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D-9. Downtown Chanhassen Redevelopment Project Area D CITY OF C HANHASSE N Chanhassen is Community for Life-Providing for Today and Planning for Tomorrow MEMORANDUM TO: Mayor and City Council FROM: Greg Sticha, Finance Director DATE: July 24, 2017 SUBJ: Approve Resolution to Decertify TIF No. 10 (Downtown Transit Station), Call for Public Hearing to Establish TIF No. 11 (Venue/Aldi), and Authorize Inter-fund Loan if Needed in the Future PROPOSED MOTION: "The City Council approves the attached resolution authorizing the decertification of Tax Increment Financing District No. 10, calling for a public hearing to establish Tax Increment Financing District No. 11 and the authorization for an inter-fund Loan in the future if needed." Approval requires a simple majority vote. BACKGROUND The city has been in the process of negotiating with United Properties for the construction of a 134-unit Apartment Complex and Grocery located in the downtown next to the Chanhassen Dinner Theatres. As a part of that project, the developer is requesting$1.3M in Tax Increment Financing assistance for the construction of the market rate apartment complex. In addition, further tax increment beyond the assistance requested from the developer will potentially be used for a portion of the cost to upgrade Market Boulevard within the next couple of years. TIF District No. 10 was created in 2010 with the construction of the downtown parking ramp. The district was created for the potential redevelopment of properties associated with the Chanhassen Dinner Theatres. Those redevelopment possibilities never materialized and minimal or no increment was generated from the district. The district would need to be decertified and closed regardless of the potential for the creation of TIF No.11, which shares some parcels with TIF No. 10. The resolution also authorizes an inter-fund loan if needed in the future. The loan would be up to a maximum of$50,000 and be drawn on the Permanent Revolving Debt Fund (Fund#300) and repaid with interest at 4% (amount allowed per state statute). The loan will not actually be drawn upon except for certain unforeseen circumstances such as an error by the county resulting PH 952.227.1100• www dchanhassen.mn.us• FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 Mayor& City Council TIF Districts 10 and 11 July 24, 2017 Page 2 in an increment shortfall or any other administrative purpose not anticipated at the time of the creation of this district. This is a common authorization in almost all TIF districts created in the state of Minnesota. RECOMMENDATION It is recommended that the city council approve the attached resolution authorizing the decertification of Tax Increment Financing District No. 10, and call for a public hearing to establish Tax Increment Financing District No. 11. ATTACHMENTS 1. Resolution. 2. Schedule of Events. 3. Memo dated 7-24-17 summary of events and project. f:\gregs\tif general\tif#11 frontier#2\7-24 memo approve res decent#10&call for hearing on#11.docx CITY OF CHANHASSEN COUNTIES OF CARVER AND HENNEPIN STATE OF MINNESOTA RESOLUTION NO. RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 10, CALLING FOR A PUBLIC HEARING TO ESTABLISH TAX INCREMENT FINANCING DISTRICT NO. 11, AND AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 11. BE IT RESOLVED by the City Council (the "Council") for the City of Chanhassen, Minnesota (the "City"), as follows: WHEREAS, on April 12, 2010, the City of Chanhassen (the "City") created its Tax Increment Financing District No. 10 ("TIF District No. 10") within its Downtown Chanhassen Redevelopment Project Area(the "Project"); and WHEREAS, as of the date hereof all bonds and obligations to which tax increment from TIF District No. 10 have been pledged have been paid in full or defeased and all other costs of the Project have been paid; and WHEREAS, the City desires by this resolution to cause the decertification of TIF District No. 10 after which all property taxes generated by property within the District will be distributed in the same manner as all other property taxes; and WHEREAS, the Council intends to establish Tax Increment Financing District No. 11 ("TIF District No. 11") within the Project, and will adopt a Tax Increment Financing Plan (the "TIF Plan") for the purpose of financing certain improvements within the Project. WHEREAS, the City has determined to pay for certain costs identified in the TIF Plan consisting of land/building acquisition, site improvements/preparation, public utilities, streets and sidewalks, interest and administrative costs (collectively, the "Qualified Costs"), which costs may be financed on a temporary basis from City funds available for such purposes. WHEREAS, under Minnesota Statutes, Section 469.178, Subd. 7, the City is authorized to advance or loan money from the City's general fund or any other fund from which such advances may be legally authorized, in order to finance the Qualified Costs. WHEREAS, the City intends to reimburse itself for the Qualified Costs from tax increments derived from the TIF District in accordance with the terms of this resolution (which terms are referred to collectively as the "Interfund Loan"). NOW THEREFORE,BE IT RESOLVED by the City Council of the City that: Section 1. Decertification. The City's staff shall take such action as is necessary to cause the County Auditor of Carver County to decertify TIF District No. 10 as a tax increment district and to no longer remit tax increment from the TIF District No. 10 to the City. Section 2. Public Hearing. This Council shall meet on September 11, 2017, at approximately 7:00 P.M.,to hold a public hearing on the proposed adoption of a Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area (the "Redevelopment Plan Modification"), the proposed establishment of TIF District No. 11 (a redevelopment district), and the proposed adoption of a TIF Plan therefor(the Redevelopment Plan Modification and the TIF Plan are referred to collectively herein as the "Plans"), all pursuant to and in accordance with Minnesota Statutes, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1794, inclusive, as amended, in an effort to encourage the development and redevelopment of certain designated areas within the City; and Section 3. Notice of Public Hearing Filing of Plans. City staff is authorized and directed to work with the Chanhassen Economic Development Authority (the"EDA")and Ehlers &Associates, Inc., to prepare the Plans and to forward documents to the appropriate taxing jurisdictions including Carver County and Independent School District No. 112. The City Manager is authorized and directed to cause notice of the hearing,together with an appropriate map as required by law,to be published at least once in the official newspaper of the City not later than 10, nor more than 30, days prior to September 11, 2017, and to place a copy of the Plans on file in the EDA Executive Director's office at City Hall and to make such copy available for inspection by the public. Section 4. Interfund Loan. The City hereby authorizes the advance of up to $50,000 from Fund No. 300 (Closed Bond Fund) or so much thereof as may be paid as Qualified Costs. The City shall reimburse itself for such advances together with interest at the rate stated below. Interest accrues on the principal amount from the date of each advance. The maximum rate of interest permitted to be charged is limited to the greater of the rates specified under Minnesota Statutes, Section 270C.40 or Section 549.09 as of the date the loan or advance is authorized, unless the written agreement states that the maximum interest rate will fluctuate as the interest rates specified under Minnesota Statutes, Section 270C.40 or Section 549.09 are from time to time adjusted. The interest rate shall be 4% and will not fluctuate. Principal and interest ("Payments") on the Interfund Loan shall be paid semi-annually on each August 1 and February 1 (each a "Payment Date"), commencing on the first Payment Date on which the Authority has Available Tax Increment (defined below), or on any other dates determined by the City Manager,through the date of last receipt of tax increment from the TIF District. Payments on this Interfund Loan are payable solely from "Available Tax Increment," which shall mean, on each Payment Date, tax increment available after other obligations have been paid, or as determined by the City Manager, generated in the preceding six (6) months with respect to the property within the TIF District and remitted to the City by Carver County, all in accordance with Minnesota Statutes, Sections 469.174 to 469.1794, all inclusive, as amended. Payments on this Interfund Loan may be subordinated to any outstanding or future bonds, notes or contracts secured in whole or in part with Available Tax Increment, and are on parity with any other outstanding or future interfund loans secured in whole or in part with Available Tax Increment. The principal sum and all accrued interest payable under this Interfund Loan are pre-payable in whole or in part at any time without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular payment otherwise required to be made under this Interfund Loan. This Interfund Loan is evidence of an internal borrowing by the City in accordance with Minnesota Statutes, Section 469.178, Subd. 7, and is a limited obligation payable solely from Available Tax Increment pledged to the payment hereof under this resolution. This Interfund Loan and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Interfund Loan or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this Interfund Loan or other costs incident hereto. The City shall have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid after the final Payment Date. i The City may amend the terms of this Interfund Loan at any time by resolution of the Council, including a determination to forgive the outstanding principal amount and accrued interest to the extent permissible under law. Dated: July 24, 2017 Adopted: Denny Laufenburger,Mayor ATTEST: I Todd Gerhardt, City Manager I i i i I i SCHEDULE OF EVENTS CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY AND THE CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES,MINNESOTA FOR THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA AND THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 11 (a redevelopment district) July 10,2017 City Council reviews site plan for proposed redevelopment. July 24, 2017 EDA and City Council approve the decertification of TIF District 10. July 24, 2017 EDA requests that the City Council call for a public hearing on the proposed Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area and the proposed establishment of Tax Increment Financing District No. 11. July 24,2017 City Council calls for public hearing on the proposed Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area and the proposed establishment of Tax Increment Financing District No. 11. July 24,2017 City Council passes resolution authorizing an interfund loan in connection with Tax Increment Financing District No. 11. [Ehlers provides decertification, public hearing and interfund loan resolutions to the City.] July 28, 2017 Project information (property identification numbers and legal descriptions, detailed project description, maps, but/for statement, list of sources and uses of funds, and estimated fiscal impacts of the project public improvements and on fire and police protection) for drafting necessary documentation sent to Ehlers. Ehlers confirms with the City whether building permits have been issued on the property. N/A* Project information submitted to the County Board for review of county road impacts if necessary* (at least 45 days prior to public hearing). * City staff believes that the proposed tax increment financing district will not require unplanned county road improvements. July 28, 2017 Letter received by Carver County Commissioner giving notice of potential redevelopment tax increment financing district (at least 30 days prior to publication of public hearing notice.) [Ehlers will fax and mail on July 28, 2017.] FREERS IEAOFAS IN PURIif.FIKANf.E SCHEDULE OF EVENTS - PAGE 2 CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY AND THE CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES,MINNESOTA FOR THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA AND THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 11 (a redevelopment district) August 11, 2017 Fiscal/economic implications received by School Board Clerk and County Auditor (at least 30 days prior to public hearing). [Ehlers will fax and mail on August 11, 2017.] August 31, 2017 Date of publication of hearing notice and map (at least 10 days but not more than 30 days prior to hearing). [Chanhassen Villager publication deadline, Thursday, August 24, 2017, at 4:00 P.M. —Ehlers will submit notice, map, and instructions to newspaper on or before the date via email at legal@swpub.com.] August 25, 2017 Ehlers finalizes internal review of Plans. September 5,2017 Planning Commission reviews the Plans to determine if they are in compliance with the City's comprehensive plan. [Ehlers will send packet information, via email, to the City on August 28, 2017.] September 11, 2017 EDA considers the Plans and passes a resolution adopting the Plans (Can be same day or prior to City's TIF Public Hearing, if desired) September 11, 2017 City Council holds public hearing at 7:00 P.M. on a Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area and the establishment of Tax Increment Financing District No. 11 and passes a resolution approving the Plans. [Ehlers will send Council packet information, via email, to the City on or by August 21, 2017.] TBD EDA considers approval of Final Redevelopment Contract (Can be same day as approval of TIF, if desired) September 12,2017 City can issue building permits. NLT June 30, 2018 Ehlers files TIF Plan with the MN Department of Revenue and the Office of the State Auditor, and requests certification of Tax Increment Financing District No. 11 with Carver County. An action under subdivision 1, paragraph (a), contesting the validity of a determination by an authority under section 469.175, subdivision 3,must be commenced within the later of. (1) 180 days after the municipality's approval under section 469.175,subdivision 3;or (2)90 days after the request for certification of the district is filed with the county auditor under section 469.177,subdivision 1. EHLERS Lf AFa 11 1111,1 1C 111ANCE CITY OF C HANHASSE N Chanhassen is a Community for Life-Providing for Today and Planning for Tomorrow MEMORANDUM TO: Mayor& City Council FROM: Todd Gerhardt, City Manager DATE: July 24, 2017 SUBJ: Review Concept Plan for Redevelopment of the Frontier Building and Request for Tax Increment Financing(TIF) Assistance Attached is a concept plan by United Properties to redevelop the Frontier building located on three parcels in the downtown (see Attachment#1). Currently the Frontier building is zoned central business district. United Properties is proposing to demolish all of the existing buildings that are located on two of the three lots. In their place, United Properties proposes to build an 18,000 square-foot specialty grocery store and a 134-unit market-rate apartment complex. REOUEST FOR ASSISTANCE The developer is requesting assistance of$1.3 million through a Redevelopment Tax Increment Financing District (see Attachment#2). An overall assessment of the condition of the buildings has been completed and it has been determined that it"does meet"the redevelopment district's criteria for blight standards. The TIF district would exist for 26 years. The total life of the TIF district is estimated to create $3.8 million(present value)before costs and repayment assistance (see Attachment#3). The repayment assistance would be given through a pay-as-you-go note ($1.3 million), which means the increment is only disbursed as it is received. The timeframe for the project is that construction will begin by June 1, 2017 with completion no later than August 1, 2018. The City Council has the power, should it be deemed necessary,to grant tax increment assistance. In the past, the city has provided TIF assistance to encourage economic development and a broad range of housing opportunities in the form of affordable housing, senior housing, and assisted living throughout the community. This project will promote the redevelopment objective of enhancing the city's tax base by expanding the market-rate housing opportunities, and increasing the range of goods and services provided by a specialty grocery business in the core downtown. PH 952.227.1100• www.ci.chanhassen.mn.us• FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 Mayor & City Council Frontier Building Redevelopment July 24, 2017 Page 2 ANALYSIS OF REDEVELOPMENT PROS • It would boost tax revenues (Attachment #3)by five times the amount being paid today. Additionally, it would enhance the market value by ten times the current value. Frontier Property Currently After Redevelopment Market Value $2,193,800 $23,560,000 Total Taxes $71,150 $427,716 City Portion of Total Taxes $5,851 $64,157 • The proposed redevelopment is compatible with the existing transit area. • Adding 134 housing units to the core downtown will help all retailers in the downtown area. • The Maxfield Housing Study, funded by the Carver County CDA in 2014, stated that Chanhassen could support 875 general occupancy rental units between 2014 and 2040. • The current redevelopment site is underutilized. With this development, the site would meet its full development potential. • Improving the aesthetics of the area by introducing quality architecture. • Promote redevelopment objectives and removal of blight to enhance the tax base. • Maximize the full utilization of the existing infrastructure improvements made with the SouthWest Transit Station. CONS • The project will create additional traffic on Market Boulevard between Highway 5 and West 78t" Street. This may require that Market Boulevard be upgraded sooner than later. Some of the costs associated with the upgrade could come from future increment derived from the TIF district. Roadway improvement costs are estimated at $3.4 million. • Potential loss of existing tenants from the Frontier Building. There are opportunities for these tenants to relocate in the community, but their rental rates will most likely be higher. Mayor& City Council Frontier Building Redevelopment July 24, 2017 Page 3 • The developer is requesting$1.3 million of assistance to be used for building demolition, soil corrections, special assessment write-down, and land write-down. The city's financial advisor from Ehlers, Inc. has completed a preliminary review of the developer's "But-For Test"regarding the assistance and whether the criteria satisfies state statute. Based on their review,they have determined that the project meets the"But-For Test" and would not happen solely through private investment in the foreseeable future. Staff believes the redevelopment with public investment will yield a net increase in market value for the site, and the redevelopment of this site would not occur without TIF. ATTACHMENTS i 1. United Properties Concept Plan. 2. Building Blocks of TIF. 3. Frontier Redevelopment Assumptions and Proposed Tax Increment Flow. 4. ULI Analysis. 5. Site Plan Area. g:\admin\tg\fiontier building redevelopment\memo dated 7-24-17.docx I I I f I UNITED PROPERTIES CREATING DEEP ROOTS United Properties—Downtown Chanhassen Mixed-Use 525 W. 781h Street Redevelopment Summary December 5, 2016 Introduction United Properties is pleased to present a mixed-use redevelopment opportunity in downtown Chanhassen that will include approximately 130 market-rate apartment units and an 18,000 sf Aldi grocery store. The address for the proposed redevelopment is 525 West 78th Street and is bordered by the Chanhassen Movie Theater and Country Inn &Suites to the west,the Chanhassen Dinner Theater to the East, and the SW Metro Park & Ride to the south. This location is very appealing for people seeking to live in Chanhassen MN that desire close proximity to Chanhassen's substantial arts, entertainment, outdoor, civic, and retail offering while having immediate access to public transit as well has highway 5. The site is approximately 4 acres and currently contains a partially occupied multi-tenant retail building commonly known as the Frontier Building, Site Redevelopment The sites redevelopment will include demolition of the existing Frontier Building and construction of a new 192,000 sf mixed use building. Due to the existing shared parking and access easements on the site it is necessary to construct any new building in the same footprint as the existing Frontier Building. This space constraint posed a significant challenge to our design effort which was aimed at maximizing the sites use with a high floor to area ratio (aka: high site density)while offering an excellent place to live along with a new grocery offering to the downtown Chanhassen marketplace. Through several months of design effort we have established a design that accepts the sites constraints and meets the design objectives. Site Uses At the onset of our redevelopment effort we solicited retail interest in this location from four different grocers that we believed could be viable for this small footprint site. The four grocers were Aldi, Whole Foods, Fresh Thyme and Trader Joes. We are fortunate that one of the four (Aldi) expressed a desire for this location. We were reminded of this good fortune throughout the design process as we quickly realized that due to the site (easement) constraints, any grocer over 18,000 sf would be very difficult to spatially accommodate along with an apartment 3600 American Blvd.VV. Suitc 750 Minneapolis, MN 55431 T 952.835.5300 uproperties.com building. The 18,000 sf Aldi grocery store is an ideal size to coexist with a market-rate apartment building, This compatibility allows the stores primary customer entrance to face W. 78th street but also affords space for the apartment building to have a prominent W. 78th street entrance that will include the leasing office for prospective tenants. The Aldi customer parking needs will be met with the northern surface parking lot along W. 781h while the primary residential parking needs will be met by the southern surface parking lot and the 134 stall enclosed and climate controlled parking garage. Aldi is a leading global supermarket chain with over 10,000 stores in 18 countries. Aldi stores focus on a select assortment of essentials or"must haves" and offer many name brands as well as brands that are unique to Aldi, Customers utilize their own reusable grocery bags, and shopping carts are kept in one convenient location as opposed utilizing eco-unfriendly bags and parking lot cart corrals that waste a lot of space and often give a parking lot a disorganized appearance. Aldi's conservative approach allows them to deliver and maintain a quality store and shopping experience. This conservative approach also affords Aldi to offer a high quality product at a lower price than their competitors which will provide the Chanhassen shopper a new alternative. Public Benefits In addition to being a great place to live and shop the redevelopment will provide a very visible and high quality building next to the Landmark Chanhassen Dinner Theater. The six story build will be visible from highway 5 and help to further establish downtown Chanhassen as a place to be and live. The 130 residential units will contain a mix of 1, 2, and 3 bedrooms. A resident population of 250 is likely for a building of this size. Our market study of the area shows strong demand from the "empty-nester" (55+) and millennial demographic. We anticipate that our residents will not only be frequent customers of the grocery store at their doorstep but customers throughout downtown Chanhassen. The location will offer our residents the convenience to walk or bike throughout Chanhassen if they choose to leave their vehicle in the garage. The walkability of this site will increase pedestrian presence and activity throughout downtown Chanhassen. Another public benefit is the strength and stability of the Aldi grocery chain. There is little worse for the vibrancy of an area than closed businesses and storefronts. A closed business at the base of an apartment building would have a very negative impact on residential leasing and vacancy. Aldi Inc. is one of the world's largest privately owned companies. Their business model combined with their outstanding and virtually unmatched credit provides great certainty that an Aldi store within our proposed redevelopment will remain open and thriving for many, many years. The public will also benefit financially from this redevelopment. The total redevelopment budget is in excess of$30 million with a construction cost alone of approximately$25 million. The design and construction of this redevelopment will create approximately 200(full time and part time) new jobs.The grocery store operations and residential management will create approximately 50 (full and part time) new jobs. The property location and blighted condition of the existing buildings results in the potential establishment qualified redevelopment TIF district. The property tax base that is generated by the redevelopment will exceed the tax base of the existing property by many times. The increased tax base (or Tax Increment) combined with the establishment of a TIF district will allow the City to utilized the available tax increment. Due to the high cost of construction in 2017 and market rent achievable within the market we are requesting the City Council to approve$1.3 million of the available tax increment to offset a portion of redevelopment cost and make the redevelopment financially viable and achieve the associated public benefit.The balance of available tax increment could be utilized by the City of Chanhassen for offsite improvements. Timing/Phasing Predicated upon municipal approvals the first half of 2017 we anticipate redevelopment to commence in summer 2017. The projects construction duration is expected to be approximately 14 months which will result in a grand opening of the grocery store and apartment building in fall of 2018. Conclusion We are excited to present a redevelopment opportunity that we can deliver and will make a positive impact on the community. If City support is received, we are prepared and ready to begin the next phase of the redevelopment effort. 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M V M v M M 0cl O m P � Wo 00W 000pp poppp poppp m0m W0 pomp 0 0 0 0 0 0 W0 0 W0W 0 poppp 0 m0 p0p O0p poWp pop O a E 10 10 10 10 10 t0 M N M M N 1m0 N N M M N 1W0 m N 8 10 2 N M M W N N (V N N N N N N N N N N N N N C Q M M M M M M M M I'7 M M M M M M M M M M M M t7 M M r m op� 08 S 8 8 S S 8 S S 8 S S 8 o S S S S 8 S 8 8 5 8 8 o 0 € w n £ o � Regional Council of FllitutCs9la Mayors MEMORANDUM TO: Todd Gerhardt,City Manager Kate Aanenson,Community Development Director FROM: Gordon Hughes and Cathy Bennett, ULI Minnesota DATE: April 11,2012 SUBJECT: ULI Minnesota Navigating the New Normal Workshop On behalf of ULI Minnesota,thank you for the opportunity to meet with you,the City Council, Planning Commission and staff on April 2,2013.Our ULI MN workshop team enjoyed our dialogue with you and appreciated your hospitality. We also appreciated the time that you spent with us in preparation for this workshop. As a follow up to the workshop,we would like to take a moment to summarize some of the key observations expressed during our dialogue and panel discussion. • Data on demographics,employment and jobs in Chanhassen,presented at the workshop, offered a point of reference for trends that will affect the City in coming years. Please feel free to contact us if you have any follow up questions on the data presented at the workshop. • Chanhassen has a number of key strengths and assets.It has two excellent school districts,a healthy tax base,strong market acceptance and long-term, committed elected and appointed officials. In addition,Chanhassen benefits from an authentic downtown that virtually all cities yearn for and try to replicate.These assets position the City to be a very desirable development/redevelopment location. • The Next Generation is not just looking for a community, but also a sense of place which includes jobs,social and technological connectedness,restaurants,diversity,quality housing at affordable price and access to state of the art technology. Density, walkability,creativity and access to services such as recreation and fitness facilities are key desires of this group.These characteristics are also important to Boomers in their selection of communities for the next phase of their lives. As the Next Generation ages, their interests expand to include quality schools,safe neighborhoods and quality housing at an affordable price. • Chanhassen is a"seller community",i.e.a community that is well-situated with strong demographics and market. Notwithstanding this strong position,the City should realize that the Great Recession has seriously affected the development community.Qualified 1 developers who remain in business are selective about the communities in which they work and are looking for predictability and flexibility during times of scarce resources. Cities which embrace collaborative approaches to solving problems,identify and pursue partnerships,manage development risks, improve decision making skills and develop clear expectations will rise to the top during difficult economic times. • Difficulties with accessing private capital have increased the complexity of development deals. It will be critical that the City's response to private development and redevelopment remains collaborative while reasonable risks are considered to achieve community goals. A risk position on the part of the City is not necessarily a bad thing as long as the City evaluates its risk tolerance and plans accordingly.To that end,it is important for the City to prioritize its wants and needs and its willingness to be a financial participant if the deal advances the City's goals. . • Successful communities develop a clear vision,react appropriately to opportunities, create innovative financial tools and leverage their key assets.Leadership and "consistency of vision"are keys to successful communities,especially the alignment of policy direction between elected officials and staff. Developers' greatest enemies are uncertainty and risk.Both developers and lenders are even more risk averse now due to steeper equity requirements and higher tenant commitments,so communities that can be very clear about their expectations and have policies and procedures that expedite approvals for projects that are consistent with their vision will prevail.This starts by having a council that is all on the same page.Communities led by divided councils do not create atmospheres that are conducive for investment.This is not the case in Chanhassen. • Successful communities are smart about community engagement.The city may be better served by involving the community more in the planning and policy development stage (creating the standards)and less at the project approval stage.The development community also values cities which"own their process", i.e.do not abdicate their leadership role and decision making to neighborhood groups and naysayers. • Successful communities maintain a strong mutually respectful relationship with their staff. Staff members are usually the first people to meet with developers and other prospective investors.Those investors need to know that the staff understands what the Council wants and expects so they can respond accordingly. • Chanhassen has done a great job in positioning itself as a successful community due principally to the commitment of its elected and appointed officials and staff. 2 Based on these observations,Chanhassen may wish to pursue the following ideas: • Chanhassen enjoys the many benefits afforded by an"authentic"downtown.The incorporation of higher density, mixed income housing in potentially taller buildings in the downtown core may be a great approach for attracting new younger residents and retaining existing residents(primarily Boomers)who are looking for a different style of housing in close proximity to the amenities offered downtown. • Chanhassen has done a good job in aligning City financial resources with the needs of particular development and redevelopment initiatives. Nevertheless,Chanhassen should revisit the financial role the City would consider for future development and redevelopment opportunities. As noted earlier,quality developers will continue to seek out communities that have crafted a well-reasoned and predictable partnership model with respect to public/private ventures—especially those cities which are viewed by private lenders as being committed to the ultimate success of a project. • The City should evaluate a plan to improve the sidewalk and trail system not only within neighborhoods but as connectors to important community assets such as downtown. Walkability is highly valued by both the Next Generation and Boomers. Improvements to the sidewalk and trail system will provide an excellent return on investment for the City. • The City should review providing programs and/or partnerships that support affordable workforce housing to diversify the housing stock and increase the availability of options for younger families and children of the Boomers in your City. • We provided copies of ULI MN(Re)Development-Ready Guide-a tool to establishing (re)development policies and practices that use scarce public dollars to attract private investment,grow jobs,and build tax base for the well-being of your city.We encourage you to consult this guide as a way to evaluate your policies and practices. On behalf of ULi MN,thank you again for hosting this workshop. 3 i t3 di At ..rt d .u. . s do O do �p �� ®: {. �N/ 1 dc 1 1 1 \ V Y vw dOO ..�, � .. .� 4 I .. 34 too, 4 �1' a 17 to •1 lnl• Sj �\ i.._ all i / 1 E i F tr i; t IL - �N. 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