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)
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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.