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HomeMy WebLinkAbout2012-08-28 Regular Meeting Packet*00 City of Apple Va lev NOTICE: The Apple Valley Economic Development Authority will hold a Special Informal meeting at the Municipal Center, on Tuesday, August 28, 2012, at 3:00 p.m. to consider the items listed in the following agenda: INFORMAL ECONOMIC DEVELOPMENT AUTHORITY MEETING TENTATIVE AGENDA AUGUST 28, 2012 — 3:00 P.M. (Immediately following Special City Council Meeting) 1. Call to Order. 2 Receive Information on Decertification of TIF District 13. 3 Introduce Plans Developed and Submitted by IMH for "Parkside Village" in Central Village. 4. Budget Operation Fund and Other EDA Related Discussion. 5. Project Updates 6 Other Items 7 Adjourn (Agendas are also available on the City's Internet Web Site http://www.cityofapplevalley.org) City of Apple TO: Economic Development Authority, and Tom Lawell, City Administrator MEMO Finance Department FROM: Ron Hedberg, Finance Director DATE: August, 23, 2012 SUBJECT: Information on decertifying Tax Increment Financing District Number 13. Introduction Out TIF District #13 has reached a point where it should be decertified. In 2011, the district met its existing financial obligations and the 2011 legislature acted to extend the spending authority for districts with available resources through 2012. In 2011 the City Council approved a spending plan that identified uses for the TIF 13 resources through 2012 and without further action from the legislature no additional resources generated from the district beyond 2012 may be spent on new projects. In addition, the 2013 proposed budget includes the assumption that TIF district 13 would be decertified and counted on the revenue generated to fund 3 separate positions. Approximately $1,300,000 of tax capacity would be returned to the tax rolls and will generate approximately $619,000 in tax revenue. The appropriate body to decertify the TIF district will be the City Council, according to Bond and TIF Counsel; an action item will be placed on an upcoming City Council agenda. E DA - Apple City of Valley TO: 0 0 *0 0 0 0 00 0 0 0 0 FROM: Kathy Bodmer, Associate City Planner MEETING DATE: August 28, 2012 SUBJECT: Parkside Village Development (Formerly Legacy North) MEMO Community Development Economic Development President, Board Members, and Executive Director On Wednesday, August 22, 2012, the City received a land use application for development in the Parkside Village area (formerly known as Legacy North) on the northeast corner of Galaxie Avenue and 153 Street West. The property owner has applied for tax increment financing (TIF) assistance, consistent with the Restated Memo of Understanding (MOU) approved by the City's EDA on June 14, 2012. The TIF application is currently being reviewed by the City's financial consultant Northland Securities. In the meantime, the Planning Commission is scheduled to hold the public hearing on September 19 to consider the land use request. The purpose of this memo is to introduce the EDA to the development project prior to its formal review of the TIF request. The property owner, IMH Special Asset NT 175 LLC; the developer, Titan Development and Kaas Wilson Architects submitted plans showing the construction of two multiple family buildings with a total of 332 units. The project will include amendments to the planned development zoning district, preliminary plat, vacation of portions of rights-of-way and site plan review/building permit authorization. The 134-unit Galante building is aligned in a north-south configuration between Galaxie Avenue and Galante Lane. The massing of the four-story building is broken up with a one-story community area in the middle of the building which will contain such amenities as a fitness area, game room, club area/party room and yoga studio. The building is designed with distinctive rounded tower elements at the intersections of the Galaxie Avenue & 153 Street and Galaxie Avenue & 152 Street in keeping with the Central Village Plan vision. A vacation of a portion of Fortino Street will be requested in connection with this project. The 198-unit Gabella building is aligned in an east-west configuration between Gabella Street and 152" Street. The four-story building is also broken up with a one-story community area with amenities that will include an indoor swimming pool, fitness center, internet cafe, club room/party room, yoga studio and game room. A vacation of a portion of Fontana Trail will be requested. The Galante building will have "suburban intensified" characteristics which include construction up to the property line, a flat roof, a rooftop terrace and elements that will encourage pedestrian traffic along Galaxie Avenue. The Gabella building will have more suburban characteristics which will include being set back eight feet from 152 Street, a pitched roof, and direct vehicle access to the front door from a circular driveway feature. The $60 million project will create 299 construction jobs and is expected to begin construction March 2013. . c wF.co Fa FOR, T.I OUPEROVIEMIL BEL! PARKSIDE VILLAGE GALANTE AND GABELLA BUILDINGS M q1111111* rti 111 FirtWW#" AdVIIIV ‘ 4 .1 i 41K •Wirrits14" oTrin ksji. er. it All Lige" ggia ISO al. Lar PD-541 .............. 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II11111111•1111 297 55 i =0 2,35.1 1 1 14 t 5 60 09_ 60 GALL INV :86 6 Z1,2/£1./8 10.1,19A.S-2A, I Aelle, Oldd, A, W A.11.>1 .1,1,011 ir Ea ,c4 Eft - ` d spoi,v 9o:L0:9 "6,Adop City of Apple ll \Miley TO: Economic Development Authority, and Tom Lawell, Executive Director FROM: Ron Hedberg, Finance Director DATE: August 23, 2012 SUBJECT: 2013 Budget for the Economic Development Operations Fund MEMO Finance Department The proposed 2013 budget includes for the first time the Economic Development Operations Fund. I have enclosed the pages from the budget document that relate to this fund. The activity in recent years are related to participation with regional joint Economic Development organizations, such as the Greater MSP. The 2013 budget continues the participation in Greater MSP and adds participation in a small business development service with the Dakota County CDA and Metropolitan Consortium of Community Developers. The projected 2012 balance in the fund is $934,604. E DA- Li DEPARTMENT BUSINESS UNIT ACTIVITY COMPANY 1000 .93 3210 EDA Operations Fund DESCRIPTION OF ACTIVITY The EDA Operations fund was created many years ago and focused on the activities related to the Valley Business Park development, including a revolving loan program and the development and sale of commercial lots. That activity was completed and the EDA Operations fund assists the EDA in supporting business development opportunities as they arise. MAJOR OBJECTIVES FOR 2013 • Continue as a member of GREATER MSP, the regional economic development organization with national and global contacts for local business development. • Pursue a pilot small business development service with the Dakota County CDA and Metropolitan Consortium of Community Developers. IMPACT MEASURES 1 PERFORMANCE INDICATORS Actual Actual Projected Projected Projected 2009 2010 2011 2012 2013 Item Summary Budget Department 93 EDA Operations Fund 2010 2011 2011 2012 2013 Actual Budget Actual Projected Proposed Revenue: Development Charges Investment Earnings Expenditures: Training/Travel/Dues Other Exp. Net addition to Fund Balance Fund Balance Beginning Ending 2013 CAPITAL OUTLAY - 25,000 1 3,419 40,296 14 14,000 1 3,419 - 65,296 14,100 14,000 - - - 10,000 10,000 10,000 - 5,270 - - 7,500 7,500 5,270 - 10,000 17,500 17,500 874,559 874,559 882,708 938,004 934,604 - 882,708 874,559 938,004 934 604 931,104 None Note: 2013 is the first year in which the EDA operations Fund has been budgeted. 246- Object Account 2010 Actual City of Apple Valley Budget Summary 2013 Budget EDA OPERATION 2011 Council Adopted Amended Budget 2011 Actual 2012 Council Adopted Original Budget 5/31/12 2013 2013 2013 YTD Qept Admin Council Actual Proposed Recommend Adopted 6235 - CONSULTANT SERVICES 6230 - CONTRACTUAL SERVICES 6280 - DUES & SUBSCRIPTIONS 6270 - TRAININGITRAVELIDUES 6200 - TOTAL OPERATING COSTS 0 0,000 1 0, 10,0 7,500 17,500 17,500 17,500 17,500 17,500 6300 - TOTAL OTHER EXPENDITURES 6001 - EXPENDITURES ,270 000 7, 00 -247-- DEPT 93: EDA OPERATIONS FUND -3210 COMPANY 3210: EDA OPERATIONS ACC'T DESCRIPTION 6235 CONSULTANT SERVICES Miscellaneous MCCD Total 6280 DUES & SUBSCRIPTIONS Greater MSP Total 6399 OTHER CHARGES CITY OF APPLE VALLEY 2013 BUDGET ACCOUNT DETAIL 2010 2011 2012 2012 COUNCIL COUNCIL COUNCIL YEAR END ADOPTED ADOPTED ADOPTED PROJECTED Note: 2013 is the first year in which the EDA operations Fund has been budgeted. 2013 2013 DEPT ADMIN PROP RECOMMEND 2013 COUNCIL ADOPTED 7,500 7,500 10,000 10,000 7,500 7,500 10,000 10,000 7,500 7,500 10,000 10,000 TCCF FEE Total Total Net of Personnel 17,500 17,500 17,500 TOTAL EXPENSES 17,500 $ 17,500 $ 17,500 $ -248- ••• 0•4,411 11•411•0 •••• City of Apple ValleV MEETING DATE: August 28, 2012 SUBJECT: Project Updates MEMO Community Development Department TO: President and Board Members of the Economic Development Authority, Executive Director FROM: Margaret Dykes, Associate City Planner Attached are images from building improvement projects that received financial assistance from the EDA to help stimulate construction and reinvestment in existing buildings. The following projects are in various states of completion. 2. Sperbeck Building — 7600-147 St. W. Building owner Keith Sperbeck is renovating the 40- year old former Granny's Attic building so that new businesses can occupy the space. The property owner received $149,100 in EDA assistance, which leveraged over approximately $650,000 in site improvements. The major tenant in the building is Greater Midwest Fund Raising, LLC, a wholesale food operation with a small amount of retail operating in about 3,750 sq. ft. on the first floor. This tenant space is nearly finished. An insurance office will move into one of the tenant spaces on the first floor, and there will be an additional retail space also on the first floor. The second floor of the building will be used for storage space and additional office and retail spaces. Construction is expected to be completed by October. 3. Time Square Shopping Center — 7525-148 St. W. The EDA provided $157,400 in assistance to the Time Square Shopping Center for repairs to the existing parking lot, exterior improvements to including painting, cladding the support columns in brick, construction of courtyards with pergolas, new landscaping and stormwater infiltration areas, repair of sidewalks, construction of dumpster screening walls, and permit costs. Construction has begun on the columns, and the painting is nearly complete. Work will begin on the pergolas in the next two weeks, and work will begin on the dumpster screening the next 3-4 weeks. Construction will be completed by the end of October. E DA- 5 1. Bluewater Aquatic Facility — 5885-149 St. W. Building owner Jim Wise expects the aquatic training facility to be completed in October. The facility will include an 8-lane pool, bleachers, and locker rooms. The project received $149,900 in EDA assistance, which leveraged over $3 million in private investment. Because of the significant investment in the building, a new elite dryland training facility is interested in moving into the building. The building will then be fully occupied. • Bluewater Aquatic Facility Progress Photos Lobby Area Locker Rooms Bluewater Aquatic Facility Progress Photos Pool Pool .,._..: y .(' � , � t Y F. fi g, � �3•r � '} fq :a {� �� .� ,i' Ski n v �qw � d v .. � ax F� r s } c,,+- �• a �n r t e Sperbeck 147 St. Building Progress Photos mow Greater Midwest Fund Raising Offices Interior Hallway sperbeck 147 St. Building Progress Photos Additional Retail Tenant Space Screened HVAC and Compressor Units Time Square Shopping Center Progress Photos (Building improvements to include paint, gathering are ,dumpster enclosures, fascia, .sidewalk, exter* ovatio Time Square Shopping Center North Renovated Parking Lot „. ncludes remitting., patching, restriping, and new landscaping and for Improvement Plans LIQUOR STORE FRONT Pergola Plans in front of Liquor Store Time Square Shopping Center Progress Photos • $ -rgeggpx!mo Ytficij Exterior Painting Start of Post Bricks