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1 TIF District 8CITYOF CHAN SEN 690 City Center Drive PO Box 147 Chanhasse,. Min,esota 55317 Phone 952.937.1900 Ge,eral Fax 952.937.5739 E, gineering Departme, t Fax 952.937.9152 Btdldi,g Departme, t Fax 952.934.2524 II3b Site www. ci. cha,hasse,, m,. ,s TO: Planning Commission FROM: DATE: Todd Gerhardt, Assistant City Manager November 1, 2001 SUB J: Consider Approval of Resolution Adopting the Modification to the Redevelopment Plan and Establishing T1F District No. 8, Consistent with the City's Comprehensive Plan and Zoning Ordinance Under state statutes, the Planning Commission must find the proposed Tax Increment Financing Plan to be consistent with the city's plans for development of the community and meets all city zoning requirements (see Attachment #1). The purpose of this district is to promote the development of a residential apartment project containing a total of 151 senior rental units in Villages on the Ponds development. Thirty-six of the units will be made available to persons whose income does not exceed 50% of median income. The objectives to be achieved are as follows: 1. Encourage affOrdable residential development in an area of the community which has not been utilized to its full potential; . Increase the concentration of residential development near downtown Chanhassen, where services and facilities are available through past public efforts; 3. Improve the tax base of Chanhassen and the general economy of the city and state; 4. Provide employment opportunities within the community; 5. Implement relevant portions of the Comprehensive Plan; o Affordable rental housing would not reasonably be expected to occur within Development District No. 8 solely through private investment within the reasonably foreseeable future and, therefore, the use of TIF is deemed necessary; Planning Commission November 1, 2001 Page 2 , The TIF Plan will afford maximum opportunity, consistent with the sound needs of the community as a whole, for development of the District by private enterprise; and 8. The TIF Plan conforms to general plans for development of Chanhassen as a whole as articulated in the Comprehensive Plan. In creating this tax increment financing district, the city is ensuring the development will be consistent with the City's Comprehensive Plan and the general development of the city as a whole. If the Planning Commission is in agreement, staff would recommend approving the attached resolution declaring the program and plan for TIF District No. 8 consistent with the City's Comprehensive Plan and the plans for development of Chanhassen as a whole (Attachment #3)~ ATTACHMENTS 1. Tax Increment Financing Plan #8 2. Comprehensive Plan Supporting Documents 3. Resolution OCT. 12. 2001 12'49PM EHLERS & ASSOCIATES I .-. NO. 1168 P. 3/31 As of October 12, 200]I.'~ Draft for Fiscal Implicatiortf '",l~',~Pt'~;~lv"-Ill~~l~lm~lll I~':e,,ll,'.' ,a, ........ MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA ~ i and the MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN TAX INCREMENT FINANCING DISTRICT and the TAX INCREMENT FINANCING PLAN four the establishment of TAX INCREMENT FINANCING DISTRICT NO. 8 (a housing district) both within THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA CHANHASSEN ECONOMIC DEVELOPMENT AUTHOR.[ TY CITY OF CHANHASSEN CARVER COUNTY STATE OF MINNESOTA Public Hearing: November 13,200 ] Adopted: This document is in draft form for distribution to the County and the School District. The plan contains the estimated~scal a',nd economic implications of the proposed TIF District, The City and the £DA may make minor changes to this draft document prior to the public hearing. I EHLERS ASSOCIATES IN;C I I Prepared by: EHLERS & ASSOCIATES, INC. 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105 651-697-8500 fax; 651-697-8555 vvww.ehlers-inc,com I21 200! 12:50PM EH ERS & ASSOCIATES NO, I168 TABLE OF CONTENTS i (for referenc~ purposes only) SECT/ON i - MOD/F/CATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA ............................ t-t Foreword ............ , ...................................................... 1-1 4/31 SECTION Ii - MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN TAX INCREMENT FINANCING D/STRICT ............ 2-1 SECT/ON /// . TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING D/STRICT NO. 8 ............................................................. 3-t Subsection 3-I. Foreword ................................................... 3-1 Subsection 3-2. Statutory Au~thority ........................................... 3-1 Subsection 3-3. Statement of Objectives ....................................... 3-1 Subsection 3-4. RedeVelopment Plan Overview ................................. 3-1 Subsection 3-5, Description of Property in the District and Property To Be Acquired .... 3-2 Subsection 3-6, Classi~cation of the District .................................... 3-2 Subsection 3-7. Durati.bn of the District ........................................ Subsection 3-8, Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements ................... 3-3 Subsection 3-9. Sources of Revenue/Bonded Indebtedness ....................... 3-4 Subsection 3-10. Subsection 3-11. Subsection 3-12, Subsection 3-13. Subsection 3-14. Subsection 3-15, Subsection 3-16, Subsection 3-17. Subsection 3-18. Subsection 3-19, Subsection 3-20, Subsection 3-21, Subsection 3-22, Subsection 3-23. Subsection 3-24. Subsection 3-25, Subsection 3-26. Subsection 3-27, Subsection 3-28, Subsection 3-29. Uses of Funds .............................................. State ,Tax Increment Financing Aid (Local Contribution~ ............. 3-6 Fiscall Dispai'ities Election ..................................... 3-6 Business Subsidies .......................................... 3-6 County Road Costs .......................................... 3-7 Estimated Impact on Other Taxing Jurisdictions .................... 3-7 Supporting Documentation.. ,. .................................. 3-8 Definition of Tax Increment Revenues ............................ 3-8 ModifiCations to the District .................................... 3-8 Administrative Expenses ...................................... 3-9 Limitation of Increment ....................................... 3-10 Use of Tax Increment ........................................ 3-11 Excess Tax 'Increments ...................................... 3-11 Requirements for Agreements with the Developer ................. 3-12 AssessmentlAgreements ..................................... 3-12 Administration of the District .................................. 3-12 Annual Disclosure Requirements ............................... 3-12 ' J · Reasonable iExpectabons .................................... 3-13 Other Limitations on the Use of Tax Increment .................... 3-13 Summary ................................................. 3-14 APPENDIX A- PROJECT DESCRIPTION ........................................... A-1 APPENDIX [3- APPENDIX C - APPENDIX D- APPENDIX E- APPENDIX F- MAPS OF TBE PROJECT AREA AND THE DISTRICTS .................. DESCRIPTION OF PROPERTY TO BE INCLUDED IN THE DISTRICT ...... C-1 ESTIMATEDI CASH FLOW FOR THE DISTRICT, ........................ D-1 HOUSING Q,UALIF,ICATIONS FOR THE DISTRICT ...................... BUT/FOR QI~ALIFICATIONS ......................................... F-1 OCT. Foreword 12'50PM EHLERS & ASSOCIATES NO, 1168 i , i I : I SECTION ! ,,IMODIFICA TION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN ~HANHA$$EN REDEVELOPMENT PROJECT AREA P. 5/3] The following text represents !a Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area., This modification represents a continuation of the goals and objectives set forth in the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area. Generally, the substantive changes include the Modification of the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment Firiancing District and the adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 8. For further information, a revi6w of th, e Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area is recommended., It is a .,Callable from the City Manager at the City. Other relevant information is contained in the Tax Increment Fitian¢ing Plans for the Tax Increment Financing Districts located within the Downtown Chanhassen R.~devel6pment Project Area. City of Chanhassen Modification to the Redevelopment Plan for Cig Downtown Chanhassen Redevelopment Project Area 1-1 EH EK~ & AggOCIATES SECTION I!- MODI, FICA TION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN TAX INCREMENT FINANCIN(~ D/STRICT Parcels to be In. eluded in the ~owntown Chanhassen Tax Increment Fina.ncin~ District N0,1168 P, 6/31 (As Modred on November 13, 2001) The followirtg property and a!l adjacet~t rights-of-way identified by the parcel number listed below is certified in the Downtown Chanhassen Tax Increment Financing District, This parcel is being removed from the Downtown Chanhassen Thx Increment Financing District and will be included in Tax Increment Financing District No. 8. Parcel Number 25.8680080 City of Chanhassen Modification to the Tax Incrcmcnt Financing Plan for thc Downtown Chanha$$cn 'fa× Increment Finnnc[ng DJstrlct 2-I OCT. 12, 2001 12'50PMEH SECT ERS & ASSOCIATES 'ON III- TA)( INCREMENT FINANCING PLAN NO. 1168 P. FOR TAX INCREMENT FINANCING DISTRICT NO. 8 Subsection 3-1. Forewor The Chanhassen Economic DeVelopment Authority (the "EDA"), the City of Chanhassen (the "City"), staff and consultants have prepared, the following information to expedite the establishment of Tax Increment Financing District No. 8 ("the District "), a housing tax increment financing district, located in the Downtown Chanhassen Redevelopment Project Area. Subsection 3-2. Statuto~/Authority Within the City, there exist " areas .where public involvement is necessary to cause development or redevelopment to occur. To this end, the EDA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S. '9, 469. 090 thr".ough 469.1081, inclusive, as amended, and M.S., Sections 469.174 through 469.179, inclusive, as amend&d (the'."Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This Section contains the Tax ~nerement Financing Plan (the "Plan") for Tax Increment Financing District No. 8. Other relevant information is contained in the Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area. ,, Subsection 3-3. Statem~/nt of Objectives The District currently consists of on.e parcel of land and adjacent and internal rights-of-way. The District is being created to facilitate a !enior ,~ousing project t°be owned by a local ~on-profit organization and will include 8,000 s.f. of retail, 90 units fro' independent living, 56 unks of assisted living, and 18 units of memory care in the Chanhassen. Contracts fdr this have not been entered into at the time of preparation of this Plan, but the date when developm6nt is likely to occur is the Spring of 2002. This Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for the Downtown Chanhassen Redevelopmen.t Project Area. , The activities contemplated in the Modification to the Redeveloprnent Plan and the Plan do not preclude the undertaking of other qualified develbpment or redevelopment activities. These activities are anticipated to occur over the life of the DoC~ntown Chanhassen Redevelopment Project Area and the District, Subsection 3-4. Redeve!opme.=nt Plan Overview 1. Property to be Acqui:red - Selected property located within the District not expected to but may be acquired by the EDA or City and is further described in this Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. Upon approval cfa d..evelopefs plan relating to the project and completion of the necessary legal requirements, t,he EDA or City may sell to a developer selected properties that they may acquire within t,he District or may lease land or facilities to a developer. City of Chanh,,ssen Tax Increment Finanoing Plan for Tax Increment Financing Distr/c~ No. 8 3-1 ub,, Iz, ZL~L~I I2'bL)FM 8/3! I-HLERS & ASSOCIATES NO, 1168 4. The EDA or City ~ay perform or provide for some or all necessary acquisition, constructioa, relocation, demolition, and required utilities and public streets work within the District. Subsection 3-5. Descript!on, of Property in the District and Property To Be Acquired The District encompasses all pr, operty and adjacent rights-of-way identified by the parcel listed below, See the map in Appeadix B for further information on the location of the District. : Parcel Number : 25.8680080 Ihe EDA or City may acquire ~my parcel within the District including interior and adjacent street rights of way. Any properties identified, for acquisition will be acquired by the EDA or City only in order to accomplish one or more of the followil~g: storm sewer improvements; provide land for needed public streets, utilities and facilities; carry out land acquisition, site improvements, clearance and/or development to accomplish the uses and objectives set forth in this plan. The EDA or City may acquire property by gift, dedication, condemnation or direct pcrchase from willing sellers in order to achieve the objectives of this Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition and related costs, Subsection 3-6, ClaSsification of the District The EDA and City, in dctermJh/ng the need to create a tax increment financing district in accordance with MS., Section.v 469.!74 to 469.179, as amended, inclusive, find that the Dista'ict, to be established~ is a housing district pursuant to M~S., $'ection 469.]74, Subd. 1! as defined below: "Housing district" means q type of tax ~ncrement financing di~'trict which consists ora project, or aloortion of a project, interdded fdr occupancy, in part, by persons or families of low and moderate income, as de, fined in chapter 462A, Title iii of the National Housing Act of 1i]$4, the National Housing Act of]959, the Upited States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other si~ilar present or future federal, state, or mut~ici~al legislatiot~, or the regulatior~s promulgated unddlr any of those act~. A dB'trict does not qualify a~' a housing district under this subdivision if the fair market value of the improvements ~hich are constructed in the dixlrict for commercial uses or for uses other than low and moderate income housing cor~xist~' of more than 20_percent of the total fair market value of the ]~lanned improvements in the development plan or agreement. The fair mark'et value of the improvemerJts may be determined using the cost of construction, cctpitalized income, Dr other appropriate method of estimating market value, t-lousing project means aproject, or.portion of aproject, that meet~ all the qualificatio~ts ora housing district z~nder this subdivision, wJzetJzer or rzo! ctctual[y established as a lzoz~si,tg district. In meeting the statutory criter~'a the EDA and City rely on the following facts and findings: The District consists ofon'e parcel. The development will cofisist of:approximately 150 units of multi-family senior rental housing and a small amount of retail ' [] 20% of the units will be o~,cupied by person with incomes less than 50% of median income City of Chanhasscn Tax Increment Finm~cing Plan for Tax Increment Financing District No, g 3-2 OCT. 12. 2001 12'50PM EHLERS & ASSOCIATES NO, 1168 P, 9/31 Pursuant to 469.176 Subd. 7, th.~ District does not contain any parcel or part of a parcel that qualified under the provisions of Section 273.1 [ 1 or 273.] 12 of Chapter 473H for taxes payable in any of the five calendar years b~fore tt~e filing of the request for certification of the District. I Subsection 3-7. Duration ,~f the District Pursuant to M.X, Section 469.1'75, Subd. 1, and Section 469.176, Subd. I, the duration of the District must be indicated within the Plan. Pursuan:t to MS., Section 469.176, Subd lb, the duration of the District will be 25 years after receipt of the first in~rement by the EDA or City (a total of 26 years). The date of receipt by the City of the first tax incre .ment is expected to be 2004. Thus, it is estimated that the District, including may modifications of flee Plan £(~r subsequent phases-or other changes, would terminate after 2029, or when . the Plan is satisfied. If mcreme~at is received in 2003, the term of the District will be 2028. The EDA or City reserves the right to decertify t,he District prior to the legally required date. Subsection 3-$. Original ,Tax Capacity, Tax Rata and Esfirnated Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements Pursuantto M.$., Section 469.174, Subd. 7 and M. S,, Seczion 469,177, Subd. 1, the Original Net Tax Capacity (ONTC) as certified for the Distrtct will be based on the market values placed on the property by the assessor in 2000 for taxes payable 2001'. i Pursuant to M.S,, Section 469. I,.77, Subds. J and 2, the County Auditor shall certify in each year (beginning in the payment year 2002) the amount by which the original value has increased or decreased as a result of: 1. change in tax exempt ~tatus of property; 2. reduction or enlargement of the geographic boundaries of the district; 3. change due to adjustm[nts, negotiated or court-ordered abatements; 4. change in the use ofth~ property and cla,si~cation; 5. change in state law governing class rates; or 6. change in connection with prkvlously issued building permits. In any year in which the current Net T~ax Capacity value of the District declines below the ONTC, no value will be captured and no tax i~iremen~ will be payable to the EDA or City. , Tl~e original local tax rate for~the District will be the local tax rate for taxes payable 2002, assuming the request for certification is mad, e before June 30, 2002, The Original Tax Capacity and the Original Local Tax Kate for the District appear iD the table on the next page. Pursuant to M.S'., Section 46~. 2 74 $lubd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of~e District, within the Downtown Chanhassen Redevelopment Project Area, upon completion of the p~oj act, Iwill annually approximate tax increment revenues as shown in the table below. The EDA and Ci tS' re q,'~est 10b, percent of the available increase in tax cap acity for repayment, of its obligations and curt-ant expend::itures, beginning in the tax year payable 2004. The proj eot tax capacity listed is an estimate of values when fha project is completed. , City of Chanbassen Tax lncrernem Financing Plan rot Tax h~crcmcm Financing District NO, 8 3-3 0C~,!2,200i 12'51PM EHLERS & ASSOCIATES Project Estimated Tax C~pacity upon Completion (PTC) Original Estimated Net Tax Cal~acity(ONTC) Estimated CaptUred Tax :Capac~ .ty (Crc) I Original Local Tax Rate: NO, 1168 P, 167,730 10,490 !57,240 1,20 Pay 2002 Edtimate 10731 Estimated Ammal Tax In.erement(CTC x Local Tax Rate) 188,688 Percent Retained by the EDA 100% _. Pursuant to M,S., Section ¥69.~J77, Subd 4, the EDA shall, after due and diligent search, accompany its request for certification to the; County Auditor or its notice of the District enlargement pursuant to Section 469. ]75, Subd. 4, with ~a listing of all properties within the District or area of enlargement for which building permits have been iss,~ed du;dng thc eighteen (1 §) months immediately preceding approval o£the Plan by the municipality pursuant to ,M.S., Section ¥~9. ]75, Subd. 3. The County Auditor shall increase the original net tax capacity of the.District by thc net tax capacity of improvements for which a building permit was issued. The City. is reviewing the areh to be. included in the District to determine if any building permits have been issued during thc 18 m6nth$, i~nrnediately preceding approval of the Plan by the City, Subsection 3-9. Sources, of Revenue/Bonded Indebtedness Public improvemen~ costs, acq..uismo~k relocation, utilities, parking facilities, streets and sidewalks; and site preparation' costs and other costs outlihed in the Uses of Funds will be financed primarily through the annual. collection of tax increments. The ED~ or City reserves the right to use other sources ofreverme legally ap- plicable to the EDA or City atxd the Plan, including, but not limited to, special assessmer~ts, general property taxes, state aid for road maint~uance and construction, proceeds from the sale of land, other contributions from the developer and investment income, to pay for the estimated public costs. The EDA or City reserves the right to incur bonded indebtedness or other indebtedness as a result of the Plan. As presently proposed, the pr~oject wit1 be financed by a pay-as-you-go note. Additional indebtedness, including G.O. Tax Increment Bo~ds, may be required to finance other authorized activities. The total ', ~ principal amount of bonded indebtedhess or other indebtedness related to the use of tax increment financing will not exceed $2,500,000 xvit'hout a ,modification to the Pla~ pursuant to applicable statutot7 requirements. Tiffs provision does not obligate the EDA or City to incur debt. The EDA or City will issue bonds or incur · - I other debt only upon the determinate, on that such action is in tt~e best interest of the City. The EDA or City may also finance the activitie~ to be ~ndertaken pursuant to the Plan through loans fi'om funds of the EDA or City or to reimburse the de'eloper on a "pay-as-you-go" basis for eligible costs paid for by a developer, The estimated sources of fund, s for the District are contained in the table on the next page. CiB,' of Chal3hassen Tax[Incrcmcm Financing Plan for Tax Increment Financing District No. 8 t ' 3-4 OCT, 12. 2001 12'51PM EH ERS & ASSOCIATES NO, 1168 sot~RC~S 0r ~~s Tax Increment Loan/Note/Bond .Proceeds . . TOTAL --. $4,900,000 $4,900,000 $2,500,000 $7,400,000 TOTAL PROJECT A-N,D FINANCING REVENUES I. i Subsection 3-10. Uses of Funds Currently re;der consideration ~'or the District is a proposal to facilitate a senior housing project to be owned by a local non-profit organization and will iaclude 8,000 s.f. of retail, 90 units for independent living, 56 units of assisted living, and 181 units [of memory care The EDA and City have determined that it will be necessary to provide assistanc~ to the[project for certain costs. Tiao EDA has studied the feasibility of the development or redevelopment of'property in and around the District. To facilitate the establishment development or redevelopment of the District, this Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES O1~ F~S' TOTAL Land/Building A~quisition $1,000,000 Site hnprovemea, ts/Prep, aration $500,000 Public Utilities I $200,000 Parking Facilities , $100,000 Streets and Sidewalks $110,000 Housing Improvements. $500,000 Administrative Costs (up to 10%) $490,000 _ PRO3ECT CO,~TS TOTAJ, ., _~..go0.OOO Loan/Note/Bond' Interest $2,000,000 I Loan/Note/Bond: Principal $2,500,000 TOTAL ~rlNANCIN4AND PROJECT COSTS $7,400,000 .. . The above budget is organized actor lng to the OSA reporting forms. Estimated costs associated with the District are subject to change among categories without a modification to this Plan. The cost of all activities to be considered for tax increment financing will not exceed, without formal modification, the budget above pursuamt to the applicable statutory requirements. The EDA may expend funds for qualified housing activities outside of the District bouadaries. City' of Chanhassen Tax l,crement Financing Plan for Tax Increment Financing District No, 8 3-5 I EHLERS & ASSOCIATES NO, 1168 P, 12/'3 ., Subsection $-'1t. State lax Increment Financing Aid (l_ocai Contribution} The 2001 Legislature elimina[ted the provisions for a reduction in state tax increment financing ai, d (RISTIFA) or the alternative qhalifying local contribution. Subsection 3-12, Fiscal Disparities Election It is not anticipated that the District will contain commercial/industrial property. Therefore, the fiscal disparities provision does not ~pply to the District. Subsection 3-13. Business Subsidies Pursuant to M.S. Statutes 116J.993, 'Subdivision 3, the following forms of financial assistance are not considered a business subsidy:i (1) a business subsidy of less tt~an $25,000; (2) assistance that is generally available to all businesses or to a general class of similar businesses, such as a line o:tbus!ness, size~ location, or similar general criteria; (3) publi, c improvements to buildings or lands owned by the state or local government that serve a public purpose and d'o not principally benefit a single business or defined group of businesses at the time the improvements m'e made; (4) redevelopment property polluted by contaminants as defined in section 116J.552, subdivision 3; (5) assistance provided for the sole purpose of renovating old or decaying building stock or bringing it up to code and assistance provided for designated historic preservation districts, provided that the assistance is equal to or less than 50% of the total cost; (6) assistance to provide job readiness and training sen, ices if the Sole purpose of the assistance is to provide those services; (7) assistance for housin, g; (8) assistance for pollution control or abatement, including assistance for a tax increment financing hazardous substance subdistrict as defined under 469.174, subdivision 23; (9) assistance for energTj conservation; (10) tax reductions resulting fi'om conformity with federal tax law; (1 l.)workers' compensation and unemployment compensation; (12) benefits derived frofn regulation; (13) indirect benefits derived frgm assistance to educational institutions; (14) l'uuds fi'mn bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and bonds issued for th~ benefit of an organization described in section 501 (c) (3) of the Internal Revenue Code of 19~86, as amended through December 31, 1999; assistance for a colI,.aboration between a Minnesota higher education institution and a business; assistance for a tax increment financing soils condition district as defined under section 469.174, subdivision 19; redevelopment when the rebipient's investment in the purchase of the site and in site preparation is 70 percent or more of the assessor's current year's estimated market value; general changes in tax incre, ment financing law and other general tax law changes cfa principally technical nature, i ' Federal assistance until the assistance has been repaid to, mid reinvested by, the state or local government agency; Funds fi'om dock and wharf bonds issued by a seaway port authority; (15) (]7) (18) (19) (20) City of Chanhassen Tax increment Financing Plan for Tax Increment Financing District No. 8 3-6 . .~/~1 OCT. 12, 2001 12'51PM EHLERS & ASSOCIATES NO. 1168 P 1~ '~ i ! (21) Business loans and l~oan guarantees of $75,000 or less; Md (22) Federal loan funds t~rovided through the U~ited States Department of Commerce, Economic Development Admifiistration. The EDA or City is not providing tax increment £mancing for the purpose of economic development or job growd~ and therefore the provi~ions ofM. S., Section ! 16J'. 993 to JJ6J. 994, which states that a local unit of government granting financial assistance to a business for economic development or job growth purposes, including tax increment financing, must establish business subsidy criteria and approve a business subsidy agreement with the business receivin~ the assistance, do not apply. Subsection 3-14. County' Road. Costs Pursuant to ~,S., Section 44~.1_~.75, Eub~. ]~, thc county bo~d may require fl~e E, DA or Cit7 to pay for al]°r part of the cost of county road improvements if the proposed development to be assisted by tax increment will, in the judgement oftt~e cofinty, substantially increase the use of county roads requiring construction of road improvements or other ro~d costs and if the road improvements are not scheduled within the next five years under a capital improvement plan or within five years under another county plan. In the opinion of the EDA and City and:, consultants, the proposed development outl ined in this Plan will have little or no impact upon county/-ends. If the county elects to use increments to improve county roads, it must notify the EDA or City within tbrty-fi~e days of receipt of this Plan. I Subsection 3-~. Estimated Impact on Other laxing ,Jurisdictions The estimated impact on other taxmgj unsd~ct~ons assumes that the redevelopment contemplated by the Plan would occur without the creation of the District. However, the EDA or City has determined that such development or redevelopment would not occur "but for" tax increment fina~cing and that, therefore, the fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District xvould be as follows if the "but for" test wa~ not met: Carver County Chanhassen Chaska ISD No. 112 . ._ : IMPACT ON TAX BASE ,2000/2001 Estimated Captured ' Total Net Tax Capacity (CTC) percent of CTC Tax Cap.a..c_i_t-g Upon Completion to Entity Total 53,706,184 157,240 0.2928% 19,599,946 157,240 0.8022% 28,748,564 157,240 0.5469% City of(:lmt~ho~scn Tax Ipcremcnt Financing Plan for Tax Increment Financing District No. 8 3-7 ASSOCIATES IMPACT ON TAX RATES NO, 1168 2000/2001 Percent Potential Extems.~Qo, Rates of Tota..! CTC Taxes Carver County . 0.443290 32.33% 157,240 69,703 City of Chanhassen ~ 0.289790 21.14% 157,240 45,567 Chaska lSD No. 112 I 0.608050 44.35% 157,240 95,610 Other (Met Council, Riley Pg 0.030010 2.19% t 57.240 4~719 WS#2. Transit & Mosquito Districts) Total .'~ 1.371140 100.005'0 215,599 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the 2000/Pay 2001 rate. The total net capacity for the entities listed above a,'e based on Pay 2001 figures. The Di.strict will be certified under the actual 2001/Pay 2002 rates, which were unavailable at the time this Plan was prepared. Subsection 3-16. Suppo~in9 Documentation Pursuant to M.S. Section 469,175 Sub~ la, clause 7 the Plan must contain identification and description of studies and analyses used to rrlake the determination set forth in M.,E Section 469.175 Subd 3, clause (2). Following is a list of reports add studies on file at the City that suppmt the authority's findings' 1. Metropolitan Council Livable Communities Application 2. City ofChanhassen At%rdable Housing Goals and Related Documents Subsection 3d7, Oefiniffon of Tax Increment Revenues Pursuant to Mt,ff., Section 469.1~74, $'ubd. 25, tax increment revenues derived from a tax increment financing district include all of the folio?lng p~tential revenue sources: l. taxes paid bythe captured net tax capacity, but excluding any excess taxes, as computed under Section 469, ] 77; 2. the proceeds from the 'sale or lease of property, tangible or intangible, purchased by the authority with tax increments; : 3. repayments of loans o~ other advances made by the authority with tax increments; and 4, interest or other investment earnings on or from tax illcrements. Subsection 3-18, Modifications to the District In accordance with M.S, Section 469. ]75, Subd. 4, any: 1. reduction or enlargem~ent of the geographic area of the Downtown Chanhassen Redevelopment Project Area or the Digtrict; 2. increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt ifthatldetem~ination was not a part of the original plan, or to increase or decrease the amount of interest 'on the debt to be capitalized; Tax Increment Financing Plan tot T~x Increment Financing District No. 8 3-8 City' of Chanhasscn 14/3I OCT. 12, 2001 12'52PM EHLERS & ASSOCIATES NO. 1168 P, 15/31 I i 3. increase in the portioq of the captured net tax capacity to be retained by the EDA or City; 4. increase in total estim~ated tax increment expenditures; or 5. designation of additio.hal property to be acquired by the EDA or City, I I shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original Plan. Pursuant to M.X Section 469.175 Subd 4(3), the geographic area of the District may be reduced, but shall not be enlarged after five years follo..wing the date of certification of the original net tax capacity by tt~e county auditor. Ifa housing district is enlarged, the reasons and suppoaing faces for the determination that the addition to the district mee.'ts the criteria ofM. S., Section 469.174, Subd. 11 must be documented. The requirements of this paragrap~ do not apply if (1) the only modification is elimination of parcel(s) from the Downtown Chanhassen RedeVelopment Project Area or the District and (2) (A) the current net tax capacity of the parcel(s) eliminated frown the District equals or exceeds the net tax capacity of those parcel(s) in the District's original net tax capa?ity or (B) the EDA agrees that, notwithstanding MS., Section 469.177, Subd. 1, the original net tax capacit3q., will be reduced by no more than the current net tax capacity of the parcel(s) eliminated from the District.. i The EDA or City must notify the County Auditor of any modification that reduces or enlarges the geographic area of the Downtown Chanhagsen Redevelopment Project Area or the District. Modifications to the District in the form of a budget modification or an expansion of the boundaries will be recorded in the Plan. i Subsection 3-19. Admin!istrative Expenses I In accordance with M.$., Seclion 469.]74, Subd. ]~l, and M.$., S~ction 46P.]76, $'ubd. 21, admh~istrative expenses means all expenditul'es of the EDA or City, other than' 1. amounts paid for the ~urchase of land; 2. amounts paid to contrhctors or others providing materials and services, including architectural and engineering services, icl[reetly connected with the physical development of the real property in the project; . . 3. relocation benefits pa:id to el' services provided for persons residing or businesses located in the project; or I . 4. amounts used to pay l~rmcipa[ or interest on, fund a reserve for, or sell at a discount bonds issued pursuant to M.$.. Secqion 469.178; or 5. amounts used to pay o:ther financial obligations to the extent those obligations were used to finance costs described in sec~tions 1 to 3. For districts for which the req .~est for certification were made before August 1, 1979, or after June 30, 1982, administrative expenses also ifmlude amounts paid for services provided by bond counsel, fiscal consultm~ts, and planning or economic devielopment consultants. Tax increment may be used to pay any authorized and documented adminisU'ative 6xpense, s for the District up to but not to exceed 10 percent of the total tax increment expenditures authdrized By the Plan or the total tax increment expenditures for the Dowr~town Chanhassen Redevelopment l~roject Area, whichever is less. Pursuant to M.S., Section 46~.176, Subd. 4h, tax i~erements may be used to pay for the county's actual · I administrative expenses recur,red in connection with the District. Tl~e county may require payment of those expenses by February 15 of the year following the year the expenses were incurred. Ci[y of Chanhassen Tax~ lncreme0t Financing Plan tot Tax Increment Financing District No, 8 3-9 i i I EHLERS & ASSOCIATES NO, 1168P, i : Pursuant to M.S., Section 469,. J77, Subd. ]J, the county treasurer shall deduct an amount equal to 0,25 percent of any increment distributed to the EDA or City and the county treasurer shall pay the amount deducted to the state treasurer for deposit in the state general fund to be appropriated to the State Auditor for the cost of financial reposing of tax increment financing information and the cost of examining and auditing authorities' use oftak increment f'mancing. 16/31 Subsection 3-20. Limitation c~f Increment Pursuant to MIS., Section 46"9. I76, ;Subd. la, no tax increment shall be paid to the EDA or Ci.ty for the District after three (3) years ~om the date of certification of the Original Net Tax Capacity value of the taxable property in the DistriCt by the County Auditor unless within the three (3) year period: (a) bonds have been issu led in aid of the project containing the district pursuant to M.S., Section 469.178, or any other law, except revenue bonds issued pursuant to M.S,, Sections 469.152 to 469.165, or ~ . (b) the EDA or City has '.acquired property within the District, or (c) the EDA or City has 'constrticted or caused to be constructed public improvements within the District. The bonds must be issued, ~or the EDA or City must acquire property or construct or cause public improvements to be constructed by approximately November, 2004 and repm~[ such actions to the County Auditor. T[~e tax increment pledged to,the p~tyment of bonds and interest thereon may be discharged and the District may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or redemption date. , Pursuant to M.S., Section 469,176, 3'ubd, 6: if, after four years from t~e dare'of certification of the original net too: capacity of the tax increment financing districtpursua}t to MS., Section 469.177, no demolition, rehabilitation or renovation of property or other site prepw, ation, including qualified improYement o fa street adjacent to aparcel but not installation of uti~. ity service including sewer or water systems, has been commenced on a parcel located within a iax increment financing district by the authority or by the owner' of the parcel ~n accordance wiih the tax increment financing plan, no additional tax increment may be taken from that parcel a~,d the original net tax capacity of that j>arcel shall be excluded from the original net tax capacity bf the tax incrgment fi, an¢ing district. If the authority or the owner of the parcel sub.,equently comb~e~ce~ demolition, rehabilitation or renovation or other site preparation on that parcel including qualified improvement of a street adjacent to that parcel~ in accordance with the tco~ i~crement financing _plan, the authority shall certify to the county auditor lhat the activity has commenced ~nd the county auditor shall certify the net tax cal)acity thereof as most recently certified by the ~,ommissioner of revenue and add it to the original net tax capacity of the tax increment financing d.,istrict. The county auditor must enforce the provisions of this subdivision. The authority must ~ubm~t to the county auditor evidence that the required activity has taken r2lace Git), oF Chanha3sen Ta{ Incrcm0n; Financi~$ Plan for Tax Increment Financing District No. 8 i 3-10 OCT. 12, 2001 12'52PM EHLERS & ASSOCIATES NO. 1168P. 17/31 i for each yparcel in the distri.ct. The evidence for aj~arcel must be submitted by February 1 of the fifth year follo~ving the year in ~vhich the tmrcel was cert~ed as included in the district. of this subdivision, qualified iml~rovements ora street are limited to (J½ construction or oj~eni~g of a new street, (2) relocation 'ofa street, and ($) substantial reconstruction or rebuilding of an existing street. i The EDA or City or a property owner must improve parcels within the District by approximately November, 2005 and report such actions to..' tl~e County Auditor. i Subsection 3-21. Use of Tax Increment The EDA or C~ty hereby determ,nes that ~t w, ll use 100 percent of the captured net tax capacity of taxable ~ . property located in the Districti for the following purposes: 1. to pay the principal of}and interest on bonds issued to finance a project; 2. to finance, or otherwise]pay th,e cost of redevelopment of the Downtown Chanhassen Redevelopment Project Area pursuant to the M.S., Sections 469. 090 to 469.108J; 3. to pay for project cost~, as identified in the budget set forth in the Plan; 4. to finance, or otherwis~ pay for other purposes as provided in M.$., Section 469.176, Subd. 4; 5. to pay principal and interest on any loans, advances or other payments made to or on behalf the EDA or City or for the benefiit of the Downtown Chanhassen Redevelopment Project Area by a developer; 6. to finance or otherwisd pay premiums and other costs for insurance or other security guaranteeing the payment when due bfprincipal of and interest on bonds pursuant to the Plan or pursuant to M.S., Chaplet 462C. MS., ~ections 469.152 through 469.165, and/or M.S., Sections 469.178; and 7. to accumulate or maintain a reserve securing the payment when due of the principal and interest on the tax increment bonds or bonds ~ssued pursuant to M.Z., Chapter 462C, M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469. ] 78. - -- These revenues shall not be u~ed to circumvent any levy limitations applicable to the City nor for other purposes prohibited by M.$., ~ection 469.176, Subd. 4. Revenues derived from mx increment from a housing district must be use{ solely to finance the cost of housing projects as defined in M.$., Section 469.174, subd. 11. The cost o,f public improvements directly related to the housing projects and the allocated administrative expenses of the EDA or CRy may be included in the cost of a housing project. i I These revenues shall Imt be us. ed to circumvent any levy limitations applicable to the City nor for other purposes prohibited by M.S., N, ction 469.176, subd. 4. Fund of said District. The ED amount as specified in a de' improvements, demolition and will be used for EDA or City ad outside the District. Tax increments generated in the District will be paid by Carver County to the EDA for the Tax Increment ~ or Cie/will pay to the developer(s) annually an amount not to exceed an ,elope!['s agreement to reimburse the costs of land acquisition, public relocation, site preparation, and administration. Remaining increment funds ~inistration (up to 10 percent) and the costs of public improvement activities Subsection 3-22. Exces~ Tax Increments Pursuant to M.S., Section 469~176, Subd. 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the Plan, including the amount necessary to cancel any tax levy as City of Cl~al~hassen Tax l;ncrement Finanoing Plan l~or Tax Increment Financing District No. it 3-11 ',~v~, Iz., /VVI I/..,JLII¥1 LIILLI\© O( /I'.3OL.]~vJ./'llL¢ PiW, I IUO I O/ ._3 i provided in M.S.. Section 47}.6], Subd 3, the EDA or City shall use the excess amount to do any of the following:I 1. prepayany outstandihg bonds; 2. discharge the ple. xtge ~)ff~tx increment therefor; 3. pay into aa escrow aScount dedicated to the payment of such bonds; or 4. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their local tax rates. In addition, the EDA or City may, subject to the limitations set forth herein, choose to modify tI~e Plan in order to finance additional phtblic costs in the Dowatown Chanhassen Redevelopment Project Area or the District. ' Subsection 3-23. Requirements for Agreements with the Developer The EDA or City will review any proposal for private development to determine its conformance with the Redevelopment Plan and wi(h applicable municipal ordiaances and codes. To facilitate this effort, the following documents may b~ requested for review and approval' site plan, construction, mechanical, and electrical system drawings, lahdscaping plan, grading and storm drainage plan, signage system plan, and any other drawings or narrative d~eemed necessary by the EDA or City to demonstrate the conformar~ce of the development with City plmxs a~nd ordinances. The EDA or City may also use the Agreements to address other issues related to the development. Pursuant to 2~5'., Sectio,~ 46P.]76, :$ubd. 5, ~.o more than 10 percent, by acreage, of the property to be acquired in the District as setifo~ in the Plan shall at any time be owned by the EDA or City as a result of acquisition with the proceed~ of bonds issued pursuant to M.S., Section 469.178 to which tax increments from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the EDA or C~ty concluded an agreement for the development of the property acquired and wlnch provtdes recourse for the EDA or City should tBe development not be completed. Subsection 3-24. Assessment Agreements Pursuant to M.$., Sectio~ 469i 177, 2¢ubd. 8, the EDA or Cig/may enter into a written assessment agreement in recordable form with the dbvelop?r of property within the District which establishes a minimum market value of the land and completed improvements for the duration of the District. The assessment agreement shall be presentecl to the asses; sot who shall review the plans and specificatior~s for the improvements to be constructed, review the markst value previously assigned to the land upon which the improvements are to be constructed and, so long a~ the minimum market value contained irt the assessment agreement appears, in the judgment of the assesdor, to be a reasonable estimate, the assessor shall also certify the minimum market value agreement. ', Subsection 3-25. Administration of the District Administratior~ of ttte Districi will be handled by the City Manager. t Subsection ~1-26. Annual Disclosure Requirements Pursuant to MS., Section 469J] 75, $'~bd 5, 6 and 6a the EDA or City must undertake financial reporting for Ci[y of Chanhasscn Ta>~ lrtorerne~t Finaucins Plan for Tax Increment Financing District No. 8 3-t2 OCT, 12,2001 12'53PM EHLERS & ASSOCIATES NO, 1168 P. 19/31 I all tax increment financing di$1[riet$ to the Office of the State Auditor, County Board, County Auditor and School Board on or before Au}gust I of each year. M.$., Section 469.175, Subd. 5 also provides that an annual statement shall be publ[s.'hed in a newspaper of general circulation in the City on or before August 15. I If the City fails to make a disclosure or submit a report containing the information required by M.$. S, ctio~ 469.175 Subd. 5 andSubd. 6, file Office of the State Auditor will direct the County Auditor to withhold the distribution of tax increment from the District. Subsection 3-27. Reasonable Expectations As required by the Tax Incren/ent Financing Act, in establishing the District, the determination has been made that the anticipated development would not reasonably be expected to occur solely through private investment within the reasonab!y foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to,' result from the proposed development after subtracth~g the present value of fl~e projected tax increments fo/- the maximum duration of the District permitted by the Plan. In making said determination, reliance has beeh placed upon written representatives made by the developer to such effects and upon EDA and City staff awareness of the feasibility of developing the project site. A comparative analysis of estimated market values both with and without establishment of the District and the use of tax increments has been performed'as desqrtbed above. Such analysis is included with the cashflow in Appendix D, and indicates that the increase it~ estimated market value of the proposed development (less the indicated subtractions) exceeds the estinqated market value of the site absent the establishment of the District and the use of tax increments. Subsection 3-28. Other Ilimitaiions on the Use of Tax Increment 1. Gejn. eral Limitations, All r~venue derived from tax increment shall be used in accordance with the Plan. The revenues shall be used.to finance, or otherwise pay the cost of redevelopment of the the Downtown Chanhassen Redevelopmeht Project Area pursuant to the M.S., Sectiotts 469. 090 to 469~ 1081. These revenues shall not be used to circumvent existing levy Iimit law. No revenues derived from tax increment shall be used for the acquisition, c~nstruction, renovation, operation, or maintenance cfa building to be used primarily and regularly for conducting the business cfa municipality, county, school district, or any other local unit of govemn{ent orthe state or federal government or for a commons area used as a public I . park, or a facility used for s, octal, recreational, or conference purposes. This provision shall not prohibit the use of revenues derived from tax increments for the construction or renovatio~ cfa parking structure or of a privately owned facthty for conference purposes. 2. .Restriction o..n_ Pooline: Five Year Limit. Pursuant to M.S., Section 469.1763, (1) At least 80% of the tax increment derived frotfi the Dista'ict must be expended on Public Costs incurred within said district, and up to 20% of said tax iiacrembnts may be spent on Public Costs incurred outside of the District but within the Downtown Chanhassefi Redevelop~nent Project Area; provided that in the case cfa housing district, a housing project, ,as defined in M.S., Section 469.274, Subd. 11 is deemed to be an activity in the District, and (2) public .costs w~thin the District shall be limited to reimbursement of public costs paid before or within fiver years after certification of said district by the County Auditor and interest on all such unreim bursed expend itures. City of Chanha.~sen Tax Ii.,n,rement Financing Plan for Tax Increment Finanoing District No. g 3-13 Subsection 3-29. Summary , The City is establishing the District to[ provide m~ impetus for residential development and provide safe and decent life cycle housing in tl~e City. The Tax Increment Financing Plan for the District was prepared by Ehlers & Associates, Inc., 3060 Ceutr~ Pointe Drive, Roseville, Minnesota 55113-1105, telephone (651) 697- 8500. City of Chanhassen Tax ~ctement Financing Plan for Tax Increment Financing District No. 8 3-14 OCT. 12. 2001 12'53PM EH ERS & ASSOCIATES APPENDIX A PROJECT DESCRIPTION ... NO. 1168 P, 21/31 The District is being created to facilitate a senior housing project to be owned by a local non-profit orgmfization and will include .~,000 s.f. of retail, 90 units for independent living, 56 units of assisted living, and 18 units of memory care in the Chanhassen. Contracts for this have not been entered into at the time of preparation of this Plan, but tl~e date when development is likely to occur is the Spring of 2002. The proposed agreement with :the non-profit housing developer is to provide assistance on a pay-as-you-go basis for a period of approximately 5 to 10 years. The City may use tax increments from this development to assist other affordable housing proposals including both owner-occupied or rental housing projects outside of the boundaries of Tax Incre, ment Financing District No. 8. It is not expected that business subsidy regulatory agreements will be necessary because the assistance is intended to provide affordable housing for the community. APPENDIX A-I {)el, ]7, 2001 12'53PM EH ERS & ASSOCIATES AI~?BNDI× B MAPS bF THE PROJECT AREA AND THE DISTRICTS NO, 1168 22/31 APPENDIX B-1 ~o~ XVMHOtH ~/ © .],osauu!~ '[lunoO J~AJ~'0 uess.qu~qo jo 8 'oN IoH}s!Q §u!oueu!-I lU~)UJ~JOUl Xe.L jo uop,~3o-1 p~sodoJd .~..~,, ,~-~l H I(I U.J n i1,': ii1~ iJ iii 'G Q 0 OCT. 12, 2001 12'54PM EH ERS & ASSOCIATES APPENDIX C NO, 1168 P. DESCRIPTION OF PROPERTY TO BE INCLUDED IN THE DISTRICT The District encompasses all Proper0 and adjacent rights-of-way identified by the parcel listed below. Parcel N_umber 25.8680080 25/31 Owner AUSMAR DEVELOPMENT CO. LLC Tax Parcel Descripti_on Lot: 000 Block: 000 Section: 13 Township: 116 Rm~ge: 023 ~dditi6n Name: VILLAGES ON THE PONDS i I ,, C-I L)Cl, 1'2, 2001 !2'54PM EHLERS & ASSOCIATES NO, I168'I"-P, 26/3I - APPENDIX D ESTIMATED CASH FLOW FOR THE DISTRICT APPENDIX D-1 OCT. 12.2001-12'54PM EHLERS & ASSOCIATES NO. I168---P, 27/31 Diatrict Ir~flat;0n Interest Rate Fiscal Dlsp, Contribution R~ io Tax Capacity (Extension) RE te -AREA WIDE RATE Ta~ C~pacity_(_ _E~ensi .on)_R~te - CITY IRATI~' _ ........ 'lncreBa~ in LaX ra~el ii'e no( ~pt,,~e~ ~TIF BA~E TAX CAPACITY BA~E MARKET PROPERTY PID VALUE TYPE 25-EIEiD-(~§O- 8~3-~:'~'0~-- '1.25% City of Chanhaeaan.' Presbyter[an Home8 B'A~I~'AGSUMPTIONS .... New Housing DisbJ¢~ 0.0000% 6,~$% 29.470% 'i.379~70 1,200000 . . Future Est. Estimate - could be Iow~ _. TAX CAPACITY 10.490 Estimate after n~w use Page1 Total '" ._ _ '~3{);2-0~ .. ~0,4~0 Aa, or new uso '" PROJECT VALUE INFORMATION Total : PtoJe~ Sq, FI/ . Taxes To[al Tax Development Sq, Ft./ Un~a ~ Per Taxes MW Capacity Tax Market Type Units TIF Dislricts. _S_cl. Fl./Unit Unit Total Rate Value Independent 77 77 Sl,200.00 92~0- ' ' 80,000 77,000 1.25% 6,1B0.000 AsSisted Living S5 55 $1,200.00 66,000 80,000 55,000 1.2~% 4,400,00o Dimenlia 18 18 : $'1,200.00 2~i,600 80,000 'la.OD0 1.25% 1.440,000 Retail . . 8,400 ._8~400 $2,53 21,276 1 lO 17,730 1.5¥~2.% .... .9_2.4..,000 Totals 20_t ,.276 I e7,730 12,024,000 Payable 20O4 2004 2004 ACTUAl. TAX INCREMENT RECEIPT~ WILL DEPEND $[GNIFICANTI. Y UPON FUTURE TAX RATB$, VALUB, INFLA'I'[ON, CONgTRUCTION TIMING, ETC. Annual Tax Incternefll Annual TBxes~ SUMMARY. 18§,68B 20~,276 Preparect by Eblers Inc. - Pleaae review alt assumptigns, NO, 1168 P, 28/3i 10/9/0 t Y~. M~. Yr, Capacity Capa~ Capaci~I ...Incmmam o.o o~.oI 2002 0,0 08.01 2002 0.0 02-01 2003 0,0 0~01 2OO3 O.O 02-01 200~ 0.5 08-01 2004 1.0 02-01 2005 1.5 0~01 2005 2.0 02-01 2008 2,5 08-01 2006 3.0 02-01 2007 3.S 0~01 2007 4,0 02-01 2008 5,0 02-01 2009 5.5 08-01 2009 6.0 02-01 2010 6.5 06-01 2010 7,0 02.01 2011 7,5 08.01 2011 8.0 02-01 2012 8.S 08.01 2012 9.0 02-01 2013 9.5 0~-0t 2013 10.0 02-01 2014 10,5 08-01 2014 11.0 02-01 2015 11.5 08-01 2015 12,0 02-01 2016 12.5 08-01 2016 13.0 02-01 2017 13.$ 0@-01 2017 14.0 02-01 2018 14,5 0~01 2018 15,0 0~.Ol 2o19 15.5 o8.ol 2o19 16,0 02.01 2020 16.5 06-01 20~0 17,0 02/01 2021 17.5 0841 2021 18.0 02.01 2022 18.5 08-01 2022 19.0 02~1 202~ 19.5 08~1 202~ 20.0 02-01 202_4 20.5 00-01 2024 21.0 02-01 2025 21.5 0~01 2025 22.0 02.01 2026 22.5 0~01 2026 25,0 02-01 2027 23.5 08-01 2027 24.0 02-.01 2028 24.5 08-01 2028 25.0 02-01 2020 2~.5 08~1 2029 bHL~ItS & ASSOCIATES { City of Chatlhassan: Presbyierian Homaa . . I TAX INCREMENT C~H FLOW Annual Pmj~ Capiur~ ~ 8~mi.Annu~ Admin Semi-Annual Cu~ul, Paymant N~ Tax NPV 10,50% Incromen[ 6.~8.% 0 157,240 157,240 157,240 157,240 157,240 1~7,240 157,24~ 157~40 157,2_40 I07,240 1~?,240 167,240 157,240 157,240 157,240' 10,490 10,490 10,490 10,490 10,490 t0,490 10,490 10.490 10,490 167,730 10,490 167.730 10,490 167,750 10.490 167,730 1o,490 187,730 10.490 167,730 10,490 167,730 10,490 167,730 10,490 167,730 10,490 167,730 10,490 167,730 10,490 167,73o lo,49o 167,73o 10,490 167730 t0,490 167.730 10,490 167.730 t57,240, 30,490 167,730 1~?,240' 10,490 167,730 t57,240 10,490 167,730 157,240 10,490 167,730 157,240 t0.490 167,730 157,240 10,490 167,730 157,240 10,490 167,730 157,240 10,490 167,730 157.240 157,240 157,240, 157,240 157~240. 157,240 157.240 t57,240 t~7,240 10,490 167,730 10,490 167,730 10,4~0 167,730 10,490 167,730 10,490 167,730 10,480 167,730 10,490 167,730 10,490 167,730 0 0 0 94,344 94,344 94,344 94,544 94.344 94,344 94,344 94,344 94,344 94,54A 94,344 94,344 ~4.344 94,344 94,344 94,544 94,f>44 94,344 84,344 94,344 94,344 1~4,344 94,34-4 94,344 94,344 94,344 94,344 94,344 94,344 94,344 94,344 94.344 94.3~4 0 0 0 0 0 0 0 0 0 0 -9.906 64,438 72,169 -9,9o0 84.,438 142,107 -9,906 84,458 209,802 -9,906 84,438 275,563 -9,906 84,438 339,213 · 9,906 84,438 400,895 -9,906 84,438 460.671 · 9,906 84,438 518.598 -@.906 84.438 S74,735 -9,906 ~4.438 629,137 -9,906 84,438 881,056 -9,906 84,438 732,948 -9,906 84,438 782,457 -9,808 ¢4,438 830,437 .9,9o8 8,4.,438 876,934 -e,~0O 84,438 921,993 -9,906 84,436 960,660 -9,908 84,438 1,007,976 · 9,906 ~4,438 1,048,984 -9,908 84,4:38 1,088,725 -9.906 84,438 1,127,2:37 · 9,906 84.438 1.164,559 -9.906 ,94,43El 1,200,728 -1~,906 84,4;38 1,235,776 -9,908 84.438 1,269,742 -9.906 84,438 1,302,6~6 -9.905 84.438 1,334,557 -9,906 84,438 1,365,469 -9,906 84,438 1,39~,426 -9,906 84,438 1,424,457 -9,~06 84,438 1,452,590 -9,906 84,436 1,479,854 -9,908 04,436 1,506,~75 94.344 -9,906 84,438 1,5;,',',31, ~79 94,344 -9,908 84,438 1.666,691 94,344 .9,908 84.438 1.580,737 94,344 -9,906 84,435 1,804,039 94,34-4 -9,906 84,438 1,628,621 1~4,344 -9,~06 84.4;~8 1,648,504 94,344 -9,906 84,458 1,669,711 94,344 -9.906 84.438 1,6~0,263 94,344 -9.906 84.438 1,710,179 94,344 .g,900 84,438 1,729,41it0 94,344 -9,90~ 84,438 1,748,184 94,344 -9,906 84,438 t,766,309 ~4,344 -9,906 84,438 1,783,875 ~4,344 -9,906 84,438 1,800,897 94,344 -9,908 04,438 1,817,393 e4,3.44 ,9,906 84,43~ 1,833.379 94,344 -9,906 84,438 1.848.871 94,344 -9,908 lt4,438 t,883,884 94,344 -9,906 04,458 1,878,433 4,e05,888 -516,118 4,390,770 2 ~0_9.8,_608 -220,375 t ,078,433 10,490 167.730 157,240j 10,490 167.730 t57,240 t0,490 167.730 357,240 10,490 167,730 157,2.40' 10,490 167,730 157,240' 10,490 167,730 157,240' 10,490 167,730 157,240 10,490 167,730 157.240 10,490 167,73o 157,240 10,490 t67,730 157.240. 10,490 167,730 157.240, 10,490 167,730 157,240' 10,490 167,730 t57.240 10,490 167,730 157.240 10,490 167,730 157,240 10,490 167,730 157,240 10,4e0 167,730 157,240 10,490 167,730 157,240 10,490 187,730 157,240 10,49.0 ..... 1~7,~3p .._ 15~,240, TOTALS P~ESENTVALUE Yrs. Mth.... Yr. '~ 08-.Ol 2002 0.0 02-01 ~003 0,0 0~-01 2003 0.0 02-01 2004 0.5 08.,01 2004 1,0 02-01 2005 1,5 00.01 2005 2.0 02-01 2008 2,5 08.01 2006 3.0 02-01 2007 3.~ 08.01 2007 4,0 02-0t 2008 4.5 08-01 2008 8.0 02-01 200S 5.~ 08-01 2009 6.0 02-01 2010 8.5 08-01 2010 7.0 02-01 2011 7.5 08.01 2011 8,0 0~-01 2012 ~,5 08-01 2012 9.0 0~-01 2013 9.6 08-01 20~3 10.0 02-01 2014 10.5 0~01 2014 11,0 02.01 2015 11.5 08-01 201~ 12.0 02-01 2o16 12,5 08-01 2016 13.0 02-01 2017 1~,5 08-01 2017 14,0 02-0t 2018 14,5 08-01 2018 15.0 02-01 2019 t5.5 08-01 2019 16.0 02-01 2020 t6.5 08-01 2020 17.0 02-01 2021 17.¢ 0~01 2021 18,0 02.01 2022 18.5 0~01 2022 19,0 02-01 2023 19.5 08-01 2023 20.0 02-01 2024 20,5 0~-0t 2024 21.0 02-01 2025 21.S 08-01 22,O 02-01 2026 22,5 08.01 2028 23,0 02-0t 2027 23,6 08-01 2027 24.0 02-01 2028 24.5 08-01 2028 25.0 02-01 2029 25.~ 0~-01 2029 26.0 02-01 2030 .- Prepared by Ehlers lng. - PJease review aft 8ssuml:rJJons, OCT, 12. 2001 12'55PM EH ERS & ASSOCIATES NO, 1168 P, 29/31 '1 APPI~NDIX E I-IOUS1NG QUALIFICATIONS FOR THE DISTRICT · ~,:.,.;,~.,..;,~ . .. ,,. ; ,. .., · ,,,, . · ; . ;; . . .,,,.- .;.- ... ~¢:W::::Nu:,;:,.y;::::,::,::,::;~;~ ..... . : , .. ,: , , ,.,,,:, ,. No. of Persohs 50% of Median Income 1-person $26,150 2-person $29,900 3-person $33,600 $40,320 4-person $37,35.0. ...... $...44,820. Source: Department of Housing and Urban Development of Median Income $31,3 80 -. $35,880 The three options for income limits on a standard housing district are 20% of the units at 50% of median income, 40% of the units at 60% of median income, or 50% of the units at 80% of median income. At the time a district is established, the proje'ct needs to choose one of the options and meet those requirements for the life of the district. The City elects that 20% of the units will be at 50% of the median income. APPENDIX E-1 ........ ~ Nv~,~,~,LO NO, 1168 P, 30/31 APPENDIX F BUT/FOR QUALIFICATIONS APPENDLX F-1 -. OCT. 12, 2001 12'55PM EHLERS & ASSOCIATES I I I City ef Chanhas~en: Praal~y~eflan Home, r, I BUT FOR AI(CALYSIS C[~rmnt Market Value - Est, N~w Market Value - Est. 'Difference Pr.~sent Va!ua Of Tax Increment (over 25 years) Differen~ V~,lue Likely to Occur Wilhou/TIF is Less Than: 839,200 12,924,000. 1~,084,800 2,o~,~o~. g,g85,$g2 9,986,992 ...... NO, 1168 --P. 31/31 Page 3 Preparea 0y Etllers Inc. - Please review all assumptions. CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY CITY OF CHANHASSEN CARVER COUNTY STATE OF MINNESOTA RESOLUTION NO. RESOLUTION ADOPTING THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA; AND THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN TAX INCREMENT FINANCING DISTRICT; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 8 CWITHIN THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA) AND ADOPTING THE TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Chanhassen Economic Development Authority (the "EDA") and the City of Chanhassen (the "City") that the EDA adopt a Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area, and a Modification to the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment Financing District, and establish Tax Increment Financing District No. 8 (the "District") and adopt the Tax Increment Financing Plan therefor, (collectively, the "Modifications and Plan"), all pursuant to and in conformity with applicable law', including MimTesota Statutes, Section, s 469.090 throug]~ 469.1081, a~d Section,s 469.174 to 469.179, inclusive, as amended (the "Act"), all as reflected in the Modifications and Plan and presented for the Board's consideration; and WHEREAS, the EDA has investigated the facts relating to the Modifications and Plan and has caused the Modifications and Plan to be prepared; and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Modifications and Plan. The EDA has also requested the City Planning Commission to provide for review of and written comment on Modifications and Plan and that the Council schedule a public hearing on the Modifications and Plan upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The EDA hereby finds that Tax Increment Financing District No. 8 is in the public interest and is a "housing district" under Mim~esota Statutes, Sectio~t 469. ! 74, Subd. 1!, and finds that the adoption of the proposed Modifications and Plan conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota which is already built up and that the adoption of the proposed Modifications and Plan will help provide employment opportunities in the State and in the preservation and enhancement of the tax base of the City and the State because it will discourage commerce and industry from moving their operations to another state or municipality and thereby serves a public purpose. 2. The EDA further finds that the Modifications and Plan will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. Conditioned upon the approval thereof by the City Council following its public hearing thereon, the Modifications and Plan, as presented to the EDA on this date, are hereby approved, established and adopted and shall be placed on file in the office of the City Manager. 4. Upon approval of the Modifications and Plan by the City Council, the staff, the EDA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modifications and Plan and for this purpose to negotiate, draft, prepare and present to this Board for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval of the Modifications and Plan does not constitute approval of any project or a Development Agreement with any developer. 5. Upon approval of the Modifications and Plan by the City Council, the City Manager is authorized and directed to forward a copy of the Modifications and Plan to the Minnesota Department of Revenue pursuant to Minnesota Statutes 469.175, subdivision 2. 6. The City Manager is authorized and directed to forward a copy of the Modifications and Plan to the Carver County Auditor and request that the Auditor. certify the original tax capacity of the District as described in the Modifications and Plan, all in accordance with Minnesota Statutes 469.177. Approved by the Board of Commissioners of the Chanhassen Economic Development Authority this 1 st day of November, 2001. Chair ATTEST: Secretary CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA DATE: September 10, 2001 RESOLUTION NO: 2001-03 MOTION BY: Jansen SECONDED BY: Bohn A RESOLUTION REQUESTING THE CITY COUNCIL OF THE CiTY OF CHANHASSEN CALL FOR A PUBLIC HEARING ON THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA, THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 8 (A HOUSING DISTRICT) THEREIN, AND THE ADOPTION OF THE TAX INCREMENT FINANCING PLAN' THEREFORE, AND THE ADOPTION OF THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN TAX INCREMENT FINANCING DISTRICT (A REDEVELOPMENT DISTRICT) BE IT RESOLVED, by the Board of Commissioners (the "Board") of the Chanhassen Economic Development Authority, Minnesota (the "EDA") as follows: WHEREAS, the City Council (the "Council") of the City of Chanhassen, Minnesota (the "City") established the Downtown Chanhassen Redevelopment Project Area pursuant to Minnesota Statutes, Sections 469.174 through 469.179, inclusive, as amended, in an effort to encourage the development and redevelopment of certain designated areas within the City; and WHEREAS, the EDA is proposing a ModificatiOn to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area, the proposed establishment of Tax Increment Financing District No. 8, (a housing district), the proposed adoption of the Tax Increment Financing Plan therefore, and the proposed adoption of the Modification to the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment District, pursuant to and in accordance with Minnesota Statutes, Sections 469.174, inclusive, as amended; NOW, THEREFORE, BE IT RESOLVED by the Board as follows: The EDA hereby requests that the Council call for a public hearing on November 13, 2001 to consider the proposed adoption of a Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area, the proposed establishment of Tax Increment Financing District No. 8, (a housing district), the proposed adoption of the Tax Increment Financing Plan therefore, and the proposed adoption of the Modification to the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment District (collectively, the "Plans") and cause notice of said public hearing to be given as required by law. , The EDA directs the Executive Director to transmit copies of the Plans to the Planning Commission of the City and requests the Planning Commission's written opinion indicating whether the proposed Plans are in accordance with the Comprehensive Plan of the City, prior to the date of the public hearing. 3. The Executive Director of the EDA is hereby directed to submit a copy of the Plans to the Council for its approval. . The EDA directs the Executive Director to transmit the Plans to the county and the school districts in which Tax Increment Financing District No. 8 is located not later than October 12, 2001. Passed and adopted this 21st day of March, 2001, by the Economic Development Authority in and for the City of Chanhassen. ATTEST: Chairperson Executive Director / CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA DATE: Sei~tember 10, 2001 RESOLUTION NO: 2001-59 MOTION BY: Peterson SECONDED BY: Boyle A RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY COUNCIL ON THE PROPOSED ADOPTION OF THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA, THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 8 THEREIN, AND THE ADOPTION OF THE TAX INCREMENT FINANCING PLAN THEREFORE, AND THE ADOPTION OF THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANItASSEN TAX INCREMENT FINANCING DISTRICT BE IT RESOLVED by the City Council (the "Council") for the City of Chanhassen, Minnesota (the "City"), as follows: Section 1. Public Hearing. This council shall meet on November 13, 2001, 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 proposed establishment of Tax Increment Financing District No. 8 (a housing district), the proposed adoption of the Tax Increment Financing Plan therefore, and the proposed adoption of the Modification to the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment District (a redevelopment district), (collectively, the "Plans") all pursuant to and in accordance with Minnesota Statutes, Sections 469.174 through 469.179, inclusive, as amended, in an effort to encourage the development and redevelopment of certain designated areas within the City; and Section 2. Notice of Public Hearing, Filing of the Plans. City Staff is authorized and directed to work with Ehlers and Associates, Inc., to prepare the Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area, the Tax Increment Financing Plan for Tax Increment Financing District No. 8, the Modification to the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment District, 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 heating, 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 November 13, 2001, and to place a copy of the Plans on file in the City Manager's office at City Hall and to make such copy available for inspection by the public. Passed and adopted by the Chanhassen City Council this 10th day of September, 2001. Todd Gerhardt, City Manager Jansen Boyle Peterson NO None ABSENT Ayotte Labatt VILLAGES ON THE PONDS CHANHASSEN, MINNESOTA DEVELOPMENT DESIGN STANDARDS a. Intent The purpose of this zone is to create a mixed use PUD consisting of commercial, institutional, office, and residential uses. The use of the PUD zone is to allow for more flexible design standards while creating a higher quality and more sensitive proposal. All utilities are required to be placed underground. Each lot proposed for development shall proceed through site plan review based on the development standards outlined below. b. Permitted Uses The permitted uses in this zone should be limited to uses as defined below or similar uses to those as listed in the Standard Industrial Classification. If there is a question as to the whether or not a use meets the definition, the Planning Director shall make that interpretation. No single retail user shall exceed 20,000 square feet on a single level ora building. A maximum of thirty- three (33) percent of the square footage of the retail users within the development may be of a "big box" category. The intent of this requirement is to provide a variety of users, including small retail shops, service providers, coffee shops, cabarets, etc., for residents of the Villages as well as the community as a whole, rather than typical suburban type large, individual users dominating the development and detracting from the "village" character. Retail users should be those that support and compliment the residential development located within the development, providing goods and services which enhance residents of the village and the community. Office. Professional and business office, non-retail activity except for showroom type display area for products stored or manufactured on-site provided that no more than 20 percent of the floor space is used for such display and sales. bank/credit union finance, insurance and real estate health services - except nursing homes and hospitals engineering, accounting, research management and related services legal services Personal Services. Establislunents primarily engaged in providing services involving the care of a person or his or her personal goods or apparel. dry cleaning beauty or barbershop shoe repair photographic studio tax return preparation laundromat' health club optical goods computer services day care center copying mail stores Institutional. Establishments that are public/semi-public in nature. church library education services day care art gallery dance studio cultural facility Conunercial/RetaiI. Establishments engaged in commercial operations including retail sales and services and hospitality industries. Apparel and Accessory Stores shoe stores electronic and music store and musical instruments restaurant - no drive through restaurant - fast food only if integrated into a building no freestanding fast food and no drive through drug store/pharmacy book/stationary jewelry store hobby/toy game gift novelty and souvenir sewing, needlework and piece good florist camera and photographic supply art and art supplies, gallery sporting goods video rental food stores including bakery and confectionery hardware store computer store hotel/motel entertainment liquor store pets and pet supplies home furnishings Residential. Residential units shall be provided as upper level units above the commercial/office uses within the village core and as stand alone units. A minimum of 50 percent of the residential units shall be rental units. Of the rental units, the city has adopted a goal of 35 percent of the units meeting the Metropolitan Council's affordable criteria. For the ownership housing, the city has adopted the goal of 50 percent of the units meeting the Metropolitan Council's affordable criteria. Prohibited Uses: auto related including auto sales, auto repair, gas stations c. Setbacks In the PUD standards, there is the requirement for landscape buffering in addition to building and parking setbacks. The following setbacks shall apply: Great Plains Blvd.: Buffer yard & Setback Market Blvd.: Buffer yard & Setback ~"~ Hwy. 5: Buffer yard & Setback Interior Side Lot Line: Buffer yard & setback East Perimeter Side Lot Line (adjacent to residential): Buffer yard & setback West Perimeter Side Lot Line (adjacent to industrial): Buffer yard & setback Building Parking C, 0' 0' C, 50' 20' B, 50' 20' NA, 0' 0' D, 50' 50' B, 50 20 Buffer yards are as specified in the City of Chanhassen Landscaping and Tree Removal Ordinance, Article XXV. No fences shall be permitted between the required landscape buffer and arterial and collector roads. d. Development Site Coverage and Building Height o The PUD standard for hard surface coverage is 70% for the overall development. Individual lots may exceed this threshold, but in no case shall the average exceed 70 percent/ 5. More than one (1) principal structure may be placed on one (1) platted lot. Ge The maximum building height shall be Sector I - three stories (with residential loft)/50 ft. (retail and office buildings without residences above shall be limited to two stories/30 feet), Sector II - three stories/40 ft., SectOr III - three stories/40 ft., exclusive of steeples and bell towers, and Sector IV - four stories/50 feet o The maximum building footprint for any one building shall be limited to 20,000 square feet without a street level break in the continuity of the building, e.g., pedestrian passageways, except for the church and residential only buildings. 5. The following table shall govern the amount of building area for the different uses: Commercial/ Office/Service Institutional Dwelling TOTAL sq. ft. Retail (sq. ft.) (sq. ft.) (sq. ft.) Units Sector I 114,500 70,500 @ 0 154 185,000 Sector II 60,000 * 14,000 0 0 74,000 Sector III 0 0 100,000 0 100,000 - Sector IV 0 32,000 ~ 0. 112 @ 32,0_00 - TOTAL 174,500 116,500 100,000 266 391,000 ~ As an alternative, the office/service could be increase by 13,000 square feet in Sector I if the 32,000 square foot office building is deleted in Sector IV and replaced with 56 additional dwelling units. * Includes 47,200 square foot, 106 unit motel. Building square footages may be reallocated between sectors subject to approval by the Planning Director. Building square footages may be reallocated betnveen uses subject to approval of the Planning Director. However, the reallocation of building square footages between uses shall only be permitted to a less intensive use, i.e. from commercial to office or institutional, or from office to institutional. In no instance shall more than 27,000 square feet of addition institutional building square footage be reallocated without an amendment to the PUD. e. Building Materials and Design (Staff will be working with the developer to provide pictures to further articulate the design standards and definitions.) o o . , 6, . o The PUD requires that the development demonstrate a higher quality of architectural standards and site design. The intent is to create a pedestrian friendly, "traditional" village character consistent with the European heritage of the upper midwest and the atmosphere within this development, yet with the amenities and technological tools of modern times. The village elevations shown on the PUD drawings are to be used only as a general guideline and the reflection of the overall village image including the north- midwestern architectural vocabulary, village like human scale and flavor, and variety in design and facade treatment. All materials shall be of high quality and durable. Major exterior surfaces of all walls shall be face brick, stone, glass, s~tucco, architecturally treated concrete, cast in place panels, decorative block, cedar siding, vinyl siding in residential with support materials, or approved equivalent as determined by the city. Color shall be introduced through colored block or panels and not painted block or brick. Bright, long, continuous bands are prohibited. Bright or brilliant colors and sharply contrasting colors may be used only for accent purposes and shall not exceed 10 percent ora wall area. Block shall have a weathered face or be polished, fluted, or broken face. Exposed cement ("cinder") blocks shall be prohibited. Metal siding, gray concrete, curtain walls and similar materials will not be approved except as support material to one of the above materials, or as trim Or as HVAC screen, and may not exceed more than 25 percent ora xvall area. All accessory structures shall be designed to be compatible with the primary structure. All roof mounted equipment shall be screened by walls of compatible appearing material. Wood screen fences are prohibited. All exterior process machinery, tanks, etc., are to be fi.~lly screened by compatible materials. All mechanical equipment shall be screened with material compatible to the building. The buildings shall have varied and interesting detailing. The use of large unadorned, concrete panels and concrete block, or a solid wall unrelieved by architectural detailing, such as change in materials, change in color, fenestrations, or other significant visual relief provided in a manner or at intervals in keeping with the size, mass, and scale of the wall and its views from public ways shall be prohibited. Acceptable materials will incorporate textured surfaces, exposed aggregate and/or other patterning. All walls shall be given added architectural interest through building design or appropriate landscaping. Space for recycling shall be provided in the interior of all principal or accessory structures. There shall not be underdeveloped backsides of buildings. All elevations shall receive nearly equal treatment and visual qualities. 10. I1. 12. The materials and colors used for each building shall be selected in context with the adjacent building and provide for a harmonious integration with them. Extreme variations between buildings on the same street in terms of overall appearance, bulk and height, setbacks and colors shall be prohibited. Slope roof elements shall be incorporated in all structures: Sector I - minimum 70 percent of roof area shall be sloped, Sector II - minimum of 70 percent of the roof area shall be sloped, Sector III - minimum of 30 percent of the roof area shall be sloped, and Sector IV - minimum of 70 percent of the roof area shall be sloped. An exception to this requirement are roof areas designed for human use such as decks, garden areas, patios, etc., which will not be counted towards flat roof area. The following design elements should be incorporated into individual structures: Building Accents Towers, silos, arches, columns, bosses, tiling, cloisters, colonnades, buttresses, loggias, marquees, minarets, portals, reveals, quoins, clerestories, pilasters. Roof Types Barrow, dome, gable, hip, fiat. ' Roof Accents Cupolas, cornices, belfries, turrets, pinnacles, look-outs, gargoyles, parapets, lanterns. Accent elements such as towers, turrets, spires, etc., shall be excluded from the sector building height limitation. Window Types Bay, single paned, multi-paned, angular, square, rectangular, half-round, round, italianate. 13. Window Accents Plant boxes, shutters, balconies, decks, grates, canopies, awnings, recesses, embrasures, arches, lunettes. Street level windows shall be provided for a minimum of 50 percent of the ground level wall area. f. Site , . o 6~ gl o . Landscaping and Screening All buffer landscaping, including boulevard landscaping, included in Phase I shall be installed when the grading of the phase is completed. This may well result in landscaping being required ahead of individual site plan approvals, but we believe the buffer yard and boulevard plantings, in particular, need to be established immediately. In addition, to adhere to the higher quality of development as spelled out in the PUD zone, all loading areas shall be screened. Each lot for development shall submit a separate landscaping plan as a part of the site plan review process. All open spaces and non-parking lot surfaces, except for plaza areas, shall be landscaped, rockscaped, or covered with plantings and/or lawn material. Tree wells shall be included in pedestrian areas and plazas. Storage of material outdoors is prohibited. Undulating or angular benns 3'to 5' in height, south of Highway 5 and along Market Boulevard shall be sodded or seeded at the conclusion of grading and utility construction. The required buffer landscaping may be installed where it is deemed necessary to screen any proposed development. All required boulevard landscaping shall be sodded. Loading areas shall be screened from public right-of-xvays. Wing walls may be required where deemed appropriate. Native species shall be incorporated into site landscaping, whenever possible. Signage One project identification sign shall be permitted for the development at each end of Lake Drive and at the south end of Main Street. Project identification sign(s) may also be located at the entrances to the development(s) in Sector IV. Project identification signs shall not exceed 24 square feet in sign display area nor be greater than five feet in height. One project identification sign, with a maximum height of 20 feet, which may be increased in height subject to city approval based on the design and scale of the sign, designed as a gateway to the project shall be located at the north end of Main Street. Individual lots are not permitted low profile ground business sign. Within Sector III, one sign for the church and one sign for the school may be placed on streetscape walls. The top of the signs shall not extend more than eight feet above the ground and the total sign area for the signs shall not exceed 64 square feet. Pylon signs are prohibited. The sign treatment is an element of the architecture and thus should reflect the quality of the development. The signs should be consistent in color, size, and material and height throughout the development. A common theme will be introduced at the development's entrance monument and will be used throughout. All signs require a separate sign permit. 3~ Wall business signs shall comply with the city's sign ordinance for the central business district for determination of maximum sign area. Wall signs may be permitted on the "street" front and primary parking lot front of each building. 4~ Projecting signs are permitted along Main Street and Lake Drive and along pedestrian passageways subject to the conditions below. Signage Plan and Restrictions Wall Signs . The location of letters and logos shall be restricted to the approved building sign bands, the tops of which shall not extend greater than 20 feet above the ground. In Sector II, sign height may be increase based on the criteria that the signage is compatible with and complementary to the building architecture and design. The letters and logos shall be restricted to a maximum of 30 inches in height. All individual letters and logos comprising each sign shall be constructed of wood, metal, or translucent facing. . If illuminated, individual dimensional letters-and logos comprising each sign may be any of the following: a. Exposed neon/fiber optic, b. Open channel with exposed neon, c. Channel Letters with acrylic facing, d. Reverse channel letters (halo lighted), or e. Externally illuminated by separate lighting source. o Tenant signage shall consist of store identification only. Copy is restricted to the tenant's proper name and major product or service offered. Corporate logos, emblems and similar identifying devices are permitted provided they are confined within the signage band and do not occupy more than 15% of the sign area unless the logo is the sign. . Within Sector II, architecturally, building-integrated panel tenant/logo sign may be permitted based on criteria that the signage is compatible with and complementary to the building design and architecture. 5. Back lit awnings are prohibited. Projecting Signs 1. The letters and logos shall be restricted to the approved building sign area. o All wooden signs shall be sandblasted and letters shall be an integral part of the building's architecture. o Signage shall consist of store identification only. Copy is restricted to the tenant's proper name and major product or service offered and such minimal messages such as date of establishment of business. Corporate logos, emblems and similar identifying devices are permitted provided they are confined within the signage band or within the projecting sign and do not occupy more than fifteen (15) percent of the sign display area. . Projecting signs shall be stationary, may not be self-illuminated but may be lighted by surface mounted fixtures located on the sign or the adjacent facade. 4 Projecting signs shall be limited to one per tenant on street frontage and pedestrian passageway and my not exceed six square feet. Letters shall have a maximum height of 12 inches. . Projecting signs shall be a minimum of eight feet above the sidewalk and shall not project more than six feet from the building facade. o Plastic, plexi-glass, clear plex, or similar material projecting signs are prohibited unless used in conjunction with other decorative materials. Projecting signs may be painted, prefinished, or utilize exposed metal. Any exposed metal shall be anodized aluminum, stainless steel, titanium, bronze, or other similar non- corrosive or ono-oxidizing materials. Window Signs Window signs shall not cover more than 25 percent of the window area in which they are located. 2. Window signs shall not use bright, garish, or neon paint, tape, chalk, or paper. Menu Signs Shall be located at eye level adjacent to tenant entries and shall not exceed 4 feet in height. , Shall be used only to convey daily specials, menus and offerings and shall be wood framed chalkboard and/or electronic board with temporary handwritten lettering. No paper construction or messages will be permitted. 3. Menu signs shall be limited to one per tenant and may not exceed 8 square feet. Festive Flags/Banners le Flags and banners shall be permitted on approved standards attached to the building facade and on standards attached to pedestrian area lighting. 2. Plastic flags and banners are prohibited. 3. Flags and banners shall be constructed of fabric. o Banners shall not contain advertising for individual users, businesses, services, or products. 5. Flags and banners shall project from buildings a maximum of two feet. 6. Flags and banners shall have a maximum area of 10 square feet. , Flags and banners which are torn or excessively worn shall be removed at the request of the city. Building Directory In multi-tenant buildings, one building directory_ sign may be permitted. The directory sign shall not exceed eight square feet. Pole Directory Sign Pole directory signs consisting of single poles with individual nameplate type directional arrows may be located within the development. 2. Pole directory sign shall not exceed 15 feet in height. 3. Directory signs shall be a minimum of eight feet above the sidewalk. 4. A maximum of eight directory signs may be provided per pole. 5. The maximum size of an individual sign shall be 18 inches long by four inches wide. Se Poles shall be a minimum of 10 feet behind the curb. h. Lighting 10 , Lighting for the interior of the business center should be consistent throughout the development. The plans do not provide for street lighting. As with previous developments, the City has required the developer to install street lights throughout the street system. , A shoe box fixture (high pressure sodium vapor lamps) with decorative natural colored pole shall be used throughout the development parking lot area for lighting. Decorative, pedestrian scale lighting shall be used in plaza and sidewalk areas and may be used in parking lot areas. Lighting equipment similar to what is mounted in the public street right-of-ways shall be used in the private areas. , All light fixtures shall be shielded. Light level for site lighting shall be no more than 1/2 candle at the project perimeter property line. This does not apply to street lighting. 5. Light poles shall be limited to a height of 20 feet. i. Parldng Parking shall be provided based on the shared use of surface parking areas whenever possible. Cross access easements and the joint use of parking facilities shall be protected by a recorded instrument acceptable to the city. 1 A minimum of 75 percent of a building's parking shall be located to the "rear" of the structure and in underground garages. 3, The development shall be treated as a integrated shopping center and provide a minimum of one space per 200 square feet of commercial/retail area. The office/personal service component shall be treated as an integrated office building and provide 4.5 space per 1,000 square feet for the first 49,999 square feet, four per thousand square feet for the second 50,000 square feet, and 3.5 per thousand square feet thereafter. Residential uses shall provide 1.5 spaces per unit as underground parking with visitor spaces provided as part of the commercial/office uses. Within sector IV, visitor parking shall be provided at a rate of 0.5 stalls per unit. Hotel/motels shall comply with city ordinance. Churches/schools shall comply with city ordinance, however, a minimum of 50 percent of the parking shall be shared. 11 7:~mm ~ m H.LBON I~ IlllU!Hl.llllllll ! I IIItlLB [Jrllllllll]lll t ~ II ]TU - . ,,V,, 31VN83.LgV .~1. Il 1! lll!l rt[lllLLt i111 lO& AVMHOIH O.O]B ONP~IYd . PLANNING COMMISSION CITY OF CHANHASSEN, MINNESOTA RESOLUTION NO. RESOLUTION OF THE CITY OF CHANHASSEN PLANNING COMMISSION FINDING THAT THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA; THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN TAX INCREMENT FINANCING DISTRICT; AND THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 8 CONFORM TO THE GENERAL PLANS FOR THE DEVELOPMENT AND REDEVELOPMENT OF THE CITY. WHEREAS, the City Council for the City of Chanhassen, Minnesota, (the "City") has proposed to adopt a Modification to the Redevelopment Plan for the Downtown Chanhassen Redevelopment Project Area, a Modification to the Tax Increment Financing Plan for the Downtown Chanhassen Tax Increment Financing District, and a Tax Increment Financing Plan for the establishment of Tax Increment Financing District No. 8, both located within the Downtown Chanhassen Redevelopment Project Area (collectively, the "Modifications and Plan") and has submitted the Modifications and Plan to' the City Planning Commission (the "Commission") pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, and WHEREAS, the Commission has reviewed the Modifications and Plan to determine their conformity with the general plans for the development and redevelopment of the City as described in the comprehensive plan for the City. NOW, THEREFORE, BE IT RESOLVED by the Commission that the Modifications and Plan conform with the general plans for the development and redevelopment of the City as a whole. Dated: November 6, 200 t Chair ATTEST: Secretary