HomeMy WebLinkAboutEDA AGN 09-15-04 SpecialCITY OF COLUMBIA HEIGHTS
590 40th Avenue N.E., Columbia Heights, MN 55421 -3878 (763) 706 -3600 TDD (763) 706 -3692
Visit Our Website at: www.ci.columbia- heights.mmus
ECONOMIC DEVELOPMENT AUTHORITY
SPECIAL MEETING
7:15 P.M., WEDNESDAY, SEPTEMBER 15, 2004
CITY HALL, CONFERENCE ROOM 1
AGENDA
1. CALL TO ORDER/ROLL CALL
2. PLEDGE OF ALLEGIANCE.
EDA COMMISSIONERS
Don Murzyn Jr.
Patricia Jindra
Bruce Kelzenberg
Julienne Wyckoff
Bruce Nawrocki
Bobby Williams
Tammera Ericson
3. COLUMBIA HEIGHTS INDUSTRIAL PARK REDEVELOPMENT
4. ADJOURNMENT
Walter R. Fehst, Executive Director
WEdaAgenda2004 \945 -2004 Spec. Mtg
The EDA does not discriminate on the basis of disability in the admission or access to, or treatment or employment in, its
accommodation will be provided to allow individuals with disabilities to participate in all EDA services, programs, and
activities. Auxiliary aids for handicapped persons are available upon request when the request is made at least 96 hours in
advance. Please call the EDA Secretary at 706 -3669 to make arrangements (TDD 706 -2806) for deaf or hearing impaired
nnly
THE CITY OF COLUMBIA HEIGHTS DOES NOT DISCRIMINATE ON THE BASIS OF DISABILITY IN EMPLOYMENT OR THE PROVISION OF SERVICES
EQUAL OPPORTUNITY EMPLOYER
EHLERS
& ASSOCIATES INC
OTo: Randy Schumacher, City of Columbia Heights
W From: Mark Ruff
7E I Date: September 10, 2004
Subject: General Deal Points with Schafer Richardson
❑ The project is expected to consist of approximately 558 units of owner- occupied housing and
11,600 s.f. of commercial to be built in three phases over five years.
❑ Developer is responsible for all land acquisition for its development and its portion of the
right -of -way acquisition. City agrees to use eminent domain, if necessary for the four parcels
of property not under contract with the developer. Developer must pay relocation costs for
all owners and tenants.
❑ The Developer must pay its share of city fees including park dedication, SAC, and WAC.
❑ City will reconstruct the road adjacent to the project, assessing the developer for its portion
of the costs and paying for the City's side of the improvements with sewer and water funds
and MSA dollars.
❑ Developer must finance the TIF eligible costs on its own through a pay -as- you -go /revenue
debt. The City is required to up -front payments only if future applications to the State of
Minnesota for environmental clean-up costs for Phases H and III are not funded. City's
exposure is capped at $1,000,000 and will be paid from its portion of the tax increment.
Developer must pay the local contribution for grant funds.
❑ Assistance from TIF to the developer is expected to be approximately $8,350,000, which is
estimated to require 9 years of full increment plus 4 years of partial increment if the City paid
the revenue debt with 100% of TIF. City will have option of pre - paying debt or using 20%
for other uses. The exact amount of assistance is continuing to be refined and will likely
change before the final approval on the agreement.
❑ The assistance amount could change after the agreement is signed if acquisition and site costs
are higher (with TIF covering 80% of increases) or lowered if eligible costs are lower (with
TIF receiving 50 % of the benefit of decreases). The TIF is only increased if TIF is available
to amortize the costs.
❑ City has right to approve all builders and development partners in the TIF district.
❑ Schafer Richardson's return on costs is subject to a 15% restriction for land development
(plus overhead costs) and 15% for any building it constructs. The return maximum is
reduced if the density of the development is reduced.
LEADERS IN PUBLIC FINANCE
3060 Centre Pointe Drive Phone: 651 - 697 -8505 Fax: 651- 697 -8555
Roseville, MN 55113-1105 mark@ehlers- inc.com
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ECONO1%HC DEVELOPMENT AUTHORITY (EDA)
DATE: September 14, 2004
TO: All EDA Conunissioners
FROM: Randy Schumacher, Project Director
RE: Columbia Heights Industrial Park Project Review
Please find enclosed the sumamy of proposed contract for private redevelopment between
Columbia Heights Economic Development Authority, City of Columbia Heights and Schafer
Richardson.
At our special EDA meeting on 9 -15 -2004, staff wffl review this agreement, public
improvements, TIF plan and trigger issues related to this project. If you have any questions,
please feel free to give me a call at (763) 706 -3675.
H:1ludusbW Pa U004NAla w 9 -14-04
SJB Revisions September 10, 2004
SUMMARY OF PROPOSED
CONTRACT FOR PRIVATE REDEVEOPMENT BETWEEN
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY,
CITY OF COLUMBIA HEIGHTS
AND SCHAFER RICHARDSON, INC. (OR RELATED ENTITY)
I. General Project Description
A. The Columbia Heights Economic Development Authority (the "EDA") and the City
of Columbia Heights (the "City") have proposed to undertake an area wide
redevelopment of the approximately _acre outdated and polluted industrial area
located generally east of University Avenue, south and west of Huset Park to the
City's southern boundary and north of 38t' Avenue N.E., as depicted on Exhibit A.
This area is referred to as the "Redevelopment Area" or "Redevelopment Property"
and is proposed to be redeveloped into approximately 558 housing units in a variety
of housing types and approximately 11,600 sq. ft. of convenience commercial space
(the "Project "), generally in accordance with the site plan attached as Exhibit B.
B. The City as part of the Project has agreed to commit city funds to construct a new
parkway connection through the Redevelopment Area from 37h Avenue NE to
Jefferson Avenue and to construct or cause to be constructed certain necessary new
infrastructure, including storm water holding ponds and public park facilities in the
vicinity of the storm water ponds.
C. The EDA has selected Schafer Richardson, Inc.(or a related entity) to act as the
overall master developer of the Project (the "Redeveloper "). In addition the EDA
has obtained various grants for pollution abatement and overall Project planning, and
anticipates successfully obtaining additional grant funds for additional pollution
remediation and various other project purposes, all in furtherance of the
contemplated Project. The currently anticipated overall Redeveloper Project
Development Budget is attached as Exhibit C (the "Development Budget ").
D. In addition, the EDA has completed a "blight analysis" of the Redevelopment Area
and a tax increment "substandard building analysis" of all structures in the area, and
a tax increment "but for analysis." Based on such analyses, the EDA and City will
take all necessary and appropriate actions to create a Redevelopment Tax Increment
Financing District (the "TIF District ") encompassing the Redevelopment Area. The
EDA will expend agreed upon amounts of resulting available tax increment to
finance "TIF Eligible Costs" (as defined in Section IX below) in accordance with the
terms set forth herein and in the TIF Budget attached hereto as Exhibit D (the "TIF
Budget ").
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E. Further the EDA has determined it is necessary and in the public interest to assist in
the assembly of the Redevelopment Property by utilization of its power of eminent
domain, if necessary, in order to acquire the road right of way for Huset Parkway
and eliminate blight, create a suitable redevelopment parcel, eliminate vacant,
outdated and inappropriate land uses and otherwise generally make this area -wide
redevelopment feasible.
F. Upon the approval by the City and EDA of the terms set forth herein, the City, EDA
and Redeveloper will promptly proceed to enter into a Redevelopment Contract (the
"Contract ") in all material regards in accordance with the terms set forth in this
summary.
H. Timing and Proposed Phases, Minimum Improvements
A. Phase I: approximately 179 owner occupied townhomes and condominium or
cooperative units and approximately 11,650 square feet of commercial space. Must
commence improvements for Phase I within 1 year after date of entry into the
Contract, and must complete all internal Phase I site improvements and 75% of the
housing units in the Phase within 3 years. The Phases are shown on Exhibit B, the
Site Plan.
B. Phase II: approximately 120 owner occupied townhomes. Must commence site
improvements for Phase II within 3 years after date of entry into the Contract, and
must complete all internal Phase II site improvements and 75% of the housing units
in the Phase within 4.5 years. In addition, all land for Phase II must be acquired
within 2 years after the date of agreement.
C. Phase III: approximately 256 owner occupied condominium or cooperative units.
Must commence site improvements for Phase III within 4 years after date of entry
into the Contract, and must complete all internal Phase III site improvements and
30% of the housing units in the Phase within 5 years. In addition, all land for Phase
III must be acquired within 2 years after the date of agreement.
D. Unit sizes and type, the amount of commercial space and the Phase commencement
and completion deadlines may be adjusted with approval of EDA.
E. As its remedy for failure to meet any Phase schedule for commencement or
completions of a Phase (or parcel within a Phase), the EDA may suspend payment
of tax increment from defaulting parcels until the required Minimum Improvements
are complete. Defaults as to one Phase, or parcel therein, will not be defaults as to
other Phases or individual parcels.
F. To meet DEED pollution grant unit price requirements, at least 20% of the units in
Phase I (i.e. approximately 36 units) must be sold initially at a purchase price not to
SJ13- 2508560 2
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exceed 110% of the maximum affordable price under Metropolitan Council
guidelines in effect in the year of sale (110% is approximately $215,000 in 2004). If
the EDA receives DEED grants for Phases lI and/or III, and the grant imposes a
similar requirement, the same sale price restrictions will apply for those phases.
G. All construction plans shall be subject to review and approval by EDA as to
conformity with the overall Redevelopment Plan and Project design standards
approved by EDA (the "Design Standards "). This review shall be in addition to all
normal building permit reviews and inspections.
III. Land Use and Zoning Approvals
A. Redeveloper shall re -plat the entire Redevelopment Property in accordance with
applicable City ordinances, which may be done as property is acquired and
consistent with the Phases or parcels proposed for redevelopment. The City and
EDA will cooperate in all replatting. The Redeveloper will dedicate all land needed
for the parkway, storm water ponding area and utility easements at no cost. In
connection with each plat/replat, City and Redeveloper will enter into the usual and
customary planning development agreement (a "Planning Contract').
B. The Redeveloper will receive all existing SAC/WAC credits and shall pay all
additional SAC/WAC fees and park dedication fees ($750 /unit) in accordance with
applicable City policies or ordinances. The City will give credit against the park
dedication fees for the portion of the storm water pond dedication area not used for
the storm water pond at the land's fair market value. The details of SAC/WAC fees
and park dedication fees will be specified in each Planning Contract.
C. The City has commenced the process of Comprehensive Plan Amendment and
rezoning of the Redevelopment Property to "Transit Oriented Residential," which is
consistent with the City's previously approved Industrial Area Redevelopment Plan
for the Redevelopment Area. The City shall complete the rezoning process
promptly after approval of the Contract terms, however nothing herein shall limit the
City's governmental rights. EDA will cooperate in the rezoning.
IV. Land acquisition
A. As a condition to requesting condemnation, Redeveloper must utilize commercially
reasonable efforts to acquire all parcels by voluntary purchase. Such efforts shall
include written offers to all owners by September 30, 2004 and an offer to mediate if
the negotiations are not successful (such mediation to occur by October 31, 2004).
If Redeveloper provides written notice on or after November 1, 2004 that it has been
unsuccessful in accomplishing any acquisition voluntarily, EDA (and City, for road
right of way parcels) will use eminent domain to acquire any parcels for which
Redeveloper hasn't obtained purchase agreements or options. Redeveloper shall pay
(subject to reimbursement as a TIF Eligible Cost, to the extent consistent with the
TIF Budget) all costs to acquire parcels by voluntary purchase (exclusive of the SR
SM- 2508560 3
C1205 -23
Parcel hereafter defined), including all carrying costs on such parcels, and all
condemnation costs, including legal, appraisal, court costs, quick take deposit and
final payments, all carrying costs and relocation expenses. The City or EDA will
utilize its power of "quick take" to the extent needed or desirable to allow the Project
to proceed in accordance with the overall Project schedule. The Redeveloper and
City and EDA will cooperate and consult on any condemnation actions and
specifically on the final price to be paid in settlement of any condemnation action.
The EDA shall be consulted on any price to be paid for a voluntary acquisition and
no voluntary acquisition shall be undertaken except at a price approved by the EDA
as reasonable.
B. Redeveloper has previously retained Evergreen Land Services as relocation
consultant on behalf of Authority and City. Redeveloper will pay all relocation costs
or secure waivers in form acceptable to EDA for all property acquired, whether
voluntarily or by condemnation consistent with the Minnesota Uniform Relocation
Act. Redeveloper will also indemnify EDA against relocation claims should it
proceed with any terminations of tenancy prior to the entry into the Contract.
Relocation costs are a TIF Eligible Cost in accordance with the TIF Budget.
C. Redeveloper's affiliate owned one parcel in the Redevelopment Area (the "SR
Parcel ") and agrees to transfer the SR Parcel to the Redeveloper for inclusion in the
Redevelopment at its fair market value. If the EDA and Redeveloper cannot agree
on the fair market value, the parties shall obtain an appraisal by the appraiser
conducting the appraisals for the EDA on other Redevelopment Property. Both the
EDA and the Redeveloper shall meet with the appraiser and advise of their view of
value. If upon completion of the final appraisal the EDA and Redeveloper still
cannot agree on value, the Redeveloper shall obtain a separate appraisal by an MAI
appraiser of its choice. Following this appraisal, the two parties will further
negotiate regarding value. If no agreement is then reached, the EDA and
Redeveloper shall submit the matter to arbitration, which determination shall be
final. Notwithstanding anything else to the contrary herein, no Tax Increment shall
be paid to Redeveloper for the acquisition cost of the SR Parcel.
V. Pollution Cleanup, Other Grant Funds
A. EDA will promptly undertake clean-up for Phase I upon entry into the Contract,
utilizing DEED and Met Council grant proceeds and local match for the DEED
grant (the "DEED Local Match").
B. The budget for the DEED Local Match of $572,949 for Phase I will be paid as
follows:
$232,000 from Met Council grant
$340,949 by Redeveloper (with credit for any part of roadway costs paid by
Redeveloper that include grant - eligible contamination cleanup costs).
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Redeveloper will be responsible for any clean-up costs in excess of grant proceeds
and Redeveloper's share of DEED Local Match. EDA will apply for additional
grant funds if additional contamination is found during demolition and cleanup of
Phase I, and if awarded will be used to offset the Redeveloper's obligations under
this section. The Redeveloper portion of the DEED Local Match will be TIF
Eligible Cost, to extent permitted by law, with any excess funded by Redeveloper
from private sources.
C. Redeveloper shall grant immediate access to all parcels owned by Redeveloper
within the Redevelopment Property for clean up -work at no cost.
D. Redeveloper and EDA will cooperate to obtain all necessary and desirable VIC and
VPIC approvals from the Pollution Control Agency to assure no liability for
Redeveloper and EDA from acquisition and clean-up. Costs of any VIC or VPIC
approvals shall be a TIF Eligible Cost.
E. Phases II and III cleanup.
1. EDA will timely apply in fall 2004 for a cleanup grant for Phase II; if
unsuccessful, EDA will re -apply in spring 2005 grant cycle.
2. EDA will timely apply in spring 2005 for a cleanup grant for Phase III; if
unsuccessful, EDA will re -apply in fall 2005 grant cycle.
3. Redeveloper will cooperate and assist with all grant applications. For any grants
awarded, Redeveloper will pay any DEED Local Match, subject to
reimbursement as a TIF Eligible Cost to the extent permitted by law.
4. To the extent grants are obtained for Phases II and III, the terms and conditions
of subsections A to D above shall apply.
If, after two grant cycles, the EDA does not receive grants as requested in at least
the amount of $791,512 for Phase II and $1,069,737 for Phase III, the EDA and
Redeveloper will each be responsible for half of any unfunded cleanup costs,
provided in no event shall the EDA's obligation hereunder exceed $1,000,000.
This arrangement does not affect the Redeveloper's share of the DEED Local
Match, which shall be funded by the Redeveloper.
a. The EDA may finance its share with an internal loan or TIF bonds
(referred to an `EDA Subordinate Note "), secured on a subordinate basis
by the tax increment from the TIF District, subordinate to the Initial TIF
Notes and Bonds (described in Section IX, below).
b. The Redeveloper must pay its share up -front, and shall receive as
potential repayment for its share a subordinated additional pay as you go
SM- 2508560 5
CL205 -23
TIF Note (the "Redeveloper Subordinate Note ") subordinate to the Initial
Notes, the Bonds, and any EDA Subordinate Note.
c. To the extent tax increment will support a greater amount of take -out
financing (See Section IX below) than needed to prepay the Initial Notes,
the excess proceeds will be used to prepay, first the EDA Subordinate
Note, and second the Redeveloper Subordinate Note.
F. The EDA, City and Redeveloper will cooperate to obtain other grants to fund costs
of the Redevelopment, including Metropolitan Council Liveable Communities
Funds. To the extent obtained such funds shall provide enhanced Project amenities
or offset other public costs.
VI. Transfer/Partners. There shall be no assignment or other transfer of the rights and
obligations of Redeveloper under the Contract without the EDA's prior consent in
writing. However, it is anticipated that the Redeveloper will sell portions of the
Redevelopment Property to subdevelopers (a " Subdeveloper") and transfer certain rights
and obligations under the Contract to other parties to undertake certain portions of the
Project. It is agreed that EDA must approve the Subdeveloper and the terms of the
transfer in writing in each such case. EDA has approved Ryland Homes as a permitted
Subdeveloper and will agree to review and approve any other Subdevelopers identified
by Redeveloper within thirty (30) days of the request for approval. No approval shall
be required if the Subdeveloper is majority owned or controlled by the Redeveloper.
VII. Land Sales for Development The Redeveloper shall not sell the land in the
Redevelopment Area to any Subdeveloper or to itself (or any affiliated entity), for any
portion of the Project retained by and developed by the Redeveloper, at a price less than
the following: $ per townhome
$ per condominium/cooperative
$ per commercial
The EDA has determined these land sale prices reflect "fair reuse value." In addition,
each Subdeveloper shall pay to the Master Developer at the time of land sale the present
value of the Tax Increment related to the Subdeveloper's portion of the overall Project,
determined as provided in section IX, such amount to be approved by the EDA.
VIII. Public Improvements
A. The City will construct Huset Parkway (south and west of Jefferson only), and all
sewer and water in the Parkway right of way and the storm sewer improvements and
the open space improvements in the vicinity of the storm water ponds, in a time
frame consistent with the Redeveloper's Project phasing. The Redeveloper will
construct and pay for all interior roads and all associated infrastructure, subject to
reimbursement as a TIF Eligible Cost as provided in the TIF Budget, Exhibit D.
Parkway will be public road; City and Redeveloper will negotiate whether other
interior roads are private or dedicated to public at the time of each plat approval, to
be reflected in the Planning Contract.
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CL205 -23
B. Financing:
1. Sewer and water: City will pay for all, except connections from Huset Parkway.
2. Storm sewer and ponding: allocated between City and Redeveloper, based on
SEH benefit analysis.
3. Parkway: Redeveloper pays all costs of south end; City and Redeveloper
equally share all costs of middle section. Landscaping and lighting shared by
City and Redeveloper based on front footage.
4. Park Improvements: Park dedication fees and other city park funding (ponding
area only).
5. Redeveloper's share for all costs will be assessed; Redeveloper signs waivers.
6. Amount of public expenditures will be set in the project feasibility process for
the parkway and utilities and park design process. The amount of special
assessments is estimated at $1,677,460, see Development Budget.
IX. TIF Assistance and Profit Look -Back
A. Initial Notes. EDA issues taxable pay as you go notes in one or more series at
Redeveloper's request (the "Initial Notes "), secured by pledge of 90% of the
increment from specified portions of the Redevelopment Property (either an entire
Phase or portion thereof). Tax -increment will be calculated using an assumed
original market value for the TIF District of $5,200,000 (reflecting the value before
the recent environmental reduction). Notes will be issued under following terms:
• The maximum aggregate principal amount of all Initial Notes will be determined
through analysis of Redeveloper's pro forma, and will be the amount that is
estimated to provide Redeveloper a 15% return as master developer of the
Redevelopment Property (currently estimated to be $8,350,000). The maximum
aggregate principal amount shall be subject to adjustment as described in part E
below. In no event shall the principal amount of any Initial Note exceed the
present value of 80% of the increment projected from the pledged property for
the life of the TIF District, discounted at the interest rate of 6.5 %.
• Interest rate on all Initial Notes to be negotiated.
• Interest on each Initial Note shall accrue from date the Initial Note is issued
(provided that all TIF - Eligible Costs have been incurred as of that date).
B. TIF Eligible Costs are the following, in each case subject to final cost certification
by EDA. The Site Improvements shall be the first priority for payment.
o Site improvements for internal streets, utilities, lighting, monumentation
or other signage and decorative fencing and other structural
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CL205 -23
improvements, but not landscaping (paid to Subdeveloper or
Redeveloper as applicable);
• preparatory site work, demolition and soil correction;
• environmental remediation, including DEED Local Match, costs of VIC
and VPIC approvals, costs of environmental consultants;
• costs of acquiring parcels specified in exhibit (excluding SR Property),
and including the costs of condemnation or voluntary acquisition (legal,
title, appraisal, court costs and similar);
• Demolition
• Relocation
• Costs of EDA and City Consultants with regard to the Project, but not
including costs paid by any grants or dedicated highway or utility funds;
C. TIF Accounting. The EDA and Redeveloper shall develop a suitable accounting
system to track Tax Increment expenditures to assure that all Tax Increment funds
are being properly utilized for TIF Eligible Costs in accordance with the Contract.
D. Take -out Financing:. When improvements providing the tax increment stream
securing any one or several Initial Note(s) are complete, EDA will issue tax - exempt
revenue bonds (the "Tax Exempt Revenue Bonds" or the `Bonds ") in one or more
series to refinance the Initial Note, at Redeveloper's request. Revenue bonds will be
secured by all increment from relevant parcels, less $5,000 aggregate annual
holdback for EDA administration. Issuance is subject to:
• market/legal constraints
• pledged tax increment is estimated to provide not less than 120% coverage
for the revenue bonds (subject to revision if the market requires less with
the approval of EDA) and tax increment is projected to increase by 1% per
annum.
• EDA approval of underwriting assumptions and terms of issue, but consent
cannot be unreasonably withheld
• If the net proceeds of Tax Exempt Revenue Bonds is less than the amount
needed to prepay the Initial Notes, as a condition of the Bond issuance, the
Redeveloper shall either (a) pay the shortfall, or (b) accept a subordinate
pay -go note in the amount of the outstanding balance of the Initial Notes,
payable from excess tax increment over the amount needed to pay the
Bonds and the EDA Administration costs.
E. Lookback. There are two forms of "lookback" that adjust the amount of tax
increment assistance to reflect the Redeveloper's actual return. When any Phase is
completed, the Redeveloper shall submit certified development cost/profit analysis
for that Phase, in the format of the Development Budget.
1. Redeveloper as master Redeveloper. Where the Redeveloper acts as the
master Redeveloper (i.e., assembles land but sells to other developers who construct
the improvements), the Redeveloper shall submit certified development/cost profit
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CL205 -23
analysis in the form of the Development Budget. The Development Budget shall
include a contingency for increases in cost of $500,000, and will include a monthly
administration fee for its activities as the master Redeveloper equal to $10,000 per
month through the date of final land sale for not to exceed 50 months, commencing
January 1, 2004, which amount shall not be part of net profit.
If, after completion of all Phases, the net costs are higher than shown in the
Development Budget, the maximum aggregate principal amount of Initial Notes will
be increased by 80% of such net excess figure. If the net costs are lower than shown
in the Development Budget, the maximum aggregate principal amount of Initial
Notes will be reduced by 50% of such net savings figure (either treated as
prepayment of an Initial Note already issued, or reduction in amount of a Note to be
issued).
2. Redeveloper as full developer. Where Redeveloper constructs the Phase, or
portion thereof, itself, EDA and Redeveloper shall agree on a development pro
forma for the Phase or portion thereof, and shall share 75% to the Redeveloper and
25% to the EDA on profits that exceed 121/6 and are less than 15% net return to
Redeveloper, and equally in all profits that exceed 15 %. The EDA's share will be
treated as prepayment of the Initial Note related to that portion of the project. (This
prepayment could be in addition to prepayment related to a transferred phase, as
described above.) In any Project element constructed by the Redeveloper directly,
there shall be allowed a market level of administrative costs and overhead as agreed
in the development pro - forma, which shall not be part of net profit.
F. Project Design/Density Changes. If the total residential units developed is less than
500 units, the Redeveloper and Authority will review and renegotiate the total
principal amount of TIF assistance and the lookback provisions described in part E
above.
M1:1138272.04
9/9/04
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CL205 -23
EXHIBITS
A. Redevelopment Area
B. Site Plan with Phases Illustrated
C. Development Budget
D. TIF Budget
SM- 2508560 10
CL205 -23