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07-14-15 HRA Agenda Packet AGENDA Regular Meeting of the Housing and Redevelopment Authority Golden Valley City Hall 7800 Golden Valley Road Council Chamber July 14, 2015 6:30 pm Pages 1. Roll Call 2. Approval of Agenda 3. Approval of Minutes - Regular Meeting - April 14, 2015 and 2-4 Special Meeting - April 21, 2015 4. Approval of Bills: 5 Reimbursement of City Expenditures City of Golden Valley $23,747.05 Bank Mutual 13,018.39 TOTAL $36,765.44 Bill Summanr: General Fund $1,858.25 North Wirth #3 Capital Project Fund 13,018.39 Hwy 55 West Capital Project Fund 21,888.80 TOTAL $36,765.44 5. Receipt of June 2015 Financial Reports 6-8 6. Appointment of Assistant Director 9 7. Winnetka and Medicine Lake Road Area: A. Adoption of Redevelopment Plan for the Winnetka and 10-23 Medicine Lake Road Project Area 15-3 B. Liberty Crossing Redevelopment Project Status 24 8. Highway 55 West Redevelopment Area: A. Cornerstone Creek Redevelopment Project Status 25 9. Adjournment REGULAR MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY April 14, 2015 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 April 14, 2015 at 6:30 pm. The following members were present: Commissioners Joanie Clausen, Larry Fonnest, Shep Harris, Steve Schmidgall and Andy Snope. Also present were HRA Director Thomas Burt and Administrative Assistant Judy Nally. Approval of Aqenda MOVED by Snope, seconded by Clausen and motion carried unanimously to approve the agenda as submitted. Approval of Minutes - January 14, 2014 MOVED by Snope, seconded by Clausen and motion carried unanimously to approve the Housing and Redevelopment Authority minutes of January 13, 2015 as submitted. Approval of Bills MOVED by Harris, seconded by Snope and motion carried unanimously to approve the bills as submitted. Receipt of March 2015 Financial Reports MOVED by Snope, seconded by Clausen and motion carried unanimously to receive and file the March 2015 Financial Reports. Lease of HRA Propertv to D'Amico Caterinq - Amendment Extendinq Lease Director Burt answered questions regarding the lease. MOVED by Snope, seconded by Clausen and motion carried unanimously to approve Amendment Extending Lease with D'Amico Catering, effective May 14, 2015. Set Date for Special Meetinq Director Burt stated the HRA is being requested to set a Special HRA Meeting date to authorize the signing of the Golden Villas, LLC Private Development Agreement. Staff is waiting the receipt of a few more documents. The Special HRA Meeting will be held either April 21, 2015 or May 5, 2015 at 5:30 pm. Staff will notify the HRA of the date and post the meeting on the website and bulletin board. Regular Meeting of the Housing and Redevelopment Authority April 14, 2015 Page 2 Adiournment MOVED by Snope, seconded by Harris and motion carried unanimously to adjourn the meeting at 6:37 pm. Steven T Schmidgall, Chair ATTEST: Judy Nally, Administrative Assistant SPECIAL MEETING OF THE HOUSING AND REDEVELOPMENT AUTHORITY April 21, 2015 Pursuant to due call and notice thereof, a special 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 April 21, 2015 at 5:30 pm. The following members were present: Chair Steve Schmidgall, Commissioners Joanie Clausen, Larry Fonnest, Shep Harris, and Andy Snope. Also present were HRA Director Thomas Burt, City Attorney Allen Barnard, Physical Development Director Nevinski, Finance Director Virnig and City Clerk Luedke. Approval of Aqenda MOVED by Fonnest, seconded by Snope and motion carried unanimously to approve the agenda as submitted. Consider Development Aqreement with Golden Villas, LLC Marc Nevinski, Physical Development Director introduced the agenda item and answered questions from the Commissioners. Susan Virnig, Finance Director and Thomas Burt, HRA Director answered questions from the HRA. Mr. Bill Stoddard, Golden Villas, LLC, introduced the development team and gave an overview of the project. Ms. Tracy Thomas, Golden Villas, LLC, answered questions from the Commissioners and explained the proposed timeline of the project. MOVED by Commissioner Snope, seconded by Commissioner Snope to authorize the Chair and Director to sign the Golden Villas, LLC Private Development Agreement upon a vote being take the following voted in favor of: Harris, Fonnest, Schmidgall and Snope and following voted against: Clausen and the motion carried. Adjournment MOVED by Commissioner Harris, seconded by Commissioner Snope and motion carried unanimously to adjourn the meeting at 6:03 pm. Steven T Schmidgall, Chair ATTEST: Kristine A. Luedke, City Clerk CZ�� 0� �� Housin and Redevelo ment Authorit � � r Y 763-593-8002/763-593-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 14, 2015 Agenda Item 4. Reimbursement of City Expenditures Prepared By Sue Virnig, Finance Director Summary As of June 30, 2015 the following expenditures were paid by the City on various check registers and need to be reimbursed by the HRA: City Expenditures: Amount 1000 Best & Flanagan (February Legal)* $457.65 1000 Best & Flanagan (March Legal)* 816.85 1000 Best & Flanagan (April Legal)* 10,245.50 1000 Best & Flanagan (May Legal)* 1,551.25 Bank Mutual (TIF first half payment)* 13,018.39 1000 Springsted (Golden Villa TIF) 10,675.80 $36,765,.44 HRA Expenditures: 9000 General Fund $1,858.25 9250 North Wirth #3* 13,018.39 9300 Hwy 55 West* 21,888.80 $36,765.44 *Asterisk items are reimbursed by deposits held for developers. Recommended Action Motion to approve reimbursing the City of Golden Valley $23,747.05 (check#4069), and Bank Mutual $13,018.39 (check #4070). C i L� �/� �k5�s. � Housin and Redevelo ment Authorit � � r Y 763-593-8002/763-S93-8109(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 14, 2015 Agenda Item 5. Receipt of June 2015 (unaudited) Financial Reports Prepared By Sue Virnig, Finance Director Summary Attached is the June 2015 Financial Reports for Housing and Redevelopment Authority (HRA) review. Staff will address questions from the HRA before or at the meeting. Attachments • HRA General Fund Budget Report (1 page) • HRA Capital Project Funds Report (1 page) Recommended Action Motion to receive and file the June 2015 HRA Financial Reports. HRA of Golden Valley General Fund June 2015 Budget Report (unaudited) Percentage Of Year Completed 50% Over % Of 2015 April-June YTD (Under) Budget Revenue Budget Actual Actual Budget Received Transfer from TIF Funds: Golden Hills 0 0.00 0.00 0.00 Interest Earnings (2) 0 0.00 0.00 0.00 Fund Balance 18,000 0.00 0.00 (18,000.00) Totals $18,000 0.00 0.00 (18,000.00) 0.00% Over % Of 2015 April-June YTD (Under) Budget Expenditures Budget Actual Actual Budget Expended Legal Services (1) $6,000 1,858.25 2,120.75 (3,879.25) 35.35% Audit 12,000 0.00 0.00 (12,000.00) 0.00% City Overhead 0 0.00 0.00 0.00 Miscellaneous 0 0.00 0.00 0.00 Totals $18,000 1,858.25 2,120.75 (15,879.25) 11.78% Notes: (1) IncludesMarch to date billings from Best & Flanagan. (2) Interest will be allocated at year end. HRA Of Golden Valley Capital Project Funds 2015 Financial Report 9300 9250 Hwy 55/ North West Wirth #3 Cash Balance @ 04/01/15 $0.00 $0.00 Add: Receipts: Interest Lease revenue Increment on Deposit 13,018.39 Less: Exqenditures: City of Golden Valley (1) TIF Payment-Hennepin County 0.00 (13,018.39) Cash Balance @ 6/30/15 $0.00 $0.00 (1) Breakdown on City Expenditures Memo �� ,4".4 b. ��,�,� ✓ �� Ph sical Develo rnent De artment ��. '�` Y �' P 763-593-8t?301763-593-3988(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 14, 2015 Agenda Item 6. Appointment of Assistant HRA Director Prepared By Thomas Burt, HRA Director Summary The HRA is asked to appoint an Assistant HRA Director. This position will be responsible for the project specific functions of the HRA and will assist the HRA Director in carrying our his or her responsibilities. Recommended Action Motion to appoint Marc Nevinski as Assistant HRA Director. irLi•�� V� liu��.. r a �� ,,, �',�� Physical Develc�prnent Department 763-593-80301763-593-3988(fax) „ ;+�a':�.�iiiF ��Fnu�`,=ait!J!!iitliVi�I��IUE��'.s��lil�Otiliiil4t��"��"�9�iPNiu�,�..--.�7:,a ,... � , a.,ii4;�ili;a�i �Ik��y�... '� u��"�_.' .��;�5��.;�.n.e�,,��s.M Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 14, 2015 Agenda Item 7. A. Adoption of Winnetka and Medicine Lake Road Redevelopment Plan Prepared By Marc Nevinski, Physical Development Director Summary The HRA and City Council have discussed the redevelopment of parcels at the southeast quadrant of Winnetka Avenue North and Medicine Lake Road. In conformance with MN Statutes 469,the Winnetka and Medicine Lake Road Redevelopment Plan has been prepared, which, once adopted, enables the HRA to utilize its authority and powers to facilitate redevelopment in the area. The Redevelopment Plan outlines the current conditions in the area, discusses a redevelopment proposal for several parcels in the plan's project area, and identifies a series of public interest goals to be achieved through redevelopment. The HRA is asked to approve the Redevelopment Plan and forward to the plan to the Planning Commission for its review and comment. The City Council will then hold a public hearing before considering adoption of the Redevelopment Plan. Attachments • Resolution of the Housing and Redevelopment Authority in and for the City of Golden Valley, Hennepin County, Minnesota Adopting the Redevelopment Plan for the Winnetka and Medicine Lake Road Redevelopment Plan (13 pages) Recommended Action Motion to adopt the Resolution of the Housing and Redevelopment Authority in and for the City of Golden Valley, Hennepin County, Minnesota Adopting the Redevelopment Pfan for the Winnetka and Medicine Lake Road Redevelopment Plan. Resolution 15-3 July 14, 2015 Commissioner introduced the following and moved its adoption: RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF GOLDEN VALLEY, HENNEPIN COUNTY, MINNESOTA ADOPTING THE REDEVELOPMENT PLAN FOR THE WINNETKA AND MEDICINE LAKE ROAD PROJECT AREA BE IT RESOLVED by Housing and Redevelopment Authority in and for the City of Golden Valley, Minnesota (the "Authority"), as follows: 1. Project Plan Review. The Authority has reviewed the Redevelopment Plan (the "Project Plan") for the Winnetka and Medicine Lake Road Redevelopment Project Area (the "Redevelopment Project") attached hereto. 2. Adoption. The Project Plan is hereby adopted, subject to approval by the Planning Commission and the City Council as provided in Section 4, based on the findings in Section 3 hereof. 3. Findings for Approval of Project Plan. The Authority hereby makes the following findings: 3.01. The Project Plan proposes that the Authority undertake certain redevelopment activities for the purpose of encouraging redevelopment of properties in the Redevelopment Project. 3.02. The land in the Redevelopment Project would not be made available for development without the financial aid to be sought since private developers could not economically develop the Redevelopment Project without the proposed redevelopment activities. 3.03. The Project Plan will afford maximum opportunity, consistent with the needs of the City as a whole, for the redevelopment of the District by private enterprise. The redevelopment activities contemplated in the Project Plan would help to retard blight in the Redevelopment Project and provide an increase in employment and housing opportunities in the City and enhance the tax base of the City and overlapping taxing jurisdictions. 3.04. The redevelopment activities proposed by the Project Plan conform to the general plan for the development or redevelopment of the City as a whole. The redevelopment activities are compatible with the City's zoning ordinances and other related regulations and encourage efficient use of existing infrastructure as set forth in the City's Land Use Plan. 3.05. The Project Plan provides an outline for the development or redevelopment of the area and is sufficiently complete to indicate its relationship to definite local objectives as to appropriate land uses and to indicate general land uses and general standards of development or redevelopment. Resolution 15-3 - Continued July 14, 2015 4. Transmittal. The Authority does hereby transmit the Project Plan to the Golden Valley Planning Commission to affirm the findings of the Authority in Section 3.04, and to Golden Valley City Council for approval after the same has been considered by the Council subsequent to a public hearing to be held in accordance with Minnesota Statutes, Chapter 469. 5. Filinq. Following approval by the City Council, the Director is hereby authorized and directed to file the Project Plan with the Commissioner of the Minnesota Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes, Section 469.175, subdivision 4a. Steven T Schmidgall, Chair ATTEST: Thomas D. Burt, Executive Director The motion for the adoption of the foregoing resolution was seconded by Commissioner upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same whereupon said resolution was declared duly passed and adopted, signed by the Chair and his signature attested by the Executive Director. Redevelopment Plan for Winnetka & Medicine lake Road Redevelopment Project Location: Southeast Quadrant of Winnetka Avenue and Medicine Lake Road Golden Valley, Minnesota 1 REVIEW AND APPROVAL DATES Golden Valley HRA Approval: July 14, 2015 Planning Commission Review: Approved by the City Council: TABLE OF CONTENTS Pa e s Introduction.................................................................................................................3 Project Area Boundaries.............................................................................................3 Background..................................................................................................................3 Redevelopment Opportunities..................................................................................3 Public Improvements..................................................................................................4 Statement of Need and Public Purpose, Statutory Authorization........................4 Statement of Objectives.............................................................................................4 Itemized Goals and Objectives..................................................................................5 Policies..........................................................................................................................6 LandUse................................................................................................................6 Financing................................................................................................................7 Transportation......................................................................................................8 Definitions.....................................................................................................................8 Administration of Redevelopment Project..............................................................8 Maintenance and Operations..........................................................................8 Paymentof Public Costs....................................................................................8 Property Acquisition and Proposed Reuse....................................................8 Relocation............................................................................................................9 Environmental Controls; Land Use Regulations.............................................9 Park and open Space to be Created.................................................................9 Amendments.......................................................................................................9 Mapof the Project Area............................................................................................10 2 Introduction In the 1960's the area southeast of the intersection of Medicine Lake Road and Winnetka Avenue North was developed with a variety low density commercial and industrial oriented uses. Overtime, development patterns in the region have become more urban in form, real estate markets have changed and development patterns have resulted in flooding in the area. Recently, encouraged by interest from the private sector, the City of Golden Valley has taken the initiative to re-guide and rezoned many of the parcels to accommodate new, higher density residential land uses and address the flooding issues in the area. This document serves as the Redevelopment Plan for the area, to be known as the Winnetka& Medicine Lake Road Redevelopment Project. It defines the geographic area of proposed improvements, outlines existing conditions, discusses anticipated redevelopment, and sets goals, objectives and policies that will guide projects as they are implemented. Project Area Boundaries The Redevelopment Plan Project Area extends from Medicine Lake Road south to 23�d Ave North and from Winnetka Avenue east to the Canadian Pacific Railroad tracks. Parcels containing DeCola Ponds A, B and C are also included in the Project Area.The map in Exhibit A illustrates the boundaries of Project Area which includes private parcels and public lands and rights of way. The Project Area matches the boundaries of a proposed tax increment financing redevelopment project area where up to twenty five percent of the TIF proceeds could be spent, most likely for infrastructure improvements. Background The Project Area was originally low lands. Aerial photographs from 1945 show wetlands and agricultural land uses. The area began to develop in the 1960's with low density commercial and industrial uses. Wetlands were filled and portions of the area remained low. Overtime, the existing development has trended towards obsolesce, and investment in the buildings has diminished. A recent study by LHB Inc. found a number of buildings to be "substandard" under Minnesota TIF statutes. Currently the area includes a small auto repair shop, two restaurants (a walk-up and a sit down style), a multi-tenant building owned by the local VFW club, a small car wash, a newly developed drug store, a vacant industrial building, and self-storage facility. The east side of the Project Area includes a multi-family housing development and Pennsylvania Park, which includes two flood storage ponds. To the south, is an additional pond and a single family neighborhood. Flooding in the area is common, although it is not in a federally mapped flood plain. A study is currently nearing completion that will document the cause of the flooding and identify specific measures to reduce the flooding in the area by creating more flood storage. A proposed multi- family development project provides an opportunity to construct and fund additional flood storage in the area. 3 Redevelopment Opportunities In early 2015, a developer proposed redeveloping four parcels within the Project Area with townhomes and a large apartment building. If completed, the redevelopment would utilize approximately fifty percent of the land within the Project Area. Other redevelopment opportunities may emerge over time on small individual parcels or a combination of parcels within the Project Area. Public Improvements Public improvements proposed for the Project Area include the development of additional flood storage to reduce flooding in the DeCola Ponds sub-watershed area and ensure that the Medicine Lake Road and Winnetka Avenue intersection remain passable to emergency vehicles during a flood event. Flood storage may include the construction of underground vaults, the creation of new open storage or the expansion of existing open storage, and the construction of conveyance swale or pipe to move water at a controlled rate through the area. Additionally, removal of some portions of Rhode Island Avenue North may occur to reduce storm water runoff and provide flood storage and conveyance. Finally, trail connections in the area, particularly from redeveloped areas to existing parkland. Statement of Need and Public Purpose, Statutory Authorization The Housing and Redevelopment Authority (HRA) finds there is a need for development within the City and the Project Area in order to provide housing opportunities, to improve the local tax base, address public infrastructure needs, and to improve the general economy of the City and the State. The economic security of residents depends upon proper development of property that meets any one of a number of conditions, including properties with values too low to pay for the public services required or rendered and properties where lack of use or improper use has resulted in stagnant or unproductive land that could otherwise contribute to the public health, safety, and welfare. The HRA finds that in many cases, such property cannot be developed without public participation and assistance in various forms, including property acquisition and/or write-down; proper planning; the financing of development costs associated with clearance, grading, and soils correction; and various other public and private improvements necessary for development. In cases where the development of property cannot be done by private enterprise alone, the HRA believes it to be in the public interest to consider the exercise of its powers, to advance and spend public money, and to provide the means and impetus for such development. The HRA finds that in certain cases, property within the Project Area would or may not be available for development without the specific financial aid to be sought, that the Redevelopment Plan will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Project Area by private enterprise, and that the Redevelopment Plan conforms to the general plan for the development of the City as a whole. Statement of Objectives The HRA seeks to achieve one or more of the following objectives with respect to the Project Area, as the Authority may deem appropriate and necessary: 4 • Promote and secure the prompt development of property within the Project Area, such property which is not now in its most productive use, in a manner consistent with the Comprehensive Plan of the City, thus realizing Comprehensive Plan land use, and tax base goals. • Assist development in the Project Area through the acquisition or write-down of certain interest in property which is not now in productive use or in its highest and best use, to make or defray the cost of soil corrections or site improvements on said property, and to construct or reimburse for the construction of public improvements and other facilities on or for the benefit of said property and the public, thereby promoting and securing the development of other land within the Project Area. • Secure the increase and availability of rental housing property for individuals and families of low to moderate income within the Project Area. • Secure the increase of industrial and commercial property subject to taxation within the Project Area. • Promote and secure additional employment opportunities within the City and to prevent the loss of existing employment opportunities, thereby preventing the loss of valuable human resources. • To provide funding for an ongoing development strategy and to prioritize the use of available resources. • Implement and revise from time to time, as may be deemed necessary or desirable, a consolidated and unified Redevelopment Plan and to finance the associated development costs on an area-wide basis. • Employ any of the powers of the Authority for the benefit of the Project Area in such cases and upon such terms as the Authority may deem appropriate. • Construct or acquire facilities deemed desirable for the development of the Project Area. Itemized Goals and Objectives To achieve its mission of structured redevelopment,this Plan has identified the following goals with related objectives for this Project Area to encourage cohesive planning and structured renewal within the area. It then outlines policies that will help to achieve the goals and objectives. Goal 1— Redevelop obsolete properties Objectives: • Redevelop blighted, functionally obsolete and/or economically unsustainable buildings. • Establish new uses compatible with existing uses. • Spur reinvestment in the broader area through new development and an expanded market. 5 Goal 2—Create additional flood storage in the DeCola Ponds sub-watershed Objectives: • Use redevelopment to create and fund the construction of additional flood storage in the Project Area. • Ensure new development, at a minimum, does not reduce existing flood storage. • Minimize the impact of flooding on private properties and structures. Goal 3—Expand housing opportunities Objectives: • Increase housing choices and options within Golden Valley. • Promote quality, sustainable and green construction and development. • Require amenities as part of new development that improve quality of life for residents. Goal 4— Protect the environment Objectives: � Ensure wetlands are protected and enhanced. • Reduce or eliminate soil and wetland contamination. • Preserve quality vegetation and reduce or eliminate invasive or disease-susceptible species. Goal 5— Maintain a regional framework Objectives: • Plan for growth compatible with the Metropolitan Council development framework. • Design public infrastructure in cooperation with other public agencies. • Participate in grant programs available through Hennepin County, the Metropolitan Council and other agencies. � Develop and maintain positive relationships with surrounding communities and governmental agencies. • Continue participation in cooperative traffic management strategies. • Improve transit options. Policies Land Use The City will study planned land uses to determine the need or desirability of individual parcels or area-wide comprehensive plan or zoning amendments to accommodate desired land uses. The City and HRA will assure that its review processes, zoning and building regulations will promote desired development projects. The City will assure that new uses in the redevelopment area are compatible with existing development and the City's Land Use Plan. The City and HRA will review existing properties in the area to consider their long term viability and/or options for alternative uses. 6 land use plans will promote mixed use developments and increased density where appropriate, in keeping with the Metropolitan Council's regional growth strategy. Financing The City and HRA will identify criteria to target redevelopment funds such as tax increment financing, tax abatements, Livable Communities, Community Development Block Grants, Hennepin County and other funding made available by the Legislature, other agencies or governmental units. The City and HRA will consider providing public assistance to redevelopment projects that serve a substantial public purpose, remove blight, or mitigate contamination. The City an.d HRA will consider using land write-downs to subsidize redevelopment projects. Redevelopment funding will be paired with other funding options such as assessments based on the Golden Valley Special Assessment Policy. The City will consider franchise fees and utility surcharges to underwrite the cost of utility and infrastructure upgrades. Design and Environmental Standards The City will promote best practices to meet the highest environmental standards. The City and HRA will identify approaches and/or incentives to promote a corridor beautification program.This program will include both public and private components. The City will monitor ongoing research on sustainable development initiatives to guide redevelopment and future updates of this plan. Transportation The City will work with Metro Transit to monitor transportation needs of area residents and workers and to identify ways to improve transportation services, including improving transit routes and working with area businesses to develop transportation management plans. Definitions The terms defined in the section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authoritv" means the Housing and Redevelopment Authority of the City of Golden Valley. "C�" means the City of Golden Valley, Minnesota, also referred to as a "Municipality". "Citv CounciP' means the City Council of the City. "County" means Hennepin County, Minnesota. "Governin� Body" means the Board of Commissioners of the Authority. 7 "HRA Act" means the Minnesota Municipal Housing and Redevelopment Act, Minnesota Statutes, Sections 469.001 through 469.047, both inclusive. "Land Use Regulations" means all federal, state and local laws, rules, regulations, ordinances and plans relating to or governing the use or development of land in the Project Area, including but not limited to environmental, platting, zoning and building code laws, regulations and ordinances. "Proiect Area" means the geographic area of the Highway 55 West Redevelopment Project Area. "Public Costs" means the costs of land acquisition, public and site improvements, repayment of debt service on tax increment bonds, and other eligible costs as set forth in the Redevelopment Plan and Tax Increment Financing Plan(s). "Redevelopment Plan" means the Redevelopment Plan for the Project Area. "State" means the State of Minnesota. "TIF Act" means Minnesota Statures,Section 469.174 through 469.179, both inclusive. "TIF District" means any tax increment financing district presently established or to be established in the future in the Project Area. "TIF Plan" means the respective tax increment financing plan for each TIF district located within the Project Area. Administration of Redevelopment Project Maintenance and Operations Maintenance and operation of the Project Area will be the responsibility of the HRA Director, who shall serve as administrator of the Project Area. Each year the administrator will submit to the Governing Body the maintenance and operation budget for the following year. The administrator will administer the Redevelopment Plan pursuant to the provision of the HRA Act, provided, that such powers may only be exercised at the direction of the Governing Body. No action taken by the administrator pursuant to the above-mentioned powers shall be effective without authorization by the Governing Body. Payment of Public Costs It is anticipated that the Public Costs of the Project Area will be paid primarily from tax increments or proceeds of tax increment bonds. Such costs are identified in the TIF Plan(s) for the corresponding TIF District(s) located within the Project Area.The Authority reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such Public Costs including, but not limited to, special assessments,federal or state funds, and investment income. Property Acquisition and Proposed Reuse The HRA may acquire property or appropriate interest therein within the Project Area as it deems necessary or desirable to assist in the implementation of the Redevelopment Plan. 8 The Redevelopment Plan contemplates that the HRA may acquire property and reconvey the same to another entity. Prior to formal consideration of the acquisition of any property,the Governing Body will require the execution of a binding development agreement with respect thereto and evidence that tax increments or other funds will be available to repay the Public Costs associated with the proposed acquisition. It is the intent of the HRA to negotiate the acquisition of property whenever possible. Appropriate restrictions regarding the reuse and redevelopment of property shall be incorporated into any development agreement to which the HRA is a party. Relocation Any person or business that is displaced as a result of the Redevelopment Plan will be relocated in accordance with the provisions of the HRA Act and other applicable law. Environmental Controls; Land Use Regulations All HRA actions, public improvements, and private development shall be carried out in a manner consistent with existing environmental controls and all applicable Land Use Regulations. Park and Open Space to be Created Park and open space created within the Project Area will be done so in accordance with the zoning and platting ordinances of the City. Amendments The HRA reserves the right to alter and amend the Redevelopment Plan subject to the provisions of state law regulating such action. 9 Exhibit A Redevelopment Plan Project Area QPro�ect Area —@t,tt�t �---- � =�5.; 5_: . I , . . . 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'ea �aTo{ Teao n� nao nao, �osc -a_c -a�ro -scc -s�, ;sao a, 'csc ��roms =��=5 � '�.. i . , . . � Winnetka Heights 0� ' �•� � �;1 ''°°� 'c.re �a �,� , :a� ' nsf ' xur I �+o+o _x„ _ss, roe. �us , �r.wo zoro zoss f , ; ; . . _ � _ _ . ��' :"o� �ro , so�r roro ro:? � .o:ro �, :roro �'� roro rors 2020 ; � za;s :��.� -�- roa� �� ar.r �:•, :.�:;-�. =x. roc�o � roe. � �x�c � roco Winnetka 8� °�� 9.O+E � Sowcei Medicine Lake Rd -'*~'°°"'�°�^�S��°�°f"°°�' v,oeem uxs r:o�s,a�ru�o�ormaa�,�:� _ Redevelopment Plan 'C•bo/OaYeeNR�b�E'o'^e•a�e^. Project Area ��` � 10 Winnetka & Medicine Lake Road Redevelopment Plan Project Area Parcels PID# BLDG# STREET NAME CITY ZIP 2911821220001 2550 WINNETKA AVE N GOLDEN VALLEY 55427 2911821220002 7825 MEDICINE LAKE RD GOLDEN VALLEY 55427 2911821220005 2911821220006 2400 RHODE ISLAND AVE N GOLDEN VALLEY 55427 2911821220012 2480 WINNETKA AVE N GOLDEN VALLEY 55427 2911821220014 2430 WINNETKA AVE N GOLDEN VALLEY 55427 2911821220015 2485 RHODE ISLAND AVE N GOLDEN VALLEY 55427 2911821220017 2300 WINNETKA AVE N GOLDEN VALLEY 55427 2911821220018 7751 MEDICINE LAKE RD GOLDEN VALLEY 55427 2911821220019 2500 WINNETKA AVE N GOLDEN VALLEY 55427 2911821230002 11 l-1��'� L�1 y��'�"�"�, ,.:� �' � ,„,,k.„� ..� � � � � �� .'. M � y, ,� �,.�o �;�� Ph sical Develo ment De artment � Y P P 763-593-8030/763-593-3988(fax) Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 14, 2015 Agenda Item 7. B. Liberty Crossing Redevelopment Project Update Prepared By Marc Nevinski, Physical Development Director Summary Staff has been working on the Liberty Crossing redevelopment project and wishes to apprise the HRA of their status and upcoming steps. Liberty Crossing and is located at the southeast quadrant of Winnetka Avenue North and Medicine Lake Road. Intuitive Investment proposes to redevelop industrial and commercial properties into multi-family housing in the form of an apartment building and townhomes. A redevelopment plan and a tax increment financing district (Redevelopment) are proposed for the area. Tax increment will help to fund infrastructure improvements in the area to reduce flooding on Medicine Lake Road and in the DeCola Ponds sub-watershed district. LHB, Inc. has inspected the properties proposed for inclusion in the district, documented their condition, and found them to meet the "structurally substandard" and coverage ratio tests required for the establishment of a redevelopment TIF district, which can run for up to 25 years. HRA staff and the developer are currently discussing the design and configuration of the infrastructure, and the final plan and agreement will determine how the increment is allocated. Assuming no objection by the HRA, staff will begin the process of establishing a TIF district. Public hearings on the TIF plan are expected to be scheduled in September for both the HRA and City Council. Special HRA meetings will most likely be required and will be noticed as appropriate and necessary. Recommended Action Motion to receive and file the Liberty Crossing redevelopment update. t"��'�' C�� , _ �.-�. ; �.�: �L �� ,�� Ph sical Develo ment De artment �� Y �' �' 763 593 8�30 I?63 593 3988{fax) m:...�,��f. _�:�.s�� u� ��: _ _.._�-x., .��:�-.��,�� , ��< �� _� Executive Summary For Action Golden Valley Housing and Redevelopment Authority Meeting July 14, 2015 Agenda Item 8. Cornerstone Creek Redevelopment Update Prepared By Marc Nevinski, Physical Development Director Summary Staff has been working on the Cornerstone Creek Redevelopment project and wishes to apprise the HRA of their status and upcoming steps. Cornerstone Creek is located along Golden Valley Road in the existing Highway 55 West Redevelopment Area. CDHC Cornerstone Creek LLC is proposing to construct a 45 unit affordable, permanent, and supportive housing project to serve developmentally disabled adults. The project will be located in the Highway 55 West Redevelopment Area on parcels currently addressed as 9300 and 9310 Golden Valley Road. Assistance with the project in the form of a tax increment financing district (housing) has been requested to help develop the project and maintain rents at an affordable rate for the tenants. Such districts typically run for 25 years and help provide housing for people making no more than 60% area median income. The Council approved Resolution 14-46 on May 20, 2014 expressing its intent to create and administer a tax increment financing district for the project. Assuming no objection by the HRA, staff will begin the process of establishing a TIF district. Public hearings on the TIF plan are expected to be scheduled in September for both the HRA and City Council. Special HRA meetings will most likely be required and will be noticed as appropriate and necessary. Recommended Action Motion to receive and file the Cornerstone Creek Redevelopment update.