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Home My WebLink About2007 [02] Feb 12 CITY Of ST. JOSEPH www.cityofstjoseph.com Joint St. Joseph City Council and St. Joseph Planning Commission February 12,2007 7 :00 PM Administrdtor ludy Weyrens l. MdYor 2. Richdrd Cdrlbom Councilors 3. Steve Frdnk AI Rdssier 4. Renee Symdnietz Ddle Wick Call to Order 7:00 PM Collegeville Development Group, Concept Plan Millstream Shops and Lofts Development Update Adjourn 00000000000000000000000000000000000000 St. Joseph City Council February 12, 2007 7 :45 PM* 1. Call to Order 2. Review request for Tax Increment Financing Millstream Shops and Lofts 3. Wine License Request - Local Blend 4. Adjourn * Time is approximate, the Council meeting will immediately follow the Joint Council and Planning Commission meeting. -7 1.) College Avenue North' PO Box bbs . Sdint. Joseph, Minnesotd )b)74 Ph 0 n e ") 1. 0 . ") b -., . 71. 0 I Fel x ") 1. 0 . ") 6") . 0") 4 1. Memo .................... Date: February 9, 2007 To: Honorable Mayor Richard Carlbom and Members of the City Council Planning CommissIon Chair Bob Loso and Members of the Commission From: Judy Weyrens Re: Joint Council and Planning Commission meeting The joint meeting with the Council and Planning Commission was scheduled to discuss the concept plan for project entitled Millstream Shops and Lofts. The purpose of this memo is to provide both the City Council and Planning Commission with some background information. PROJECT DESCRIPTION Developer: Development Site: Type of Development: Current Zoning: Anticipated Start Date: Collegeville Communities, LLC Former Krebsbach Property and the S1. Joseph Laundromat POO - Mixed Residential ana Commercial B 1 Business May 2007 PROJECT STATUS The Staff has been meeting regularly with representatives of Collegeville Communities to review and discuss the proposed development. At this stage of development, staff is looking at the broad picture assuring that the proposed development meets the requirements of the Zoning District and Comprehensive Plan. While details are part of the discussion, Ordinance compliance is not completed until detailed drawings are made available. Concept approval provides the developer with direction as to whether or not to proceed and what concept changes are needed. For example, if the concept plan for Collegeville Communities did not include a commercial component, the City would require the plan be amended to reflect such since residential is only allowed in B 1 with a commercial component. The proposed concept.plan entitled Millstream Shops and Lofts has been reviewed in relation to the Zoning District and Future Land Use components of the Comprehensive Plan. Staff has determined that the use is consistent with both and recommend the City Council and Planning Commission accept the concept plan. PLANNING COMMISSION ACTIONS NEEDED IiiiI Accept the Concept Plan (February 12,2007) IiiiI Support a Resolution establishing the Tax Increment Financing District based on compatibility with the Comprehensive Plan. (April 2007) Iii! Review and recommend on Zoning matters such as platting and site plan approval (April 2007) CITY COUNCIL ACTIONS NEEDED Iii! Accept the Concept Plan (February 12,2007) Iii! Accept the final Tax Increment Financing Plan for Collegeville Communities LLC, Authorize the Services of Northland Securities and call for a public hearing on the TIF Plan following completion. (February 12,2007) Iii! Conduct public hearing for the TIF Plan (March 2007) . Iii! Conduct public hearing for vacation of the north/south alley (March 2007) Iii! Formalize and execute Development Agreement for the Tax Increment Financing (April 2007) Iii! Review Land Use recommendations of the Planning Commission (April/May 2007) PROCEDURAL MATTERS - JOINT MEETING The Planning Commission and City Council can act together on approving the concept plan. Once the concept plan is approved the Joint Planning Commission and City Council meeting will be adjourned. The Planning Commission is certainly welcome to stay for the City Council Meeting. PROCEDURAL MATTERS - CITY COUNCIL MEETING Immediately following the Planning Commission meeting the City Council will convene to discuss the Tax Increment Financing Plan. The St. Joseph Economic Development Authority is the first stop for the TIF application. The Preliminary and Final TIF application has been reviewed and accepted. The EDA has recommended the City Council accept the final application. This acceptance is a recognition that the project qualifies for TIF and the application should move forward. The TIF application includes proprietary information. Therefore, it will be distributed at the Council meeting and collected again after the meeting is adjourned. Please see memo from Municipal Development Group. As stated in the memo the Council must make the following motion for the project to move forward: Accept the final TIF Application for Collegeville Communities LLC, for a development entitled Millstream Shops and Lofts and authorize Northland Securities to prepare the TIF Plan including the setting of the public hearingfor the TIF Plan upon completion. TAX INCREMENT FINANCING AND ST. JOSEPH The City of St. Joseph only authorizes the use of "pay as you go" TIF. That is, after the property taxes are paid, 90% of the recaptured tax is paid back to the developer. For example: If the property taxes before development are $ 10,000 and after development they are $ 100,000. The amount oftax that would be recaptured is $ 81,000. $ 100,000 10,000 90,000 9,000 $ 81,000 Post Development Tax Less: Predevelopment Tax Eligible tax for recapture Less: 10% Retainage Tax Increment returned to developer It is also important to understand that the City of 8t. Joseph does not issue Tax Increment Financing Bonds. Rather, the developer secures a loan or financing from a financial institution and the TIP Agreement is the security for the loan. The increment paid back is sent directly to the bank. The City does not incur any risk with a "pay as you go" TIP. In order for a developer to secure TIP a demonstrated need must be present. Part of the application includes a "but/for" test. That is, the project cannot move forward without TIP assistance. Each project is rated on its own merit and must have the financial depth and need for assistance. /0 II Collegeville Development Group, LLC ..f '. I' j' . J.f",~~A" ]f!'0/l-n. j./~'e. Judy Weyrens City Administrator City of St. Joseph February 5, 2007 Dear Judy, Attached are the Mill Stream Shops and Lofts elements of information for the Planning Commission meeting. Please contact us with any questions you may have. Jim Degiovanni Chief Corporate Officer Collegeville Development Group un5 liVest 51'. Cellllilin Street St C101Ki, MN 56301 ! 320.654,0762 phone I 320654.0790 fax I collegeviUcdcvdopmcnt.com Revised 2/5/2007 ~ April 19, :2006: ~ May 15, 2006: ~ July 24,2006: ~ Aug 1, 2006: ~ Oct 15, 2006: ~Jan 15,2007: ~ Jan 15,2007: ~ Jan 15,2007: ~Jan 15,2007: ~ Feb 5, 2007: Feb 25, 2007: March 1, 2007: March 1,2007: March 1, 2007 March 5, 2007: April 1, 2007: April 15, 2.007: April 25, 2007: April 25, 2007: May 1, 2007: Sept 1, 2007: April 15, 2009: Oct 15, 2009: Page I Millstream Lofts & Shops Project Timetable Presentation to StJoseph EDA Presentation to the City Council. Work on marketing materials. GL T Architects provides preliminary specs and plans. Work on obtaining non-binding Letters of Intent. Submit final TIF Application to City together with $17,000 application fee. Selection of General Contractor ( W. Gohman has been selected). Authorize Architect to proceed to Construction Documents. Submit written loan request to 3 banks. Submit Concept Plan to City of St Joseph. Select a Bank for Construction Loan. Order Project Appraisal for Construction Loan. Completion of CIC Documents including Rules. Enter into Construction Contract. City Plan Commission Action on Concept Plan. Convert Letters of Intent to Binding Purchase Agreements and Leases. Obtain Final Approvals from City of St. Joseph on TIF Contract, Alley Vacation, Site Plan, Building Permits, and Special Use Permit and other Zoning Matters. Finalize TIF Contract with City. Closing on Construction Loan and Acquisition of Laundromat. Ground Breaking on Phase One of Project. Certificates of Occupancy on Phase One. Ground Breaking on Phase Two of Project. Certificates of Occupancy on Phase Two. F:\Shared - Mill Sream Lofts & Shops\Timelines\Timetable submitted to City Feb 5 2005d, FOR SALE OR LEASE Mill Stream Shops & Lofts Downtown S1. Joseph, Minnesota Commercial! Retail Condominiums 2.1.2007 Mill Stream Shops and Lofts iSi a proposed residential and commercial development in the heart of downtown St. Joseph, MN, ;a college town hosting the College of Saint Benedict. This development is designed to create an urban sense of place by offering street level retail and commercial shops with residential loft condominiums above. Particular consideration is being given to architectural design to blend contemporary living with a traditional downtown storefront appearance. · ELEMENTS OF STYLE: A sthking two-story fayade that includes 6-foot overhanging balconies from the residential level. These overhangs will create a covered, protected walkway for pedestrians at the retail level. · Traditional styling that includes clapboard siding, large windows, and architecturally appealing structural columns supporting the second story balconies. · FUNCTIONALITY: Private restroom within each condominium. Building to be of quality, low maintenance construction with built-up rubber membrane roof. Overall ceiling height will be 11 or 12 feet. Ample on-street parking. · VALUE: Condominiums will include: perimeter walls and ceiling to be dry-walled and "fire" taped, electrical outlets on perimeter walls, forced air I-NAC system, trunk line duct, electrical panel, water meter. · Units will be approximately 616 -2,410 sq. ft. (May be combined). Each retail condominium will be metered separately for electrical, natural gas, water, and sewer. PRICING Purchase: $135.00/sq. ft. Association fees approx. $1.58/sq. ft. annually; property taxes approx. $2.79/sq. ft. Lease: Triple net lease rate of approx. $11.50 to $13.00/sq. ft. annually; CAM and operating expenses approx. 4.46/sq.ft; (includes estimated "fully assessed" property taxes of $2.79/sq.ft). Build Out: Negotiable f:- j\-....... " i ~.~-~~_. j - j--" /;/1 ! ; i i \ I i \, The view from the corner of Minnesota Street and College Avenue (Artist's rendering-not actual photo) Offered by Collegeville Communities, LLC. www.millstreamshops.com Nathan Woodworth, Agent. nwoodworth@colleqevillecommunities.com 320.654.0762 ext.21 866.654.0762 ext.21 Information provided herein deemed reliable, howev.er Collegeville Development Group, LLC cannot guarantee its accuracy. Prices and building specifications subject to change. RESIDENTIAL LOFTS FOR SALE OR LEASE Mill Stream Shops & Lofts Downtown S1. Joseph, Minnesota Residential Lofts 2.1.2007 Mill Stream Shops & Lofts is a proposed residential and commercial development in the heart of downtown St. Joseph, MN, a college town hosting the College of Saint Benedict. This development is designed to create an urban sense of place by offering street level retail and commercial shops with residential loft condominiums above. Particular consideration is being givfm to architectural design to blend contemporary living with a traditional downtown storefront appearance. · Elements of Style: A strikin!~, two-story fa~ade with deep overhangs on large balconies. Hardwood floors. Granite bar-top included in preconstruction pricing. · Building will feature traditional styling including clapboard siding, vertically oriented windows, and architecturally appealing structural columns supporting the second story balconies. · Airy, open floor plan capitalizing on natural light and featuring high ceilings. · Amenities: Breakfast bar, full baths. Individually controlled heating and cooling, in-unit laundry, generous closet space. Low maintenance living, appliances included. · Garages available, or off-street parking. Well-lit and controlled entry areas. Association fees will include: Building management, exterior insurance, common area maintenance, landscaping, snow removal, common area lighting, a replaGement reserve & refuse service. PRECONSTRUCTION PRICING One Bedroom, approx. 695 sq. ft: from $99,700, including 90 sq. ft. deck. Two bedroom, approx. 925 sq. ft: from $121,300, including 90 sq. ft. deck. Garage Package $4,900 Association Fee approx. $75/month. \,-~~~~~~- :. / ........_--:~:::::-....-.-_.-.... The view from the corner of Minnesota Street and College Avenue (Artist's rendering-not actual photo) Offered by Collegeville Communities, LLC. Nathan Woodworth, Agent. nwoodworth@colleQevillecommunities.com 866.654.0762 320.654.0762 Buyer Broker Comp 2.7% - See reverse for floor plans or visit www.millstreamshops.com - Information provided herein deemed reliable, however Collegeville Development Group, LLC cannot guarantee its accuracy. Prices and building specifications subject to change. (") 0 - - CD cc CD < $: -. - - - CD en ....... C ..., CD CD CD ....... en < ::T CD 0 - "'0 0 (f) tl) "C :J 3 c.. r CD 0 ~ ;::p (f) ,.... -.--- )> ~ :~~ .---- --------------...---- ~---~/_~~ _- :.J 3~:;rr\O'J-----------.-- 3 (\ ~3" ------ s:: Z z m (f) o );! (f) -l ;;0 m m -l -----T- -----&-- I ~~ --_ii-_ I~ !! ---t---- ,;;J ..1. : ~~ : : ~i : ---- -PROPERiYliNE----- ~~ ~~ )> r r m ,-< iJ - - - 0- ~c ~ r ,<. '11 ..1; ,",'. c ":;; 3: -- - - en .... .., (I) Q) 3 oen o ::r CD 0 ~"C <. en CD Q) o~ ~ C- CD o r "0 0 ~ ~ ;a. en ~ ...... 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