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10-12-10 HRA Agenda PacketAGENDA GOLDEN VALLEY HOUSING AND REDEVELOPMENT AUTHORITY REGULAR MEETING October 12, 2010 - 6:30 PM Golden Valley City Hall 1. Roll Call 2. Approval of Agenda 3. Approval of Minutes -July 13, 2010 -HRA Meeting 4. Reimbursement of City Expenditures City of Golden Valley TOTAL $1,017.50 Bill Summary: General Fund 940.90 Valley Square - Capital Project Fund -Area B Tax. Increment Fund Golden Hills - Capital Project Fund -Central Area Tax Increment Fund North Wirth - Capital Project Fund -District #3 76.60 TOTAL $1,017.50 5. Receipt of September Financial Reports 6. Agreement for Legal Services with Best & Flanagan, LLP 7. I-394 Corridor Redevelopment Area Plan 8. Report on GVEC, LLC Default 9. Adjournment t ~~ ~ This docun~e~~tis available in alte~~nate formats upt~n a 72-hour request. Please call ~;~ 7G3-593-8006 (TTY:7b3-593-3968) to make a request. Examples of alternate formats ~~ nay include large print, electronic, Braille, audiocassette, etc. HOUSING AND REDEVELOPMENT AUTHORITY July 13, 2010 Pursuant to due call and notice thereof, a regular meeting of the Housing and Redevelopment Authority of the City of Golden Valley, Hennepin County, Minnesota, was held at 7800 Golden Valley Road in said City on July 13, 2010 at 6:30 pm, in the City Council Chambers. The following members were present: Chair Paula Pentel and Commissioners Mike Freiberg, Linda Loomis, DeDe Scanlon and Robert Shaffer. Also present were HRA Director Thomas Burt, HRA Attorney Allen Barnard, Assistant HRA Director Jeanne Andre, Finance Director Sue Virnig and Administrative Assistant Christine Columbus. Approval of Agenda MOVED by Freiberg, seconded by Shaffer and motion carried unanimously to approve the agenda of July 13, 2010. Approval of Minutes -April 13, 2010 MOVED by Loomis, seconded by Shaffer and motion carried unanimously to approve the Housing and Redevelopment Authority minutes of April 13`, 2010. Reimbursement of City Expenditures MOVED by Loomis, seconded. by Freiberg and motion carried unanimously to authorize the reimbursing the City of Golden Valley $156,559.10 for expenditures incurred. Receipt of June 2010 Financial Reports MOVED by Loomis, seconded by Shaffer and motion carried unanimously to receive and file the June 2010 H'RA Financial Reports. I-394 Corridor Redevelopment Area Plan e„ Chair Pentel announced the consideration of the I-394 Corridor Redevelopment Area Plan will be continued to the October 12 meeting. GVEC Properties LLC,Default MOVED by Loomis, seconded by Freiberg and motion carried unanimously to carry the GVEC Properties LLC Default to the October 12 meeting with staff directed to break out which parcels are delinquent, ask for further information about the SBA loan application, and to outline how the HRA can move forward given this default and the current financial climate. Adjourned to Special Workshop on Golden Hills East Area Mater Planning The Chair adjourned to the special workshop meeting at 6:51 pm. The Chair called the Special Workshop session to order at 6:56 pm and members recorded their presence. Housing and Redevelopment Authority Special Meeting July 13, 2010 Page 2 of 2 Tom Burt provided background on the staff recommendation to consider a master plan addressing access to serve the commercial properties east of Turners Crossroad at I-394 and Highway 100. He noted that Global One Commercial has been designated the developer of the MnDOT parcel in .this area, but the access needs relate to all four properties with multifamily, office and commercial uses. He indicated that staff supports the concept of separating the access for single family and multifamily/commercial uses and seeking neighborhood input regarding a master plan for the area. Staff distributed a memo and concept maps showing alternative ways to access properties in the area. Alternative 1 demonstrated how residential traffic from Circle Down can be rerouted north to Turners Crossroad. Alternatives 2 a and b demonstrate two ways to address access to the multifamily/commercial parcels. Because MnDOT did not create a frontage road or adequate access to its excess property, the access problems now fall on the City. Tom Burt noted that Global One Commercial sent an email indicating strong interest by the Hilton Garden Inn in collaborating on the development'as well as interest by joint venture partners in developing the multifamily residential building. The Council indicated that an access to the west, not impacting Circle Down, is the only acceptable option, but also indicated that the City should not get involved in eminent domain action to construct a road in the area, even if the developer would pay all costs, including attorney's costs. The HRA only wants to move forward if the developer can find an acceptable westerly access without City involvement. If this access cannot be secured, the HRA would support the City Council changing the zoning to a use more in keeping with the available access. The HRA might support master`planning for the area in the future, but only if more parcels are involved. The meeting was adjourned at 7:08 pm. Paula Pentel, Chair ATTEST: Christine Columbus, Administrative Assistant Jeanne Andre, Assistant Director r2rv Memorandum o~ n p Housing & Redevelopment O ~11 ~, V Authority 763-593-8002 / 763-593-8109 (fax) 7800 Golden Valley Rd. Golden Valley, MN 55427 763-593-8014 Date: September 30, 2010 To: Housing and Redevelopment Authority Commissioners From: Sue Virnig, Finance Director Through: Thomas D. Burt, Director Subject: Reimbursement of City Expenditures for the HRA As of September 30, 2010 the following expenditure amounts were owing to the City by the HRA: City Expenditures: 1000 Best & Flanagan (June-Legal) 1000 Best & Flanagan (July Legal) 1000 Best & Flanagan (August Legal) HRA Expenditures: 9000 General Fund 9250 North Wirth #3 Amount 339.10 102785 525.60 103257 152.80 103577 $1,017.50 940.90 76.60 $1017.50 This reimbursement should be approved by the HRA as part of the normal bill paying process. The legal fees for North Wirth will be paid from increment. Golden Valley Memorandum Finance 763-593-8010 / 763-593-8109 (fax) Executive Summary for Action Housing and Redevelopment Authority Meeting October 12, 2010 Agenda Item 5. Receipt of September 2010 Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached are the September 2010 Financial Reports for Council review. Staff will address questions from the Council before or at the meeting. Attachments HRA General Fund September 2010 Budget Report (1 page) HRA Tax Increment District Projections for Golden Hills Tax Increment Funds (1 page) HRA 2010 Capital Project Funds Report (1 page) Recommended Action Receive and file the September 2010 HRA Financial Reports HRA of Golden Valley General Fund September 2010 Budget Report Percentage Of Year Completed 75% Over % Of 2010 July-Sept YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Golden Hills (3) 159,000 0.00 159,000.00 0.00 100.00% Interest Earnings (2) Fund Balance Totals 0 0.00 0.00 0.00 0 0.00 0.00 0.00 $159,000 0.00 159,000.00 0.00 100.00% Over % Of 2010 July-Sept YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 940.90 2,988.10 (3,011.90) 49.80% Audit 12,000 0.00 12,000.00 0.00 100.00% City Overhead (2) 140,000 0.00 140,000.00 0.00 100.00% Miscellaneous 1,000 0.00 0.00 (1,000.00) 0.00% Totals $159,000 940.90 154,988.10. (4,011.90) 97.48% Notes: (1) Includes August to date billings from Best & Flanagan. (2) Transfers were made in July 2010. City of Golden Valley - HRA -Tax Increment District Projections Golden Hi11s Tax Increment Fund: (Includes Tax Increment Fund and Debt Service) 2010 2011 2012 2013 2014 2015 Projected Cash Bal. @1/1 $5,783,117 $7,027,546 $7,918,867 $9,931,228 $10,906,073 $9,913,076 Plus: Estimated Tax Increment 4,292,682 3,908,578 3,908,578 3,908,578 3,908,578 Interest Earnings {.05% of Beg. Bal.) 28,916 35,138 39,594 51,642 56,712 Less: Transfer to HRA General Fund (159,000) (159,000) (159,000) (159,000) {159,000) Debt Service: 1999 C Tax Incr. Bonds (5.09%) (869,470) (866,970) 2004 A Tax Incr. Refunding Bonds (2.27%) (226,287) (231,187) 2005 B Taxable Tax incr. Refunding Bonds (4.69%) (411,841) (412,766) (407,991) (402,710) (1,759,910) (1,686,475) 2005 A Tax Increment Refunding Bonds (3.50%) (116,071) (123,971) (126,571) (128,915) (546,877) (533,282) 2006 ATaxable Tax Incr. Refunding Bonds (5.12%) (1,294,500) (1,258,500) (1,242,250) (2,294,750) (2,492,500) (2,950,500) Projected Cash Bal. @ 12/31 $7,027,546 $7,918,867 $9,931,228 $10,906,073 $9,913,076 $4,742,819 Bond Principal & Interest Outstanding @ 12131 $17,466,125 $14,572,731 $12,795,919 $9,969,544 $5,170,257 $0 Delinquencies are $128,527.23 at 12/31/09 HRA Of Golden Valley Ca ital Pro'ect Funds 2010 Financial Report 9280 9250 Golden North Hills Wirth #3 Cash Balance @ 7/01 /10 $285,110.22 Add: Receipts: Interest Deposit from Developer Increment on Deposit Less: Expenditures: City of Golden Valley (1) Transfer to TIF Cash Balance @ 09/30/10 $285,110.22 $19,604.22 8,197.13 (76.60) $27,724.75 (1) Breakdown on City Expenditures Memo o'~ Memorandum P P Housing & Redevelopment O V ~ ~ V Authorit Y 763-593-8014 / 763-593-8109 (fax) Executive Summary for Action Housing and Redevelopment Authority Meeting October 12, 2010 Agenda Item 6. Agreement for Legal Services with Best & Flanagan Prepared By Jeanne Andre, Assistant Director Summary The City Council has approved a new agreement for legal services with the firm of Best & Flanagan. The Housing and Redevelopment Authority (HRA) is a separate legal entity, and has an existing agreement with Best & Flanagan, which parallels the previous City agreement with the firm. Staff recommends that the HRA enter into a new agreement for services with Best & Flanagan that parallels the new City agreement. A draft of the proposed agreement is attached. The agreement is for five years but can be cancelled earlier with appropriate notice. Requested Action Authorize the HRA Director to enter into a new five-year agreement with Best & Flanagan for the provision of legal services to the HRA. Attachment Legal Services Agreement between the Housing and Redevelopment Authority in and for the City of Golden Valley and Best & Flanagan, LLP (dated October 12, 2010) 5 pages Recommended Action Motion to authorize the HRA Director to enter into a new five-year agreement with Best & Flanagan for the provision of legal services to the HRA. LEGAL SERVICES AGREEMENT BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF GOLDEN VALLEY AND BEST & FLANAGAN, LLP THIS LEGAL SERVICES AGREEMENT (the "Agreement") is entered into this 12th day of October, 2010 by the Housing and Redevelopment Authority in and for the City of Golden Valley (the "HRA") and the Best & Flanagan LLP (the "Firm"). WHEREAS the HRA seeks qualified legal advice and services; and WHEREAS the HRA does not have the staffing and/or expertise to perform these legal services, and WHEREAS after careful review and consideration the HRA has chosen to reappoint the firm of Best & Flanagan LLP to provide this service. NOW, THEREFORE, the parties mutually agree as follows: I. TIME OF PERFORMANCE This Agreement shall be in effect for a period of five (5) years from January 1, 2011 through December 31, 2015; however, the HRA may terminate it at the end of three (3) years upon giving the Firm 60 days written notice. II. SCOPE OF SERVICE The Firm will perform and provide legal services for the HRA including, but not limited to, the following matters: 1. Attendance at all regular and special HRA meetings as requested by the HRA Director or Assistant Director. 2. Participate in meetings and/or telephone conversations with and advise the HRA Director, HRA Commissioners, and HRA staff on general legal matters. 3. Research and submit legal opinions on legal matters as requested by the HRA Director and Commissioners and be available to answer HRA staff questions by telephone. 4. Defend the HRA in all litigation, except in those cases where insurance companies are required to exclusively provide defense, or where the HRA chooses to hire specialized or other legal services. 5. Represent the HRA in its land acquisition activities whether by purchase or condemnation for redevelopment projects, housing projects or other improvement projects. 6. Provide, as requested, written updates and/or training on new State or Federal legislation or judicial matters having impact on the HRA, and suggest action or changes in operations or procedures to assure compliance. 7. Prepare and review HRA contracts, including contracts for public improvements, development agreements,. construction, and similar contracts. 8. Work cooperatively with insurance companies on litigation cases, as needed. 9. Review bonds, deeds, securities, and insurance requirements required by or for HRA contracts or activities. 10. Review documents submitted by bond counsel involving the issuance of debt or debt related instruments and provide options as requested/required. COMPENSATION AND EXPENSE_REIMBURSEMENT The Firm will be compensated under this Agreement at an hourly rate of $155.00 for partners, $115.00 for associates and $90.00 for paralegals from January 1, 2011 through December 31, 2011 for all work except developer "pass-through" work. Pass-through work shall be billed at the Firm's established low rates for attorneys and paralegals. In each of the following calendar years of this Agreement the hourly rates for partners, associates and paralegals will be increased an additional $5.00 for each such calendar year. Attendance at HRA meetings shall be provided at the hourly rates to a maximum of 2.75 hours per meeting. Compensation and reimbursable expenses shall be paid monthly upon submission of itemized invoices to the HRA Director. The HRA agrees to pay for reimbursable expenses only if they are reasonably and necessarily incurred. Any expenses that are anticipated to be of a substantial cost and any reimbursement for travel outside of the Minneapolis-St. Paul metropolitan area must be approved in advance by the HRA Director. The Firm shall monitor all expenditures incurred and shall promptly notify the HRA Director in writing of any unanticipated level of work activity that greatly exceeds the average monthly work level. IV. CONFLICT OF INTEREST During the term of this Agreement, the Firm agrees to divulge to the HRA all actual or potential conflicts of interest within the meaning of the City's Code of Ordinances and Minnesota Rules of Professional Conduct. During the term of this Agreement, without the express written agreement of the HRA Director, the Firm shall not represent any current or future clients in any matter if such representation is or may be adverse to the HRA. The Firm will immediately divulge to the HRA Director any actual or potential conflict of interest of which it becomes aware during the term of this Agreement. The Firm certifies that to the best of its knowledge no HRA employee has any interest in the business of the Firm or with this Agreement and no person associated with the Firm has any interest that would conflict in any manner with the Firm's performance of this Agreement. V. COMPLIANCE REQUIREMENTS &NON-DISCRIMINATION During the term of this Agreement, the Firm will not discriminate against any of its employees or applicants for employment because of race, color, creed, religion, ancestry, sex, national origin, affectional preference, disability, age, marital status, status with regard to public assistance, or status as a veteran. Such prohibition against discrimination shall include, but is not limited to, decisions and actions of the Firm regarding hiring, promotion, demotion, transfer, recruitment, layoff, termination, rates of pay or other forms of compensation, or selection for training. During the term of this Agreement, the Firm agrees to post in conspicuous places, available to its employees and applicants for employment, notices to be provided by the HRA, setting forth the above-stated non-discrimination clause. In addition, in all solicitations or advertisements for applicants, the Firm will state that all qualified applicants will receive consideration without regard to race, color, creed, religion, ancestry, sex, national origin, affectional preference, disability, age, marital status, status with regard to public assistance, or status as a veteran. During the term of this Agreement, the Firm agrees to comply in all other aspects with the requirements of the Americans with Disabilities Act, the Minnesota Human Rights Act, Title VII, and Golden Valley Code of Ordinances, Section 2.53. In the event of questions from the Firm concerning these requirements, the HRA agrees to promptly supply all necessary clarifications. In the event of the Firm's non-compliance with the non-discrimination clauses of this Agreement, the Agreement may be partially or totally terminated or suspended. In addition to other remedies provided by law, the Firm may be declared ineligible by the HRA from any further participation in HRA contracts. VI. INSURANCE The Firm shall secure and maintain sufficient insurance to the Firm against claims for legal malpractice. VII. PERFORMANCE MONITORING The HRA Director will monitor the performance of the Firm against goals and performance standards required herein. The HRA Director will prepare a yearly report for the HRA regarding the performance of the Firm. Substandard performance as determined by the HRA will constitute non-compliance and shall require corrective action. If action to correct such substandard performance is not taken by the Firm within a reasonable period of time after being notified by the HRA, the HRA may terminate this Agreement. VIII. INDEPENDENT CONTRACTOR Nothing contained in this Agreement is intended to, or shall be construed in any manner, as creating or establishing the relationship of employer/employee between the Parties. The Firm agrees that it is an independent contractor with respect to the services to be performed under this Agreement. Because the Firm is an independent contractor, the HRA shall be exempt from payment of all Reemployment Compensation, FICA, retirement, life, and/or medical insurance, Workers' Compensation insurance, or other benefits normally offered to employees of the HRA. The Firm agrees that none of its employees will accrue any employment rights normally accrued by HRA employees, including tenure, seniority, or civil service protection. IX. HOLD HARMLESS The Firm agrees to defend, indemnify, and hold harmless the HRA, its officers and employees, from any liabilities, claims, damages, costs, judgments, and expenses, including attorney's fees, resulting directly or indirectly from an act or omission of the Firm, its agents, employees or subcontractors, in the performance of the services described in this Agreement. X. TERMINATION Either party may terminate this Agreement at any time by giving written notice to the other party of such termination. Such notice shall specify the effective date of the termination. In no event shall the effective date be less than 120 days from the date of the written notice. The parties agree that termination by the Firm also is subject to the Firm's obligations to the HRA as a client under the Minnesota Rules of Professional Conduct. If this Agreement is terminated, all documents, data, studies, surveys, maps, models, photographs, reports or other materials prepared by the Firm under this Agreement shall become the property of the HRA. The Firm shall be entitled to receive just and equitable compensation for any satisfactory work completed on such documents or materials prior to the effective date of the termination. XI. CONFIDENTIALITY Any information, data, reports, records, or other materials given to or prepared or assembled by the Firm under this Agreement shall be kept confidential and the Firm shall not make any of this material available to any individual or organization without prior approval of the HRA. XII. AUDIT DISCLOSURE The Firm shall allow the HRA or its duly authorized agents reasonable access to the Firm's books and records as are pertinent to all services provided under this Agreement. The Firm shall provide the HRA access to any books, documents, papers and records which are directly pertinent to the specific contract for the purpose of making audit, examination, excerpts, and transcriptions for three years after final payment and all other pending matters related to this Agreement are closed. XIII. AMENDMENTS The HRA may enter into written amendments to this Agreement when the HRA Director determines such amendments are necessary to meet the HRA's legal services needs. Under no circumstances shall the Firm complete substantial additional services without a written amendment to this Agreement. THE PARTIES NOW EXECUTE this Legal Services Agreement as of the date first written above. HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF GOLDEN VALLEY By: Thomas D. Burt, HRA Director BEST & FLANAGAN LLP By: Allen D. Barnard 011800/960700/1220341_1 'Golden Valley Memorandum Housing & Redevelopment Authority 763-593-8014 / 763-593-8109 (fax) Executive Summary for Action Housing and Redevelopment Authority Meeting October 12, 2010 Agenda Item 7. I-394 Corridor Redevelopment Area Plan Prepared By Jeanne Andre, Assistant Director Summary At its April 13 meeting the Housing and Redevelopment Authority (HRA) held a hearing on the proposed I-394 Corridor Redevelopment Area Plan. After the public hearing the Commissioners recommended a number of changes to the Plan, so final consideration was delayed to allow staff to make the requested changes to the Plan. HRA consideration of the Plan was continued to the July 13 and then the October 12 meeting. Recent discussions related to the 3.9.4 project have caused staff to reconsider parts of the Plan related to the East Area. If access issues related to the development of the Minnesota Department of Transportation parcel at I-394 and Truck Highway 100 cannot be worked out, staff may recommend reconsidering land use proposed for this area. Staff recommends delaying consideration of the I-394 Corridor Redevelopment Area Plan until access options necessary for various land uses are fully explored with the developer. It is hoped this information will be available for the next HRA meeting in January. Recommended Action Motion to continue consideration of the I-394 Corridor Redevelopment Area Plan to the January 11, 2011 meeting. r~ Memorandum 0 Pn (~ Housing & Redevelopment O V 11 ~ V Authorit Y 763-593-8014 / 763-593-8109 (fax) Executive Summary for Action Housing and Redevelopment Authority Meeting October 12, 2010. Agenda Item 8. Report on GVEC, LLC Default Prepared By Jeanne Andre, Assistant Director Summary At its July 13 meeting the Housing and Redevelopment Authority directed staff to provide information regarding the developer's (GVEC) default on the GVEC Properties, LLC Private Development Agreement dated January 10, 2006 as amended July 15, 2009. The development agreement provides for spay-as-you-go tax increment financing (TIF) district that reimburses the developer for soil remediation costs it incurred in preparing the site for development. The costs were certified in a note that earns interest. However the amended agreement provides that no interest will accrue and no TIF payments will be made if the developer has not met the construction schedule or is otherwise in default. The construction schedule was modified due to market conditions. Under the amended construction schedule, the Phase I improvements of 10,500 sq. have been completed as called for in the agreement. Phase II and III improvements of 6000 and 10,500 sq. ft. respectively, are to be completed by December 31, 2011. The developer is currently in default of the agreement through non-payment of taxes. The purchasers of the office condominiums have generally paid taxes and created increment. However the developer owes taxes on unsold parcels and the common area parking, which is a default under the agreement. Consequently the staff stopped interest accrual in July of 2009 and has not paid out TIF proceeds in 2010. The Commissioners asked for a report on the taxes outstanding, the progress the developer has made to correct the default and an overview of the HRA's recourse in case of default. Construction Progress The original agreement provides for the construction of up to six buildings, and the design allows for individual office condominiums within those buildings. At this time, the following buildings have been completed: Building 6 (4294) -Purchased and held by one entity Building 5 (4280) -Purchased and held by three separate entities, now addressed as 4282, 4284 and 4286. Building 4 (4264) -Has four condominium units, two of which have been sold (4272 and 4266). One of the GVEC, LLC partners, Greg Prest, is seeking to purchase the other two units for his business. The attached site plan provides a visual perspective of the units constructed and sold. Taxes Taxes are up to date on all but one of the sold units, which has paid two thirds of the 2010 first-half taxes. GVEC has not paid first half taxes on any of its holdings in 2010, and owes 2009 taxes (and penalties) on all but the common parking parcel. Mr. Prest has secured a mortgage from a local bank to purchase two of the condominium units in the 4264 Dahlberg Drive building. At this time he is seeking assurance from the Milwaukee bank that holds the mortgage on the GVEC property that the proceeds from this sale will be used to pay back taxes. He has delayed the purchase while seeking this assurance. That discussion has been going on for about six weeks. Remedies on Default In case of default by the developer, remedies available to the HRA are provided in Section 9.2 of the GVEC Properties, LLC Private Development Agreement. Only the remedies related to defaults after the sale of the property and completion of Phase I are still available to the H RA. Current Options • HRA may suspend performance • HRA may initiate action to secure performance of the agreement • HRA may sue for damages Expired Options Prior to closing on sale of the property to GVEC • HRA may cancel and rescind the agreement After sale of property to GVEC, but before completion of Phase I • HRA can take possession of the property and resell to another party Attachments Northwirth Business Center site plan (1 page) Property Tax Report for North Wirth Tax Increment Number 3, dated October 7, 2010, (1 page) Section 9.2 of the GVEC Properties, LLC Private Development Agreement (1 page) #1 ALL SURVEY SNgUJ rnreu u2 Nu r ai woe R_F 4310 DAHLBERG DR [Site Address] ~ /~ ~~ ~~ ~ ~.~ Address in parenthesis are buiding shell address - /~e/, ~ ` ~~ ,,\ ~3 All other addresses are potential unit /,~ _ ~~ Ig ~+~~ addresses depending on tenant square footage ,~ ~' ...,. -~'~ ~ ~' wry ~ I \ \ I ~ / \ + I Constructed Buildings ; "- -- - . ,~ ~ ~~' ~`, ~~ - ~`,= ~ r~ ~--~ ~ `~ R - % :' • Proposed Buildings ,-~" ~~,,~, : ~~~~~`,- ; ~ ~ ~ I ,~ \ \ ... \ ' ~~Y ~ ~ ~ / ~ ' ~ ~ i •, >r ,3~ ., ~ .;~ '~ a- . / ~~ .. / ~' '/ / r _ ~ _ ~ ~ . ,,, ~ .aati , / I ( I w ~ \ as aK ~ry $ \ ~ ~ 4' 4' ~ I W ~~ ~ ~y" // ,' ~"' ~ ~ ~r~ s 'i 4282 4284 4286 I I 4296 4298 4300 I .1a~ J o'-m' ~ a ~ ~`1'• ~ ~~ °~ i - 4280 ~ ~ I I 42114 ~ ~ `~ , f 'W:! ~ I 54 I I 8A 6C +~ ~\ ^aY' ~ I I I ~ ` Y ~ Dry t se I I Ee- II \~ ----- -------- Q ~ 90'0' 76'm~ ----- ~m1----- -- `\ \\O ~--- ~ ~----- 4 ;R \ 9EATPG AREA __._ _-.~__--___._~__._-.-_-_____.__~_ __-_~. TRASH ENCL05.iff ~;5~ ~ N T NORTHWIRTH BUSINESS CENTER Property Tax Report for North Wirth Tax Increment District Number 3 October 7, 2010 North Wirth #3 ~ Delinquent ID Number P Street Address ____ Owner Sq ft 2010 TMV 5115/2010* Pay 2009* Total _ 1902924130042 4220 Dahlberg Dr _ ___ GVEC (land) 200,000 $ 5,651.07 $10,983.38 ~ $ 16,634.45 1902924130043 4232 Dahlberg Dr GVEC (land) 250,000 $ 7,004.97 $13,614.86 $ 20,619.83 1902924130044 4248 Dahlberg Dr _ GVEC (land) 250,000 $ 7,004.97 $13,614.86 $ 20,619.83 1902924130052 4264 Dahlberg Dr GVEC 3,000 371,000 $ 9,692.98 $15,791.56 $ 25,484.54 1902924130053 4266 Dahlberg Dr Goetz Real Estate Holding 1,500 194,000 $ 1,187.42 $ - $ 1,187.42 1902924130049 4272 Dahlberg Dr Miller Plant LLC 1,500 226,000 $ - $ - $ - 1902924130054 4282 Dahlberg Dr 4282 LLC 1,500 194,000 $ - $ - $ - 1902924130055 4284 Dahlberg Dr GVEC __ 1,500 166,000 $ 4,679.84 $6,559.53 $ 11,239.37 1902924130056 4286 Dahlberg Dr GVEC 1,500 166,000 $ 4,679.83 $6,597.66 $ 11,277.49 1902924130050 4294 Dahlberg Dr MOGA Properties 4,500 582,000 $ - $ - $ - 1902924130051 Common Parking GVEC $ _ - $2,116.72 $ 2,116.72 1902924130040 North Parcel Susan Lohmann Trustee 25,000 $ 372.77 $953.40 $ 1,326.17 *Includes past due taxes and penalties 15,000 2,624,000 $110,505.82 GVEC Properties, LLC Private Development Agreement: Section 9.2 Remedies on Default. Whenever any Event of Default occurs, the HRA, subject to any rights of the Holder of a First Mortgage which has been approved by the HRA pursuant to Section 7.1 of this Agreement, may take any one or more of the following actions (but only if the HRA is not then in default and only after provision of 60 days' written notice which sets forth the nature of the default to Developer in the case of an Event of Default under Section 9.1(a), (b), or (c), and then only if such an Event of Default has not been cured within said 60 days or, if such an Event of Default cannot be cured within 60 days, Developer does not provide assurances to the HRA reasonably satisfactory to the HRA that such an Event of Default will be cured as soon as reasonably possible and that it will not jeopardize the purposes of this Agreement and of the Plan): (a) The HRA may suspend its performance under this Agreement until it receives assurances from Developer, deemed adequate by the HRA, that Developer will cure its default and continue its performance under this Agreement. (b) If the Event of Default occurs prior to the Closing Date, the HRA may cancel and rescind this Agreement. (c) If the Event of Default occurs after Closing Date but prior to issuance of the Certificate of Completion for Phase I, the HRA may reenter and take possession of the Development Property, revest title to the Development Property in the HRA, and exclude Developer from possession of the Development Property. The HRA shall thereupon use its best efforts and act in good faith to sell the Development Property at the best price obtainable (provided such sale is permitted by applicable law) and as soon as reasonably possible, such sale to be on such terms and conditions as the HRA deems reasonable and appropriate to satisfy the provisions of the Plan. The HRA shall apply the proceeds of such sale first to reimburse the HRA for all costs and expenses incurred by the HRA (less any amount received by the HRA from any security provided by Developer) including but not limited to taxes, assessments, utility charges, payments made to discharge any encumbrances or liens, reasonable attorneys' fees and expenses; second to the Holder of a First Mortgage to the extent of the unpaid mortgage; third to reimburse Developer in an amount equal to the Purchase Price plus other reasonable acquisition and construction costs incurred by Developer in connection with the Project including architects' and engineers' expenses; and the balance to be retained by the HRA. (d) The HRA may initiate such action, including legal or administrative action, as is necessary for the HRA to secure performance of any provision of this Agreement or recover any amounts due under this Agreement from Developer or under any security provided by Developer. (e) Sue for damages, provided that any damages shall be reduced to the extent of any amount recovered by the HRA under any security provided by Developer.