99-02 HRA Resolution
Resolution 99-2
February 9, 1999
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Commissioner Anderson introduced the following resolution and moved its
adoption:
RESOLUTION APPROVING REVISION OF THE REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN
FOR THE GOLDEN HILLS REDEVELOPMENT PROJECT
AS APPROVED IN CITY COUNCIL RESOLUTION 98-100
WHEREAS, the Golden Valley Housing and Redevelopment Authority,
(hereinafter the "HRA") approved a revision of the Redevelopment Plan and Tax
Increment Financing Plan for the Golden Hills Redevelopment Project through
the adoption of Resolution 98-7 on September 8, 1998; and
WHEREAS, the City Council of the City of Golden Valley held a public
hearing on the adoption of said plans on December 1, 1998, and subsequently
amended the plans as approved by the HRA prior to adopting the plans through
the approval of City Council Resolution 98-100; and
WHEREAS, the HRA now wishes to adopt the plans as approved by the
City Council.
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NOW, THEREFORE, BE IT RESOLVED, that the Golden Hills
Redevelopment Plan and Tax Increment Financing Plan in the form approved by
the Golden Valley City Council in Resolution 98-100 and attached hereto as
Exhibit A are approved by the Golden Valley Housing and Redevelopment
Authority.
ATTEST:
William S. Joy esl
J
Motion for the d ption of the foregoing resolution was seconded by
Commissioner kken; and upon a vote taken thereon, the following voted in
favor thereof: Anderson, Bakken, Johnson and LeSuer, and the following voted
against the same: Micks, whereupon said resolution was declared duly passed
and adopted, signed by the Chair and her signature attested by the Director.
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Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
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GOLDEN HILLS
REDEVELOPMENT PLAN
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ORIGINALLY ADOPTED IN 1984
-- HRA Approval Date (No Resolution): September 10, 1984
-- City Council Approval Date (Resolution 84-120): October 16, 1984
AMENDED IN 1998
-- Initial HRA Approval Date (HRA Resolution 98-7): September 8, 1998
- City Council Approval Date (Resolution 98-100): December 1, 1998
-- Final HRA Approval Date (HRA Resolution 99-2): February 9, 1999
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
GOLDEN HILLS REDEVELOPMENT PLAN
Part I: OVERVIEW
Area Location and Extent
The Golden Hills redevelopment area (Exhibit A) abuts Golden Valley's southerly
city limits for almost a mile between Trunk Highway 100 on the east and Colorado
Avenue on the west. Except for a small "panhandle" at Highway 100, the area lies
entirely north of 1-394. As established in 1984, the northerly boundary of Golden
Hills generally ran behind a row of single family houses and a nursing home on
Circle Down and then jogged north to follow Laurel Avenue west from Turners
Crossroad. That original redevelopment area included about 91 acres of land.
The main purpose of this 1998 plan amendment is to expand Golden Hills by
drawing in additional land area lying between Turners Crossroad and the Soo Line
Railroad, extending northward to a point just beyond Glenwood Avenue. Because
of a 1997 boundary adjustment between Golden Valley and neighboring St. Louis
Park, a thirty-foot-wide strip of land running from Xenia to Colorado Avenue is also
being added to Golden Hills at this time. Total land area as amended is about
129.5 acres.
Golden Hills incorporates a Tax Increment Financing (TIF) district. The
boundaries of the TIF district are contiguous with the boundaries of the original
Golden Hills redevelopment area except that the district excludes the portion of
the redevelopment area lying south of 1-394. The newly added land in the
redevelopment area will not become part of the TIF district.
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Exhibit A: Golden Hills Redevelopment Area
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Location and Extent
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NOTE: See appendix for list of Individual properties
In the TlF district and broader redevelopment area,
by county parcel Identification number.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Background
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One of the reasons for establishing the Golden Hills redevelopment area was to
provide a means for addressing issues and opportunities arising in connection
with plans to upgrade old Trunk Highway 12 (now 1-394) to interstate highway
status. Golden Valley opposed the highway upgrade for many years, but began
positioning itself for dealing effectively with the accompanying land use impacts
once the decision to construct 1-394 became inevitable.
The City's first step was to enact a construction moratorium along the entire
Highway 12 corridor from September 1979 to September 1980 while waiting for
the final 1-394 design plans. Following a period of background research and
documentation, Golden Valley's 1982 comprehensive plan update identified part
of the highway corridor as a "study area" due to "signs of deterioration within the
area and potential for redevelopment in conjunction with anticipated upgrading of
Highway 12 to 1-394." Another moratorium from April 1984 to April 1985 allowed
the HRA to establish the Golden Hills redevelopment area, Golden Hills TIF
district, and related plan documents for both.
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The original Golden Hills redevelopment plan examined then-existing land use
conditions, determined appropriate long-term land use categories, and established
more specific redevelopment uses that corresponded to the land use categories.
The plan also defined the area to be covered by the Golden Hills TIF district,
provided an outline for development or redevelopment within the TIF district, and
connected proposed development or redevelopment to local land use objectives.
Because the redevelopment plan indicated general land uses appropriate to
replace the "study area" designation in the comprehensive plan, it was considered
a base for amendment of the comprehensive plan and the related City zoning
map. All of those elements have been retained with the current Golden Hills plan
amendment, except for such changes as necessary or desirable to bring the plan
up to date.
The original Golden Hills plan anticipated programming of redevelopment activities
over a period of five to ten years. A real estate market decline in the late 1980's
resulted in several years of unsuccessful marketing attempts on the part of the
HRA and unfeasible proposals by interested developers. The situation was
exacerbated by temporary access and circulation disruptions while the new
interstate highway was under construction. With 1-394 complete and the real
estate market going strong again, the redevelopment plan for Golden Hills is back
on track, delayed by several years but still providing a valid blueprint for
successful revitalization of this area.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Findings in Support of Redevelopment
To use the redevelopment powers authorized for local HRA's under state law, a
city must first make certain "findings" about any area proposed for redevelopment.
For the Oriainal Redevelooment Area
Findings for the original Golden Hills area were outlined in summary form in the
body of City Council Resolution 84-120, adopted on October 16,1984. They were
spelled out more fully within the redevelopment plan itself, and consist of the
following statements:
· Land in the Golden Hills Redevelopment District would not be made
available for redevelopment without public financial aid. Provision of
redevelopment lands in the Golden Hills Redevelopment District
requires removal of deteriorated and obsolete buildings, clearance of
overdeveloped parcels, correction of soil conditions on vacant land, and
assembly of existing lots into redevelopment parcels of appropriate size
and configuration. Assembly and development of property requiring
clearance or soil correction is not economically feasible for private
developers without public subsidy.
. Redevelopment plans for the Golden Hills Redevelopment District afford
maximum opportunity for redevelopment by private enterprise. The
Golden Hills Redevelopment Plan encourages private redevelopment in
the area and promotes cooperation or participation of existing
landowners in redevelopment projects. Several current property owners
in the Golden Hills Redevelopment District are in contact with the City
concerning cooperation with the HRA in assembly and redevelopment
of land or sale of property to the HRA for assembly and redevelopment
by developers. The role contemplated by the HRA in redevelopment
includes acquisition, assembly, and clearance of parcels, with sites
subsequently transferred to private developers, thus involving private
enterprise in the construction phase of redevelopment in all cases.
. The Golden Hills Redevelopment Plan conforms to the adopted City of
Golden Valley Comprehensive Plan. The Comprehensive Plan,
adopted November 16, 1982, designates the Golden Hills area as a
study area for potential redevelopment activity. The Golden Hills
Redevelopment Plan outlines redevelopment uses which reflect
appropriate long-term land uses for the area. Long-term land use
designations shall be incorporated into the Comprehensive Land Use
Plan Map in an amended City of Golden Valley Comprehensive Plan.
With the current amendment to the Golden Hills plan, the HRA finds each of the
above points still valid as generally applied to the redevelopment area.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
For the Added Redevelopment Area
A recent traffic study by SEH, Inc., revealed a need for improved north/south
access into and through Golden Hills to accommodate and facilitate the full extent
of redevelopment activity contemplated in the plan. The existence of excess
railroad right-of-way located just north of the Golden Hills Central Area offers an
opportunity to provide such improved access by expanding overall area
boundaries and undertaking certain additional activities as outlined later in this
amended plan. With regard to the newly added area, the HRA finds the following:
· Land in the Golden Hills Redevelopment District would not be made
available for redevelopment without public financial aid. Completion of
redevelopment activities requires improved north/south access. The
provision of such access requires close coordination with the railroad
company and substantial public investment in order to acquire the
necessary right-of-way and design and build the new road.
· Redevelopment plans for the Golden Hills Redevelopment District afford
maximum opportunity for redevelopment by private enterprise.
· The Golden Hills Redevelopment Plan conforms to the City of Golden
Valley Comprehensive Plan. The Golden Hills plan contemplates no
redevelopment activities that would alter long-range uses identified in
the land use element of the comprehensive plan. The transportation
element of the comprehensive plan has been amended to reflect the
new road corridor, which is being incorporated into a new land use plan
map as part of a general land use element update currently underway.
Redevelopment Objectives
Specific redevelopment uses and activities are identified in Part /I of this plan.
Broader objectives are identified in seven categories as follows:
General
. Create an attractive 1-394 corridor for the City of Golden Valley in the
vicinity of Turners Crossroad.
. Reverse deterioration and degradation of current Trunk Highway 12
frontage in the area of Turners Crossroad.
. Stimulate and coordinate area redevelopment not possible without
public subsidy to private development.
. Provide for orderly physical and economic growth of the area through
controlled development and redevelopment.
. Strengthen and increase area tax base.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
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Coordination With 1-394 Proiect
· Take advantage of the incentive that 1-394 construction provides for
upgrading land use as a catalyst to further area redevelopment.
· Coordinate the upgrading of land uses and area redevelopment with the
conversion of Highway 12 to interstate status.
· Minimize public costs of 1-394 right-of-way acquisition and
redevelopment site acquisition through joint MnDOT/HRA purchases.
· Coordinate redevelopment time schedules with 1-394 project time
schedules in order to minimize construction period inconvenience.
· Integrate 1-394 acquisition parcel remnants into redevelopment sites.
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BIiQht Removal
· Remove and replace dilapidated, deteriorated, and vacant buildings
. which constitute a blight on the area.
· Remove and replace, or rehabilitate and upgrade, obsolete and code
deficient buildings which have a blighting influence on the area.
· Redevelop or upgrade properties which are unsightly due to lack of
aesthetic amenities including landscaped yards, paved parking areas,
and curb-separation between pavement and landscaping, or due to
loading docks facing the street.
· Remove buildings that are overcrowded on small lots, resulting in
inadequate parking, nonconforming landscaped yard areas, and lack of
space for normal business expansion.
· Clear and assemble overdeveloped small lots into larger redevelopment
sites allowing space for adequate parking, required landscaped yards,
and anticipated business expansion.
· Eliminate unsightly land uses, including unscreened outside storage of
equipment or materials, which constitute a blight on the area and
adversely impact land value and marketability of surrounding properties.
· Replace deleterious and inappropriate land uses incompatible with
surrounding land uses and detrimental to area property values.
. Develop or redevelop underutilized properties with potential for greater
contribution to the tax base and economic welfare of the community.
· Develop vacant and potentially useful land blighted by virtue of difficult
physical character of the ground, including poor soil conditions.
. Eliminate or correct undesirable soil or topographic characteristics,
including poor soil conditions, to allow development of affected property.
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6
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
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Redevelopment Land Use
· Achieve the highest and best use of Golden Valley properties bordering
1-394 in the vicinity of Turners Crossroad.
· Assemble redevelopment sites to accommodate more intense land uses
directly adjacent to 1-394.
· Provide desired expansion space for the Golden Hills Shopping Center.
· Assemble redevelopment sites to accommodate industrial operations
with future expansion potential.
· Rearrange area land uses to result in more functional and
complementary land use relationships.
Private Investment
· Minimize public redevelopment costs by encouraging private
redevelopment of the area and by promoting cooperation or
participation of existing land owners in redevelopment efforts.
· Encourage upgrading by owners and tenants of existing commercial
and industrial buildings and properties not targeted for redevelopment.
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Circulation
· Redesign local traffic circulation patterns and intersections in order to
eliminate existing traffic hazards and points of traffic congestion,
including inadequate frontage road separations from 1-394 ramps.
. Reorient building fronts to adjust to changes in street frontages resulting
from the 1-394 project.
Relocation
. Provide nearby sites and opportunities for expansion to existing
businesses displaced by redevelopment but still compatible with
designated redevelopment uses in the area.
. Minimize potential hardships created by relocation of conflicting or
incompatible land uses.
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The current plan amendment does not require any new redevelopment objectives.
The HRA's aims for the expanded area are already encompassed by statements
in the seven categories above. With regard to circulation in particular, The Xenia
Avenue extension is planned as a traffic redesign project to eliminate existing
hazards and points of congestion along Turner's Crossroad from Golden Hills
Drive to Glenwood Avenue.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Part II: REDEVELOPMENT PLAN COMPONENTS
Golden Hills is divided for planning purposes into five sub-areas (Exhibit B).
Included in the originally-established boundaries are the West Area, the Central
Area, the East Area, and the South Area. The current plan amendment adds a
Xenia Avenue Extension Area. The following pages describe each sub-area in
turn, outlining land use characteristics and summarizing planned and completed
redevelopment activities. A substantial amount of additional documentation on
initial property conditions can be found in the original Golden Hills plan and in
other records maintained by the HRA.
West Area
Although serious redevelopment activities did not get off the ground in the West
Area until the 1990's, it is now closer to being completely rebuilt than any of the
other five Golden Hills sub-areas. Construction on the last of its redevelopment
sites is expected to be finished by the year 2000. (Exhibit C)
Boundaries and Size
Bounded on the west by Colorado Avenue, on the south by the adjusted city
limits/l-394 fence line, on the east by the Soo Lin~ railroad, and on the north by
laurel Avenue.
Approximately 31.7 acres in size.
Initial Land Use Characteristics (1984)
. large scale outside asphalt and gravel processing operations resulting in
noise, dust, and odors in addition to visual blight.
. Widespread, and sometimes large scale, unscreened outdoor storage of
equipment, materials, and junk, often on unpaved surfaces or deteriorating
paved surfaces with weedy overgrowth.
. Widespread zoning nonconformities, inClUding commercial use of industrial
structures, inadequate on-site parking, inadequate or nonexistent landscaped
areas, and structures too big for sites.
. Increasing building and fire code violations, structural decline, and building
vacancy.
. Most of area never platted, some parcels with no direct street access, several
parcels of inadequate size or poor configuration for optimized site use.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
· Many parcels encumbered by numerous overlapping public and private
. easements for a variety of access and utility purposes.
· Limited number of structurally sound buildings on sites mostly conforming with
building, fire, and zoning codes.
.
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Known/Anticipated 1-394 Impacts (1984)
. Minimal, if any, permanent right-of-way acquisitions.
· Substantial limiting of highway access, with nearest access point at Xenia
Avenue, requiring careful attention to planning for local traffic circulation
between West and Central Areas.
Planned Characteristics
Mix of large scale office, office/warehouse, office/ industrial, light industrial, and
related service uses. Higher-density office development preferred adjacent to
1-394. Lower-impact, lower-density uses along Laurel Avenue, with adequate
buffering to protect residential neighborhood to the north. Provision of adequate
access and circulation system.
Activities Completed or Underwav to Date
. Acquisition and clearance of all previously-existing West Area properties.
. Platting of all previously-existing parcels to establish appropriate development
sites with clear title, and to reserve rights-of-way for improved street system.
. Minor adjustment of Golden Valley/St. Louis Park city limits.
. Construction of regional storm water detention pond.
. Construction of redesigned internal street system.
. Remediation of soil and groundwater pollution generated by former uses.
. Holiday Inn Express development - 83-unit motel, now expanded to 109 units,
with plans for additional future expansion.
. CyberOptics development - 91,000 square foot office/industrial facility.
Current Action Plan Components
. Completion of any necessary soil corrections as part of site development work.
. Development of 70,000 to 80,000 square foot office/industrial facility on site
north of Golden Hills Drive.
. Development of 65,000 to 90,000 square foot office/industrial facility or office
building on site south of Golden Hills Drive.
11
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
. Central Area
This sub-area was the earliest focus of activity in Golden Hills, with proposals
under consideration for today's Colonnade office tower as ~oon as the
redevelopment plan was in place. Redevelopment efforts lost steam as the real
estate market took a downturn in the late 1980's, but market recovery and the
completion of 1-394 have combined to make the area very attractive to developers
once again. (Exhibit D)
Boundaries and Size
Bounded on the west by the 800 Line railroad, on the south by the adjusted city
limits/I-394 fence line, on the east by Turners Crossroad, and on the north by
Laurel Avenue.
Approximately 42.7 acres in size.
.
Oriainal land Use Characteristics (1984)
. Mix of industrial, commercial, and hospitality/service uses, not always correctly
zoned.
. . Numerous other zoning nonconformities, including inadequate on-site parking,
inadequate or nonexistent landscaped areas, structures too big for sites, and
unscreened outdoor storage of equipment or materials.
. Increasing building and fire code violations, structural decline, and building
vacancy.
. Traffic congestion on Turners Crossroad approaching Highway 12.
. Very limited east-west circulation options.
. No part of area ever platted, extreme variation in parcel sizes, several parcels
of inadequate size or poor configuration for optimized site use.
Known/Anticioated 1-394lmoacts (1984)
. 1-394 interchange at Xenia Avenue with associated detachment of local
frontage road segment, requiring significant right-of-way acquisition.
. Change in north/south traffic circulation patterns, and associated change in
orientation of some building "fronts" due to highway approach route shifting
from Turners Crossroad to Xenia Avenue.
. Reduced traffic congestion, but potential negative impacts on businesses
abutting highway, due to detached location of new frontage road.
.
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Exhibit D: Golden Hills Central Area
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Planned Characteristics
Mix of medium to high density office, service, and light industrial uses. Highest
densities and greatest emphasis on office uses immediately adjacent to 1-394.
Structured parking encouraged in order to maximize site density without
compromising green space. Provision of improved access and circulation system.
Some existing buildings may be suitable for retention with aesthetic and code
compliance improvements.
Activities Completed or Underwav to Date
. Construction of missing Laurel Avenue segment.
. MnDOT construction of 1-394 access elements.
. HRA acquisition of excess 1-394 right-of-way remnants.
. Minor adjustment of Golden Valley/St. Louis Park city limits.
· Colonnade office development - 409,000 square feet of office and related
service uses in 15-story-high building with associated parking ramp.
Current Action Plan Components
. Minor acquisition of additional Xenia Avenue right-of-way between detached
frontage road (Golden Hills Drive) and Laurel Avenue, plus completion of road
and signalization work to accommodate new development.
. Acquisition of properties in block bounded by Xenia Avenue, 1-394, the
railroad tracks, and Golden Hills Drive.
. Potential acquisition of properties lying north of Golden Hills Drive on both
sides of Xenia Avenue.
. Completion of development on Colonnade block.
. Development of 220,000 or more square foot office building with associated
parking deck and related service uses at southwest quadrant of Xenia/Golden
Hills Drive.
. Potential cooperation with owner of Olympic Printing on expansion/upgrading
or demolition/redevelopment of printing facility at northwest quadrant of
Xenia/Golden Hills Drive, or redevelopment of the site by others.
. Development of 130,000 to 230,000 square foot office building, not to exceed
six stories in height, on the block northeast of the Xenia/Golden Hills Drive
intersection.
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
East Area
When Golden Hills was first established, and again in the late 1980's, there was
some discussion of possibly expanding the East Area to take in some or all of the
residential neighborhood to the north, but the idea had little serious potential.
There has been almost no redevelopment activity in this sub-area to date, partly
due to the impact of the adjacent 1-394 construction process. (Exhibit E)
Boundaries and Size
Bounded on the west by Turners Crossroad, on the south by the city limits/l-394
fence line, on the east by the Highway 100/1-394 interchange, and on the north by
the nursing home and row of single family lots lining the south side of Circle Down.
Approximately 9.6 acres in size.
OriQinal Land Use Characteristics (1984)
. Golden Hills strip shopping center (source of redevelopment area name) and
other commercial or service uses on poorly differentiated individual land
parcels.
. Two-building apartment complex containing 24 dwelling units.
. Vacant land with poor soil conditions.
. Numerous zoning nonconformities, including inadequate on-site parking,
inadequate or nonexistent landscaped areas, structures too big for sites, and
unscreened outdoor storage of equipment or materials.
. Increasing building and fire code violations and structural decline.
. Traffic congestion on Turners Crossroad approaching Highway 12.
Known/Anticipated 1-394 Impacts (1984)
. Significant right-of-way acquisitions along south side of commercial properties.
. Substantial limiting of highway access to commercial properties with shift of
access route from Turners Crossroad to Xenia Avenue.
Planned Characteristics
Continued commercial use, including office or service facilities, with continued
medium density residential use an acceptable alternative for existing apartment
site. Provision of adequate buffering to protect adjacent residential neighborhood
to the north.
15
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Exhibit E: Golden Hills East Area
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Activities Completed or Underway to Date
. . MnDOT construction of 1-394 project elements.
. Acquisition of former Emergency Veterinary Clinic property.
· HRA-assisted turn-back of excess 1-394 right-of-way to owners of Golden Hills
Shopping Center.
Current Action Plan Components
· Improvement or redevelopment of Golden Hills Shopping Center, incorporating
former Emergency Veterinary Clinic property and excess 1-394 right-of-way
into a Planned Unit Development with office, hotel, restaurant, and/or retail
uses served by adequate and well-located public access and parking.
South Area
.
This sub-area constitutes one end of a large redevelopment site that spans the
Golden Valley/St. Louis Park city limits. For many years, the entire site has been
held by a developer whose long-range plans include eventual demolition of
existing buildings and construction of a new office park. Discussions between the
developer and both cities have been intermittent but generally ongoing since the
establishment of Golden Hills. (Exhibit F)
Boundaries and Size
Bounded on the west and south by the city limits, and on the east and north by the
Highway 10011-394 interchange.
Approximately 7.1 acres in size.
Oriainal Land Use Characteristics (1984)
. Office uses in three buildings on poorly differentiated land parcels.
. Parking area for restaurant building located in St. Louis Park.
. Moderate zoning nonconformities, including inadequate on-site parking and
inadequate or nonexistent landscaped areas.
Known/Anticipated 1-394 Impacts (1984)
. Minimal, if any, permanent right-of-way acquisitions.
. Substantial limiting of highway access, with nearest access point at Xenia
Avenue (known as Park Place on St. Louis Park side of 1-394).
.
17
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Planned Characteristics
Continued office use as part of larger, medium to high density office park.
Activities Completed or Underway to Date
. 1-394 frontage road system is in place.
Current Action Plan Components
. Coordination of redevelopment process with St. louis Park, including possible
detachment and annexation between cities.
Xenia Avenue Extension Area
This new sub-area of Golden Hills, as its name implies, will allow for the extension
of Xenia Avenue northward from laurel Avenue to a new terminus at Turners
Crossroad north of Glenwood Avenue. The street extension will alleviate a
hazardous intersection at Glenwood Avenue and Turners Crossroad as well as
simplifying the poorly-defined north/south access route between the Central Area
and the rest of Golden Valley. (Exhibit G)
Boundaries and Size
Bounded on the west by a westerly branch of the Soo Line railroad, on the south
by laurel Avenue, on the east by Turners Crossroad, and on the north by
Glenweed Avenue and an easterly branch of the Seo Line Railroad.
Approximately 38.3 acres in size.
Oriqinal Land Use Characteristics (1998)
. Mix of low to high density residential uses, not always correctly zoned, plus a
church campus and City fire station.
. Unplatted and oversized single-family residential parcels, resulting in inefficient
use of available land; two parcels with no street access.
. Rarely-used spur segment of Soo Line Railroad located in close proximity to
alternate branch of same line, with associated excess railroad right-of-way.
Planned Characteristics
Medium to high density residential use except for church campus, City fire station,
and possible expansion of adjacent school campus. Some land may be reserved
for regional storm water detention pond to serve adjacent Central Area.
19
.1 Exhibit G:~olden Hills ·
Xenia Avenue Extension Area ~~'
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.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Activities Completed or Underway to Date
. Preliminary design study for Xenia Avenue alignment.
. Acquisition of two single family properties.
. Acquisition of excess railroad right-of-way.
Current Action Plan Components
. Partial or complete acquisition of other parcels as necessary to provide
adequate Xenia Avenue extension corridor or to accomplish other
redevelopment purposes.
. Construction of Xenia Avenue extension.
. Construction of regional storm water detention pond, if determined to be
feasible and in the best interests of the Golden Hills area.
. Partial closure of access to and from Turners Crossroad, limiting it to
neighborhood use.
. Potential sale of excess land to Independent School District 270 for use by
Meadowbrook School.
. Sale, and incorporation into appropriate adjacent sites, of any excess land not
needed for public improvements or other redevelopment purposes.
21
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
.
Part III: IMPLEMENTATION
Plan Amendment
The Golden Hills Redevelopment Plan may be amended from time to time as
required for adjustment to changing conditions. Approval of any such amendment
must be undertaken in accordance with applicable provisions of state law.
A plan amendment may be made at any time before or after the lease or sale of
property within the redevelopment area as long as both the HRA and City Council
take formal action to approve the amendment following notice and public hearing
as required for adoption of the original plan.
Where the HRA determines that a change in the plan is necessary, and further
determines that such change does not alter or affect overall redevelopment area
boundaries, nor does it depart substantially from the general land uses
established in the plan, such change shall not constitute an amendment to the
approved Golden Hills Redevelopment Plan and shall not require City Council
. approval.
Relocation
The HRA will provide relocation benefits and assistance to owners and tenants
displaced by Golden Hills redevelopment activities. To ensure full compliance
with applicable state and federal statutes and regulations, the HRA will secure the
services of qualified relocation experts to carry out the relocation work. Relocation
personnel will conduct interviews with each affected owner or tenant to determine
relocation needs, and will be conveniently available to any affected owner or
tenant for the purpose of providing information regarding owner and tenant rights
relative to relocation services and compensation.
Financing of Activities
Costs incurred by the Golden Valley HRA in its Golden Hills redevelopment
activities fall into several categories. These include land acquisition, building
demolition, business and household relocation, environmental remediation, public
. improvements such as streets and utilities, and administrative costs. The original
22
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
.
redevelopment plan identified four funding sources that might be used to cover
certain types of costs: tax increment financing, joint acquisition of properties
between MnDOT and the HRA, Community Development Block Grants, and sale
of land to developers. To varying extent, as discussed in the following
paragraphs, most of those four sources are still available today.
Tax Increment Financina (TIF)
The Golden Hills redevelopment area includes a formally designated TIF district.
The TIF mechanism allows Golden Valley's HRA to finance its activities
throughout the redevelopment area from taxes generated by "captured" increases
in taxable value. In most cases financing occurs in the form of tax increment
bonds issued at the onset of any given redevelopment project. The detailed TIF
plan required by state law is contained in a companion document to this
redevelopment plan, but a brief explanation of TIF may be helpful here.
.
The taxable valuation of a TIF district is "frozen" when the district is created. Over
the life of the district, taxes on this base valuation continue to be collected and
distributed among all authorized taxing jurisdictions as usual. As redevelopment
activities generate increased valuation for properties within the district, taxes on
the amount of valuation over and above the base valuation are disbursed directly
to the HRA on an annual basis. These captured moneys are known as tax
increment. The debt service on the bonds issued to finance the redevelopment
activities is repaid from the annual tax increment. Tax increment not needed for
debt service on the bonds can be used to directly finance additional
redevelopment expenditures. When the TIF district expires, taxes on total current
valuation are once again collected and distributed among all authorized taxing
jurisdictions just as they were before the creation of the district.
Joint Acauisition
Certain properties in Golden Hills were so situated as to be candidates for both
HRA redevelopment activities and MnDOT 1-394 right-of-way. During the 1-394
final design and acquisition stages, the HRA worked with MnDOT to identify such
properties and acquire them jointly, with MnDOT retaining possession of the
portion of each affected property needed for highway purposes and the HRA
taking the remainder for assembly into suitable redevelopment sites. This
coordinated approach allowed the two agencies to share costs for appraisals,
relocation, site clearance, and other related activities in addition to actual land and
building purchase costs. Now that 1-394 is finished, this funding source has
terminated; however, the HRA and MnDOT continue to cooperate on such
activities as fine-tuning the highway right-of-way limits to maximize the
redevelopment potential of adjacent sites.
.
23
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
.
Community Development Block Grants tCDBG)
The City of Golden Valley receives an annual allocation of federal COBG money
by way of Hennepin County. Those funds can be used for redevelopment
activities that serve to eliminate urban blight. Through the late 1970's and the
1980's, Golden Valley's HRA put COBG money into all three of the City's
redevelopment areas. By the late 1980's, increasing regulatory strings on the use
of COBG funds and ongoing federal debate over the future of the entire program
caused the City to divert its annual allocation to other purposes, but the possibility
of using COBG money in Golden Hills remains open today.
Sale of land to Developers
In order to promote redevelopment in accordance with the Golden Hills plan, the
HRA's practice is to sell assembled sites to developers at values approximating
the prevailing market rate for vacant land. Although the income from such land
sales does not cover all HRA costs of acquisition, clearance, and site preparation,
land sales are a source of income contributing to financing of ongoing HRA
activities.
.
.
24
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
.
APPENDIX: PARCELS IN
REDEVELOPMENT AREA
Parcels in
TIF District
Parcels outside
TIF District
.
04-117-21-23-0008
04-117-21-23-0011
04-117-21-23-0012
04-117-21-23-0017
04-117-21-23-0018
04-117-21-23-0019
04-117-21-23-0026
04-117-21-23-0027
04-117-21-23-0028
04-117-21-23-0029
04-117-21-23-0030
04-117-21-23-0031
04-117-21-23-0032
04-117-21-23-0033
04-117-21-23-0040
04-117-21-23-0041
04-117-21-23-0042
04-117-21-23-0044
04-117-21-23-0045
04-117-21-23-0047
04-117-21-23-0048
04-117-21-24-0006
04-117-21-24-0007
04-117-21-24-0008
04-117-21-24-0009
04-117-21-24-0021
04-117-21-24-0024
04-117-21-24-0025
04-117-21-24-0026
04-117-21-24-0027
04-117-21-24-0028
04-117-21-24-0029
04-117-21-24-0030
30-029-24-23-0001
30-029-24-23-0002
30-029-24-23-0004
30-029-24-23-0006
30-029-24-23-0007
30-029-24-23-0008
30-029-24-23-0009
30-029-24-23-0050
30-029-24-23-0057
30-029-24-23-0058
30-029-24-23-0034
30-029-24-23-0033
30-029-24-23-0032
30-029-24-23-0031
30-029-24-22-0082
30-029-24-22-0069
30-029-24-22-0072
30-029-24-22-0073
30-029-24-22-0074
30-029-24-22-0075
30-029-24-22-0076
30-029-24-22-0077
30-029-24-22-0078
30-029-24-22-0079
30-029-24-22-0080
30-029-24-22-0081
30-029-24-22-0059
19-029-24-33-0011
19-029-24-33-0012
19-029-24-33-0013
19-029-24-33-0015
04-117-21-21-0001
04-117-21-21-0002
04-117-21-21-0003
04-117-21-21-0004
04-117-21-21-0005
04-117-21-21-0006
04-117-21-21-0007
04-117-21-21-0008
04-117-21-21-0009
04-117-21-21-0010
04-117-21-21-0012
04-117-21-21-0013
04-117-21-21-0014
04-117-21-21-0015
04-117-21-21-0016
04-117-21-21-0018
04-117-21-21-0021
04-117-21-21-0023
04-117-21-21-0024
33-118-21-34-0004
33-118-21-34-0005
.
.
.
.
Resolution 99 - 2 (Can't.)
Wisconsin Omca:
16655 West Bluemound Road
Suite 290
Brookfield, WI 53005-5935
(414) 782-8222
EXHIBIT A
Feburary 9, 1999
Tax Increment Financins Plan for
Golden Hills Redevelopment
Tax Increment Financing District
As Amended December I, 1998
Home Offica:
85 East Seventh Place
Suite 100
SL Paul, MN 55101-2887
(651) 223-3000
Minneapolis Office:
88 South Sixth Street
Suite 900
Minneapolis, MN 55402-1800
(612) 333-91n
Iowa Offica:
100 Court Avenue
Suite 204
Des Moines, IA 50309-2200
(515) 244-1358
Washington Office:
1850 K Street NW
Suite 215
Washington, D.C. 20006-2200
(202) 466-3344
Kansas Offica:
7211 West 98th Terrace
Suite 100
Overland Parlt. KS 66212-2257
(913) 345-8062
.
.
.
T~ftij~e~on't.)
EXHIBIT A
Feburary 9, 1999
Paae( s}
SECTION 1
Statutory Authority ........ ....... ........ ................... ................... ................................ .........
I-I
SECTION 2
Statement of Objectives
General ....................................................... ...... ....... ...... .............. . ............. ............ ................ 2-1
Coordination wi th 1-394 Project ..... ....................................................................................... 2-1
Blight Removal.............. ........................................................................................................ 2-2
Redevelopment Land Use........... ..................... ...................................................................... 2-2 _ 2-3
Private Investtnent ..... ....................... ..................................................................................... 2-3
Circulation. ...... ...................................................................................................................... 2-3
Relocation.. ... . ................ ........................ .... ............ ............ ......... ...... ..................................... 2-3
SECTION 3
Development Program
1. Phase I.............................................................................................................................. 3- I
2. Phase II... ............. .... .......... ..... ........ ...................... .......... ............................. ................. .... 3 _ 2
3. Phase III ....... ....... .... ............. ..... ..... ............ .......................................................... ............ 3 -3
4. Phase IV ......................................................................................................................;.... 3-3 _ 34
S. General..... ..... ...... .............................................................. ...................................... ......... 34
6. Projects Reflected in Amended Budget............................................................................ 34
SECTION 4
Description of Property in the Golden Hills Redevelopment
Tar Increment Financing District ............................................................................ 4-1
SECTION 5
Classification of the Tax Increment Financing District .............................................. 5-1 _ 5-2
SECTION 6
Estimate of C OSlS ......................................................................................................... 6-1 _ 6-2
Amended Budget As Adopted: December I. 1998:.............................................................. 6-3
SECTION 7
Estimated Amount of Bonded Indebtedness
Section A. ......... ........................... ................ .... ....... .............. ... .................. ........... ...... ........... 1-1
Section B - Amended Budget :.............................................................................................. 1-1
SECTION 8
Sources of Revenues .................................................................................................... 8-1
SECTION 9
Original Assessed Value .............................................................................................. 9-1
SECTION 10
Estimated Captured Assessed V a/ue............................................................................ 10-1
SECTION 11
Duration of the District ............................................................................................... 11-1
~ SPRINGSTED
REPOR1'S1MNlGOl.DHI.TIF
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
FebUfWM/~'o1f3~ntents
SECTION 12
Estimated Impact on Other Taxing Jurisdictions ........................................................
Estimated Impact on Other Taxing Jurisdictions from Projects
included in Budget Modification. ...... ......... ........ ..... ...... .... ................... ........... .........
12-1
12-1
SECTION 13
Modifications of the Tax Increment Financing District .............................................. 13-1
SECTION 14
Limitation on Administrative Expenses ....................................................................... 14-1
SECTION IS
Limitation on Duration of Tax Increment Financing Districts.................................... 15-1
SECTION 16
Limitation on Qualification of Property in Tax Increment District
Not Subject to improvement ..................................................................................... 16-1
SECTION 17
Limitation on the Use of Tax Increment ...................................................................... 17-1
SECTION 18
Notification of Prior Planned Improvements ...........;.................................................. 18-1
SECTION 19
Excess Tax increments . ............................................................................................... 19-1
SECTION 20
Requirement for Agreements with the Developer........................................................
SECTION 21
20-1
Assessment Agreements.. ............................................................................................. 21-1
SECTION 22
Administration of the Tax Increment District
and Maintenance of the Tax Increment Account ...................................................... 22-1
SEcnON 23
Annual Disclosure Requirements ................................................................................ 23-1
ORIGINAL EXHIBITS
MODIFlCATION EXHIBITS
Fj SPRINGSTED
Pageii
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1 ~~tion 1
STATUTORY AUTHORITY
The Housing and Redevelopment Authority of the City of Golden Valley (the "HRA") and the
City of Golden Valley (the "City") have previously adopted the Golden Hills Redevelopment Plan
for the development and redevelopment of property described therein and in Section D hereof.
The Redevelopment Plan describes a redevelopment project, as defined by Minnesota
Statutes, Section 462.421, Subd. 13. to be undertaken by the HRA and the City within the
project area to be financed primarily by one or more tax increment financing districts to be
created within the project area and the sale of tax increment bonds to be repaid by the
increments generated by said districts. The City of Golden Valley is authorized to establish a
tax increment district within the project area pursuant to Minnesota Statutes, Section 273.71-78.
The district created herein is hereinafter sometimes referred to as the "Golden Hills
Redevelopment Tax Increment Financing District."
~ SPRINGSTED
Page 1-1
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999 .
SectIon 2
.
STATEMENT OF OBJECTIVES
Objectives of the City of Golden Valley in undertaking the Golden Hills Redevelopment Project,
to be accomplished through tax increment financing, are outlined as follows in the Golden Hills
Redevelopment Plan adopted by the Golden Valley City Council on October 16, 1984:
General
1. Improvement of currently unsightly Trunk Highway 12 frontage to create an attractive City
of Golden Valley 1-394 corridor in the vicinity of Turner's Crossroad.
2. Reversal of deterioration and degradation of current Trunk Highway 12 frontage in the
area of Turner's Crossroad.
3. Stimulation and coordination of area redevelopment not pOSSible without public subsidy to
private investment.
4. Provision for orderly physical and economic growth of the area through controlled
development and redevelopment.
5. Strengthening and increase of the area tax base.
. Coordination with 1-394 Project
6. Taking advantage of the incentive for upgrading of land use provided by 1-394 freeway
construction as a catalyst to further redevelopment of the area.
7. Coordination of upgrading of land uses and redevelopment of the area with upgrading of
Trunk Highway 12 to 1-394 status.
8. Minimizing of public costs of 1-394 right-of-way acquisition and redevelopment site
acquisition through joint MnDOT and City of Golden Valley HRA purchase of properties.
9. Coordination of redevelopment time schedules with 1-394 construction time schedules in
order to minimize construction period inconvenience.
10. Integration of remnant parcels resulting from 1-394 project right-of-way acquisition into
redevelopment pa~cels.
.
FJ SPRINGSTED
Page 2-1
.
.
.
R I f 99 - 2(C'm~U EXHIBIT A Feburary 9, 1999
eso u Ion T501aen Hills He-tfevelopment Tax Increment Financing District
Blight Removal
11. Removal and replacement of dilapidated, deteriorated and vacant buildings which
constitute a blight on the area.
12. Removal and replacement or rehabilitation and upgrading of obsolete buildings and
buildings with code deficiencies which have a blighting influence on the area.
13. Redevelopment or upgrading of properties which are unsightly due to lack of aesthetic
amenities including landscaped yards, paved parking area, and curb separation of
landscaped and paved area, or due to location of loading docks on building street front.
14. Removal of buildings which are overcrowded on small lots resulting in inadequate parking,
nonconforming inadequate landscaped yard areas, and lack of space for normal business
expansion.
15. Clearance and assembly of overdeveloped small lots into larger scale redevelopment
sites allowing space for adequate parking, required landscaped yards, and anticipated
business expansion.
16. Elimination of unsightly land uses, including unscreened outside storage of equipment and
materials, which constitute a blight on the area and surrounding areas and adversely
impact land values and marketability of surrounding properties.
17. Elimination and replacement of deleterious and inappropriate land uses incompatible with
surrounding land uses and detrimental to surrounding property values.
18. Redevelopment or development of underutilized properties which have potential for
greater contribution to the tax base and economic welfare of the community.
19. Development of vacant land blighted by virtue of difficult physical character of the ground,
including poor soils conditions, resulting in stagnant and unproductive condition of land
potentially useful.
20. Elimination or correction of difficult physical character of the ground, including poor soils
conditions, allowing development of vacant land and making the land useful and valuable.
Redevelopment Land Use
21. Realization of highest and best use of properties bordering 1-394 in the vicinity of Turner's
Crossroad in the City of Golden Valley.
22. provision of assembled redevelopment sites to accommodate more intense land uses
appropriate directly adjacent to the 1-394 freeway.
23. Provision of desired expansion space for the commercial center located to the east of
Turner's Crossroad.
~ SPRINGSTED
Page 2-2
.
Resolution 99 - 2 (Can't.) EXHIBIT A Feburary 9, 1999
Golden Hills Redevelopment Tax Increment Financing District
24. Provision of assembled redevelopment sites to accommodate industrial operations with
future expansion potential.
25. Rearrangement of land uses in the area resulting in more functional and complementary
land use relationships.
Private Investment
26. Minimizing of public redevelopment costs by encouraging private redevelopment in the
area and by promoting cooperation or participation of existing landowners in
redevelopment projects.
27. Encouragement of upgrading by owners and tenants of existing commercial and industrial
buildings and properties not targeted for redevelopment.
Circulation
28. Redesign in conjunction with the 1-394 project of local traffic circulation patterns and
intersections in order to eliminate existing traffic hazards and points of traffic congestion,
including inadequate separation of frontage road intersections from Trunk Highway 12
intersections.
29. Reorientation of building-fronts to adjust to changes in street frontages resulting from the
. 1-394 project.
.
Relocation
30. Provision of relocation sites and opportunities for expansion to existing businesses
within the redevelopment area which are displaced by redevelopment and which are
compatible with designated redevelopment uses for the area.
31. Minimizing of potential hardships created by relocation out of the area of conflicting or
incompatible land uses.
FJ SPRINGSTED
Page 2-3
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 3
DEVELOPMENT PROGRAM
The Golden Hills Redevelopment Project, to be financed with tax increment financing,
encompasses an area of approximately 83 acres located to the north of proposed 1-394,
currently Trunk Highway 12, in the vicinity of Turner's Crossroad. The total project is
scheduled for accomplishment in four phases as follows:
1. Phase I
.
The Phase I project area, I"'Jnsisting of approximately 18 acres, is the portion of the tax
increment financing distr'- :ocated between Turner's Crossroad and Xenia Avenue
South.
A. Current lane ~
Existing la:" uses include a vacant former restaurant building, a print shop in a
former re~ '...ential structure, and a veterinary hospital, all fronting on the Trunk
Highwav:;: service road. A convenience food store and gasoline station are
located In two separate buildings on a small parcel to the north and fronting on
Turner's Crossroad. A multi-tenant office warehouse building and two single
occupant office warehouse buildings occupy the remainder of the area to the
north.
B.
Proposed Reuse of land
Major portions of properties fronting on the current Highway 12 service road are
included in Minnesota Department of Transportation (MnDOT) acquisition plans
for 1-394 right-of-way.
A redevelopment site approximately seven acres in area is scheduled for
acquisition, clearance, and transfer to a development partnership for
redevelopment. The redevelopment site includes a remnant of the restaurant
property, the multi-unit office warehouse building, one of the two single tenant
office warehouse buildings, and the gas station and convenience food store
property.
The City of Golden Valley Housing and Redevelopment Authority (HRA) on
April 9, 1985 'passed a resolution jointly designating Turner Development
Corporation and United Suites of America as developers of the site. Planned land
uses include a thirteen-story 259,000 square foot office building and an
eleven-story 300-suite hotel with a parking ramp sized to accommodate the
combined office and hotel uses.
The Phase I project schedule calls for land acquisition in 1985, construction start
in 1986, and project completion by the end of 1987.
FJ SPRINGSTED
Page 3-1
-- . --'
.
.
.
Resolution 99 - 2 (Con't.) EXHIBIT A Feburary 9,1999
Golden Hills Redevelopment Tax Increment Financing District
2.
Phase II
The Phase 11 project area, consisting of approximately 16.5 acres, is the portion of the
tax increment financing district located to the east of Turner's Crossroad.
A. Current Land Use
The Phase 11 project area is dominated by the Golden Hills Shopping Center to the
northeast of the intersection of Turner's Crossroad with Trunk Highway 12. Intruding
into the shopping center property are a gasoline station on the comer of the frontage
road with Turner's Crossroad and a veterinary clinic on the comer of the alley behind
the shopping center with Turner's Crossroad. Buildings to the east of the shopping
center along the Trunk Highway 12 frontage road include a Bridgeman Ice Cream
Store and Golden Hills Drug Store housed in the same building on one parcel, a
medicaUdental clinic on the next parcel to the east. and a real estate office at the
intersection of Trunk Highway 12 with Trunk Highway 100. Between the clinic and
real estate office is an area of vacant land which remains undeveloped due to poor
soils conditions. To the northeast of the shopping center is the Mayfair Manor.
Apartment Complex consisting of two apartment buildings.
B. Proposed Reuse of Land
MnDOT plans for 1-394 construction include removal of the gasoline station and
portions of properties fronting on current Trunk Highway 12.
Phase 11 redevelopment project plans call for creation of one major redevelopment
parcel approximately 7.5 acres in area. The redevelopment parcel is assembled
from remnant parcels fOllowing 1-394 right-of-way acquisition to the east of the
shopping center and from Mayfair Manor Apartment property.
First priority for reuse of redevelopment lands will be expansion of the Golden Hills
Shopping Center to the east with additional retail and restaurant space. Plans call for
height of up to four stories with office use included on upper levels above retail use.
For planning purposes, additional new construction is expected to include
approximately 35,000 square feet of additional retail space, 10,000 square feet of
additional restaurant space, and 60,000 square feet of office space.
The Golden Valley HRA on March 12, 1985 heard proposals from two potential
developers for the Phase " redevelopment project.
The Phase 11 project schedule calls for land acquisition in 1986, construction start in
1987, and project completion by the end of 1988.
Fj SPRINGSTED
Page 3-2
.
.
.
Resolution 99 - 2 (Can't.) EXHIBIT A Feburary 9, 1999
Golden Hills Redevelopment Tax Increment Financing District
3.
Phase III
The Phase III project area, consisting of approximately 17.5 acres, is the portion of the tax
increment financing district located between Xenia Avenue South and the railroad line.
A. Current Land Use
Parcels fronting on the Trunk Highway 12 service road between Xenia Avenue South
and the railroad fine include a furniture wholesaler, a tire service store, the Breck
School Ice Arena, a vacant former farmhouse, and two small office buildings on
small lots. The remainder of the Phase III area is occupied by four single occupant
office warehouse or office manufacturing users on relatively large lots.
B. Proposed Reuse of Land
A redevelopment site of at least four acres in area is contemplated for acquisition,
clearance, and transfer to a developer for redevelopment. The redevelopment site
includes properties fronting on the Trunk Highway 12 service road to the west of the
furniture wholesaler. The furniture wholesale operation and other light industrial uses
to the north are not included in preliminary redevelopment project planning, but may
be included in a redevelopment project as necessary for project scale.
For planning purposes, redevelopment use consists of approximately 160,000
square feet of office space. Anticipated building height is four to six stories.
Incorporation of a restaurant into the office complex is a possibility.
The Phase III project schedule calls for land acquisition in 1987, construction start in
1988, and project completion by the end of 1989.
4. Phase IV
The Phase IV project area, consisting of approximately 31 acres, is the portion of the tax
increment financing district located to the west of the railroad line.
A. Current Land Use
Current land use in the Phase IV project area consists primarily of industrial uses.
Properties fronting on the Trunk Highway 12 service road to the west of the railroad
line include a building belonging to the railroad and five other buildings all crowded
on parcels of inadequate size. Two major users of property in terms of acreage are
Phillippi Equipment Company and the 8ury and Carlson asphalt plant, both of which
utilize large areas for unscreened storage of equipment and materials.
8.
Proposed Reuse of Land
Almost the entire area west of the railroad line is included in the Phase IV
redevelopment project area for acquisition, clearance and transfer to. developers for
redevelopment. AntiCipated redevelopment uses include office development along
~ SPRINGSTED
Page 3-3
.
.
.
Resolution 99 - 2 (Can't.) EXHIBIT A Feburary 9, 1999
Golden Hills Redevelopment Tax Increment Financing District
the future 1-394 frontage with light industrial uses to the north. For planning
purposes, redevelopment uses include 80,000 square feet of office building and
250,000 square feet of office/warehouse building construction. Inclusion of multiple
family residential construction in the northern portion along Laurel Avenue is a
suggestion under consideration.
The Phase IV project schedule calls for land acquisition in 1987. construction start in
1988, and project completion by the end of 1989.
5. General
The redevelopment parcels to be assembled in Phases I-IV, in whole or in part by land
acquisition by the HRA, are identified on maps contained in the Redevelopment Plan,
which is incorporated herein by reference.
6. Projects Reflected in Amended Budget
See Golden Hills Redevelopment Plan - Part II: Redevelopment Plan Components
(specifically the sections titled West Area and Xenia Avenueffumer's Crossroad Area).
~ SPRINGSTED
Page 3-4
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 4
DESCRIPTION OF PROPERTY IN THE GOLDEN HILLS
REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT
The Golden Hills Redevelopment Tax Increment Financing District, which includes a large
portion of the project area described in the Redevelopment Plan, which project area description
is incorporated by reference, includes Trunk Highway 12 frontage in the City of Golden Valley
from Colorado Avenue on the west to Trunk Highway 100 on the east. To the west of Turner's
Crossroad, the Golden Hills Tax Increment Financing District extends north to Laurel Avenue
covering an area bounded by the City of Golden Valley/City of St. Louis Park municipal
boundary line on the south, Colorado Avenue on the west, Laurel Avenue on the north and
Turner's Crossroad on the east. To the east of Turner's Crossroad, the Golden Hills Tax
Increment Financing District includes all parcels fronting directly on Trunk Highway 12 from the
Golden Hills Shopping Center to the real estate office property at the intersection with Trunk
Highway 100, also the shopping center parking area to the north of the Golden Hills Shopping
Center and the Mayfair Manor Apartment property to the northeast of the Golden Hills Shopping
Center.
Included as Exhibits IV, V, and VI are a map of the Golden Hills Redevelopment Tax Increment
Financing District, a legal description of the boundaries of the District, and a listing of the
Hennepin County property identification numbers of all parcels within the District.
Fj SPRINGSTED
Page 4-1
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 5
CLASSIFICATION OF THE TAX INCREMENT FINANCING DISTRICT
The tax increment financing district will be classified as a redevelopment district pursuant to
Minnesota Statutes, Section 273.73, Subd. 10, which defines a redevelopment district as:
"A type of tax increment financing district consisting of a project, or portions of a project, within
which the Authority finds by resolution that one of the following conditions, reasonably
distributed throughout the district, exists:
(1) 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other
improvements and more than 50 percent of the buildings, not including outbuildings, are
structurally substandard to a degree requiring substantial renovation or clearance; or
(2) 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other
improvements and 20 percent of the buildings are structurally substandard and an
additional 30 percent of the buildings are found to require substantial renovation or
clearance in order to remove such existing conditions as: inadequate street layout, ,
incompatible uses or land use relationships, overcrowding of buildings on the land,
excessive dwelling unit density, obsolete buildings not suitable for improvement or
conversion, or other identified hazards to the health, safety and general well being of the
community; or
(3) Less than 70 percent of the parcels in the district are occupied by buildings, streets,
utilities or other improvements, but due to unusual terrain or soil deficiencies requiring
substantial filling, grading or other physical preparation for use at least 80 percent of the
total acreage of such land has a fair market value upon inclusion in the redevelopment
district which, when added to the estimated cost of preparing that land for development,
excluding costs directly related to roads as defined in section 160.01 and local
improvements as described in section 429.021, subdivision 1, clauses I to 7,11 and 12,
and section 430.01, if any, exceeds its anticipated fair market value after completion of
said preparation; provided that no parcel shall be included within a redevelopment district
pursuant to this paragraph (3) unless the Authority has concluded an agreement or
agreements for the development of at least 50 percent of the acreage having the unusual
soil or terrain deficiencies, which agreement provides recourse for the Authority should the
development not be completed; or
(4) The property consists of underutilized air rights existing over a pUblic street, highway or
right-of-way; or
~ SPRINGSTED
Page 5-1
Resolution 99 - 2 (Can't.) EXHIBIT A Feburary 9, 1999
Golden Hills Redevelopment Tax Increment Financing District
(5) The property consists of vacant, unused, underused, inappropriately used or infrequently
. used rail yards, rail storage facilities or excessive or vacated railroad rights-of-ways.
For purposes of this subdivision, "structurally substandard" shall mean containing defects
in structural elements or a combination of deficiencies in essential utilities and facilities,
light and ventilation, fire protection including adequate egress, layout and condition of
interior partitions, or similar factors, which defects or deficiencies are of sufficient total
significance to justify substantial renovation or clearance. "Parcel" shall mean a tract or
plat of land established prior to the certification of the district as a single unit for purposes
of assessment."
.
.
The property within the Golden Hills Tax Increment Financing District has been inspected by
officials of the City, and based upon such inspection, it is determined that the district will
constitute a redevelopment district pursuant to su~sections (2) above, to wit:
70 percent of the parcels in the district are occupied by buildings, streets, utilities or other
improvements and 20 percent of the buildings are structurally substandard and on
additional 30 percent of the buildings are found to require substantial renovation or
clearance in order to remove such existing conditions as: inadequate street layout, .
incompatible uses or land use relationships, overcrowding of buildings on the land,
obsolete buildings not suitable for improvement being of the community.
.~ SPRINGSTED
Page 5-2
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 6
. ESTIMATE OF COSTS
~~ 961:mato~ total p"~lio rodevalopmeRt .0.10 'NiII.~e paid from l~e prooeed: ~~llp: =d
~~~, I~ns tale re'lenl:Jes, ::md Interm:t In~mme. It It estlm:ated the net I'Jl:Jbh r _ . 10 m ,
cost will be $27,150,000, :md will bo expenses in fGl:Jr I'Jh:lses over :a thre13 y~;r ;ri~d fr~;
1985 through 1987.
Tho tot:al estimates sostt :lnd tOl:Jrco of fyndt is shewn h13rC33fter by Phate :and by year.
PHASE I
~:~ 1'.~ql:Jisitien
Reloc:atl9n
Demolition
Burying PO':Jor Lincs
Street lightin~
Street Csnstruction
RemG\'e Rail line
Resonstruct Tl:lrner's Crottro3ds
Contingencies (5 If)
AgministratisR ! Legal (5%)
C:apit:llized Interest
genEl Oitsol:Jnt
. Less: ~~~~ ~~ ~enl:Je
IntoroEt 1S3r~ings
1985
$4,883,200
425,000
1988
$
~:~'~~o
2~H~g
~. ,._0
1987
$
53,000
224,720
Net E&tim3tes Cost (Ph3se 1)
25<1,<110
25<1,<110
1,380,880
100,000
(327, 900)
(200, 000)
$&,550,000
;;,::g
__,_ 0-
1~~'~~g
2g:~;;
(1,228,390)
(<143,710)
L
$
PHASe: II
1985
198&
1987
LanEl/\cql:Jisition
Relosatisn
Demolition
gl:lryin~ Pewer lines
. Street lighting
StfSet CGnstruEitieR
Csntingensiss (5%)
Aelministr-atiGR ! legal (8%)
Sl:lbtotal (By PRase)
$
$<1,~~~,~~o
137:eog
$
2<1~,~:~
2<19,a~a
$5,<124,890
1j~'~~g
1 ~r~gg
34:800
$787, <10g
.
~ SPRINGSTED
Page 6-1
Resolution 99 - 2 (Can't.) EXHIBIT A Feburary 9,1999
Golden Hills Redevelopment Tax Increment Financing District
PH.'\SE '" 1985 1989 1987
. = ;~~iEitien $1,~~~ .~~~
~:~~~;:~~ m::~
~;;~~liAe.
E.~~~
5E:~.~
~:=
~::~~~~al('%)
(;~~:~~~ )
bess: Rev8Rble from l3nd S::lIos
Sl:lbtet31 (Qy Phase) $2,08~,280
PHASE 1'1 1m. 1989 1987
~ ;~iEitien $~:~~:::~g
~:~~;:~~ :~l5
E;; j~ LiAe.
~f,eE r;;~:"e" 1E:E
E~;;~~ ~a%) :!;:E
. t~~ini~~~~~~ 8. :-e~al (5%) (J.~~~:~~~)
bess: Rov8Rble from kana S::lleE: ~8,J79,ggg
SUbtQt31 (By Ph3se)
~~~~~~~~ ,~.h3teS) $5'~~6'~~~ $11,~~~,~~~
~a~"'J;'~CI. 1 i~~~:~~~) 2.~~:~:
bess: Interee:t earnings ( . )
$9,700,09g $1J,90g,OOg
Net Ee:tiFR::ltea Cee:te: $9,550,000 $9,700,000 $1J,900,OOg
.-
~ SPRINGSTED
Page 6..2
Resolution 99 - 2 (Can't.) EXHIBIT A Feburary 9, 1999
Golden Hills Redevelopment Tax Increment Financing District
Amended Budget As Adopted: December 1, 1998:
.
Plus: Plus: Plus: Plus: Equals:
Xenia Ave.! Central Area
Original Turner's
Budget as Crossroad <./)~e) C~.I>&tJ
Restated (Outside
For State TIF Southwest Northwest Northeast Amended
TIF Forms District) Project Project Project Budget
Sources
Bond Proceedsl $27.150.000 $7.815.000 $ 7.160.000 $ 0 $4.540.000 $46.665.000
Tax Increment
Land Sale
Proceeds 5.700.000 75.000 3.375.000 0 1.415.000 10.565.000
Municipal State
Aid (MSA) 0 0 0 0 0 0
Interest Earnings 886.370 0 0 0 0 886.370
Total Sources $33.736.370 $7.890.000 $10.535.000 $ 0 $5.955.000 $58.116.370
Uses
Land/Building
Acquisition $17.921.280 $2.130.000 $ 6.488.600 $ 0 $3.600.000 $30.139.880
Site
Improvements
(Demolition) 1.276.910 1.150.000 700.000 0 650.000 3.776.910
Installation of
Public Utilities 2.691.270 3.000.000 500.000 0 100.000 6.291.270
Administration
. & legal 2.239.190 0 868.860 0 434.400 3.542.450
Relocation 3.221.340 200.000 1.000.000 0 500.000 4.921.340
Bond Issuance
Costs 679.500 163.910 153.540 0 79.600 1.076.550
Capitalized
Interest 5.706.880 0 824.000 0 591.000 7.121.880
Pedestrian
Crossing 0 900.000 0 0 0 900.000
Contingency 0 346.090 0 0 0 346.090
Total Uses $33.736.370 $7.890.000 $10.535,000 $ 0 $ 5.955.000 $58.116.370
.
~ SPRINGSTED
(Sge0
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 7
. ESTIMATED AMOUNT OF BONDED INDEBTEDNESS
Section A
It is estimated that it will be necessary to issue up to $27,150,000 of general obligation tax
increment bonds to pay the net public redevelopment costs. That total amount is expected to be
provided through the sale of three separate issues as follows:
October 1, 1985
October 1, 1986
October 1, 1987
$ 6,550,000
6,700,000
13.900.000
$27,150,000
The actual date for sale of the bonds, their terms and estimated interest rates will be adjusted
as necessary by the Authority to insure the timely availability of capital funds to defray the
public redevelopment costs.
A possible structuring of these three proposed issues, together with a projected total of debt
service payments, is attached as Exhibits lA-D.
. Section 8 - Amended Budget
It is estimated that it will be necessary to issue up to $19,515,000 of additional general
obligation tax increment bonds to pay the net public redevelopment costs for projects reflected
in the amended budget. That total amount is expected to be provided through the sale of three
separate issues as follows:
December 1, 1998
April 1, 1999
April 1,1999
$ 4,540,000
7,815,000
7.160.000
$19,515,000
United Properties (NE)
Xenia AvenuelTumer's Crossroad
Duke (SW)
The actual date for sale of the bonds, their terms and estimated interest rates will be adjusted
as necessary by the Authority to insure the timely availability of capital funds to defray the
public redevelopment costs.
A possible structuring onhese three proposed issues, together with a projected total of debt
service payments, is attached as Exhibits I through III.
.
Fj SPRINGSTED
c;ge 0
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 8
. SOURCES OF REVENUES
.
.
Sources of revenues to fund the total redevelopment cost will include revenue from land sales,
estimated at $5.700,000; interest income during construction, estimated at $886,370; and tax
increments to be derived from properties within the redevelopment district. The total tax
increment required for the payment of net public redevelopment costs will be that amount
required for debt service on an estimated $27,150,000 of general obligation tax increment
bonds, and the total amount actually required will depend upon the total amount of debt
incurred, the timing of the sales and the interest rate required to sell the bonds.
It is expected that tax increments required to pay the redevelopment cost will be available in the
following amounts by year:
1988
1989
1990
1991-2002
$ 714,856
2.581,024
3,279,880
3.733,714
It is estimated that the total cumulative tax increment required for debt service on bonds will be
$45.692.720.
A schedule of projected tax increment revenue is attached as Exhibit 11.
EXHIBIT IV, IN THE MODIFICATION EXHIBITS SECTION, IS AN ANALYSIS OF THE
PROJECTED CASH FLOW OF THE GOLDEN HILLS DISTRICT INCLUDING ALL
PROJECTS INCLUDED IN THE AMENDED BUDGET.
~ SPRINGSTED
Page 8-1
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 9
. ORIGINAL ASSESSED VALUE
.
.
Pursuant to Minnesota Statute 273.76, Subd. I and Subd. 4, the original assessed value for the
Golden Hills Redevelopment Tax Increment Financing District is $6,522,778. The original value
includes the assessed value placed on the property by Hennepin County as of January 2, 1984
with adjustments required by Minnesota Statute 273.76, Subd. 4.
~ SPRINGSTED
Page 9-1
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 10
ESTIMATED CAPTURED ASSESSED VALUE
Pursuant to Minnesota Statutes, Section 273.76, Subd. 1, the estimated captured value will
total $38,737,100, based on completion of initial improvements to private property planned
within the district. The estimated captured value will be available on the following schedule:
January 2, 1987
January 2, 1988
January 2, 1989
January 2, 1990
$ 7,416,600
26,778,000
34,028,600
38,737,100
A schedule of the composition and timing on this estimated captured value is attached as
Exhibit III.
Estimated captured assessed value included in modified budgets:
See Exhibits: V, V-A, VI, VI-A
~ SPRINGSTED
Page 10-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 11
DURATION OF THE DISTRICT
The duration of the Golden Hills Redevelopment Tax Increment Financing District may be
twenty-five (25) years from the date of receipt of the first tax increment, which is expected to be
received in July, 1988. Therefore the district may remain in place until July, 2013. However, it is
expected that any public redevelopment costs required to finance the public redevelopment
may be fully recovered and paid prior to that time. Unless additional redevelopment costs are
incurred over and above the type and level outlined in this tax increment financing plan, it is the
intention of the Authority to terminate the district upon final payment of all initial redevelopment
costs, after which time the tax proceeds from the captured valuation will become available to all
taxing jurisdictions within the district.
FJ SPRINGSTED
Page 11-1
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 12
ESTIMATED IMPACT ON OTHER TAXING JURISDICTIONS
The impact of foregoing potential taxes generated by private investment within the tax
increment district over the period of tax increment collection can be estimated by calculating the
increase in mill rates needed to generate an equivalent amount of taxes as those potentially
generated by the new development within the tax increment district. The estimated impact on
other taxing jurisdictions in which the tax increment district is located is presented in the
following table.
Imoact on Tax Rate
Entitv
1984/85
Assessed Value
Percent of
District to Entity
Captured
Valuation
Hennepin County
City of Golden Valley
ISO 270 (Hopkins)
ISO 287 (Vo-Tech)
Metropolitan Council
Metropolitan Transit District
$ 8,044,844,074
251,532.811
603.213.947
5.064,024,055
15.160.850.205
13.944,295.586
$38,737,100
38.737.100
38.737,100
38.737,100
38.737.100
38.737,100
.004815
.154004
.064217
.007649
.002555
.002778
Caotured Value Imoact on Mill Rate
1984/85 Mill Rate
Entitv Mill Rate Potential Taxes(a) Increase(b)
Hennepin County 29.262 $1.133.525 .14
City of Golden Valley 16.886 654.114 2.60
ISO 270 (Hopkins) 42.567 1.648,922 2.73
ISO 287 (Vo-Tech) 1.490 57,718 .01
Otherfc) 5.181 200.696 Varies With Unit
(a) Represents potential tax income if the current mill rate was applied to the maximum anticipated
captured value to be available for taxes collected in 1991.
(b) Represents mill rate increase necessary on the current assessed value of each entity to recover
potential taxes from th~ maximum anticipated captured value in 1991.
(c) Includes special districts of Metropolitan Council. Metropolitan Transit. Metropolitan Mosquito Control,
County Park Museum, and Hennepin County Regional Railroad Authority.
eSTIMATED IMPACT ON OTHER TAXING JURISDICTIONS FROM PROJECTS INCLUDeD
IN BUDGET MODIFICATION.
See Exhibit VII
~ SPRINGSTED
Page 12-1
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Section 13
. MODIFICATIONS OF THE TAX INCREMENT FINANCING DISTRICT
.
.
In accordance with Minnesota Statutes, Section 273.74, Subd. 4, any reduction or enlargement
of the geographic area of the project or tax increment financing district, increase in amount of
bonded indebtedness to be incurred, including a determination to capitalize interest on the debt
if that determination was not a part of the original plan, or to increase or decrease the amount
of interest on the debt to be capitalized, increase in the portion of the captured assessed value
to be retained by the Authority, increase in total estimated tax increment expenditures or
designation of additional property to be acquired by the Authority shall be approved upon the
notice and after the discussion, public hearing and findings required for approval of the original
plan. The geographic area of a tax increment financing district may be reduced, but shall not be
enlarged after five years following the date of certification of the original assessed value by the
County Auditor. The tax increment financing district may therefore be expanded until 1990.
.~ SPRINGSTED
Page 13-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary9, S~@tion 14
LIMITATION ON ADMINISTRATIVE EXPENSES
In accordance with Minnesota Statutes, Section 273.73, Subd. 13 and Minnesota Statutes,
Section 273.75, Subd. 3, administrative expenses means all expenditures of an authority other
than amounts paid for the purchase of land or amounts paid to contractors or others providing
materials and services, including architectural and engineering services, directly connected with
the physical development of the real property in the district, relocation benefits paid to, or
services provided for persons residing or businesses located in the district, or amounts used to
pay interest on, fund a reserve for, or sell at a discount, bonds issued pursuant to Section
273.77. Administrative expenses include amounts paid for services provided by bond counsel,
financial consultants, and planning or economic development consultants. No tax increment
shall be used to pay any administrative expenses for a project which exceeds ten percent of the
total tax increment expenditures authorized by the tax increment financing plan or the total tax
increment expenditures for the project, whichever is less.
Fj SPRINGSTED
Page 14-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 15
LIMITATION ON DURATION OF TAX INCREMENT FINANCING
DISTRICTS
Pursuant to Minnesota Statutes, Section 273.75, Subd. 1, "no tax increment shall be paid to an
authority three years from the date of certification by the County Auditor unless within the
three-year period (1) bonds have been issued pursuant to Section 273.77 or in aid of a project
pursuant to any other low, except revenue bonds issued pursuant to Chapter 474, prior to the
effective date of the Act; or (2) the Authority has acquired property within the district. . ." The
Authority must therefore issue bonds, or acquire property, or construct or cause public
improvements to be constructed by 1988 or the Office of the County Auditor may dissolve the
tax increment financing district.
Fj SPRINGSTED
Page 15-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 16
LIMITATION ON QUALIFICATION OF PROPERTY IN TAX INCREMENT
DISTRICT NOT SUBJECT TO IMPROVEMENT
Pursuant to Minnesota Statutes, Section 273.75, Subd. 6, "if, after four years from the date of
certification of the original assessed value of the tax increment financing district. . ., no
demolition, rehabilitation or renovation of parcel or other site preparation including improvement
of a street adjacent to a property but not installation of utility service including sewer or water
systems, has been commenced on a parcel located within a tax increment financing district by
the Authority or by the owner of the parcel in accordance with the tax increment financing plan,
no additional tax increment may be taken from that parcel and the original assessed value of
that parcel shall be excluded from the original assessed value of the tax increment financing
district. If the Authority or the owner of the parcel subsequently commences demolition,
rehabilitation or renovation or other site preparation on that parcel, including improvement of a
street adjacent to that parcel, in accordance with the tax increment financing plan, the Authority
shall certify to the County Auditor in the annual disclosure report that the activity has
commenced. The County Auditor shall certify the assessed value thereof as most recently
certified by the Commissioner of Revenue and add it to the original assessed value of the tax
increment financing district."
Fj SPRINGSTED
Page 16-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 17
LIMITATION ON THE USE OF TAX INCREMENT
All revenues derived from tax increment shall be used in accordance with the tax increment
financing plan. The revenues shall be used to finance or otherwise pay public redevelopment
costs pursuant to Minnesota Statutes, Chapter 462. These revenues shall not be used to
circumvent existing levy limit low. No revenues derived from tax increment shall be used for the
construction or renovation of a municipally owned building used primarily and regularly for
conducting the business of the municipality; this provision shall not prohibit the use of revenues
derived from tax increments for the construction or renovation of a parking structure, a
commons area used as a public park or a facility used for social, recreational or conference
purposes, and not primarily for conducting the business of the municipality.
~ SPRINGSTED
Page 17-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, j 99E! 18
SectIon
NOTIFICATION OF PRIOR PLANNED IMPROVEMENTS
Pursuant to Minnesota Statutes, Section 273.76, Subd. 4, the Authority has reviewed and
searched the properties to be included in the tax increment district and has identified those
properties for which building permits have been issued during the 18 months preceding
approval of the tax increment district financing plan, and has attached as Exhibit VII a list of
such properties for which permits have been issued. It has been assumed in computing the
estimate of original value that the County Auditor shall increase the original value by the
assessed value of the improvements for which the permits were issued.
During the search of the properties, it was determined that no building permits have been
issued during the three-month period preceding approval of the tax increment financing plan.
~ SPRINGSTED
Page 18-1
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 98199t9 19
ec Ion
EXCESS TAX INCREMENTS
Pursuant to Minnesota Statutes, Section 273.75, Subd. 2, in any year in which the tax
increment exceeds the amount necessary to pay the costs authorized by the tax increment
plan, the Authority, in any ~rder it shall determine, shall use the excess amount to:
1. Prepay the outstanding bonds;
2. Discharge the pledge of tax increment therefore;
3. Pay into an escrow account dedicated to the payment of such bonds;
4. Return the excess to the County Auditor for redistribution to the respective taxing
jurisdictions in proportion to their mill rate.
Fj SPRINGSTED
Page 19-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 20
REQUIREMENT FOR AGREEMENTS WITH THE DEVELOPER
Pursuant to Minnesota Statutes, Section 273.75, Subd. 5, no more than 25 percent by acreage
of the property to be acquired by the Authority in the district shall be owned by the Authority as
a result of acquisition with the proceeds of bonds issued pursuant to section 273.77 without the
Authority having prior to acquisition of in excess of 25 percent of the acreage, concluded an
agreement for the redevelopment of the property acquired and which provides recourse for the
Authority should the redevelopment not be completed.
The Authority will have such an agreement for the redevelopment of the property.
FJ SPRINGSTED
Page 20-1
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9S~~~on 21
ASSESSMENT AGREEMENTS
Pursuant to Minnesota Statutes, Section 273.76, Subd. 8, the Authority may, upon entering into
a redevelopment agreement pursuant to Minnesota Statutes, Section 273.75, Subd. 5, enter
into an agreement in recordable form with the redeveloper of property within the tax increment
financing district which establishes a minimum market value of the . land and completed
improvements for the duration of the tax increment district. The assessment agreement shall be
presented to the City Assessor who shall review the plans and specifications for the
improvements to be constructed, review the market value previously assigned to the land upon
which the improvements are to be constructed and so long as the minimum market value
contained in the assessment agreement appears in the judgment of the Assessor, to be a
reasonable estimate, the Assessor may certify the minimum market value agreement.
The Authority may negotiate such assessment agreements on portions of the development
which are expected to take place within the tax increment financing district.
~ SPRINGSTED
Page 21-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 22
ADMINISTRATION OF THE TAX INCREMENT DISTRICT AND
MAINTENANCE OF THE TAX INCREMENT ACCOUNT
Administration of the tax increment financing economic redevelopment district will be by the
Authority, through an agreement with the City Manager's Office.
The tax increment received as a result of increases in the assessed value of the tax increment
district will be maintained in a special account separate from all other accounts and expended
only upon sanctioned activities identified in the finance plan.
FJ SPRINGSTED
Page 22-1
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Section 23
ANNUAL DISCLOSURE REQUIREMENTS
Pursuant to Minnesota Statutes, Section 273.74, Subd. 5, an authority must file an annual
disclosure report for all tax increment financing districts. The report shall be filed with the school
board, county board and the Minnesota Department of Energy and Economic Development.
The report shall include the following information:
1. The amount and source of revenue in the account;
2. The amount and purpose of expenditures from the account;
3. The amount of any pledge of revenues, including principal and interest on any outstanding
bonded indebtedness;
4. The original assessed value of the district;
5. The captured assessed value retained by the Authority;
6. The captured assessed value shared with other taxing districts;
7. The tax increment received.
The Authority will maintain the necessary records and submit the required reports.
FJ SPRINGSTED
Page 23-1
.
.
.
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
Original
Exhibits
. . .
City of Golden Valley, Minnesota
Proposed General Obligation Tax
Increment Bonds, Series 1985A ::u
CD
en
DATED; 10-1-85 Q.
MATURE; 2-1 l::
r+
c,-
:J
LEVY PAYMENT 9.007- CAPITALIZED NET INCREMENT ANNUAL co
YEAR YEAR PRINCIPAL INTEREST TOTAL INTEREST DEBT INCOME SURPLUS co
I
(1) (2) (3) (4) (5) ( 6) ( 7) (8) (9) I\.)
.-
(')
1985 1987 0 786,000 786,000 786,000 0 0 0 0
1986 1988 0 389,500 589,300 589,500 0 0 0 :J
~
1987 1989 130,000 589,500 719,500 5,380 714,120 714,856 736 '-"
1988 1990 710,000 577,800 1,287,800 0 1 ,287 , 800 2,581,024 1,293,224
1989 1991 280,000 51 .3,900 793,900 0 793,900 3,279,880 2,485,980
1990 1992 420,000 488,700 908,700 0 908,700 3,733,714 2,825,014
1991 1993 450,000 450,900 900,900 0 900,900 3,733,714 2,832,814 ~
. 1992 1994 500,000 410,400 910,400 0 910,400 3,733,714 2,823,314
N I
w 1993 1995 540,000 365,400 905,400 0 905,400 3,733,714 2,828,314 OJ
.
1994 1996 585,000 316,800 901,800 0 901,800 3,733,714 2,831,914 -f
1993 1997 640,000 264 , 150 904,150 0 904,150 3,733,714 2,829,564 )>
1996 1998 700,000 206,550 906,550 0 906,550 3,733,714 2,827,164
1997 1999 760,000 143,550 903,550 0 903,550 3,733,714 2,830,164
1998 2000 8.30,000 75, 150 905, 150 0 905,150 3,733,714 2,828,564
1999 2001 5,000 450 5,450 0 5,450 3,733,714 3,728,264
2000 2002 0 0 0 0 0 J,7J3,714 3,733,714
2001 2003 0 0 0 0 0 3,733,714 3,733,714
2002 2004 0 0 0 0 0 3,733,714 :3,733,714 ."
2003 2005 0 0 0 0 0 3,733,714 3,733,714 CD
2004 2006 0 0 0 0 0 3,733,714 3,733,714 0"
l::
2005 2007 0 0 3,733,714 3,733,714 ..,
0 0 0 Q)
2006 2008 0 0 0 0 0 3,733,714 3,733,714 -<
2007 2009 0 0 0 0 0 3,733,714 3,733,714 co
2008 2010 0 0 0 0 0 3,733,714 3,733,714 -""
co
co
co
6,550,000 5,778,750 12,328,750 1,380,880 10,947,870 77,516,326 66,568,456 ~
:r
CD
-i
>
. . .
City of Golden Valley, Minnesota
Proposed General Obligation raM
Increment Bonds, Series 1986A
;0
DATED: 10-1-86 (1)
CJJ
MATURE: 2-1 0
c:
REMAINING -
LEVY PAYMENT 9.001- CAPITALIZED NET INCREMENT ANNUA~.
YEAR YEAR PRINCIPAL INTEREST TOTAL INTEREST DEBT INCOME SURPLU!:fg
(t) (2) (3) (4) (5) (6) (7) (8) (9) I
'"
1985 1987 0 0 0 0 0 0 en
1986 1988 0 804,000 804,000 804,000 0 0 73~
1987 1989 0 603,000 603,000 603,000 0 736
1988 1990 690,000 603,000 1,293,000 0 1,293,000 1,293,224 22-t'"
1989 1991 265,000 540,900 805,900 0 805,900 2,485,980 1,680,080
1990 1992 400,000 517,050 917,050 0 917,050 2,825,014 1,907,964
1991 1993 440,000 481,050 921,050 0 921,050 2,832,814 1,911,764
1992 1994 475,000 441,450 916,450 0 916,450 2,823,314 1,906,86~
. 1993 1995 520,000 398,700 918,700 0 918,700 2,828,314 1,909,614I
~ 1994 1996 565,000 351,900 916,900 0 916,900 2,831,914 1,915,OI4lJ
. 199:5 1997 620,000 301,050 921,050 0 921,050 2,829,564 1 ,908,51~
1996 1998 675,000 245,250 920,250 0 920,250 2,827,164 I ,906,91.yo
1997 1999 735,000 184,500 919,500 0 919,500 2,830,164 'I ,910, 664
1998 2000 800,000 118,350 918,350 0 918,350 2,828,564 1,910,214
1999 2001 515,000 46,350 561,350 0 561,350 3,728,264 3,166,914
2000 2002 0 0 0 0 0 3,733,714 3,733,714
2001 2003 0 0 0 0 0 3,733,714 3,733,714
2002 2004 0 0 0 0 0 3,733,714 3,733,714
2003 2005 0 0 0 0 0 3,733,714 3,733,714"
2004 2006 0 0 0 0 0 3,733,714 3,733,714g.
2005 2007 0 0 0 0 0 3,733,714 3,733,714c:
2006 2008 0 0 0 0 0 3,733,714 J,733,714DJ
2007 2009 0 0 0 0 0 3,733,714 3,73J,71~
2008 2010 0 0 0 0 0 3,733,714 3,733,71450
~
CO
6,700,000 5,636,550 12,336,550 1,407,000 10,929,:550 66,568,456 55,638,906~
~
NOTE: Remaining Increment Income is net of debt service on 1985 issue. J:
CD
~
CD
City otlkolden Valley, Minn~sota . .
Proposed General Obligation TaM
Increment Bonds, Series 1987A
DATED: 1.0-1-87 ;:0
CD
MATURE: 2-' en
0
REMAINING E"
-
LEVY PAYMENT 9.007- CAPITALIZED NET INCREMENT ANNUAL cr
YEAR YEAR PRINCIPAL INTEREST TOTAL INTEREST DEBT INCOME SURPLUS :J
co
(1) (2) (3) (4) (5) (0) (7) (8) (9) co
I
1985 1987 0 0 0 0 0 I\.)
0 0 .......
1986 J988 0 0 0 0 0 0 0 ()
0
J987 1989 0 1,668,000 1,668,000 1,668,000 0 736 736 :J
...+
1988 1990 0 I , 25 I , 000 J , 25 I , O(JO I ,25 I , 000. 0 224 224 --
1989 1991 425,000 I ,25 I ,000 1,676,000 0 1,676,000 1,680,080 4,080
'990 1992 695,000 1,212,750 1,907,750 0 1,907,750 1,907,964 2J4
1991 1993 760,000 I , I 50 , 200 1,910,200 0 1,9'0,200 1,911,764 I ,:564
1992 1994 825,000 1,081,800 1,906,800 0 1,906,800 1,906,864 64 m
' 1993 1995 900,000 .1,007,550 I , 907 , 550 0 1,907,550 1,909,614 2,064 ><
::c
~ 1994 1996 985,000 926,550 I , 911 ,550 0 1 ,911 ,550 1,915,014 3,464 OJ
I 1995 1997 1,070,000 837,900 1 , 907,900 0 I ,907 , 900 1,908,514 614 --i
1996 1998 1,165,000 741,600 1,906,600 0 I ,906,600 1,906,914 314 )>
1997 1999 1,270,000 636,750 1,906,750 0 1,906,750 1,910,664 3,914
1998 2000 1,385,000 522,450 1,907,450 0 1,907,450 1,910,214 2,764
1999 2001 2,765,000 397,800 3,162,800 0 3,162,800 3,166,914 4,114
2000 2002 1,655,000 148,950 1,803,950 0 1,803,950 3,733,714 1,929,764
2001 2003 0 0 0 0 0 3,733,714 3,733,714
2002 2004 0 0 0 0 0 3,7.33,714 3,733,714
2003 2005 0 0 0 0 0 3,7.33,7111 3,733,714
2004 2006 0 0 0 0 0 3,733,714 3,733,714 "
CD
2005 2007 0 0 0 0 0 3,733,714 3,733,714 0-
c:
2006 2008 0 0 0 0 0 3,733,714 3,733,714 OJ
2007 2009 0 0 0 0 0 3,733,714 3,733,714 -<
2008 2010 0 0 0 0 0 3,733,714 3,733,714 ~co
-"
co
13,900,000 12,834,300 26,734,300 2,919,000 23,815,300 33,638,906 31,823,606 co
co
m
X
NOTE: Remaining Increment Income is net of debt service for 1985 and 1986 issues. J:
CD
=i
-
n
. . .
City of Golden Valley, Minnesota Prepared. 08-May-85
Proposed General Obligation Tax By SPRINGSTED Incorporated
Increment Bonds, Series 1985-1987 ;;0
(1)
Series 1985A Series 1986A Series 1987A Series 1985-7 en
0
$6,550,000 $6,700,000 $13,900,000 $27,150,000 c
-
TOTAL o'
LEVY PAYMENT NET NET NET TOTAL INCREMENT ANNUAL ::J
<0
YEAR YEAR DEBT DEBT DEBT DEBT INCOME SURPLUS <0
(I) (2) (3) (4) (5) (6 ) (7) (8) I
I\.)
-
1985 1987 0 0 0 0 0 0 ()
0
1986 1988 0 0 0 0 0 0 ::J
1987 1989 714,120 0 0 714,120 714,856 736 ~
-
1988 1990 1,281,800 1,293,000 0 2,580,800 2,581,024 224
1989 1991 793,900 805,900 1,676,000 3,275,800 3,279,880 4,080
1990 1992 908,700 917,050 1,907,750 3,133,500 3,733,714 214
1991 1993 900,900 921,050 1,910,200 3, 732, 150 3,733,714 1 ,564 ~
1992 1994 910,400 916,450 1,906,800 3,733,650 3,733,714 64
~ 1993 1995 905,400 918,700 1,907,550 3 , 73 1 ,650 3,733,714 2,064 :r:
OJ
. 1994 1996 901,800 916,900 I ,91 1 ,550 3,730,250 3,733,714 3,464 =i
1995 1997 904 , 150 921,050 1,907,900 .3,733,100 3,733,114 614 )>
1996 1998 906,550 920,250 1,906,600 :],7.'33,400 3,733,714 314
1997 1999 903,550 919,500 1,906,750 3,729,800 3,733,714 3,914
.998 2000 905,150 918,350 1,907,450 3,730,950 3,733,714 2,764
1999 2001 5,450 561,350 3,162,800 3,729,600 3,733,714 4,114
2000 2002 0 0 1,803,950 1,803,950 3,733,714 1,929,764
2001 2003 0 I) 0 0 3,733,714 3,133,714
2002 2004 0 0 0 0 3,733,7'4 3,733,714
2003 2005 0 0 0 0 3,733,714 3,733,714 "Tl
(1)
2004 2006 0 0 0 0 3,733,714 3,733,714 0-
c
2005 2007 0 0 0 0 .3,733,714 3,733,7'4 @
2006 2000 0 0 0 0 3,733,714 3,733,714 -<
2007 2009 0 0 0 0 3,733,714 3,733,714 _<0
2009 2010 0 0 0 0 3,733,714 3,73J,714 ~
<0
<0
TOTALS 10,947,870 10,929,550 23,815,300 45,692,720 77,516,326 31,823,606 ~ <0
:r
-
OJ
Net Debt payments shawn are net of Capitalized Interest. =:;
a
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT II
.
GOLDEN VALLEY, MI""'ESOT A
GOLDEN HILLS PHASES I-IV
REVENUE PROJECTION
Assessed Value Increments
Levy/Collect Levy/Collect Levy/Collect Levy/Collect
1 98711 988 1988/1989 1989//990 1990/1 991
PHASE / $8,170,000 $25,800,000 $27,950,000 $27,950,000
Less: Demol i t ion 053,400) (753,400) (753,400) (753,400)
PHASE II S 2, / 41 ,000 $ 4,291 ,000 S 4, 29 r ,000
Less: Demol i t ion (409,600) (409,600) ,(409,600)
PHASE /11 $ 2,055,000 $ 4, /19,000
Less: Demolition (1,143,300) (1,143,300)
PHASE IV $.2,635,500 $ 5,280,000
.S: Demolition (596,600) (596,600)
Net Projected Captured Value $7,416,600 $26,778,000 $34,028,600 $38,737,/00
Times Current Mill Rate .096386 .096386 .096386 .096386
Projected Tax Increment S 7/4,856 S 2,58/ ,024 S 3,279,880 S 3,733,7/4
Year of First Collection 1988 1989 1990 /991
.
-27-
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT 1/1
.
GOLDEN VALLEY, MIN\lESOTA
GOLDEN HIlLS - PHASE I-IV
REVENUE PROJECTION ASSUMPTIONS
Phase I
Office Complex
Estimated Market Value
Assessed Value @ 43%
40% Complete by 1/2187
100% Complete by 1/2/88
$2570007000
$10,750,000
Hotel
Estimated Market Value
Assessed Value '@ 43%
30% Complete by 1/2187
100% Complete by 1/2188
$30,000.000
$12,900,000
.
Parking Ramp
Estimated Market Value
Assessed Value 'Oi 43%
100% Complete by 1/2188
$ 5,000,000
$ 2 7 I 50,000
Common Construction (Arcade, etc.)
Estimated Market Value
Assessed Value '0) 43%
100% Complete by 1/2189
1/2/87 Value
1/2188 Value
1/2/89 Value
$ 5,000,000
$ 2,150,000
Total Assessed Value
Less: Demol j t j on A/V
$ 8,170,000
17,6307000
2 , f 50.000
$27,950,000
(753.400)
$27,196,600
Projected Captured Value
.
-28-
Resolution 99 - 2 (Can't.)
EXHIBIT A
Phase II
.
Golden Hills Shopping Center
Estimated Market Value
Assessed Value 28% First $60,000
43% Over $60,000
50% Complete by 1/2/88
100% Complete by 1/2/89
1/2188 Value
1/2/89 Value
Total Assessed Value
Less: Demolition A/V
Projected Captured Value
Phase III
Office Facility
.
Estimated Market Value
50% Complete by 1/2/89
100% Complete by 112/90
1/2189 Value
1/2/90 Value
Total Assessed Value
Less Demolition A/V
Projected Captured Value
Phase ,V
West Area
Office and Office Warehouse _
Estimated ,'v1arket Value
50% Complete by 1/2/89
100% Complete by 1/2/90
1/2/89 Value
//2/90 Value
Total Assessed Value
Less Demolition Value
Net Captured Value
.
-29-
Feburary 9, 1999
EXHIBIT III
(Continued)
$/0,000,000
$ 2, 14\ ,000
2, f 50,000
$ 4,291,000
(409,600)
$ 3,881, 400
$ 9,600,000
$ 2,055,000
2,064.000
$ 4, 1 1 9,000
(I . 143.300)
$ 2,975,700
$12,300,000
$ 2,635,500
2,644.500
$ 5,280,000
(596.600)
$ 4,683,400
.
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.
Feb~rary 9, 1999
~. EXHIBIT IV
l;.n I
. .:.:..
I
&
1.1
.
1
.
.
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-
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---
-30-
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT V
LEGAL DESCRIPTION OF THE
GOLDEN HILLS TAX INCREMENT FINANCING DISTRICT
All that part of Section 4, Township 117, Range 21 and Section 30, Township 29,
Range 24 described as follows:
Beginning at the southeast corner of the north 1/2 of said Section 4; thence
westerly along the south line thereof to the centerline of Colorado Avenue
South; thence northerly along said centerline to the centerline of Laurel
Avenue; thence easterly along said centerline to the east line of said Section
4 (centerline Turner's Crossroad); thence southerly along said east line to its
intersection with the westerly extension of the south line of Lot 1, Block 2,
Spring Green South; thence easterly along the south line of Lots 1 through 4,
Block 2 to the southwest corner of Lot 5, Block 2, Spring Green South; thence
northwesterly along the westerly line of said Lot 5 to the northwest corner
thereof; thence easterly along the north line of said Lot 5 to the northeast
corner thereof; thence southerly along the east line thereof to the southeast
corner of said Lot 5; thence easterly and southeasterly along the south lines
of Lots 6 through 17, Block 2, Spring Green South to the most southerly corner
of said Lot 17; thence southwesterly to the most easterly corner of Lot 18,
Block 2, Spring Green South; thence southwesterly along the southeasterly line
of said Lot 18 to the south line thereof; thence westerly along said south line
to the southwest corner of said Lot 18; thence continue westerly along the
south line of RLS. No. 106 to the east line of said Section 4; thence northerly
along said east line to the point of beginning.
Also, the south 15.feet of Lots 6 and 7, Block 2, Spring Green South; the south
11.5 feet of Lot 8, Block 2, Spring Green South; and the south 9.75 feet of Lot
9 and 13, Block 2, Spring Green South.
-31-
.
.
.
.
Resolution 99 - 2 (Can't.)
Property 10 # *
04-117-21 23 0008
04-117-21 23 0009
04-117-21 23 0010
04-117-21 23 0011
04-117-21 23 0012
04-117-21 23 0013
04-117-21 23 0014
04-117-21 23 0015
04-117-21 23 0016
04-117-21 23 0017
04-117-21 23 0018
04-117-21 23 0019
04-117-21 23 0020
04-117-21 23 0021
04-117-21 23 0022
04-117-21 23 0023
04-117-21 23 0026
04-117-21 23 0027
04-117-21 23 0028
04-117-21 23 0029
04-117-21 23 0030
04-117-21 23 0031
04-117-21 23 0032
04-117-21 23 0033
04-117-21 23 0038
04-117-21 23 0039
04-117-21 24 0001
04-117-21 24 0005
04-117-21 24 0006
04-117-21 24 0007
04-117-21 24 0008
EXHIBIT A
Feburary 9, 1999
GOLOEN VALLEY, MINNESOTA
GOLDEN HILLS TAX INCREMENT DISTRICT
LISTING OF PARCELS
04-117-21 24 0009
04-117-21 24 0012
04-117-21 24 0013
04-117-21 24 0014
04-117-21 24 0015
04-117-21 24 0016
04-117-21 24 0017
04-117-21 24 0018
04-117-21 24 0021
04-117-21 24 0022
04-117-21 24 0024
04-117-21 24 0025
04-117-21 24 0026
30-029-24 23 0001
30-029-24 23 0002
30-029-24 23 0003
30-029-24 23 0004
30-029-24 23 0006
30-029-24 23 0007
30-029-24 23.0008
30-029-24 23 0009
30-029-24 23 0011
30-029-24 23 0012
30-029-24 23 0013
30-029-24 23 0014
30-029-24 23 0015
30-029-24 23 0016
30-029-24 23 0017
30-029-24 23 0050
30-029-24 23 0057
30-029-24 24 0018
*Hennepin County property identification # per County land ~ecords.
-32-
EXHIBIT VI
Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
.
EXHIBIT VII
GOLDEN VALLEY, MINNESOTA
GOLDEN HILLS TAX INCREMENT DISTRICT
BUILDING PERMITS ISSUED
DURING PREVIOUS 18 MONTHS
Building
Property 10 # Buildino Permit Date
Assessed Value
Purpose of Improvements
of Permit on Permit
30-029-24 23 0004 Rupert's Restaurant March 20, 1984
5410 Wayzata Blvd.
New Incomplete as of
Construction this date
04-117-21 24 0009 Tires Plus, Ltd. March 14, 1985
5760 Wayzata Blvd.
Remodeling $25,000
.
.
-33-
.
.
.
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
Modification
Exhibits
Resolution 99 -- 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT I
Projected Bond Cash Flow Report
. City of Golden Valley, Minnesota
Tax Increment Financing (Redevelopment District) District No. 1503
Golden Hills TIF Project
Northeast Scenario - United Properties
Annual Annual
Period Taxable Capitalized Net Annual Cumulative
Ending Principal Rate Interest P&I Interest Revenue Balance Balance
(1) (2) (3) (4) (5) (6) (7) (8) (9)
02101/99 0 5.70% 0 0 0 0 0 0
02101/00 0 5.80% 307,317 307,317 307,400 0 83 83
02101/01 0 5.90% 283.678 283.678 283.600 0 (78) 5
02101/02 340,000 5.95% 283,678 623,678 0 568,226 (55.452) (55.447)
02101/03 .365.000 6.00% 263.448 628,448 0 568.226 (60,222) (115.669)
02101/04 385,000 6.10% 241.548 626.548 0 568.226 (58.322) (173.991)
02101105 405.000 6.15% 218.063 623.063 0 568,226 (54.837) (228.828)
02101/06 435.000 6.20% 193.155 628.155 0 568.226 (59.929) (288.757)
02101/07 460.000 6.25% 166,185 626.185 0 568.226 (57,959) (346.716)
02101/08 490.000 6.30% 137,435 627.435 0 568.226 (59.209) (405.925)
02101/09 520,000 6.35% 106.565 626.565 0 568.226 (58.339) (464.264)
02101110 555.000 6.40% 73.545 628.545 0 568,226 (60.319) (524.583)
02101/11 585.000 6.50% 38.025 623.025 0 568.226 (54,799) (579.382)
02101/12 J 6.55% 0 0 0 0 0 (579.382)
. 02101/13 "' 6.60% 0 0 0 0 0 (579.382)
,
$4,540.000 $2.312.642 $6.852.642 $591.000 $5.682.260 ($579.382)
Bond Issue Summary Purpose I Amount I %
Dated Date 01/01/99 Eligible Project Costs $3.869,400 85.23%
Bond Years 36,673.33 Capitalized Interest 591.000 13.02%
Average Maturity 8.08 Underwriters Discount 45,400 1.00%
Costs of Issuance 34.200 0.75%
Annual Interest $2.312.642 Other 0 0.00%
Discount 1.00% $45,400 Other 0 0.00%
Net Interest Cost $2.358.042
Net Interest Rate 6.430% Total Bond Issue $4.540,000 100.00%
.
Prepared by: Springsted Incorporated (printed on 11/17/98 at 9:02 AM)
TiCne2.xls
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT II
Projected Bond Cash Flow Report
.
City of Golden Valley
Xenia AvenuelTumer's Crossroad
G.O. Bonds, Series 1999
Annual Annual
Period Tax-Exempt Capitalized Net Annual Cumulative
Ending Principal Rate Interest P&I Interest Revenue Balance Balance
(1 ) (2) (3) (4) (5) (6) (7) (8) (9)
02101100 550.000 3.80% 274.788 824.788 0 0 (824.788) (824.788)
02101/01 535.000 3.90% 308.845 843.845 0 0 (843.845) ( 1.668,63~
02101/02 555.000 4.00% 287.980 842.980 0 0 (842.980) (2.511.613)
02101/03 580.000 4.05% 265.780 845.780 0 0 (845.780) (3.357,393)
02101/04 605.000 4.10% 242.290 847.290 0 0 (847,290) (4,204.683)
02101105 625.000 4.20% 217.485 842.485 0 0 (842.485) (5.047,168)
02101/06 655.000 4.25% 191.235 846.235 0 0 (846.235) (5.893.403)
02101/07 680.000 4.30% 163.398 843.398 0 0 (843,398) (6.736,801 )
02101/08 710.000 4.35% 134.158 844.158 0 0 (844.158) (7,580.959)
02101/09 740.000 4.40% 103,273 843.273 0 0 (843.273) (8,424,232)
02101/10 n5.000 4.45% 70.713 845.713 0 0 (845.713) (9.269,945"
02101/11 805.000 4.50% 36.225 841.225 0 0 (841.225) (10.111.17e
02101/12 0 4.60% 0 0 0 0 0 (10.111.1;'
. 02101/13 0 4.65% 0 0 0 0 0 (10.111.1i
02101/14 0 4.70% 0 0 0 0 0 (10.111.17\:
$7.815.000 $2.296.170 $10.111.170 $0 $0 ($10,111.170)
Bond Issue Summary Purpose I Amount I %
Dated Date 04/01/99 Eligible Project Costs $7.651.090 97.90%
First Interest Date 02101/00 Capitalized Interest 0 0.00%
Bond Years 53.0n.50 Underwriters Discount 117.225 1.50%
Average Maturity 6.79 Costs of Issuance (Adm.) 46.685 0.60%
Other 0 0.00%
Annual Interest $2.296.170 Other 0 0.00%
Discount 1.50% $117.225
Net Interest Cost $2.413.395 Total Bond Issue $7.815.000 100.000/. .
Net Interest Rate 4.547%
.
Prepared by: Springsted Incorporated (printed on 11/17/98 at 9:01 AM)
Xenia.xls
Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT '"
Projected Bond Cash Flow Report
. City of Golden Valley, Minnesota
Tax Increment Financing (Redevelopment District) District No. 1503
Golden Hills TIF Project
Southwest Scenario. Duke
Annual Annual
Period Taxable Capitalized Net Annual Cumulative
Ending Principal Rate Interest P&I Interest Revenue Balance Balance
(1) (2) (3) (4) (5) (6) (7) (8) (9)
02101/99 0 5.70% 0 0 0 0 0 0
02101/00 0 5.80% 374,515 374,515 374,600 0 85 85
02101/01 0 5.90% 449.418 449,418 449,400 0 (18) 67
02101/02 60,000 5.95% 449,418 509,418 0 509.766 348 415
02101/03 570,000 6.00% 445,848 1,015,848 0 1,01<<;1 =33 3,685 4,100
02101/04 600,000 6.10% 411,648 1,011,648 0 1.0~:' 333 7,885 11.985
02101/05 640.000 6.15% 375,048 1,015.048 0 1.019.533 4,485 16,470
02101/06 680,000 6.20% 335.688 1,015.688 0 1,019,533 3,845 20,315
02101/07 815.000 6.25% 293.528 1,108,528 0 1.019,533 (88,995) (68,680)
02101/08 865.000 6.30% 242.590 1,107.590 0 1,019.533 (88.057) (156.737'.
02101/09 920,000 6.35% 188.095 1.108.095 0 1,019,533 (88,562) (245,299
02101110 975,000 6.40% 129.675 1.104,675 0 1,019,533 (85.142) (330,441
02101/11 1,035,000 6.50% 67.275 1,102.275 0 1,019,533 (82.742) (413.183)
02101/12 0 6.55% 0 0 0 0 0 (413.183)
.02101/13 0 6.60% ) 0 0 0 0 (413.183)
$7.160.000 $3.762.746 $10.922.746 $824,000 $9.685.563 ($413,183)
Bond Issue Summary Purpose I Amount I %
Dated Date 04/01/99 Eligible Project Costs $6.182.460 86.35%
Bond Years 59,516.67 Capitalized Interest 824.000 11.51%
Average Maturity 8.31 Underwriters Discount 107,400 1.50%
Costs of Issuance 46.140 0.64%
Annual Interest $3.762.746 Other 0 0.00%
Discount 1.50% $107,400 Other 0 0.00%
Net Interest Cost $3.870.146
Net Interest Rate 6.503% Total Bond Issue $7.160.000 100.00%
.
Prepared by: Springsted Incorporated (printed on 11/17/98 at 9:03 AM)
TiCsw.xls
.
.
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City of Golden Valley, Minnesota
Projected Cash Flow Schedule - Existing Increment & Bonds
Existing Increment & Bonds + Central Area Project Increment and Bonds
Golden Hills Tax Increment Financing District (County TIF #1503)
Revenues Expenses
United Xenia Ave./
Central Properties Duke Tume(s
Annual Existing Area MEPC Interest MnDOT 1991 T1F 1997 TIF 1997 1997 1998 1999 1999 Annual Ending
Collect Period Tax Tax Tax Earnings .. Bldgl Refunding Rerunding Tax-Exempt Taxable TIF Bonds TIF Bonds TIF Bonds Surplus Cash
Year Ending Increment Incremenl Incfement 4.50% HRA Adm, Bonds Bonds Bonds Bonds NE SW Bonds (Delicit) Balance (a)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
1997 211198 2,144,512
1998 2/1199 2,277,374 0 0 96,503 560,000 707,080 0 174.623 564,342 0 0 0 367,832 2,512,344
1999 2/1/00 2,610,436 0 0 113,055 0 711,280 0 154,870 487,865 307,317 3;4,5t5 824,788 (137,143) 2,375,201
2000 211101 2,610,436 0 87,000 106,884 0 0 676,919 152,845 484,865 283,678 449,418 843,845 (87,250) 2,287,951
2001 211102 2,610,436 1,077,992 87,000 102,958 0 0 679,577 280,795 931,865 623,678 509,418 842,980 10,073 2,298,024
2002 211103 2,610,436 1.587,759 87,000 103,411 0 0 680,715 278,145 936,365 628,448 1.015,848 845,780 3,305 2,301,330
2003 211t04 2,610,436 1,587,759 87,000 103,560 0 0 680,350 280,190 933,195 626.548 1,011,648 847,290 9,534 2,310,864
2004 2/1105 2,610,436 1.587,759 87,000 103,989 0 0 683,277 281.659 937,883 623,063 1,015,048 842,485 5,769 2,316,633
200s 211t06 2,610,436 1,587,759 87,000 104,249 0 0 664,528 282,536 934,767 628,155 1,015,688 846,235 17,535 2,334,168
2006 211107 2.610,436 1,587,759 87,000 105,038 0 0 0 277,861 934,128 626,185 1,108,528 843,398 600,133 2,934,301
2007 211t08 2,610,436 1,587,759 87,000 132,044 0 0 0 282,851 935,607 627,435 1,107,590 844,158 819,598 3,553,899
2008 2/1109 2,610,436 1,587,759 87,000 159,925 0 0 0 281,924 933,845 626,565 1.108,095 843,273 651.419 4,205,318
2009 211110 2.610,436 1,587,759 87,000 189,239 0 0 0 280,287 938.410 628,545 1,104,675 845,713 676.805 4,882,123
2010 2/1/11 2,610,436 1,587.759 87,000 219,696 0 0 0 277,919 938,960 623.025 1,102,275 841,225 721.487 5,603,609
33,602,610 15,367,823 957,000 1,640,550 560,000 1,418,360 4,065,366 3,286,505 10,892,097 6,852,642 10,922,746 10,111,170 3,459,097
(a) Cash b8lance on 211/98 equals 1997 year-end b8l8nce provided by City ($2,700.000) less 2/1198 debt service on 1991 TIF Rerunding Bonds ($555,488).
Prepared by: ~. .
orporaled (11/171'.
cr4.xls(Exisl)
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Resolution 99 - 2 (Con't.)
EXHIBIT A
Feburary 9, 1999
EXHIBIT V
Assumptions Report ~
.
City of Golden Valley. Minnesota
Tax Increment Financing (Redevelopment District) District No. 1503
Golden Hills TIF Project
Northeast Scenario - United Properties
Type of Tax Increment Financing District
Maximum Duration of TIF District
Redevelopment
25 years from 1 st increment
Certification Request Date
Decertification Date
11/01/98
12101110 (10 Years of Increment)
Base Estimated Market Value
Times: First $150.000
Excess
Original Net Tax Capacity
2.45%
3.50%
1998/1999
$1.233.600
3.675
37.926
$41.601
Assessment/Collection Year
1998/1999 1999/2000 200012001 2001/2002
Base Estimated Market Value $1.233.600 $1.233.600 $1.233.600 $1.233.600
Increase in Estimated Market Value 0 0 11.875.400 11.875.400
. Total Estimated Market Value $1.233.600 $1.233.600 $13.109.000 $13.109.000
Times: First $150.000 2.45% 3.675 3.675 3.675 3.675
Excess 3.50% 37.926 37.926 453.565 453.565
Total Net Tax Capacity $41.601 $41.601 $457.240 $457.240
Base Inflation Factor
Local Tax Capacity Rate
Fiscal Disparities Contribution From TIF District
Administrative Retainage Percent (maximum = 10%)
Pooling Percent
City Tax Rate (Only if Local-Effort TIF)
NA
137.054%
0.0000%
0.00%
0.00%
NA
amm
Bonds Dated
First Interest Date
Underwriters Discount
01/01/99
02101/00
1.000Ai
Note (Pav-As-You-Go)
Note Dated
Note Rate
NA
NA
LGAlHACA Loss'
Will Annual Local Contribution Be Made (Yes or No)?
I.S.D #270 Equalized Tax Capacity Rate
I.S.D #270 Sales Ratio
City Sales Ratio & Taxable Net Tax Capacity
Present Value Date & Rate
No
N/A
N1A
NA
11/01/98
NA
5.00%
.
Prepared by: Springsted Incorporated (printed on 11/17/98 at 9:02 AM)
TiCne2.xls
.
I Projected Tax Incre.t Report I
.
City of Golden Valley I Minnesota
Tax Increment Financing (Redevelopment District) District No. 1503
Golden Hills TIF Project
Northeast Scenario. United Properties
less: less: Retained Times: less: less: Plus:
Annual Total Original Fiscal Captured Tax Annual State Aud. Admin. Annual Local Annual
Period Net Tax Net Tax Disp.@ Net Tax Capacity Gross Tax Deduction Retainage Net Tax Contribution Net
Ending Capacity Capacity. . 0.0000% Capacity Rate Increment 0.25% 0.00% Increment 0.00% Revenue
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11 ) (12)
12/31198 41,601 41,601 0 0 137.054% 0 0 0 0 0 0
12/31199 41,601 41,601 0 0 137.054% 0 0 0 0 0 0
12/31/00 41,601 41,601 0 0 137.054% 0 0 0 0 0 0
12/31/01 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12131/02 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31/03 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12131/04 457,240 41,601 O. 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31/05 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31/06 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12131/07 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31/08 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31/09 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31110 457,240 41,601 0 415,639 137.054% 569,650 1,424 0 568,226 0 568,226
12/31/11 457,240 457,240 0 0 137.054% 0 0 0 0 0 0
12131/12 457,240 457,240 0 0 137.054% 0 0 0 0 0 0
$5,696,500 $14;240 $0 $5,682,260 $0 $5,682,260
Prepared by' :
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Resolution 99 - 2 (Can't.)
EXHIBIT A
Feburary 9,..,1999
EAHIBIT VI
Assumptions Report I
.
City of Golden Valley, Minnesota
Tax Increment Financing (Redevelopment District) District No. 1503
Golden Hills TIF Project
Southwest Scenario - Duke
Type of Tax Increment Financing District
Maximum Duration of TIF District
Redevelopment
25 years from 1 st increment
Certification Request Date
Decertification Date
11/01/98
12/01/10 (10 Years of Increment)
Base Estimated Market Value
Times: F!rst $150.000
Excess
Original Net Tax CapaCIty
3.50%
3.50%
1998/1999
$2.764.200
5.250
91.497
$96.747
Assessment/Collection Year
1998/1999 199912000 2000/2001 2001/2002
Base Estimated Market Value $2.764.200 $2.764.200 $2.764.200 $2.764.200
Increase in Estimated Market Value 0 0 10.653.650 21.307.300
. Total Estimated Market Value $2.764.200 $2.764.200 $13.417.850 $24.071.500
Times: First $150.000 3.50% 5.250 5.250 5.250 5.250
Excess 3.50% 91.497 91.497 464.375 837.253
Total Net Tax Capacity $96.747 $96.747 $469.625 $842.503
Base Inflation Factor
Local Tax Capacity Rate
Fiscal Disparities Contribution From TIF District
Administrative Retainage Percent (maximum = 10%)
Pooling Percent
City Tax Rate (Only if Local-Effort TIF)
NA
137.054%
0.0000%
0.00%
0.00%
NA
amm
Bonds Dated
First Interest Date
Underwriters Discount
04101/99
02101/00
1.50%
Note (Pav-As-You-Go\
Note Dated
Note Rate
NA
NA
LGAlHACA Loss'
Will Annual Local Contribution Be Made (Yes or No)?
I.S.D #Xxx Equalized Tax Capacity Rate
1.5.0 #Xxx Sales Ratio
City Sales Ratio & Taxable Net Tax Capacity
Present Value Date & Rate
No
N/A
N1A
NA
11101/98
NA
5.00%
.
Prepared by: Springsted Incorporated (printed on 11/17/98 at 9:03 AM)
TiCsw.xls
.
.
I Projected Tax Increment Report I
City of Golden Valley. Minnesota
Tax Increment Financing (Redevelopment District) District No. 1503
Golden Hills TIF Project
Southwest Scenario. Duke
.
Less: Less: Retained Times: less: less: Plus:
Annual Total Original Fiscal Captured TalC Annual Stale Aud. Admin. Annual local Annual
Period Net TalC Net Tax Disp.@ Net Tax Capacity Gross Tax Deduction Retainage Net Tax Contribution Nel
Ending Capacity Capacity . 0.0000% Capacity Rale Increment 0.25% 0.00% Incremenl 0.00% Revenue
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11 ) (12)
12/31/98 96,747 96,747 0 0 137.054% 0 0 0 0 0 0
12/31/99 96,747 96,747 0 0 137.054% 0 0 0 0 0 0
12/31/00 96,747 96,747 0 0 137.054% 0 0 0 0 0 0
12/31101 469,625 96,747 0 372,878 137.054% 511,044 1,278 0 509,766 0 509,766
12/31102 842,503 96,747 0 745,756 137.054% 1,022,088 2,555 0 1,019,533 0 1,019,533
12/31103 842,503 96,747 0 745,756 137.054% 1,022,088 2,555 0 1,019,533 0 1;019,533
12/31104 842,503 96,747 o . 745,756 137.054% 1,022,088 2.555 0 1,019,533 0 1,019,533
12/31105 842,503 96,747 0 745,756 137.054% 1,022,088 2,555 0 1.019.533 0 1,019,533
12/31106 842,503 96,747 0 745,756 137.054% 1,022,088 2.555 0 1,019,533 0 1,019,533
12/31107 842,503 96,747 0 745,756 137.054% 1,022.088 2,555 0 1,019,533 0 1,019.533
12/31108 842,503 96,747 0 745.756 137.054% 1,022,088 2,555 0 1,019,533 0 1,019,533
12/31/09 842,503 96,747 0 745,756 137.054% 1,022,088 2,555 0 1,019,533 0 1.019,533
12/31110 842,503 96,747 0 745,756 137.054% 1,022,088 2,555 0 1,019,533 0 1,019,533
12/31/11 842,503 842,503 0 0 137.054% 0 0 0 0 0 0
12/31112 842,503 842,503 0 0 137.054% 0 0 0 0 0 0
$9,709,836 $24,273 $0 $9,685.563 $0 $9,685.563
Prepared by: Sr:',.. I Incorporated II .
11/17/98 at 9:03 AM)
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I Estimated Impact on Other Taxing Jurisdictions Report I
City of Golden Valley, Minnesota
Tax Increment Financing (Redevelopment) District No. 1503
Golden Hills
Without
Project or TIF District
With Project and TIF District
Projected
1997/98 1997/98 Retained
Taxable 1997/98 Taxable Captured
Taxing Net Tax Local Net Tax Net Tax
Jurisdiction Capacity (1) Tax Rate Capacity (1) + Capacity
City of Golden Valley 22.643.342 30.122% 22.643,342 1.161.395
New
Taxable
Net Tax
= Capacity
23,804,737
Hypothetical
Adjusted
Local
Tax Rate (*)
28.652%
Hypothetical
Decrease In
Local
Tax Rate (*)
1.470%
Hennepin County
936.486,071
38.386%
936.486,071
1,161.395 937,647.466
38.338%
0.048%
ISO #270, Hopkins
76.733.133
61.063%
76.733.133
1.161.395 77,894,528
60.153%
0.910%
Other (2)
7.483%
1.161.395
7.483%
Totals
137.054%
134.626%
2.428%
* Statement 1: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each of
the taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above)
which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax rate
would decrease by 2.428% (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that the
Retained Captured Net Tax Capacity of the TIF District would generate Is also shown above.
Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions.
then there Is no impact on taxes levied or local tax rates.
(1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution.
(2) The Impact on these taxing jurisdictions is negligible since they represent only 5.46% of the total tax rate.
Prepared by: Springsted Incorporated (11I1",It'lR)
.
Hypothetical
Tax Generated
by Retained
Captured
N.T.C. (*)
332.767
445,261
698,609
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