/or encourage redevelopment in the commercial
and industrial areas of the City in order to encourage high quality
development or redevelopment and private reinvestment in those
areas.
b. To provide for a balanced and sustainable housing stock to meet
diverse needs both today and in the future.
c. To retain local jobs and/or increase the number and diversity of
quality jobs (Le. stable employment and/or attractive wages and
benefits.
d. To encourage additional unsubsidized private development in the
area, either directly, or through secondary "spin-off' development.
e. To offset increased costs of redevelopment (Le. contaminated site
clean-up), over and above those costs that a developer would incur in
normal urban and suburban development.
f. To facilitate the development process and to achieve development on
sites which would not be developed without this assistance.
3; Costs that qualify for TIF assistance: The TIF would assist with expansion of an
existing facility and promote 13 new livable wage jobs within two years.
4. Minimum Qualifications:
a. TIF would facilitate development that would not occur without the assistance. The
Preliminary TIF application provides evidence the development would not
occur without assistance a per pro-forma analysis conducted.
b. But-For Test. The pre-application requires the developer to submit a statement
identifying how the increment will be uses and why it is needed to complete the
project. The applicant has submitted pro-formas illustrating the project does
not cashflow without TIF assistance.
c. The project is consistent with the Comprehensive Plan and zoning
ordinance. The subject parcel is zoned downtown commercial.
d. Prior to approval of the TIF Plan (at the time of final application), financial
guarantees and credentials will be required.
e. Ownership Jcontrol) of the parcel will be required by the applicant.
5. Desired Qualifications:
a. Taxes paid before and after the development will be greater than a 2:1 ratio.
Current taxes payable on the subject parcels equate to $10,092. Taxes post
construction are estimated at 3% of the project cost or $67,000 annually.
b. TIF should not be used for speculative projects. Collegeville Development was
formed in 2000. The company has developed projects in Winona and
Northfield in conjunction with college communities. Complete financial
information from the company and major shareholders will be required
if/when a final application is submitted.
c. TIF should not be used to pay for overpriced land. The TlF assistance is
proposed to be used for costs associated with redevelopment of
substandard property within the original townsite (Central Business District)
and not for greenfield development.
d. TIF should be pay-as-you go. The request is for pay-as-you go assistance.
e. Preference is given to projects that do not cause extraordinary demands on City
services. The applicant is proposing a mixed-use facility. No extraordinary
demands on the utility systems are anticipated.
f. Preference is given to projects that are consistent with the compo plan, improve
surrounding land uses, provide new employment, are financially feasible and
provide the highest and best desired use for the property. The project appears
to meet all of the aforementioned criteria in addition to adding a unique type
of dwelling unit (loft) to the City's housing stock.
Appropriateness of TIF:
Attached is the "Grading and Report Card for TIF". The proposed project received a
compositescore of '5.0' meaning it is an 'excellent' use of tax increment financing.
Other Considerations:
The Downtown Committee formed under the auspices of the EDA is bringing a
recommendation to the City Council to proceed with a major, long-term downtown
revitalization project. The Collegeville Development project is proposed to be announced in
conjunction with the revitalization project as a means of jump-starting both projects. The EDA
may wish to recommend the City Council establish a TIF district which encompasses more
. parcels than those contained in the Collegeville Development project as a means of assisting
other potential redevelopment projects within the Downtown.
Action:
If the EDA is supportive of utilizing TIF for this project, a MOTION is in order to recommend
the City Council approve the pre-application and authorize submittal of the final application
and fee.
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Chad Davey
Edward Jones
24 West Birch Street
P.O. B.ox357
S1. Joseph MN 56374
Carol Tamm
EIPaso
P.O. Box 58
S1. Joseph MN 56374
Greg Reinhart
First State Bank of S1. Joseph
400 4th Avneune NE
P.O. Box 159
S1. Joseph MN 56374
Floral Arts, Inc.
307 1st Avenue NE
PO Box 401
S1. Joseph MN 56374
Kevin Doyle
Forest Mushrooms, Inc.
14715 Co. Rd. 51
P.O. Box 370
St. Joseph MN 56374
Game Time
. 819 19th Avenue North
PO Box 447
Long Prairie MN 56347
Roger Steichen
Gary's Pizzeria
P.O; Box484
St. Joseph MN 56374
GM Well Drilling
8914 RidgewoodCt
S1. Joseph MN 56374
Gohman Construction
815 E County Rd 75
PO Box 57
St. Joseph MN 56374
Habben Hennen & Co, PA
P.O. Box 238
S1. Joseph MN 56374
Hair Odyssey
19 Ash Street East
St. Joseph MN 56374
John Notch
Heartland Door
30489 Pearl Drive
P.O. Box 208
St. Joseph MN 56374
Holiday Store
Coborns,lnc,
PO Box 6146
S1. Cloud MN 56302
Dave Hollander
Hollander's Liquor
225 East Cedar St
. P.O. Box 697
St. Joseph MN 56374
Tim Nelson
Home Town Title & Abstract
710 CSAH 75 East
Suite 101
St. Joseph MN 56374
Jenisys Engineered
600 15th Avenue NE
St. Joseph MN 56374
Joseph's Hair Salon
33 West Minnesota Street
PO Box 577
S1. Joseph MN 56374
Kay's Kitchen
#201,210 -15th Ave N
Waite Park MN 56387
Kevin Dierkhising
Knight Builders
701 East Elm Street
P.O. Box 609
S1. Joseph MN 56374
Mark Zimmer
Laplayette
19 College Avenue North
PO Box 472
St. Joseph MN 56374
Lee's Ace Hardware
207 Cedar St E
PO Box 785
St. Joseph MN 56374
Jim Meyer
Lifestyle Builders
303 Cedar Street East
St. Joseph MN 56374
Sy Prom
Linneman Lake Investments
636 19th Avenue N
St. Joseph MN 56374
Loso's Main Street Pub
21 Minnesota S
PO. Box 596
St. Joseph MN 56374
Dick Loso
Loso's Store
27 West Minnesota Street
P.O. Box 704
St. Joseph MN 56374
Luigi's Pizza
11 N College Ave
PO Box 225
St. Joseph MN 56374
MCO
538 19th Avenue North
PO Box 220
St. Joseph MN 56374
Dr. Eric Medelberg
Medelberg'Family Chiropractic
710 CSAH 75 E
Suite 103
St. Joseph MN 56374
Meeting Grounds Coffee House
. 19 Minnesota St W
PO Box 188
St. Joseph MN 56374
Metro Plumbing and Heating
545 8th Avenue NE
St. Joseph MN 56374
Carolyn Yaggie-Heinen
Michelle Kenric Hair Studio
235 East Cedar Street
PO Box 957
St. JosephMN 56374
Midnight Haulers
828 19th Avenue NE
St. Joseph MN 56374
Sherry Ask
Mn. Assn. of Farm Mutual Ins
601 Elm Street East
St. Joseph MN 56374
Michele Moritz
Mortgages on Main
710 CSAH 75 E
Suite 102
St. Joseph MN 56374
Movies Etc. and Tanning
708 Elm St E
St. Joseph MN 56374
Tim Ross
North Central Truck Accessories
575 15th Avenue NE
St. Joseph MN 56374
Peter Omann
Omann Insurance Agency
305 East Cedar Street
P.O. Box 608
St. Joseph MN 56374
Jeff Studer
Onyx Waste Services Midwest
2355 12th Street SE
St. Joseph MN 56374
Mike Lyon
Precise Refrigeration
710 19th Avenue NE
St. Joseph MN 56374
Julie Watkins
Quill & Disk, Inc.
30844 1 st Avenue NE
St. Joseph MN 56374
Tom Dullinger
Reliable Rolloff
P.O. Box 848
St. Joseph MN 56374
Jeff Velline
Rockhouse Productions
23 Minnesota Street West
P.O. Box 757
St. Joseph MN 56374
Jim Henningsen
Ross Nesbit Agency
32562 Ironwood Drive
St. Joseph MN 56374
Safe Shred
720 15th Avenue N
1117 - 3rd St N
Sartell MN 56377
Sal's Bar and Grill
109 Minnesota Street West
31164 - 115th Ave
St. Joseph MN 56374
Randy Schmitz
Scenic Specialties
31101 Co Rd. 133
St. Joseph MN 56374
Scherer & Sons Trucking
10071/2 Minnesota Street East
P.O. Box 178
St. Joseph MN 56374
Ed Brophy
Shamrock Leathers
St. Joseph MN 56374
Gary Hawkins
Spring Green
1111 Elm St E
PO Box 1704
St. Cloud MN 56302
Dave Terwey
St. Cloud Acoustics
833 19th Avenue NE
P.O. Box 758
St. Joseph MN 56374
St. Joe Gas and Bait
27 Birch Street West
PO Box 634
St. Joseph MN 56374
St. Joseph Auto Sale
219 Cedar St. E
PO Box 106
Clearwater MN 55320
Dan Kippley
St. Joseph Cleaners & Laundromat
15 Minnesota Street East
1940 Tyrol Drive
St. Cloud MN 56301
Jerry Wetterling
St. Joseph Family Chiropractic
103 North College Avenue
P.O. Box 237
St. Joseph MN 56374
Harvey Pfannenstein
St. Joseph Meat Market
26 1 st Avenue NW
P.O. Box 40
St. Joseph MN 56374
Rose Meyer
St. Joseph Mutual Insurance
P.O. Box 727
St. Joseph MN 56374
St. Joseph Vet Clinic
809 CSAH 75 E
St. Joseph MN 56374
Stearns County Abstract
708 Elm Street E
Suite 204
St. Joseph MN 56374
Stonehouse Tavern & Eatery
2010 CSAH 75 E
St. Joseph MN 56374
Styles & Cotton, DDS
1514 East Minnesota St
PO Box 607
St. Joseph MN 56374
Subway
217 CSAH 75 W
St. JOseph MN 56374
Shawn Skahen
Sunset Manufacturing
417 1st Avenue NE
P.O. Box 340
S1. Joseph MN 56374
Super 8 Motel .
1825 Minnesota Street East
PO Box 721
Sf. Joseph MN 56374
Jeremy Flan
Taco John's
211 CSAH75W
S1. Joseph MN 56374
Tamarak Materials
31068 Co. Rd. 133
PO Box 70
St. Joseph MN 56374
Tamm Photography
203 Cedar Street East
PO Box 147
S1. Joseph MN 56374
Tanner Systems
625 19th Avenue N
PO Box 488
Sf. Joseph MN 56374
Janelle Von Pinnon
The Newsleaders
32 1 st Street NW
P.O. Box 324
Sf. Joseph MN 56374
Tiremaxx
11415 Co. Rd. 75
Sf. Joseph MN 56374
Tom Klein
Tom Klein Appraisals, Inc
718 Callaway Street E
Sf. Joseph MN 56374
Patricia pahl
Wells Fargo Home Mortgage
708 Elm Street E
Suite 103
S1. Joseph MN 56374
Gerry Klaphake
WHY USA Equity Realty
1511 E. Minnesota St
P.O. Box 746
S1. Joseph MN 56374
Mike Deutz
P.O. Box 634
Sf. Joseph MN 56374