Loading...
HRA 1983 08 18fi4l AGENDA REGULAR MEETING Chanhassen Housing and Redevelopment Authority Thursday, August 18, 1983 Chanhassen City Hall, 69 Coulter Drive City Council Chambers 7:30 p.m. 7:30 p.m. 1. Call to Order. 2. Approve Minutes of July 21, 1983 meeting. 3. Presentation of Downtown Project Marketing Campaign Strategies: Kosmo Companies. 4. Review Proposed 1984 Operating Budget. i 5. Review Proposed Reprogramming of Community Development Block Grant Funds. 6. Downtown Proje t Status Rep rt Land Acquisition Negotiations.��• R)� 7. Request for funds for Special Dinner Meeting with State, Local, and Regional Governmental Officials: City Manager. 8. Old Business. 9. New Business. 9:30 p.m. 10. Adjournment. MINUTES Chanhassen Housing and Redevelopment Authority Regular Meeting July 21, 1983 CALL TO ORDER Vice- Chairman Whitehill called the meeting to order at 7:35 p.m. Present were Commissioners Swenson, Horn, Bohn, Whitehill and Russell. No one was absent. Also present was Executive Director Martin. OATH OF OFFICE - PAT SWENSON New Commissioner Pat Swenson took the Oath of Office of HRA Commissioner. ELECTION OF OFFICERS The following Commissioners were nominated and elected to serve as HRA Officers during the 1983 -84 HRA year: Bohn moved, seconded by Russell, the nomination of Commissioner Whitehill for Chairman. Swenson moved, seconded by Bohn, the nomination of Commissioner Horn for Vice - Chairman. Russell moved, seconded by Horn, the nomination of Commissioner Bohn for Secretary. All voted in favor of the above nominations and in favor of the election of each Commissioner to their respective office. APPROVAL OF MINUTES Russell moved, seconded by Whitehill, to approve the minutes of the May 19, 1983 meeting as presented. All voted in favor except Swenson who abstained, and the motion carried. STATUS REPORT OF REFUNDING BOND SALE - TAX INCREMENT BONDS OF 1981 Martin reported that last night the City Council authorized the sale of $5,185,000 in General Obligation Tax Increment Bonds Refunding the Tax Increment Bonds of 1981. The net interest rate on the Refunding Bonds was 9.2 %, which will reduce overall HRA debt payments by approximately $517,000. This bond sale also provides for the restructuring of HRA Bonded Debt in a manner which reduces projected deficits during the next five years. A revised Tax Increment Financing Plan is being prepared to reflect the changes in debt repayment structure, and should be available for HRA review at the August 18, 1983 meeting. No action was required by the HRA on this item. ERA .Minutes July 21, 1983 Page 2 APPROVAL OF LEASES IN OLD INSTANT WEB BUILDING Whitehill moved, seconded by Horn, to approve the proposed lease extension for Animal Fair, Inc., and the new leases with Britt Corporation, Quality Temp, Inc., and Dobbs Temporary Help Services, Inc. for rental of space in the old Instant Web building, as recommended by the Executive Director, and to authorize the Chairman and Executive Director to execute said leases on behalf of the HRA. All voted in favor and the motion carried. DOWNTOWN PROJECT STATUS REPORT ; Martin reported on the status of the Downtown Redevelopment Project and reviewed items addressed by the Downtown Project Steering Committee at their meeting of July 13, 1983. He reported that Kraus - Anderson is continuing to negotiate with a major supermarket chain who has expressed interest in the Downtown Project. He also advised the HRA that repair work on the damaged area in the old Instant Web building was underway and should be completed within the next several weeks. Martin presented the Steering Committee's recommendation that the HRA not proceed with the immediate acquisition of the Huber, Havlik, and Riviera properties. Rather, the committee recommends pursuing a one -year option agreement extension with Havlik and 7 Riviera, and advising Huber that the HRA is not interested in acquiring his property at this time. — Russell moved, seconded by Horn, to direct the Executive Director to pursue one -year purchase option agreement extensions for the Havlik and Riviera properties, and to negotiate with Huber for a possible contract for deed acquisition of his property. All voted in favor and the motion carried. Martin also reported that the Steering Committee recommends that the City actively pursue partial renovation of the old Instant Web building for community recreational facilities as an alter- native to private redevelopment of the building. Such a project would be financed by City General Obligation Bonds which would require prior voter approval. The HRA members informally endorsed this recommendation, including the establishment of a Recreational Facilities Committee (to be appointed by the Mayor and Council) to help determine the need for various types of facilities and to assist in gaining public support for such a project. The HRA also considered the Steering Committee's recommendation to proceed with partial demolition of the old Instant Web building early next year. Demolition of the Animal Fair portion HRA Minutes July 21, 1983 Page 3 of the building, which consists of the "original building" and the single- story, flat roofed addition located immediately to the west, would allow site preparation for first phase retail develop- ment to proceed, and therefore, provide a marketable property for redevelopment. The HRA endorsed this recommendation and supported the Executive Director's proposal to finance demolition and site preparation costs of approximately $35,000- $40,000 with reprogrammed Community Development Block Grant funds. The proposed marketing campaign to be directed at selected, qualified commercial developers in an effort to obtain developer interest in Downtown Project construction was also discussed by the HRA. Commissioner's Swenson, Horn and Russell felt that the HRA should be seeking competitive bids for this effort from at least three marketing firms. The only proposal which has been submitted for consideration is Kosmo Companies of St .'Paul. Whitehill reviewed the recommendation of the Steering Committee that any HRA marketing campaign should be flexible enough to also provide promotional materials which could also be used by the Chamber of Commerce in promoting business and industry develop- ment, as well as information to new residents and employees in the City. The HRA felt that a more specific proposal was needed before any final decision could be made on the selection of a marketing firm for this project. Whitehill moved, seconded by Bohn, to authorize the payment of $500 to Kosmo Companies for the development of more detailed marketing campaign strategies and design concepts, for HRA review at a special meeting on either August 2 or 11, 1983. All voted in favor and the motion carried. APPROVAL OF BILLS Russell moved, seconded by Horn, to approve the bills for June and July, 1983, as presented. All voted in favor and the motion carried. NEW BUSINESS: MORTGAGE REVENUE BOND PROGRAM The HRA expressed interest in encouraging the construction of new housing in the city and directed the Executive Director to look into the establishment of a Mortgage Revenue Bond Program to pro - vide below market rate financing for new construction. Martin felt that a joint program with the Carver County HRA may be feasible if enough interest exists in other communities in the county. He will report back with information on such a program within the next two months. HRA Minutes July 21, 1983 Page 4 HOUSING NEEDS SURVEY Martin reported that officials from the Department of Housing and Urban Development and Hennepin County had reviewed the results of the recent Housing Needs Survey and determined that the survey results do not support city plans for an assisted elderly housing facility. The City will be required to reprogram approximately $100,000 in CDBG funds from elderly housing site acquisition to other eligible program activities. The HRA will review alter- _ native program proposals at the August meeting and make recommen- dations to the City Council on the use of available CDBG funds for consideration at a Council Public Hearing tentatively scheduled for August 22, 1983. ADJOURNMENT Bohn moved, seconded by Horn, to adjourn the meeting at 10:00 p.m. All voted in favor and the motion carried. 3 MA CHANHASSEN HOUSING & REDEVELOPMENT AUTHORITY 690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317 (612) 937 -1900 MEMORANDUM TO: Chanhassen Housing and Redevelopment` Authority FROM: Scott A. Martin, Executive Director AA�(�,� DATE: August 4, 1983 ���111w� °\ SUBJ: Presentation of Downtown Project Marketing Campaign Strategies by Kosmo Companies. As you requested during our last meeting, Kosmo Companies will be prepared to present their ideas, strategies, and design concepts for our proposed Downtown Project Marketing Campaign at our meeting of August 11, 1983. Due to the nature of their presentation, Kosmo has elected not to distribute any materials in advance of this meeting. The presentation is expected to require 20 -30 minutes, plus what- ever time you may need for questions. 7 r 4 CHANHASSEN HOUSING & REDEVELOPMENT AUTHORITY 690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN. MINNESOTA 55317 16121937 -1900 MEMORANDUM TO: Chanhassen HRA FROM: Scott A. Martin, Executive Director DATE: August 4, 1983 SUBJ: Proposed 1984 Operating Budget Attached for your review and preliminary approval is my proposed 1984 HRA Operating Budget. Also attached are relevant exhibits from the recently revised "Tax Increment Financing Plan" prepared by DeLaHunt Voto and Company, Ltd. (This report includes projected effects of the recent refunding bond sale, but does not yet include actual figures.) The proposed Budget attempts to identify all areas of HRA revenue and expenses through 1984, so the budget represents more than just an "operating" or "administration" budget. Also, since the HRA's fund structure is presently undergoing some major modifications at the recommendation of the City's Auditor, this budget proposal is being presented in preliminary form only at this time. Of special note is the projected 50 percent increase in 1984 Tax Increment receipts. This increase is due to the fact that a number of new commercial /industrial buildings are scheduled to become fully taxable for the first time next year (i.e. Instant Web, MGM Building, Chanhassen Inn). On the other hand, projected deficits in the fund balance throughout 1984 will eliminate interest earnings like those received in previous years. on the expenditure side of the ledger, the substantial increase in operating expenses is due primarily to projected operational and maintenance expenses of nearly $70,000 for the old Instant Web building (see attached budget detail sheet). Also, the pro- posed 50% increase in consulting fees adds $10,000 to the pro- posed expenditure budget. However, this increase is misleading. 1984 consulting fees are actually proposed at $10,000 less than is estimated to be paid out in 1983 from all existing HRA funds. This apparent contradiction is a result of the restructuring of HRA funds by combining three current accounts into a single Tax Increment Fund. Since 1981, consulting services related solely to the Downtown Project Core Area were charged against Fund #604, which is the fund into which "Bonds of 1981" proceeds were deposited. Other consulting services (legal especially) of a Memorandum - HRA Budget August 5, 1983 Page 2 more general nature have been charged against Fund #460, which has always been our general operating /administration fund. Fund #604 is scheduled to be closed out before the end of this year under the Auditor's recommended fund restructuring plan, so our only source of funding for future consulting services will be #460. Finally, the Special Assessment Reduction Program obligations which we have taken on since last year will cost nearly $70,000 during both 1983 and 1984. These previously unbudgeted expenses are a significant contributor to.our projected fund deficits during the next few years, and may lead to future modification or elimination of the program if deficits continue. With fund deficits projected for the end of this year and next year, future expenditures will need to be more closely monitored and possibly some HRA activities temporarily curtailed. Please review the attached budget and supporting materials before our meeting next Thursday. I will be prepared to respond to any questions you may have during the meeting. Final review for our Sept revisions by Attachments 1. Proposed 2. Excerpts and approval of the 1984 Budget will be scheduled amber meeting, following completion of Financing Plan the.City Auditor. 1984 HRA Operating Budget. from "Tax Increment Financing Plan. i'. LNG CHANHASSEN HOUSING AND REDEVELOPMENT AUTHORITY PROPOSED 1984 OPERATING BUDGE'P TAX INCREMENT FUND #460 xlt(%3 Long -Term Debt: 1982 1983 1983 1984 REVENUE: Actual Budgeted Estimated Budget - Tax Increment Receipts $326,696 $464,000 $402,000 $611,000 Interest Earnings 21,405 33,500 30,000 -0- Building Rental -0- -0- 19,500 1,500 iOther 182 -0- -0- -0- Total Revenue 348,283 497,500 451,500 612,500 EXPENDITURES• Current: Personnel Services 39,372 42,420 40,830 44,900 Materials & Supplies 33 500 350 500 Contractual Services 19,327 32,800 94,650 118,250 Total Current Expenditures 58,732 75,720 135,830 163,650 Long -Term Debt: - Special Assessment Payments 14,049 134,800 67,441 70,303 Bonded Debt Service 558,142 340,000 823,300* 456,568 _ Total Long -Term Debt: 572,191 474,800 890,741 526,871 Total Expenditures 630,923 550,520 1,026,571 690,521 *Includes $255,000 required to fund escrow for 1983 Refunding Bond Issue. Wai` w- # i CHANHASSEN HOUSING AND REDEVELOPMENT AUTHORITY TAX INCREMENT FUND #460 PROPOSED 1984 OPERATING BUDGET DETAIL Estimated 1983 Contractual Services Proposed 4300 Consulting Fees 20,000 30,000 4310 Telephone 100 150 4320 Utilities 38,000 40,000* 4340 Printing and Publishing 250 500 4360 Subscriptions and Menberships 200 250 4370 Travel and Training 1,200 750 4375 Promotional Expenses 1,500 2,000 4420 Administrative Fees (Overhead) 11,100 11,900 4481 Insurance, Buildings 3,900 4,200* 4509 Remittance to Other Agencies 4,400 22,000* 4510 Repair & Maintenance -Bldg. & Grounds 14,000 2,500* 4751 Awarded Construction Contracts -0- 4,000 Total Contractual Services $94,650 $118,250 *Expenses for Operation & Maintenance of old Instant Web Building ($68,700). Year 1983 1984 1985 1986 1987 ^ 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 4� CITY OF CHANHASSEN, MINNESOTA TAX INCREMENT DISTRICT #1 (CARVER COUNTY) �/- TAX INCREMENT FUND ACTUAL /PROJECTED TAX INCREMENT COLLECTIONS 1976 through 2000 ASSUMING 100 PERCENT COLLECTION Amount Increase 8 Increase $ 412,230 $ 85,534 268 C 611,310 199,080 48 754,845 143,535 23 809,970 55,125 7 866,566 56,596 7 938,280 71,714 8 970,726 32,446 3 1,004,115 33,389 3 1,038,451 34,336 3 1,073,835 35,384 3 1,110,270 36,435 3 1,147,860 37,590 3 1,186,500 38,640 3 1,226,400 39,900 3 1,267,456 41,056 3 1,309,666 42,210 3 1,353,240 43,574 3 1,398,075 44,835 3 Schedule 1 -A ASSUMING 95 PERCENT COLLECTION Amount Increase 8 Increase $ 391,618 $ 64,922 208 580,744 189,126 48 717,102 136,358 24 769,471 52,369 7 823,238 53,767 7 891,366 68,128 8 922,190 30,824 3 953,909 31,719 3 986,528 32,619 3 1,020,143 33,615 3 1,054,756 34,613 3 1,090,467 35,711 3 1,127,175 36,708 3 1,165,080 37,905 3 1,204,083 39,003 3 1,244,182 40,099 3 1,285,578 41,396 3 1,328,171 42,593 3 CITY OF CHANHASSEN, MINNESOTA TAX INCREMENT DISTRICT X1 (CARVER COUNTY) TAX INCREMENT FUND ACTUAL /PROJECTED REVENUE, EXPENDITURES /TRANSFERS OUT AND FUND BALANCE 1976 through 2000 (Tax Increment Collections @ 100%) BEGINNING FUND BALANCE (DEFICIT) ACTUAL /PROJECTED REVENUE: Tax Increment Collections: Actual through 1982 Projected @ 1008 (Schedule 1 -A) Interest earnings Other - Net Total Revenue Total Available ACTUAL EXPENDITURES: HRA Administration (Exhibit 2) Project /Program Financing (Schedule 1 -e) PROJECTED EXPENDITURES /TRANSFERS OUT: Bonded Debt (Exhibit 3) HRA Administration (Exhibit 2) Project /Program Financing (Schedule 1 -B) Total Expenditures /Transfers Out NET TRANSACTIONS OF UNRELATED ACTIVITIES (HRA AND HISTORIC PRESERVATION DISTRICT) ENDING FUND BALANCE (DEFICIT) 4 U, G1 i Actual 1976 -79 1980 1981 1982 $ -0- $ (5,661) $ (2,341) $ 88,257 25,626 52,424 169,489 31,417 49,104 71,171 (10,588) $ (5,661) $ (2,341) $ 88,257 UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an integral part of this Schedule. JME 326,696 21,405 182 348,283 jam 436,540 JM 58,059 14,049 AM 72,108. Ilk $364,432 CITY OF CHANHASSLN, MINNESOTA Exhibit 1 Page 1 of 2 W Projected 1983 1984 1985 1986 1987 1988 1989 1990 $364,432 $ (71,196) $ (83,322) $ 39,826 $ 147,911 $ 267,361 $ 363,539 $ 406,863 412,230 611,310 754,845 809,970 866,566 938,260 970,726 1,004,115 412,230 611,310 754,845 809,970 866,566 938,280 970,726 1,004,115 776,662 540,114 671,523 849,796 1,014,477 1,205,641 1,334,265 1,410,978 700,673 466,998 2,650 130 515,264 218 25,756 52,424 172,357 25,756 46,763 170,016 109,799 31,417 20,880 46,171 -0- 28,224 25,000 31,417 49,104 71,171 (10,588) $ (5,661) $ (2,341) $ 88,257 UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an integral part of this Schedule. JME 326,696 21,405 182 348,283 jam 436,540 JM 58,059 14,049 AM 72,108. Ilk $364,432 CITY OF CHANHASSLN, MINNESOTA Exhibit 1 Page 1 of 2 W Projected 1983 1984 1985 1986 1987 1988 1989 1990 $364,432 $ (71,196) $ (83,322) $ 39,826 $ 147,911 $ 267,361 $ 363,539 $ 406,863 412,230 611,310 754,845 809,970 866,566 938,260 970,726 1,004,115 412,230 611,310 754,845 809,970 866,566 938,280 970,726 1,004,115 776,662 540,114 671,523 849,796 1,014,477 1,205,641 1,334,265 1,410,978 700,673 466,998 473,696 494,082 515,264 587,941 660,653 689,408 90,332 94,849 99,591 104,570 109,799 115,289 121,054 127,106 67,441 61,589 58,410. 103,233 122,053 138,072 145,695 152,516 858,446 623,436 631,697 701,885 - 747,116 842,102 927,402 969,030 10,588 $(71,196) $ (83,,322) $ 39,826 1 147,911 $ 267,361 $ 363,539 $ 406,863 $ 441,948 1 INT Ola:xiu'11'£M1 t vnrtvtRTCOUNxz, ACTUAL /PROJECTED REVENUE, EXPENDITURES/TRANSFERS OUT AND FUND BALANCE 1976 through 2000 (Tax Increment Collections @ 100%) 3 { - .ui%L,c�;ts, s 4 p V I- - -ITY OF__... _uASEE.. .. fNESOI�_ - Exhibit 1 Page 2 of 2 lyy> i77a $ 485,723 $ 476,314 $ 640,052 : 806,300 $1,301,289 $2,295,265 1,186,500 1991 1992 1993 1994 1,398,075 BEGINNING FUND BALANCE (DEFICIT) $ 441,948 $ 466,290 $ 481,439 $ 482,703 1,398,075' ACTUAL /PROJECTED REVENUE: 1,267,456 1,309,666 1,186,500 1,672,223 1,702,714 Tax Increment Collections: 2,115,966 2,654,529 3,693,340 Projected @ 100% (Schedule 1 -A) 1,038,451 1,073,835 1,110,270 1,147,860 922,357 Interest Earnings 162,081 162,223 170,334 178,851 Other - Net 197,183 207,043 181,136 Total Revenue 1,038,451 1,073,835 1,110,270 1,147,860 1,101,208 Total Available 1,480,399 1,540,125 1,591,709 1,630,563 PROJECTED EXPENDITURES /TRANSFERS OUT: Bonded Debt (Exhibit 3) 721,312 752,393 788,888 816,774 $1,301,289 BRA Administration (Exhibit 2) 133,461 140,135 147,141 154,498 Project /Program Financing (Schedule 1 -B) 159,336 166,158 172,977 1731568 1,058,686 1,109,006 1,144,840 Total Expenditures/Transfers Out 1,014,109 ENDING FUND BALANCE (DEFICIT) $ 466,290 $ 481,439 $ 482,703 $ 485,723 LW UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an integral part of this Schedule. 3 { - .ui%L,c�;ts, s 4 p V I- - -ITY OF__... _uASEE.. .. fNESOI�_ - Exhibit 1 Page 2 of 2 lyy> i77a $ 485,723 $ 476,314 $ 640,052 : 806,300 $1,301,289 $2,295,265 1,186,500 1,226,400 1,267,456 1,309,666 1,353,240 1,398,075 1,353,240 1,398,075' 1,226,400 1,267,456 1,309,666 1,186,500 1,672,223 1,702,714 1,907,508 2,115,966 2,654,529 3,693,340 852,550 892,328 922,357 626,883 162,081 162,223 170,334 178,851 187,794 197,183 207,043 181,136 1,195,909 1,062,662 1,101,208 814,677 359,264 207,043 $ 476,314 $ 640,052 $ 806,300 $1,301,289 $2,295,265 $3,486,297 CITY OF CHANHASSEN, MINNESOTA TAX INCREMENT DISTRICT 01 (CARVER COUNTY) TAX INCREMENT FUND ACTUAL /PROJECTED PROGRAM/PROJECT FINANCING 1976 through 1999 MIN 1 Actual IV 1976 -79 1980 1981 1982 1983 Downtown Redevelopment Land 14,541 $ 13,764 $ 12,986 $ 12,208 Acquisition: $ 10,652 5,189 4,925 4,662 Holiday (Triangular) S 7,500 3,871 3,608 14,825 Site 08 $ 25,000 11,814 �f CDR Parking Lot Study 10,961 11,912 11,275 10,638 County Road 017 Underpass 9,763 8,726 13,707 12,959 Special Assessment Reduction 11,464 10,716 9,969 9,221 Program: lift Refunds: 61,589 58,410 55,233 52,053 Fluorvare 45,695 S 11,283 Dayco Concrete 70,000 2,766 100,000 110,000 Chanhassen Lakes Business Center $ 15,579 United Mailings 30,313 Assessment Installments: Fluorvare 16,097 Dayco Concrete Chanhassen Lakes M4`kl 5,452 Business Center United Mailing: Adopted Assessments Assessments to be adopted (est.) Total Special Assessment Reduction Program 26,224 25,000 14,049 67,441 City Tax Increment Portion of Projects Related to the 1980 Temporary Bonds (transfers in lieu of general property taxes) Total Actual /Projected Expendi- tures /Transfers Out for Tax Increment Programs /Projects $ -0- $ 28,224 $ 25,000 $ 14,049 $ 67,441 UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an integral part of this Schedule. CITY OF CEANIUISSEN, MINNESOTA Schedule 1 -9 Page 1 of 2 1989 1990 $ 15,319 $ 14,541 $ 13,764 $ 12,986 $ 12,208 $ 11,430 $ 10,652 5,189 4,925 4,662 4,398 4,134 3,871 3,608 14,825 14,073 13,320 12,567 11,814 11,062 10,309 12,549 11,912 11,275 10,638 10,000 9,363 8,726 13,707 12,959 12,212 11,464 10,716 9,969 9,221 61,589 58,410 55,233 52,053 48,872 45,695 42,516 48,000 70,000 90,000 100,000 110,000 $ 61,589 $ 58,410 $ 103,233 $ 122,053 $ 138,872 $ 1451695 $ 152,516 TAX 1NCxe:MENT pfSTHICTE#1 ICAHVER COUNTY TAX INCREMENT FUND ACTUAL/PROUECTED PROGRAM/PRWECT FINANCING 1976 through 1999 Downtown Redevelopment Land Acquisition: Holiday (Triangular) Site #8 CUB Parking Lot Study County Road #17 Underpass Special Assessment Reduction Program: Refunds: Fluorware Uayco Concrete Chanhassen Lakes Business Center United Mailings Assessnent Installments: Fluorwace Dayco Concrete Chanhassen Lakes Business Center United Mailing: Adopted Assessments Assessments to be adopted (eat.) Total Special Assessment Reduction Program City Tax Increment Portion of Projects Related to the 1988 Temporary Bonds (transfers in lieu of general property taxes) Total ACtual/Projected Expenditures/ Transfers Cut for Tax Increment Programs /Projects $ 9,874 $ 9,096 $ 8,318 $ 7,540 3,344 3,081 2,817 2,554 9,556 8,803 81050 7,297 B4O89 7,452 6,814 6,177 _. 8,473 7,726 6,978 39,336 36,158 32,977 23,568 120,000 130,000 140,000 150,000 $ 159,336 $ 166,158 L172,977 L173,568 UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an integral part of this Schedule. rM 1 1` 7 I IITY (- _...�HASS -.., ..iNNES1- 1 C $ 6,762 2,290 6,544 5,540 21,136 160,000 $ 181,136 $ -0- $ -0- $ Schedule 1 -B Page 2 of 2 Total $ 7,500 25,000 10,961 9,763 11,283 2,766 15,579 30,313 148,587 50,325 128,220 108,535 103,425 599,033 1,118,000 $1,770,257 CITY OF CHANHASSEN, MINNESOTA TAX INCREMENT DISTRICT #1 (CARVER COUNTY) $5,185,000 GENERAL OBLIGATION REFUNDING TAX INCREMENT BOND OF 1983 DEBT SERVICE FUNC' 53" ACTUAL /PROJECTED REVENUE/TRANSFERS IN, EXPENDITURES AND FUND BALANCE 1981 through 1999 Ln J • iYRiMn BEGINNING FUND BALANCE ACTUAL /PROJECTED REVENUE /TRANSFERS IN Bond Praceeft Interest Earnings Transfer of Residual Bond Proceeds - Ring Road Conctruction (603) Cash Transfers: Tax Increment Proceeds Total Cash Available ACTUAL /PROJECTED EXPENDITURES: SL.. Debt Service Payments: 7� February 1st August 1st Estimated Amount Required To Fund Escrow Paying Agent Fees Total Expenditures ENDING FUND BALANCE ENDING FUND BALANCE CONSISTS OF: February 1st Payments 58 Statutory Reserve Total Actual 1981 1982 $ -0- $ 725,733 667,356 58,377 61,778 725,733 787,511 558,000 142 -0- 558,142 $ 725,733 $ 229,369 UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an integral part of this Schedule. $ 229,369 ) 143,000 700,6]3 1,0]3,042 279,000 2]9,000 265,000 300 823,300 T $ 249,]92 $ 226,929 22,813 L_241,742 oil Ir CITY OF CIIANHASSEN, MINNESOTA 198] 1988 $ 277,104 $ 288,307 466,998 473,696 494,082 515,264 587,941 716,740 733,868 757,983 792,368 876,248 226,771 236,525 239,700 251,737 261,955 229,482 233,112 240,832 251,960 261,267 315 330 347 364 362 456,568 469,967 480,879 504,061 523,604 T $ 260,172 $ 263,901 $ 277,104 $ 288,307 $ 352,644 Exhibit 3 Page 1 of 2 1990 5 371,064 660,653 689,408 1,013,297 1,060,472 320,352 337,152 321,480 336,687 401 421 642,233 674,260 $ 371,064 $ 386,212 $ 236,69D $ 239,874 $ 251,919 $ 262,146 $ 320,552 5 337,372 $ 350,998 23,482 24oO27 25,185 26,161 32,092 33,692 35,224 $.260,172 $ 263,901 $ 277,104 $ 288,307 $ 352,644 $ 371,064 $ 386,212 I IOFC JSEN, ISUrA I I I 1 - I __- _l .JITYC +HASS.. ..INNES(- 1 _ TAX INCREMENT DISTRICT N1 (CARVER COUNTY) $5,185,000 GENERAL OBLIGATION REFUNDING TAX INCREMENT BONDS OF 1983 DEBT SERVICE FUNK ACTUAL /PROJECTED REVENUE /TRANSFERS IN, EXPENDITURES AND FUND BALANCE 1981 through 1999 Proiected 1991 1992 1993 1994 7995 1996 1997 1998 1999 BEGINNING FUND BALANCE $ 386,212 $ 402,605 $ 426,472 5 445,506 $ 456,769 $ 478,782 $ 500,546 $ 517,311 S 203,572 ACTUAL /PROJECTED REVENUE/ TRANSFERS IN• Bond Proceeds Interest Earnings Transfer of Residual Bond Proceeds - Ring Road Construction (603) Cash Transfers: Tax Increment Proceeds 721,312 752,393 788,808 816,774 852,550 892,328 922,357 626;883 162,081 Total Cash Available 1,107,524 1,154,998 1,215,360 1,262,280 1,309,319 1,371,110 1,422,903 1,144,194 365,653 ACTUAL /PROJECTED EXPENDITURES: Debt Service Payments: February 1st 350,767 365,970 387,760 405,000 415,000 435,000 455,000 470,000 185,000 August 1st 353,710 362,092 381,607 400,OOD y 415,000 435,000 450,000 470,000 180,000 Amounts Required To Fund Escrow Paying Agent Fees 442 464 487 511 537 564 592 622 653 Total Expenditures 704,919 728,526 769,854 805,511 830,537 670,564 905,592 940,622 365,653 ENDING FUND BALANCE 5 402,605 5 426,472 $ 445,506 $ 456,769 $ 478,782 $ 500,546 S 517,311 $ 203,572 $ -0- 1 ENDING FUND BALANCE CONSISTS OF: F, February 1st Payments 5 366,202 $ 388,004 $ 405,256 $ 415,269 $ 435,282 $ 455,296 $ 470,311 $ 185,322 5% Statutory Reserve 36,403 38,468 40,250 41,500 43,500 45,250 47,000 18,250 Total $ 402,605 $ 426,472 $ 445,506 $ 456,769 $ 478,782 $ 500,546 $ 517,311 $ 203,572 $ -0- i UNAUDITED - SEE ACCOUNTANT'S COMPILATION REPORT The accompanying Summary of Significant Projection Assumptions is an Integral part of this Schedule. 1 „ �, S CHANHASSEN HOUSING & REDEVELOPMENT AUTHORITY 690 COULTER DRIVE • P.O.. BOX 147 • CHANHASSEN. MINNESOTA 55317 (612) 937 -1900 MEMORANDUM TO: Chanhassen BRA FROM: Scott A. Martin, Executive Director DATE: August 5, 1983 SUBJ: Proposed Reprogramming of-Community Development Block Grant Funds As we briefly discussed during our meeting of July 21, 1983, the U.S. Department of Housing and Urban Development (HUD) and Hennepin County's Community Development Block Grant staff have reviewed the results of our Housing Needs Survey and determined that we could not justify the use of CDBG funds for acquisition of property for an assisted elderly housing facility. Therefore, we are required under our agreement with Hennepin County and under federal regulations to reprogram $105,417 in CDBG funds which had been allocated for elderly housing site acquisition over the last three years. I have reviewed eligible program activities with CDBG program staff and have developed the following list of reprogramming options for your consideration and recommendation to the City Council. Proposed Eligible CDBG Program Activities 1. Land Clearance and Site Preparation: Funds could be allo- cated for partial or full demolition of the old Instant Web building. 2. Downtown Project Land Acquisition: Funds could be used for full or partial acquisition and relocation payments for any property identified for acquisition in the adopted Redevelopment Plan. The preferred acquisition would be the Huber property. CDBG funds could be used for the down payment as long as the appraised "Fair Market Value" was paid and local funds were committed to pay off the balance. Chanhassen HRA August 5, 1983 Page 2 3. Downtown Project Marketing Plan: Funds could be allocated to pay for consultant and related costs for this project as long as the plan was related solely to the Downtown. Project. (In other words, CDBG funds cannot be used to develop Chamber of Commerce promotional materials.)` 4. Housing Rehabilitation Program: A Housing Rehabilitation Grant Program could be established to assist moderate income homeowners finance basic home improvements. Grants of up to $8,250 could be awarded to owner- occupied households meeting certain income qualifications for insulation, roofing, window replacement and structural improvements. (According to a recent Housing Condition Survey conducted by the Carver County HRA at my request, 27 single - family homes in Chanhassen were identified as in need of minor or major repair. A rehab program would likely provide funds for the improvement of a number of these homes.) 5. Senior Citizen Center: Funds could be set aside for partial ; renovation costs of the old Instant Web Building as a Senior Citizen Activity Center. This project would require demonstration of income qualification of local seniors, since federal law requires that low and moderate income persons must benefit from such a program. Recommendation I recommend that Year VII, VIII, and IX CDBG funds allocated to Elderly Housing Site Acquisition be reprogrammed as follows: 1. Land Clearance and Site Preparation $50,000 2. Downtown Project Marketing Plan 15,000 3. Housing Rehabilitation Program 40,417 Total $105,417 The HRA should make a recommendation to the City Council con - cerning the proposed use of these funds. The Council will con - sider the HRA's recommendation at a public hearing scheduled for August 22, 1983. Attachment 1. Letter from Planning Area 4 Citizen Advisory Committee dated June 1, 1983. r � planning area 4 citizen advisory committee 2353 government center, minneapolis,mn. 55437 June 1, 1983 Mr. Scott Martin City of Chanhassen 690 Coulter Drive P.O. Box 147 Chanhassen, MN 55317 Dear Mr. Martin: I wish to thank you for your timely response to the Committee's request to be updated on Chanhassen's local housing needs survey, as expressed in my April 26, 1983, letter to Mayor Hamilton. Based on a review of the survey results with Larry Blackstad it is the Committee's perception that a substantial majority of the Chanhassen residents responding to the survey are satisfied with their current housing situation and would not be interested in moving into an assisted elderly housing facility should one be available in your community. it Based on the survey responses dealing with the need or market for an elderly assisted housing facility, it is the Committee's recommendation that by September 1, 1983, the City undertake a program to identify an alternative community need which can be addressed with the available CDBG funds and by January 1, 1984, complete the reprogramming of Year VII, VIII and IX funds currently allocated for the acquisition of an assisted elderly housing development site. The Committee requests that it be provided a progress report on the need identification process and reprogramming plan by November 1, 1983. If I or another member of the Committee may be of assistance in the City's consideration of these recommendations please feel free to contact me at 474 -4381. Sincerely, "THo(de, Cha Chairman Planning Area 4 Citizen Advisory Committee cc: Planning Area 4 Citizen Advisory Committee Larry Blackstad � � OF CTip..,,Vp CITY OF CHANHASSEN 690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN, MINNESOTA 55317 (612) 937 -1900 MEMORANDUM TO: Housing and Redevelopment Authority FROM: DATE: r-' SUBJ: City Manager, Don Ashworth July 25, 1983 Entertainment /Promotional Expenses City entertainment /promotional expenses are severely restricted. As a general rule, they are not allowed. The Attorney General has taken this one step further and numerous opinions exist declaring activities such as City Council entertainment, retire- ment parties, liquor, etc. as illegal uses of city funds. BRA law is significantly different. By it's nature, the BRA exists to promote commercial /industrial /residential growth within a community. Entertainment expenses are not only allowed, but recognized as a reasonable business activity. The BRA Chairman and Mayor recently met with business leaders _ within the community. The meeting was fruitful and future meetings should occur. As you are all aware, a new Metropolitan Council Chairman was selected at the first of the year. Additionally, changes in state legislation have created new commission members for our district, i.e. Metropolitan Council, MTC, and MWCC. It is impor- t tant that these people know Chanhassen, know our concerns, and know the goals we are achieving. Additionally, we need an oppor- tunity to restate our position to our State Senator, State Representative,State Commissioner of Highways. We need to do j such within a forum which is pleasant for the participants, while providing us an opportunity to gain their undivided attention. I would propose that we establish a meeting between the City Council, Housing and Redevelopment Authority and elected /appointed officials as named above. The meeting should be a dinner meeting at the Chanhassen Dinner Theatre including refreshments. Costs r should be paid by the Housing and Redevelopment Authority, if you are in agreement with this memorandum /recommendation. 7 Mayor Hamilton: The above item will be presented to the Housing and Redevelopment Authority on August llth. Should the HRA r- I favorably receive this memorandum, I would ask your help in setting the meeting date. Specifically, I believe it is crucial to have Mr. Isaacs and Mr. Braun attend. A call from yourself to each of them may provide greater impetus for them to join us with the date then being whatever date is convenient for them. I would suggest late August /early September to assure that early notices are sent to all other persons proposed to be invited. Executive Director's Comment: HRA funding of business promotional activities such as proposed by the City Manager is a legitimate use of Tax Increment monies according to HRA legal counsel. Approval of this request, up to a maximum expenditure of $1,000, is recommended. r HOLMES & GRAVEN CHARTERED 470 Pillsbury Center. Minneapolis. Micmesota 55402 r— Telephone 61L338 -1177 INVOICE 830703 JUNE 30, 1983 CH130 1 CHA'IHASSE:I HRA GENERAL I C/O CRAIG 1ERTZ 19U0 FIRST NATIONAL BANK BLDG. MINNEAPOLIS, 1"t, 55402 FOR ALL LEGAL SERVICES FROM MARCH 22, 1933 THRU JUTE 30t 1963 AS FOLLOWS: �• 3/22/33 READ KSEF:OS RE PAYMENT IN LIEU OF TAXES 3/23/c3 RESEARCH ON REAL PROPERTY TAXATION 3 /24 /83 RESEARCH RE PRGPERTY TAXES 3/25/c3 RESEARCH ON HRA REAL PROPERTY TAXES 3/23/83 HR:S REAL PROPERTY TAXES i•1EMO (- 3/27/0'3 RESEARCH OP? HRA TAX LAWS 3/30/33 DRAFT HRA REAL PROPERTY TAX ME,10 i 4/01/83 RE —DRAFT VEVC 4/07/83 .RESEARCH ON HRA TAXATION 4/08/83 RESEARCHi ON REAL PROPERTY TAXES AND HRA I EXEMPTION FORM 4/11/33 RESEARCH ON TAXES 4/15/33 WRITIt•:G LETTER RE REAL ESTATE TAXES 4/13/33 DISCUSSED h1E[d0 WITH JCU AND JSHt REVISE f 'EMO TC CHANHASSEN HRA r 5/04/83 DRAFT 5/06/33 HRA REAL PROPERTY TAX STATUS RESEARCH 5/09/83 RESEARCH TAX LAWS 5/12/d3 RESEARCH RE REAL PROPERTY TAXATION WHEN EXEMPT PROPERTY IS LEASED 5/16/33 RESEARCH ON TAXIBILITY OF HRA PROPERTY. CALL TC C. MERTZ r 5/20/83 WRITE LETTER RE EVICTION DATE OF HRA I TENANTS 5/23/33 REVIEW "IEMO 5/24/33 PHONE CALL SCCTT MARTIN r I TOTAL SERVICES: ilo5GC.O0 CITY Of CHANHASSEN MMUNITY DEVELDT'AIENT DEPT O.K, (; JSH CHANHASSEN H.R.A. A C C O U N T S P A Y A B L E 08 -22 -83 PAGE CHECK # A M O U N T C L A I M A N T P U R P O S E 019157 299.96 B R W INC FEES, SERVICE 019158 8.38 DWM GRAPHICS SUPPLIES, OFFICE 019159 1,500.00 HOLMES + GRAVEN FEES, SERVICE 019160 32.00 RUSSELL H. LARSON FEES, SERVICE 4 1,840.34 CHECKS WRITTEN TOTAL OF 4 CHECKS TOTAL 1,840.34 1 Engineering Services Legal Fees 3/22- 6/30/83 Legal Fees CHANHASSEN HOUSING & REDEVELOPMENT AUTHORITY In 690 COULTER DRIVE • P.O. BOX 147 • CHANHASSEN. MINNESOTA 55317 (612) 937 -1900 MEMORANDUM TO: Chanhassen HRA FROM: Scott A. Martin, Executive Director DATE: August 5, 1983 SUBJ: Chamber of Commerce Housing Survey Attached for your information are the results of the recently completed Housing Survey carried out by the Chanhassen Chamber of Commerce. You may wish to briefly discuss this under "new business" during next Thursday's meeting. To give the City of Chanhassen and interested builders an accurate picture of the housing needs of people working in the community, the Chanhassen Chamber of Commerce has prepared this questionnaire. Your cooperation in completing this survey will be greatly appreciated. 1. In what city do you presently live? 2. How many miles do you drive to work each day? miles each way? 3. How many minutes does it take you to drive to work each day? minutes each way? 4. Describe your housing: A. Own i. Single- family home. ii. Condominium. iii. Townhouse. B. Rent or lease i. Single - family home. ii. Condominium. iii. Townhouse. iv. Apartment. 5. What is your monthly payment or rent? $ per month. 6. How many persons live in your household? 7. Approximately how much money can you afford to pay each month for housing? (Include mortgage /rent payment, taxes, insurance). $ per month. 8. Which housing is best for you? A. Single- family. B. Apartment. C. Condominium. D. Townhouse. 9. How many bedrooms do you need? — , A. B. C. D. E. One. Two. Three Four Five or more. F:L-UL�L : UF",. +EY 560 RESPO _ES QUESTION 1 BLOOMINGTON 68 ✓ + �� /._r, \,0. CHANHASSEN 67 ✓ y : - -- MINNEAPOLIS 51 ✓ p� /� ( , RICHFIELD 21 �� CHASKA 46 V QQ a EDINA 1O V J — SHAKOPEE 25 ✓ �yL s. // 13. ✓ // � /� G,+ EDEN EDEN PkAIRIE 26 � l7 •� _ MINNETONKA 17 (OTHER CITIES) 212 (NO REPLY) 3 3 e — QUESTION 2 UNDER, 2 MILES 50 2 TO 5 MILES 72 — 6 TO 10 MILES 117 11 - 20 MILES 180 21 - 30 MILES 86 OVER 30 MILES 34 QUESTION 3 UNDER 15 MINUTES 157 15 - 29 MINUTES 215 30 - 44 MINUTES 125 45 - 60 MINUTES 39 OVER .60 MINUTES 7 F QUESTION 4 OWN HOUSE - 291 C OWN CONDO 7 OWN TOWNHOUSE 4 RENT HOUSE 74 PENT CONDO 5 r RENT TOWNHOUSE 19 RENT APARTMENT 143 - QUESTION 5 UNDER 100 10 100 - 199 49 200 - 299 72 300 - 399 111 400 - 499 67 500 - 599 36 d 600 - 699 25 © 700 - 799 12 OVER 800 8 QUESTION 6 ONE 56 _ TWO 165 THREE 136 FOUR 103 FIVE 59 SIX 18 SEVEN OR OVER 9 rQ"JES rION 7 UNDER 100 4 100 — 199 32 % >s. 200 — 299 60 300 — 399 82 400 — 499 69 �r,p 500 — 599 44 600 — 699 33 700 — 799 16 I/ yrrLi�4W OVER 800 20 f1 Y i QUESTION 8 SINGLE FAMILY 363 APARTMENT 121 CONDOMINIUM 27 TOWNHOUSE 50 QUESTION 9 ONE 86 TWO 186 THREE 203 FOUR 50 FIVE OR MORE 5 QUESTION 10 YES 264 NO 245 QUESTION 11 NEW EMPLOYMENT 50 LIVE CLOSER 226 PAYMENTS HIGH 40 NEED SPACE 47 LIKE CHANHASSEN 69 OTHER. 49 QUESTION 12 COULDN'T FIND 66 COULDN'T AFFORD 99 COULDN'T SELL 11 TAXES TOO HIGH 35 OTHER. 72 QUESTION 13 YES 193 NO 249 CITY OF CHANHASSEN RECEIVED AUG 4 COMMUNITY DEVELOPMENT DEPT