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Home My WebLink About[04a] Request for TIF: Harvey Pfannenstein, SJ Meat MarketDATE: February 3, 2011 MEMO TO: Economic Development Authority Honorable Mayor Schultz Administrator Weyrens FROM: Cynthia Smith-Strack, Municipal Development Group RE: Request for Tax Increment Financing Assistance: Pfannenstein, St. Joe Meat Market Request: Mr. Harvey Pfannenstein has submitted a pre-application for tax increment financing and potentially tax abatement assistance in conjunction with a $354,000 (construction cost) st Avenue Northwest. A copy of the expansion to the St. Joe Meat Market retail facility at 26 1 expansion plan is attached to this memo. The expansion includes a 1,898 sf addition to the retail space and an additional 1,104 sf of new cooler space. Total expansion is 3,002 s.f. and will bring the existing 4,222 sf structure to 7,224 s.f. The expansion will allow the facility to process meat products at the retail shop versus the location on Minnesota Street resulting in productivity gains. In addition, investment in new equipment will provide increased operational efficiencies. The goal of the expansion is to ensure long-term viability of the establishment and to retain jobs within the community. The Applicant is reporting a $70-80,000 gap in funding (details will be available for the meeting) and requesting assistance from the City to close the gap. The project to increase operational efficiency and increase productivity will not occur without gap financing. The Applicant has noted that if the gap in financing is not filled and operational/productivity efficiencies implemented the operation will likely close or leave the City. The Applicant has submitted a pre-application for TIF for the EDA’s consideration and recommendation to the Council. Information regarding the projected estimated market value, potential sources and uses of financing, and financial pro forma analysis will be available for the meeting. Please note this information is not public until the financing is finalized, however, a copy of the information may be released to those needing reasonable access to said data provided it is again collected following its use. Background: TIF 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 generated as a result of a 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. Mr. Pfannenstein is requesting assistance in the form of economic development TIF. Ð¿¹»î±ºïè Term of TIF Agreement The maximum term of an economic development TIF district is nine years, however, the term of any TIF agreement should only reflect the amount needed to close a demonstrated ‘gap’ in financing. In this case the projected TIF generated by the project is NOT sufficient to close the financing gap. Therefore, the Applicant is requesting the City consider either using excess TIF revenue from an existing district or tax abatement to fill remaining gap. Pay as you go 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 developer in 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 Applicant is requesting pay as you go TIF. Requirements: Preliminary TIF Application: The following are required to be submitted with the preliminary application for TIF assistance: A site plan is 1. A map showing the exact boundaries of the proposed development. attached. 2. A General description of the project including the following: The proposed single story structure will be Size and location of building(s); utilized for commercial retail and product storage space. The building design matches the existing structure. Retail. Business type and use; Parking facilities are proposed to the Traffic information, including parking; south and east of the building, as is existing. The site plan must be approved administratively by the City, including parking requirements. The EDA does not have jurisdiction over parking lots. The Applicant wishes to proceed with the expansion in May Timing of project; of this year. MDG has consulted with Estimated market value following project completion. the County Assessor regarding a projected EMV. The review is pending at this time, however, a report is expected in time for the meeting. The Applicant’s contractor has placed the construction cost at $354,000. The 3. The existing Comprehensive Plan land use designation and zoning of the property. comprehensive plan guides the subject parcel to continued downtown (Central Business District) use. Current zoning class is B-1. Retail facilities are permitted within said zoning class. Ð¿¹»í±ºïè 4. A statement identifying how the increment will be used and why it is needed to complete The increment will be used to assist with eligible expenses associated the project. with the development. 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 will be available at the meeting. 5. A statement identifying the public benefits for the proposal including estimated increase in TIF assistance property valuation, new jobs to be created and other community assets. is requested to provide for increased operational efficiency and productivity increases by consolidating processing and taking advantage of new technology and equipment. The project will result in retaining 26 jobs within the community and a projected increase in market value for the structure within the Downtown. 6. A written perspective of the developers company (i.e. corporation, principals, history, past St. Joe Meat Market has long been a fixture within the City. In fact in a projects, etc.). comprehensive plan visioning session in 2002 when asked what made St. Joseph, St. Joseph the St. Joe Meat Market was often mentioned. The family owned business has been operated by the Pfannensteins for 50 years. Current owners and operators are Harvey and Carol Pfannenstein. 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(i.e. stable employment and/or attractive wages and benefits) and the attraction, retention, and expansion of business The request appears to meet this policy criteria. and housing options in the City. 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 The project appears to meet achieve one or more of the following purposes: objectives as outlined in (c)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 (i.e. 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 (i.e. contaminated site clean-up, demolition of existing building), over and above those costs Ð¿¹»ì±ºïè 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. The TIF would assist with building expansion 3. Costs that qualify for TIF assistance: to accommodate operational efficiencies and productivity gains. 4. Minimum Qualifications: The a. TIF would facilitate development that would not occur without the assistance. Preliminary TIF application will be supplemented by source/use statements including preliminary pro forma analysis which identify a gap in project funding. The applicant has certified the development could not occur but for the use of TIF. 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 The applicant will demonstrate the project does not cashflow project. without TIF assistance. The project is consistent with the Comprehensive Plan and zoning c. ordinance. The subject parcel is zoned downtown commercial. financial d. Prior to approval of the TIF Plan (at the time of final application), guarantees and credentials will be required . The Applicant owns the subject property. e. 5. Desired Qualifications: a. Taxes paid before and after the development will be greater than a 2:1 ratio. Current property taxes payable on the subject parcel equal to $12,708. I’m currently working with Bob Lindvall at Stearns County to obtain a projected market value and taxes payable.Following that preliminary TIF projections will be created by Ms. Traci Ryan of David Drown Associates and available th meeting. at the meeting. Ms. Ryan will also be attending the February 9 Mr. Pfannenstein has been a b. TIF should not be used for speculative projects. business owner for 14 years. St. Joe Meat Market has been in business for 50 years. Pfannenstein is a life-long resident of the area . The TIF assistance is c. TIF should not be used to pay for overpriced land. proposed to be used for costs associated with expansion of an existing business within the original townsite (Central Business District) and not for greenfield development. Since the site is within a dense, developed urban area, specialized construction techniques must be employed. TIF is not being used to pay for overpriced raw land. The request is for pay-as-you go assistance. d. TIF should be pay-as-you go. e. Preference is given to projects that do not cause extraordinary demands on City The applicant is proposing retail space and energy and water services. efficiency upgrades which will decrease demand on the utility systems. Ð¿¹»ë±ºïè f. Preference is given to projects that are consistent with the comp. plan, improve surrounding land uses, provide new employment, are financially feasible and The project appears provide the highest and best desired use for the property. to meet all of the aforementioned criteria in addition to furthering the City’s goal of revitalizing the Downtown with pedestrian friendly, human-scale construction. The Developer and the City’s new TIF Consultant will be present to provide answers to questions and additional comment as requested. The concept of ‘preliminary’ as it pertains to this request is similar to the concept of ‘preliminary’ in conjunction with a ‘preliminary plat.’ Although the conventional definition of ‘preliminary’ describes activities preceding the main discourse or business approval of the ‘preliminary’ TIF application is an action analogous to approving the conceptual use of TIF for this project. Action: EDA If the 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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