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HomeMy WebLinkAbout2014-05-06_WORK SESSIONAGENDA CITY COUNCIL MEETING CITY OF EDINA, MINNESOTA WORK SESSION TUESDAY, MAY 6, 2014 5:00 P.M. CALL TO ORDER II. ROLL CALL III. 50TH AND FRANCE PARKING AND WAYFINDING IMPROVEMENTS IV. PENTAGON PARK REDEVELOPMENT AGREEMENT OVERVIEW V. ADJOURNMENT The City of Edina wants all residents to be comfortable being part of the public process. If you need assistance in the way of hearing amplification, an interpreter, large -print documents or something else, please call 952- 927 -8861 72 hours in advance of the meeting. SCHEDULE OF UPCOMING MEETINGS /DATES /EVENTS Tues May 6 Work Session — 50th & France Special Assessment Methodology/ 5:00 P.M. COMMUNITY ROOM Pentagon Park Master Redevelopment Agreement 6:00 P.M. Tues May 6 Regular Meeting 7:00 P.M. COUNCIL CHAMBERS Tues May 20 Work Session — Former Public Works Redevelopment Process 5:00 P.M. COMMUNITY ROOM Joint Meeting With Human Right & Relations Commission 6:00 P.M. Tues May 20 Regular Meeting 7:00 P.M. COUNCIL CHAMBERS Mon May 26 MEMORIAL DAY HOLIDAY OBSERVED — City Hall Closed Tues Jun 3 Work Session —joint Meeting With Energy & Environment Comm 5:00 P.M. COMMUNITY ROOM Joint Meeting With Edina Community Health Commission 6:00 P.M. COMMUNITY ROOM Tues Jun 3 Regular Meeting 7:00 P.M. COUNCIL CHAMBERS Tues Jun 17 Work Session — Community Vision Consultant Interviews 5:00 P.M. COMMUNITY ROOM Tues Jun 17 Regular Meeting 7:00 P.M. COUNCIL CHAMBERS jes Jul I Work Session — PACS Project Approval Process/ 5:30 P.M. COMMUNITY ROOM Living Streets Implementation_ Plans Tues Jul I Regular Meeting 7:00 P.M. COUNCIL CHAMBERS Fri Jul 4 INDEPENDENCE DAY HOLIDAY OBSERVED — City Hall Closed Tues Jul 15 Business Meeting/Art & Culture Donations 5:30 P.M. COMMUNITY ROOM Tues Jul 15 Regular Meeting 7:00 P.M. COUNCIL CHAMBERS 50t" and France Parking and Wayfinding Improvements Project Update City Council Work Session Item III May 6, 2014 www.EdinaMN.gov Schedule of Events May 1 — issue bid documents May 22 — bid opening June 3 — contract award June 16- begin restoration October 31 — complete restoration Spring 2015 — begin elevator tower Summer 2015 — complete elevator tower Fall 2015 — actual costs assessed Guiding Principles • Provide adequate number of parking stalls to accommodate employees and customers • Provide clean, well maintained, safe, and accessible parking structures • Optimize the use of existing parking using appropriate parking management best practices • Provide an effective communication system to help customers navigate to available parking stalls • Provide opportunities to access the district via non - motorized means such as Metro Transit, on foot, and by bicycle • Provide a streetscape that is well maintained, accessible, safe, and continues to reinforce the unique character and identity of the district • Have a sustainable financing mechanism for annual maintenance, periodic repairs, and future replacement • Mitigate construction impacts to businesses during construction, including no construction from October 23 through January 1 and during the Edina Art Fair 2 I 0 1 r rt 7 ' W �t mi t = . ar S+ i 6 - y rA� �c�.ra,+a+t•. � �.�Ltl�ia K� •r..nt•u.t. _ �f�L.y .rK.awi..erw � �.wrtr� 4'wrra[s�r ■ • • .� .• RM� pwftlwA i.PM1. 4d.i 1 •....O�q w.KadC! -- —� NOW moon o e � Project Construction Phasing ■ www.EdinaMN.gov This chart displays -the total available parking in the district. The blue bars represent the number of stalls available during construction." Were stalls vnll be taken out of service oftrriight (wnidnooht.to 9M) than 'during the day. ing construction- 1000— �~ ToW Number of Staffs in South Center, and North Ramps: 951 --- -------------- ------ - - - - --- -- - - - - -- -- - -- Boo CA 700 c�. va CD d 500 400 300 200 lob 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Week. PARKING ,AND WAYFINDING � i PUBLIC OPEN HOUSE 4SCF CE Replace broken and worn pavers M If Parking wayfinding will complement existing district forms 4 gt�3A.11� �1 o e 0 `V��itP�INC� 1tlHM andscape Example of district planting palette New pedestrian alley /delivery access Irrigate district plantings and replace declining street trees Mlork Peetscape lements _50th PARKING AND WAYFINDING �[ � [� RA N C E ov www.EdinaMN. PUBLIC OPEN HOUSE 9 I q NORTH RAMP WFS 49)" CENTER RAMP e� _ - F -. WEST 50TI, .7 ------ !717 SOUTH RAMP w S; A, 0 e 0 Paver and Tree Replacement LEGEND EXISTING PAVER SIDEWALK CONCRETE PAVER SIDEWALK TO BE REPLACED REMOVE EXISTING /INSTALL NEW PLANTINGS PARKING RAMP STRUCTURAL RESTORATION LIGHTING REPLACEMENTS EXISTING TREE IN TREE GRATE TREE TO BE REPLACED TREE TO BE REMOVED LIMITS OF IRRIGATION DfRECTIONAL BORING WAYFINDING SIGN www.EdinaMN.gov Existing Drainage f Existing Expansion Joint Repaired Drainage and Pipe Existing Concrete Stairs Restored Concrete Stairs Restored Expansion Joint Existing Shear Tab i Restored Shear Tab 4 g11.IA, �1� o e , r Typical Ramp .estoration Existing Steel Stairs Restored Steel Stairs Work www.EdinaMN.gov W a s K ti 0 i P1 Im Y 3 s K W C IF o Ce: a Wayfinding Sign Type Legend DYNAMIC PARKING SIGN Directional DYNAMIC PARKING SIGN Entry STATIC PARKING WAYFINDING SIGN 3 1 V _i W l 9 N e 0 Parking Wayfindill� j Dynamic Pale Mounted (One- sidedl i i� 2 �' SKIC t4:atu•i Elevation r� l I [ ai Ftull 5400 Elevation Elevnhnn Q Dynamic Mununiel►t {1wu- sided) Static Sional Mounted (One - sided) W Dynamic wall Mount awo- sided) 50th and France Special Assessment Methodology City Council Work Session Item III May 6, 2014 www.EdinaMN.gov Overview *Types of costs assessed •5 -year summary •Map and description of commercial area •Need for updating distribution method *Summary of possible methods *Concerns and suggestions from property owners *Financial impact to each parcel *Draft of proposed policy *Discussion www.EdinaMN.gov �('Fe M' What types of costs are assessed • Operations and •Snow& ice removal maintenance •Weeds • Public sidewalks, •Litter streets &alleys •Tree trimming& • Public lighting landscaping care systems 9 Repair of sidewalks & •Public parking ramps alleys Edina City Code Sec. 24 -165, MN Statutes Chps 59 and 459 www.EdinaMN.gov FOR: MAINTENANCE IMPROVEMENTS NO. _ 'NO. M -9 CONTRACTUAL SERVICES Delivered 2009 GENERAL SUPPLIES Collected 2010 LOCATION: 50TH & FRANCE BUSINESS DISTRICT $ 2,541.99 CONTRACTOR: CITY OF EDINA CREW (L Diekman) $ 85,928.15 EMPLOYER'S SHARE OF PERA $ 6,347.59 EMPLOYER'S SHARE OF SOCIAL SECURITY & $ 13,445.77 WORK COMP EMPLOYER'S SHARE OF MEDICAL INSURANCE $ 12,919.54 PUBLIC WORKS SEASONAL AND 1/2 PARKING $ 19,503.03 MONITOR NO. M -10 PROFESSIONAL SERVICES $ 41,620.29 CONTRACTUAL SERVICES $ 2,241.66 GENERAL SUPPLIES $ 56,199.18 LIABILITY INSURANCE $ 2,541.99 PARKING RAMP MAINTENANCE (375) $ 69,000.00 EQUIPMENT LAWN IRRIGATION - CITY OF EDINA UTILITIES. TOTAL COST $ 309,747.20 _ ASSESSABLE UNITS: (SF) NO. M -10 NO. M -1 I 355,953 ASSESSABLE COST: ($ /SF) 177LENGTH OF ASSESSMENT: Summar y5-year ,�- •'`�bNFON+��V • ,xxx NO. M -10 NO. M -1 I NO. M -12 NO. M -13 Delivered 2010 Delivered 2011 Delivered 2012 Delivered 2013 Collected 2011 Collected 2012 Collected 2013 Proposed 2014 $ 88,249.40 $ 64,489.14 $ 63,728.70 $ 69,897.36 $ 6,636.85 $ 5,345.89 $ 5,678.35 $ 6,016.76 $ 15,229.65 $ 10,917.57 $ 9,764.60 $ 10,674.06 $ 14,187.06 $ - 10,127.43 $ 10,129.71 $ 10,867.96 $ 16,603.96 $ 13,200.91 $ 14,843.27 $ 13,092.29 $ 5,859.02 $ 1,518.23 $ 1,733.07 $ 1,241.41 $ 60,488.83 $ 44,461.51 $ 69,030.60 $ 56,459.99 $ 2,297.99 $ 1,733.09 $ 1,762.66 $ 1,310.69 $ 69,000.00 $ 69,000.00 $ 69,000.00 $ 73,900.00 $ $ $ 161.73 $ 288.91 $ 278,552.76 $ 220,793.77 $ 245,832.69 $ 243,749.43 355,953 355,953 355,953 355,953 0.8702 $ 0.7826 $ I YEAR I YEAR 0.6203 $ 0.6906 $ I YEAR I YEAR 0.6848 I YEAR 5 -year Summary Irrigation, $45 I, 0% Ramp Maintenance, $349,900,27% Contractual Services, $12,593, 1% On Site Maintenance & Enforcement Staff, $597,825,46% Professional Services, $41,620,3% L1 www.EdinaMN.gov w a9rH ST -� F� City of Edina 50th & France City Limits � tr JUL" France Assessments EngineenngDept & AN Ie� t January, 2014 r r ift r l►��..�"� sae: P w ` ,•,r �K �1' 1.9:. I' tit/ f !11 �._ P � �' a h ' wrr r A•'E fE— -- a -� � !2'';. .v . .� ` — - '1�•6 �V 't.— e, W 50TH ST . _ r rn , w F I bpi Z , w • � r I jl' i a .. e' lit fi- r l •'"..� �.• �a X15 !_ i Description of Commercial Area 527,000 total square feet 671000 SF of restaurants and entertainment 2171000 SF or retail & service businesses 1871000 SF of professional & medical offices 22 residential units 22 assessed properties Residential 10% Prof. Office 36% �1 o Ce', .�y IHHH Dining - Theater 13% r Retail' 41% www.EdinaMN.gov :14A, Otte CW�_._-..OE Distributing operations &maintenance costs Why reconsider methodology now? Based on conditions as existed in 1974 Many changes have occurred since then Application to new parcels unclear Questions to consider 1) Are all benefiting parcels included? 2) Is distribution fair &equitable? 3) Do residential owners participate? 4) Does distribution achieve overall goals? 5) Can distribution be applied to new parcels? 6) Can costs be spread over 20- years? www.EdinaMN.gov Possible Methods to Consider • Parcel size (sq. ft.) •Parking demand • Lineal frontage •Credit for on -site • Existing building size parking (sq. ft.) •Others ? ?? • Development potential (sq. ft.) www.EdinaMN.gov CITY OF EDINA Possible Methods to Consider Staff obiectives lncl,ude all parcels that generate parking demand Accuracy and transparency Credit parcels that have on site..pa'rking Eliminate large changes in percentages Three likely options 1) Current method (1974) 2) Alternate based on unmet parking demand of building 3) Alternate, based on adjusted building size www.LainaMN.gOV CITY OF EDINA nneee M,,,,-. - Property Owners Meetings 2/13 & Agree with: Avoid: • Need for transparency e Large changes in current and accuracy distribution that endanger • Need method that is livelihood of existing tenant mix understandable and 0 Intruding into private lease data defendable 0 Annual recalculating, excessive • Prefer predictability bureaucracy • Keep it simple 0 Unnecessary tax increases — assessed values increased significantly for 2013 www.EdinaMN.gov Financial. 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Soorl Yong Part/ J2 Park - SABI 13 2AW 2461 1 059% I 033% S2=.74 5195" 5041 Sim vrygt .e-tum db 4 711.078 -24-14-0108 U.S. pact Of6m LB, 49tF1 1/2 Stft LLC 7A82 25 Sim 2.632 0.64% CLM $1 lu .4 SZXM63 SM29 $L 'n 5 111-GE8 -24-140I32 %W- m-tall- ffZ*- ffm* "01 uc IIAW 0 0 IIAS 59LUS." 1.mv 5 18 8 -2b -14 -0133 SpdW • former holm ftw* "ac5np llt 4" 0 0 43M Q-%S% I Om% 51.9" sasa $7.96 mffb..e1.6Wt0.b. 5 38�O28.2414VI32 TBD ftedonAven- ft.* "mevw uc 4,860 0 0 480 1.17% ODM S4=20 S38,75729 $&as $7-14 .6' 118028.22.14-1= Greaten Homme CLOG Properbea LLC 4557 0 0 4567- 1 LWM 1 093% 5393535 536271.43 Sm $791 Afrwb®b ,71- 18-4328-22.14-ODM - cip Hue. Fr= Avenue PmrtrvrOip 6,519 0. 0 6519 1 1.56% 1 IAN V L- SSAX63 551.77434 Sam 57S4 2=Sfb---� ms- 8 18429-22-I44= Beaups, paperm. rm frar- Avem.. Pwt.-Jdp IU94 0 0 21394 2.73% I 31M $9568.63 S91X49L93 SM $7M 9 18402B-24-161= V- rria / Hot Nt.- Eff- hp.-ti- hl 31A71 0 0 31A71 755% &JIM SMA2921 $249 ,94484 $026 S794 10 18423-24-144)122 AJJh-Ckth"-.w Prop" Adnitizu-mlim Co 14470 0 0 1470 330% 3.6" 511,81593 SlLIL744M $0.86 S793 11 I8028 -74-144a121.. ATHo=D=iVujPrahm EG Company UP I2-96D 0 0 Ugw I smu I 3.m,. S10=75 $1=2921 $794 -A V bmw.e.a rw L, U 18OZ5,215-14-0126 EcrmaS-OM211 L A Real aw. G=qL r:t Ai w2m 0 0 W.Zas I 1916% I 1696% S67AOL21 SWA7013 $O.84 S791 2arm v mrbaa e> mm ..a Meet 13 is-am-u-m-mm us Bank fimt Buftft C-P-=i- "AM Us Z],ZW ZUn 599% I SAO 517=0A7 $16853"9 SOAD $3.79 mdd 13 134328-24-144M US Bank pricirg Fist Bw3dms Cmporm:ion 0 0 0 0 Omm 1 OW% Saw SO.OD 23 I8-MB-24-14-0045 US Bar& drive thm Fi- Baft C-P.-i- 3,352 - 0 0 3,352 0.80% I Omm 5291540 $26,621.81 Sm 57.99 13 W,0 .24 14-0047 US Bank parkirg fim Bxkng 0 0 0 0 Olm Ou", saw SO.OD 13 28-023-24-14-010 • US 0-k Parkirm first . = 0 0 0 a Ojm Dmu SOW SO.OD 14 184MkU-41-0178 L�ft Foods Lund Real EMb LLC 32204 69 13AM 18204 -. -1 442% 1- Ajm SISASSAD 5146.16593 5028 5454 2"Wbort 14 18028-24-41-0175 Luncra Foods Parkhm Land Rc;d Estrb. HAInp LLC 0 0 0 0 Om% I -OjW% saw SMOD Is 18428-24-41-0182 50th WW fr of fimB,.jcfin A K Lamon Famly LLC 39AM 0 0 39AD 952% I B55% S315.1mm SQ84 $7-94 16 ]34078- 2d-41-0050 3925 Bttiwirm U- P.Pt- I.. UAM 0 0 11926 2-84% Oam 59,911A2 593.92290 SaBd 57.94 is 1802&24-41-W99 3925 BuRdirg u-- N.Pert-- tr. 24730 0 0 24,730 593% I 895% 52070M $19640735 SQ84 $7.94 17 I8C28-26-4I-WS2 Ed- Thewtir Isc; Company LLP 3L. 0 0 32A2A 7.7546 I 7.7711 52722954 SM.S13.63 Sam $7.94 is IBCUR441-om RF moffner Ebro Grift = &m% cm Bv- swOftar=QmW=v 22= 0 "3 5.33% &M SIA01.18 z $116,576DI $4184 S7M 19 18428-24-41-0055 -- - SabABi=o/C3i-r8,TvV1or F.. at5MLLC L6368 0 0 16368 I 393% 3.75M 533,743.78 $129.995.78 Saw $7-93 seed vela . 20 1 ISCM4A-414MM Cacina Del Barrio 1 506 Franco ftperty LLC I 7AU7 0 0 7A07 1 1-76% 1 95U $62W37 SSM&90 saga s7m n I84Z8-2&41-GM WORM kcri..8ankfEd. 19,102 29 S= 13,= -lAft 3.59% $11.1110m $105,645AO SALSO SS-53 ath 9 ZZ 184Z&2441-0181 E&m Liquor Cdy of Ecs 0 IL572 LM IA7% $7AM.73 $6"".41 SM84 57.94 4=2�.� UW2B-24-144M fo-WEcr..a Realty "ofW= 01 1 0 0 1 Omu SCLOD SOAR 1--� 47%M 274 416755 10000M IMAM% UWADMW WiOn-W F-50:74+ $7,M -1 Rec Lei I'l I I 11:111911:16 1@ V1 A , Draft Policy Statement • Methodology? • Annual vs. Special Assessments? • Repayment Period? • Interest Rate? CITY OF EDINA 50' and France Commercial Area Special Assessment Policy Background The Edina City Code (Chapter 24, Article V) addresses the City's and property owner's responsibility related to the public parking facilities and other public infrastructure at the 50"' and France Commercial Area. Section 24 -167 states in part that all costs for work incurred shall be charged to each owner of each parcel of land "in proportion to the benefits conferred upon the lot or parcel." The original concept for assessing the maintenance and operational costs for the public parking facilities and surrounding streetscaping dates back to 1974. The methodology was based on the floor area of each building (as built in 1974) plus an adjustment for buildings that were deemed to have expansion potential at that time. In 1978, the methodology was amended to clarify that properties that were not deemed to have expansion potential must still make a contribution to the shared costs of the commercial area. With a major restoration and improvement project on the horizon, it is desirable to update the special assessment policy. Purpose An updated policy will more accurately distribute the cost of shared improvements in a transparent, fair and understandable manner. Methodology Each commercially -zoned parcel will be assessed for its portion of costs related to the maintenance and operation of public parking facilities and related rights -of -way. The method of distributing the costs shall be as follows: 1) The usable area of each building located on each improved parcel shall be identified. a. Gross building area (GBA) shall be determined using information from the Edina Assessing Department. The use of each portion of the building shall be determined using information from the Edina Assessing, Fire or Building Departments. Unusable portions of the building that are not occupied by employees or customers shall be excluded. b. Residential units with dedicated parking stalls shall be excluded from the area calculations. 2) The available on -site parking spaces (if any) shall be identified. The total area of each building shall be reduced by 200 square feet for each parking stall that is provided on site. 3) The adjusted area of each building shall be divided by the total adjusted area of all buildings in the commercial area to determine the proportion of special assessments that is attributed to the parcel. This method shall be applied each time that operational and maintenance improvements are undertaken and assessed to the properties in the 50"' and France Commercial Area. Financing Terms While the regular operation and maintenance costs are intended to be assessed annually, the costs of major restoration projects in excess of $1,000,000 can be financed over a term of up to 20 -years to lessen the impact to property owners and tenants. The term of the financing shall be identified in the Resolution adopting the project and levying the special assessment. �o . 1 Discuss ion A B C n F F G H . 1 1 K No. 1 Parcel I.D. No. 18- 028 -24 -14 -0016 Primary Tenant or Building Name Walgreens Drug Tax Payer of Record William C Knapp Building Area (SF) 11,138 parking stalls 15 200 SF Assessed Percent of per stall 3,000 8,138 1.959'0 1.379'0 3,120 SF Bsmt -unfin; 15 on -site parking stalls Operations Maintenance Cost Assessment $6,834.26 2014-15 Capital Assessment (can be financed for up to r $64,632.55 2 18- 028 -24 -14 -0024 BeSpoke Salon & former Thrivent 49.5 LLC 5,441 7 1,400 4,041 0.97% 1.06% $3,393.61 $32,093.90 3 18- 028 -24 -14 -0035 former Hooten Cleaners Soon Yong Park/ Jung Ja Park 5,061 13 2,600 2,461 0.59% 0.53% $2,066.74 $19,545.43 4 18- 028 -24 -14 -0108 U.S. Post Office LB 49th 1/2 Street LLC 7,682 25 5,000 2,682 0.64% 0.70% 4,239 SF Bsmt - mainly storage and tenant restrooms except for $2,252.33 $21,300.63 5 18- 028 -24 -14 -0132 Spalon Montage- main Frank Holdings LLC 11,493 0 0 11,493 2.76% 5.29% $9,651.77 $91,278.19 5 18- 028 -24 -14 -0133 Spalon - former house Frank Holdings LLC 2,304 0 0 2,304 0.55% 0.00% $1,934.89 $18,298.53 5 18- 028 -24 -14 -0132 TBD Fashion Avenue Frank Holdings LLC 4,880 0 0 4,880 1.17% 0.00% $4,098.20 $38,757.29 6 18- 028 -24 -14 -0118 Gretchen House OMG Properties LLC 4,567 0 0 4,567 1.10% 0.93% $4,54 $3,835.35 $36,271.43 7 18- 028 -24 -14 -0020 dp Hue, France Avenue Partnership 6,519 0 0 6,519 1.56% 1.42% $5,474.63 $51,774.34 8 18- 028 -24 -14 -0021 Beaujos, Papersource France Avenue Partnership 11,394 0 0 11,394 2.73% 3.88% 10,702 SF retail on 1st floor with10,975 SF office above; 3,053 SF bsmt- $9,568.63 $90,491.93 9 18- 028 -24 -14 -0022 Mozza mia / Hot Mama Edina Properties Inc. 31,471 0 0 31,471 7.55% 8.11% $7.94 $26,429.21 $249,944.84 10 18- 028 -24 -14 -0122 Al Johnson Clothing, eta[ Property Administration Co 14,070 0 0 14,070 3.38% 3.66% $0.84 $11,815.93 $111,744.90 11 18- 028 -24 -14 -0121 AT Home Designs / Prahna 1SG Company LLP 12,960 0 0 12,960 3.11% 3.69% 4,286 SF basement storage $10,883.75 $102,929.21 12 18- 028 -24 -14 -0126 Edina 5 -0 Ma[[ L A Real Estate Group, Et Al 80,265 0 0 80,265 19.26% 16.96% $67,406.21 $637,470.13 13 18- 028 -24 -14 -0046 US Bank First Building Corporation 44,420 116 23,200 21,220 5.09% 5.46% $17,820.47 $168,530.69 13 18- 028 -24 -14 -0044 US Bank parking First Building Corporation 0 0 0 0 0.00% 0.00% $0.00 $0.00 13 18- 028 -24 -14 -0045 US Bank drive thru First Building Corporation 3,352 0 0 3,352 0.80% 0.00% $2,815.00 $26,621.81 13 18- 028 -24 -14 -0047 US Bank parking First Building Corporation 0 0 0 0 0.00% 0.00% $0.00 $0.00 13 18- 028 -24 -14 -0109 US Bank parking First Building Corporation 0 0 0 0 0.00% 0.00% $0.00 $0.00 14 18- 028 -24 -41 -0178 Lund's Foods Lund Rea[ Estate Holdings LLC 32,204 69 13,800 18,404 4.42% 4.05% $15,455.60 $146,165.83 14 18- 028 -24 -41 -0175 Lund's Foods Parking Lund Rea[ Estate Holdings LLC 0 0 0 0 0.00% 0.00% $0.00 $0.00 15 18- 028 -24 -41 -0182 50th and France Office Building A K Larson Family LLC 39,685 0 0 39,685 9.52% 8.55% $33,327.29 $315,180.99 16 18- 028 -24 -41 -0050 3925 Building Edina Properties Inc. 11,826 0 0 11,826 2.84% 0.0096 $9,931.42 $93,922.90 16 18- 028 -24 -41 -0049 3925 Building Edina Properties Inc. 24,730 0 0 24,730 5.93% 8.95% $20,768.15 $196,407.35 17 18- 028 -24 -41 -0052 Edina Theater JSG Company LLP 32,424 0 0 32,424 7.78% 7.77% $27,229.54 $257,513.63 18 18- 028 -24 -41 -0383 RF Moeller, Edina Grill, TCF Bank, Cos 5000 France Company 22,233 0 0 22,233 5.33% 6.879'0 $18,671.18 $176,576.01 19 18- 028 -24 -41 -0055 Sa[ut Bistro / Oliver & Taylor France at 50th LLC 16,368 0 0 16,368 3.93% 3.75% $13,745.78 $129,995.78 20 18- 028 -24 -41 -0066 Cocina Del Barrio 5036 France Property LLC 7,407 0 0 7,407 1.78% 1.95% $6,220.37 $58,826.90 21 18- 028 -24 -41 -0237 BMO Harris Americana Bank of Edina 19,102 29 5,800 13,302 3.19% 3.59% $11,170.96 $105,645.40 22 18- 028 -24 -41 -0181 Edina Liquor City of Edina 8,572 0 0 8,572 2.06% 1.47% $7,198.73 $68,079.41 18- 028 -24 -14 -0026 former Edina Realty City of Edina 0 0___F 0 0 0.00% 1 $0.00 1 $0.00 471,568 274 416,768 100.00% 100.01% $350,000.00 $3,310,000.00 Table "C" - size adjusted by200 SF per on site parking stall Method recommended by staff 5 -1 -2014 L M N Cost per Gross S. F. 2014-15 Capital Comment O&M Improvement $0,61 $5,80 3,120 SF Bsmt -unfin; 15 on -site parking stalls $0.62 $5.90 7 on -site stalls $0.41 $3.86 907 SF bsmt mechanical; 13 on -site stalls $0 29 $Z 77 1,656 SF Partial basement is employee lounge, locker rooms and two toilet rooms; 25 on -site stalls _ $0.84 $7.94 1,738 SF bsmt - finished office space $0.84 $7.94 884 SF bsmt - finished hair salon $0.84 $7.94 1,586 5F bsmt; Spalon split into 3 parcels in 2014; sale pending; assessment to be split among parcels $0.84 $7.94 1,172 SF bsmt- storage $0.84 $7.94 2,8515F bsmt - storage and tenant restrooms 4,239 SF Bsmt - mainly storage and tenant restrooms except for $0.84 $7.94 restaurant, which uses the basement for a kitchen with dumb waiter to main Floor $0.84 $7.94 9,446 SF restaurant; 19,101 SF retail; bsmt- 15,756sf is mostly finished and used with retail on 1st fl $0.84 $7.94 5,901 SF retail /service; 4,844 SF prof office; 3,325 5F bsmt- storage $0.84 $7.94 6,480 SF bsmt - retail, yoga studio, shower, restrooms and storage $0 84 $7 94 5,692 5F restaurant; 32,045 SF retail /service; remainder is prof office; 25,790 SF bsmt -used for office and storage $0.40 $3.79 15,314 SF bsmt -used for office and storage; 116 on -site stalls (on all parcels) $0.84 $7.94 1,676 SF bsmt - breakroom and rest rooms $0,48 $4,54 3,242 SF bsmt 69 on -site stalls (including both parcels) 3,796 SF restaurant, 7,5515F retail /service, remainder is professional $0,84 $7,94 office; 11,662 SF Basement is mostly storage with two semi - finished tenant spaces. $0.84 $7.94 3,942 SF retail /service on 1st floor; 3,942 SF prof office on 2nd Floor; 3,942 SF bsmt -unfin $0.84 $7.94 10,702 SF retail on 1st floor with10,975 SF office above; 3,053 SF bsmt- small minimally fin office, mostly storage $0.84 $7.94 2,136 SF retail /service with 1,943 equip mezz and remainder occupied theater spaces $0.84 $7.94 4,383 SF restaurant; remainder retail /service; residential areas above & below excluded $0.84 $7.94 Est. 7,436 SF restaurant; 748 SF retail /service; 8,184 SF bsmt fully finished offices $0.84 $7.94 2,560 SF bsmt- food prep; office and storage $0.58 $5.53 3,200 SF bsmt - office, employee lounge, fin storage; 29 on -site parking stalls $0,84 $7,94 4,286 SF basement storage 14 on -site stalls $0.74 1 $7.02 Pentagon Park A. "i �'y0 ��bnrnxn'� V Redevelopment Agreement Overview City Council Work Session Item IV May 6, 2014 EHLERS LEADERS IN PUBLIC FINANCE C www.EdinaMN.gov r, C Topics • Project Summary &Master Plan • Anticipated TIF &Planning Processes • Project Pro -Forma • Fundamental Deal Structure • Significant Deal Points • Terminology • Qualified costs • Minimum improvements • Key dates • Default provisions 0 "Look- back" provisions • Question &Answer fba�hw+Tty iaan www.EdinaMN.gov M .ter Plan 1 t4A. � je 3 �� o 5 o IM RKRUDS GOLF MUSE 3 I MT H ST PMMAY C EU(dGUNDY �' Pia • '� PLACE x W7PTHST �MP'iMUx SARA ENGNURING W' r;r })4 VNDRPA5& W 7777.7r Regkmal lrag try 0thers _ +�► i; - - Trail Conn -m !mn CD Thh _ SupportingStrcei: � � Green Streets z .ar r �, � In"ai 5tseets M Pbrung 11iKHi0G [781 Hu:+ding Storrnwatc f-exu m Oxr, Space Ur�erpass {F Ce 1.4 million S.F. new office, new 400 -450 room hotel Is r;rKe� and new service retail • New public improvements to serve the area • $500+ million in new private investment on 42 acres www.EdinaMN.gov Anticipated i ir & vianning Process Steps 4 - 10 applicable to each Phase of the Project: Step I A o V City z = approves aQc preliminary r a of RDA t7 rezoning; O preliminary go approve PUD based preliminary E W � development z �° plan ti March 2014 Anticipated i ir & vianning Process Steps 4 - 10 applicable to each Phase of the Project: Stec Is �J a City z = Authorizes Z ti preparation d of RDA t7 based on Z o z« preliminary v Term Sheet PUD based March 2014 Anticipated i ir & vianning Process Steps 4 - 10 applicable to each Phase of the Project: TIF Redevelopment & Planning Process Pentagon Park - Edina, MN N-1 ,,y 11 xlsa Step SA City approves final development plan and enters into "Development Contract" for public improvements. Step SB CityiHRA identifies Phase IRR and completion deadline for public improvements. City ;HRA authorizes maximum amount of TIF Note Step 6A City Staff Issues sitework permit(s) Step 6B City Staff issues building permit(s) Step 7A Site Preparation & Public Infrastructure SseR BA City Staff accepts Publi< Infra,tructure Step 7B Phase Construction Stu Ill City Staff issues Certificate of Occupancy ok e Step 9A HRA Staff determines compliance, certifies eligible costs, and issues Certificate of Completion. Staff issues TI F Note # L . Step ?5 If public parking funded, HRA Staff determines compliance, certifies eligible costs, and issues Certificate of Completion. Staff issues TIF Note #1. Step 10 HRA Start applies look back provision and, if necessary, adjusts final TIF payments. Steo2 Steo 3 Step 4A City?HRA City re- Developer submits approves zones to sketch plan for master re- PUD based prelim. comment development on master agreement development plan L(RDA) Ma 2014 y late 2014 i Stec 48 , early 201 S Developer submits final development plans for review. Identify all private and public improvements I Step 4C Developer submits phase pro-forma 1� Establishes viability 6 and "but -for" TIF Redevelopment & Planning Process Pentagon Park - Edina, MN N-1 ,,y 11 xlsa Step SA City approves final development plan and enters into "Development Contract" for public improvements. Step SB CityiHRA identifies Phase IRR and completion deadline for public improvements. City ;HRA authorizes maximum amount of TIF Note Step 6A City Staff Issues sitework permit(s) Step 6B City Staff issues building permit(s) Step 7A Site Preparation & Public Infrastructure SseR BA City Staff accepts Publi< Infra,tructure Step 7B Phase Construction Stu Ill City Staff issues Certificate of Occupancy ok e Step 9A HRA Staff determines compliance, certifies eligible costs, and issues Certificate of Completion. Staff issues TI F Note # L . Step ?5 If public parking funded, HRA Staff determines compliance, certifies eligible costs, and issues Certificate of Completion. Staff issues TIF Note #1. Step 10 HRA Start applies look back provision and, if necessary, adjusts final TIF payments. CIOY- N1 EDI�NA Project Pro forma part 1 Based on Developer projections • Reviewed by Ehlers • High costs of new infrastructure, soil stabilization and site preparation 1) Demonstrates project viability Demonstrates funding gap and the need for TIF to proceed ( "but- for" test) JRaI EHLERS i b ASSOCIATES INC 1City of Edina Pentagon Park Total Project SOURCES PER S.F. ! OF TOTAL SUBTOTAL TOTALS DEVELOPER FINANCING- Construction Loan % OF TOTAL 80.00% % OF FINANCE TOTALS 80.00% 438,699,102 DEVELOPER EQUITY 9.75% 9.75% 53,474,776 TIF NOTE 9.85% 9.85% 54,000,000 AMOUNT FINANCED 99.60% 546.173,878 GRANT #1 TOTALSOURCES 100.00% 2,200,000 8.373.878 USES PER S.F. ! OF TOTAL SUBTOTAL TOTALS ACQUISITION COSTS 1,445,000 General conditionstBuilder Profit Land Acquisition 1.82% 9,998,000 24,246,000 Land Commission 0.33% 1,796,001) Stabitzation 2.27% 12,452,000 SITE COSTS TENANT IMPROVEMENTS Site Improvement Costs (DemolSoils/StomvGreen Space) 6.83% 37,442,999 109.542,499 Parking Ramps 9.59% 52,570,501) Infrastructure Costs (Public ROW Improvements) 3.56% 19,529,000 CONSTRUCTION COSTS 271.472,867 Shell Construction 43.72% 239,725,003 General conditionstBuilder Profit 3.69% 20,240,134 SACMAC 0.46°% 2,495,459 Contingency 1.64°% 9,012,274 TENANT IMPROVEMENTS 36.195,000 Tenant Improvements- 6.60% 36,195,00] SOFT COSTS PREDEVELOPMENT COSTS 18,859,935 Architect & Civil 3.31% 18,138,747 Space Planning 0.50 0.13% 721,183 INTEREST EXPENSE 40,829,919 Construction Costs 720% 39,482,919 Land Carrying Cost 025°% 1,347,000 LEGAL 1.31 0.34°% 1,889,512 1,889,512 REAL ESTATE TAXES 1.14°% 6,240,443 6,240,443 LEASING 11,559,881 Marketing 1.00 0.26% 1,442,375 Commissions 1.85% 10,117,506 DEVELOPER FEE 477% 26,144,570 26,144,670 MISC 0.25% 1,393,252 1,393,252 Total Soft Costs 106.917,512 TOTAL USES 100.00% 848.373,878 IRR without TIF: IRR with TIF: 5 •1.D5`/ 14.91`/ --= UlRNAKALY%19-,W1TH.CWTF CITY OF , ' '�lw wnM Flow prl oa ; ROW 3ti x'19. 7 ZM4 13 0 e a a 139,11 Il'1�1 f .' •Js. f. ,S55,^-6fi'4 9 e , ?,S.,956,1 Project Pro forma 4 M-17, 4 7j4B4,' -9l,a '= .1,M711 -1-0 a 13:0,11=71il 41.51 ;,231 39;034,2S3 S. .- 8; a�359"s13,4 i � i .15C a I. 24,773.1 �, 1 part S ;V34477 91 T 3 fli,; E'4 Me S g 5,Si4.1i 1 - vx q--5 lis.iSA6911 5s,14;359 -17,s— '917 �13,i:1�lEi 91 �15;3�;�1,9 =1 13 24EAA, -52 a I PEM;057 3E;SA+-,,:,553 , 31,7iE,313 3E,193 29,9 9 iS,3.'r5�5;; i,z' =,,999 a F;y 7iT1 f 1 =4. 1,438;514 a ;6,7z-2, =141 1 21 ,4E]l,S4T;� e,5 ,j,e15 9i,11E,1-591 1'?; 3Ci'il� 0 133, taw.; a .3,39a"14-91 14 L .3, 4M,504 171'Bil-k982 2:0,4MASS IM i A ' iRATE.OFI : RN AKALYR119 -' FTHTIF T 'SOW 7 D Q 9 4 s7 3ti x'19. 7 q7,4N 1,4 � �,�II�',111CI a 139,11 Il'1�1 11 4 a �ti'0ilue'4 434:190 33,111.255 i9,343,Sso 1a91a1 CAM &Aa TabI 0 D Q 9 e s7 q7,4N 1,4 � �,�II�',111CI a 139,11 Il'1�1 (2P.t559!;313 -123W 590 a �ti'0ilue'4 434:190 33,111.255 i9,343,Sso 442111;M°3:4 9,S33,254 31r`13=92 34.923A CA37 5a5a 1,122.53 41.51 ;,231 39;034,2S3 1 xI,17 a ;3 ,9Ee �1 (22,9304 ueLsk3L3r9 S ;V34477 91 ;5r3s1;7 531 13 r,7s3,5.�r�i �13,i:1�lEi 91 �15;3�;�1,9 =1 13 24EAA, -52 a 2, 1,492 0 1,17.94 ; 3E,193 29,9 R49 J14q,4747781 ,20, 16.1; 70B 84 , W . . . � r Fundamental Deal Structure, part 1 �izi.wst�. 1 kiHH Details and timing of each Phase is market driven RDA contains flexible provisions to deal with market uncertainty Developer assumes cost of public improvements at sole risk Public streets and streetscape © Connections to regional trail 7 Future TI F revenue split between Developer and City: City retains 10% for administrative costs City to use up to $8.0 million additional on public improvements yet to be determined Financial gap evaluated separately for each Phase www.EdinaMN.gov • o e r IV Fundamental Deal Structure, part 2 • Each phase to have separate TIF note(s) • City will issue pay -as- you -go TIF Note(s) to reimburse Developer for qualified costs Term of all payments no more than 26 years TIF Note issued only after developer has incurred qualified costs and completed public improvements If public parking is funded, TIF Note issued only after qualified costs and Certificate of Completion issued for related buildings. TIF Notes bear 6% interest (to Developer) TIF payments come from new taxes created within the TIF boundaries (not general tax levy) TIF Notes can be held or transferred • Repayment of Notes only if TIF revenue is created www.EdinaMN.gov Significant Deal Points — terminology 1 Project, 5 Phases, Many Elements n"-• A AY Mtn' raRw�aa�® x' 'ice` 'tS Ok e O ,tirr��wk� rurr. Project www.EdinaMN.gov Significant Deal Points — qualified costs w411�1 A1r.�, 10 0� e TC • All state - qualified costs will be recognized to satisfy 5-year rule of MN TI F Law • Only locally- approved costs will be reimbursable Demolition Site preparation & soils correction On -site Storm water ® Public improvements (roads, sidewalks, utilities, etc.) 0 Parking structures that include public parking www.EdinaMN.gov 1r1A, 11 o e', � a Significant Deal Points — minimum improveme • Developer will begin clearance of the south parcel Tower & wings by December 2015 • Developer will pay for reconstruction of W. 77th Street after 100,000 sq. ft. of new construction completed • Developer will provide updates to City at least quarterly www.EdinaMN.gov 12 CITY OF EDINA w o Significant Deal Points key dates :NaN Market - Driven Schedule Planning & Design of Phase 1 -5 I Master Planning I Construction of Phases 1 -5 I i I 2016 -20171 2019 2021 2023 Create Certify Certify eligible District District District costs incurred expires 2013 -14 2014 2019 2040 Year Year Year 0 5 26 www.EdinaMN.gov CITY ®F EDI�N� Significant Deal Points — default provisions 13 ItltlH City can cancel agreement if: • Demolition of Phase 1 does not occur by December 2016 • If no activity for two years between phases City still obligated to make debt payments on any TI F Note issued before default Presuming TI F revenue is available to make payments www Edin6MN.gov • a, �r 14 w o e C. __ o Significant Deal Points — "look back" provisio •`'(T �tt.,• • City retains the ability to review project finances (IRR) after sale to verify the need for the full TIF Note Evaluated phase -by -phase If IRR of land sale or building sale exceeds fixed amount, "look - back" will apply • Threshold for land sale IRR determined in RDA • Threshold for building sale IRR determined at time of Final Development Plan approval ® Amount withheld limited to 25% of profits greater than IRR and not to exceed 25% of the TIF Note True -up look -back amounts after multiple phases complete (if necessary) www.EdinaMN.gov CITY ®F EDhNA n-, gm , 0 (D a)( , 3 (:Dm ( , 3, ) _:DD �,.. A, n V I 0 0 n WO lUliH www .EdinaM,N.bov 15 �