HomeMy WebLinkAboutEDA AGN 03-23-10BU~[~~S s (TE ~
ECONOMIC DEVELOPMENT AUTHORITY (EllA)
MINUTES OF THE REGULAR MEETING
February 23, 2010
The meeting was called to order at 7:00 pm by President-Gary Peterson.
Members Present: Bruce Nawrocki, Marlaine Szurek, Tammera Diehm, Gary Peterson, Gerry
Herringer, Bobby Williams, and Bruce Kelzenberg.
Staff Present: ucctt Clark, Sheila Cartney, and S~~e~1ey Hansc;n.
Also present were: Clark Gassen, Jack Boarman and Gretchen Camp fro~n BKV, and Steve Bub~~l-
EDA attorney from Kennedy & Graven.
2. PLEDGE OF ALLEGIANCE- RECITED
3. ELECTION OF OFFICERS-
iVlotion by I)iel-~n, seconded by VVilliams, to cast a unanimai~s ballot nomitiatirlg and appointiilg
Gary Peterson Chair, Marlaine Szurek for Vice Chair, and Bruce Kelzenberg
for Secretary/Treasurer. Al1 ayes. MOTION PASSED.
~. CONSENT AGElo1DA
~. Approve the Minl~tes of November 24`~' and December 2nd, 2009.
2. Approve the Financial Report and Payment of Bills for November and December 2009,
and J~ZUary 2010 per Resolution 2010-01
Questions from znembers:
Nawrocki questioned several expenses t~om the Novem~ei-.~anuary I~eports as follows:
*Asked what the payment to Goo~;le was f~r-Staff ch~cked into this expense and found it
is the department's share of the City's Anti-Spam Service.
*Check to ~'artney was for mileage/parking reilnbursements.
*$5,300 check to Carlson Co-was for Huset Park III expenses that will be reimbursed by
Shafer Richardson.
*Cheek to Clark for $42.40 was for mileage reimbursement.
*$8,500 check to Carlsc~n Co. was for Phase III for RAP Plan that will be reimbursed by
Shafer Richardson.
*$1,300 cl~eck to Carlson Co.was for conceptual RAP Plan for 39`" and Central Ave.
project. This is a prelilninary action plan that will be submitted to the PCA for the
Mady's site, Heights Rental site, aild the Burger King site, that will save time when that
site is redeveloped in the future.
*Check to TMS was for demolition of one of the scattered site homes.
*Checks to Tim Sullivan and Fadia Salem were for P1a11ning Case refunds.
Nawrc~cki asked abou~t the eontraet with Carisc~n Company and the amount authorized for
payment to them. Clark explained that there isn't a contract in place for a certain anlount.
Based on past practice, Carlson bills us, and we in turn bill the developers for
reimbursement. It was set up this way as we received funding from grants for some of the
analysis and clean up costs for these sites. Most of the bills are for soils tests and reports,
removal of wells, and RAP Plan for the PCA.
EDA NIINU'I,ES
PAGE 2
FEBRUARY 23, 2010
Approve Consulting Services Agreement with GMHC
The EDA has partnered with the Greater Metropolitail Housing Corp (GMHC) and its
~iC)iiSi11~T ~eSi~LtPCi. ~~22iC1 SIT'iCe ~QQ~ ~iC~ ~3TdJIC~E OiiP P~Sit'~~TI~S vVi~~"I a VaT1Ei~% vf iI()LiS122~
services. Services include information on home rehabilitatioll and construction
consultation services, as we11 as loan and gra~nt programs available.
Staff recommends the EDA enter into at1 agreenlent ~vith GMI~GHousing Resource
Center at a ec~st of $15,000 for the year 2010. Fiinding is available from Fund 408-
Housing Maintenance Flind.
Questions from members:
Nawrocki asked if anything had been clone with the property at 38t~ and 2°d Street. Clark
t~ld him that rlothing has been built to date. He said the exteilded agreement calls for
canstructian to begin by May and far it to be completed by I~ecember 2010. Nawrocki
then asked staff to check to ensure GMHC has the proper insurance per the Administrative
Agreement.
Motion by 1`~Iawrocki, seconded by Williams, to waive the Readin~ of Resolution 2010-O1
and 2010-02, there being ample copies available to the public. All ayes. MOTION
PASSED.
Motic~n by IVawrocki, seconded by ~illiams, to approve the Minutes fs-~m Irlovernber 24t~'
and December 2, 2009; and to adopt Resolutic~ns 201 f~-O1, appi-oving the Financial Rep~rt
and payment of bills for November and December 2009 and January 2010; Resolution
2010-02 approving the Consultin~ Services Agreernent with GMHC, and appropriating
$15,000 from Fund 408-EDA Housing Maintenance for the sarne; and furthermore, to
authorize the President and Execiitive Director t~ enter into an a~reement for the same.
All ayes. MOTION PASSED.
EDA RESOLUTION 2010-01
RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTI-IORITY
(EDA) APPROVING THE FINANCIAL STATEMENT FOR NOVEMBER AND DECEMBER 2009
AND JANUARY 2010 AND PAYMENT OF BILLS FOR TFIE MONTHS OF NOVEMB~R AND
DECEMBER 2009, AND JANUARY 2010.
WHEREAS, the Columbia Heigl~ts Eco~~omic Developinent Autl~ority (~DA) is reqllired by Minnesota
Statutes Section 469.096, Subd. 9, to prepare a detailed ~na~lcial statement wl~ich shaws all receipts and
disb~irsernents, their nature, the money on l~~a~~d, the purpc~ses ta wllicl~ the money on hand is to be applied, tlie
EDA's credits and assets and its outstanding liabilities; and
WHEREAS, said Statute also requires the EDA to examine the state~nent and treasurer's vouchers or bills and
if co~-rect, to approve thern by resolutio~i a~~d enter the resoluti~n in its records; a~1d
EDA MINU"TES
PAGE 3
FEBRUARY 23, 2010
WHEREAS, the fina~~cial statement for tl~e months of November and December 2009 and Jailuai°y 2010 and
ihe list of bills for the months of November ai7d Deceinber 2009, aild Ja~li~ary 2010 are attaci~ed hereto and
made a part of this resolution; and
WHEREAS, the EDA has examined the fina~lcial statement and the list of bills and finds them to be
acceptabie as to both fio~-tn and acci~racy.
NOW, THERFFORF, BE IT RESOI.VED by tl~e Boai°d of Cc~mmissioners of tlie Colu~nbia Heights
Economic Develop~r-ent Authority that it has eXamined the attaclled financial state~neilts aild list of bills,
which are attaclied hereto and made a part hereof, a~7d they are found to be correct, as to form a11d conteizt; and
BE IT FURTHER RESOLVED the ~~nancial statements are ack7~owledged a~zd t~eceived and the list of bills
as presented in writing are approved for payment ot~t of proper funds; a~~d
BE IT FURTHER RESOLVED this resolution and attachments are to ~e macle a part of the pennanent
recol°ds of the Columbia Heigl~ts F,conomic Development Authority.
Passed this 23rd day of February, 2010.
MOTION BY: Nawl°ocki
SECONDED BY: Williams
AYES: All ayes
~ttest by:
President
Shelley Hanson, Reco~°dir~g Secr~tary
EDA T2ESOLUTION NO. 2010-02
A RESOLUTION APPROVING THE 2010 CONSULTANT SERVICES AGREEMENT WITH THE GREATER
METROPOLITAN HOUSING C012PORATION (GMHC) AND APPROPRIATING ~15,000 FROM FUND 408 - EDA
HOUSING MAINTENANCE FUND FOR THE SAME.
WHEREAS, the Greater Metropolitan Housing Corporation (GMHC) has agreecl to provide coi~sulting services.
WHEREAS, tlle Coli~mbia Heights Economic Development Autl~ol•ity through its Comprelie~isive Plan I~as established as
a go~l tl~e preservatio» of the si»gle-far~lily housing stock.
WHEREAS, the Greater Metropolitan Housin~ Colpo~-atic~n has provided housi~~g preservation services si~lce 2002.
WHEREAS, tl~e residents have found tl~ese services to be a significant assistance to help preserve and maintain tl~eir
homes.
EDA MINliTES
YA(JE 4
FEBRUARY 23, 2010
THEREFORE, BE TT RESOLVED, that tl~e EDA approves the 2010 Consi~itant Sccvices Ag~-eement with tl~e Greater
Metropolitan Not~ising Corporation and appropriates $15,000 from Fund 408 - EDA Housi~lg Maintenance Fund for the
same.
Passed this 23rd da~y of February, 2010
Offered by: Nawrocki
Secoi~ided by: Wi[liar~~s
Rc~JI Call: All ayes
President
Walter R. Fehst, Exec~2tive Director
5. BUSINESS ITEMS
1. Fourth Ainendrnent to I3evelopmen~ t-~greement for ~rand ~entral I.ofts-12esolu~ion
2010-03
Clark gave the hackground of the originaI Grand Central Lofts project that begail in 2003.
It was envisioned to inclnde a three phased condo project, townholnes, and new
commercial develc~pment by oile developer that would take about four years to complete.
The Gity's participation included: 1) Issuance of a$700,000 tax illcrement note to the
Developer based on cc~mpletion 2) A potential secoizd tax inere~nent l~c~te for the
commercial development and 3} A policy understanding that after construction c~f Phas~ I~
no new construction could oceur until a sewer expansion was complctcd on Central
Avei~ue, and that obligat~ion rested with the ~Ioilsing Deveioper. (The expansion of the
sewer was amencled by means of a new Agreement that shifted the burden to the
Comm~rcial Developer, although that Agreement is now in default}.
Since 2003 many events have occtirred that made this project falter: Phase T of the condos
did not sell we11(29 of the 67 units are ciirrently sold), the sale of the project to a new
developer, the commercial piece being sold to a separate developer in 2007, and the
commercial developer not being able to lease and finance the project. Other factors
illcluded the collapse of residential markets and a world wide recession, and most
recently, the housing developer looking at amending the Agreement to allow rental
buildings, rather than condos for Phase II and III.
Staffbelieves the objectives of the ori~inal agreement wolild be hard to achieve,
especially given the fact, that multiple developers are now involved. Staff views that the
primary objective is to get the site ready for the next development phase, and therefore,
proposes a major cl~ange to tl~e c~riginal agreement. The proposal is to have the City
construct and fol- the EDA to pay for the expanded sewer line on Central Avenue, and in
exchange, the Housing Developer forfeits any and all rights to the $700,000 TIF note. To
clarify, the EDA wot~ld use TIF funds to construct the sanitary sewer expansion ulstead of
paying the Housing Developer for past eligible TIF costs.
EDA MINUTES
PAGE 5
FEBRUARY 23, 2010
The net eftect would be to remove the Housin~ Developer trom receivin~ TIF (the EDA
retains the rights to use the TIF for the eligible public improvement), which would result
in the EDA's control over this site being effectively removed since the Housing Developer
would 17c~ ionger receive assistance. ihe ~ity's primary control for future development on
the site would happen through the land use permitting process. If the amendment is
approved by the EDA, it wolild be implemented regard~ess of the fiinal outcome of the
rental project as these are two separate issues.
Clai•k then explained the proposed funding for this project. He recommends using cash
funds that were derived from "non-obligated Sewer Access Charge credits" and TIF funds
from District T4 which woc~ld eaver the cost of the projected sewer expansion,
Clark then wcnt on to explain the benefits to "exchange" the TIF note obligation for the
obligation to constrnct the sewer expansion for Central Avenue. The follawing was noted:
1) Gost ~nd liability of paying off the Housing Developer's TIF rtote is estimated to be
$820,000. The cost of the pipe expansion is estimated to be $625,000 equating fo
$ l 95,000 c~f reduced TIF expEnditure from the District.
2) If the City uses the SAC cash accoiint of $120,000 this will reduce the TIF
expenditure by the same amouizt (resulting in $505,000 of TIF fu~nds being used).
This reduces the future obligation of the TIF District frc~m the $$20,000 TIF note
estimate to $505,000 for the expansion pipe, which is a$315,000 reduction in
obligations.
3) 1~nd severai ~ngineering improvements as ou~tlined in a memo from tlle Public Works
Director dated February 1$, 2010.
C~Iark stated that statf recommends appraval of t11e Faurth Amendment as written,
including use of the non-obligated SAC credit fees as a source of financing. He told
nzembers by approving this plan, the City wauld not have ta boltd far this project.
Questions from members:
Nawrocki asked why the sewer expansion was needed. Clark told him the sewer system is at
100% capacity in that area. It was part of the original development agreement that the sewer
needs to be expanded before any more construction could be done after the construction of Phase
1 of the condos, including any additional townhouses. Nawrocki then asked why the burden of
paying for this expansion was shifted to the Commercial Developer. Clark explained that
originally we had one developer for the entire site. After Dave Klober took over as owner he sold
off the coiz~mercial site to another developer. After that the EDA entered into a formal agreement
with the new cominercial developer and transferred respansibility for the sewer expansion to the
new owner. Siilce that agreement is now in default, the pipe burstin~ obligation falls back to the
original housing developer.
EDA MINUTES
PAGE 6
FEBRUARY 23, 2U10
Herringer asked if Ehteshim Khoratty has fee title to the commercial piece. Clark said as far as
the City knows, he does.
Steve Bubul, 1ega1 coui~sel for the EDA, stated tha~~ the TIF generated from Phase I will pay for
this pipe expansion as detailed in the prop~sal. It was noted t11at sa far a$650,000 fu~~d Ualazlce
has been generated, and in addition the EDA capitalized the fiiture revenue stream in order to
secure $58Q,000 in bonding procccds to bc uscd in thc Shcfficld Arca Dcvelepincnt. Nawrocki
asked what the terms were for the Bond. Clark responded that he did not lcnow the specific time,
but estimated it to be approxiinately 6 years.
Clark explained that ariginally $"7U0,000 of TIF revenue would have gone back to the developer
to caver qttalified costs if all requirements of the Agreement were done. These requirements have
not been done to date. The plan being considered cLlrrently woilld improve the public utilities by
using a portion of these funds and would benefit this area of Central Avei~ue, as we11 as any future
devela~rnent that may occur on this site.
Herringer cammented that this development hasn't actually cost the City much and has generated
a tax base that has paid back the TIF. He then asked whether spending the SAC credits now
would hurt fuhlre developments, as it wo~,ild take away this smaIl incentive we could use at a later
time. Clark said it wouldn't affect future development projects since the Met Council has
chan~ed the rules governing SAC credits and sta~f felt the credits on hand should be used for
sew~~- related ~r~jects, such as this pro~risal.
Peterson thought by enhane~ing the utilities on this site, it wi11 help any fi.iture development of tke
site. He felt it was a gaad economic mave for the C:ity and its residel~ts as it saves money and
provides an improvement ai the samE time.
Nawrc~eki asked whether this is considered a business subsidy. I3ubu1 responded that this is the
same language that was used in the original agreement and that state statute defines what is
cc~nsidered a siibsidy. Nawrocki then asked what the administrative costs were as referenced in
#5. Clark stated these would be for Attorney, Consultant and other professional services.
Herringer was concerned with the language on page 2 regarding the "Housing Improvements"
section. It included rental L~nits, which he thought was premature since we haven't yet approved
an amendznent to the development a~reement to allow the addition of rental units. He thinks this
language needs to be removed for this approval. If, and when, the rental project is ever approved,
the agreement will have to be amended again at that time. Diehm agreed that the "rental"
lan~iage needs to be removed.
Diel~n questioned sectian 9.2 whereby our option would be limited in the event of default. Clarlc
said that is tnie and any issues now would have to be handled by drawing on the Letter of Credit.
He noted that as part of this agreement, since the pipe expansion is being removed as an
obligation of Yhe developer, the Letter of Credit will be reduced from approximately $400,000 to
$75,000.
EDA TVTINUTES
PAGE 7
FEBRUARY 23, 2010
Diehm also wanted the language changed in Section 9.4.5 to clariiy that the Minimum
Improvements would still be owner occupied. This section should not address rental units as that
has not yet been approved.
Na~~~rocki statect "e feels the dev~,a~e~• shaul~ ~e respons;'~le fc~r th~ :,~sts af this ~xpansioi~ as th~
original agreement was approved. He also stated he felt the eorlsideration of changing this to
allow rex~tal buildings is a inove backwards in l~is opiiiic~~~.
Clark stated that if this amendment is approved, Kevin Hansen would start the pipe expansion as
soon as possible and hopes for a coinpletion date of mid-September.
Mc~tion by Williams, seconded by Kelzenberg, to waive the reading of Resolution 2010-12,
there beii~~ anlple cc~pies available to t~he public. All ayes. MOTION 1'ASSED.
Motion by Williams, seconded by Kelzenber~, to adopt Resolution 2010-12, approving a
Fourth Ainendment to Contract far Private Redevelopment between the Cc~lumbia Heights
Econo~nic Developi~etlt Authority and Grand Central Prc~perties LLC, with the changes as
notecl, and fiirthermol•e to authc~rize tlze EDA President and EDA Executive Director to enter
into an agreement for the same.
Roll Ca1L• Ayes: Kelzenberg, Diehm, Szt~rek, Herringer, Williams, Peterson,
Nays: Nawrocki
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
itESQL~J'i'IGN ~f~. 20~0-03
RESOLUTION APPRC?VING A FOURTH AMENDMENT TO CONTRACT FOR
PKTVATE REDEVELOPMENT BETWEEN THE COLUM~IA HEIGHTS
ECQIVOMIC I)TVEL~I'MENT AUTHORITY AND GRAND CENTRAL
Pl~ol. Ei\ 11.L' ~.7y LLC
B~ IT RESOLVBD By the Board of Commissioners (tl~e "Board"} of the Columbia Heights Economic
Development Autl~ority (the "Autl~ority") as follows:
Section 1. Recitals.
1.01. The Autllority and New Heights Development, LLC entered into that certain Conh~act for
Pi-ivate Redevelop~nent dated as of Septeinber 22, 2003, as a~~nended by a First Ail~end~nent thereto dated April
26, 2005 a~1d by a Second Ame~ldment thereto dated November 22, 2005 and a Third Ainendment thereto
dated August 28, 2007 (the "Contract") providing for the redevelopment of certain property in the City.
1.02. New Heights Development, LLC has chai~ged its legal name to Grand Central Properties, LLC
but in all respects remains the Redeveloper ~mdel° the Contract.
1.03. TI1e Authority consiciel°ed and approved a further amendment to the Contract in Septe~nber,
2008, but such a~nendment was not executed.
EDA MINUTES
YAGE 8
FEBRUARY 23, 2010
1.04. Tl~e pal~ties have determined a need to ~mencl the Contract furtl~er, and staff l~as submitted to
the Board a Fou~-th Amendment to the Co~ltract wl~ich supersedes any pric~r unexecuted versions of such
amendment.
1.05. Ti~e Board has reviewed the Pourth Amendment to the Contract ~nd f~7ds that the execl~tion
tl~ereof and performance of the Atiithoi-ity's obligations thereunder are in the best interest of the City and its
~-esidents.
Section 2. Authoritv Approval; Further Proceedings.
2.01. The Foui-th Amendment to tl~e Contract as presented to the Board is hereby in a11 respects
approved, si~ibject tc~ modific~tions that do i~ot alter t~~e s~~bstance of tl~e transac.tion and that are appl°oved by
the President and Bxecutive Director, provided that execution of the documents by such officials shali be
cot~clusive evidence of approval.
2.02. The President and Executive I7irector are he~°eby autl~orized to execi~te on behalf af ~he
Authority the Fourth Amendl~lent tc~ the Contract ancl any cloci3ments ~°eferer7ced therein requiring execution by
t11e Authol-ity, ai~d to carry out, on behalf of the Alrthority its obligatic~ns tl~e~°eander.
Passed this 23"i day of F`ebruary 2010.
Motion By: Williams
Second By: Kelzenherg
Ayes: Kelzenberg, Diehm, Szurek, Herri~~ger, Williams, F'eterson
Na~y: Nawrocki
ATTEST:
President
Secretary
2. ~iseussion ~n I2ental I'r~posai
Clark told members that BKV Architects submitted plans in early February for review by the
Planning C'ommission and City Council in March far a rental development at Grazld Central
Lofts. Staff wanted the EDA to review the plans also and give direction to the Planning
Commission for their formal review.
CommEnts by members:
Jack Boarman from BKV Group showed the meinbers the revised design plan based on
feedback he has received thlis far. He said they have had communication with the condo
owners aboLrt the circulation of traffic on the site, and have received feedback from the Public
Works Department from staff that lead to changes in the layout of the internal streets to
eliminate traffic problems. He noted the Fire Departmei~t would have break-away access in
the S~V corner f:or emergencies. They have also changed the buildings ta 4 story buildings
with 100 units in each. `I'he new design also creates more green space for all the residents that
creates more of a sense of a small community.
EDA IVIINUTES
PAG~ 9
I'EBRUARY 23. 2010
There was a discussion regarding the amol~nt of parking provided in the design and whether
there coiild be any deviation from the requirements.
The cui•rent design depicted 217 underground parking spaces in the lower level combined
garage for the two buildings and 32 parking spaces at grouild level. The zoning ardinance
reqnires 1 c~ve~ect parkin~ ~~ace ~~~ l~~d~°o~lii. T~~is r~~eal~s they r~e~d to acid ~9 covered
spaces in order to meet tI1e minimuin requirement of 266 p~rking spaces. Boarman told
members this is the expensive part of the project with a cast af $18,000-$20,000 per spot
(which amounts to over $900,000 additional cost). Therefore, they want the most efficient
use of the space as possible. Boarinan also stated they want to ke~~a as much gr~en s~ace
around tlie buildings as possible. His desire was to provide one underground spot for each
unit with the remaining required spaces to be outsicle at grade.
Boannall said the options are as follows:
He could keep the garage size as proposed and add mare parkulg autside.
~~Te eould reduce the ntiimber of two bedroom Llnits which is now 33% of the units.
He could try to keep the saine nunlber of two beclroom units if he would be allowe~ ta design
tarrdem parking spaces far the two hedroam units.
He could design the garage to accalnmodate as n~any tandetn spats as possiblc and then
reduce t17~ nLimber of two bedroom units until t~he required number is met.
Kelzenberg aslced if they c~uldn't h~ve two levels of underground parkiilg. Boai°man said
they could, but it could be eost prohibitive.
~~arn1a17 askec~ what has been the typical policy of the City in other develapments. Clark said
what rnust be remembered is that in the first rental disetissic~ns it was agreed to th~t tlle
apart~r~l~nt plans wot~ld reflect the s~uality of t11~ cc~rzd~ bt~ilc~ing, which included the c~ncept
that all required parking be underground. Baarman said they wot~ld accorninodate that by
providin~ as many tandem spaees as t~hey could and then reduce the nulnbe~r of two ~edroc~m
units to meet the requirement They would also plan for 20 spaces at grade for visi~ors.
Clark questioned if both buildings would be constructed at o17e time. Boarman said they
would construct oi~e at a tilne with the garage below being constructed at the same time.
Once the secol~d building is built, they will c~pen Lip the wall between the gara~e areas. The
Community Center would be constructed along with the first building.
Diehm stated this is a significallt change froin the owner occupied units that were originally
proposed. She told the developer she thought the tour went well and that the other buildin~s
they looked at were nicely constructed and maintained. She wel~t o11 to say that in order to
make a decision about this, she wants to make sure it is a viable project, and would lilce to see
the results of a tnarket study in order to help her make that determination. She wanted to
lcnow what protection is in place to keep this a market rate rental site. How do you lceep it
froin beeoming a subsidized housing rental pi-oject. Boarnlan said the City can list any
stipulations it wants in the development agreement to prohibit that from happening. Clark
said the City can't do that as it falls under the Federal Fair Housing Laws. He said a better
way to ensure it remains market rate is to approve a plan that has amenities that will drive the
rates up. Gassen said that the management cornpanies are allowcd to prohibit the use of
EDA MINUTES
PAGE 10
FEBRUARY 23, 2010
Section 8 vouchers. Diehm said that could vary depending on management coi~ripany in
control asld ihat is something tc~ consider.
Diehm stated that our community struggles with lower pi•operty values more so than other
coinmunities.
Herringer said the original plan depicted units that were 700 sf t~o 1,200 s1 in size with a rental
rate of approximately $1.20/s£ Ne noted the units that the group looked at on the tour were a
higher value per square foot. I-~e wanted to know what quality of construction would be
sacrificed t616wer it tc~ tl~e $1.20 target price. Boarman stated that some of the difference was
in site acquisition costs, not 1laving two level parking, no demo costs, and less brick on the
exterior. T11ey will try to keep the inside quality the same in case it is ever converted to a
conda situation. They also are pursuiilg a HUD I.,oan which wi11 keep interest rates on their
Ic~an at a lower level th~n ~revious projects. Herrin~er asked them hc~w mtiich equity they
needed to have for the HUD loan. Gassen stated they would he required to have 10% down
on the project and that it would be a 40 year fixed loan that cannot be transferred for 10 years.
The brolcer they ~re working with s~id ~IL1D is anxi~us to prc~vide ~ loan for a project in this
area.
Herringer said this ~roject would be adding approximately ll% more rental to the City. He
knows the City Council will be t11e body thaf decides whether or not to approve this project.
He wants tllein to consider the following issues:
1) Would they have approved tlus type of project if Nedegaard llad brought it in originally.
2) What if Ryland woLild come back and ask t~ build son~e rental units as part of theii
praject`l
3) He is coneerned over subsequent owners andlor managers of~'the property.
F3oarman wante~i to know what their next st~p should be and in which ~rder they need to get
their approvals done. They don't wlnt to expend a lot of additianal fl~nds if the EDA or other
cammissions are ilot interested in the project. They need to get approval from the Planning
Can~lnissiot~ an the Site Pl~n first. Then the City Council wi11 need to approve or deny the
proposed project. If they approve it, then the Developnlent Agreement would need to be
changed and approved again by the EDA.
Nawrocki felt we should stick with the original plan of bliilding owner occupied housing on
the site. He said the majority of the people at the public meetings were against this project.
Kelzenbel°~ and Williams said if all the requirements can be met and the design worked out to
pass the approvals they would be in fa~or of the project. Williams thou~ht it would help
promote development c~f the commercial piece as well.
Diel~rn said she is less concerned over the parking policy issue t11an she is fram taking the leap
from owner occupied to additional rental. She said the market study would pl-ovide additional
information with which to make a decision. Szurek thought a market study should be done
also.
Boarman a11d Gassen s~id they would gct one started.
EDA MINUTES
PAGE 11
FEBRUARY 23, 2010
3. Access and Indemni~cation Agreement - Twin Cities Community Land Bank
Cartney tc~ld members about a new program that has bee11 established to deal with foreclosed or
abandoned properties. She explained that the National Commlinity Stabilization Trust was created in
2005. Tre tr~ist is ~~n~priaed oi Ent~~rise ~ui~~lnat~iiy ~d~tners, the I~ousing Fartnership Network, the
Loca1 Tnitiatives Support Corporation and NeighborWorks America which have day-to-day working
relatioi~ships with hundreds of 1oca1 non-prc~fit organizations and state and local governments. The Trust
is workin~ to stem the decline of neighborhoods with high concentrations of vacant, foreclosed
properties. The Trust coc~rdinates the acquisition or trans£er c~f reat estat~ owned (REO) prc,perties froin
lenders, loan servicers, investors nationwide while working through state and local governments; to
return the prc~perties to the stoclc of rental and ownership housing available priinarily for low-and-
inoderate income families.
The First Look program gives loeal buyers early access to REO properties, which can reduce carrying
costs for REO sellers. When financial institlrtions receive 1lewly foreclosed properties, local buyers
begin w~rking with the Tnist to determine if they are interested in acquiring the prc~perty. This occurs
well before finai~cial insti~utions would otherwise be ready to nlarket properties. This allows Iocal
buyers ta inspect the praperty and decide if they want to purchase the properties at the prices set by tl~e
tinancial institutions. This prc~cess benefits financial institutions: as REO sales occur more quickly,
financial institutions reduce carrying and marketing costs and avoid further declines in praperty value,
vandalism, and other risks. Tn ~urn, finaneial institutions are expected to pass an these savin~s as pricing
adjustments to local Stabilization Trust users. At the locallevel the Trust has partnered with Twin Cities
Community Land Ban1c to handle these properties and process.
The City o~ Columbia ~Ieigh~s has the apportunity to access tl~e First Look program. As proposed, the
Citv wi11 have fhe "first look" at any REO properties and determine aur intea•est. ~f we are n~t ulterested
then the next look goes to GMHC and if they are nat interested the next~ look goes to Tlabitat for
~Iumanity, It is set ttp this way because GM~IC and I-~abitat hav~ rec}uested aceess to our city cascade.
Tl1e cost of this pragram initially is free. The only time a fee is paid ta the Trust is wllen we buy a
property thr~ugh this pra~ram. The transaction cost is $2,OOQ, whicl~ is paid as part of the closing costs.
This fee covers the Trust's administration fees. They keep an extensive web-based spreadsheet for each
city that is part of this program. The spreadsheet is managed and updated everyday by tl~e Trust. If we
do not purchase any homes through the First Look program we do not pay anything to the trust. The
EDA attorney has reviewed the agreement.
Staff reconunends the EDA enter into an Access and Indemiuf cation Agreement with Twin Cities
Community Land Bank in order to be part of the First Look program; further authorizing staff to
participate in this program. As in any property acquisition the ED~1 or City Council will have to
approve the purchase.
Questions by members:
Meinbers thought this agreelnent was a good idea as it gives us the right of first refusal.
At'ter a brief discussion it was decided that Habitat ior Humanity should not have a preferred spot on
our first look pro~ram list.
EDA MINUTES
PAGE 12
FEBRUARY 23, 2010
Nawrocki asked what other closing costs would be involved when we purchase a property through this
program. Cartney responded that it would be the usual closing costs that usually amount to around
$900 (pro-rated taxes, title transfer). Since there is no agent involved, there is nc~ commission being
paid. T2zc $2,000 fez is the c~st t~ a~n~i~ister the ~rogram s~ that WE ~an p~zicl,as~ ~,ropei~i~s at priv~s
that have been reduced by 10-12% o average.
Diehm stated she also wanted staff to continue promoting programs that help homeowners fix up the
hornes they have.
Mc~tion by Diehm, secollded by Herringer, to approve the Access and Indemnification Agreement with
Twin Cities Community Land Bank as part of the First Look program; further authorizing the EDA
President and Execiitive Direetor to enter intc~ an agreement for the same.
Ro11 Call: A11 a~yes
ACC'ESS A1~D INDEMNIFICELTION r~~REEMEl~T'~'
Tt1is ACCESS AND INDEMNIFICATION AGREEMENT ("Agreement") is made this 1 st day of
March, 2010 ("Effective Date"}, by and a~no~lg TWIN CITIES COMMUNITY LAND BANK LLC, a
Mir~nesota nonprofit li~nited liability co~npany (""I'CCLB") whose address is 615 First Avenue NE, Suite 410,
Minneapolis, Minnesota 55413, THE CITY OF COLUMBIA HEIGHTS, a ml~i~icipal corporation and
political s~~bdivision under tl~e laws of the State of Minnesofa ("City"), whose address is 590 40ih Avenue NE,
Colurnbia Hei~hts, Min~~esota 55421, and the COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT
ATJTHORITY ("EDA"), a public body cor~orate and politic and political subdivisioil uilder the laws of the
St~te of Minnesata, whose add~~ess as 590 4Q" Aveni~e NE, Colutr~bia Heiglats, Mi3lnesota 55421.
RECI'I'A~.S
WHEREAS, TCCLB and ce~~-tain quatified sellers consisting of' lenders and servicers ("Sellers"~) as
owneis of certain foreclosed and abandoned prope~~ties located in certain econoir~ically distressed
neighborhoods in t17e greater Minneapo(is a»d St. Pa~il metropolitan al-ea which are heavily affected by tl~e
foreclosure crisis ("Ta~rgeted Communities") ai°e participants in t11e Real Estate Owned Purcllase Program
("REO Put°chase Progra~~n") of the National Community Stabilization Tri~-st ("NCST");
WHEREAS, pursuant to the REO Purcl~ase Program, TCCLB is provided with (a) a right of first ofFer
to purcliase real est~ate owned properties ("REO Pi-operties") located in the Targeted Commlmities from Seller
prior to the traditional marketing and listing foi~ sale of siich REO Pi°operties ("First Look Program") andlor (b)
a bulk aged R~O Property purchase progi-am for purel~asing sig»ificant numbers of currently-listed properties
("Bulk and Aged Property Progra~r~" and collectively with the First Look Program shall be referred to as the
"Program") all of which REO Properties are located i» the Targeted Cc~~r~mtu~ities;
WHEREAS, the certai~~ Progra~n guidelines and a~reements ("Program Gliidelines") agreed to by
TCCLB and by the Sellers provide TCCLB witl~ an oppoi-tunity and liinited right to access and inspect certain
REO Properties identified tl~rough NCST prior to the execution of a Purchase and Sale Agreement;
EDA MINUTES
PAGE 13
FEBRUARY 23, 2010
WHEREAS, the Progra~r~ contemplates the re-sale by TC~CLB of certait~ c~f t11e REO Properties to
City ~nd EDA a~1d City and EDA has expressed an interest in purchasing certain of tt~e R~O Properties
("ldentified Properties");
WHER~AS, TCCLB desires to assign to ~City aud EDA its rigl~ts to access and inspect the Ide~ltified
Properties;
WHEI~EAS, as a conditio» of TCCLB's assi~nment of its right to access ai~d inspect the Identified
Properties, Cit~y and EDA each agree to defend, indemnify, and hold TCCLB harnlless from any and all claims
made a~ainst TCCLB in cc~nnection with City a»d EDA's inspection of the REO Properties;
NOWg THET2EFt31tE, in consideration of the tnutu~l covenants az~d agreeinents contained herein, and
c~ther good and val~iable cot~side~~ation, the receipt and suf'ficiency of which is hereby acknowledged, t17e parties
agree as follows:
1. Assignment of Right to AECess and Inspect TCCLB hereb~ assigns and delegates to City az~d
EDA its rights to enter- upon and access a~7d to inspect the REO Properties pursuarit to tl~ie Program Guidelines.
This ~ssigl~~nei~t and delegation is t~ol~-delegable withoizt TCGLB's prior written permissian.
2. Indemnifieation. In consideratio~l for TCCLB's assignment of its rights to inspe~et the Ideiltified
Propei~ties and c~ther consideration, includilig tl~e right to purchase certain of the Identified Properties, City and
EDA hereby agree to inde~nnify and fully proteet, defend, and hold TCCLl3, its officers, directors, employees,
shareholders, servicers, representatives, agents, attorneys, tenants, brokers, successors or assigi~s harmless
frozn a~nd against any and all claims, costs, liens, loss, damages, attorney's fees a~1d expenses af every kind and
nature that may 6e sustained by ot~ nzade agai»st TCCLB, its officers, directc~rs, employees, sharel~olde~-s,
servicers, representatives, agents, attonleys, tenants, brc~kers, successors or assigils, resulting from or arising
ot~t e~f (~) tlze ei7tty upan and (b} ii~s~ection of t11e Identified Prc~perti~s by the City a~~d ED~, or its emg~loyees,
ofFcers, agei~ts or its permitted success~rs c~r a~signs. Liability of City and EDA shall ~e goven~ed by ~he
provisions of Mim~esota Statutes, Cl~apfer 466, as amended, or other applicable law.
3. Insurance Requirements. City atid EDA shall mait7tain during the tierm of this Agreement
comprehe~tsive general liability insurance with minirnum limits of $1,000,000 per occurrence and $3,000,000
i~~ tl~e a;gregate. Upon request, City and EDA shall provide a certificate of i~7sura1lce evidencing such
coverage and naming TCCLB as an additional insured. The certificate of insurance sliall also state that the
insurer shall provide written notice to TCCLB of cancellation or mate~-ial change in the insurance coverage
stated on the certificate i7ot less than 30 days prior to tl~e cancellation or cha~lge of covel°age. Notwithstandi~7~;
anythiilg to the contrary, the liability of City and EDA sl~all be governed by the provisions of Minl~esota
Statutes, Cha}~ter 466, as amended, or other applicable (aw.
4. Costs of Inspection and Agpraisals. City and EDA shall be responsible for paying all costs
res~~lting from its access to and inspection of the REO Propert~ies. In addition, City and ~DA sl~all be
i°espoi~sible for p~yi»g the costs of any appraisals or broker price opii~ions ordered by City and EDA.
5. Term. The term of this Agree~nent sl~all commence o» the Effective Date and shall contillue
~mtil December 31, 2010 unless sooner terminated pursiia~lt to Paragraph 6 below. Ai1y sections of this
Agreeme~lt which are intended by their terins to continue after termination survive the expiration or earlier
termination of this Agreement.
EDA MINUTES
PAGE l4
FEBRUARY 23, 2010
6. Termination. L~ither party may termi~late this Agreement at its discretion and without further
obligation: (a) immedia~tely if the other p~rty breacl~es this Agl°eemeut and fails to cure sucl~ breach within five
(5) days of writte» notice of defatilt, or (b) at auy time upon ten (10} days written notice to the ot~hel° party.
Upon termi~~ation, all unpaid fees owed to TCCLB or a~~y third party by City and ED~1 sl~all be immediately
due and payable.
7. Independent Contractor. City and EDA will at all tilnes act as a» independent City and EDA
and nothing contained hel°ein will be construed to crea~te tt~e relationships of joint-venturers, a~ency or
employer and einployee between the pa-~ties. City and EDA shall be responsible for the manner and means of
~erfor~nirlg it~s set~vi~es ut~dej• this Agreement and said ~l~ani~er and means are subject to the City and ED~1's
sole coi~trol.
8. Counterparts. This Agreement may be executed in two or r~lore colmtelparts, each of which shal!
be deem~cl an c,l•iginai, but al( of whicl~ to~ether shall coi~stitizte but ~rte a~~d t~he same uistru~nent.
9. Entire Agreement. This ~~reement contains the entire agl-een~ent of ttle parties regarding the
subject matter of this Agreement, and there are no other p~-omises or conditions in a~~y otl~er agreeme~~t,
whet}~er oral or written. Tl~is A~reemenf ~nay c~nly be amei~ded by a writt~e-T instru~nent sig~led by bot~h parties.
10. Severabilitv. If a-7y pravisio~~ of this A~ree~nent st~~all be held t~ t~e invalid or unenforce~ble for
any reason, the rerr~aining provisio~~s shall contirlue t~o be valid and enforcea~b(e. If a cour~ finds tha~t any
provision of this Agree~nent is invalid or ~menfor-ceable, but that by limiting st~ch provision it would become
valid and enforceable, then such provisio~l shall be deemed to be wi-itten, constrl~ed, and enforced as sc~
limited.
IN WITl`dESS WHEREOF. the parties hereto have causecl this Agreetnetlt ta be executed as of the
Eff~ctive Date tirst above wi°itten.
TWIl~i CITIE~ C~311!~1dII1:~iI'I'Y ~.Al~D B~Il~K
LLC,
a Minnesota nonprotit linlited (iability eompa~~y
By:
Rebecca L. Rom
Its: Vice Cl~air
CITY OF COLUMBTA HEIGHTS, a
municipal corporation and political stibdivisioi~
u~7der the laws of the State of Minnesota
By:
Galy Peterson
Its: Mayo~°
By:
Walter Fehst
Its: City Ma~lager
CO~.ITIVI~IA I~EI~~ITS ~CONC2IdIIC
~'IEVEL01'MENT AUTHOI2I7CY, ~ pu6lic
body corporate a~~d politic and political
subdivision under the laws of the State of
Minnesota
By:
G~ry Petersc~n
Its: President
By:
Walter Fehst
Its: Executive Director
EDA MINUTES
PAGE 15
FEBRUARY 23, 2010
6. ADMINISTRATIVE REPORT
Staff inet with Developer Chris Little this week and will be bringing an updated plan for the 37i~'
and Central Avenue project to the March meeting.
Staff also received an initial offer from Gene Mady this week and will bring that to the March
meeting for discussion.
Clark said they are hoping to have an update on tlle NHHI Senior housing project by then.
Clark stated that foreclosu~res still haven't subsided. There have been 30 since January l, 2010.
He said they seem to be selling, bu~t many of the 11ome sales are around $100,000.
N~wrocki aslced about the R~ot property. Clark said t1~ey are in process of doing a Phase 1.
environmental.
7. OTHER BUSINESS
The next regitlar EDA meeting is scheduled for March 23, 2010.
'I'he meeting w~ts adjourned ~t 9:2(~ pm.
Respectfully submitted,
Shelley Hanson
Secretary
COLUMBIA FIEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: March 23, 2010
AGENDA SECTTON: Consent ORIGINATING EXECUTIVE
N0:3 DEPARTMENT: EDA DIRECTOR
APPROVAL
ITEM: Financial Report and Payment of Bills BY: Sheila Carmey BY:
llA"I'~;: March 9, 2010
BACKGit()Uli~i~:
The Financia( Report Is for the inonth c~f Febrnary ZO10, Kesolution 2010-(~5 is attached fol approval.
RECOMMENDATION:
Staff will be available to answer specific questions. If the report is satisfactorily complete, we
recommend the Board take affirmative action to receive the Financial Report and apprave the
payment of bills.
~EC~IVIMFNDE~ M~-TI~i~.
Move to approve Resolution 2010-05, Resolution af th~ Columbia Heights Economic
Clevelapmer~t Authc~rity (EDA) approvir~g the Finar~cial Staterx~ent and Payrraer~t of Bills f~r the
manth of February 2010.
Htiacn~nencs: Kesoiuc~on ai~a r~nanc~a~
EDA ACTION:
EDA RESOLUTION 2010-05
RESOLUTION OF THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
(EDA) APPROVING THE FINANCIAL STATEMENT FOR FEBRUARY 2010 AND PAYMENT
OF BILLS FOR THE MONTH OF FEBRUARY 2010.
WHEREAS, the Columbia Heights Economic Development Authority (EDA) is required by
Minnesota Statutes Section 469.096, Subd. 9, to prepare a detailed financial statement which
shows all receipts and disbursements, their nature, the money on hand, the purposes to which
the mon~y oi~ hai~d is tc, I~e a~~li~ci, ~i~~ ED~'s cr~dit~ ~r~d ~ssets and its outstanaing liabilities;
and
WHEREAS, said Statute also requires the EDA to examine the statement and treasurer's
vouchers or bills and if correct, to approve them by resolution and enter the resolution in its
records; and
WHEREAS, the financial statement for the month of February 2010 and the list of bills for the
month of February 2010 are attached hereto and made a part of this resolution; and
WHEREA~, the EDA has examined the financial statement and the list of bills and finds them ta
be acceptable as to both form and accuracy.
NOW, THEREFORE BE IT RESOLVED by the Board of Cammissianers of the Columbia
Heights Economic Development Authority that it has examined the attached financial statements
and list of bills, which are attached hereto and made a part hereof, and they are found to be
correct, as to form and content; and
BE IT FURTHER RESOLVED the financial statements are acknowledged and received and the
list of bills as presented in writing are approved for payment out of proper funds; and
BE IT FURTHER RESOLVED this resalution and attachments are to be made a part of the
permanent records of the Columbia Heights Economic C3eve(opment Authority.
Passed this 23rd day of IV~arch, 2d10.
MOTlC?N BY:
SECONDED BY:
AYES:
Gary Peterson, President
Attest by:
Shelley Hanson, Recording Secretary
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COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeti~7g of March 23, 2010
AGENDA SECTION: Business Items ORIGINATING EXECUTNE
N0:4 DEPARTMENT: EDA DIRECTOR
APPROVAL
ITEM: Community Gardens BY: Sheila Cartney BY:
D~TE: Ma~°cll 16, 2010
BACKGROUND: Two i~~dividuals interested in starti~~~~ a commtinity garden 11a~ve approached tl~e City. In both
cases they have requested the use of a City/EDA owned pa~rceL O~Ze of the individuals is Grace Lee who lives on
the 4200 block of W~shington Street, sl~e is interested in starti»g a SOlc3 ~1on-profit and would do community
~ardens as part of this non-profiit. The other is Mary Thc~lkes who lives on t11e 3900 block of Reservoir Blvd. ai7d
wo~~ks for Wells Fargo. Maly is interested in community gardens as part of the Wells Fargo communit~y outreach
prc~gram. Ideally staff wottld like hoth par~ties to work to~ether ~n this effor~t and use one lot, especially since this is
the first atte~npt at a"private cotnmunity garden." Based on tl~e callective discussions with both parties, the
objectives of the comn~unity garden would b to teact2 peaple abaut gardening, provide freslt praduce to SACA, and
providing yo~-th with garden experi~z7ce opportunities.
If the EDA would like to allow temporary use of a parcel staff suggests using the city ow~~ecl lot at fhe SF corner of~
4~`~' Avenl~e and Jackson ~treet (828 Jackso~~~. '~'l~e lot is vaea~~t and has a hydrant located o31 the lot Tl~e hydrant
can be used as a wa~tering mecl~anism for the garciens, as is the case for the Rese~°voir Blvd. City owned eommunity
gardei~.
Mary has requested that in addition to allowing use of the lot, tl~at eity prepare tl~e site with tilling, addi~lg black
dirt and mulch. In discussions witl~ Public Works it is ot~r estimate tl~at this will cost $1,000 in materials a~1d staff
time. In addition t~ site preparation a meter witl~ a back flow preventer must be installed on the fire hydrant t11e cost
for this is estimated at $1,000. Tc~ta] site preparation is esti~nated at $2,000. Mary is 1-eqtiesting il~e ED~ help eove~~
these costs.
Four s~par~~t~ requests are before t[~e EDA (1) Allow tlte Use of community garden ot1 ~ Cit~~/~DA owned 16t; st~ff
suggests the vacant lot at 82~ .[ackson. (2) To help pay fo~ site preparation in an estimat~ed amount of $1,000 ar~d
(3) to heip }~ay fc~r the hydrant ecluipn7ent ~t alt est~i~~~ate of $1,000. (4) Cost of water used at the site for the
gardens.
RECOMMENDATION:
Staff recommends t11e EDA approve the use of a commwlity garden at 828 Jackso~l Street, and that the i~sers enter
into an a~gree~nent with the EDA regarding the use. The EDA should discuss wl~ether they want to have any
financial i~~vesttnent, otl~er than the lot, f~r fl~is project. If the EDA does agree to prc~vide some financial assistance
for this project a motion will be necessary.
RECOMMENDED MOTION:
Motion: Move to approve ~ community garden privately maintained a~id operated by Grace Lee and/or Mary
Tholkes and autl~orizes staff to enter into an agree~nent for the same.
AtLachmenls: Grace [,ees' e-mail
EDA ACTION:
~ ~ `~ ~ ~~~J~. Page 1 of 1
~''~
Bruce Kelzenberg - Community gardens in Columbia Heights
From: "Grace Y. Lee" <glee1010@hotmail.com>
To: <gary.peterson@ci.columbia-heights.mn.us>,
<robert.williams@ci.columbia-heights.mn.us>,
<bruce.nawrocki@ci.columbia-heights.mn.us>, <tami.ericson-
diehm@ci.columbia-heights.mn.us>, <bruce.kelzenberg@ci.columbia-
heights.mn.us>, <info@ci.columbia-heights.mn.us>
Date: 2/23/10 11:59 PM
Subject: Community gardens in Calumbia Heights
Dea~- Mayor and City C~uncii rreii-~bers,
My name is Grace Lee. I live at 4Z09 Washington. As for local involvement, I am president of the
PTA at Valley View Elementary school, where my son is in 1st grade; and I am black captain of the
4200 Washington crime watch group. Professionally, I work as a business analyst for United Health
Group.
Near the end of last year, the city bought ane of the old, small single family homes on aur street and
tore down the house. Naw it is an empty lot. I heard the city is buying up ather small homes and
tearing them down, leaving srr~al! ~mpty lots in our neighbarho~ds. I have been reading abcaut
cornmunity gardens and am interested in starting a non-profit (501c3}, I envision
this non-prafit partnering with the city ta start community gardens throughout our city on these
empty lots. Some of the lots could be divided into small plots for individual gardening. While
portions of the lot could be used to grow produce for low income families and elderly shut-ins. I also
envision this 501c3 partnering with aur schoals. If some of the lots, are clase enaugh to our schools,
they could be used as youth gardens for the after school programs. Of course, we would provide
training and educatianal sessions on gardening, healthy food choices, taking care of our environment,
etc. I even enuision h~ving a pumpkin ~atch, so lac~l elerrtenta.ry schac~l students could take a fi~ld
trip to the purnpkin patch in the fall, as wel! as having cornmunity harvest festivals, etc.
C3f course, it takes tir~e to start a~d register a non-profit. ~ut those are same af rr~y ideas for further
down the rc~ad. In the short term, while I am in the pracess of applying for 501c3 statu~, I am
seeking permissian from the city to make a eommunity garden on the 4200 biock of i~fashington, on
the lot that was bought by the city at the end af last year. I've talked ta some neighbors and people
are very enthusiastic about the prospect af having a community garden on our black. We would use
rain barrels for water & organic fertilizers, etc. This would be a good opportunity to test-run the idea
of community gardens in Columbia Heights. And it would save the city time and money from not
having to come out to maintain the empty lot.
I could not find the e-mail address of Scott Clark, the Community Development Director. If you
wauld please forward this to him, it would be greatly appreciated.
Please advise of any next steps I should take and/or the feasibility of having a community garden on
the empty lot on the 4200 block of Washington.
Thank you,
Grace Lee
cell) 763-300-0609
Hotmail: Powerful Free email with security by Microsoft. Get it now.
file:UC:\Dacuinents and Settings\CCH-User\Local Settings\Temp\XPgrpwise\4B846BDAc... 2/24/2010
GOLUME3IA HEIGHTS ~CONOMIC DEV~LOPMENT AUTHORITY (EDA)
Meeting of: 1Vlarch 23, 2010
AGENDA SECTION: Business Items ORIGTNATiNG EXECUTIVE
NO:S DEPARTMENT: EDA DIRECTOR
APPROVAL
ITEM: Discussion on 47r" and Central Re1~ta1 BY: Scott Clark BY:
Proposal Marke~ Study DATE: March 17, 2010
BACKGROUNI) : The develc~pment ~earn for the rental proposal at 47"' a~~d Central Ave. has
commissioned a limit~ed market study. 'T,he creation of this dc~cui7zent was ~based on t11e desire af the
EDA to corrob~rate the ability to construct the propcrsed development and what level of rent structure
is achievable. The purpose of the meeting is to give the EDA a ehance to informally discuss (meaning
that this is not a published public hearing but notifications were sent out to all individuals that have
been involved to date, includ~ing parties on the 350ft. noti~cation list} this proposal ai~d to IZave a
question and answer period. 'This proposal, along with the Site Plan and Minor Subdivision (which
was approved by the Plamiing Colnmission on a vote of 3 to 2) wi11 be presented to the City Council
at tlleir April 12, 2010 meeting.
RECOMMENDE~ MOTION: No action requested
AtTachments: Market ~lssessmenY
EDA ACTION:
MEMORANDUM
Grand Central A~artments - Market Assessment
Colzrmbra Heights, MN
Marcli 15. 2010
TO: Clatk Gassen
Grand Central Properties
FROM: Satn Ne`vbcr~;
Joe urbdn, In~.
. 'I'i ,~I~,
,i4~~~I~i~ PI I~
~ WI~ ~ ~I
JC~E URBA~
Joe Urban, Inc. has l~een retained by Csr.and Central Properties, L.1_,C, to assess the~ market for the
Giand Cent~:al Apartments, a proposec~ 200-unit rental project in the city of Columbia Heights,
Mimlesota. This meinoianduin contains competitive and compaiable inarket information and site
ai~alysis based on that wluch we weie able to gather in March 2010.
This memorandum provides Grand Central I'roperties wit~1 im~ortant infoi-mation rcgarding the
currenr ec~tnpetitive rental marke~t in and ~ound the Columbia Hc.i~lzts area. It i~7cludcs unit tnix,
rent and vacancy information for coinparable proZ~erties in the area.
"I'his is a J~relin~inary aizalysi~ and is intended tv inform c~ecisions Pertainin~ to unit mix, unit size and
rents for the proposecl Urand Central Apaztments. 'T"~~le work scope is limited ancl did not a11ow 1is
to cot~nplete all the tastis required Ec~i a complcte tnarket study. Nanet~eless, we believE the
comparable rental information will bc of conside~able assistance to Cirand Cential Propeities. We
woulc~ }~e hap~y to perfoii7z addirional tasks and analysis to bet~tez iriform Graild Central Properties
of the market potential for apaYtments in Columl~ia Heights.
We believe de~r~saild e~sts for the pioposed unit mix of studio, one- and tzvo-bedroom units at
Grand C~ntial Apart~nen~s. The site and its surroundin~s are appropriate for rental housing, as the
area offers good acce~ss to the regional transportation systein and cmployment centcrs, as weIl as
i~~earl?y shoppin~ and ei~itertainine~nt o~tions. Very little dieect competition e~sts ii~1 the immediate
area. Timing the o~ening of the proje~et with economic recover5~ aild coiresp~ndii~g job growth
would benefit Grand Central Apartments the most.
WE ap~reciate th~ opportunity to work with you on this project. If you should reqture fiirther
assistance, please~ do not hesitate. to coilt~act us.
~.~~°a~zac~ ~~~s^~~~~~~<~~ /~~~a~r~~~~c°~~t~ _- IS~~at~~~c~~ I~~~,a~~~:€~~~t~~~
~..rt',ItTt~ ~...1'tiEl':l1 ~~i=t~Yt'1"~lC`i
~~4~~,ll'r~ l (. ~'~ .~4) ~ !)
Uiand Central Properties proposes to develop
a 20p-unit apartrnent project as part of a
master planned coinmui~iity in Coluinbia
Heights, Minnesota. Tli~ project woulci be
locatecl one~ block east of C'entral Avenue and
north of 47`~' Avenue Noitheast.
Table 1 shows the proposed unit inix tor the
proposed apaitment project InclLZded are 22
~tlzdio units i~n in in si~e froin 503 to 633
~~<~~c= "?
Table 1
Proposed Unit Mix
Grand Central Apartments
Project Unit Mu~ Unit Size
Stuclios 22 503 - 633 SF
1BR 112 704 - 803 SF
2BR 66 84G - 1,?0) SF
Tatal 200
Source: Joe Urban, Inc.
. , ~ ~ ~ . , . ..
sc~uare feet, 112 one-bedr.ool~7 ui~lits between 704 ancl 803 syuare fe.et, ai~cl 66 two-be~dioom units
ran~in~ in size from 8~1(i to 1,?()9 squarc fece.
The Granci CenYral Apartments site is
located east c~f Central Aventze~StatE
F-iighway 65 in Columbia lleights. The
site is part of a master planned commlzniry
locateci one half block east of Central
Avenue and nortl~ of 47`~' Avenue
Northeast that includes an existing four-
story, G7-tznit condominiunl building, 2'1
onc-story townhonzcs and a comtnuniry
buildin~. These for-sale units o~ene.d far
occupancy in 20~15, and tc~-date, 33 of e~~e
ec~ndomit~zium ui~its and 10 of the
townhomes have sold.
The site is located at a higher elevarion
than Central Avenue tc~ rhe west. T'he sit~ is level, although 47`" Avenue rises in ele~atio~z inoving to
the east along the site, and a si~nificant r~tainin~ wall exists along the south and east sides of the site.
Land ro the east is si~nificantly hi~her than the site, wliich will reduce vicws to the east. Because the
site is elevated above Central Avenue, west-facing units iti tlle proposed apartmcrzts, particulaily
tliose on t~1e uppei tloors, will Izave notablc views to tlle ~vest.
The surrounding area ai~id nei~hborhood includes a variety of uses, includin~ housing, commereial
clevelopment and pLiblic buildings. Centrall~venue is a majoi commercial corridor that stretches
from downtown Minneapolis to the south aild I3laine and veyond t~o the north. Within two iniles of
r--.~1'
~~~ U11D~~
~~s°s~t~c~ ~ac~E~~a°<~I :~~~~c~~~~~~°~~~~ - ~~~~~°~~~c r~~;~~°~~;~a~e°~~~
,-
°~~€=~rttt 4_.C'€tt1'>l~ ~~rt3~zt-1~(~i,,<;
~i~p~~1 [; ~tii[i
~~;;~~~: :~
rhe site aie doz~ns of retail options, including a Rainbow Foods giocery store, Taiget and Menard's.
Within two blocks of the site are a variety of retail and re~staurant options, includin~ Walgreen's,
MG~M I iquor WarehoLZSe, ~uftalo Wild Wings, TCBY, Subway and I~~~'lameburger.
A inix of single-family homes, duplexes and fot~rpl~xes surrouncl the Giand Central site to the
south, east and izorth. Columbia Hei~hts High School is located one block to th~ east~.
In ~eneral, the site for the ~ro}~oscd Grand Central Apartments is a~ropriaee far the c~nstn~ction
of new a~artment housing.
Economic Trends Pertaining to thc Rental Market
Fmployment is cired as a~rimary c3ri~~er of demand for general occupancy rental housing. Due to
the. current Yecession, the Minriesota unemploymeilti rate was 7.3% in January 2010, which is down
slightly fiom ~ peak of over 8% in 2009, but still abave histaric trends over the past decade. "1"om
Stiizson, the State I=:conomist for Minnesota, doesn't expect the. state to r_etuin to pre-recession
employment unti12013.
Correspondingly, ~11e eurrent econonuc recession has resulted in a stabilizatiois of rents and ai~i
increase iil vacancies anzong apaitments across the Twin Cities. Pioperty mana~ers are inereasingly
offering s~aeci~ls to retain and attract tei7ants, and seveial ~roposed
General Apartment Trends
CrV/~ 1l~arquette Advisors issues a gtiartcrly report for inark€~t rate apaYtments across thE
metio~ol,itarl ~~re~a. Overall, they tally rent ai~ld vacanc~ inforinatic~n fo~ 110,016 t~otal units. F'or tlris
analysis, we acquieed a copy of thc most recent Apartment Trends report, from ~`~' Quarter 2009.
The following bullet points stunrnarize otzr analysis fronz this repart.
'1'he currei~zt apartment vacancy rate (as of 4`'' Quarter 2009) for the Twin Cities Metro
Area is 7.3%. This is an increase of 2.4% over the 4.9% vacancy rate posted for 4`''
Qiiarter 2008, based on GVA's n~etro-wide tall~ of 110,016 total units. ~vera~e rents for 4`~'
Quartei 2009 are $906, a figure that is unchanged from on~ year previous. Both vacanc,~
overall rents are evidence of the current ecor~omic slowdown, and the eh~llenges ~ro.~e~t~r
mana~ers face with re~ard to rentin~; units.
GVA also reports that, for the 1,668 units tallicd iii the Fridley~Columbia Heights
marke.t, the vacaney rate in 4`~ (~uarter 2009 was 9.1%, tip 4.7% froin one year earlier. The
average rent was $801.
~0~ URBAN
~~~~b~~~~! ~;~Ts~t~°;:~i ~~s~~~~~~~~~~~:~ - ~~~~°~a~°t r°~~~;~~~~;~~a~~~
\..S~I~IitL$ ~._.CI `zi:El J.~P~r2j)C.I.~l....:~*
K
~~~~ti`{'~t ~:'` ~'?~~..'
~~~~~~ ~~
• The Aparfinent "1"rends report also analyzes all apartment units built since 2000. Across the
metro area, the average rent for newer apartment projects (less than 10 years old) was
$1,287, although thc average vacancy rate was 8.9%, 1.6% higher than the metro aveiage for
all apartments.
• The ~vera~e resa± fo~ all projPcts in the narth ~u~u~~s, the suLmarket in wliich Cvl~tm~;~,ia
Heights is locatE~d, is $841. Tl~1e avera~e for the northeast suburbs is $780. Both of tllese
figures are less than the metro avecage of $$)06. This is likely due to t~vo reasons, one is
that there are very few newer projects U1ult in recer~t ~ears (something that will be
einphasized in t~his report), and the other bein~ that tl7ere are fewer job concentratioi~s in the
i~z~rth and nortlleast meti~ compared to downtown Minneapolis and th~ southwest subuibs.
C1~art '1 shows aveiage rents for a variety of geogiaphic sectors and project a~es. It ii~cludes the
intormation pt-esei~red in the four ptevious bullet points, bur also shows the average rent of $1,131
far the five newer projects built since 2000 in the narth and nartheast suburbs. "1: hese projects
will be ai~ialyaed i~i cletail latei- in this report.
Newer projec~ts ii~1 t1~ie north and northeast subuibs have a highc~r a~Er.age rent than all units in the
inetio aYea, the rlorth suburbs, ~he Friciley/Columbia Heights sLZbt~zarket, and the northeast stiiburbs.
Ho~uever, they are significantly lcss thai~ comparative newer projects t~lult in the past 10 years in the
overall metro area. 'I"his is 1'tkc.ly due to the fact that a significant share of newer aparfinent projects
hav~e beei~ built in areas like dowi~stown Minne~polis, uptown isl Minneapolis, and suburbs such as
~;dii~ia and St Louis Park command higher rents due to closer proxin~zity to employment centers and
other amenities such as shopping, dii~ing and recrearion.
Chart 1- Average Rent Comparison
Various Comparable Project Groups
;yt,4(~0
51,3()(i (
S1,200
~1,100 ~ ~ ^
~1,(11)U
S$90(l i ~ ~ ~
~8170
S7U1)
~COU ~ i i ~ r ~ , ° ~ ~o
13uilt Since 2U00 13uilt Since 2000- Metru Arei North Suburbs l~ridlcy/Colambia Nordieast Suburbs
Sourcc:)ocUrban,Inc NJNIsMetro licigl~ts
JOE l1RBA~
~~~°~~~~~~ ~;~z~~€°<~~ :~~>~~~t~~~s°~,~~ ~~~~~~°€~~€°~ z~'~~~;~~~;~~~~€°~~~ I~~~~~ ~
~;; ~ :f~ ~;c~E~?~~~tl ;':E}~,e°~~i<~;
'~1zt1'i(i I:~.'?E.ii~,
Comparable Market Analysis
T'able 1 sllows a selectioi~s of apartment communiues in the north and noitheast suburban metro
area that have been developed in thc. past 10 yeais. We analyzed the apartineist market in the
imn~ediate area around ~he subject site, including Colun~bia Heights, Fridley and northeasr
Minncapolis. I Io~vever, there havc been very few new apartment projects constructed in recent
years in the immediate area. Therefore, we considered a lar~er ~eographic ar~a for our
cc>mparative atialysis. We did not coiisid~r projects close to downtown Mit~i~leapolis, in St. Paul or
projects west of rhe Mississippi River, as we believe a ntunber of fact~ois like employment access and
amenitics t~~at diaw potential tenants are significantly different, making comparisons more difficult
to analyze.
~Yjc surveyed 641 market rate units in the north and northeast metro that were developed
between 2002 and 2006. The proje~ct located closest to the proposed Grand Cei~itial Aparttnents is
the Lai~dings at Silver Lake Village, lacatec~ less than two miles sc~utheast of tlie site in the city of St.
Anthony. Other projeets are located in Circle Pines, Falcon HEights, Oakdale, ar~d Wllite Bear Lake.
Projects range in size froi-sl 60 to 267 units. AIl comparable ~rajects are less thanl0 years c>ld, three.
or four storics in height, ancl arc located witlzin Yelarively close pYOYimity t~ a major metio area
freeway. Tne ovc.rall vacancy rate for the five projects is 3.7%. The weighted average rent fc~r the~
tive units ran~ed from $0.94 per square foot at Town Square Apartments to $1.19 at Cedric's
Landing, for an average of $1.02 aeross all units. T~sis compares to newer projects in
Minneapolis axid I~,dina that rai2ge from ~$1.60 to ~$2.00 pcx square foot on aveYage.
Th~ follo~uin~ pa~ES prc~vide detail~d profilES of t~ie most comparable newer prajects in the north
and northeast metro area.
Table 2
Newer C<nnparabte Reneaf Hoiising
North Central/Northeast Suburban Twin Cities
MarcYi 2010
Year Total ~~
Development Name Built Units Vacant Stories Low Hi~h
Cedric's 1;anding 2002 267 10 3 SG25 - S1,480
I,andings at tiilvc:r l;akc Villagc 2005 185 2 4 ~i98 -~2,335
'1'o~en Syuarc ;\~artmcnts* 2005 G1 2 4 Si75 51,000
Lakewood Place Apartments 2004 60 5 3 ~925 - S~1,~165
Villa>c 1?lara 200( G8 5 4 5675 -~1,100
Subt~ital : GA1 ' . ..~ . , $62~ ~ $~;335
*- Vroject has 119 tota) units, 61 of which arc marl<ct ratc
.Source~: Joe Urfi~rz, Inr,:
tlUl3 nfanagcmcnt
Dominiun~i M~anagement
Shcrmam Associatcs
Bru};gcman
Uppal 1?nterprizcs
f""".~
~OE URBAN
~~~;~~a~~~ ~.;~~,~t~°;~~ c~~a~€~~~~~~ ~~~~ ~- ~~~~~°I~~°~ <'~~~~~~~a~€°~~~
z:iE:lttc~ ~ ~~C'=~r1~,t( ~~s~z,~,cl~i~~€~s;
i'l~t'<~ ~~'.~.~~I ~..~~t, ~;g@ ~ @. ~..~
Landlllgs at Silver Lake Villa~e - St Anthon~
Part of the master plai~zned, mixed-use.
Silver. Lake Villa~e project, the Landii~igs at
Silvei Lake Village ~z~as developed b5~
Dotninium ii~1 2005, and coiltains 185
market rate apartment ututs.
"T"he building contains a wide variEty of
unit sizes and ty~e, tlom 648 squale f~ot
studios to large two- and three-bcdroom
units that exceed 2,000 squarc feet.
Rei~lts are the highest of the com~arable
projects in tl~is re~ort, and z-nany exceed
~1,500 per month. I-~owever, lar~e unit
sizes keep thc wci~hted avcrage rcnt per
square fc>ot at ~0.)8.
~~dt~;~ €~
"I"he Landings at Silver Lake Village have just t~vo vacancies acrass 185 units. Thep hav~ recently iun
a special oi~7 one- and two-b~drooin units, ofteriilg ~p150 off per moi~th, a substantial amount Chat
resulted in signiFicant Ieasuzg activity.
zssi ~sci~ r~d ~vE
I?ominium 1lianagement
2005
Unit
Uni€ Namc Count Vacant 13eciraoms Baths
Scadio ? t 0 Ir?/~~
tI3K 67 0 1 N/i~
1BR+Dcn 10 0 1+ N/A
213R 8C, 1) 2 N/A
2BR-+ Den 4 0 ~+ N/A
3812 11 l 3 N/,1
Total/Average 185 2
Range
iJnit Sizc Rent Per S.F.
LoGm F~ir h Low H~~h Low Hi~h
G48 G48 S798 5898 ~51.23 51.39
1,082 1,U82 51,U3? 51,14G S09G S1.0G
],428 1;128 .~s1,f19G S1599 ~0.77 S1.t2
1,3G5 1,8C8 ~51,365 ~1,704 ~0.91 ~L00
2,1G3 2,11i3 S1,G51 ,~"+1,G51 S0.7G ~0.7C
1 971 1~.)71 S2,U77 52,335 ~1.1)S S1.t8
1,409 $1,380 gp,9g
Unit Size Rent Price PSF
648 2,163 $79& '$2,335 ' $0.9G $1.39
Saur~~e: )oe Urbnix, Irrc
~o~ uR~~~
~~~•,~a~c~ ~~a~~~~~°~~1 ,~~~~~~~~~~~a~r~t.~ --1~~.~r~~:~~ ~~~s~~~~~~~°t~~
C~;;~ts~a3 {~,~°~,[s~~tl i"~E~~,,~~~t1r,~~
~;~~~,~r~ lr 1 ~. '~~~ti
"1 own Se~uare t~~artments - lialcon I Iei~hts
Located in Falcoi7 He~ights, Town Square
%lpartments was developcd in 2005 by
Sherman Associate~s. The project contaii~is
119 units ancl features a mix of o11e-, two-
and thYee-bedrooin apartmet~zts, with
~round level retail space as well. Of d~e
119 total units, 61 are nzarket rate, and the
iemaining 58 are affordable. The 61
market late tuiits are a inix of 25 one-
becir~om anei 36 two-bedrooms.
Rents raiige from ~775 to ~, 845 for one~~
bedroom units and $900 to ~fi1,OQ0 foi
Cwc~-beciroom units. Average rerits for
nlarl~et rate i~inits at the project are $0.94
pei- square foot.
I'~~~;<Y 1
Town Sqtiare Apartinents cur.rendy have, two vacant e~w~-bedrootn units. Sherman 1~~ssociates is
currenrly running a special that includcs half off fhe first montls of rent.
1550 Larpenteur
Sherman Assoei~Yes
2005
n4Y
Unit Name nt Vacant Bedraoms
i131~ 25 t) 1
2BR 3C ? 1
Total~Average GI 2
Range
S~urzr: ~o~ Urban~ Inc.
Unit Size Rent Per S.F.
Baths L°w High L~w Hi~,li Low H__~,_vh
N/;l <i89 757 'i777 ~~+845 Sl.l2 Sl.l2
N/;t Il1 l,l(~4 "~9t)0 St,00(1 5Ci.8G S0.8G
948 $893 $0.94
ni iz Rent Price PSF
G89 1,164 ~775 $1,000 $0.86 ' $1.12
~
~~~ ~~~!'t~
~"~~°<~~~ct (;c~s~t~•r.~l r't~~~•~~~~s°~~t~, __ ~~~~~•~w.cxt ~sr€^;~~~~~~a~~
~:tr,~,~~3 r~;~~r3r~~il [~~<r~~rs~~~~~~~;
`~~.ir~. I~ ( `j..'ti,~i
Lakewood Place Apartments - White Beai Lake
Developed by Bruggeman in 2004,
Lakewood Place Apartmerits is a 60-unit
project located one half mile west of
Cei~ltury ~3oulevaid and north of Interstate
694 in White 13ear Lake. Tenants are a
range of ages and are drawn t~ tl7e ar~a
because of nearby einployment as well as
C,entuiq College.
Lakewoad Place Apa~tments featui~s a
unit mix tliat includes 681 squar~-foot
one-l~edrooms up to 1,473 square foot
three~-be~dro~nzs, wirh rents ran~in~ fiom
`~925 Co $~1,465. Average rents across all
units are ~$1.14 per squaie foot.
t~.~~~~ ~F
Theie are eurrendy five vacant units at Lakewc~c~d Place Apartments, or nearly 10% of all units. The
property mana~einent re~orts that the ~8,000 fust-tirne ~~7omebuyer c~edit has i:esulted in incre~sed
vacancy. They are running a current special whereby n~w tenants wot~td receive their second month
of rent free. "T'his amounts to a savings of ~80 to ~110 per montl~i over the course of a one year
lease.
3200 Glen Oaks Av
Brug~ecttan
2004
Unit IJnit 5ize Rent Per S.F.
Unit Name Count Vacant Bedrooms Baths Low Hipli Lo~v HiG^~h Low H~Ph
iBR IS ] 1 N/;t G81 735 5925 ~975 ~1.30 ~1.3C>
1131t+Dci~ 32 ti 1+ N/,1 ')53 953 ,~',1,(175 S1,1i75 51.13 '~"1.13
213IZ 21 2 2 N/;\ I,1108 7,123 57,155 51,24p 51.10 51.15
ZI~R+Dcn 9 Z 2-F N/;1 1,2i1 1,298 51,i(i0 ~1,390 ~a1.07 SI.10
3BR 3 0 3 N/A 1,473 1.473 41,4G5 S1,4G5 ~099 $099
Total/Average (0 5 1,004 $1,149 $1.14
Unit Size Rent Price PSF
Ran~e b81 1,473 $925 $1,465 ' $099 ` `'$1.3G
S~orirre: )oe I!rbmz, ln~
r"~' "•'1
~o~ u~~~~
~~~•a~~~€~ ~;c~~~~~•,€~ /~~FE~~t~~~sY~~t:, - I~~,~i°~~Y~ ~'~~~c~;~~~~c=-~~.
~ rr~is~cl {;f~€~~~-.~1 1'r=~~~t.•rt~r~~s
~~1.~r~ l7 I `;. '~ilti
Cedric's Landing - Oakdale
Bui1t in 2002, Ccdric's Landing is located
south and east of I-694 and Centuiy
~lvei~7ue in Oakdale. It is managed l~~r
~~U$ Management, and feafures an
atYiactive amei~iry package, including
theater, fitness center, poo1, and hot tub.
Each unit features a fiall siz~ d washer aild
dryJer.
Cedric's Landin~? has very little
coinpeYition, and enjoys its status ~zs the
piemiei luxuiy apartmei~it com~lex in the
immediate ai:ea. Its rents avera~e ~1.19
per square £oo~, and just 10 of its 2C7 uziits
are vacant, or 3.7%.
~~~~~;~ '~
Cedric's Lai~ding iecendy ran a spE.cial, whereas tenants signin~ a six to eighr month lease received
~COC1 off, and those signing a 16 to 18 month lease received oi~c montll fiee~.
5680 Hadley Avenue
HUB Management
za~2
IJnit
Unit Name Count Vacant f3edrooms Saths
Studio 27 U 0 N/A
113R 1UC 4 1 N/~1
1BR-~ llcn 45 0 7 t N/~1
2f31t 71 4 Z N/:~
3BR+17cn 18 2 2+ N/;1
Total/Average 267 10
Range
Unit Size Rent Per S.F.
Low Hi~h Low Hi~h L~w Hi~h
588 588 S(i25 5835 S(.0(i 51.42
(i45 8Ci0 SJOS St,085 S1.2G S1.4t)
82i 1,U(iS 57,020 ,~+1,210 '+1?0 S1.?4
1 (190 l,?17 ~1,2O0 ~1,335 S1.10 51.10
1~14 1~14 51,390 57,48t) ~i0.98 Si.l)5
914 $1,091 $1.19
ni iz Rent Price PSF
588 1,414 $G25 $1,480 $0.95 ' '$1.42
f"'" ~
~~~ ~1411~~
°~x~°~~~~~ ~;~x~~~:~°~~! !~~~~oa~€~~a~tis~t~ ~._ ~~~;~~~~4s~t t~s~;~~~;~;~~~~€:~~e
~..~5`.127r,~ ~.,~'il(1"1~ ~.~If~~)t'C67t~<;
,1~I.~~~~ lz 1 ~~,, >tilt)
Villa~e Plaza - Circle T'ineti
Village T'laza is a 98-unit apartment pr~ject
d~veloped in 2006. Uppal Enterprises
nzanages 68 of C~he ui~lits that ate studios,
oise- ai~ld two-bedrooi7z units. We chose
to analyze only the studios, one- and two-
bedLOOin uciits becatise they are most
comparable to tl~e pioposed unit mix at
tlie subject property.
Ot the 68 units, tliere ale five vacant, or 7.4% of the total.
33 Villa~e Parlctivay
UP~~I Enterf rises
200G
Unit
UniC Name Cc~unt Vacant Bedrooms Baths
tirudios 22 3 0 N/_1
113R 40 2 7 N/;1
213R 6 0 2 N/;1
Tatal/Average G8 5
Range
~~~~~ak ~f~
Unit Size Rent Per S.F.
L~w Hi~h Low Hi~h Low H~i~
G00 GUO S(i75 .~~"C,75 St.13 51.13
7(i(i 7(iU 5850 .~a85U ~1.12 ~1.12
i O30 1 200 ~1,000 ,~1,I01) ~0.92 5097
740 $811 $1.10
Unit 5ize Rent Price PSF
600 ' 1,200 '' $G75 ' $1,100 $092 $1.13 "
S~o~rrce: ~oe (IrGarz, Ira~.
f"' J~
J0~ URBAf~
£~~k:a~ac~ ~.;~a~t€°~~9 /~~~;sa~~~~c~~t~ -,~~.~s•d~~°t ,'~;~~;c~~;~;a~~~~~~a. ~';~;„~ ~:~
1.7~r~F~if ~...~.'~)~~~<C~. E.~j~t~~'14~~~~~.a{;~~
;~I<~rt~13 I _>, ?~i~~~i
Unit Size, Rent and Per Square Foot Analysis
Table 3 sllows an aggre~ated summary of all 641 comparable units in the tive piojects pi~sented an
the pYevious pages. The compa~ative projects aYe tallied and broken down by unit mix, and
compared to the L~nit mix for the ~roposed Urand Central Apartinents, rest~lting in a total of 8~1
uniCs.
The pulpc~se of this coinparison is to analyze parameters of unit inix, unit size, reiital ran~e and
Yents pei square foot.
• T1~1ere are 22 studios proposed at the Grand CentYal Apartmei~les, versus 56 iii the
compatable matket T'ropc~sed ~nit sizes tange from ~03 to 633 square fee~, as son7e units
aie timaller thaiz the 58& to 6~8 sau~re feet amor~zg com~aiable units. Rei~ts at compaiable
studios ran~c froin ~625 to 9~898, or 9~1.06 to ~61.42 ~er sc~uare foot.
b There are 2~2 c~ne-bed~~om tinits proposed at the Granci Central Apartments, versus 253
in the coin~aral~le market T'roposeci one-bcdrooin uniY sizes range from 704 to 803
square feet, withiil the range of C45 to 1~082 square feet among coin~arable units. Rents ~t
conzparable one-bedroc~n~ units ran~e from $775 ta ~61.1~6, or $0.96 to ~1.4Q ~ex s~_uare
foot.
~ There are 66 two-bedroom units proposed at the Grand Gentral ~par~inents, veisus 220 in
the c~nzt~arablc market. Proposed two-bedroom unit sizes range from $46 to 1,209
squate feet, and sc~me u~uts aie smaller thail the iange of 1,0O8 ~0 1,868 sc~uare feet among
comnarable units. Rents at cotz~parable two-bcdr~om units rai~ige fr~m 970 to ~1.704, or
~0.91 to ~1.15 ~er sc~uare foot.
• Tlle~e ~re ro ane-be~.roarn plus clens, t~=~~-b~~:~dr~om p,1us dens oi three-bedr<~~~n units
pro~ased fcrr Graa~~d Centzal Apartments.
Table 3
Most Ccrmpeti tive Prujects - Comparison tu Subje ct Properiy
Columbi a Heights Market Area
Project Unit Mix Unit Size Rent Rent SF
Grancl (:cntral ,lparrmcnts Studios - 22 5O3 <33 SI~ N/,A N/iA N/,1 - N/~1
~otnparables Stutlir>s
~ 5G . 58$ - 64~ ST' ~~I ~G25 , ~$98 ~1.D6 -, -~51.42 :
<;iand Ccntral /11>armler~ts ] BR
- 112 704 - 8(~3 SI~~ N/A - N/A N/A - N/A
~cnnpaa~ables
~ 1~3R _ 2S3 G45 - ~,Q82 5I' ~775 - ~1',14G ~t3.9G - $1.~C3
~
Gr2»d Ccntral ,A~lrtmcnts 1BR-'- ~ N/~~ N/A Sl~ Iv/A N/A N/i1 - N/i1
(;ompar~bles i
~ 1t31~+' 67 82S ~ ..
~ 1,428 ~F' . $9~0 - $1,599 50.77. w :: ~~.~~
Grand Ccntral Aparrmcnrs 2BR - G6 846 - ],209 Sf~ N/A - N//1 N/A - N/A
(~c~mparaUles
~ ZBT~ ' - ' 22~ 1,(l0~ - 1,$68 ST' ',
~ $97~ - ~1;7(i~t " , ~0.91 =; ~1.15 '
Grand (;entral iA~artmciits 2131Z+/3BR 0 N/~1 N/i1 SP N/,1 N/~A N/A - N/iA
~oi~iaral~l~s ~! ZBR+J3BR _ ~5 ~,~(}fl = ~,163 ~F - ~f,121 _ .~2,335.~~ ~ ~0,76 -, ~ $1.18 ~
Total 841
Sourcc: Joe Urban, Inc.
/~..'
a~EURBAN
~~~~~a~~~l ~.;~~~~~r;:~~ ;~~~~~r€~~~~°€:~~~; -- ~~~~~°~€°~ ~~~~;~}~~~~~~:~~~
~. rt:l9itl ~ :C'~lg t`:~~ i~! ~y~'t`t'1tti `;
~,~ .'c'i1 ~"t,.'.=)~(1
-
~<~~~. 3.~
Chait 2 shows the laase rent for the unit mi~es at each ~f the five comparable projects in the
noitl~/izortheast suburban metro area. T'hese rents were prescnted in detail earlier in this report, but
are showrl I~ere ~raphically. To~ether with ~~"able 3, this information can help establish a general
rental range for the proposed unit mix at Grancl Cential Apartl~nents.
--- ----_ ____------- -_____
----- -
ar~2 s Zows ~ Chaxt 2- Base Rent Analysis
Y11at ba5~ ~ Compararive NE Metro Projects
rent~ far ; S1,8o0 _._~_~__.~.__ ~~ ~~.~_____ ~ .___~~ w __~.__ ---_-;
studios • 5ha~~~
~ 1,(i00
range from ~ Itsii
$625 to $800, , ~~~,4~0 ~ ~ o ii3iz+
oase rents for ~2,200 - ~^~BR i
~ ^ 213R+; 313R
ne- ~1,0t)Q -
bedroorn ~
, ~800
unlts are
between ~600 -
$770 and ~ ~400
$1,037, and ~ ~zoo
base reilts for ~
two- ~o
( Sihmrl~,tl:e Village I.ake~vood Pl,ice Cedric's 7,anding I'o~vn Square Vill~~e Plaza
bedrooms `
sourcn: oc Url~;u, tnc.
are between --~ _-__ .___-- - --.____
$900 and $1,365. 'Thesc rents provide a general guide for the range of rents that can be charged at
Grand Central 1\partments.
"I,hc wei~htcd average across all units in tl~e five comparable prajccts is:
• 1,126 square feet
• ~$1,144 rent
• ~1.02 per sc~uare fooC
Based on thc proposed unit mix at C7xand Cential Apar~inents, the average unit size is only 81~
square, compared to 1,126 square feet at the five comparable prajects. The dcveloper and
architect intend to offset the smaller units with better unit design, including higher ceilings
and larger windows. While unit sizes would be smaller on average than comparable
projects, rents would be competitive or slightly higher, and rents per square foot would
therefore be higher.
It is woYth noting that an informal survey of newer projects that have ope ned ii~z the past 18
inonths elsewheie in the Twin Cities revealed a smaller average unit size that is more in line with the
proposed Grand Central rlpartments. Projects such as the Murals of Lyn-Lake in Minneapolis,
York Place in Edina and the Lyric at Carleton Place in St. Paul average 870, 868, and 924
,i
_"'-
~o~ u~~a~
~~~°<~~~~~ ~~€~r~i~°<~~ .~~~<€rt~,~c°~~~~: ,_ ~~<~~•~~€~~ i~~~,~..eae~~~c~~t
~'L<391E~ ~ .#,'Elil°-t~ i~€f}~)t`lii<'~
~t'~<ii'i_'[1 ~"?,?t~9~7
~~6~~;€- ~:~
square feeC per unit, respectively. Those three projects have wei~hred averagc rents ranguig from
$1,390 to $1,593, and rents per square foat in excess of $1.60.
Thus, it is reasonable to conclude, ~iven good desi~n, that unies at Grand C'entral A~artinents could
be sm~ller on aver~~;e tlian their norrh/n~rthe~~t ~tiburb~n countcr~2rts ~nd ch~rge inoie per
sc}Liare foot, as lon~; as o~erall rents were largcly in line widz the close5t com~etition.
The site and immediate area are appropriate for the developrnent of rental housing. The
location provides good access to the regional transportation systern and employrnent
centers. 'I'~~e area also features a moderate array of nearby shopping, entertainment and
amenities.
o OnE consideration for tlle site is the significant ret~ining wall a~ong the east sic~e
and a portion of the south side of the site. r~ccardin~ to the site plan, one
l~uildin~ wi11 have a si~nificant number of units facin~ tlus wall. W'hile thc wall has
beei~z landscapecl and is rnade to look as natural as ~ossible, some un~its facing
south and east in the I?ast Building will hav~ reduced ~rie~us from, ancl possibly
reduced natulal lighting within. 1~s a result, rents for somc of these units ma~ need
to be adjuste d downward accordin~ly. Converscly, up~er level uizits facing west in
the West Buildii~g; unll have above averag~e views, and the developer/pro~eity
manager will likely be able to adjust rents unwards cc~ries~ondingl~.
• "T"1z~ over.all Twitz Cities aparttnei7t rnarl~et has seen inereased vacancy axld stagn~~nt rents in
t~~e past year, lar~ely a resLilt <>f the~ cu~rent economic recessiara. Tl~e Fricile~/Colutr~bia
Heights area, as well as both the north and northe~ast subuibs, have followecl similar trei~ds.
• Our analysis of the notth and nar#heast suburbs reve.aled very little new a~artment
deveiopment in the past 10 years. We found just five ~i-~jects contair~ing 641 units that lziet
our criee~-ia. As a r~sult, there is very litde direct competition ~~ith t:he subject sit.e, ~iving
Grand C~enttal Aparrments a cc~mpetitive edge in tl~ze markee~~l~ce.
• "I'he five comparable projects havc a combined vacancy of 3.7%, and are generally
perforining well ii~l the inaiket~place. Several of these projects arE offering rEi~t concessions or
othei special offer.s that aie being received ~ositively in the marketplace.
• "I"he proposed unit mix contains studios and two-bedroorn units that start at smaller sizes
than at any of tlle comparable projecYs, although d~ey are inoie in line with newer projects we
surveyed in Minneapolis, St. Paul and ~,dina. We believe this is an o~~ortunitv Eor Grand
CentY~l Apartments to offer units ~t com~arable rent~ fo ilewer ~rojects in the nortl~l/northeast
~OE I~RBAN
€~~•a~~~c~ ~;~s~t~°<:~~ :`~~~s:s~~~~~~~-a~~ ~ ~-~<~~°~ c°t r~~~~~~~~~~~~~t
4
~tE<3`lt~ ~.,<'SkP~7`~t~ ~'!"t?~)f'1,:;~?C'`i
:~...1e:E.<~{~.~1 1..~,'in .•~t.3 I. i.I
~~s~g;~: ~~
suburUan inarket, provided that smaller units aie designed to ina~tnize efficiency, usability and
i~iatural light.
• Table 4 sliows
our preliminaiy
C021C1L1S1Qn5 aS to
the potential
rents fhat could
be receivec~ at
G13Ilt~ ~ETitYal
Apartn~ents,
basEd on the~ tzt~ut
Tahle 4
Potential Rent Range
Grand Central Apartrnents
Unit Mix Unit Size Rent Rent SF
Studios - ?2 503 - 633 SF S(i00 - 5800 S1.18 - 51.49
IBli - 112 %04 - 803 SI'' S850 - 51,300 ~1.18 -~a1.G7
2t31~ - 6G 34C; - 1,209 cir cl ~n~} _ S1,SQ0 SQ.91 - Sl.T9
"Total 200
Saurcc: Joc Lir~an, Inc.
inix pro~=ic~ed by
the~ architect. ~X~e b~lieve ti7e 22 stl.~dio units could achiev~ rents of 9fi600 to ~5800, the 112 one-
l~edroorn units ce~uld lchieve rents of $~50 ta $1,300, ~rzd the 66 two-bedr~om unit5 could
achicve rents of ~1 100 to ~1,500. Thc,se overall rents are reasonabl,~~etitive with c~stin~
newer projects in the ilorth/noYtheast suburi~an areas ~f the Twin CitieS. (These arE preliminary
conch~sions, and cr~uld be refined ehrough a more thtoUgh full market study.)
• We believe rents between ~1 20 ~nd $1 45 ~er sc~u~re foot ~t Gr~nd Central Ab~re~ments would
be accebtable at in the market~lace. Units could be less or more depe~iding on individual
characteristics sueh as views ancl other factors. This refIe~cts a higher pei- squaie foot range than
most comparable uluts in the north/nr~rtheast suburbs, but total rents that aie competiuve.
't'hc~re are v~_rv fe~u cnm~~etitive r?e~~T~r proje~ts ir~ or near tl~e Coluir~~ia F Iei~hts area. As ~
resz~lt, we believe Grand Central .r~partments wauld be an attracrive adciition ta the znatl~et.
However, it is possible that addiizg 200 units to a relatively small existing market may result in
marl~et saturatioi~l. ~~1e recoznrnencl considErin~ ~~ hasing; the two l~uildings to rzuniinize maYlset
risk.
JQE l1RBAN
COLUMBIA HEIG~~TS ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Meeting of: March 23, 2010
AGF,NDA SF,CTION: F~usiness Items ORIGIN~TING EXECUTIVE
NO: 6 DEPARTMENT: EDA DIRECTOR
APPROVAI,
ITE1V1: Continued Mady's DiscL~ssion BY: Scott Clark BY:
DATE: March 18, 2010
BACKGIt~-LTl`1IJ- :
On November 24, 2009 the EDA gave direction to staff to investigate the possible acc~uisition of what
is colnmonly referred to as "Mady's Bowling A11ey Site" at 3919 Central Av~. StafF met with Mady's
Iegal representative in December and in turil, an initial offer was made ta the City approximately three
weeks ago. Staff has undergone an extensive analysis of a11 of the issues associated witl~ acquirin~ this
parcel, as a~reeing to a given purchase price is oz11y one of a number o~~ items that need to be
considered. The initial price offering of $1,100,000 is predicated on a three-year contract for deed.
Amon~ the items the EDA needs to be aware of include:
1) Acquisition of a property by a City entity, even if not down through eminent domain,
ti°iggel°s relocation benefits. Staff has secured a generalized estimate for these costs and
is ilhistrated in the "Sources and Uses" budget located within this report.
2) The potential stumbling block for this aeqitisition is the existing lease at Dona Anita's
(a ~Iispanie ~rc~~ery stare}. The ~xisting 1~ase riins thrc~l~~h 20l l with a faur-year
~xtension availabl~, iinti12015. Any purchase agreement with Mady's would h~ve to
have a contingency that an agreement, aeceptable ta the EDA, would have to be
secured with the owner's of Dana ~nita regarding new lease provisions.
3~ The initial ofler is Lincle~r about v,~ho wot~ld opEratc uzztil the end of tY~e th.ree year
cc~ntract peric~d (including who is liable for taxes and receives rent revellue}.
4) If the EDA is to proceed with tl~is item a new appraisal on this property should be
secured (an appraisal on this property was done in February of 2006}. Staff has secured
two bids for this work: Patchin, Messner & Dodd gave a bid price of $3,500 and Nagell
Appraisal and Consulting quoted $1,800. Both of these appraisals will complete a sales
coinparison approach and exclude doing an income approach valuation.
5} In order to understand the financial scope of this project staff has constructed a sources
and uses budget. It should be understood that these is an estimate as a number of these
items, especially the acquisition price, needs to be negotiated.
Sources (Potential)
$690,000 Three year incc~me stream fi-om FY 10, 11
and 12 - Anoka County levy
$110,000 I'Y 09 - Anoka County levy
$300,000 Housing Fund
$100,000 Fund 420
$70,000 TIF T4 Poolable Allocation
$50,000 S ecial ro~ects fund
$1,320,000 T01'AL
Uses (Estimates-do not factor leasehold issue)
$1,000,000 Ac uisition
$60,000 Interest
$160,000 Relocation Benef ts
$50,000 Professional Services
$50,000 Contingenc
$1,320,000 TOTAL
At the EDA nleetin~; staff~will walk through ideas as ta what we would do as a process for development
if this property is sectired. Staff seeks direction to proceed and if that is in the affii°mative, motions to
both proceed and to authorize the securing of an appraisal is needed.
RECOMIVIENDED MOTION:
MOTION: Move to authorize staff to proceed with ne~otiatians for purchase of the Mady's site.
Motion: Move to authorize staff to enter into a contract with Nagell Appraisal and Consulting for an
appraisal not to exceed $1800.
The mc~tie~s~ is t~ l~ave ~taff praceec~ vvith negotiati~ns anc~ to later ~ravide th~ ~I~~ with a puLchase
agreement ior further action.
Attachments: Norte
EDA ACTION: