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01-13-09 HRA Agenda AGENDA GOLDEN VALLEY HOUSING AND REDEVELOPMENT AUTHORITY REGULAR MEETING January 13, 2009 - 6:30 PM Golden Valley City Hall 1. Roll Call 2. Approval of Minutes - November 10, 2008 Special HRA Meeting 3. Approval of Bills: City of Golden Valley TOTAL 37,979.18 $37.979.18 Bill Summary: General Fund - 2009 15,840.00 Valley Square - Capital Project Fund - Area B Tax Increment Fund o -16,557.78 Golden Hills - Capital Project Fund - Central Area Tax Increment Fund 10,529.45 o North Wirth - Capital Project Fund - District #3 9,136.26 City General Fund . United Properties Receivables TOTAL 19,031.25 $37.979.1~ 4. Receive and File December Financial Reports 5. Election of Officers 6. Set 2009 HRA Meetings Regular Meetings Special Workshop 7. Adoption of 2009 General Fund Budget: Resolution 09-01 8. Designation of Depositories: Resolution 09-02 9. Review of Tax Increment Financing Policy 10. Other Business 11. Adjournment to Special Workshop (Following Council/Manager Meeting) Reconvene in Special Workshop 12 Review of Developer Proposals for Minnesota Department of Transportation Parcel at 1-394 and Highway 100 13 Review of Redevelopment Plan for Douglas Drive Corridor Redevelopment Project Area 14 Adjournment Lie f:]' .T...h iSdo...cu m e..ot..j$....av.....8.......n.able.. i..n.... a.'.lt..e.rnate.fo.rm.ats.u p.on a. 72..h...o.u..rreQuest.Plea$eCall...... . 763-593-8006 my: 763-593-3968) to make a request. Examples of alternate formats) . may include large print, electronic, Braille, audiocassette, etc. SPECIAL MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY November 14, 2008 Pursuant to due call and notice thereof, a regular meeting of the Housing and Redevelopment Authority of the City of Golden Valley, Hennepin County, Minnesota, was held at 7800 Golden Valley Road in said City on November 14,2008, at 6:30 pm, in the City Council Chambers. Assistant Director Andre displayed a ma stated that the area outlined was consi the Plan. The study of the Douglas Dri there were no sidewalks, as a pri criteria for redevelopment. The the Housing Redevelopment Au step would be to present. consideration by the Cit re, Th'e following members were present: Chair Paula Pentel and Commission Freiberg, Linda Loomis, DeDe Scanlon and Robert Shaffer. Also present Director Thomas Burt, HRA Attorney Alan Barnard, Assistant HRA Dir . Finance Director Sue Virnig and Administrative Assistant Christine Approval of the Minutes MOVED by Loomis, seconded by Scanlon, and motion ca the October 14, 2008 regular HRA meeting. Public Hearin on Redevelo ment Plan for D Proiect Area orridor Redevelo ment sed redevelopment area and Is and the objectives outlined in entified roadways, particularly where osed senior housing would meet the lopment starts with a public hearing at if n is approved by the HRA the next Commission for review and then final another public in January of 2009. e tax increment would not be established because staff recommends proceeding with consideration of the . HR irector Burt, reported that since the developer has not ed for the redevelopment, he recommends that no action be taken erg, questioned the following statement in the plan, "The land in the Redevelo roject would not be made available for development without the financial aid to be sought since private developers could not economically develop the Redevelopment Project without the proposed redevelopment activities." City Attorney Barnard explained that the wording is generic and only meant to allow development to go forward, he used downtown Minneapolis and Golden Valley shopping center as examples of areas in a redevelopment district. Chair Pentel motioned that the meeting was now open for the Public Hearing and that anyone wishing to speak could approach the podium. Seeing and hearing no one Chair Special Meeting of the Housing and Redevelopment Authority November 14,2008 Page 2 Pentel closed the Public Hearing. Resolution 08-03 regarding Resolution for Adopting the Redevelopment Plan for Douglas Drive Corridor Redevelopment Project Area Discussion ensued about changing Map A to include all of the Douglas Drive right-of-way adjacent to areas A-1, A-2, and A-3, and right-of-way at Duluth Street and adding text to the Plan outlining the map changes. Commissioner Shaffer introduced the f, wing resolution, including the proposed amendments these amendments and mo . s adoption: RESOLUTION 08-3 RESOLUTION ADOPTING THE REDEVELOPMENT PLAN FOR DOU CORRIDOR REDEVELOPMENT PROJECT AR rg, and reiberg, same: none; ignature attested The motion for the foregoing resolution was seconded by Com upon a roll call vote being taken thereon, the following voted in Loomis, Pentel, Scanlon and Shaffer; the following voted . whereupon said resolution was adopted, signed by the by the Director. Commissioner Shaffer pointed out the Advisory help identify improvements, like sidewalks, wh that public participation was invited durin sessions and small group meetings wit was positive. uglas Drive corridor will nstructed. Shaffer stated rocess including brain storming e feedback from the workshops Joint Public Hearing on Esta Drive District No.1) and Priv Residential L.L.C.) crement Financing Plan (Douglas t Agreement (United Properties a of the proposed district includes the right-of- ven p vate development parcels and the adjacent this t e the HRA will be taking no action on the proposed TIF reement and the notice of public hearing will be re-noticed if an iated. The Commissioners agreed to take testimony from those ed hearing. Chair Pentel motioned that the meeting was now open for Marguerite Harbison approached the podium and wanted to know if the area between Douglas Drive and Golden Valley Road had been rezoned to R-4. Burt stated that the zoning is reviewed by the Planning Commission, which will look at the height requirements. A prior resident, John Paulson, spoke about living in Golden Valley and being a builder Special Meeting of the Housing and Redevelopment Authority November 14, 2008 Page 3 since 1947. He was opposed to tax increment financing. Burt stated that the tax increment would be a two million dollar write down on the land that would be paid for over twenty-five years and the advantage would be that the tax increment financing would keep the cost of senior housing units affordable. Resident Carol Harbison questioned the purpose of tax increment financing purpose was for public redevelopment such as parks. Paula Pentel, Chair Pentel stated that tax increment generated above and beyond the redevel used for public improvements. Barnard stated that the Golden Valley shopping center is an examp district that benefited the public. Harbison questioned how United Properties proposal coul public. Burt explained that the tax increment keeps the hou senior co-op units. Pentel seeing and hearing no one else wis Adiournment The meeting was adjourned at 7: ATTEST: Jeanne Andre, Assistant HRA Director Memorandum Housing & Redevelopment Authority 763-593-8002 I 763-593-8109 (fax) alley 7800 Golden Valley Rd. Golden Valley, MN 55427 763-593-8014 Date: January 13, 2009 To: Housing and Redevelopment Authority Commissioners From: Sue Virnig, Finance Director Through: Thomas D. Burt, Director Subject: Reimbursement of City Expenditures for the HRA As of December 31,2008 the following expenditure amounts were owing to the City by the HRA: City Expenditures: 1000 Best & Flanagan (Sept-Oct-Nov-Iegal-Opus deposit)* 1000 Best & Flanagan (Sept-Oct-Nov legal-United deposit)* 1000 SEH (Traffic Study -United deposit)* 1000 SEH (Traffic Study -United deposit)* 1000 Best & Flanagan (Sept legal-General)* 1000 Best & Flanagan (October legal - Golden Hills) 1000 Best & Flanagan (October legal-General) 1000 Best & Flanagan (November legal-General) 1000 Best & Flanagan (October legal-North Wirth) 1000 LHB (blight study-United deposit)* 1000 Springsted (Redevelopment Plan-United deposit)* 1000 Dorsey & Whitney (Redevelopment Plan) 9250 GVEC (December TIF payment made in February) 1000 HRA MVHC Amount 10,493.20 15,573.20 2,150.88 791.62 398.75 36.25 442.20 398.75 253.75 365.60 10,532.50 4,217.75 8,882.51 -16,557.78 $37,979.18 HRA Expenditures: 9000 General Fund 9120 Valley Square Tax Increment Fund 9250 North Wirth Capital Projects 9280 Golden Hills Capital Projects 1000 United Properties Receivable 15,840.00 -16,557.78 9,136.26 10,529.45 19,031.25 $37,979.18 95434 95150 95150 94547 94946 94946 95434 94946 94756 95435 95603 4026 REC This reimbursement should be approved by the HRA as part of the normal bill paying process. Those noted with an asterisk are coming from deposit accounts paid by the Developer. The amount owing on the United Properties will be paid if the developer returns. HRA of Golden Valley General Fund December 2008 Budget Report Percentage Of Year Completed 99% Revenue 2008 Budget Oct-Dee Actual YTD Actual Over (Under) Budget %Of Budget Received Transfer from TIF Funds: Valley Square (3) Golden Hills (3) Fund Balance $10,000 0.00 10,000.00 0.00 100.00% 150,000 0.00 150,000.00 0.00 100.00% 0 257.97 796.60 796.60 9,000 0.00 0.00 (9,000.00) 0.00% $169,000 257.97 160,796.60 (8,203.40) 95.15% Interest Earnings (2) Totals Over %Of 2008 Oct-Dee YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 1,239.70 4,918.40 (1,081.60) 81.97% Audit 12,000 0.00 12,000.00 0.00 100.00% City Overhead (3) 150,000 0.00 150,000.00 0.00 100.00% Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00% Totals $169,000 1,239.70 166,918.40 (2,081.60) 98.77% Notes: (1) Includes November to date billings from Best & Flanagan. (2) Interest is through 12/08. (3) Transfers were made in July 2008. Projected Cash Ba!. @ 12/31 Bond Principal & Interest Outstanding @ 12/31 $1,237,247 $1,082,171 $171,332 $942,557 $2,415,575 $1,574,900 $0 $771,225 City of Golden Vallev - HRA . Tax Increment District Proiections Golden Hills Tax Increment Fund: (Includes Tax Increment Fund and Debt Service) 2008 2009 2010 2011 2012 2013 2014 2015 Projected Cash Bal. @1/1 $3,577.647 $4,318,084 $5,175,771 $6,095,690 $7,150,271 $9,382,376 $10,649,809 $10,010,331 Plus: Estimated Tax Increment 3,867,861 3,906,540 3,945,605 3,985,061 4,024,912 4,065,161 4,105,812 Interest Earnings (2% of Beg. Bal.) 18,683 43,181 51,758 121,914 143,005 187,648 212,996 Less: Transfer to HRA General Fund (150,000) (159,000) (159,000) (159,000) (159,000) (159,000) (159,000) Debt Service: 1999 C Tax Incr. Bonds (5.09%) (Callable 02/01/08) (871,495) (870,320) (869,470) (866,970) 2004 A Tax Incr. Refunding Bonds (2.27%) (225,387) (225,125 ) (226,562) (231,187) 2005 B Taxable Tax Incr. Refunding Bonds (4.69%) (423,704) (417,442) (411,841) (412,766) (407,991) (402,710) (1,759,910) (1,686,475) 2005 A Tax Increment Refunding Bonds (3.50%) (104,521 ) (109,071 ) (116,071) (123,971) (126,571) (128,915) (546,877) (533,282) 2006 A Taxable Tax Incr. Refunding Bonds (5.12%) (1,371,000) (1,311,075) (1,294,500) (1,258,500) (1,242,250) (2,294,750) (2,492,500) (2,950,500) Projected Cash Bat. @ 12131 $4,318,084 $5,175,771 $6,095,690 $7,150,271 $9,382,376 $10,649,809 $10,010,331 $4,840,074 Bond Principal & Interest Outstanding @ 12131 $22,995,060 $20,062,785 $17,165,545 $14,293,355 $12,535,035 $9,755,255 $5,065,439 $0 HRA Of Golden Valley Capital Project Funds 2008 Financial Report 9280 9220 9250 Golden Valley North Hills Sauare Wirth #3 Cash Balance @ 10/01/08 $283,982.70 $759,458.76 $17,425.98 Add: Receipts: Interest 2,796.26 7,107.67 190.08 December TIF payment 8,882.51 Less: Expenditures: City of Golden Valley (1) (36.25) (9,136.26) $17,362.31 Cash Balance @12/31/08 $286,742.71 $766,566.43 (1) Breakdown on City Expenditures Memo alley Memorandum Housing & Redevelopment Authority 763-593-8002/763-593-8109 (fax) Date: January 13, 2009 To: HRA Commissioners From: Thomas D. Burt, HRA Director Subject: Election of Officers The HRA by-laws provide for the election of two officers to the HRA - Chairperson and Vice Chairperson. The by-laws state these positions are to be elected for a one-year term. The officers in 2008 were: Chairperson, Paula Pentel; Vice Chairperson, Mike Freiberg. hlley Me orandum Housing & Redevelopment Authority 763-593-8002 I 763-593-8109 (fax) 7800 Golden Valley Rd. Golden Valley, MN 55427 763-593-8014 Date: January 6, 2009 To: HRA Commissioners From: Jeanne Andre, Assistant Director Through: Tom Burt, Director Subject: 2009 Regular Meeting Dates According to the HRA By-Laws the HRA meets quarterly in January, April, July and October and by the call of special meetings. The quarterly meetings are on the second Tuesday of the month. The 2009 proposed regular meeting dates are: January 13, April 14, July 14 and October 13. As there are no known conflicts with these dates, staff recommends setting the dates of the 2009 Regular Meetings of the HRA. Recommended Action: Set the dates of the HRA Regular Quarterly Meetings in 2009 for January 13, April 14, July 14 and October 13 at 6:30 pm. Hey Memorandum Finance 763-593-8013/763-593-8109 (fax) Executive Summary For Action Golden Valley HRA Meeting January 13, 2009 Agenda Item 7.2009 Housing and Redevelopment Authority (HRA) General Fund Budget Prepared By Sue Virnig, Finance Director Summary Attached is the 2009 Housing and Redevelopment Authority General Fund Budget. There is no increase from the 2008 budget. Attachments Resolution 09-01 Adopting 2009 General Fund Budget (1 page) Recommended Action Motion to adopt Resolution 09-01 Adopting 2009 HRA General Fund Budget. Resolution 09-01 January 13, 2009 Commissioner introduced the following resolution and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY (HRA) ADOPTING THE 2009 GENERAL FUND BUDGET BE IT RESOLVED by the HRA that the appropriations for the General Fund Program for the calendar year 2009 as follows: GENERAL FUND Expenditures Legal Services Audit Services Permanent Transfer Miscellaneous Proposed Budget $6,000 12,000 150,000 1.000 $169.000 BE IT FURTHER RESOLVED by the HRA that the sources of financing the sums appropriated shall be: GENERAL FUND Revenue Valley Square - Tax Increment fund Golden Hills - Tax Increment fund $14,000 159.000 $169.000 Paula Pentel, Chair ATTEST: Thomas D. Burt, Executive Director Motion for the adoption of the foregoing resolution was seconded by ; and upon a vote taken thereon, the following voted in favor thereof: ; and the following voted against the same: ,whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Director. I alley Memorandum Finance 763-593-8013/763-593-8109 (fax) Executive Summary For Action Golden Valley HRA Meeting January 13, 2009 Agenda Item 8. Designation of Depositories for City Funds Prepared By Sue Virnig, Finance Director Summary State Law requires cities to have depositories for city funds approved annually. The attached resolution states the depositories, accounts, and signature requirements for each account. Attachments Resolution Designating Depositories for HRA Funds (2 pages) Recommended Action Motion to adopt Resolution Designating Depositories for HRA Funds. Resolution 09-02 January 13, 2009 Commissioner introduced the following and moved its adoption: RESOLUTION DESIGNATING DEPOSITORIES FOR HRA FUNDS BE IT RESOLVED by the Housing and Redevelopment Authority of Golden Valley that the following are named as depositories for HRA funds, subject to the furnishing of collateral for funds on deposit as provided in the Laws of the State of Minnesota: BNC National Bank Central Bank Piper Jaffray Companies RBC-Dain Rauscher US Bank Wells Fargo BE IT FURTHER RESOLVED that the following signatories or alternates are authorized to be signatories on checks drawn on funds deposited: 1. General Checking: HRA Chair or Vice Chair and HRA Director or Assistant HRA Director Each check shall require (two) signatures. BE IT FURtHER RESOLVED that the following shall be authorized to make investments of HRA funds and shall be authorized to deposit the principal of said investments in the above named depositories as necessary and beneficial to the City: HRA Director, City Treasurer, City's Accounting Coordinator. The HRA Director and City Clerk are authorized and directed to furnish each of the depositories with certified copies of this resolution along with such signature documentation as is required by the depository and the authorizations set forth under 1 and 2 above. Paula Pentel, Chair ATTEST: Thomas D. Burt, Director Motion for the adoption of the foregoing resolution was seconded by ; and upon a vote taken thereon, the following voted in favor thereof: ; and the following voted against the same: ,whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Director. Hey Me orandum Housing & Redevelopment Authority 763-593-8002 J 763-593-8109 (fax) 7800 Golden Valley Rd. Golden Valley, MN 55427 763-593-8014 Date: January 8, 2009 To: Housing and Redevelopment Authority Commissioners From: Jeanne Andre, Assistant Director Through: Thomas D. Burt, Director Subject: Review of Tax Increment Financing Policy In 2003 the Housing and Redevelopment Authority (HRA) adopted a policy and procedure related to Tax Increment Financing. At the time of its adoption, the HRA requested an annual review of the policy to see if it should be continued or revised. Attached is the current version of the policy, which was last changed in 2006. In keeping with the HRA request for annual review the current policy is presented for consideration by the HRA. Staff has no recommended changes to the policy in 2009. In 2008 there were no recommended changes to the policy but staff recommended changes in the fee structure to provide for an initial fee of $10,000 with an open-ended supplemental application fee, paid in increments of $5000, which the Commissioners approved. Staff . recommends that the new fee structure remain in place. Recommended Action: Discuss and review attached Tax Increment Financing Policy. If the Commissioners wish to continue with the policy as established, a motion reaffirming the policy would be adequate. If Commissioners wish to change or rescind the policy, direction should be provided to staff and a new resolution reflecting the direction of the HRA will be prepared for the next meeting of the HRA. GOLDEN VALLEY HOUSING AND REDEVELOPMENT AUTHORITY GOLDEN VALLEY, MINNESOTA TAX INCREMENT FINANCING POLICY REVISED: April 11, 2006 I. POLICY PURPOSE For the purposes of this document, the term "HRA" shall include the Golden Valley Housing and Redevelopment Authority. The purpose of this policy is to establish the position of the Golden Valley HRA relating to the use of Tax Increment Financing (TIF) for private development above and beyond the requirements and limitations set forth by State Law. This policy shall be used as a guide in the processing and review of applications requesting tax increment assistance. The fundamental purpose of tax increment financing in Golden Valley is to encourage desirable development or redevelopment that would not otherwise occur but for the assistance provided through TIF. Regardless of authorized expenditures under the law, it is the intent of the HRA to provide the minimum amount of TIF at the shortest term required for the project to proceed. The HRA reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria, and demand on city services in relation to the potential benefits from the project. Meeting policy criteria does not guarantee the award of TIF to the project. Approval or denial of one project is not intended to set precedent for approval or denial of another project. II. OBJECTIVES OF TAX INCREMENT FINANCING As a matter of adopted policy, the HRA will consider using TIF to assist private development projects to achieve one or more of the following objectives: A. To retain local jobs and/or increase the number and diversity of jobs that offer stable employment and/or livable wages and benefits. B. To encourage additional unsubsidized private development in the area, either directly or indirectly through "spin off" development. C. To facilitate the development process and to achieve development on sites which would not be developed without TIF assistance. -1- D. To remove blight and/or encourage redevelopment of commercial and industrial areas in the city that result in high quality redevelopment and private reinvestment. E. To offset increased costs of redevelopment (i.e. contaminated site clean up) over and above the costs normally incurred in development. F. To create opportunities for affordable housing. G. To contribute to the implementation of other public policies, as adopted by the city from time to time, such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government H. Foster sustainable development and work to establish a balance between urban and natural systems. Encourage the application of green building and infrastructure techniques. Examples include low-impact development that maintains the natural functions of the land, reduces storm water runoff and fosters resource conservation and the use of renewable systems in new construction. III. POLICIES FOR THE USE OF TAX INCREMENT FINANCING A. The priority for the use of TIF funds is: 1. Public improvements, legal, administrative, and engineering costs. 2. Site preparation, site improvement, land purchase, soil correction, environmental remediation and demolition. 3. Capitalized interest, bonding costs. B. TIF assistance will be provided to the developer upon receipt of the increment by the City, otherwise referred to as the pay-as-you-go method. Requests for up front financing will be considered on a case by case basis. C. A maximum of ten percent (10%) of any tax increment received from the district shall be retained by the City to reimburse administrative costs. D. Any developer receiving TIF assistance shall provide an equity investment in the project. E. TIF will be used to purchase land and/or property only at fair market value. F. TIF shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. -2- G. The developer must provide adequate financial guarantees to ensure completion of the project, including, but not limited to: assessment agreements, letters of credit, personal guaranties, escrow deposits, etc. H The developer shall adequately demonstrate, to the City's sole satisfaction, an ability to complete the proposed project based on past development experience, general reputation, and credit history, among other factors, including the size and scope of the proposed project. I. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial, environmental, or other data requested by the City or its consultants. IV. SUBSIDY AGREEMENT & REPORTING REQUIREMENTS All developers/businesses receiving tax increment financing assistance from the Golden Valley HRA shall be subject to the provisions and requirements set forth by state statute 116J.993 and summarized below. A. All developers/businesses receiving TIF assistance shall enter into a subsidy agreement with the Golden Valley HRA that identifies: the reason for the subsidy, the public purpose served by the subsidy, and the goals for the subsidy, as well as other criteria set forth by statute 116J.993. B. The developer/business shall file a report annually for two years after the date the benefit is received or until all goals set forth in the application and performance agreement have been meet, whichever is later. Reports shall be completed using the format drafted by the State of Minnesota and shall be filed with the Golden Valley HRA no later than March 1 of each year for the previous calendar year. Businesses fulfilling job creation requirements must file a report to that effect with the city within 30 days of meeting the requirements. C. The developer/business owner shall maintain and operate its facility at the site where TIF assistance is used until the end of the TIF District. D. Developers / Businesses failing to comply with the above provisions will be subject to fines, repayment requirements, and be deemed ineligible by the State of Minnesota to receive any loans or grants from public entities for a period of five years. -3- APPLICATION FOR TAX INCREMENT FINANCING A. APPLICANT INFORMATION Name of Corporation/Partnership Address Primary Contact Address Phone Fax Email Attorney Name Address Phone Fax Email Accountant Name Address Phone Fax Email Contractor Name Address Phone Fax Email Engineer Name Add ress Phone Fax Email Architect Name Address Phone Fax Email -1- B. PROJECT INFORMATION The project will be: _Industrial Greenfield: _New Construction _Expansion _Commercial Redevelopment: _New Construction Rehabilitation _Industrial Redevelopment: New Construction Rehabilitation _Other The project will be: _Owner Occupied _Leased Space Project Address Legal Description Attach Site Plan Amount of Tax Increment Requested for: Land Purchase $ Public Improvement $ Site Improvement $ Current Real Estate Taxes on Project Site: $ Estimated Real Estate Taxes upon Completion: Phase I $ (If Any) Phase II $ Construction Start Date: Construction Completion Date: If Phased Project: Year % Completed Year % Completed -2- C. PUBLIC PURPOSE It is the' policy of the Golden Valley HRA that the use of Tax Increment Financing should result in a benefit to the public. Please indicate how this project will serve a public purpose. Job Creation: Number of existing jobs Number of jobs created by project Average hourly wage of jobs created _ New industrial development which will result in additional private investment in the area. _ Enhancement or diversification of the city's economic base. _ Removal of blight or the rehabilitation of a high profile or priority site. Other: -3- D. SOURCES & USES OF FUNDS SOURCES NAME Bank Loan Other Private Funds Equity Fed Grant/Loan State Grant/Loan EDA Micro Loan ID Bonds Tax Increment (present value of "pay as you go") Other TOTAL USES Land Acquisition Site Development Construction Machinery & Equipment Architectural & Engineering Fees Legal Fees Interest During Construction Debt Service Reserve Contingencies Other TOTAL -4- AMOUNT $ $ $ $ $ $ $ $ $ $ AMOUNT $ $ $ $ $ $ $ $ $ $ $ E. ADDITIONAL DOCUMENTATION Applicants will also be required to provide the following documentation. 1. Current financial statements and those for the past two years: Profit & Loss Statement Balance Sheet 2. Brief description of the corporation/partnership's business, including history, principal product or service, etc... Attach as Exhibit I. 3. Names of officers and shareholders/partners with more than five percent (5%) interest in the corporation/partnership. Attach as Exhibit II. 4. A but-for analysis (proforma). Attach as Exhibit III. (See example on page -> 5. Application fee of $10,000 (non-refundable) -5- The undersigned certifies that all information provided in this application is true and correct to the best of the undersigned's knowledge. The undersigned authorizes the Golden Valley HRA to check credit references and verify financial and other information. The undersigned also agrees to provide any additional information as may be requested by the City after the filing of this application and to submit a supplemental application fee of $5,000 if the balance of application fees previously submitted is expended. I have received, and read, a copy of the Golden Valley Tax Increment Financing Policy. Applicant Name Date By Printed name Signature Its Printed name Signature -6- EXAMPLE BUT-FOR ANALYSIS WITH NO WITH TAX INCREMENT TAX INCREMENT SOURCES AND USES SOURCES AND USES SOURCES SOURCES Mortgage 9,600,000 8,667,000 Equity 2,400,000 2,400,00 Tax Increment Financing 0 933,000 TOTAL SOURCES 12,000,000 12,000,000 USES USES Land 1,500,000 1,500,000 Site Work 300,000 300,000 Soil Correction 468,000 468,000 Demolition 100,000 100,000 Relocation 65,000 65,000 Subtotal Land Costs 2,433,000 2,433,000 Construction 6,750,000 6,750,000 Finish Manufacturing 250,000 250,000 Subtotal Construction Costs 7,000,000 7,000,000 Soft Costs 350,000 350,000 Taxes 35,000 35,000 Finance Fees 850,000 850,000 Project Manager 542,000 542,000 Developer Fee 540,000 540,000 Contingency 250,000 250,000 Subtotal Soft Costs 2,567,000 2,567,000 TOTAL USES 12,000,000 12,000,000 Income Statement I ncome Statement Sq. Ft. Per Sq. Ft. Sq. Ft. Per Sq. Ft. Rent-Space 1 100,000 $8. 00 800,000 100,000 $8. 00 800,000 Rent-Space 2 25,000 $8.50 212,500 25,000 $8.50 212,500 Rent-Space 3 25,000 $9.00 225,000 25,000 $9.00 225,000 Other 0 $0.00 0 0 $0.00 0 1,237,500 1,237,500 Mortgage 20 Term 1,051,646 20 Term 949,439 9.00% Interest 9.00% Interest 9,600,000 Principal 8,667,000 Principal Net Income 185,854 288,061 Total Return on Equity 7.74% 12.00% -7- G:\HRAMISC\TIF\ApprovedTIF.doc Hey Housing and Redevelopment Authority 763-593-8002/763-593-8109 (fax) 7800 Golden Valley Rd. Golden Valley, MN 55427 763-593-8095 Date: January 7, 2009 To: Housing and Redevelopment Authority Commissioners From: Joe Hogeboom, City Planner Through: Thomas D. Burt, Director Subject: Review of Developer Proposals for Minnesota Department of Transportation Parcel at 1-394 and Highway 100 In 2008, Minnesota Department of Transportation (MnDOT) has notified the City of Golden Valley of its intent to appraise and sell its vacant property located at the northwest quadrant of Interstate 394 and Trunk Highway 100. This property, identified on the attached map, is located within the Golden Hills Redevelopment Area. The property has been appraised by MnDOT at a value of $1.5 million. The Housing and Redevelopment Authority (HRA) is given the right of first refusal concerning the sale of the land for redevelopment purposes. MnDOT has not indicated a timeframe in which it expects the sale to occur. In the past year, the City has been contacted by a series of developers and real estate agents regarding the sale of the property. Staff issued a letter to seven interested parties on November 13, 2008, detailing the City's position on the sale and development of the land. Mr. David Webb, owner of the commercial property directly adjacent to the MnDOT site, received this letter as well. A copy of this letter is attached. Upon receipt of the abovementioned correspondence, two parties contacted the City to further discuss development proposals for the parcel. The Shelter Corporation, a property management company which develops market rate and affordable multi-family residential units, has proposed housing development on the site. The Shelter Corporation works with the Minnesota Housing Finance Agency to secure tax credits for workforce housing. The Shelter Corporation has two potential development options for the site. The first proposal would include two 40-unit multi family buildings. The second proposed option includes one 40-unit multi family building, with an additional 30-40 townhomes. The second option would be in partnership with Habitat for Humanity. To finance its proposal, the Shelter Corporation must secure funding from the Minnesota Housing Finance Agency, whose funding cycle accepts applications in February and allocates funds in June. No site plan for this proposal is available, but if the HRA selects its preferred option, the developer would prepare a site plan. The second proposal for the site has been brought forth by IBEX Commercial for the construction of two hotels on the site. The proposed hotels would each exceed 100 rooms, and be geared toward business and extended-stay travelers. Possible brands of the proposed hotels include Hilton, Marriott, and Hyatt. IBEX Commercial has indicated it would begin construction as market conditions allow. Proposed site plans are attached. Both proposals contain land uses that are compatible with the 1-394 Mixed Use Zoning District. Staff anticipates that either option would require the establishment of a Planned Unit Development (PUD). Cooperation with adjoining property owners is also critical for the development of this site. The HRA may choose to act as the intermediary between a preferred development proposal and MnDOT. In response to MnDOT's decision to sell this property, the HRA must decide between two options: Option A The HRA may choose to move forward with either the Shelter Corporation's housing development proposal, or with IBEX Commercial's hotel proposal, negotiating development agreement and serving as a go-between to acquire the property. Option B The HRA may choose to remain uninvolved in this process, allowing the property to ultimately be sold in a public auction. (With this option, the City would still remain involved in the planning process.) Staff seeks direction from the HRA with regard to the development of the site and the extent of City involvement in the process. Attachments 1. Location Map (1 page) 2. Letter to developers from Joe Hogeboom dated November 13,2008 (2 pages) 3. Proposed Site Plans submitted by IBEX Commercial (8 pages) [ [ MnDOT Parcel #38 Northwest Quadrant of Interstate 394 and Trunk Highway 100 -= '_- b1i2J ~ r-- ~~ _L -~- , ~ y=~ ,~ \ \ \ l' n '7- [~---\-~ " !) U I ~ \ I I --i N A - -- ~~ >- ~ _Wd.gO'dffl-vJl~ Y November 13, 2008 RE: Development of MnDOT Parcel #38 To Whom It May Concern: The Minnesota Department of Transportation (MnDOT) informed the City of Golden Valley of its intent to appraise and sell its property, MnDOT Parcel #38, at the northwest quadrant of Interstate 394 and Minnesota Trunk Highway 100. During the past year, the City received several inquiries from parties interested in acquiring and developing the site. MnDOT would sell the land either through an open bidding process or negotiated sale for redevelopment through the Golden Valley Housing and Redevelopment Authority (HRA.) The HRA would consider involvement in the redevelopment project, but would require that the proposed project further the City's redevelopment objectives. The HRA wants to assess current developer interest in working with the HRA to acquire and redevelop this property. The purpose of this letter is to inquire on your current interest in the site and update you on the status of the property. The following factors pertain to the current condition of the property, as well as criteria necessary for possible HRA involvement: . The site has been appraised at $1,500,000. MnDOT has indicated that it will not negotiate on this price. Tax increment financing and other City funds will not be available. Interested parties must have demonstrated financial capacity to purchase the property. . Effective December 1, 2008, this property will be zoned "1-394 Mixed Use." Any proposed development of this site must conform to the rules and regulations established in the 1-394 Mixed Use Zoning District (see http://www.cLqolden- vallev. mn. us/zoning/394corridorlindex. html.) w_d.gO'den~Jl~ Y . Access to the property is limited to a 25 foot wide driveway to Turner's Crossroads that bisects the parking lot for the property to the west. The City would favor redevelopment that upgrades this access. The ability to foster a working relationship with neighboring property owners is also important. . MnDOT is offering the parcel as it. However, the City/HRA is concerned about soil conditions and recommends that you take time to evaluate and plan for mitigation of soil conditions and drainage and erosion control. If a number of developers are interested in the site, the HRA staff will follow up with a process to evaluate and recommend a redevelopment proposal to he HRA. If you would like to further discuss your interest in this site, please contact me at ihoQeboom@cLgolden-vallev.mn.us no later than Friday, December 12,2008. Joe Hogeboom City Planner hlley Me orandum Housing & Redevelopment Authority 763-593-8002/763-593-8109 (fax) 7800 Golden Valley Rd. Golden Valley, MN 55427 763-593-8014 Date: January 13, 2009 To: Housing and Redevelopment Authority Commissioners From: Jeanne Andre, Assistant Director Through: Thomas D. Burt, Director Subject: Redevelopment Plan for Douglas Drive Corridor Redevelopment Project Area The Golden Valley Housing and Redevelopment Authority, at its November 10 meeting, approved the Redevelopment Plan for Douglas Drive Corridor Redevelopment Project Area and forwarded it to the City Council for consideration. As part of the statutory process the Planning Commission is to review the plan and assure that it conforms to the City's General Plans for the Development and Redevelopment of the City (Comprehensive Plan). The Planning Commission took up this issue at its December 8 meeting. At that time it made recommendations as outlined in the attached excerpt of the minutes. The two major recommendations relate to the geographic area covered and the degree of specificity in the proposed uses. The purpose of this memo is to present the Planning Commission suggestions to the HRA and offer some alternatives. To respond to the Planning Commission concerns, staff has identified four options for determining the geographic area for the plan: 1. Keep area as initially planned and ask Planning Commission to keep its review to the statutory requirement regarding conformance with the Comprehensive Plan. (original Map A) 2. Expand the geographic area of Plan. Some areas that could be included (see attached Map B outlining these areas) are: a. East side of Douglas Drive from Golden Valley Road north to Soo Line RR (A-1) b. West side of Douglas Drive from Golden Valley Road north to Soo Line RR (A-2a & A-2b) c. Honeywell/Industrial property from Soo Line r-o-w north to Sandburg Ln. (B-2) d. East side of Douglas Drive between 1710 Douglas Drive No. and Medicine Lake Rd. (B-1 & C-1) e. West side of Douglas Drive between Sandburg Ln. and Medicine Lake Rd., through the westerly boundary of the Sandburg property (C-2) f. West side of Douglas from Golden Valley Road south through TH 55 (D-2) g. East Side of Douglas from Golden Valley Road south through TH 55 and possibly east to Hwy 100, including all industrial and business parcels(D-1a & D-1b) h. Hwy 100/Duluth St. Interchange area (E-1 & E-2) 3. Cover the complete distance of the corridor in Golden Valley, but focus mainly on the street/infrastructure and generally only include one lot east and west of the street right- of-way. (Map C) 4. Delay establishing plan and setting geographic area until after completion of the Douglas Drive Corridor Study. The Planning Commission also recommended removing specific reference to the Applewood Pointe project. However the redevelopment plan, by statute, is meant to identify redevelopment plans and opportunities. Staff would therefore recommend that a new section identifying a range of redevelopment projects for all of the geographic areas included in the plan. The Applewood project would be retained as an option but would be joined by a broader scope of redevelopment opportunities, with emphasis on the infrastructure. Staff identified options to respond to the Planning Commission are: 1. Add section to Redevelopment Plan regarding proposed uses and infrastructure needs for individual components and/or the full redevelopment area; OR 2. Remove discussion of senior housing from Area A-2. Excerpt from Golden Valley Planning Commission Meeting, December 8, 2008 3. Consideration of Resolution No. 08-01 Finding that the Redevelopment Plan for the Douglas Drive Redevelopment Project Area Conforms to the City's Comprehensive Plan Grimes explained that the Planning Commission considering the Douglas Drive Redevelopment project area is one of the implementation tools in the Douglas Drive Corridor Study process. He added that the HRA has drafted the Plan andlnRw the Planning Commission and the City Council need to review it.....!...!...'!III.III.(... !IIIU. · lib Keysser stated that adopting this redevelopment plan opens the door to ~~riousll~lhR~S of assistance such as tax incremen~ financi~g or ta~ abatement for ex 1~llru~i,~~!'Mgreed. He referred to the Applewood POlnte senior housing proposal at ,;'ker oflOo den Valley Road and Douglas which is in this proposed redeveloPIlle ' ad~ stated that at this poin~ that propo~al is on hold per th.e ap~licant:s requ~st. .'nT........ [tll,~plth.a. t one of the ways United Properties (Applewood POlnte) IS hoping to anc~l. el "HYJect IS through Tax Increment Financing and in order to do that this r~~Rm~~t plan has to be t bl' hd ..!'I),t>. ';;!"p) es a IS e . 31,""..illl . ';Itlil Ill" '. !!Illb" Cera referred to the map of the proposed redeY;~lo~m..ent a~l!a and asked why it did not go all the way south to Highway 55. Hogeboom~~~~,ed tf1a,~lt"~!redevelopment area map focused on the most likely areas of redeY!~l~Rm~nt; Keysser noted that including the area all the way to Highway 55 in the redeYT,ppm~~tlpl~i~!would then include the former Homesteader restaurant property at th~.!~orner!tif Highway 55 and Douglas. 1 :~, + > .,. .,. ~ Kluchka asked if the Douglas .~oi,fe cal~,ida"II~~ody Committee picked the proposed area. Grimes said that the HRA defin~9;the p~~po~eq!~edevelopment area. He explained that the plan ~t~rted with the<<JP"jlrn~C1it~ ~~e proj~ct ~~t t~e City did not lim~t the pl~n to just that specific are~ beca~~~. th'~~lrr~lqmer oPPOrtUnltl~S In the Douglas Drive Cornd~r. He added that the City Cou~clljpou'r~l"rn~Mh! the boundaries of the redevelopment area In the futu re. 3'H';~~~~'" ;Ai ~' " ,,;,1)';1)" I)b d.' ""c, :~:?:?:i of: 't: -,- 'c-:~ -i':c {",,':i;-"'''' fit Mccarty'~q",~tia~~~ if th~l~roposed redevelopment area should also be expanded further to the north:I~I~cK~.!~aid he would like to see the entire Douglas Drive Corridor Study areft!;rcluded 'ir1I~~iS 'retfevelopment plan because the goals and principles listed in the red.!U~p.......m..........e.....n......t................p....;....I~n are appropriate for the entire corridor. He asked how TIF districts are defined:l~rgi~J~~larea was larger if TIF could still be used. Grimes stated that TIF areas have to bei"m:lci!redevelopment area. Kluchka said he thinks it would be in the City's best interest to include as much of the Douglas Drive Corridor as possible. Cera said it seems like the redevelopment plan was written in reaction to the Applewood Pointe proposal and it makes it look like that project already has all the necessary approvals it needs from the City when it doesn't. He said he agrees that the redevelopment plan map should include the entire Douglas Drive Corridor area. Excerpt from Golden Valley Planning Commission Meeting, December 8, 2008 - page 2 Grimes said it sounds like the Planning Commission agrees with the redevelopment plan, but not the map and that they would like the HRA to consider changing the map to include the entire Douglas Drive Corridor study area. McCarty said he is not comfortable having language regarding Applewood Pointe in the redevelopment plan at all. Grimes explained that the Planning Commission's options are to table the redevelopment plan review and ask for more information from the HRA or recommend apl~ oval of the redevelopment plan noting the issues that have been discussed regarding. anding the boundaries of the map and removing the language regarding the Applewmol '(lte proposaL... 111I.,.,.. 111.'1""'" ... '-Uh, H!.t Keysser said he would like to recommend approval of the redeve 'ml!p.~/~hn>>itf, the it~m~. they've discussed noted. Schmidgall stated that the iter:r;\~ ji~~dinpUSSe? are Significant changes and he would rather vote to table the red~lenLrAfan revIew. McCarty agreed and said he would like to see the plan ~,~~in vJ"h "~mposed changes. Klu~hka. agreed that it would send a stronger messag,~,t~j~~lIijOlft~ this plan and review it again With the proposed changes. Alllmllllh. 1111111 !IIY'llillt Waldhauser questioned if adding more prope~ji~S t\~ltV,e re9ftve'opment map would mean that more properties would be eligible for TIPiaOd it n1it;UI'~I1tWect the property values. ii'hin.nj.t...'llllhl.t,. ...... Grimes suggested the Planning Comrn,i~5ionlt~~le.~~ redevelopment plan review in order to understand better why it was done't~~ way i'lwas:' ,......-..,.', t,@ft MOVED by Kluchka, seconde9.1~Y'W~' 11UQ~fl~nd motion carried unanimously to table consideration of Resolution N8II~~-o1 inglt~~t the Redevelopment Plan for the Douglas Drive Redevelop. Pr<8~~td a conforms to the City's Comprehensive Plan. ~~oep~~~~~~~o~~~~~~s:t~' l"l;;~~~~aanr~~a~: ~~~:~~~~ :~~n~i~:~~~~U~~~~g'as Drive Corridor' j.. ... ."i tittlE Pond 8 ... I Ma;tct~w.l.'1A-~iMS' ~n~CI U'>3lSGt5200S. MapA Douglas Drive Redevelopment Area - .i ..& ~, ,i,' "ii, \. - n ,,_J_JJ:-~-fsl" SANDBURG RD ,.. -----.......-1 ---.. ,\\ I ~ /~i/"" I i ~~~~-).~. :1.>... '. 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