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Memo Projected Expenditures ....... ...' ;:;;;;.:-....... ;c .. . . C I T Y o F HOP KIN S MEMORANDUM DATE: July 8, 1992 TO: Tom Harmening FROM: Jim Kerrigan SUBJECT: ,PROJECTED EXPENDITURES/REVENUES TIF, DISTRICT 1-1 , ' - - - - - - - - - - - - - - - - - - - - - - - - .- - - - - - EXPENDITURES Entertainment ~roject - Suburban - Acquisition $1,200,000 - Demolition 50,000 - Miscellaneous 50.000 . $1,300,000 - Additional proj. Improvemnt 1.000.000 $2,300,000 Mainstreet Reconstruction $200,000 Burshes Acquisition $500,000 Handicapped Housing Project $650,000 Grocery store Development $1,100,000 Commercial Rehab Loan Program $900,000 ($100,000 per year thru 2001) Administration $650,000 ($80,000 per year thru 2001) Al.leyscape $450,000 TOTAL PROPOSED EXPENDITURES $6,750,000 '. ;".....-.. ";:"-""- . . . REVENUE Available TIF funds 5/92 $3,400,000 Future Bond Issue capacity $2,700,000 Receivables 5/92 . $370,000 Repayment Handicap Housing $600,000 Total Available Revenues $7,070,000 ISSUES FOR CONSIDERATION - Bond Issue capacity based on analysis prepared by Wilson Development Service. Could vary depending on tax classification changes, timing of issue', and lowering of CBD tax base due to allotments or rebates. - Estimate for TIF expenditures of Mainstreet project is 1.2 million. One million already, t~ansferred to Mainstreet Project in 1991. . - Receivable and Handicapped Housing Bond Proceeds to be repaid to 1.1 over time through 2001. - Burshes acquisition and Alleyscape estimated based on allocation in 1989/1990 bond issue. - D'oes not include additional TIF revenue from new projects. - Total proposed revenues would require issuance of bond. JK06102B . ;. " :;.... 'i T'_ l~ . SUMMARY OF DOWNTOWN GROCERY STORE SITE ALTERNATIVES site Size of Number of Properties Tax Increment *Additional No. Site (Acres) Public/Private Per Year Fundinq Required 1. 3.3 1/6 (13,100 ) 1,145,000 2. 3.54 1/7 3,200 734,OO~ 3. 2.17 1/3 35,700 0 4. 3.60 3/5 60,200 239,000 5. 4.97 3/6 16,700 1,443,000 6. 3.97 3/5 42,,700 694,000 7. 4.52 5/16 28,350 1,290,000 8. 4.66 5/10 54,300 428,000 . 9. 4.50 5/11 46,300 682,000 10. 3.12 1/8 18,400 **208,000 -11. 3.3 1/9 90,900 **25,700 * Additional funding required above and beyond the $1.1 million previously allocated for grocery store project from 1990 bond issue. ** Assumes use of $1.2 million 'dollars previously allocated for redevelopment of Suburban chevrolet site, in addition to $1.1 million allocated for grocery store project. JK06232A/7 . . - ~- - "~ --~, - ,~ . Proiect Area Description: NUMBER 1 Tait~s Super Valu block - bounded by 1st street on the North., Mainstreet on the South, 11th ave on ,West, and lOth AVe. on East. - approximately 3.3 acres Number of properties in pro;ect area: - Private 0 6 (including Tait's) - Public '" 0 1, (parking lot) site assemblaqe costs: - Acquisition . 0 $1,600,000 (includes 10% contingency) - Relocation 0 20 tenants at $20,000 per tenant = $400,000 - Demolition 0 $70,000, - Public Improvements 0 ? "'-- . " - Administration/contingency - 15% 0 $311,000 Total oro;ect cost: $2,380,000 Revenues: - Developer land payment . 0 $200,000 -,"-_... -~_._.__.._- ~ -~- - - - i' " . - Tax increment generated Present taxes: $146,800 0 0 Future estimate on new store:. 133.700 0 Total Tax Increment ( 13,10'0) 0 Total over 5 year remaining life of district: \ (65,500) ,Public costs: Project cost 2,380,000 Land paYment 200,000 Tax increment (65.500) Total 2,245,000 Bond Proceeds ,Available 1. 100 . 000 Additional funding req. 1,145,000 positive aspects of site: . 0 No removal of residential structures 0 Does not create a vacancy by relocating grocery store to another area of CBO 0 Allows for expansion of existing building Negative aspects of site: 0 Requires removal of Mainstreet buildings 0 Substantial public costs 0 Negative Tax Increment generated 0 Need to address relocation of existing tenants 0 Limited project size Assumptions: 0 Land purchase price ,based on what developer had previously detailed he would pay. ,Specific dollar amount has not been negotiated. 0 Acquisi~ion price based on assessors market value plus 10%. . 0 Relocation based on an average of $20,000 per commercial tenant. 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Project Area Description: NUMBER 2 Taits 'present site including acquisition of liquor store, First Bank drive through, office building on corner of loth and 1st street N., and Center Drug proceeding east to include Hance Hardware - appr~ximately 3.54 acres Number ,of proQerties in proiect area: - Private 0 7 (including Tait's) - Public 0 1 (10th Avenue) site assemblaqe costs: - AcqUisition . 0 $1,500,000 (includes 10% contingency) - Relocation 0 10 tenants at $20,000 per tenant = $200,000 - Demolition ,0 $80,000 . - Public Improvements 0 ? - A~ministration/contingency - 15% 0 $2(?7,OOO , ,Total proiect cost: $2,050,000 Revenues: - Developer land payment . 0 $200,000 - '*~ - -'< "i' . - Tax increment generated 0 Present taxes: $129,800 , . 0 Future estJ.mate on new store: 133,700' 0 Total Tax Increment 3,200 0 Total over 5 year remaining iife of district: 16,000 Public costs: Project cost $2,.050,000 Land payment 200,000 Tax increment 16,000 Total $1,834,000 Bond Proceeds Available 1, 100 , 000 Additional funding req. 734,000 Positive aspects of site: . 0 No removal of residential structures 0 No removal of Mainstreet,buildings 0 Does not create a vacancy by relocating grocery store to another area of CBD 0 Allows ,for expansion of existing building Neqative aspects of site: 0 Substantial public costs 0 Closing of 10th Ave. 0 Limited Tax Increment generated 0' Need to address relocation of existing tenants 0 Limited project size Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. 0 Acquisition price based on assessors market value plus 10%. . 0 Relocation based on an average of $20,000 per commercial tenant. --------- - .' ., .. '~ ..,.'- . . 0 Tax increment based on increment received through the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency fee . . - " ,~ ..;;",;- .; ~...- --.. ~-- ~.~- '---... . @ 0 0 ., 0 t "- NO ~ "- '~ I '-- ... .) \ ~ , I - . .. , .' " ..>- -.. . "- ._, .' Pro;ect Area Description: NUMBER 3 Tait's Super Valu block - Take out First Bank Drive Through, and Liqour Stare. Close 10th Ave. to allow parking up next to Center Drug building. Smaller expansion (10,000 sq. ft.) of grocery store on this site. - approximately 2.17 acres, Number of properties in ~roject area: - Private 0 3 (including Tait's) - Public;: 0 1 (10th,Avenue) site assemblage costs: . -,Acquisition 0 $522,500 (includes 10% contingency) - Relocation 0 2 tenants at $20,000 per tenant = $40,000 - Demolition 0 $20,000 - Public Improvements 0 ? - Administration/contingency - 15% 0 $81,975 Total project cost: $628,475 Revenues: "~" - Developer land payment -- $200,000 0 " . Ji" .- .. . - Tax increment generated 0 Present taxes: $ 79,300 0 Future estimate on new: store: 115.000 0 Total Tax Increment 35,700 0 Total over 5 year remaining life of district: 178,500 Public costs: 'Project cost ' ' 628,475 Land payment 200,000 Tax increment 178,500 Total 249',975 Bond Proceeds Available 1,100,000 Additional fundingreq. None - excess bond proceeds in the amount of $850,000 . positive aspects of site: 0 No removal of residential structures ' 0 Does ,not create a vacancy by relocating grocery store to another area of CBD 0 Allows for expansion of existing building 0 No removal of Mainstreet buildings 0 positive Tax Increment generation 0 Excess bond proceeds available Neqativeaspects of site: 0 Need to address relocation of existing tenants 0 Limited project size 0 Limited expansion (10,000 sq. ft.) 0 Parking may potentially be a problem Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. 0 Acquisition price based on assessors market value . "plus 10%. ~ ~' .il 0 Relocation based on an average of $20,000 per . commercial tenant. Tax increment based on increment received through 0 the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency fee ,:e '- --- \ 0 z 0 ~ z: C 'g77, L(tTO w > -c ~~- '~ * . ~~-. i ' .' . . ] : .., -', ~ . /-' I: I . I I I I . .. - MAINSTA((T .. - ~ -', ..' . - c .,- " \ ~ . Project Area Description: NUMBER 4 Bounded by 8th & 9th ave. 's, South of Mainstreet, South of alley up to Park Nicolett, including Burshes property. - approximately 3.60 acres Number of,pro~erties in project area: - Private 0 5 - Public 0 3 (2 parking lots, & 8th Ave) site assemblage costs: - Acquisition 0 $1,400,000 (includes 10% contingency) - Relocation . 0 5 tenants at $20,000 per tenant = $100,000 - Demolition 0 $100,000 - Public Improvements 0 ? - Administration/contingency - 15% 0 $240,000 Total project cost: $1,840,000 Revenues: - Developer land payment . 0 $200,000 " \, p' 1 . - Tax increment generated 0 Present taxes: $ 73,500 0 Future estimate , on new store: 133,700 0 Total, Tax Increment 60,200 0 Total over 5 year remaining life of district: 301,000 Public costs: Project cost $1,840,000 Land payment 200,000 Tax increment 301. 000, Total 1,339,000 Bond Proceeds Available 1.100 . 000 Additional funding req. 239,000 " positive aspects of site: . 0 No Mainstreet acquisition '0 Incorporates existing redevelopment site (Burshes) Neqative aspects of site: 0 May require closing 8th Ave. 0 Conflict with parking arrangements with Mainstreet businesses 0 Burshes site presently has redevelopment agreement on it 0 Public acquisition costs 0 Limited size of project .area Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. 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Project Area Description: NUMBER 5 Bounded by 8th & 9th ave.'s, South of Mainstreet, South of alley up to 1st street south including'Park Nicolett, including Burshes property. - approximately 4.97 acres Number of properties in pro;ect area: . - Private 0 6 - Public 0 3 (2 ,parking lots, & 8th Ave) site assemblage costs: - Acquisition, 0 $2,198,000 (includes 10% contingency) . - Relocation 0 6 tenants at $20,000 per tenant = $120,000 - Demolition " 0 ' $140,000 - Public Improvements ,0 ? - Administration/contingency - 15% 0 $369,000 Total proiect cost: $2,827,000 Revenues: - Developer land payment .'~ 0 $200,000 . ,.."<,. -"< ~~ . - Tax increment generated 0 Present taxes: $117,000 0 Future estimate on new store: 133,700 0 Total Tax Increment 16,700 0 Total over 5 year remaining life of district: 83,500 \ Public costs: Project cost $2,827,000 Land payment 200,000 Tax increment 83,500 Total 2,543,500 Bond Proceeds Available 1,100,000 Additional funding req. 1,443,500 positive aspects of site: . 0 No Mainstreet acquisition 0 Incorporates existing redevelopment site (Burshes) Negative ,aspects of site: 0 May require closing 8th Ave. 0 Burshes site presently has redevelopment agreement on it 0 Public acquisition costs 0 Limited size of project area 0 No future expansion capabilities Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. 0 Acquisition price based on assessors market value plus 10%. It-- 0 Relocation based on an average of $20,000 per commercial tenant. J,;..;" " . 0 Tax increment based on increment received through . the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency fee '. . ,- -, ., .'~ ~ - , " .... ~~' ~:.' -,- "' ~ ~AINSTREET ~ I I I i .' I I I I [j ~ 0 . 0 .. , I ...! > i , ~ I /JL5 j D' ..... >J ! I . - i . "" > ~ I I I l;: , i I ~ , ~ I .... 1 t , I , ~-J '-__ _. \ f j ~ ./ -,~_. ~ ~:~ ~ .I......'" " . Project Area Description: NUMBER 9 Rudy Luther property, taking Keefe property, not including Eye Clinic through Dry Cleaners, not including ~ainstreet buildings between 8th & 9th except for Little Blind spot, Best Steak House, Rapit Print and United Stores. - approximately 4.5 acres Number of properties in project area: - Private 0 11 - Public 0 5 (2 parking lots, 1 vacant lot, 1 building and also 8th Ave) Site assemblaqe costs: - Acquisition . 0 $1,640,000 (includes 10% contingency) '-. ; - Relocation 0 10 tenants at $20,000 per tenant = $200,000 - Demolition 0 $85,000 -Public Improvements 0 ? - Administration/contingency - 15% 0 $289,000 Total project cost: $2,214,000 Revenues: . - Developer land payment , ' ~~~ 0 $200,000 u~" __~~,..:_ __" ____,~ .--- " ----- ~_. _."j.~- .~, ' - ~<~, . - Tax increment generated 0 Present taxes: $ 87;400 0 Future estimate on new store: 133,700 0 Total Tax Increment, 46,300 0 Total over 5 year remaining life of district: 231,500 Public costs: Project cost $2,214,000 Land payment 200,000 Tax increment 231, 500 Total $1,782,500 Bond Proceeds Available 1. 100 , 000 Additional funding req. 682,500 . positive aspects of site: 0 Redevelopment of underutilized area (Rudy Luthers block) 0 Allows for additional retail 0 Does not require acquisition of businesses on 9th Ave. Negative as~ects of site: 6 Requires removal of four established businesses on Mainstreet 0 P~blic costs fairly substantial 0 Limited Tax Increment generated 0 Need to address relocation of existing tenants 0 Closing of 8th AVe. Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. ,-;,;. 0 Acquisition price based on assessors market value plus 10%. . - - -- -- . ~~.------ . -_.~~--.' ~ - , - -, ~A _ -...-- ....,- ....,- ",-, " " , .,,-<'- . . 0 Relocation based on an average of ~20,OOO per commercial tenant. 0 Tax increment based on increment received through the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency fee . '. " -- " --"- ~ - . . ~- --- . - -- -- _ ___._~_~=_ ___u_ , J .. I I "I . . J' (VI) ~ l . I II . ) I... " "- ..... I at ( , ,f'""' o ~ [] 0 0 0 ~ z o ~ 0 D 0 0 0 ~ 0 0 '0 w 0 > tal W . > '> 0 . ~ 0 . I '0 I I ..c ... .. , EET . J . 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J , fl. r; --' ~ ~3J ' ' '\: ,'"" "n ' , , " ,;-,.., =..I. ---= ", ' !'\"'" '.!. j , ':";'" .' ....~.__. '"l;,:~ .... -.--.._.~'.__ C"'. ../ ..... ", ..;.' l ~,..,.........~ ~. ',' =:',.~..... ,r=" 11" " . .....l';' { ,:'" :L :...;~' !: K:.,SIj6p$'" ' !, i ;~,S~'QPS SHOPS ' O ' R ..'. ~ : " .",i" . $; ..,. . ,. , . ... .' , c , . , ( ^. ,. , , '> SITE 6 .s: ' , ,,\ ! T,". v' ~' ~nPF~MJfIA()~F:.r: ~~( ~ '!\F }. ". , I ~ " ^-r~.o (L'7T^! Ft) ~/) _ ~ c;r.. ~F ~ t. ~ "I ' ' . I, , I' t ., ; < t, Ii f ~ "Th"rMr-l . <p-^' CL.) 7~, p,~ ~ ' " ~ i'. · ij" I @9 'I W' ^.k.:' .". " P~fCl^-"1- ,7-0:;'- " I' I ; h <:.(^ A . . , 3, (' q ", '. >,. ' f'" t ' , <'., I .. , f t~ ; ," , " ' ( . .. 1. ~ ~ ,..;; .' , c ~ , . ' , ~ : ~ t ' I; ': ,,: : ,.; ---L.,.... '"" , , f . , -- '~ - ---,~---~.- - ~~ ..~_._--~-~---~~--- -.-- -~".- -~--~.-~- - .,-,.;,:.... ~,. . - Tax increment generated . 0 Present taxes: $115,300 0 Future estimate on new, store: 133,700 (:) Total Tax Increment 18,400 0 Total over 5 year remaining life of district: 92,000 Public costs: Project cost $2,800,000 Land payment 200,000 Tax increment 92,000 Total $2,508,000 Bond Proceeds Available 2, 300, ,'(JOO (Assumes use of bond proceeds allocated for redevelopment of Suburban Chevrolet) Additional funding reg. 208" 000 . positive aspects of site: . 0 Redevelops the Suburban Chevrolet property 0 Development will take advantage of par~ing ramp 0 Project is on major north south roadway Negative aspects of site: 0 Portion of project area to the West of 12th ~s not in a, TIF district, which would require establishing a new district 0 Limited sg. footage of site 0 Limited Tax Increment generated 0 Eliminates sub. Chev. as a project area for other projects such as Childs Play, Movie Theatre, etc. Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. . 0, Acquisition price based on assessors market value plus 10%. . , --_._.~- , . '"'t. . , ,. """ ,-'S . 0 Relocation based on an average of $20,000 per commercial tenant. 0 Tax increment based on increment received through . the end of the'downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency fee . - . . . . ..., ,J__, .. . proiect Area Description: NUMBER 11 . Suburban Chevrolet including businesses across 12th up to 13th ave. Grocery Store would be put in a new TIF District created between 12th and 13th Avenues. - approximately 3.3 acres _Number of properties in proiect area: - Private 0 9 - Public 0 1 (12th' ave.) Site assemblaqe costs: - Acquisition . 0 $2,300,000 (includes 10% contingency) - Relocation . 0 6 tenants at $20,000 per tenant = $120,000 - Demolition 0 $150,000 - Public Improvements 0 ? - Administration/contingency - 15% 0 $385,000 Total project cost: $2,955,500 Revenues': . - Developer land payment 0 $200,000 . , J.";:- .~ ,- . 0 Acquisition price based on assessors market value plus 10%. . 0 Relocation based on an average of $20,000 per commercial tenant. 0 Tax increment based on increment received through the end of the downtown Tax Increment District, which is 200l. 0 5% administration fee 10% contingency fee .. . . . .,' -,.' . - Tax increment generated . o Present taxes: $ 42,800 (not including '. 'sub.Chev.) o Future estimate on new store: 133,700 o Total,Tax Increment '90,900 o Present value (8%) total over l5 year, life of district: 429,800 *** These figures represent establishing a new TIF dis~rict and putting the store in this new district. It is believed we can establish this as a l5 year district. Public costs: Project cost $2,955,500 Land payment 200,000 Tax increment 429,800 Total $2,325,700 d . Bond Proceeds Available 2 ,300 000 (Assumes use of bond proceeds allocatel. ,', for redevelopment of Suburban Chevro et Additional funding reg. 25, 700 Positive aspe6ts of site: o Redevelops the Suburban Chevrolet property o Development will take advantage of parking ramp o Project is on major north south roadway Neqativeaspects 'of site: o Portion of project area to the West of 12th is not in a TIFdistrict, which would require establishing a new district o Limited sg. footage of site o ' Limited Tax Increment generated o Eliminates sub. . Chev .as a project ,area for other projects such as childs Play, Movie Theatre, etc. Assumptions: " . . 0 Land purchase price based on what developer had . previously detailed he would pay. Specific dollar amount has not been negotiated. 0 /.', U CJ.. . 0 ... :.> ~ . . ..~. ~ 0., . . .. , . 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',..: 0 . ; _.",~"" "'\ ''Ii / f.'l ~'" n : ' .... h,t, ",,',,\ '" j,' '", '!! f-i ,;"', '" 1\ '.',,: : ".", '. r" --.--:...-,.-...... .....U ~'. ! .,. ! . -J! ...: . .. , l" < ". , "!~' " , . , .~~;L/l · i r : ~._ '.'.' _..__ -~___:_--.Jf !~>~ 'ii 1 l ; ;1 . . .. . ~.' ; } ,;. "-"'." '.; CHURCH ~ ,/. .-.'!i . ..;i ;.(... 'i. ^~"" ! , U'" PARKING> 1.1 , t 1 'i,J.;; . i ; ".,1 .." .;: .- . '1""'::' i::; / r ~ :' . <:< '" · <\. 'Ii t J: ; .. ~ " \. i .. : i. J '" _ .. 'I.;: .,"/",,,.,,:!!' ....1\ ; .,J,; "', 1",_/ ,.........,.. ')""'" 0" .,~'~ y +' 1" '" f ' \ i'; " ;.>., % ,,- ,/ '''' ..', "" ',:.. " , ; " v, \ <<,' i ' ___,.../ .... ' .. ' " , ' "r'" ; i~'; \ ',! ",.! :;.,.,,"-.,.., '<-' " " i! I d ; ij '\ /i' r .)' Y?-J"'" <. '>:, , Q' : , ::i ;,( , I w' r <., '. 3 ' ,If-.. ,i I ! ! I i ~::r 1''''V_',:',9;;'''~':"" '[, S I TE - ... .! ill I t I '; ;.! .....; t~:,. . " r' ( , . , ;:~ I I . ) ; t ""', , ; , .J: t, ' . 'In' I . I .. ~. ;...;, , " 1 ';, " .. . It '. t--,.-.. "l__.._ " ';" .; L..,'l!l:; . <. ,. tl . r..lL. ~.~,:;:~:p>>,.. ',...,..,.., " ,-: , :. _ ..1 J. , IP~'r-~ ," " , ';-~::;=;;~::,:~1(:,:~ti;~;~:;;,::.;:~: ,',' ,..-'.:-:::.:~<~~,;:,-/ : 'r ' I-t-C. ~.4' ,/ /' ....t.. w. , " . , \ ' ., ,,' R... KING . 22~ rr.~-~~~:~~' ;:.:~,~~~.'t~"f~'::;:~' " ";'~~"'~~~>l ,.;;;~,'~, I, , , , , t;> i < r ' '. ,< ~ 1 ' , ... 11; . ,,",' ~ ~ .... ..' ", ~ :. J') < ., ~.,: I ; I \.~ ^' ~A-:', ; i f -'-,'--"--<"" <. ; t4"" , " ,.,. " " ; ,........ "-""'" .~::.-,'<'~.; ,;, '-'..., :J d ~ i. n 5 84 !" ~I ~'~ ~\j""::,,:f V~i ~ ',' ;,.. :::1'7: , i "I w .' ~ '- ' 1\ 0 "" , f::.:~ i . " ~<, '>-;:. ,,'.1 -1 i'. I , I-'...r' .... ~ L"_,, ./.,_ " " L' ? I , , : ,;! r-,: I . I , I, '., / ! " ... ~<';:" i' -A:P I (\: : ;; J "':")C:'"" , Q ?-,'r7'?77:~ .' I, ':1! nf \ {;;/,,~....,; : fo... 0",", ,/~, o _r"<......,...... ....._h..... ,..- iJ //.-:/.- A fr/"v /'j Ci. :., ... ' <: / '-i , ~ ~, 1',' -~ V_~YJ. .... ;/';' '-. ~ '! ! 1 ~ ~/. ~ : ,/J'" ; , -. . : "Y:( , , ,.....".., '........ L".._....,.. .'% ;r;,,,,-, " ,t i'J ~iL..,-_~, , "f' . '~p I I //~/ /-1 <: '-. b' 1 i : 1 : ',' ", , ' ..,........,.... r....'......,..- ,'// / J.f I rl ,\ /'\. I ' ' . , ).. \ ;'~.J " ' . /''';:'1 , : '...., \' ~__" ," ,~ :', ," " 1: ' F::~"'~.'<:',. ~.. A D' ;;;"'/'/ " ", ~"7r'l' '1. ::-' II ',' i f ' " "" I .. ,/,< , / / " /j '., " Y ~ "\ <,) . , ' ,.... I"""'" "":" 1 /.(/j /' li //",/ ,'j' '<:', /.// /,'j \ 'j r::: t ,.." 'f'/ i f'" " " "',' I ".. / \ , ~ Y / ' ,. ~ ' _ _, ',' " '1 ~'.. . , /; ~ ~;J;:S- / ~. NUMBER 10 . proiect Area Description: Suburban Chevrolet including businesses across 12th up to 13th ave. .- - approximately 3.12 acres Number of properties in project area: - Private 0 8 - Public 0 l' (12th ave.) Site assemblaqe costs: - Acquisition 0 $2,160,000 (includes 10% contingency) . - Relocation . 0 6 tenants at $20,000 per tenant = $120,000 - Demolition 0 $150,000 - Public Improvements 0 ? - Administration/contingency - 15% 0 $365,000 Total project cost: $2,800,000 Revenues: . - Developer land payment , . 0 $200,000 .,. / . j "".~C~" ./) " . . '.~ "'---.;.;:.---; '-</.-;:"i ,. , . (' >~ ' -' - '. '. Pro;ect Area Description: NUMBER 6 Bounded by 8th & 9th ave.'s, South of Mainstreet, South of alley up to 1st street south ,including Park Nicolett, not including ,Burshes property. - approximately 3.97 acres Number of ~roperties in project area: - Private 0 5 - Public 0 3 (2 parking lots, & 8th Ave) Site assemblaqe costs: . - Acquisition 0 $1,700,000 (includes 10% contingency) . - Relocation 6 tenants at $20,000 per tenant = $120,000 0 - Demolition 0 $100,000 - Public Improvements 0 ? . - Administration/contingency - 15% 0 $288,000 Total pro;ect cost: $2,208,000 Revenues: . - Developer land payment 0 $200,000 .{," ---- ----~ ~--- . yr- ~ .v ';;., . - Tax increment generated -/ 0 Present taxes: $ 91,000 0 Future estimate on new store: 133,700 0 Total Tax Increment 42,700 0 Total over 5 year remainIng life of district: 213,500 ,Public costs: Project cost $2,208,000 Land payment 200,000 Tax increment 213,500 Total 1,794,500 Bond Proceeds Available 1,100,000 Additional funding req. 694,500 . Positive aspects of site: No Mainstreet acquisition 0 Neqative aspects of site: 0 May require closing 8th Ave. 0 Public acquisition costs 0 Limited size of project area 0 No future expansion capabilities 0 Does not incorporate existing redevelopment site (Burshes) Assumptions: 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. 0 Acquisition price based on assessors market value plus 10%. . 0 Relocation based on an average of $20,000 per commercial ,tenant. . , ""'-'." . ~ .t:..- .... ~""'l . 0 Tax increment based on increment received through the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency f~e . '-'. ~j l~~)\\\\\\f/ ~\"0\\~\\\\~J II Jt ~~J'" I . I I I ,I I /> ,::;:,,': ";":::~J; ',.- ~,../~; \, ."..~ '.- . ". ~l d;L, ,- ::,:~,,:,,~J ..y....l~ , ~ . ( l~ .,., ~' , 'J"';:J r " :: . , ' ; 'i '!I> ., ,," ~ . . ~ .' ,.'." . ," ''--- .. :- ."'/ 4' " ~ -i ~.: ," .J::"- '" ,...-., ;: ~', ""s>:;~ ">, " 'SHOP "," ~ ;, "H'OP' '8' , . .< ,/" ,0 ~ (,.,~ . ',' , ,'.",/'; >;,~ ". ',', ~ t~~:'", <:'" ' "/ . . -- S~ ~I':'" M~.kF:,L . 1=-, ,) 7 0 g CJ rL) <:iF ~F '"Cf~ ~ Z4D -.; ~'I<,> ~iF"" ~! f"~'. . " : i : to", ~F ~i CEG; .'! "f: ~ '- ", ",', -, 'I'D fl!~~ W ~~;Z:~~:j ! ~'. r.:.......... j._'. . ~ :;..;.) -,- " ,.., '..'''" , ..- , . .. -r' ~ <"":" ,- . Project Area Description: NUMBER 7 Rudy Luther property, bounded on North by county property, West to 9th ave, not including Mainstreet buildings ,between 8th & 9th, then North on 9th to County property. ' - approximately 4.52 acres Number of pro-perties in proj ect area:, - .private 0 1.6 - Public 0 5 (2 parking lots, 1. vacant lot, 1. building and also 8th Ave) Site assemblage costs: - Acquisition . . 0 $2,000,000 (includes 10% contingency) - Relocation 0 13 tenants at $20,000 per tenant = $260,000 - Demolition 0 $110,000 - PUblic Improvements 0 ? - Administration/contingency.~ 15% 0 $355,000 Total project cost: $2,730,000 Revenues: . - Developer land payment , ~ 0 $200,000 . ,"'" ~ ..........~. ,.. . - Tax increment generated 0 Present taxes: $105,350 0 Future estimate on new store: 133,700 0 Total Tax Increment 28,350 0 Total over 5 year remaining life of district: 140,000 Public costs: project cost $2,730,000 Land payment 200,000 Tax increment 140.000 Total $2,390;000 Bond Proceeds Available '1,100,000 ' Additional funding reg. 1,,290,000 . positive aspects of site: Redevelopment 'of underutilized area (Rudy Luthers 0 block) 0 AII~ws for additional retail and/or expansion Neqative aspects of site: 0 Requires removal of established businesses 0 Substantial public costs 0 Limited Tax Increment generated 0 Need to address relocation of existing tenants 0 Building may not be acceptable to Super Valu (angled wall) 0 Closing o.f 8th AVe. Assumptions: " 0 Land purchase price based on what developer had previously detailed he would pay. Specific dollar amount has not been negotiated. . 0 Acquisition price based on assessors market value '" plus 10%. ,. -' ~ .~ -- r . . 0 Relocation based on an average of $20,000 per commercial tenant. 0 Tax.increment based on increment received through the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency' fee . ; . ~ ~ . . -- .... J . ' . ' - ,.""" .....- ' , ... .. (j) . .. 1, I) b l . I "" I t . "'- ~ ..... I.t .-.. ( '/' .-...., 0 iU 0 0 f2J a 0' i CJ 0 0 0 0 III > C 0" . 0 II I . . , . \ ...". .. ,'"" - - " I I J I I.' . , ], 0 , 0 .. . ~~1 ... SITE,2 u; I., ") I. I % 'f"'ii ;.-- lid -< ~,: :;~ .. , : . 24Ef' . . ~ , " 6.47, J: .... en ~.~ ,. .......: i~il ' v'"" " ::$ ......L....t.:.; ..........'" :'(!,: ";:;"c":" j".~\'" " l: ' , 'r.S' ,< ' , , , liJ~; ," ~:~.\j "t<- "- 'y <' ,...,... ,....' .. ," -, "~;;1 '~J<,:?(:,;< sf ii . j.-' .; ~, ".' '., ~ '~j~'.- r(:.:1 ""/1 ...... / .:.~t 'F:~ r' .: , j' , . ". ~ ~. ' ?:CC< j i if , '~;;;/'0~;:::'::> ;~ . ." "i ", '" ,0,,:/., .../~ ,..", . ,f<; ,.. . / I" .. . .... . .... :;..~ .,. , ,,(..~:;;..;;::::.."'''.'~:...~:~ ",:'.:', "-,. ," :~. . .... ~......... .................... < ~ i/~" -p:-';) ,- J~\.'\~~;/i] r ~:", .~'; . ' , }t: > i ;,;'y..'7.'>"....; t ../, ,;, // "/' "/,,, ~ f ' L, " . ",. ~~',< / . · r' .. :~", ,":, l,~' '~:::il , " , i_,.. ,,','" ~~ .. , I ' ' ',' " , ~ ~ . "" - > ' ' ~ !4 ...- ,..' . . ~. . . t k'.. ~i .....~ . ~~.. . , i! ~:> "/'SH:OP'$:' :"SHt5P:S" '. t, ,::, , "46 CAR~' ,'.,': ~^ , . '..F~ ., . $0('<" "::~'lo.'" ..... ," fr//C:"~~f " ; (V'~PSl SHOPS, " l "'-t.. " Lo. t ; , , ~;"'/":)/<~;"./. :,....: ,-::;;',. 11,. ',! ;l, r'/~>'~~(.,:"", /...'<;. ;,,' '.<-: (' $.: ';: ~~~:~':, ' I" , , , .' ,. , ,. ~ ,/.....",<...., ,..' , ' ,', " , '" ", " .:.~.~, :~.." ....~~~.~/ ........./ ~ ./"....... ~ ~,," .~ : ~ j..-.....'..... ....... /--:...; :." . ..~':' ; .-::.. '~ tv" '.y,X,/ ., /',/ I.. '."[" ". , .. '- . ,. :{! i~; . !'- ......... ; P;:f~Yit}~";,>>;' r~ l i:l'!rJ r<~:~~) ; J ~"~h. '.~. ' i ~" , :...... l .' I ' ' '..' ,~ ,~,'; '" ." ~ T J ~-Lr.... -------.-~' :. : ~ .I .. . t~~ ".:<;C~':;~ ' .. ..L ','j ~';' /1; r ; ~ ';J y:" r.. ~: . :. t.,. :. :'.:" l" "" .' r ;'". ,'l'-, 'I ~ .. .,: .;.. --{J ,: .. ~. " ~ " 1', ' " " '" 135 ' -',""---........''1(.'-"... '; { , t..., " ,~ ,:" / ~",;, ".1," . I,' .1," ,,"/'" ",htd" , 1 i '.. j, . ' , ' , , ' , t .... , .., CAR ~. , . .... . "(:'. . ' " , '" "RS (,' , ,-, . ' '1 . i' . . '?'" , J; : ..... \ ~ / ", : ", ,r . f::' , ,:; , i I /" , , '> ,: . ~ ; - , . ~ ~ c- f4' ',' G , R: ", / n., :' 'J L.',., . . ~ , . Project Area Description: NUMBER 8 . RUdy Luther property, North across County property between 8th and 9th, not including Eye Clinic through Dry Cleaners, not including Mainstreet buildings between 8th & 9th except for RapitPrint and united stores. - approximately 4.66 acres Number of properties in proiect area: - Private 0 10 - Public 0 5 (2 parking lots, 1 vacant lot, 1 building and also 8th Ave) . Site assemblage costs: - Acquisition 0 $1,490,000 (includes 10% contingency) . - Relocation 0 9 tenants at $20,~00 per tenant = $180,000 - Demolition 0 $70,000 - Public Improvements 0 ? - Administration/contingency - 15% 0 $261,000 . Total project cost: $2,000,000 '. Revenues: - Developer land payment ~ 0 $200,000 . - - ....- - .... . ,~~ . -. . - Tax increment generated 0 Present taxes: $ 79,400 . 0 Future estimate on new sto,re: 133,700 0 Total Tax Increment 54,300 0 Total over 5 year remaining life of district: 271,500 Public costs: Project cost $2,000,000 Land payment 200,,000 Tax increment 271,500 Total $1,528,500 Bond Proceeds Available 1,100,000 . Additional funding req. 428,500 positive aspects of site: 0 Redevelopment of underutilized area (Rudy Luthers . block) 0 Allows for additional retail and/or expansion of grocery store 9 Does not require acquisition of businesses on 9th Ave. Neqative aspects of site: 0 Requires remov~l of established businesses on Mainstreet 0 Public costs fairly substantial ,0 Limited Tax Increment generated 0 Need to address relocation of existing tenants 0 Building may not be acceptable to Super Valu (angled wall) 0 Closing of 8th Ave. Assumptions: . 0 Land purchase price based on what developer had '. previously detailed he would pay. Specific dollar amount has not been negotiated. . .( '-- ..". . ~- ... ...... '-. .~ _ _.t",-_ - " - - - ..,- ~- - ._."'0_' ., J:" <' \'( . 0 Acquisition price based on assessors market value plus 10%. 0 Relocation based on an average of $20,000 per . commercial tenant. 0 Tax increment based on increment received through the end of the downtown Tax Increment District, which is 2001. 0 5% administration fee 10% contingency fee . . . . ", '-' ----- ~- ._._~ ~~ - ,. - ~ ,~-- ~ . . 0 [] 0 0 G 0 0 ~ 0, % L:J, ,~ 0 0.- a "- 0 0 J 0 0 ; 0 .., ~ ... > 0 > ~ 0 ~ ] " 0 J 0 ( . ) , , II: I ; .. "'" " .. to I I , / . . '......,...., <-----... . . .' - . ~".--- -- "-' '-, " ~