05-09-23 HRA Work Session Agenda May 9, 2023 — 6:30 PM
Golden Valley City Hall
Hybrid Meeting
1.Housing and Redevelopment Authority Annual Report and Work Plan 2022-2023
2.Review Preliminary Term Sheet Regarding Developer's Request for Renovation and
Renewal Tax Increment Financing for 8200 Golden Valley Road and 8240 Golden Valley
Drive
HRA WORK SESSION AGENDA
Housing and Redevelopment Authority Work Sessions are being conducted in a hybrid format with in-
person and remote options for attending.
Remote Attendance: Members of the public may attend this meeting by streaming via Webex, or by
calling 1-415-655-0001 and entering access code 2461 970 6788. Additional information about
attending electronic meetings is available on the City website .
Discussion Item(s)
HRA Work Session meetings have an informal, discussion-style format and are designed for the HRA to
obtain background information, consider policy alternatives, and provide general directions to staff.
No formal actions are taken at these meetings. The public is invited to attend HRA Work Session
meetings and listen to the discussion; public participation is allowed by invitation of the HRA.
City of Golden Valley HRA Work Session May 9, 2023 — 6:30 PM
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EXECUTIVE SUMMARY
Community Development
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Work Session
May 9, 2023
Agenda Item
1. Housing and Redevelopment Authority Annual Report and Work Plan 2022-2023
Prepared By
Alma Flores, Community Development Director
Cherie Shoquist, Housing and Economic Development Manager
Summary
The priorities for 2022 and the proposed priorities for 2023 are based on the long term economic
goals identified in the 2040 Comprehensive Plan, the Housing and Redevelopment Authority's 5-Year
Housing Strategic Plan 2020-2025 and meeting the City's Council's Organization Priorities around
Strategic Development and Redevelopment with continued ways to support and invest in affordable
house.
Housing Strategic Priorities:
Preserve Existing Housing
Develop New Mixed Income Housing
Expand Access To Housing Choice and Opportunity for Black, Indigenous, People of Color, and
Low-Income Homeowners and Renters
Economic Strategic Priorities:
Promote Redevelopment Districts
Promote Economic Development and Redevelopment
Support Entrepreneurs and Small Businesses
Equity Considerations
Housing: The goal of the City's Mixed Income Housing Policy is to preserve and promote economically
diverse housing options in our community by creating high quality housing in Golden Valley for
households with a variety of income levels, ages, and sizes.
Economic Development: The City of Golden Valley defines economic prosperity for all as the
intentional provision of economic opportunities and resources for all communities by finding solutions
to support economic growth and inclusion of historically marginalized communities and those facing
economic hardship. As an employer and municipality, the City of Golden Valley is determined to
identify and disrupt barriers to economic inclusion.
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Supporting Documents
2022 Annual Report and 2023 Work Plan
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HOUSING AND REDEVELOPMENT
AUTHORITY
2022 ANNUAL REPORT AND
2023 WORK PLAN
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2022 Housing and Redevelopment Authority
Commissioners
Gillian Rosenquist (Chair 2022)
Shep Harris
Maurice Harris
Denise La Mere-Anderson
Kimberly Sanberg
City Staff
Tim Cruikshank, Housing and Redevelopment Authority Director
Alma Flores, Community Development Director (2023)
Marc Nevinski, Physical Development Director (2022)
Cherie Shoquist, Housing and Economic Development Manager
Purpose and Mission
Golden Valley's Housing and Redevelopment Authority (HRA) is a separate legal authority that guides
and supports redevelopment projects to:
provide a sufficient supply of adequate, safe, and sanitary dwellings in order to protect the health,
safety, morals, and welfare of the residents of Golden Valley
remove blight, clean up environmental contamination, and provide for new development to
enhance the community and increase the City's taxable valuation
remedy the shortage of housing for low- to moderate-income residents
preserve and promote economically diverse housing options in Golden Valley
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Table Of Contents
2022 Overview page 4
Housing Accomplishments page 5
Economic Accomplishments page 9
Housing and Economic Development Work Plan page 10
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2022 Overview
The priorities for 2022 and the proposed priorities for 2023 are based on the goals in the 2040
Comprehensive Plan, Housing and Redevelopment Authority 5-Year Housing Strategic Plan 2020-
2025, City Council Legislative Priorities, and the City’s organizational priorities, including its diversity,
equity, and inclusion initiatives.
Housing
Providing a variety of housing choices allows people to find high-quality, affordable, environmentally
sustainable housing that meets their needs in the communities where they want to live. A full range
of housing types can help increase the resilience of a community as it experiences changing
demographic and economic conditions.
The housing implementation actions identified in the 2040 Comprehensive Plan include:
Maintain housing quality
Expand the variety of housing options
Increase housing affordability
Encourage environmentally sustainable housing
Advance equity in housing practices and policies
The Housing and Redevelopment Authority 5-Year Housing Strategic Plan 2020-2025 includes three
main priorities:
Preserve existing Naturally Occurring Affordable Housing (NOAH) and provide tenant protections
Develop new affordable housing to increase and diversify housing options and opportunity
Increase diversity of voices in decision-making
Economic Development
As Golden Valley strives to create a climate for meaningful economic growth and provide a strong
economic base for its residents and employees, it also seeks to be competitive with other cities in the
metropolitan area. Because of its excellent proximity to downtown Minneapolis, access to major
highways and future transit, educated residents, and high-quality amenities, Golden Valley continues
to be a preferred location for businesses looking to locate or expand. At the same time the City faces
challenges, including limited space for development, aging buildings and infrastructure, increasing
highway congestion, and a shortage of affordable housing.
Understanding our business base and the importance of their investments in the community are
critical to our competitive advantage in the region. Implementation of our Economic Competitiveness
actions identified in the 2040 Comprehensive Plan include:
Understand the local business environment
Develop economic partnerships
Retain and expand existing job base
Strengthen link between land use and economy
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Promote amenities to attract workers
Housing Accomplishments
Strategic Priorities
Preserve Existing Housing
Develop New Mixed Income Housing
Expand Access To Housing Choice And Opportunity For Black, Indigenous, People of Color, And
Low-Income Homeowners And Renters
Preserve Existing Housing
Preservation Of Naturally Occurring Affordable Housing
Reviewed number of properties in the City that include Naturally Occurring Affordable Housing
(NOAH) units.
Developed a process to monitor the potential sale and transfer of ownership of NOAH properties.
Met with non-profit affordable housing organizations to plan for a potential partnership, if
necessary, to support the acquisition of a NOAH property in the event of a sale to maintain
affordability.
Promoted the 4d Property Tax Abatement Program to existing owners of subsidized and NOAH
properties in the City to preserve long-term affordability.
Tenant Protection
The Tenant Protection Ordinance provides a protected period of time following the sale of an
affordable housing building. The goal is to protect lower-income tenants in the city. Under the
ordinance, new owners of affordable housing buildings would be required to pay relocation benefits
to tenants if the owner increases the rent, re-screens existing residents, or implements non-renewals
of leases without cause within a three-month period following the ownership transfer of the property
and the tenant chooses to move due to these actions.
Further developed a plan to identify a potential sale and change in ownership of a subsidized or
naturally occurring affordable housing property in the City.
Refined communication tools for residents in the event of a sale and change in ownership.
Updated avenues for enforcement of remedies by tenants and the City.
Advanced Notice of Eviction
In addition to the Tenant Protection Ordinance, researched an Advance Notice of Eviction
ordinance that would provide an additional notice of 14-30 days for evictions not including a
material lease violation.
Housing Improvement Area (HIA)
Met with additional association members to discuss the HIA tool to support the renovation of
older common interest communities (townhomes and condominiums) in the city.
Identified the requirements of a HIA program and began discussions of the potential to fund the
program with the City’s Finance Director.
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STAR Program
Held quarterly meetings engaging rental property owners and managers in the STAR Program and
developed a multiyear plan for informative meeting topics.
Food, Rent, And Housing Navigation Services
Provided ARPA funds to provide food and rent assistance to residents through PRISM due to the
ongoing negative impacts of COVID-19, slow return to full employment, rent increases, food price
increases, limited availability, and the end of the eviction moratorium.
o Establish a housing navigator position for PRISM to employ a full-time case manager
that will focus on housing-related issues, provide assistance to senior citizens needing
to transition to affordable housing, cover application fees, build relationships with
landlords, and keep renters stable in the community.
Develop New Mixed Income Housing
Development of New Mixed Income Housing
The Golden Valley Mixed Income Housing Policy requires that a portion of new housing units in
eligible projects must meet affordability requirements set forth in the Policy. The Policy acts as an
implementation tool to aid the City in meeting its short-term and long-term housing goals. The
following actions advanced the Mixed Income Housing Policy to lead to the current and future
development of new affordable housing units.
Communicated the City’s commitment to achieving its mixed income and affordable housing goals
to developers, property owners and managers, brokers, lenders, investors, and funders as well as
residents and other stakeholders.
Met with housing developers regarding mixed income housing development opportunities in the
City.
Developed an Affordable Housing Plan to be completed by developers in compliance with the
Mixed Income Housing Policy and incorporated into development agreements as an exhibit.
Continued the process of creating form legal agreements, program guidelines, and affordability
compliance monitoring tools with the City Attorney.
Reviewed the City’s Tax Increment Financing (TIF) capacity with the City’s Finance Director to
incentivize affordable housing development, and planned revisions to the TIF program guidelines
and the application for Housing Development or Redevelopment TIF.
Revised the list of affordable housing development resources available at the local, county,
regional, state, and federal levels and strengthened professional partnerships with funders.
Public Land Disposition Policy
Identified the first three specific parcels for single family affordable housing redevelopment under
the Public Land Disposition Policy.
Affordable Ownership
Provided referrals to Hennepin County and Minnesota Housing Programs for Down Payment
Assistance.
Provided referrals to Hennepin County and Minnesota Housing Programs for Rehabilitation Loans.
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Home Ownership Program for Equity
Launched the Home Ownership Program for Equity (HOPE) program to develop affordable single
family or duplex homes on City-owned vacant lots identified in the property disposition policy. The
program purpose is to provide affordable, owner-occupied, single family housing in Golden
Valley. The City will provide a land write down as an incentive for development of homes
affordable at less than 115% of Area Median Income, with a priority for affordability at 80% or 60%
of Area Median Income.
Qualified developers to construct single-family homes on three HOPE Round 1 City owned vacant
parcels:
o 1605 Douglas Drive North (Twin Cities Habitat for Humanity in partnership with Homes
Within Reach)
o 208 Meander Road (Greater Metropolitan Housing Corporation in partnership with
Homes Within Reach)
o 47XX/4707 Circle Down (Greater Metropolitan Housing Corporation in partnership
with Homes Within Reach)
Commissioned surveys, appraisals, and Phase 1 environmental studies to ensure proper
understanding of land for disposition.
The priority of the HOPE program is for proposals from organizations that have demonstrated
success in building relationships of trust with Black, Indigenous and people of color and in serving
first generation homebuyers. The qualified HOPE Round 1 developers have demonstrated success
in serving Black, Indigenous and people of color homebuyers; Habitat serves over 80% homebuyers
of color and GMHC serves 70% homebuyers of color.
Supported the Minnesota Housing Community Impact Fund application for Twin Cities Habitat for
Humanity and Greater Metropolitan Housing Corporation.
Submitted an application to the Metropolitan Council for Local Housing Incentives Account funding
for the two Greater Metropolitan Housing Corporation homes.
Expand Access to Housing Choice and Opportunity for Black, Indigenous, People of
Color, And Low-Income Homeowners and Renters
Fair Housing and Section 8 Anti-Discrimination Policy
The Fair Housing Policy ensures fair and equal housing opportunities are available to all persons in
housing and development activities funded by the City. This is City policy regardless of race, color,
religion, immigration status, gender, gender identity, sexual orientation, marital status, status with
regard to public assistance, creed, familial status, national origin, cultural background, age, or
disability.
Provided prompt and meaningful access to housing discrimination information and representation.
Considered options to adopt and enforce a Section 8 Anti-Discrimination Ordinance when the City
of Minneapolis is legally in a position to move forward with implementation of their source of
income ordinance.
Condemn Discriminatory Covenants and Participate in Just Deeds
Identified opportunities to condemn the use of discriminatory covenants, discharge discriminatory
covenants of HRA-owned property, and participate in the Just Deeds Coalition.
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2023 Housing Study and Housing Dashboard
Engaged Maxfield Research& Consulting to conduct a five-year update to the Housing Study
including 2020 United States Census data.
Created a housing dashboard that includes housing development in the city and tracks
progress on the City’s affordable housing goals.
Ensure Multiple Perspectives and Voices in Decision-Making
Sought input from established city resident groups and commissions, including the Diversity Equity
and Inclusion Commission, and Golden Valley Affordable Housing Coalition.
Held quarterly meetings with the Golden Valley Affordable Housing Coalition.
Participated in an Affordable Housing Forum with Building and Equitable Golden Valley.
Evaluated various ways to authentically and regularly engage residents.
Connected with and sought input from those who may be most impacted by decisions related to
housing programs and policies, including seniors, young people, businesses, renters, multifamily
property owners, and racially and culturally diverse residents.
Housing Resources
Updated housing resources lists available on the City’s website and for residents that contact the
City for information and assistance.
o Resources For Homeowners
o Resources For Homebuyers
o Rental Housing Resources For Tenants
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Economic Accomplishments
Strategic Priorities
Promote Redevelopment Districts
Promote Economic Development And Redevelopment
Support Entrepreneurs And Small Businesses
Promote Redevelopment Districts
Focus attention for redevelopment efforts to redevelopment districts:
o Douglas Drive Corridor
o Highway 55 West
o I-394 Corridor
o Winnetka Ave and Medicine Lake Road
Promote Economic Development and Redevelopment
Worked with developers and the business community to revitalize key business centers, both
commercial and industrial.
Redeveloped undervalued, underutilized, blighted, and/or contaminated properties.
Recruited new businesses and industries that are complementary to the community’s existing
employment base.
Strengthened relationships with DEED, Hennepin County, Greater MSP, Hennepin County, and the
Golden Valley Business Council to attract new business and grow existing business.
Support Entrepreneurs and Small Businesses
Open to Business
Open to Business offers free advice and consultation for Golden Valley residents who are business
owners or entrepreneurs. This program is funded by the City and the County and provided by the
Metropolitan Consortium of Community Developers (MCCD). It can help determine the feasibility of a
new business or help business owners find capital or develop marketing strategies. All consultation is
one-on-one and can provide entrepreneurs with the information they need to bring a new business
to the area.
Provided Golden Valley residents, entrepreneurs, and business owners with Open to Business
services.
Attend Regular Meetings of the Golden Valley Business Council along with the City Council
Representative.
Elevate Business
Elevate Business offers Hennepin County businesses no-cost business support designed to help
businesses at any stage grow and thrive. Hennepin County has contracted with more than 25
professional business advisors and specialized consultants to offer free expert support to local
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businesses in a wide range of areas, including accounting, finance, legal, marketing, social media, web
development, and human resources.
Connected Golden Valley residents, entrepreneurs, and business owners with Elevate Business
services.
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2023 Work Plan
HOUSING
Strategic Priorities
Preserve Existing Housing
Develop New Mixed Income Housing
Expand Access To Housing Choice And Opportunity For Black, Indigenous, People Of Color, And
Low-Income Homeowners And Renters
Preserve Existing Housing
Preservation Of Naturally Occurring Affordable Housing
Continue to explore preservation with current property owners and plan for potential future
acquisition by non-profit housing organizations in the event of sale.
Communicate Tenant Protection Ordinance rights and responsibilities with property owners,
managers, and tenants.
Promote the 4d Property Tax Abatement Program to existing owners of subsidized and NOAH
properties in the city to preserve long-term affordability and explore changes that may increase
participation.
Housing Improvement Area (HIA)
Consider developing priorities and guidelines for the use of the HIA tool to support the renovation
of older common interest communities (townhomes and condominiums) in the city.
Tenant Protection
In addition to the Tenant Protection Ordinance, further consider an Advance Notice of Eviction
ordinance that would provide an additional notice of 14-30 days for evictions not including a
material lease violation – if not adopted by the state legislature in the 2023 session.
STAR Program
Increase participation by rental property owners and managers in the STAR Program and quarterly
meetings.
Develop New Mixed Income Housing
Development Of New Mixed Income Housing
Artessa Cooperative:The HRA approved Artessa Cooperative at Golden Valley, located at 6650
Country Club Drive. Artessa Cooperative is the first development approved under the Mixed Income
Housing Policy.
Artessa is a mixed use multifamily ownership development with 78 units; 9 will be affordable
at 80% of Area Median Income and 69 will be market rate. The unit mix includes 14 1-
Bedroom plus Den units, 15 2-Bedroom units, and 49 3-Bedroom plus Den units. The 9
affordable units are comprised of 1 1-Bedroom Unit and 8 1-Bedroom plus Den units. All units
include 2-Baths. Parking includes 128 indoor parking spaces and 34 surface spaces.
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Amenities include a great room, wellness studio, entertainment suite, theatre, patio, rooftop
deck, business center, hospitality suite and 2 guest suites. The project is located on Country
Club Drive adjacent to the Luce Line trail with convenient access from Highway 55 and to
downtown Golden Valley.
The affordable units will remain affordable for 40 years.
Construction is expected to begin in the summer of 2023 and to be completed with initial
occupancy in late 2024.
The total development cost is approximately $42.3 million.
Sentinel Golden Valley Apartments and Wells Fargo Redevelopment: Sentinel Holdings Company
proposes mixed use housing and commercial development at 8200 Golden Valley Road and 8250
Golden Valley Drive. This is the first multifamily rental development proposed under the City’s Mixed
Income Housing Policy.
The 303-unit mixed income multifamily rental development (Multi-Family Building, Phase 2)
includes 46 units affordable at 60% of Area Median Income for a period of twenty years, and
257 market rate units. The units are a mix of studio,1, 2, and 3 bedroom apartments. The
building will be wrapped around a 450 space parking ramp. The building will be five to six
stories in height with ground level walk up units.
Amenities will include a great room, wellness studio, entertainment suite, theatre, patio,
rooftop deck, business center, hospitality suite, and guest suites.
The commercial development will be the replacement and relocation of the Wells Fargo Bank
on the southwest corner of the site (Wells Fargo Bank Building, Phase 1).
The affordable units will remain affordable for 40 years.
Construction of the bank building is expected to begin in summer 2023 and be complete in
spring 2024. Construction of the multi-family building is expected to be complete within 18-24
months of construction start; to begin in the spring of 2024 and completed by the end of
2025.
The total development cost is an estimated $109 million.
Continue to meet with and communicate the City’s commitment to achieving its mixed income and
affordable housing goals to developers, property owners and managers, brokers, lenders,
investors, and funders as well as residents and other stakeholders.
Make local resources available and/or partner with county, regional, and State government to
provide resources for developers to build new affordable and market rate housing in the city.
Complete form legal agreements, program guidelines, and affordability compliance monitoring
tools with the City Attorney.
Mixed Income and Affordable Housing Funding Strategies
•HRA Levy: Continue the HRA Levy to support affordable housing and economic development.
•Tax Increment Financing (TIF): Use housing or redevelopment TIF to spur development.
•4d Tax Abatement: Expand program participation and ensure long-term affordability.
•Housing Bonds: Consider bonding authority if needed for affordable housing development or
preservation.
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•Land Write-Down on Publicly Owned Property: Develop a program to provide a land write-down
on property identified in the Public Land Disposition Policy for affordable homeownership.
•Philanthropic Funds: Connect developers to philanthropic funds for affordable housing
development.
•Partnership with Hennepin County, Metropolitan Council, and the State: Leverage county,
regional, and state resources for affordable housing development.
Local Affordable Housing Trust Fund
Continue to explore the establishment of an Affordable Housing Trust Fund with levy and other
funding resources. Affordable Housing Trust Fund dollars may be dedicated to:
•Affordable housing development or preservation loans or grants
•Matching funds to leverage county, regional, state, and federal resources
•Rental assistance
•Down payment assistance
•Homeownership affordability or value gap funds
•Homebuyer counseling services
Up to 10 percent of the fund may go towards administrative expenses.
Housing Study and Housing Dashboard
Supervise completion of the five-year update to the housing needs study.
Update the housing dashboard that includes housing development in the city and tracks progress on
the City’s affordable housing goals based on the 2023 Housing Study.
Affordable Ownership
Provide referrals to Hennepin County and Minnesota Housing Programs for Down Payment
Assistance.
Provide referrals to Hennepin County and Minnesota Housing Programs for Rehabilitation Loans.
Expand Access to Housing Choice and Opportunity for Black, Indigenous, People of
Color, and Low-Income Homeowners and Renters
Home Ownership Program for Equity (HOPE)
HOPE Round 1: Construction is expected to begin in the summer of 2023 to be available for
occupancy by home buyers in mid 2024 on three City owned parcels. The approval of the
development agreements and the land sale transfer will be brought to the HRA and City Council in
May and June of 2023.
o 1605 Douglas Drive North: Twin Cities Habitat for Humanity in partnership with Homes
Within Reach
o 208 Meander Road: Greater Metropolitan Housing Corporation in partnership with
Homes Within Reach
o 47XX/4707 Circle Down: Greater Metropolitan Housing Corporation in partnership
with Homes Within Reach
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HOPE Round 2: Construction is expected to begin in the summer of 2024 to be available for
occupancy by home buyers in mid 2025 on four City owned parcels. The approval of the development
agreements and the land sale transfer will be brought to the HRA and City Council in 2023 and 2024.
1611 Lilac Drive N: Greater Metropolitan Housing Corporation to develop 4 units; 2 duplexes
1131 Lilac Drive N: Magnolia Homes, LLC to develop a duplex
1211 Lilac Drive N: Twin Cities Habitat for Humanity to develop 1-2 units; either a single family
home or a duplex
504 Lilac Drive N: Twin Cities Habitat for Humanity to develop 1 unit; a single family home
HOPE Round 3: Additional parcels for development will be identified.
Importantly, the process and timeline for development of HOPE properties will be refined and
improved based on the experience of Round 1.
Fair Housing and Section 8 Anti-Discrimination Policy
Provide prompt and meaningful access to housing discrimination information and representation.
Prepare to adopt and enforce a Section 8 Anti-Discrimination Ordinance.
Participate In Just Deeds
Continue active participation in the Just Deeds Coalition.
Ensure Multiple Perspectives and Voices in Decision-Making
Seek input from established city resident groups and commissions, including the Golden Valley
Affordable Housing Coalition and others.
Evaluate various ways to authentically and regularly engage residents.
Connect with and seek input from those who may be most impacted by decisions related to
housing programs and policies, including seniors, young people, businesses, renters, multifamily
property owners, and racially and culturally diverse residents.
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ECONOMIC DEVELOPMENT
Strategic Priorities
Promote Redevelopment Districts
Promote Economic Development And Redevelopment
Support Entrepreneurs And Small Businesses
Promote Redevelopment Districts
Focus attention for redevelopment efforts to redevelopment districts:
o Douglas Drive Corridor, North Wirth
o Highway 55 West, Valley Square
o I-394 Corridor
o Winnetka Avenue and Medicine Lake Road
Promote Economic Development and Redevelopment
Work with developers and the business community to revitalize key business centers, both
commercial and industrial.
Redevelop undervalued, underused, blighted, and/or contaminated properties.
Recruit new businesses and industries that are complementary to the community’s existing
employment base.
Strengthen relationships with DEED, Hennepin County, Greater MSP, Hennepin County, and the
Golden Valley Business Council to attract new business and grow existing business.
Promote economic development and redevelopment in the city, including:
o Tax Increment Financing (TIF)
o Redevelopment project assistance
o Public/private financial packages
o Brownfield assistance
o Commercial rehabilitation/small business loans
o Commercial façade programs
o DEED Minnesota Investment Fund (MIF)
o DEED Job Creation Fund (JCF)
o Metropolitan Council Livable Communities Demonstration Account (LCDA)
o Hennepin County Transit Oriented Development (TOD)
Business Assistance
Update the business assistance subsidy program policy, guidelines and application.
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Support Entrepreneurs and Small Businesses
How To Start and Grow a Business in Golden Valley
Develop a communications plan to connect entrepreneurs and businesses to available resources.
Establish a media presence, including information on financial assistance, technical assistance,
location assistance, and licensing.
Build relationships with local entrepreneurs and businesses.
Open to Business and Elevate Business
Connect Golden Valley resident and business owners or entrepreneurs to Open to Business and
Elevate Business resources.
Track the number of businesses served, including the percentage women entrepreneurs, Black,
Indigenous, and People of Color entrepreneurs, and the percentage of low-income entrepreneurs.
Annual Business Forum
Explore holding or joining an annual business forum in partnership with the Minnesota
Department of Employment and Economic Development (DEED), Minnesota Department of Labor
and Industry (DLI), Hennepin County Elevate Business, MCCD Open to Business, and the Golden
Valley Business Council.
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EXECUTIVE SUMMARY
Community Development
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Work Session
May 9, 2023
Agenda Item
2. Review Preliminary Term Sheet Regarding Developer's Request for Renovation and Renewal Tax
Increment Financing for 8200 Golden Valley Road and 8240 Golden Valley Drive
Prepared By
Cherie Shoquist, Housing and Economic Development Manager
Alma Flores, Community Development Director
Summary
Background
March 21, 2023 the City Council approved the Land Use and Zoning Map Amendments and Preliminary
Plat for 8200 Golden Valley Road and 8240 Golden Valley Drive 1; Resolution No. 23-016 - Amending
the Future Land Use Map 2; Ordinance No. 760 - Amending the Zoning Map 3; and the Preliminary Plat
(Golden Valley Apartments). bit.ly/3Vv4MXK February 27, 2023 the Planning Commission held an
Informal Public Hearing and approved the Zoning Map Amendment changing the guided land use for
8200 Golden Valley Road and 8240 Golden Valley Drive from Neighborhood Mixed Use to Community
Mixed Use. bit.ly/42HWbU7
Proposed Development
Sentinel Holdings Company proposes an estimated $109 Million mixed use housing and commercial
development at 8200 Golden Valley Road and 8250 Golden Valley Drive. The 303-unit mixed income
multifamily rental development (Multi-Family Building, Phase 2) includes 46 units affordable at 60% of
Area Median Income for a period of twenty years, and 257 market rate units. The units are a mix of
studio,1, 2, and 3 bedroom apartments. The building will be wrapped around a 450 space parking
ramp. The building will be five to six stories in height with ground level walk up units. Amenities will
include a great room, wellness studio, entertainment suite, theatre, patio, rooftop deck, business
center, hospitality suite, and guest suites. The commercial development will be the replacement and
relocation of the Wells Fargo Bank on the southwest corner of the site (Wells Fargo Bank Building,
Phase 1).
Currently, 8200 Golden Valley Road is a 2.74 acre site with a single-story Wells Fargo bank and 8240
Golden Valley Drive is a 1.06 acre site with a vacant former Park Nicollet medical clinic. The total site
area is 3.8 acres.
Mixed Income Housing Policy Requirements
This is the first multifamily rental development proposed under the City’s Mixed Income Housing
Policy. The multifamily rental development creates ten or more units, receives approvals under a
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Zoning Map Amendment and Comprehensive Plan Map Amendment, and requests finance assistance
from the City.
The location, number, type, and size of affordable housing units to be constructed: The 46
units affordable at 60% Area Median Income ($70,380 for a household of four) include 5 studio
units ($1,233 rent); 29 1-bedroom units ($1,320 rent) and 12 2-bedroom Units ($1,584 rent),
with income as calculated by Minnesota Housing under the Low Income Housing Tax Credit
program, and rents based on the Area Median Income for the metropolitan area that includes
Golden Valley adjusted for bedroom size (2022). The affordable housing units range in size from
525-1,100 square feet, and are located on every level of the development.
Rental terms and occupancy requirements: 15% of the units will be affordable at 60% of Area
Median Income and include requirements to maintain affordability for 20 years.
Timetable for completion of the units: Construction is expected to be complete within 18-24
months of construction start; to begin in July 2024 and completed by June 2026.
Restrictions to be placed on the units to ensure their affordability: The affordability
requirements will be incorporated into the Affordable Housing Performance Agreement and/or
Tax Increment Financing Agreement and a Declaration of Affordable Housing Covenants will be
recorded with the title.
The proposed development compliance with the requirements of the Mixed Income Housing Policy is
outlined below:
POLICY REQUIREMENT PLAN MET
Affordable Units
All rental residential
developments that add or
create ten or more units. At
least 15% of the units must be
affordable to households with
incomes at or below 60% of
Area Median Income
46 units, 15% of the units must
be affordable to households
with incomes at or below 60%
of Area Median Income
Yes
Calculation of Units 46 affordable units 46 affordable units Yes
Period of
Affordability At least twenty (20) years Twenty (20) years Yes
Location of Units Within the development Within the development Yes
Construction of Units Concurrent with market rate
units
Concurrent with market rate
units Yes
Size and Design of
Units
Consistent with and
comparable to market rate
units in the same development
Consistent with and
comparable to market rate
units in the same development
Yes
Exterior/Interior
Appearance
Indistinguishable in style and
quality from the market rate
units in the same development
Indistinguishable in style and
quality from the market rate
units in the same development
Yes
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Distribution of Units Incorporated into the overall
project
Incorporated into the overall
project and on every level of
the development
Yes
Tenants
Affordable units shall be rented
only to income eligible families
during the period of
affordability
Affordable units shall be rented
only to income eligible families
during the period of
affordability
Yes
POLICY REQUIREMENT PLAN MET
Financial or Budget Considerations
Tax Increment Financing Request
On September 6, 2022 the Developer, Sentinel Holdings Company, submitted an application for Tax
Increment Financing to the City. The Developer has estimated the total development cost applicable
to the bank portion of the development is $4,869,480 and the multi-family building is $103,964,485,
bringing the total cost of the combined development to $108,833,965. The Developer requests Tax
Increment Financing to assist in providing 46 affordable units, acquiring the sites, demolishing the
substandard structure, completing public improvements, and other eligible activities.
Renewal & Renovation TIF District Eligibility: The HRA entered into a professional services
agreement with LHB, Inc., to conduct an inspection and evaluation report to determine whether
the proposed TIF District including 8200 Golden Valley Road and 8250 Golden Valley Drive
qualifies for a Tax Increment Financing District. The March 31, 2023 LHB, Inc., report found that
the proposed TIF District qualifies for a Renewal and Renovation Tax Increment Financing
District under Minnesota Statutes, Section 469, 174 Subd. 10(a) as fifty percent of the buildings
are structurally substandard, 100 percent of the other buildings require substantial renovation
or clearance, and the substandard buildings are reasonably distributed.
Need for Assistance: Staff engaged municipal advisor Baker Tilly Inc, to conduct a TIF analysis
and determine the need for assistance. In order to make the finding that the project would not
be likely to proceed “but-for” the requested financial assistance, Baker Tilly reviewed project
cost and operating assumptions provided by the Developer. Using this information, Baker Tilly
prepared a project pro forma and performed an unleveraged Internal Rate of Return (IRR)
analysis which provided an estimate of the potential return on investment to the Developer
with and without the requested TIF assistance.
The table below identifies the projected Unleveraged Rate of Return for the project without assistance
and with the requested TIF assistance, based on the inclusion of 15% of the units as affordable at 60%
of the AMI.
Unleveraged IRR Analysis Calculations Return
Without Assistance 5.39%
With TIF Assistance (10-Years)6.75%
As a result of the analysis, including adjustments to the project costs mentioned above, the calculated
potential return on investment for the project without TIF assistance is 5.39%. This anticipated return
without assistance falls below the third-party benchmark of 6.86%. The feasibility benchmark is
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established by the PriceWaterhouseCooper (PWC) Real Estate Developer Survey. Therefore, the
project would be unlikely to proceed but-for the requested TIF assistance.
Additionally, by projecting the rate of return with the TIF assistance and determining the projected
return as 6.75% an amount that is right in-line with the identified feasibility threshold of 6.86%, the TIF
assistance in the proposed principal amount of ranging from an estimated up to $10,976,000 to up to
$11,243,000 will not result in an excessive rate of return being realized by the Developer. Therefore,
the projected TIF assistance amount is reasonable.
Use of TIF Revenue in Renewal & Renovation District
The proposed Tax Increment Financing terms include:
The HRA agrees to invest in the project by providing a Renewal and Renovation Tax Increment
Financing District ranging from up to an estimated $10,976,000 to an up to an estimated
$11,243,000 in principal amount TIF via a PAY-AS-YOU-GO NOTE, generated by the Project based
on an interest rate of 6%. The final TIF amount will be determined by the parties based on the
contractor's final construction timeline and will be included in the TIF Agreement, which will be
before the Council for consideration on June 20, 2023.
The maximum in annual TIF payments equal to 90% of the TIF principal amount on a PAY-AS-
YOU-GO basis until the principal amount of the TIF has been satisfied
The maximum duration of TIF District is 15 years from the first increment
Timeline
DATE ENTITY EVENT
May 9, 2023 HRA Work Session Review Term Sheet
May 16, 2023 HRA Special Session Consider Approval of Term
Sheet
May 19, 2023 Staff
Baker Tilly
County and School District
receive impact letters and draft
TIF plan (At least 30 days prior to
public hearing)
May 22, 2023 Planning Commission
Review TIF Plan and consider a
finding that the development is
consistent with Comprehensive
Plan
June 8, 2023 Staff
Baker Tilly
Publication of notice of public
hearing in Sun Post Newspaper
(10-30 days prior to public
hearing) (Deadline June 1, 2023)
June 20, 2023 HRA Meeting
Review TIF Plan and consider
adopting a resolution approving
creation of TIF Plan and TIF
District
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June 20, 2023 City Council Meeting
Hold public hearing and consider
adopting a resolution approving
creation of TIF Plan and TIF
District
After June 20, 2023 Staff
Baker Tilly
Notification to County and State
of TIF Plan
July – September, 2023 Developer Demolition of vacant building
July 2023 – June 2024 Developer Phase I Construction – Wells
Fargo
July 2024 – June 2025 Developer Phase II Construction – Sentinel
Golden Valley Apartments
DATE ENTITY EVENT
Legal Considerations
The Preliminary Term Sheet regarding the developer's request for Renovation and Renewal Tax
Increment Financing to construct the multifamily rental and commercial bank development and
related legal agreements have been review by the City Attorney.
Equity Considerations
This development meets the City's goals to preserve and promote economically diverse housing
options in our community by creating high quality housing in Golden Valley for households with a
variety of income levels, ages, and sizes.
Under Fair Housing Law, future residents will not face housing discrimination. The law is intended to
prevent discrimination of the protected classes--race, color, creed, religion, national origin, sex,
marital status, disability, public assistance, sexual orientation, gender identity or familial status.
Lastly, by linking this incentive to affordable housing development provides much needed housing to
economically disadvantaged people and households and provides an opportunity for the mixing of
incomes to further future residents’ access to social networks and opportunities.
Supporting Documents
Sentinel Term Sheet
Sentinel Term Sheet Presentation
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Preliminary Term Sheet
This Term Sheet, dated as of _______, 2023, is intended to set forth the general terms upon
which the Developer (as defined below) and the Housing and Redevelopment Authority of the
City of Golden Valley, MN (the “HRA”) may be willing to enter into a Development Agreement
(the “Development Agreement”).
1.Developer: Sentinel Holdings Company (or a limited partnership or other entity to be
formed thereby or affiliated therewith) (“Developer”).
2.Property: 8240 Golden Valley Dr.; 8200 Golden Valley Rd.; Golden Valley, MN 55427
portion of PID: 3111821140043; 3111821140044, subject to a final plat of the Property.
3.Developer Conditions, as determined to date:
a.Execution of one or more Development Agreements in mutually agreeable form
and acceptable to lenders.
b.Securing necessary financing for the construction of the Minimum Improvements
c.Site Control
4.HRA Conditions, as determined to date:
a.Establishment of a new Renewal and Renovation TIF District subject to approval
after all proceedings required by law
b.HRA approval of Construction Plans
c.City Council approval of:
i.Final Plat
ii. Planning Application for Conditional Use Permit for bank drive-thru
iii. Easement vacation application
d.Execution of one or more Development Agreements
5.Minimum Improvements: Improvements to the Property will include the construction
and equipping of a multifamily rental housing facility with approximately 303 units (the
“Multi-Family Building” also known as Phase 2) with a mix of studio, 1, 2 and 3-bedroom
units, of which 46 units will be allocated to tenants earning 60% of the area median
income (AMI) or below per the Housing and Urban Development (HUD) annual rental
maximums for a 20-year period. Common area amenities will include a great room,
wellness studio, entertainment suite, theatre, patio, rooftop deck, business center,
hospitality suite, and guest suites.
6.Public Improvements: In addition to the private improvements planned in connection
with the Project, Developer shall be solely responsible for the cost of all public
improvements required by the Projectand shall deposit with the City an amount sufficient
to cover 150% of the estimated cost of such public improvements. The City shall construct
all required public improvements, which shall include:
a. Sidewalk and/or trail around the perimeter of the site including ADA ramps
b. Storm Sewer extension from Golden Valley Drive to Wisconsin Avenue
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c. Water main relocation in Golden Valley Road
d. Modifications to center median in Golden Valley Road at closed driveway
e. Mill and overlay Wisconsin Avenue and Golden Valley Road following completion
of the improvements
7.Construction Schedule: Commence construction on the Wells Fargo Bank (the “Bank
Building” also known as Phase 1) on or around July 1, 2023 and substantially complete
construction on or around June 30, 2024. The multifamily development will commence
construction on or around July 1, 2024 and substantially complete construction on or
around June 30, 2026. For the purpose hereof, “Commence” shall mean beginning of
physical improvement to the Property, including grading, excavation, or other physical
site preparation work; and “Complete” shall mean that the Minimum Improvements are
sufficiently complete for the issuance of a Certificate of Occupancy. Upon Completion,
the HRA will issue a “Certificate of Completion” in recordable form.
8.Public Assistance: Subject to all terms and conditions of the Development Agreement(s)
and satisfaction of the requirements of applicable law including a final “but for” analysis,
the HRA will reimburse the Developer for costs of construction of the Multi-Family
Building as follows:
a.The HRA would invest in the project by approving a Renewal and Renovation Tax
Increment Financing District and a TIF PAY-AS-YOU-GO note with a principal
amount ranging from $10,976,000 to $11,243,000, generated by the Project
based on an interest rate of 6%. The final TIF amount will be determined by the
parties based on the contractor's final construction timeline and will be included
in the TIF Agreement, which will be before the Council for consideration on June
20, 2023. The PAYGO note will be payable from 90% of the tax increment
generated from the Multi-Family Building and Wells Fargo Building, on a PAY-AS-
YOU-GO basis until the principal amount of the TIF has been satisfied
b.as determined by the HRA, for a period of up to 15 years.
The PAYGO note will be issued and the loan will be advanced upon completion of the
Multi-Family Building and proof of expenditure of Qualified Costs for such building.
“Qualified Costs” means costs of construction of the Multi-Family Building, including
without limitation, demolition of existing structures, site improvements, utilities, building
construction and parking and any other expenses incurred by the Developer in connection
with construction of the Multi-Family Building and eligible for payment in accordance with
the TIF Act.
9.Mixed-Income Housing: The Developer agrees the Minimum Improvements will conform
in all respects to the City’s Mixed-Income Housing Policy and Minnesota Statutes, Section
469.174 through 469.1794, as amended (the “TIF Act”) as follows:
a.At least 15% of the rental units must be occupied by or available for rent to
persons whose income does not exceed 60% of the area-wide median family
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that figure is determined and announced from time to time by HUD, as adjusted
for family size (“AMI”). At least 15% of the units (i.e. 46 units in the Multi-Family
Building) must be rented to households whose incomes do not exceed 60% of AMI;
b.Those units will also be subject to rent restrictions such that rents shall not exceed
60% of AMI , as applicable;
c.The restrictions will remain in place for 20 years;
d.Income certifications will be obtained from each qualifying tenant annually and
retained for the 20 years;
e.A household that was income eligible at initial occupancy may be treated as
qualifying for additional rental periods as long as the income of the household
does not exceed 140% of the applicable AMI; thereafter the first available unit
must be rented to a household meeting the applicable income limitation;
f.The restrictions will be set forth in a Declaration of Restrictive Covenants recorded
against the applicable portion of the Property and restricting subsequent owners
of the Multi-Family Building in a form that is mutually agreeable;
g.The Developer shall not concentrate qualifying tenants in any floor or any area of
any building in the facility. The units occupied by qualifying tenants shall reflect
the unit mix of the whole facility and shall be located throughout the facility.
10. Fees: The City will require the Developer to pay for 100% of the costs of establishing the
TIF district and to pay for the reasonable out-of-pocket legal, financial consultant and
administrative fees associated with this transaction. Developer will sign a separate
deposit agreement with the City and deposit funds with the City to cover these costs.
11. Labor and Contracting Requirements:
a.The Developer shall prepare, and utilize in its contract with the General Contractor
and all subcontracts, a sub-contractor addendum, acceptable to the HRA, which
outlines fair labor law compliance, and allows general contractor to withhold
payment or cancel contract if violations are reported (the “Subcontract
Addendum”).
b.Developer shall prohibit use of all disqualified contractors on state "disqualified"
list; review list prior to construction commencement with respect to each
subcontractor; remove any subcontractor added to the list.
c.Developer and all contractors and subcontractors shall comply with all federal,
state, and local labor laws.
d.If a claim is filed with the Minnesota Department Labor regarding any contractor
or subcontractor doing work on the Property, Developer shall fully cooperate with
the Department, including taking any reasonable action required by the
Department or that Developer otherwise elects to take. Developer shall also fully
enforce the contracts with the General Contractor and subcontractors, including
enforcing and requiring the General Contractor to enforce the Subcontract
Addendum.
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e.General Contractor will use and enforce the Subcontract Addendum (or a
substantially similar addendum) with all subcontractors, and the General
Contractor shall, and shall require all subcontractors to, cooperate with the
Department of Labor regarding any claim filed with the Department, including
taking any action reasonably required by the Department or that Developer
otherwise elects to take.
f.Developer shall certify to the HRA that proper payments to all contractors,
subcontractors, and project laborers have been paid prior to the issuance of a
Certificate of Completion as a prerequisite to receipt of PAYGO Note or other
assistance.
g.Failure to comply with the above points will be an event of default under the
development agreement.
12.Miscellaneous:
a.Transfer of the Property or of the Development Agreement or PAYGO note
payments will be subject to HRA consent except for certain limited exceptions
including mortgage financing and rentals of housing units in the ordinary course
of operations.
b.Developer covenants to pay property taxes and maintain customary insurance.
c.Developer must keep all units in compliance with local codes and other applicable
state and local building codes to ensure the units are decent, safe, and sanitary at
all times.
d.Developer and its agents must adhere to Equal Opportunity, Affirmative
Marketing, and Fair Housing practices in all marketing efforts, eligibility
determinations and other transactions. The Equal Housing Opportunity logo or
statement (“We do business in accordance with the Federal Fair Housing Law. It is
illegal to discriminate against any person because of race, color, religion, sex,
handicap, familial status, or national origin.”) must be used in all advertising of
vacant units.
e.Additional conditions of assistance remain under consideration.
The Developer acknowledges that except for Section 10 above which shall be binding upon
Developer, this Term Sheet shall not be deemed conclusive or legally binding upon either the
Developer or the HRA, and neither the Developer nor the HRA shall have any obligations
regarding the property defined below, unless and until a definitive Development Agreement is
approved by the HRA board and executed by both the Developer and the HRA.
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Preliminary Terms of Development
Wells Fargo Bank
Sentinel Golden Valley Apartments
8200GOlden Valley Road & 8240 Golden Valley Drive
Sentinel Holdings Company
Housing and Redevelopment Authority
May 9, 2023
Alma Flores, Community Development Director
Cherie Shoquist, Housing and Economic Development Manager
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Wells Fargo Bank | Sentinel Golden Valley Apartments
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Preliminary Terms of Development
•Review and Discuss Preliminary Terms: May 9 HRA Work Session
•Affordable Housing under the Mixed
Income Housing Policy
•Tax Increment Financing Assistance
•Consider Approval of Preliminary Terms:May 16 HRA Special Session
•Consider Recommendation and June 20 HRA/City Council Meeting
Approval of Request for Tax Increment
Financing:
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Mixed Income Housing Policy
Preserve and promote economically
diverse housing options in our community
by creating high quality housing in Golden
Valley for households with a variety of
income levels, ages, and sizes.
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Mixed Income Housing Policy
For Rental Developments
•15% of the units affordable
at 60% AMI for 20 years
•10% of the units affordable
at 50% AMI for 20 years
Add or create ten or more units
and receive approvals under a:
•Conditional Use Permit
•Zoning Map Amendment
•Comprehensive Plan Map
Amendment
•Planned Unit Development or
•Receive Financial Assistance
from the City –TIF Request
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Sentinel Apartments Golden Valley
•8200 & 8240 Golden Valley Road
•Units: 303; 46 units affordable at 60% AMI
•5 Studio
•29 1-BR
•12 2-BR
•Parking spaces: 450
•Amenities: great room, wellness studio,
entertainment suite, theatre, patio,
rooftop deck, business center, hospitality
suite, guest suites
•Construction: Summer 2024 –Summer
2026
•Estimated Market Value: $109 M
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Affordable Housing Plan
Sentinel Apartments Golden Valley
Policy Requirement Plan Met
Affordable Units All rental residential developments that add or create ten
or more units. At least 15% of the units must be
affordable to households with incomes at or below 60%
of Area Median Income
46 units, 15% of the units must be affordable to households
with incomes at or below 60% of Area Median Income
Yes
Calculation of Units 46 affordable units 46 affordable units Yes
Period of Affordability At least twenty (20) years Twenty (20) years Yes
Location of Units Within the development Within the development Yes
Construction of Units Concurrent with construction of market rate units Concurrent with construction of market rate units Yes
Size and Design of Units Consistent with and comparable to market rate units in
the same development
Consistent with and comparable to market rate units in the
same development
Yes
Exterior/Interior Appearance Indistinguishable in style and quality from the market rate
units in the same development
Indistinguishable in style and quality from the market rate units
in the same development
Yes
Distribution of Units Incorporated into the overall project Incorporated into the overall project and on every level of the
development
Yes
Tenants Affordable units shall be rented only to income eligible
families during the period of affordability.
Affordable units shall be rented only to income eligible families
during the period of affordability.
Yes
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Tax Increment
Financing Analysis
Tom Denaway, Municipal Advisor
Baker Tilly
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Tax Increment Financing
•What is TIF?
•A method of capturing tax base growth resulting from new development
•Property within TIF District pays their full property tax amount based on new
value
•The future increased local property taxes generated by the new development
are captured over time as increment
•Pay -as-you-go TIF reimburses the Developer for their TIF eligible improvements
over time
•Developer is only eligible to receive revenue as generated by the project
•TIF Districts have a fixed term for capture, then new development is added to
tax base
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Tax Increment Financing
Annual Taxes Generated (Dollars)$$$$$
$$$$
$$$
$$
Duration of TIF District (Years)
New Tax Base
(post-project;
flows to
General Fund
and all taxing
jurisdictions)Base Taxes
(continues to City, County,
School District and other
taxing jurisdictions)
Incremental Taxes
(portion used to finance
TIF-eligible expenditures)
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Tax Increment Financing Analysis
•Renewal & Renovation TIF District Eligibility
•Parcels comprising 70% of the area of the District are occupied
•20% of the buildings are “Structurally Substandard”
•30% of the other buildings require substantial renovation or clearance
•Structurally Substandard = Cost of bringing the existing building into code-compliance is greater
than 15% of the cost of constructing a new building of the same size and type.
•Proposed District Qualifies
•Qualification of District as eligible based on review by LHB Engineering
•100% of parcels in District are occupied
•50% of the buildings are “Structurally Substandard”
•100% of the other buildings require substantial renovation or clearance
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Tax Increment Financing Analysis
•Need for Assistance
•The table below identifies the projected Unleveraged Rate of Return for the project without
assistance and with the requested TIF assistance, based on the inclusion of 15% of the units as
affordable at 60% of the AMI
•Third-Party Benchmark for project feasibility identified as 6.86%
•Projected return without assistance falls significantly below this threshold
•Project return with assistance is essentially right inline with identified benchmark.
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Tax Increment Financing Analysis |
Preliminary Terms
•Use of TIF Revenue in Renewal & Renovation District:
The proposed Tax Increment Financing terms include:
•The HRA agrees to invest in the project by providing a Renewal and Renovation Tax Increment
Financing District ranging from up to an estimated $10,976,000 to an up to $11,243,000 in
principal amount TIF via a PAY-AS-YOU -GO NOTE, generated by the Project based on an interest
rate of 6%.
•The principal TIF amount is subject to the construction timeline to be finalized prior to June 20,
2023.
•The maximum in annual TIF payments equal to 90% of the TIF principal amount on a PAY-AS-
YOU -GO basis until the principal amount of the TIF has been satisfied
•The maximum duration of TIF District is 15 years from the first increment
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Timeline
DATE ENTITY EVENT
May 9, 2023 HRA Work Session Review Term Sheet
May 16, 2023 HRA Special Session Consider Approval of Term Sheet
May 19, 2023 Staff
Baker Tilly
County and School District receive impact letters and draft TIF plan (At least 30 days prior
to public hearing)
May 22, 2023 Planning Commission Review TIF Plan and consider a finding that the development is consistent with
Comprehensive Plan
June 8, 2023 Staff
Baker Tilly
Publication of notice of public hearing in Sun Post Newspaper (10-30 days prior to public
hearing)(Deadline June 1, 2023)
June 20, 2023 HRA Meeting Review TIF Plan and consider adopting a resolution approving creation of TIF Plan and TIF
District; recommend approval of TIF and related legal agreements
June 20, 2023 City Council Meeting Hold public hearing and consider adopting a resolution approving creation of TIF Plan and
TIF District; approve TIF and related legal agreements
After June 20, 2023 Staff
Baker Tilly
Notification to County and State of TIF Plan
July –September 2023 Developer Demolition of vacant building
July 2023 –August 2024 Developer Phase I Construction –Wells Fargo
July 2024 –June2026 Developer Phase II Construction –Sentinel Golden Valley Apartments
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QUESTIONS?
THANK YOU.
Cherie Shoquist
763-593-3983
cshoquist@goldenvalleymn.gov
www.goldenvalleymn.gov
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