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11-14-17 C/M Agenda Packet A G E N D A Council/Manager Meeting Golden Valley City Hall 7800 Golden Valley Road Council Conference Room November 14, 2017 6:30 pm Pages 1. Divisions of Lots of Record (30 minutes) 2-7 2. Infrastructure Forecast - Debt Analysis (60 minutes) 8-56 3. Discuss Financial Assistance for Development Projects (15 minutes) 57-66 4. Council Review of Future Draft Agendas: City Council November 21, City Council December 5 and Council/Manager December 12, 2017 67-69 Council/Manager meetings have an informal, discussion-style format and are designed for the Council 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 Council/Manager meetings and listen to the discussion; public participation is allowed by invitation of the City Council.                   Executive Summary  Golden Valley Council/Manager Meeting  November 14, 2017    Agenda Item   1. Divisions of Lots of Record    Prepared By  Jason Zimmerman, Planning Manager  Emily Goellner, Associate Planner/Grant Writer    Summary  Over the past few years, but with more frequency in the last few months, City staff have  administratively approved a handful of divisions of lots of record. These differ from the City’s more  formal lot Subdivision process in that they allow lots of record that are currently “combined” by  Hennepin County for tax assessment purposes to be “divided,” and for each individual lot to have its  own property ID. This is typically done in advance of a sale of one or both of the “new” lots. After  investigation by the City Attorney and in consultation with the League of Minnesota Cities, staff  have been informed that only under very limited circumstances can these divisions by the County  not be approved by the City ‐ generally only if one of the lots cannot be considered buildable on its  own under the current regulations. Since they are existing platted lots of record by the City and  County, they are grandfathered in and can be used to support new housing development, even if  they are smaller than the minimum required for newly created lots today. An inventory of lots was  performed in order to understand how many properties and neighborhoods this applies to. The  inventory revealed that some neighborhoods may experience additional divisions of lots of record in  the future. In anticipation of this potential trend in residential development, staff has developed  two key goals to guide improvements to the existing review process.     Goal 1: Ensure that high‐quality residential redevelopment occurs in the scenario of a Tax Parcel  Division.     The Physical Development Department must make certain that the development review process for  the division of lots of record is as robust as possible in order to ensure that all City Code  requirements are being met. In order to do this, staff suggests that a formal application be  established for the division of lots of record. The application would be reviewed and approved  administratively, per direction from the City Attorney. This application would be required upon  notification from Hennepin County that the owner or developer has requested a “Tax Parcel  Division.”  A formal application provides the City the following benefits:   Initiates a formal, department‐wide review process   Includes a formal checklist of necessary permits and approvals   Requires information that is not currently needed for approval, such as a registered survey   Incorporates an application fee to offset the costs of staff review and coordination    Staff suggests that the Tax Parcel Division Application require the following information:   Registered Land Survey of structure locations (as applicable)   Registered Tree Survey (as applicable)    Also, staff suggests that demolition permits for all residential structures require the following  information prior to approval:   Tree and Landscape Permit   Registered Land Survey or a Registered Tree Survey and key elevations    Lastly, in order to reduce potential impacts to adjacent properties, staff recommends that any  structure(s) that would become non‐conforming due to a Tax Parcel Division must be brought into  conformance prior to approval through modification or removal of the structure(s).    Goal 2: Ensure that communication occurs with nearby residents when a Tax Parcel Division or a  Demolition of Residential Structure is approved    Staff recommends that the City mail a letter notifying property owners within 350 feet of the subject  property that a Tax Parcel Division or Demolition has been approved. This notification is  recommended in order to make neighbors aware of pending activity at the subject property and to  provide contact information for those with questions or concerns.    Additional information will be also included on the Residential Redevelopment page of the City  website to provide details about this process, necessary approvals, and applicable City Code  requirements.    As part of the City Code recodification process currently underway, staff will be proposing changes  based on the City Council’s policy direction and guidance on this topic.    Attachments   Examples of Tax Parcel Divisions (4 pages)    160’80’80’ Lot Subdivision Before After Typical subdivision process, in which a lot is subdivided and replatted into two lots. Division of Lots of Record 80’40’40’40’40’40’40’ Before After One house, built across two lots of record, sharing one Property ID. Can be divided into two separate lots once house is demolished. 120’40’60’40’60’ Before After Division of Lots of Record (modification of existing structure) A detached garage, built across two lots of record, must be removed before the lots can be separated. Golden Valley Example –Sumter Ave S Executive Summary Golden Valley Council/Manager Meeting November 14, 2017 Agenda Item 2. Infrastructure Forecast - Debt Analysis Prepared By Tim Cruikshank, City Manager Summary Staff would like to go over an updated Infrastructure Forecast - Debt Analysis Plan that includes upcoming proposed financing with fees. Attachments • Infrastructure Forecast - Debt Analysis (48 pages) � • • ♦ � • • ! Z TI � n � � � C r'1 � � T C ov � � T � T Z � � � r�'1 — r n .t`,. � � �� ��rr � . � : , �� v, , �, c,n � � �` _ �T a �.-- .� , . __. - �. 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N � � O Iv �' O O N � � � � O N N N N O O � 0 � � � � GJ GJ W -�' N� N � V � � � � v V � ^ � Q o � cD� � n � �' cD D � � �-� — � N -+ o �� � N v O N � � T C Funding Amount � Efl Efl f!i fA f�9 N O O O O O O O O O O � O O O O O O O O O O O O O O O O O O O O � ffl O O O O O O O O O O O O O O O O O O O O O � � T +� I 'S`fi1 tr . O ro ��' .3.«. � m � x �0 � � � � � c r ^ � v � n � � ��p b. m � f Q � � � a �� � � o � m a ^ N V r � F � T n . � N c� 7 S �� y ��. � (D T O� .�:,:, � �� . -A � � n � ° � ...'�,..�,...... N � 7 O (D O1 N N N � o ; .-� �` e:� �: q 3'��.a,„;tt'�.,.' Total Debt � � N W A U�i � � �W (�O C O O O O O O O O O O O O O O O O O O � O O O O O O O O O O O O O O O O O O O � zo�a �..�� 2019 2020 � 2021 � 2022 2023 � 2024 �Q 2025 �T 2026 2027 � � 2028 � O 2029 2030 � � � � 2031 � � � 2032 � �� 2033 � � � ? 2034 � o � 2035 � � • 2036 � � � � 2037 � � 2038 � r, Z 2039 t � � 2040 � , 2041 � , � 2042 i , � � 2043 � , � � v 2044 � � 2045 � � � � 2046 � CD 2047 v1 � ' � 2oas �..r� � 2049 , � °1 2050 , � � 2051 , � � 2052 , 2053 , ��1 2054 , �/ 2055 � 2056 , v 2057 , �, 2058 � 2059 , � 2060 �� � 2061 � 2062 � 2063 � 2064 J 2065 � 2066 , 2067 � 2068 : 2069 ; 2070 , V> �1 Total Debt Payrnent� � � N W A (�T m �V � C�O C O O O O O O O O O � � 0 0 0 0 0 0 0 0 o C 0 0 0 0 0 0 0 0 0 0 � zo�s r., T 2019 � 2020 '"�, 2021 � 2022 � 1 2023 2024 n � 2025 � T 2026 2027 � � 2028 O � 2029 �' X 2030 � � � N 2031 � 2032 � �� p 2033 r � /� � a 2034 V � � 2035 � � 2036 � � � 2037 � � 2038 � � Z 2039 � J F 2040 � � � � 2041 � � � 2042 � � � 2043 � , � � 2044 � , � v 2045 � � � °� 2046 , y c 2047 a ( /\ � 2048 � �� � � 2oas , T � 2050 : 1 m � 2051 : � � 2052 � � 2053 � � 2054 � �" 2055 , 2056 � � 2057 � 2o5a e T� 2059 � � 2060 , 2061 �' 2062 , 2063 2064 _� 2065 � 2066 _� 2067 � 2068 � 2069 „J 2070 ,J 2071 � Total Debt � � N W A C�11 � V W CO T O O O O O O O O O O O O O O O O O O G O O O O O O O O O O O O O O O O O O O 2018 � 2�,9 � 2020 2021 � 2022 r 2023 � 2024 2025 � 2026 � 2027 + 2028 � � � ■ 2029 � _.,�:�r.., , , n 2030 � �<-.�y,r c � 2031 �� : , '"�� ,�. 2032 � - ;� 2033 � ,��� ,�.�:�, T� � 2034 � r=y��� T, � 2035 � � T� 2o3s � �,�.�..-a Z 203� � . �.. ., �1 � 2038 � , 2039 � � � «..� � 2040 � F�� � 2041 � <-:-� O v 2042 i , ... � 2043 �, c�r.s.v. , cci 2044 >:>� � � 2045 ; � � 2046 �,;�� � � 2047 r�a �' � 2048 �a v 2049 � � 2050 , � � 2051 � 2052 2053 � I � 2054 � fD 2055 � W 2056 � �' �: 2057 O c'o 2058 2059 `, � 2060 � 2061 � v, 2062 � 2063 +; 2064 � 2065 � 2066 � 2067 � 2068 � 2069 ; 2070 ; Total Debt Service Payments v' � � N W A C�It � �V W ,c�0 � 0 0 0 0 0 0 0 0 0 � � b o 0 0 0 0 o b o C 0 0 0 0 0 0 0 0 0 o C G zo�s � zo�s � �o�a � C zoz� T� zoz2 � 2o2s � � 2024 � � 2025 2026 � � 2027 � � 2028 ■ � �m 2029 T' � 2030 ,��:a.-"� �� 2031 ��. � � 0 2oa2 � ;� T Q 2033 .. �;, � T� 2034 , v' T, ■ 2035 ,:$=s � 2036 ����� 3 T� � 2037 � ,� �., Z 2038 � ;-;,_. - � � 2039 � ;::..,, . . , , �' � 2040 � ��;.�,. � .a m � 2041 � ;a O 2042 � , _ 2043 ■ .���:, � ' 2044 � �,p,�:., � m � 2045 �� _, � � � 2046 �:a= �� = e 2oa� :;.�T,, T �° 2oaa :�-�.� � 2049 , � � � 2050 , � v 2051 , � 2052 , � 2053 , 2054 , 2055 , T 2056 , � 2057 , c° 2058 , �: 2059 , 3 � 2060 , 2061 , 2062 , 2063 , 2064 �� 2065 �� 2066 � 2067 _� 2068 2069 � 2070 � 2071 � T O O O O � + � � Z �v � � � o � � � � � � � O � � � � � � O O � � O � � pp � Q Q r Q � � T � O � � O Z cn �4 t� Ef� Ef� {�4 �4 Ef� � E� 6� � �4 N �O N Ov N O F-� �� N O a � � N � O � N q O � N - O � N F-' N �O N N N O N W N O N A N O N U'i N O N 01 N O N J � N O N D 0° � N O p � N r�-r lD N O W O N O W N N O W N N O W W N O W A N O W lf� N O W � N O W J N O W W N O W lD N O A O �F -# r' W � � � .'� t�1 t/� � � � O � � � � � � � � � � � Q D � � �, �- `� � � �' � o a Z � `� rn �$� � z Z � �'- � � v+' � � C ,Zi �„ �'s, v, Q � _ � N c -� � -;,' �p L"`'`` � o � ;; s � p (D �G v+ �. - � C � �; -F � � N � � � � O 7r ,%' � �► � � -.�i;s � V1 Z � r, ' V1 T I � � n � � �' O 0 m � �u � �., z (/� `^ ,F • -+ o � ���,. �. ., y T'1 � � O � � �,� p o �• �I :Q 0�:� `. � � � �U � ��; '' � '�`, � a 0 c �� � vr� ; T ,T � r.,;; � ' f T a T� � . : ;y -� c Q N .„ p v+ � � C a C #Y � � {� • r'�' m 0 � V Cn �1 � � n O° � 0 N �J t� U � o � t1x; Vi C� O �. � '� � o f� - 1 Q � �;���� ;�%!j�;�, , � n � ;;;, :,!r�� r °° T Q �69� b4 f� b4 • a z � J � 0` G� G V1 �� 0 (�'1 N N � � � � � O ``J t.s C3 R'' r„ N O Ui Ut C� � � fNND = n _� z � �0 � � �; � � � � � � • m O � N -� 4�Ft �����'�, c � �< � • -a C7i U'i �F��,�� � �� n O UVi Ui u.: ,� ��� m �0 �,� � n �� -�_ Y � � � � � � � � �`� • � � �� �` � - � �1 Cr, � '<' ,,��,� �:�: � o `' '�4 C //1[.. :'.'.i1 � 'Vy . �t� . §ei$�^ T� O VI . 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N n n ° � ° `° s � � �� � o � rn � rn � -t � � � y � k �• Q _ � ° � � � . � N c N /� � � c � — S �� � �, y �. y. � � N � � � � � � � ' O y. y � � (� �' � � � � Q y � Q A � � O � � O O � � �• � L � � N. N � � � � . � • N A �... � � O � � O � y � y � � -h � � O 0 �'• � ['� � � N � � � _• -� N � ? �, C �. (D . Q n � �• � � � � �. c� s cu �• � Q p � CQ � � � � � 0 Q O �� � v' "' � � O � � .. �- O N � a m � � � o � � 3 � � � � �G N � < cQ � � � � �• � � � Q � N � � Q N s � N � s � s v � T � �p N N N � � N N —' V1 N � O Q L.' J 1.' � � (�' T VI J Q � J � � V V O N O� W � O Z � O V � O � � O � � � v�i V � O� O � n — � � N � Q � � � � � � � � D � 'a Q Q �• Q � � � vNi � � � s s � V� I � � � � c� � � -+ � � � � Q -p = �' �' o cp D � 0 o cQ cQ Q o Q � � � < c � � � � Q < N � `� �, N� C � � � � O � T � Q � � O \ v� S Q H v�,• � � � lD � � n nC n � �• 0 � a Q Q � O Q � � � O C � ,n C � � � \ � N � � Q � � � C V1 (D N Q VI• N � (� -�F rn � N � � O• � � � � Q � � � T � C �' n. Q � � � � N � � � 0' �p N A � Q �• Q �' � c � � N � n � n � �• � N� cQ lp ` � v� �G � n � � � � Q Q � � � � � n Q � o � Q < n � m o N � � N Q � � � Q N Q � Q �• �• � � � �1 � S � � 0 o� � � � � � c�, c�, w � � � 0 o y � Q C �. �, o �Q �' Z N N �� O � � � • r1 � � y � Q � � � ' � � � y -� s n � cu � n �• � O � � � � ° Z rn � � H � c� � � � Q � � "'• N � O N n n• � � � � � Q• � N n �p O pN n Q N -' � �� N � � � � n N ' _. � � n s N (D v'' � N �� v' n Q O � � � �D c N -� . � � Q N � � C n � c � N Executive Summary Golden Valley Council/Manager Meeting November 14, 2017 Agenda Item 4. Discuss Financial Assistance for Development Projects Prepared By Marc Nevinski, Physical Development Director Summary Golden Valley has seen a considerable amount of development since the end of the Great Recession. In the past three years, a number of these development projects have utilized Tax Increment Financing (TIF). Specifically the following projects have used TIF: Project TIF to Developer TIF to City Use Cornerstone Creek $687,975 $0 Affordable Housing Liberty Crossing $1M $3.4M Developer assistance & flood storage construction hello. $2.6M $1.6M Developer assistance & public improvements Tennant (Proposed) $6.8M $1.6M Business assistance & street reconstruction Recently questions regarding the frequency, amount, and appropriate use of TIF have been asked. In 2014, the HRA adopted an updated TIF policy and application that outlined its intentions, objectives, and policies for the use of TIF. Staff requests Council discussion regarding the policy and any other concerns or questions regarding the use of TIF. Attachments • Golden Valley Housing and Redevelopment Authority Tax Increment Financing Policy (9 pages) Resolution 14-4 - Continued April 8, 2014 EXHIBIT A GOLDEN VALLEY HOUSING AND REDEVELOPMENT AUTHORITY GOLDEN VALLEY, MINNESOTA TAX INCREMENT FINANCING POUCY 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. QBJECTIVES 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 nat be developed without TIF assistance. 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. Resolution 14-4 -Continued April 8, 2014 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. Ill. 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. 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. Resolution 14-4 -Continued April 8, 2014 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 met, 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. Resolution 14-4 - Continued April 8, 2014 APPLICATION FOR TAX INCREMENT FINANCING FORM REVISED: April 8, 2014 A. APPLICANT INFORMATION Name of Corporatian/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 Address Phone Fax Email Architect Name Address Phone Fax Email Resolution 14-4 - Continued April 8, 2014 B. PROJECT INFORMATION The project will be: Industrial: New Construction Redevelopment/Rehab Expansion) Commercial: O New Construction Redevelopment/Rehab Expansion) Office/Institutional: ( New Construction Redevelopment/Rehab Expansion) Housing: O New Construction Redevelopment/Rehab Expansion) Other The project will be: Owner Occupied Leased Space Project Address Legai Description PID number(s) 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 Resolution 14-4 - Continued April 8, 2014 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. Check all that apply. Retain jobs and/or increase the number and diversity of jobs that offer stable employment and/or livable wages and benefits. Number of existing jobs: Number of jobs created by project: Average hourly wage of jobs created: Encourage additional unsubsidized private development and investment in the area. Remove blight and/or encourage redevelopment of commercial and industrial areas in the city. Enhance or diversify the city's economic base. Create opportunities for affordable housing or increase the diversity of housing opportunities in the City. O Contribute to the implementation of other public policies such as the promotion of quality urban or architectural design, energy conservation, and decreasing capital and/or operating costs of local government. Other: Resalution 14-4 - Continued April 8, 2014 C. SOURCES & USES OF FUNDS SOURCES NAME AMOUNT 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 AMOUNT Land Acquisition Site Development Construction Machinery & Equipment Architectural & Engineering Fees Legal Fees Interest During Construction Debt Service Reserve Contingencies Other TOTAL Resolution 14-4 - Continued Aprii 8, 2014 D. 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 (pro-forma). Attach as Exhibit III. (See example on page 9) 5. Attach site plan as Exhibit IV. 6. Application fee of$10,000 (non-refundable). 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 Resolution 14-4 -Continued April 8, 2014 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 2,400,000 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 Income 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% AGENDA Regular Meeting of the City Council Golden Valley City Hall 7800 Golden Valley Road Council Chamber November 21, 2017 6:30 pm 1. CALL TO ORDER PAGES A. Pledge of Allegiance B. Roll Call 2. ADDITIONS AND CORRECTIONS TO AGENDA 3. CONSENT AGENDA Approval of Consent Agenda - All items listed under this heading are considered to be routine by the City Council and will be enacted by one motion. There will be no discussion of these items unless a Council Member so requests in which event the item will be removed from the general order of business and considered in its normal sequence on the agenda. A. Approval of Minutes: 1. Council/Manager Meeting - October 10, 2017 2. City Council Meeting - November 8, 2017 B. Approval of City Check Register C. Licenses: 1. Approve Liquor License - Brookview Golf Course D. Minutes: 1. E. Bids and Quotes 1. Approve Tennis and Pickleball Court Rehabilitation Contract 2. Approve Purchase of Snowblower F. Approval of Plat - 7200 Harold Ave G. Receipt of October 2017 Financial Reports 4. PUBLIC HEARINGS A. Public Hearing - Tennant (Corporate Woods - 1111 Douglas Drive) - Comp Plan Amendment B. Public Hearing - Tennant (Damascus Way) - Comp Plan Amendment, Rezoning, Conditional Use Permit C. Public Hearing - Douglas Drive Redevelopment Area Plan Expansion D. Public Hearing - Tennant - TIF Plan and TIF District E. Public Hearing - Tennant (701 Lilac Drive N) - Major PUD Amendment, Rezoning 5. OLD BUSINESS 6. NEW BUSINESS A. Resolution Supporting Highway 169 Mobility Study B. First Consideration - Establishing a 2018 Master Fee Schedule C. Review of Council Calendar D. Mayor and Council Communications 7. ADJOURNMENT AGENDA Regular Meeting of the City Council Golden Valley City Hall 7800 Golden Valley Road Council Chamber December 5, 2017 6:30 pm 1. CALL TO ORDER PAGES A. Pledge of Allegiance B. Roll Call C. Receipt of Human Services Fund 2018 Allocation Report 2. ADDITIONS AND CORRECTIONS TO AGENDA 3. CONSENT AGENDA Approval of Consent Agenda - All items listed under this heading are considered to be routine by the City Council and will be enacted by one motion. There will be no discussion of these items unless a Council Member so requests in which event the item will be removed from the general order of business and considered in its normal sequence on the agenda. A. Approval of Minutes: 1. Council/Manager Meeting - November 14, 2017 2. City Council Meeting - November 21, 2017 B. Approval of City Check Register C. Licenses: D. Minutes: E. Bids and Quotes: F. Second Consideration - Establishing a 2018 Master Fee Schedule G. Authorization to Sign Agreement with Sojourner Project H. Adoption of 2018-2019 Budget for Enterprise, Special Revenue and Internal Services Funds 17-   I. Approval of 2018-2022 Capital Improvement Program 17- 4. PUBLIC HEARINGS A. Public Hearing - Adoption of 2018-2019 General Fund Budget and Property Tax Levies for Taxes Payable 2018 17- 5. OLD BUSINESS 6. NEW BUSINESS A. North Wirth Parkway PUD 33 (Mortenson) - Minor PUD Amendment B. Call for 2018 PMP Project and Assessment Hearings C. First Consideration - Franchise Fees D. Review of Council Calendar E. Mayor and Council Communications 7. ADJOURNMENT A G E N D A Council/Manager Meeting Golden Valley City Hall 7800 Golden Valley Road Council Conference Room December 12, 2017 6:30 pm Pages 1. Legislative Priorities (30 minutes) 2. Employee Handbook Discussion (60 minutes) 3. Council Review of Future Draft Agendas: City Council December 19, 2017, City Council January 2 and Council/Manager January 9, 2018 Council/Manager meetings have an informal, discussion-style format and are designed for the Council 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 Council/Manager meetings and listen to the discussion; public participation is allowed by invitation of the City Council.