HomeMy WebLinkAboutEDA AGN 06-16-08 Special
CITY OF COLUMBIA HEIGHTS
590 40th Avenue N.E.. Columhia Heights, MN 55421-3878 (763) 706-3600 TDD (763) 706-3692
Visit Our Website al: www.ci.colllmbia-hei8hts.mn.lIs
AGENDA
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
Monday, June 16, 2008 SPECIAL MEETING
6:15 p.m., City Hall, Conference Room 1
1. Call to Order/Roll Call
2. Pledge of Allegiance
3. New Perspective Senior Living Facility Abatement Proposal
Motion: Move to authorize staff to prepare an Amended Contract for
Private Redevelopment with New Perspective based on the following
provisions: (per Ehlers memo dated June 12, 2008 and as modified by
the EDA).
4. Resolution 2008-07, First Amendment to the Amended and
Restated Contract for Private Redevelopment with Huset Park
Development Corporation (NHHllnc. Senior Facility)
Motion: Move to waive the reading of Resolution 2008-07, there being
an ample amount of copies available to the public.
Motion: Move to Adopt Resolution 2008-07, a First Amendment to the
Amended and Restated Contract for Private Redevelopment; and
furthermore, to authorize the President and Executive Director to enter
into an agreement for the same.
5. Adjournment
THE CITY OF COLUMBIA HEIGHTS DOES NOT DISCRIMINATE ON THE BASIS OF DISABILITY IN EMPLOYMENT OR THE PROVISION OF SFRVICES
EQUAL OPPORTUNITY EMPLOYER
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
Special Meeting of: June 16, 2008
AGENDA SECTION: Business Items ORIGINATING DEPARTMENT: CITY MANAGER'S
Community Development APPROVAL
ITEM: New Perspective Senior Living BY: Scott Clark BY:
Facility Abatement Proposal DATE: June 12, 2008
BACKGROUND: On May 26, 2008 a representative from New Perspective presented to
the EDA a work-out proposal for the previous Comforts of Home senior project. As part of
their work-out they were requesting assistance from the City, and as had been discussed
with staff previously, that if affirmed by the EDA would come in the form of tax abatement as
no front-end funds are available. Since that time, New Perspective has had 1) time to
negotiate with the other parties involved in the transaction and 2)staff has had Ehlers review
the pro forma information based on the most current assumptions.
Based on the review and new information staff has negotiated a new deal, which if approved
by the EDA, will only give tax abatement if the properties annual taxes exceed $80,000 ( this
figure as a benchmark will be inflated 3% annually for the five year duration of the
abatement period ). If taxes exceed this number the cash-on cash- returns to the equity
investors will not meet minimum returns. A full explanation for the assistance and the terms
for a future abatement agreement is attached as a memorandum from Ehlers dated June
12,2008. If approved, the next process will be an amendment to the existing Comforts of
Home agreement which will modify the name, construction schedule, key definitions and
add the abatement provisions. As part of this process, the City Council would have to act at
a future date with a formal abatement resolution.
RECOMMENDATION: Staff recommends Authorizing staff to prepare an Amended
Contract for Private Redevelopment with New Perspective.
RECOMMENDED MOTION: Move to Authorize staff to prepare an Amended Contract for
Private Redevelopment with New Perspective based on the following provisions: (per
Ehlers memo date June 12, 2008 and as modified by the EDA)
Attachments
EDA ACTION:
h:ICommunily DevelopmenllEDA 20081New Perspective 6-16-2008
EHLERS
LI::AIH.r~S IN PUBLIC FINANe[:
0 To:
:E From:
W Date:
:E Subject:
Overview
Scott Clark - Community Development Director
Stacie Kvilvang - Ehlers and Associates
June 12,2008
Lighthouse Senior Housing Development
New Perspective Senior Living requested abatement assistance from the City in the amount of
approximately $325,000. You requested that Ehler's complete a review of the Developer's
proforma to determine if the request is warranted, as well as complete tax abatement runs to
determine how much assistance could be made available to the Developer.
Upon review of their proforma, we determined that although the requested amount of
assistance was not warranted, based on the forecast which included tax expense that was 50%
below the developers worst case estimate, some form may be needed to provide them some
assurance that they could meet their required cash-on-eash returns for their equity investors.
After discussing our findings with the developer, we concluded that their main area of concern
or largest variable was the amount of taxes they would be required to pay on the project on an
annual basis. They were comfortable financially with an annual payment of $80,000, inflated
at a nominal amount mlliually (3% as all their expenses are inflated).
Based upon these discussions we would recommend that the City only provide tax abatement
assistance if needed on an annual basis as follows:
I. The term of assistance will last for five (5) years (2010-2014). It is anticipated that the
development would be refinanced at that time and would not longer require any
coverage on the taxable market value.
2. The basis for an annual analysis of need is the amount of aggregate taxes paid should
not exceed $80,000 (inflated annually at 3%) as shown in the table below:
:ill,156,000
:ill,340,680
:ill,530,900
:ill,726,800
:ill.928,600
LEADERS IN PUBLIC FINANCE
t
3060 Centre Pointe Drive
Roseville, MN 55113-1105
Phone: 651-697-8506 Fax: 651-697-8555
skvilvang@ehlers-inc.com
Scott Clark
Lighthouse Senior I-lousing
June 12,2008
Page 2
3. To the extent the aggregate taxes exceeds the annual amount listed above, the City
agrees to abatc its portion of incrcmental taxes (similar to TIF) generated from the
project, up to the maximum of City incremental taxes available as noted in the chart
below:
Taxes Maximum Annual
Payable Year City Tax Abatement
2010 $27.388
2011 $28.300
2012 $29.249
2013 $30.236
2014 $31,260
TOTAL $146,433
4. The City will utilize thc proposed assessed market value for the project as determined
by Anoka County to complete the calculation of need for each year (i.e. utilize
proposed value for pay 2009).
Based upon discussions with the County Assessor, he was of the opinion that the value of the
project would likely be below the $81,000/unit value as shown in item #2 on the previous
page. In the event that market conditions change and valuations change significantly to
become higher than projected, following is an analysis showing the mmual abatement required
by the City (based upon a 17% increase in value):
-
. , .
" '
~
~
$95.000
$14,000
$80.2041
$94,067 I
$13,863 I
$81,000
If we assume that the City is required to abate $13,900 in taxes to the project for all five (5)
years, this amount would total $69,315 in assistance. As you can see, even with using an
extremely high inflation factor for valuation, the total abatement that would be required is
about half of the anticipated incremental taxes generated from the project (total from chart in
#3 above is $146,433).
Overall, this is a way for the City to provide a mechanism to give the developer the financial
confidence it needs to assure this project can be complcted and is a low risk proposition for
the City. Please contact me at 651-697-8506 with any questions or if you require further
information.
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Special Meeting of: June 16,2008
AGENDA SECTION: Business Item ORIGINATING EXECUTIVE
NO:4 DEPARTMENT: EDA DIRECTOR
APPROVAL
ITEM: Resolution 2008-07, Second Amendment BY: Scott Clark BY:
to Contract for Private Redevclopment DATE: June 12,2008
with Huset Park Development
Corporation (NHHllnc. Senior Facility)
BACKGROUND:
On May 28, 2008 the EDA heard a proposal from Mike Bjerkesett, who represents NHHI, Inc., to
construct a 50 unit, four-story senior complex as part of the Huset Park Redevelopment (map attached).
At the meeting staff stated that if the EDA was in favor of this development a number of modifications
would have to be made to the original Development Agreement with Schafer-Richardson, specifically
modifying thc minimum land price and allowing a senior rental as part of the definition of "Minimum
Improvements." These modifications, as drafted by the EDA Attorney, are attached for EDA review and
action. A question on the tax increment implications of this project was also asked at the meeting. The
difference between the subject proposal (ineluding the additional 28 unit market rate senior project that
would be attached as a second project) versus the previous proposal of a Real Cooperative is a present
value decrease of approximately $12,000 in annual taxes. All numbers are preliminary until a project is
fully completed and assesscd by the County.
( Note: Due to miscommuuication with our EDA Attol'11ev the resolution for this item will be
distributed at the meetin!!. )
RECOMMENDATION: Staffrecommends board approval of Resolution 2008-07, amending thc
Contract for Private Redevelopment.
RECOMMENDED MOTION:
Motion: Move to waive the reading of Resolution 2008-07, there being an ample amount of copies
available to the public.
Motion: Move to Adopt Resolution 2008-07, a Resolution Amending the Contract for Private
Redevelopment by and between the Columbia Heights Economic Development Authority, the City of
Columbia Heights, and Huset Park Development Corporation; and furthermore, to authorize the
President and Executive Director to enter into an agreement for the same.
Attachments
EDA ACTION:
RESOLUTION 2008-07
FIRST AMENDMENT TO
AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT, made on or as of the day of , 2008, by and between
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, COLUMBIA HEIGHTS,
MINNESOTA, a public body corporate and politic (the "Authority"), established pursuant to
Minnesota Statutes, Sections 469.090 to 469.1081 (hereinafter referred to as the "Act"), the CITY
OF COLUMBIA HEIGHTS, a Minuesota municipal corporation (the "City") and HUSET PARK
DEVELOPMENT CORPORATION, a Minnesota corporation (the "Redeveloper").
WITNESSETH:
WHEREAS, the parties hereto entered into that certain Amended and Restated Contract for
Private Redevelopment dated as of August I, 2007 (the "Contract"), providing for redevelopment
of certain property in the City described as the Redevelopment Property; and
WHEREAS, the parties have determined a need to amend the Contract in certain respects,
in light of changing market conditions.
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
parties hereto, each of them does hereby covenant and agree with the other as follows:
I. In Section 1.1 of the Contract, the definition of Minimum Improvements is modified
as follows (italicized language shows the revision):
"Minimum Improvements" means the construction on the Phase I Property of
approximately 123 units of owner occupied townhomes (Phase IA) and 80 units of senior rental
housing ("Phase IB") (together, "Phase I"); and the construction on the Phase II Property of
approximately 103 units of owner-occupied townhomes ("Phase IIA") and 51 additional units of
owner occupied townhomes ("Phase lIB"), and the construction on the Phase III Property of
approximately 47 owner occupied condominium or cooperative housing units ("Phase IlIA",
approximately 52 owner occupied condominium or cooperative housing unit together with
approximately 11,650 square feet of commercial facilities ("Phase IlIB"), and approximately 84
owner occupied condominium or cooperative housing units ("Phase mC").
2. Section 3 .1 (d) is modified as follows (italicized language shows the revision):
(d) The Redeveloper shall not Transfer any portion of the Redevelopment Property to any
Subdeveloper (or to itself or an Affiliate for any Phase or portion thereof retained and constructed by
Redeveloper) at price less than the following:
$ 39,000
$ 18,000
$300,000
$]0,000
pel' townhome (As amended August 1,2007)
pel' condominium or cooperative unit
for the commercial portion of Phase III
per senior rental unit (as amended June] 6, 2008)
The above amounts are payable at closing on any such Transfer, provided that if the Subdeveloper
undertakes site improvements, any portion of such payment attributable to the cost of site
improvements on the transferred Parcel may be deducted and paid by the Subdeveloper as those costs
are incurred. In addition, each Subdeveloper shall pay to the Redeveloper at closing on such land sale
the net present value of Projected Tax Incremcnt from the transferred Parcel (calculated as described in
Section3.8(b) hereof). Upon such payment, the Authority shall issue the Initial Note for such amount,
subject to all the terms and conditions of Section 3.8.
3.
revision):
Section 4.3 of the Contract is modified as follows (italicized language shows
Section 4.3. Completion of Construction. (a) Subject to Unavoidable Delays and the
provisions of paragraphs (b), (c) and (d) below, the Minimum Improvcments must be constructed in
accordance with the following schedule:
Phase I:
Phase II:
Phase III:
As of the date of thc Amended and Restated Contract, the internal site
improvements and at least 80 percent of the required number of units for
Phase IA are complete. Redeveloper must substantially complete all internal
site improvements for Phase IB, including roads, and at least 80 perccnt of
required number of housing units for Phase IB, by December 3], 20]0.
As of the date of the Amended and Restated Contract, Phase IIA is under
construction. Redeveloper must substantially complete all intel'11al site
improvements, including roads, together with at least 80 percent of required
number of housing units for Phase IIA, by April 30, 2009. Redeveloper must
substantially complete all internal site improvements, including roads,
together with at least 80 percent of required number of housing units for
Phase lIB, by December 31, 2009.
Redeveloper must construct and complete all intel'11al site improvements,
including roads, and at least 80 percent of the required number of housing
units, according to the following schedule:
Phase IlIA: Commence by December 31, 2008; complete by December
31,2010.
Phase IIIB: Commence by December 31, 2010; complete by December
31,2012.
Phase IIIC: Commence by December 31, 2012; complete by December
31,2014.
2
4. Section 3.8 (h) and (i) of the Contract are modified as follows (italicized language
shows revision):
(h) Status under Amended and Restated Contract. Prior to the date of the Amended and
Restated Contract, the parties elected not to proceed with issuance of Initial Notes. As an alternative
to a portion of the Initial Notes, the Authority issued its Tax Increment Revenue Bonds, Series 2007 in
the principal amount of $2,890,000 (the "Series 2007 Bonds"). The Series 2007 Bonds were issued
under substantially the terms described for Refinancing Notes under section 3.10 hereof; and the Series
2007 Bonds will be treated as Refinancing Notes for the purposes of this Agreement except to the
extent otherwise provided herein. Proceeds of the Series 2007 Bonds will be used to reimburse a
portion of the Public Redevelopment Costs incurred by Redeveloper to date. The net amount of the
Series 2007 Bondv disbursed to Redeveloper will be counted toward the maximum aggregate principal
amount of Initial Notes under Section 3.8(b), as such amount may otherwise be adjusted under the
terms of this Agreement.
(i) Additional Initial Notes under Amended and Restated Contract. Upon approval of this
Amended and Restated Contract, the Authority also approved issuance of Initial Notes (designated as
the $6,650,000 Taxable Tax Increment Revenue Note, Series 2007A, or the "Series 2007A Note").
under the terms of this Section, in a principal amount equal to the balance of Public Redevelopment
Costs incurred to date by Redeveloper in excess of the net amount to be disbursed from proceeds of
the Series 2007 Bonds, subject to the maximum principal amount ofInitial Notes under Section 3.8(b)
as such amount may otherwise be adjusted under the terms of this Agreement. The Authority
acknowledges that, in sizing the Series 2007A Note, the Authority actually deducted the princijJal
amount of the Series 2007 Bonds (rather than the net proceeds).ji'om the maximum amount of Initial
Notes The maximum amount of Initial Notes (adjusted as of date of issuance of the Series 2007
Bonds) was $9,533,534, and net proceeds of the Series 2007 Bonds were in the amount of$2,537,846.
There/ore, the Series 2007A Note could have been issued in a principal amount of $6,995,688
(assuming certification of eligible cost,I). The Authority acknowledges that upon Redeveloper's
request, the Authority will issue additional Initial Notes in the principal amount of$345, 688, together
with any other amount that may be available because offilrther adjustment under Section 3.9, and
subject to all other terms and conditions of this Agreement.
5. The Contract remains in full force and effect and is not modified except as expressly
provided herein.
3
IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed in
its name and behalf and its seal to be hereunto duly affixed and the Redeveloper has caused this
Agreement to be duly executed in its name and behalf on or as of the date first above written.
COLUMBIA HEIGHTS ECONOMIC
DEVELOPMENT AUTHORITY
By
Its President- Gary L. Peterson
By
Its Executive Director- Walter R. Fehst
STATE OF MINNESOTA )
) SS.
COUNTY OF ANOKA )
The foregoing instrument was acknowledged before me this _ day of
2008, by and, the President and Executive Director of the
Columbia Heights Economic Development Authority, a public body politic and corporate, on
behalf of the Authority.
Notary Public
4
CITY OF COLUMBIA HEIGl-ITS
By
Its Mayor- Gary L. Peterson
By
Its City Manager-Walter R. Fehst
STATE OF MINNESOTA )
) SS.
COUNTY OF ANOKA )
The foregoing instrument was acknowledged before mc this _ day of
2008, by Gary L. Peterson and Walter R. Fehst, the Mayor and City Manager of the City of
Columbia Heights, a Minnesota municipal corporation, on behalf of the City.
Notary Public
5
HUSET PARK DEVELOPMENT CORPORATION
By
President and Chief Executive Officer
STATE OF MINNESOTA )
) SS.
COUNTY OF )
The foregoing instrument was acknowledged before me this _ day of
2008 by Bradley J. Schafer, the President and Chief Executive Officer of Huset Park Development
Corporation, a Minnesota corporation, on behalf of the corporation.
Notary Public
6
CONSENT BY ASSIGNEE
The undersigned, as assignee of certain rights of Redeveloper under the attached Amended and
Restated Contract for Private Redevelopment (the "Amended Contract"), hereby consent to all
terms of the Amended Contract; provided that nothing in this consent will alter or affect the rights
of undersigned under the Agreement of Purchase and Sale (Finished Lots) between The Ryland
Group, Inc. and Redeveloper dated April 18, 2005, as amended.
THE RYLAND GROUP, INC.
By
Its
STATE OF M1NNESOTA )
) SS.
COUNTY OF )
The foregoing instrument was acknowledged before me this _ day of
2008 by , the and of the Ryland Group, Inc., a Maryland
corporation, on behalf of the corporation.
Notary Public
7
CONSENT BY ASSIGNEE
The undersigned, as assignee of certain rights of Redeveloper under the attached Amended and
Restated Contract for Private Redevelopment (the "Amended Contract"), hereby consent to all
terms of the Amended Contract.
PARKVIEW nOMES, LLC
By
Its
STATE OF MINNESOTA )
) SS.
COUNTY OF )
The foregoing instrument was acknowledged before me this _ day of
2008 by , the of Parkview Homes, LLC, a Minnesota
limited liability company, on behalf of the company.
Notary Public
8
GI13121108 ... EHLERS Page20f2
""..'"",.,
CITY OF COLUMBIA HEIGHTS
Slage1B.HllsotPark
50 Unit SlIolor Apt. tHUD 202} anl.l26 Unit Markel Ralo S(!!\!or Apt
Baso PfoJect Flocal Seml.Annual Slale Seml.Annual Soml.Annual
PERIOD BEGINNING ", ,,, Ol,paflllo$ Gross Tax Audilor .. Net Tax Prosont PERIODENDlNG
Yrs. Mtll, v,. Ce acll Caladl Roducdon Caaclt Incremont 0,38% 0.00% Intremont Value Yrs. Mill. V,.
0.0 02.01 2004 2,171 2,171 0.0 OS.Ol 2004
0.0 0801 2004 2,171 2,171 0.0 02.01 200S
0.0 02.01 2005 2,171 2,171 0.0 OS.Ol 2005
0.0 08-01 200S 2,171 2,171 0.0 0201 2006
0.0 02.01 2006 2,171 2,171 0.' OS.Ol 2006
0.' OSOl 2006 2,171 2,171 1.0 02-01 2007
1.0 0201 2007 2,171 2,171 1.' OS-Ol 2007
1., (}8.01 2007 2,171 2,171 0 Present Value Dale 2-01.0S '0 02.01 200S
'0 02.01 2008 1,086 \,086 0 0 0 0 0 0 0 ,., OS.Ol 2008
" 0801 2008 1,086 1,086 0 0 0 0 0 0 0 '.0 02.01 2009
'.0 0201 2009 1,086 1,086 0 0 0 0 0 0 0 ,., 08-01 2009
3.S OS.Ol 2009 1,086 1,086 0 0 0 0 0 0 0 '.0 02.01 2010
'.0 02.01 2010 1,086 1,086 0 0 0 0 0 0 0 " 08.01 2010
" 08.01 2010 1,068 1,086 " 0 " 0 0 0 0
Ii.lf o:2Al1 tOt1 1;0115, 65;125'; " 64,040 30,749 (111) 0 30,638 24,402
" 08.01 2011 1,086 65,125 " 64,040 30,749 (111) 0 30,638 48,213
6.0 02.01 2012 1,068 65,125 " 64,040 30,749 (111) 0 30,638 71,188 0$ 08.01 2012
6.' 08-01 2012 1,068 65,125 " 64,040 30,749 (111) 0 30,636 93,440 7." 02.01 2013
7." 02.01 2013 1,086 65,125 " 84,040 30,749 (111) 0 30,638 114,991 7.' 0801 2013
7.' 06.01 2013 1,068 85,125 " 64,040 30,749 (111) 0 30,636 135,863 '.0 02.01 2014
'" 0201 2014 1,086 65,125 " 64,040 30,749 (111) 0 30,638 156,079 ,., 06.01 2014
6.' 08.01 2014 1,01>6 65,125 " 64,040 30,749 (111) 0 30,638 175,656 .." 02-01 2015
.." 02-01 2015 1,068 65,125 " 64,040 30,749 (111) 0 30,636 194,621 " 06.01 2015
'$ 08.01 2015 1,086 65,125 " 64,040 30,749 (111) 0 30,638 212,967 10.0 02.01 2016
10.0 02.01 2016 1,066 65,125 " 64,040 30,749 (111) 0 30,638 230,775 10.5 06.01 2016
10,5 0801 2016 1,088 65,125 0 64,040 30,749 (111) 0 30,638 248,003 11.0 02.01 2017
11.0 02.01 2017 1,086 65,125 " 64,040 30,749 (Ill) 0 30,638 264,689 11.5 08-01 2017
11.5 08-01 2017 1,086 65,125 0 64,040 30,749 (111) 0 30,636 280,850 12.0 02.01 2018
12.0 02-01 2016 1,086 65,125 " 64,040 30,749 (Ill) 0 30,636 296,502 12.5 08.01 2018
12.5 0801 2018 1,088 65,125 " 64,040 30,749 (111) 0 30,636 311,661 13.0 02.01 2019
13.0 02.01 2019 1,086 65,125 " 64,040 30,749 (11l) 0 30,638 326.343 13.5 08.01 2019
13.5 08.01 2019 1,086 65,125 " 64,040 30,749 (Ill) 0 30,638 340,563 14.0 02-01 2020
14,0 02-01 2020 1,086 65,125 " 64,040 30,749 (111) 0 30,638 354,335 14.S 08.01 2020
14.5 0801 2020 1,086 65,125 " 64,040 30,749 (111) 0 30,636 367,674 15.0 020\ 2021
15.0 02.01 '''' 1,066 65,125 " 64,040 30,749 (111) 0 30,636 380,593 15.5 08.01 2021
15.5 08.01 2021 1,086 65,125 " 64,040 30,749 (111) 0 30,638 393,105 16.0 02-0\ 2022
160 02.01 2022 1,086 65,125 " 64,040 30,749 (111) 0 30,638 405,224 16.5 06.01 2022
16.5 06.01 2022 1,086 65,125 " 64,040 30,749 (111) 0 30,638 416,961 17.0 020\ 2023
17.0 02.01 2023 l,OS6 65,125 " 64,040 30,749 (111) 0 30,636 428,328 17.5 08.0\ 2023
17.5 08.01 2023 1,086 65,125 " 64,040 30,749 (111) 0 30,636 439,336 18.0 02-01 2024
18,0 02-01 2024 1,086 65,125 " 64,040 30,749 (111) 0 30.636 450,001 18.5 OS-OI 2024
18.5 08.01 2024 1,066 65,125 " 64,040 30,749 (111) 0 30,636 460,329 19.0 02.01 2025
19.0 0201 2025 1,086 65,125 " 64,040 30,749 (11\) 0 30.636 470,331 19.5 0801 2025
19.5 08.01 2025 1,086 65,125 " 64,040 30,749 (11\) 0 30,636 4S0,019 20.0 02-01 2026
'"0 02-01 2026 1,086 65,125 " 64,040 30,749 (11\) 0 30.636 469.402 20.5 08-01 2026
20.5 08.01 ,,,, 1,066 65,125 " 64,040 30,749 (11\) 0 30,636 498.469 21.0 02.01 2027
21.0 02-0\ 2027 1.066 65,125 " 64,040 30,749 (111) 0 30,636 507,290 21.5 08.01 2027
21.5 0801 2027 1,086 65,125 0 64,040 30,749 (111) 0 30.636 515,614 22.0 0201 2028
22.0 02-01 2028 1,086 65,125 " 64,040 30,749 (111) 0 30.636 524,070 22.5 08-01 2028
22.S 06.0j 2028 1,086 6S,125 " 64,040 30,749 (111) 0 30,638 532,666 23.0 02-01 2029
23.0 02.01 2029 1,066 65,125 " 64,040 30,749 (111) 0 30,638 539,611 no 08-01 2029
23.5 08.01 2029 1,086 65,125 " 64,040 30,7411 (111) 0 30,638 547,311 24.0 02-01 2030
24.0 0201 2030 1,086 65,125 " 64,040 30,7411 (111) " 30,638 554,576 24.5 OS.OI 2030
24.5 08.01 2030 1,086 65,125 0 64,040 30,749 (111) " 30,636 561,612 25.0 02Cll 2031
2S.0 02-01 2031 1,086 65,125 0 64,040 30,7411 (111) 0 30,638 568.426 25.5 OS.Ol 2031
2S.5 OS.OI 2031 1086 65,125 " 64,040 30749 111 " 30,638 575,026 26.0 02-Cll 2032
Totals 1291440 4649 " 1286791
677\04 2078 " 575026
NOTES:
1. StalaAUd;lorIlaymonlIs L>asod IIpon 151 half, pay 2007 aclu~landmaylncrlla5ellVCfferl1lo1dlslrlcl
2. TIF run does nol rellecl IlolonlialreduGlIolI;nMarkOIValue Homostlla dCwd;t
3. Amount of InG.ement will vary dOpOllllllIg upon markel valuo, lax rales, class rales, conslruclloll scho.lule and II\f1olion on Marhl Value.
4. lnflaflonon fax rafcscannot llecaplured
5. TIFdoesnolcalJlureslalewldOllfopeftylaxesormmketvaluelHOPartylaxos
Pfepafed by Ehlefs
TfF Run 6.f3-O&.xls
4/16/2008 +) EHLERS Paga100f23
''''00''''''''
CITY OF COLUMBIA HEIGHTS
Stage1B.HusotP<lrk
48 Sr,Co.Oll Units
Base Project FI.c.1 Seml.Anrmal Slate Saml-Annual Seml.Annual PAYMENT DATE
PER100 BEGINNING T.' T., Dls"",IUes Gross Tax Audltor .t Net Tax Present PERIODENDlNO
Yrs, Mlh, V,. Caacit Ca aclt RcducUon Caaclt Increment 0,36% 0.00% Increment Value Yr.. Mlh, Yt.
" 02-01 2004 2,171 2,171 ,., 080\ 2004
,., 08.01 2004 2,171 2,171 " 02.01 2005
" 0201 2005 2,171 2,17\ " 08.01 2005
,., 08.01 2005 2,171 2,111 " 02-01 2006
" 02-01 2006 2.171 2,171 ,., 08.01 2006
0.5 06-01 2006 2,171 2,171 ,., 0201 2007
1., 02.01 2007 2,171 2,171 1.' 08.01 2007
,., 08.01 2007 2,171 2.171 o PrllsllnIValueDala.2.01.08 2.' 02-01 2006
2.' 02-01 2008 1,086 1,D66 , , , , , , , 2' 08.01 2008
2' 08.01 2008 1,086 1,086 , , , , , , , 3.' 02.01 2009
3.' 02.01 2009 1,086 1,088 , , , , , , , 3.' 0601 2009
3.' 06.01 2009 1,086 1,086 , , , , 0 , , ,., 02.01 2010
" 0201 2010 1,086 1,086 , , , , 0 , , 4.' 08.01 20\0
,., 06.01 2010 \,086 1,086 , , , , , , ,
Ii;!j Ot4H toU .1;08& 41l;(1@: , 46,015 22,526 (81) , 22,445 17,943
,., 08.01 2011 1,086 48,000 , 46.915 22,526 (61) , 22,445 35.321 0201
6.' 0201 2012 1,086 96,000 , 94,915 45,573 (164) , 45.409 69,372 5' 0601 20\2
6' 0601 2012 1,086 96,000 , 94,915 45,573 (164) , 45.409 102,351 T' 02.01 2013
7.' 02.01 2013 1,086 96,000 , 94,915 45,573 (164) , 45,409 134,292 7.' 08-01 2013
7' 08-01 2013 1,086 96,000 , 94,915 45,573 (164) , 45.409 165,228 6' 02.01 2014
6.' 02-01 2014 1,086 06.000 , 94.915 45.573 (164) , 45,409 195,190 6.' 0601 2014
6.' 0601 2014 1,086 96,000 , 94,915 45,573 (164) , 45,409 224,209 9' 02.01 2015
" 02.01 2015 1,086 96,000 , 94,915 45,573 (164) , 45,409 252,315 9' 08.01 2015
9.' 08-01 2015 1,088 98,000 , 94.915 45,573 (164) , 45,4011 279,536 10,0 02.01 2016
10.0 02.01 2016 1,086 96,000 , 94,915 45,573 (164) , 45,409 305,900 10.5 06.01 20t6
10.5 06.01 2016 1,068 96,000 , 94,915 45,573 (164) , 45,409 331,434 11.0 0201 2017
11.0 0201 2017 1,066 96,000 , 94,915 45,573 (164) , 45,409 356,165 11.5 06.01 2017
11.5 06.01 2017 1,068 96,000 , 94,915 45.573 (164) , 45,409 360,117 12.0 02-Ul 2016
12.0 02-01 2016 1,066 96,000 , 94,915 45.573 (164) , 45,409 403,315 12.5 0601 2016
12.5 0601 2016 1,066 96,000 , 94,915 45,573 (164) , 45,4011 425,783 13.0 0201 2019
13.0 0201 2019 1,068 96,000 , 94,915 45,573 (164) , 45,409 447,543 13.5 08.01 2019
13.5 06.01 2019 \,068 96,000 , 94,915 45,573 (164) , 45,409 488,619 14.0 02.01 2020
14.0 02-01 2020 1,066 96,000 , 94,015 45,573 (164) , 45,409 469,031 14' 08.0\ 2020
14.5 0801 2020 1,066 96,000 , 94,915 45,573 (164) , 45,4011 508,801 15.0 0201 2021
15.0 02-01 2021 1,066 96,000 , 94,915 45,573 (164) , 45,409 527,1146 15.5 08.01 2021
15.5 06.01 2021 1,066 96,000 , 94,915 45,573 (164) , 45,409 546,493 16.0 02..{l1 2022
16,0 02-01 2022 1,066 96,000 , 94,915 45,573 (164) , 45,409 564,454 16.5 08-01 2022
16.5 06.01 2022 1,066 96,000 , 94,915 45,573 (164) , 45,409 561,850 17.0 02-01 2023
17.0 0201 2023 1,066 96,000 , 94,915 45,573 (164) , 45,409 596,698 17.5 08-Ul 2023
17.5 08.01 2023 1,086 96,000 , 94,915 45,573 (164) , 45,409 615,016 16.0 02..{l1 2024
18.0 02.01 2024 1,086 96,000 , 94,915 45,573 (164) , 45,409 630,820 18.5 08.01 2024
16.5 08-01 2024 1,086 98,000 , 94,915 45,573 (164) , 45,409 646,127 19.0 02..{l1 2025
19.0 02-01 2025 1,066 96,000 , 94,915 45,573 (164) , 45,409 680,952 19.5 08-Ul 2025
19,5 0801 2025 1,086 98,000 , 94,915 45,573 (164) , 45,409 675,310 20.0 02.01 2026
20.0 0201 2026 1,086 96,000 , 94,915 45,573 (164) , 45,409 669,216 20.5 08-Ul 2026
20.5 08.01 2026 1,086 96,000 , \14,915 45,573 (164) , 45,409 702,685 21,0 02-U1 2027
21.0 02-01 2027 1,086 98,000 , \14,915 45,573 (164) , 45,409 715,729 21.5 08.01 2027
21,5 08.01 2027 1,066 96,000 , 94,915 45,573 (164) , 45,409 728,363 22.0 02.01 2028
no 0201 2028 1,086 \16,000 , 94,915 45,573 (164) , 45,409 740,600 22.5 08.01 2028
22.5 0801 2028 1,066 96,000 , 94,915 45,573 (164) , 45,409 752,451 23.0 02.01 2029
23.0 02-01 2029 1,086 96,000 , 94,915 45,573 (164) , 45,409 763,929 23.5 0801 2029
23.5 08.01 2029 1,086 96,000 , 94,915 45,573 (164) , 45,409 775,046 24.0 02-U1 20"
24.0 02-01 2030 1,086 96,000 , 94,915 45,573 (164) , 45,409 765,813 24.5 08-U1 20"
24.5 0801 2030 1,086 \16,000 , 94,915 45,573 (164) , 45,409 796,241 25.0 02-U1 2031
25.0 02-01 2031 1,086 96,000 , 94,915 45,573 (164) , 45,409 806,340 25.5 08.01 2031
25.5 08-01 2031 1086 \16000 , 94915 45.573 ''''' 0 45,409 816122 26.0 02-U1 2032
Totals 1867980 6725 0 1861256
819071 2949 0 618122
NOTES:
l. Stalo AUdilor jlaymel1t Is bascrlullon 1sthalf,pay2007actualandm ayincrl'asooverterlllollllslflct
2. T1f rundeesnelmtlecljlolant,al roduclion In Markel Value Homeslo aderodlt
3, Amount of increment will vary del'ol1dlng upon mArkel value, tA~ rales, cfass ratos, conslfUcl;on schedule and Inn,1llan on Markot Value.
,. Infl"llo"ontaxralesc.nnalbocal'tured
6. Tlftloesnolc.lllure sl.1ewllfe prol'Olly taxes or 111",ket valuc I ,roparlylaxes
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28 Dwelling Units
2B Enclosed Parking Slalls
NHHI Housing Summary
50 oweUingUnils
38 Surlace Parking Slalls
Nole:
NHHi width approximalely 62'
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