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Home My WebLink About1985 09-30 EBFAMEMORANDUM TO: File ' FROM: Brad Hoffman, Administrative Assistant DATE: September 30, 1985 SUBJECT: Ryan Development on Earle Brown Farm Prior to any development agreement with Ryan Construction, the party's involved, namely Ryan Construction, the Brooklyn Center BRA and the City of Brooklyn Center, must conclude a maximum level of development based upon peak hour traffic generation. At the meeting today representing the developer were Jim Ryan of Ryan Construction and Deane Wenger of Barton-Aschman and Associates. Representing the City/BRA were Gerald Splinter, Sy Knapp, Brad Hoffman, Ron Warren and Bo Spurrier from the City and Bob Byers from Short-Elliot-Hendrickson Inc. A memorandum from Short-Elliot dated September 24, 1985 was distributed which outlined maximum development under three (3) options. Maximum development using a 1.9 office trip rate per 1,000 and assuming an elderly development would allow a maximum office development of 250,600 square feet. Using a 2.2 trip rate the maximum development would be 159,500 square feet. Dean Wenger from Barton-Aschman Associates made the Ryan case for using a lower trip figure in the area of 1.5 trips per 1,000 based upon the amount of corporate space within the area. The Ryan position argued that a potential 400,000 square feet of office is possible. Following our discussion, it was agreed that: ' 1. Ryan construction will construct one (1) office building of 6 . 120,000 square feet. Construction to start in early 198 2. The maximum size of the second phase of Ryan Construction's office development will be determined at a future date and will take into consideration actual site trip generation numbers. 3. Total trip generation during "peak p.m. hours" will not exceed ' s 3,200 trips in T.A.Z. 13, 14, 15, 17 and 18 as defined in SEH study report dated May 6, 1985. ' i 00 t 4. r ps Subject to the total trip generation requirement of 3,2 during peak hours, the City/HRA will attempt to maximize the Ryan second phase office development to include pm peak hour ' trip generations reserved for but not used on the Earle Brown Farm and the residential development per SEH study report of May 6, 1985. CITY OF BROOKLYN CENTER, MN $3,800,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985 A DATED: 11/ 1/1985 MATURE: 2/ 1 PREPARED SEPTEMBER 30, 1985 BY SPRINGSTED INCORPORATED 8.750$ ANNUAL ANNUAL LEVY INCREMENT SURPLUS/ CUMULATIVE ANNUAL LEVY MATURE PRINCIPAL INTEREST TOTAL (105%) INCOME (-DEFICIT) SURPLUS LEVY (1) (2) (3) (4) (5) (6) (7) l8) (9) (10) 1985 1987 0 415,625 415,625 427,928 427,927* 1- 0 1 1986 1988 0 332,500 332,500 345,904 345,904* 0 0 0 1987 1989 135,000 332,500 467,500 490,875 545,710 54,835 54,835 0 0 1988 1990 180,000 320,688 500,688 525,722 577,463 51,741 106,576 1989 1991 225,000 304,938 529,938 556,435 610,169 53,734 160,310 0 1990 1992 280,000 285,250 565,250 593,513 643,856 50,343 210,653 0 .1991 1993 335,000 260,750 595,750 625,538 678,554 53,016 263,669 0 1992 1994 400,000 231,438 631,438 663,010 714,293 51,283 314,952 0 1993 1995 470,000 196,438 666,438 699,760 751,104 51,344 366,296 0 0 1994 1996 545,000 155,313 700,313 735,329 789,019 53,690 419,986 1995 1997 630,000 107,625 737,625 774,506 828,071 53,565 473,551 0 1996 1998 600,000 52,500 652,500 685,125 868,296 183,171 656,722 0 1997 1999 0 0 0 0 909,727 909,727 1,566,449 0 1998 2000 0 0 0 0 952,401 952,401 2,518,850 0 1999 2001 0 0 0 0 996,355 996,355 3,515,205 0 2000 2002 0 0 0 0 1,041,627 1,041,627 4,556,832 0 2001 2003 0 0 0 0 1,088,258 1,088,258 5,645,090 0 2002 2004 0 0 0 0 1,136,288 1,136,288 6,781,378 0 2003 2005 0 0 0 0 1,185,759 1,185,759 7,967,137 0 X2004 2006 0 0 0 0 1,236,714 1,236,714 9,203,851 0 2005 2007 0 0 0 0 1,289,197 1,289,197 10,493,048 0 2006 2008 0 0 0 0 1,343,255 1,343,255 11,836,303 0 TOTALS: $3,800,000 $2 ,995,565 $6,795,565 $7,123,645 $18,959,947 $11,836,302 $1 BOND YEARS: 34,235 ANNUAL INTEREST COST: $2,995,565 * INCLUDES CAPITALIZED N AVERAGE MATUR ITY: 9.01 DISCOUNT (PREMI UM): $72,200 INTEREST OF $233 ,990 AVG. ANNUAL R ATE: 8.961% TOTAL INTEREST COST: $3,067,765 (EXEMPT FROM OVERLEVY) C F Y D r r r r r r r r~ r ~r r r r~ r r r r r CITY OF BROOKLYN CENTER, MN PREPARED OCTOBER 1, 1985 $7,000,000 GENERAL OBLIGATION BY SPRINGSTED INCORPORATED TAX INCREMENT BONDS, SERIES 1985 A DATED: 11/ 1/1985 MATURE: 2/ 1 8.750% ANNUAL ANNUAL LEVY INCREMENT SURPLUS/ CUMULATIVE ANNUAL LEVY MATURE PRINCIPAL INTEREST TOTAL (105%) INCOME (-DEFICIT) SURPLUS LEVY (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 1985 1987 0 765,625 765,625 777,928 777,928* 0 0 0 1986 1988 0 612,500 612,500 625,904 625,905* 1 1 0 1987 1989 0 612,500 612,500 638,486 638,486* 0 1 0 1988 1990 120,000 612,500 732,500 769,125 819,686 50,561 50,562 0 1989 1991 165,000 602,000 767,000 805,350 859,659, 54,309 104,871 0 1990 1992 220,000 587,563 807,563 847,941 900,831 52,890 157,761 0 1991 1993 280,000 568,313 848,313 890,729 943,238 52,509 210,270 0 1992 1994 345,000 543,813 888,813 933,254 986,917 53,663 263,933 0 1993 1995 420,000 513,625 933,625 980,306 1,031,907 51,601 315,534 0 1994 1996 500,000 476,875 976,875 1,025,719 1,078,246 52,527 368,061 0 1995 1997 590,000 433,125 1,023,125 1,074,281 1,125,976 51,695 419,756 0 1996 1998 690,000 381,500 1,071,500 1,125,075 1,175,137 50,062 469,818 0 1997 1999 795,000 321,125 1,116,125 1,171,931 1,225,773 53,842 523,660 0 1998 2000 915,000 251,563 1,166,563 1,224,891 1,277,929 53,038 576,698 0 1999 2001 1,045,000 171,500 1,216,500 1,277,325 1,331,648 54,323 631,021 0 2000 2002 915,000 80,063 995,063 1,044,816 1,386,980 342,164 973,185 0 2001 2003 0 0 0 0 1,443,972 1,443,972 2,417,157 0 2002 2004 0 0 0 0 1,502,673 1,502,673 3,919,830 0 2003 2005 0 0 0 0 1,563,135 1,563,135 5,482,965 0 2004 2006 0 0 0 0 1,625,411 1,625,411 7,108,376 0 2005 2007 0 0 0 0 1,689,556 1,689,556 8,797,932 0 2006 2008 0 0 0 0 1,755,624 1,755,624 10,553,556 0 TOTALS: $7,000,000 $7,534,190 $14,534,190 $15,213,061 $25,766,617 $10,553,556 $0 BOND YEARS: AVERAGE MATURITY: AVG. ANNUAL RATE: 4 86,105 ANNUAL INTEREST COST: $7,534,190 *INCLUDES CAPITALIZED 12.30 DISCOUNT (PREMIUM): $133,000 INTEREST OF $956,768 8.904$ TOTAL INTEREST COST: $7,667,190 (EXEMPT FROM OVERLEVY) N n c r - m v r 1 r f EARLE BROWN FARM REDEVELOPMENT PLAN STATUTORY AUTHORITY The statutory authority for the activities proposed in the Earle Brown Farm Redevelopment Plan is conferred upon the Brooklyn Center Housing and Redevelopment Authority (HRA) by the Minnesota Housing and Redevelopment Authority Act, M.S. ' 462.411. More specifically, M.S. 462.515 establishes the requirement that a redevelopment plan be prepared by an HRA prior to undertaking property acquisition, relocation, and redevelopment. ' LEGAL DESCRIPTION AND MAP OF THE PROJECT AREA The Earle Brown Farm Redevelopment Area is illustrated by Figure 1. The Property ' Identification Numbers of the parcels contained within the Project area are as follows: ' 02-118-21-11-0001 02-118-21-21-0003 0002 35-119-21-43-0002 02-118-21-12-0001 0004 ' 0002 0005 0003 0006 0004 0007 0005 35-119-21-44-0001 0006 0007 0007 ' Beginning at the Northwest corner of Tract A, Registered Land Survey No. 1300, thence North 50 degrees 26 minutes 13 seconds West along the Westerly extension of the Southerly right of way line of John Martin Drive to its intersection with the Westerly right of way line of Shingle Creek Parkway, thence Northeasterly along said ' Westerly right of way line to a point of intersection with the Westerly extension of the Northerly boundary line of Lot 1, Block 2, Brookdale Corporate Center, thence Easterly along waid extension of said Northerly boundary line of said Lot 1, Block 2 ' to the Northeast corner of said Lot 1, Block 2, thence South 87 degrees 14 minutes 38 seconds East a distance of 704.75 feet, thence South 4 degrees 05 minutes 50 seconds West a distance of 16.90 feet to the Northerly right of way line of Earle Brown Drive, thence Southerly and Westerly along the Easterly and Southerly right of way line of said Earle Brown Drive, extended across Summit Avenue North, continuing and to the most Westerly corner of Tract M, Registered Land Survey No. 1325, thence continuing Southwesterly along the extension of said right of way line of said Earle Brown Drive ' to the Southwesterly right of way line of John Martin Drive, thence Northwesterly along said right of way line of said John Martin Drive to the point of beginning. rENTRAL PARK Ac civic IY HALL ' A 51 j' HENN.CO.LIBRARY AND GOVT. SERV. CENTS a ~ v i" NO. 10 l~ r~ s 0 PLO Q e i Earle Brown Farm / Redevelopment District / v FIGURE I ~R F W 0 e GRANDVIEW E PARK \ a : V 1 Y ' PUBLIC PURPOSE ' The Brooklyn Center City Council has determined that public intervention is necessary in the Earle Brown Farm Redevelopment District in order to remedy conditions of economic obsolescence, physical blight, under utilization of land and extensive soil corrections which the private sector has not been willing or able to accomplish. Numerous traffic hazards and pedestrian conflicts exist and need correction. The Earle Brown Farm, a state historical site, is in dire need of extensive restoration work in order to preserve it as a functional, economically viable development for future generations. A survey conducted by Ms. Sharon Schmickle of the University of Minnesota in 1981 for the City of Brooklyn Center indicates that 77.9 percent of those Brooklyn Center residents surveyed favored the preservation of the Earle Brown Farm site. Further, 75.4 percent of those surveyed favored the City of Brooklyn Center taking an active role in preserving the farm buildings and 51.5 percent favored the use of tax dollars to preserve those buildings. SOCIAL, PHYSICAL AND ECONOMIC OBJECTIVES GOALS AND OBJECTIVES Goal A: To provide decent, safe and sanitary housing for persons of low and moderate income. Objective A-1: Promote development of 269 rental units A-2: Promote availability of 20% of new units for low and moderate income persons Goal B: To provide governmental assistance to eliminte slum and blight to include: inadequate street layout, incompatible use or land use relationships, overcroding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health safety and general well being of the community. Objective B-1: Physically rehabilitate the Earle Brown Farm buildings B-2: Arrange buildings and uses on the Farm site so as to preserve "Mall" area which is an architecturally significant space within the Farm site B-3: Seek a re-use(s) of the Farm site that will, to the extent possible be consistent with other goals, preserve the interior spaces and character of the buildings B-4: Preserve on the site historic memorabilia and provide informational display(s) explaining the history of the site. ' Goal C: Provide an on-going benefit to the residents of Brooklyn Center and those who may frequent the area. ' Objective C-1: Seek a re-use of the Farm buildings that will maximize access and/or use by the general public C-2: Program activities (tours, cultural events, etc.) at the site that will be open to the general public. Insure by covenant that any private owner of the site will allow such publicly programmed ' activities if not provided by the owner C-3: Allow, as necessary, off-site directional signery for the Earle ' Brown Farm to increase public awareness of the Farm's location and historic character . Goal D: Arrive at development on and adjacent to the Farm site that is appropriate ' to the locational setting of the Farm site. Objective D-1: Seek well-designed development on land adjacent to the Earle Brown Farm that will preserve important sight lines leading to and from the Farm site D-2: Seek through land covenant and/or official controls an appropriate scale of development adjacent to the Earle Brown Farm site D-3: Seek development on and adjacent to the Farm site that will bring about land uses compatible with other land uses in the area ' D-4: Seek development that will meet regional as well as local needs and demands thereby drawing a wider segment of the public to the Farm site and to adjacent businesses. ' Goal E: Arrive at a rehabilitation and re-use of the Earle Brown Farm site that is economically viable and/or accomplishes public goals at minimum public expense. Objective E-1: Solicit proposals from metropolitan developers that provide designs and uses consistent with public goals and enumerate project costs and public financial participation in a manner that can be readily compared E-2: Select a design and development proposal that maximizes public benefits for the least public cost E-3: Select means of financing that minimize dependence on the property tax increment generated within the district. I Goal F: Improve the aesthetic character of the district for both automobile travelers and pedestrians. Objective F-1: Install streetscape improvements such as decorative lighting, trees, sidewalks, benches, planters, signals, etc., that will enhance the visual experience of those traveling within the ' public right-of-way F-2: Provide low-interest loans to area businesses for rehabilitation of deteriorated buildings and sites within the tax increment financing district F-3: Seek through land covenants, official controls, site plan ' reviews, and financial incentives, the highest quality of building design and landscaping with new developments in the district. Goal G: Increase the amount of land available for high density residential development. Objective G-1: Consider proposals for the Earle Brown Farm property that may include high density residential development. Goal H: Traffic Considerations DEVELOPMENT ACTIVITIES The following development and redevelopment program would be anticipated and would be supportive of the goals and objectives of the Redevelopment Plan. * Retail Development 200,00 square feet of gross retail space 1,200 parking spaces * Housing for the Elderly 267 units * 267 parking spaces * Redevelopment Earle Brown Farm as a Senior Community Center and/or other public use PUBLIC INTROMENT PLAN The following physical improvements will be made in the Earle Brown Farm Redevelopment Area by the City of Brooklyn Center to support private construction activities, improve traffic circulation, encourage better land use, create an aesthetically pleasing environment, and foster the social objectives outlined in the Redevelopment Plan. ADDENDUM A ' FIGURE LI 1 .J _ TAX .11mcT .0,.. CITY MALL/ com ouMUNln CENTER . f EAALE BROW FARM LIBRARY ; j ' - s ODE/ENTRY a 'OPTIONAL _alWwT w. - 3 RESIDENTIAL • - NODE PR.,. v....v ' RESIDENTIAL CORE BLOCK NODE NODE/ENTRY s i NODE/ENTRY I M. I.T. All. T~ w. All. s A, A; 'J\ ENTRY o ENTRY/ } ` s CSA. i ITT. A-Y. l TAX'.CAL-T OiST-T \OOYDA\ i I h ~ . OO 4~ p 44f ] lA-. DA ' EXISTING SDEW ALX 1 PROPOSED SIDE W ALX Mp;;Z-Y _i, •T~• DATE' YAPOI TI.f085 Earle Brown Farm Street Seape TAX INCREMENT DISTRICT STUDY Illy CITY OF ~ BROOKLYN C>=LATER. MN. ' 1. Street Improvements A. Traffic Signals ' a. Shingle Creek Parkway and Summit Avenue b. Shingle Creek Parkway and John Martin Drive c. Summit Drive and Earle Brown Drive East d. Summit Drive and Earle Brown Drive West e. John Martin Drive and Earle Brown Drive B. Road Improvements a. Bituminous Resurfacing of Shingle Creek Parkway between I-94 and John Martin Drive. ' C. Water System Improvements D. Sanitary Sewer System a. Sanitary Sewer System Evaluation study of all sanitary sewers ' within the district. ' E. Streetscaping and Sidewalk (See Figure II) F. Earle Brown Farm Renovation a. Renovation and preservation of the Earle Brown Farm with the Barn and Hippodrome being used as a Senior Community Center. LAND USE The Redevelopment Plan would not change the land use pattern in the Tax Increment Financing District except that the Earle Brown Farm site would be rehabilitated and used in a manner more intense than its present underutilized state. No street relocations are contemplated. Development of most remaining vacant parcels is expected to be of a commercial nature, either retail or high-rise office. There is also the potential of high-rise residential development adjacent to the Earle Brown Farm site on land. which is presently zoned I-1 and designated in the City's ' Comprehensive Plan for high-rise office. ' The Earle Brown Farm historic site, as described in the state register of historic places, is contained on an 11.5 acre parcel. An office building of approximate 1920's vintage that was used by Earle Brown is located on an adjacent 3.5 acre parcel. These parcels are being acquired by the City for redevelopment. In ' addition to the historic Earle Brown Farm site, there is excess land area which will be sold for private development. Any private development on these parcels will be in appropriate aesthetic and functional relationship to the rehabilitated Earle Brown Farm site, whether the overall land use be of a commercial or residential nature. ' To better insure that the land use in the vicinity of the Earle Brown Farm site is compatible with the rehabilitation of the Farm and with surrounding developments, the City will solicit proposals for redevelopment of the Farm site. These proposals should set forth various uses that could occupy each of the existing farm ' buildings. Such proposals should also specify site improvements on a site and landscape plan and the cost of all building and site improvements. An evaluation of the land use as well as other aspects to these proposals will be made by the Planninc Commission and the L-arle Brown Farm Task Force advisory to the City Council. 1 Evaluation of development/redevelopment proposals will be made in light of the City's Comprehensive Plan. The Plan presently recommends high-rise office use on the land where the Earle Brown Farm site presently exists and on adjacent property north of Summit Drive. Proposals which involve alternate uses, if chosen, will have to contain a land use analysis justifying an amendment to the City's Comprehensive Plan. One such land use has been obtained from Bennett, Ringrose, Wolsfeld, Jarvis, Gardner (BRW). ENVIRONMENTAL IMPACT The environmental impact of the proposed redevelopment activities is expected to be minimal and, on balance, positive. Beneficial effects of the redevelopment project include: -Restoration and re-use of a historic site listed on the Minnesota Register of Historic Places -Aesthetic enhancement of public rights-of-way within the district -Pedestrian traffic in the district will be better accommodated -Land with unstable soil will be improved to make it buildable for high density housing -Preservation of wetlands adjacent to development Possible adverse effects resulting from redevelopment activities include: -Potential development of land not in accordance with the City's current Comprehensive Plan. It should be noted that the City does not intend to approve such development without a review and amendment of the Comprehensive Plan. ACQUISITION, RELOCATION AND CLEARANCE ACTIVITIES It is the intent of the HRA to acquire the Earle Brown Farm in order to assure its renovation and preservation. Professional property appraisers will recommend a fair market value for the property, and the owner will have a right to obtain independent appraisals. No condemnation will take place. Businesses and residents whose property is acquired and are dislocated because of such acquisition will be assisted with their relocation. PROJECT ADMINISTRATION The Earle Brown Farm Redevelopment Project will be administered by N1r. Gerald G. Splinter, City Manager, under the direction of the HRA. REHABILITATION PROGRAM It is proposed that the Housing and Redevelopment Authority in and for the City of Brooklyn Center assist in the rehabilitation of deteriorated commercial structures within the District. Financial assistance may be provided in the form of low interest loans and possibly matching grants. All rehabilitation performed under this program will meet the requirements of state and local building codes. RELOCATION PROGRAM All relocation activities of the Earle Brown Farm Redevelopment Project will be in conformance with the Minnesota Uniform Relocation Act (M.S. 117.50-.56) and a relocation plan will be provided. MAINTENANCE OF THE PROJECT AREA Activities proposed for the Earle Brown Redevelopment Project Area will be maintained by the City of Brooklyn Center and the Brooklyn Center HRA through the use of Tax Increment Financing, Community Development Block Grant funds, Municipal State Aid Roadway funds, special assessments and other sources of revenue. EARLE BROWN FARM TAX INCREMENT FINANCING DISTRICT FINDINGS OF FACT 1. The Earle Brown Farm Tax Increment Financing District is a Redevelopment ' District. The proposed District meets the qualifications set forth for a Redevelopment District in M.S. 273.73, Subd. 10(2). That the following conditions are reasonably distributed throughout the District. a. One hundred (100) percent of the Parcels within the Earle Brown Farm Redevelopment District are occupied by buildings, streets, utilities, or other improvements. b. At least twenty (20) percent of the buildings are structurally substandard as defined by M.S. 273.73, Subd. 10(5)(6). Eight (8) of the sixteen ' buildings within the district are determined to be substandard. c. At least another thirty (30) percent of the buildings are in need of ' substantial renovation or clearance in order to remove existing conditions such as inadequate street layout, vehicular and pedestrian safety hazards, parking inadequacies, incompatible land uses or land use relationships, overcrowding of buildings on the land, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health, safety, and general well being of the community. Specifically, five (5) ' buildings, or 31 percent of all buildings in the district are in need of substantial renovation. Determinations were made by on site inspections and subject to a structural analysis report. ' The Earle Brown Farm Complex is in need of immediate renovation in order to assure its preservation. The preservation of this historic site has been given a high priority by the residents of Brooklyn Center according to the 1981 Brooklyn Center 1 Resident Survey. Certain properties maybe unsuitable for development without public assistance because of the need for extensive soil corrections. Vacant buildings occupy other parcels. STATEMENT OF OBJECTIVES ' The objective of the housing and Redevelopment Authority in and for the City of Brooklyn Center for the improvement of the Earle Brown Farm Tax Increment District are set forth in the accompanying Redevelopment Plan. ' PROPERTIES TO BE INCLUDED IN THE TAX INCREMENT FINANCING DISTRICT The Earle Brown Farm Redevelopment Area is illustrated by Figure III. The Property Identification Numbers of the parcels contained within the Project area are as follows: ' 02-118-21-11-0001 02-118-21-21-0003 0002 35-119-21-43-0002 02-118-21-12-0001 0004 ' 0002 0005 0003 0006 0004 0007 0005 35-119-21-44-0001 ' 0006 0007 0007 FIGURE III \ C NTRAL. ,rPARK ~V.t~`\``\~ i civic 1, CENTER \ ~~k~ HIAT Y \ 'HENN.CO.L.IBRARY AND Q GOVT.SERV.CENTEa ~ Ov ux C17~ u J t NO. 10 . F. O,Q Z' s~ O Q i o¢ Earle Brown Farm Redevelopment District W a r •r q:! ' Q GRANDVIEW E PARK 7 I ~r t ._j - SUMMIT Beginning at the Northwest corner of Tract A, Registered Land Survey No. 1300, thence North 50 degrees 26 minutes 13 seconds West along the Westerly extension of the Southerly right of way line of John Martin Drive to its intersection with the Westerly right of way line of Shingle Creek Parkway, thence Northeasterly along said Westerly right of way line to a point of intersection with the Westerly extension of the Northerly boundary line of Lot 1, Block 2, Brookdale Corporate Center, thence Easterly along waid extension of said Northerly boundary line of said Lot 1, Block 2 to the Northeast corner of said Lot 1, Block 2, thence South 87 degrees 14 minutes 38 seconds East a distance of 704.75 feet, thence South 4 degrees 05 minutes 50 seconds West a distance of 16.90 feet to the Northerly right of way line of Earle Brown Drive, thence Southerly and Westerly along the Easterly and Southerly right of way line of said Earle Brown Drive, extended across Summit Avenue North, continuing and to the most Westerly corner of Tract M, Registered Land Survey No. 1325, thence continuing Southwesterly along the extension of said right of way line of said Earle Brown Drive to the Southwesterly right of way line of John Martin Drive, thence Northwesterly along said right of way line of said John Martin Drive to the point of beginning. ACQUISITION PLAN Property will be acquired within the Earle Brown Farm in order to accomplish the renovation objectives set forth in the Redevelopment Plan. Properties to be acquired include 35-119-21-44-0001 and 35-119-21-44-0002. All acquisition activities will be according to applicable state and federal regulations. A professional appraiser will recommend fair market value for each property to be acquired and owners will have the right to obtain independent appraisals and contest the offer in a Court of Law. RELOCATION PLAN No relocation activites are anticipated during the proposed project. Should relocation become necessary, it will be done in accordance with the Minnesota Uniform Relocation Act. One (1) business and one (1) resident are located within the boundaries to be acquired. TAX INCREMENT DISTRICT FINANCE PLAN The financial feasibility of the proposed redevelopment program described earlier, utilizing a Tax Increment Financing Program will be analyzed in this section. Tax increment financing will be used for the acquisition and renovation of the Earle Brown Farm, its maintenance, the streetscaping plan, and necessary soil corrections. ESTIMATED PROJECT COSTS The estimated project costs are based soley upon those projects involving expenditures on the part of either the City or HRA. Table I represents the total redevelopment costs including the cost of acquiring all privately held land within the district. The costs also include interim finance costs based upon assumptions outlined in this section under "Revenue Sources". ANTICIPATED DEVELOPMENT 1. Construction of 130,000 square feet of retail (Target) is anticipated along Shingle Creek Parkway between the intersection of Summit Drive on the north and John Martin Drive on the south. Current zoning is C-2. It is anticipated that construction will begin in the summer of 1985. See Figure IV. ENTRAL 1 PARK A Xt civic CENTER CITY -i \ \ k HALL' U i C~ Vll~ i / HENN. CO. LIBRARY AND GOVT. SERV. CENTE K \L F \ v//xZZZ/, W 0 Z O 04 Y/ l GRANDVIEW JE PARK 04' ` PV v r I F d i NO. 10 Target Site cr- 4 iY FIGURE IV ooo~ - ' 2. Construction of 267 units of senior apartments. The project is to be ' constructed on the Earle Brown Farm site. The land is presently zoned I-1 and will necessitate a rezoning to R-7. Construction to start in the spring of 1987. See Figure V. ' 3. Construction of 67,000 square feet of retail on the parcels located on Summit Drive and Earle Brown Drive. Present zoning is C-2. Construction to begin in 1988. See Figure VI. ' 4. Construction of 135 multi-family rental units on the Earle Brown Farm site. Present zoning is I-1 and will require rezoning to R-7. Construction start ' is anticipated in 1990. See Figure VII. 5. Renovation of the Earle Brown Farm. Acquisition is anticipated by the summer of 1985• Renovation of the existing building will start in the ' spring of 1986. See Figure VIII. 6. Traffic Light Installation. See Figure IX. TABLE I ESTIMATED PROJECT COSTS f y , 'r r \ V ' 1. Earle Brown Farm Acquisition V $2,250,000 ~ r~`. r Redevelopment U 2,000,000 -r~~ t7 0> _WD ' Maintenance Fund 500,000 Administration (5%) 239,000 Consultants/Legal 30,000 ' Contingency 501,900 subtotal $5,520,900 ' 2. Area Wide Streetscaping $ 500,000 3. Area Wide Public Improvements $1,300,000 ' 4. Financing Costs Issuance $ 30,000 Capitalized Interest 1,127,928 ' Discount (3%) 215,365 subtotal $1,373,293 TOTAL $8,694,193 - REVENUE SOURCES ' The primary revenue source for the acquisition and redevelopment of the Earle Brown Farm and the streetscaping plan for the District will be tax increment financed bonds. Also available for the acquisition of the Earle Brown Farm are Community Development Block Grant Funds and land sales. C -k - .vv 2, ) j FIGURE V CENTRAL ~PARK o Q, -4r-f CIVIC CENTER C , \ \k HALL ~C ku erll OL] ~o e¢ Q o~ rr X k SUMM{T 07, HENN. CO. LIBRARY ~T AND GOVT. SERV. CENTS NO. 10 Residential Development Site X E GRANDVIEW E PARK S 1 t ~ ~ l CENTRAL PARK ~i C {CENTER C{TY ~ H AL L F . -A V 'A 'HENN. CO.LIBRARY AND GOVT. SERV. CENTE a Cl II I NO. 10 Commercial Retail Site GRANDVIEW PARK \ a FIGURE VI -7 4"**N I rl ENTRAL ~ PARK 1 civic CITY HALL i t V! 1. 'HENN. CO. LIBRARY AND GOVT.SERV.CENTE -Ca a 1 r~ efz k y ~ FIGURE VII /s (r~ SUMMIT rr D ~L U~ oft am w 7 0 2 3 O V~ ~o Q a¢ Q a -f ON I e i XGRANDVIEW E PARK i\ c NO. 10 j Future Residential/Office Site FIGURE VIII \~k /CENTRAL ~ PARK i civic CENTER CITY HALL Y f ' HENN. CO. LI BRARY AND GOVT.SERV.CENTE i ra ~ L i \S~ ~X SUMMIT . 1 w r~ O~ \L F ~r 2 3 0 moo. / e o¢ ~v v r ~I i 0 a L \I ~ GRANDVIEW E PARK 'Y\ NO. 10 ► Earle Brown Farm Historic Site I CENTRAL \ \ PARK ~t Y ~Y -,V CIVIC CENTER 1 ~C CITY H AL - A ~k HENN. CO. LI BRARY AND GOVT.SERV.CENTE C v i~ l 1 1 1 NO. 10 l'. JlC3 FIGURE IX eooooo v~ 2 10 aI GRANDVIEW PARK Traffic Signal Site The revenue source for other primary public projects will be special assessments, Municipal State-Aid Roadway Funds and local roadway funds. Possible future redevelopment loans and soil correction projects would be funded with tax increment dollars but such projects would not be bonded for. ' For the acquisition of the Earle Brown Farm, it is anticipated that $680,000 in Community Development Block Grant Funds would be available. Land sales for the development of elderly rental units are estimated at $650,000. ' The estimated captured value is based upon development completed and fully assessed by 1991. In addition to the capture of the increment from new development, it is anticipated that additional increment will be obtained from increased values, both ' new and existing development, during the life of the district. It is assumed that assessed values will increase at three (3) percent annually. ' Based upon the estimated assessed value captured (see Table II) within the district a bond issue for twenty (20) years at ten (10) percent with four (14) years of interest payment only would result in a maximum bond issue of $7.14 million. ' It is the intent to retain the Tax Increment District and Redevelopment District for twenty-five (25) years. IMPACT ON TAXING JURISDICTION The mill rates for all authorities collecting taxes within the Earle Brown Farm Tax Increment District are listed on Table III. School District 286 accounts for almost half of the total mill rate. See Table III. TABLE II MILL RATES - ALL AFFECTED ENTITIES JURISDICTION City of Brooklyn Center Hennepin County Brooklyn Center School District 286 Vocational Tech Miscellaneous Hennepin County Park Hennepin Regional Railroad Authority Metro Council Metro Transit Mosquito Control Park Museum TOTAL 1985 MILL RATE 16.506 29.262 19.332 1.1490 5.181 101.771 I The net annual affect upon the various taxing entities, assuming a total capture of the tax increment would be as follows: ' City of Brooklyn Centerr Brooklyn Center School District 286 Hennepin County ' Vocational Tech Miscellaneous TOTAL r $ 1140,151.73 1420, 088.21 2149,391.96 13,0014.79 1414,216.29 r l ~ r J $ 866,852.98 ASSESSED VALUES The current assessed value of the Earle Brown Farm Tax Increment District is $7,634,564. The Assessor's estimated market value for new development within the District is $28,118,000. Upon completion of all redevelopment/development within the District it is estimated that the total captured assessed evaluation will be $8,486,000. See Table III. SUMMARY ' Based upon the proposed development program, potential public expenditures of $8,694,193 will result in $22,118,000 in private sector development over the next five (5) years. Revenue sources available for public expenditures have been identified including a $6 million dollar General Obligation Tax Increment Bond. As shown in the Tax Increment Cash Flow Analysis (Addendum B), the fund for the ' project improvements would retain a minimum balance of $125,000. The full capturable tax increment will be dedicated to the debt service of the District. Excess tax increments may be used to repay bonds prior to their maturity. A factor in the financial feasibility of the proposed redevelopment district is the use of Community Development Block Grant Funds and the sale of land to the private sector. Investment revenue can be maximized from the unexpended balance of the bond fund in order to reduce the amount of capitalized interest accruing to the project. TABLE III ASSESSOR'S ESTIMATED VALUE FOR NEW DEVELOPMENT Estimated Year Fully Market Assessed Estimated Assessed Component Value Value Tax 1988 Elderly Rental $ 7,609,000 $2,587,000 $213,600 1988 Retail $ 7,034,000 $3,025,000 $313,500 Target - 130,000 square feet 1990 Retail $ 3,685,000 $1,585,000 $163,900 67,000 1993 Market Rent $ 3,790,000 $1,289,000 $106,400 133 Units $22,118,000 $8,486,000 $ 797,400 Current Capture Tax Increment $ 62,301 $151,299 $ 52,000 $261,500 $ 28,475 $135,425 $ 31,150 $ 75,250 $173,926 $623,474 1 u LtG}.tT1NG= ~ ` DEST,RtA,N PE S N ' -BOLLARDS ' 1 , 4 l ANTtNGS. pL CURB REP, +aRATE TREE T YPIC AL !N1ToU T IcTIRIC ~ 1 CRE~~'aT - . A►~ IN PA~t ~--1- SpE+CtAL RED) tBRtC . INS ' 10 F i W000 pLA r' Et~jGVNE~RiNG Ci TREE GRATES 8~ TREES 3 / ' / SPECIAL I0 j U PAVING fa \ o rti- /f DRIVEWAY - - 0 Q f BE JCH St EL TER BENCH ? LIGHTS / SPE :IAL - PAVING m cc m o m = %6 U V ' CORNER NODE PLAN PARKING LOT BERM BUS STOP PLAN PLANS ' 1 INCH - 20-FEET Mal ~.c PERSPECTIVE - CORNER NODE ' TYPICAL STREET FURNISHINGS '~I WITH WALL J~.~. _ BOULEVARD TREES TAX INCREMENT DISTRICT STUDY w • PROPOSED SaEwAUt - r WESTWOOD PLANNING & ENGINEERING COMPANY EARLE BROWN FARM STREETSCAPE - TAX INCREMENT DISTRICT STUDY BROOKLYN CENTER, MINNESOTA MARCH 11, 1985 ' I. BRIEF ANALYSIS ' A. The Earle Brown Farm is presently and should continue to be the focal point of the area. B. Development around the farm can generally be described by the ' following: 1. Free standing commercial, public services, and residential uses generating much vehicular and pedestrian movement resulting in high visibility of entire area. 2. Relatively large structures, on large lots, with expansive parking lots. 3. Wide green strips between the street curbs and private parking lots which have been dealt with by a variety of berming and planting treatments. 4. Automobile orientation with a lack of pedestrian accomodations. Existing sidewalks in the area are not well connected. Several commercial uses and services in the area are not serviced by sidewalk. Existing sidewalks are ' dimly lit and lack benches or visual amenities. 5. Several uses in area that will generate pedestrian traffic, ie., two residential developments, City Hall/Community Center, library, movie theatre, Earle Brown Farm, Pizza shop, etc. II. GOALS ' A. Create a continous pedestrian system link major pedestrian generators, which will include physical and visual amenities, ' ie., lighting, benches, ornamental plantings, and shade trees. B. Develop a visual identity serving to unify and distinguish the area. . C. Establish an image of high quality development serving to benefit entire area. ' 7415 WAYZATA BOULEVARD. MINNEAPOLIS. MINNESOTA SS426 (612) 5460155 March 11, 1985 Page 2. III. RECM ENDATIONS A. Additional sidewalks as shown on plan. 1. Connecting existing sidewalks and servicing new areas. 2. The block bounded by Summit Drive, John Martin Drive, Shingle Creek Parkway, and Earle Brown Drive has been treated as a core block of the area with sidewalks on both sides of the street. B. The pedestrian system could be punctuated at important nodes and entry points by means of special amenities (see 8'1/2 x 11" typical node plan). I. Special amenities could include benches, special paving, trees, tree grates,-bollards, pedestrian scale lighting, and ornamental plantings. 2. Expanding on the character of the Earle Brown Farm, the use of brick red paving coloration and white street furnishings is recommended. 3. For purposes of economy, the number of pedestrian lights is proposed to be most dense at nodes and entry points. The lighting at the Earle Brown Farm should match rest of area. 4. Boulevard trees should be planted at a 50 foot minimum planting interval. 5. The use of textured concrete retaining walls for the dual purpose of berming and seating. <A WESTWOOD PLANNING & ENGINEERING COMPANY STREETSCAPE - PRELIMINARY COST ESTIMATE EARLE BROWN FARM ' TAX INCREMENT FINANCING STUDY Based on the concepts of: A. 18 roughly similiar "nodes" of improvements, each including 1,200 square feet.of special (red) paving, 10 bollards of precast concrete, 6 pedestrian scale decorative lights, 2 decorative trees grates, 4 precast concrete benches, seating/retaining walls and 32 shrubs. 1 B. Street trees on R.O.W. through out, at approximately 501 on center. C. New 5' sidewalks (10,500 lineal feet). ' D. Design fee's, legal, financing and contingency. The following breakdown is provided: ' 1. Special paving $ 135,600.00 2. Bollards 80,000.00 3. 4. Pedestrian lighting Tree grates 237,600.00 36,000.00 5. Benches 43,200.00 6. Shrubs 17,200.00 7. Trees (400) 96,000.00 8. New sidewalks 116,000.00 9. Demolition and restoration 27,000.00 10. Seating/retaining walls 53,600.00 ' 11. 12. Construction subtotal Fee's, legal, financing, $ 842,200.00 contingency: 15% 126,330.00 GRAND TOTAL $ 968,530.00 7415 WAYZATA BOULEVARD, MINNEAPOLIS. MINNESOTA 55426 (612) S46015S