HomeMy WebLinkAbout6.q. Payment Agreement with Alpine Capital, LLC for Development Costs in GlenRose SubdivisionAGENDA ITEM: Payment agreement with Alpine Capital,
LLC for development costs in GlenRose
subdivision
A NDA SECTION:
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PREPARED BY: Dwight Johnson, City Administrator
AGENDA NO. (1-
ATTACHMENTS: Payment Agreement; Council packet
information from April, 2010
APPROVED BY:
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RECOMMENDED ACTION: Motion to approve the Payment Agreement with Alpine
Capital, LLC and authorize the Mayor and City Clerk to execute it.
4 ROSEMOUNT
CITY COUNCIL
City Council Regular Meeting: February 15, 2011
EXECUTIVE SUMMARY
BACKGROUND
In April, 2010 staff advised the Council that Dean Johnson, the developer of GlenRose, a condo
development located at Highway 3 and 140th Circle across from the Community Center, was financially
unable to meet his obligations for the development. No new development has occurred in the last several
years. Two buildings of six units each were initially constructed, but only eight of the twelve units were
finished. Last year, it appeared that building Kurt Manley was interested in helping to solve the problems
in this development, but he was unable to get the needed cooperation from other parties. Alpine Capital,
LLC held the letter of credit for this subdivision and refused a claim on its letter of credit for the
development costs. Subsequently, the City Attorney was instructed to file a judgment lien against the
holdings of Alpine Capital, LLC which was approved by the court. In the Fall of 2010, City staff entered
into discussions with Alpine Capital, LLC about a plan to pay off the required development costs. A
current estimate of these costs can be found in paragraph 5 of the agreement on page 2 and is estimated to
be in the $200,000 $250,000 range. On February 9th, staff was informed that Alpine Capital, LLC will
agree to the attached Payment Agreement as prepared by the City Attorney.
DISCUSSION
The Payment Agreement generally provides that Alpine Capital, LLC will make a combination of monthly
payments of $5,000 per month and special one -time payments of $20,600 upon the sale of each of five
units, which together will be sufficient to pay all of the obligations of the development to the City. The
obligation of Alpine Capital, LLC also includes accrued interest as determined by the court. The
agreement is for the actual costs of items listed in paragraph 5. Further, Alpine Capital, LLC is to pay all
outstanding costs by April 1, 2012, making the City whole in less than 14 months. Also, at least $125,000
of the obligation must be paid by October 1, 2011. Some payments have already been made in previous
months to help satisfy the obligations, and Alpine Capital, LLC is receiving credit for prior payments. In
return for these payments, the City will release its judgment liens allowing Alpine Capital, LLC to continue
to liquidate its holdings. If Alpine Capital, LLC does not make payments as provided in the agreement,
the City retains its ability to retain or reinstate the liens.
RECOMMENDATION
Staff and the City Attorney consider this Payment Agreement a reasonable outcome that will make the
City whole by April, 2012. The current situation leaves the City unfunded for its costs and leaves an
unfinished, deteriorating infrastructure that may cause additional problems in the future if not addressed.
The agreement allows Alpine Capital, LLC a reasonable time to sell its holdings in an orderly manner and
does not prevent the City from reinstituting the judgment liens if the agreement is not carried out. Finally,
the agreement prepares the way for the rest of the development to eventually be finished when economic
conditions improve. Accordingly, it is recommended that the Council approve the Payment Agreement as
presented.
2
AGENDA ITEM: GlenRose Development Issues
AGENDA ECTION:
PREPARED BY: Dwight Johnson, City Administrator
AGENDA NO. 2 -i
ATTACHMENTS: map, letter, exhibit "b letter of credit list
APPROVED BY:
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RECOMMENDED ACTION: Information item
4 ROSEMOUNT
CITY COUNCIL
City Council Workshop Meeting: April 14, 2010
EXECUTIVE SUMMARY
BACKGROUND
The GlenRose development is a condo development located just east of Highway 3 adjacent to Erickson
Park. Dean Johnson Homes is the developer of the property. For the last 2 -3 years, the developer has
been unable to financially meet the agreed upon obligations for developing the subdivision, including final
paving of the streets, and issues relating to the storm sewer pipe, retaining walls, erosion control, wetlands,
and other items. Two buildings were constructed with six units m each building. Only 8 of the 12 units
have been completed. An additional 64 units are planned. The other four units are partially constructed
to the drywall stage, but have no cabinets and no plumbing or electrical fixtures, and no finished floors.
The City halted building permits due to unsatisfactory progress on the required subdivision improvements.
A demand was made on the letter of credit for the subdivision held by Alpine Capital. This demand was
refused due to Alpine Capital claiming insufficient assets to honor the letter of credit. Recently, Kurt
Manley, a builder /developer in the South Metro area, has requested building permits to complete the four
partially complete units in the existing buildings. Staff has been in discussions with him regarding the
conditions under which he might proceed as well as longer range strategies for how the development
might move forward in the future.
DISCUSSION
The situation is complicated by the existence of a variety of creditors and interested parties. At this time,
there is no party, including Mr. Manley, who appears ready and able to take over the full responsibility for
the entire development which is now the legal responsibility of Dean Johnson Homes. Staff is reviewing
what circumstances might be acceptable to allow at least some build out to continue under the current
circumstances. Staffs biggest current concern with the unfinished physical development work on site is
that portions of the investment already made in the infrastructure, such as the streets, will rapidly
deteriorate if no action is taken to finish them to proper specifications. This will make a bad situation
worse if the development continues to sit idle for the next few years. Further discussions with Mr. Manley
are anticipated before the workshop meeting, and staff plans to review and update these issues with the
Council at the workshop meeting.
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4ROSEMOUNT
November 10, 2009
Kurds Manley
Fair Market Homes
764 Southcross Drive West
Burnsville, MN 55306
Re: GlenRose of Rosemount
City Project #397
Dear Mr. Manley:
As follow up to our October 26, 2009 meeting regarding the GlenRose of Rosemount development,
this letter's purpose is to define Public Infrastructure and Developer Improvement items as
specified in the Subdivision Agreement between the City of Rosemount and GlenRose Investments,
LLC for the GlenRose of Rosemount plat, dated December 5, 2005, and the necessary completion
of these items as they pertain to the future issuance of building permits and Certificates of
Occupancy within the development. The following listed items do not supersede the original
requirements as set forth in the GlenRose Subdivision Agreement, and all items must be completed
under each section.
Items to be addressed prior to any future issuance of Certificates of Occupancy far the
existing units within the development
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$80,000. 420,337-.58 to- release retainage and final contract with RKI, Inc. Current
development fund account shortage of $55,218.25. Approximately $5,000 additional
to cover future administrative, engineering, wetland monitoring, and legal expenses.
Additional funds will need to be forwarded to the City upon request per the terms of
the Subdivision Agreement as future costs are incurred.
o Fin
SPIRIT OF PRIDE AND PROGRESS
PUBLIC WORKS DEPARTMENT
11 .1_1_ 'i
$28,000. Includes spot curb and sidewalk replacement for damaged areas,
adjustment of utility structures within the roadway prior to paving, and roadway
striping.
o Miscellaneous grading /erosion control /clean up. Repair slope erosion at northeast
corner of site, silt fence removal, and remove abandoned utility pole from site.
o Replacement Letters of Credit from a bank or other type of approved securities to
cover the cost of all outstanding developer funded responsibilities per the
Subdivision Agreement.
2875 145th Street West Rosemount, MN 55068 4997.651- 423 -4411 TDD/TTY 651- 423 -6219 Fax 651- 322 -2694
www.d.rosemount.mn.us
Items to be funded or addressed prior to any future issuance of Building Permits for new
structures within the development:
0
inspection requests. Currently, a Wetland Replacement Order has been issued for
the site by the Minnesota Board of Water and Soil Resources (BWSR) and
Department of Natural Resources this is no longer being handled by the City of
Rosemount and failure to comply may result in deed restrictions against the property
that do not allow further construction activity.
o Submittal of an as -built grading record plan for the entire site, prepared and certified
by a Professional Engineer or Registered Land Surveyor, to be reviewed and
approved by the City.
o Inspection and repair if necessary of storm sewer adjacent to pond retaining wall
affected by retaining wall construction.
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o Inspection and repair. if necessary. ofietaining walls. Separation and cracking within
the walls is apparent on the hammerhead turnaround wall in the southeast comer of
the site. Submittal of an inspection report prepared by a structural engineer will need
to address this separation and identify any necessary repairs.
o Installation of streetlights.
o Completion of landscaping, per City- approved landscape plan.
If you have any questions or concerns regarding this letter, please feel free to contact me at 651 -322-
2724.
Sincerely,
Morgan 'i awl:' PE
Assistant 'ty gineer
cc: Dwight Johnson, City Administrator
Andrew J. Brotzler, Director of Public Works /City Engineer
Kim Lindquist, Community Development Director
Charlie LeFevere, City Attorney
Jeff May, Finance Director
Dean Johnson, GlenRose Investments, LLC
John Hanson, GlenRose Investments, LLC
2
G: \ENGPROJ \397\Manley Letter 11- 9-09.doc
No.
Item
Cost
110%
Calculation
1
Grading and Erosion Control
37,660
41,426
$3500 /acre 10.76 acres
2
Pond Restoration and Erosion Control Removal
25,000
27,500
Minimum $25,000
3
Survey Monumentation
6,500
7,150
$500/lot 13 lots
4
Retaining Wall
50,000
55,000
Estimate
5
Landscaping
53,500
58,850
Per Rick Pearson
6
Street Lights
36,000
39,600
9 lights $4000 /1i ht
7
Buffer Monumentation
500
550
10 si a s $50 /si:
8
Park Equipment/Improvements
9
Wetland Restoration/Mitigation
1,400
1,540
.07acres $20,000 /acre
10
Wetland Monitorin
10,000
11,000
Ci En: ineer Estimation
Total
220,560
242,616
No.
Item
Cost
Calculation
1
Park Dedication
228,000
76 units .04 $75,000
2
GIS Fees
4,180
$55 /unit 76 units
3
Storm Sewer Trunk Char :e
57 203
$60156 oss devel able acre 9.51 acres
5
Sanitary Sewer Trunk Area Charge
11,244
$1045 /acre 10.76 acres
6
Watermain Trunk Area Charge
45,300
$4210 /acre 10.76 acres
Total
345,927
No.
Item
Cost
Calculation
1
Engineering Fees
150,989
17% of the Construction Cost
2
Attorney Fees
2,500
Estimate
3
5% City Fees
44,409
5% of Construction Cost
4
Street Light Energy Cost
1,080
9 lights 24 months $5 /month
5
Seal Coating
1,812
$0.60 /SY 3020 SY
Total
S 200,790
No.
Item
Cost
110%
Calculation
1
Estimated Construction Cost
888,170
976,987
Based on actual construction cost
2
Less Initial Cash Deposit
(150,000)
Total
S 826,987
Letter of Credit for Developer Improvements
Letter of Credit for Public Infrastructure
EXHIBIT B (Page 1 of 2)
G:\ENGPROJ\397 \Subdivision Calcs
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PAYMENT AGREEMENT
This Agreement is made as of the day of February, 2011, by and between the City of
Rosemount, Minnesota, a Minnesota municipal corporation (the "City and Alpine Capital,
LLC, a Minnesota limited liability company "Alpine
WITNESSETH:
WHEREAS, the City is a party to a subdivision agreement entitled SUBDIVISION
AGREEMENT GlenRose of Rosemount dated December 5, 2005 (the "Development
Agreement between the City and Glenrose Investments, LLC (the "Developer and
WHEREAS, certain of the obligations of the Developer under the Development
Agreement are secured by a letter of credit (the "Letter of Credit issued by Alpine; and
WHEREAS, due to a default by the Developer under the Development Agreement, the
City attempted to draw on the Letter of Credit, which draw was not honored by Alpine; and
WHEREAS, the City brought suit against Alpine and secured a judgment in the amount
of $203,500.00, which judgment was entered on August 4, 2010 and docketed in Dakota County
on August 9, 2010; and
WHEREAS, Alpine asserts that it does not have sufficient liquid assets to pay said
judgment; and
WHEREAS, Alpine does have an interest in various real properties (the "Real
Properties which have been represented by Alpine to be as shown on the attached Exhibit One,
and which interests in real property are subject to prior security interests in favor of U.S. Bank
and others; and
WHEREAS, Alpine is in the process of selling the Real Properties and wishes to be able
to do so free of any judgment lien in favor of the City; and
WHEREAS, the City is willing to release judgment liens upon the sale of the Real
Properties subject to the terms and conditions hereinafter set forth.
NOW, THEREFORE, on the basis of the premises and the mutual covenants and
promises hereinafter set forth, the parties agree as follows:
1. The City acknowledges previous payments in partial satisfaction of the judgment as
follows:
5,000.00 on September 20, 2010
5,000.00 on October 11, 2010
1,500.00 on 2010.
380371v5 CLL RS220 -178
1
$18,500.00 upon execution of this Agreement.
2. By the 5 day of each month commencing in March 2011, Alpine will pay the City the
sum of Five Thousand Dollars ($5,000.00).
3. Alpine owns, or has an interest in, the following properties in the City of Rosemount:
Units 1204, 1205, 1206, 1702 and 1705, CIC No. 535, Glenrose Condominiums, a
common interest community located in the County of Dakota, Minnesota
"Rosemount Properties Upon sale of each of the units of the Rosemount Properties or
execution of a contract for deed for sale of any units of the Rosemount Properties, Alpine
will pay to the City, from the proceeds of sale at closing, the sum of Twenty Thousand
Six Hundred Dollars ($20,600.00). The City acknowledges that some of these units have
not yet been completed and that Alpine cannot sell those units without receiving, or
without the buyer receiving, a building permit and that the units cannot occupied until the
City issues a certificate of occupancy. Until all units are sold, Alpine will maintain
sufficient heat in the units to assure that pipes do not freeze. The City will issue building
permits and certificates of occupancy for which Alpine has met all legal requirements for
the units in the Rosemount Properties, but not for other units in the Glenrose
Subdivision.
4. The obligations of Alpine under the judgment and under this Agreement shall continue to
accrue interest at the judgment rate until paid. Payments shall be applied first to accrued
interest to the date of payment and then to reduce the principal amount remaining due.
5. The City will apply payments made by Alpine for expenses of enforcing and performing
the obligations of the Developer under the Development Agreement and of Alpine under
the Letter of Credit and this Agreement, including the following:
a) Legal expenses of enforcing the Development Agreement, efforts to secure
payment of the Letter of Credit, the expenses of litigation of the suit on the Letter
of Credit, expenses of negotiating, administering and enforcing this Agreement,
and all related legal expenses. Expenses incurred by the City prior to January 5,
2011 are included in the Development Fund (paragraph c. below).
b) Final payment to RKI $20,337.58
c) Reimbursement of Development Fund $59,430.06 as of January 5, 2011.
Additional costs will be incurred for the administration of completing work items
noted.
d) Final lift on public streets $30,000.00 (estimate)
e) Miscellaneous grading and cleanup $2,000.00 (estimate)
Wetland monitoring and completion of obligations under WCA. It will be
necessary to comply with the Wetland Conservation Act "WCA for
development of the subdivision. The Developer has not complied with the
approved Wetland Replacement Plan. Compliance with WCA is not the
obligation of the City. However, the City is the Local Government Unit as
380371v5 CLL RS220 -178
2
defined in Minnesota Statutes, section 103G.005, Subd. 10e for administration of
the WCA in Rosemount. If the City elected to perform Developer's obligations,
costs incurred that could be charged against the judgment would include,
generally: 1) evaluation of action needed to comply with the approved Wetland
Replacement Plan; 2) undertaking any work required; 3) five years of monitoring
the success of the replacement wetlands; and 4) performing any other work
required to comply with the WCA. The estimated cost of five years of monitoring
is $7,500. Other costs are unknown.
g) As built grading plan. The City requires a grading plan to confirm that the mass
grading has been performed and completed in accordance with the approved plans
for the subdivision. (This is not the same as the as -built survey required after
buildings are constructed.) Since the earlier survey work for the subdivision was
done by Lauk and Associates, the most cost effective way of completing this work
would probably be to contract with that firm, which may be able to provide an
estimate.
h) Storm sewer. Upon review of the results of inspection of the damaged storm
sewer, the City has concluded that the cracks do not require that the sewer be
reconstructed at this time but that the damage will shorten the expected useful life
of this public utility from approximately 75 years to 40 years. Accordingly, the
City will accept the sewer line into the City's storm sewer utility system upon
payment of $24,000.
i) Replacement of sidewalk $11,000 (estimate)
j) Retaining wall. The damaged retaining wall will have to be surveyed by a
qualified structural engineer to determine necessary repairs. The cost of repairs
will depend on the project specifications prepared by the engineer.
k) Installation of streetlights $7,500 (estimate)
1) Completion of landscaping
m) Add wear course on private streets $23,600 (estimate)
i. Burgundy Way: 140 Circle to Burgundy Court
ii. Private Driveway: Burgundy Way to Dead End North
iii. Burgundy Court: Burgundy Way to 140 Circle
n) Installation of street name signs $3,000
Nothing herein shall impose on the City the obligation to perform these or any other
obligations of Developer under the Development Agreement. Whether to undertake such
work, and the methods, means and standards of such work if the City does elect to
undertake it, is in the sole discretion of the City.
6. The City will execute a satisfaction of judgment upon complete payment of either:
a) The amount of the judgment plus accrued interest, or
b) Payment by Alpine of all expenses of the City listed in paragraph 5 hereof plus
accrued interest.
380371v5 CLL RS220 -178
3
7. If Alpine is not in default under this Agreement, and payments made by Alpine exceed
the total amount of expenses incurred by the City plus accrued interest, the amount of any
excess payments will be returned to Alpine within 30 days of final determination by the
City of the amounts of all costs listed in paragraph 5.
8. If Alpine's total payments, excluding interest, do not total One Hundred Twenty -Five
Thousand Dollars ($125,000) by October 1, 2011, Alpine shall pay to the City the
difference between One Hundred Twenty -Five Thousand Dollars ($125,000) and the
principal amount paid by October 1, 2011. Payment of such additional sums shall be due
on or before November 1, 2011.
9. Alpine will pay to the City all sums remaining under this Agreement by the first to occur
of either a) April 1, 2012, or b) the sale by Alpine of properties listed on Exhibit One
having a value, as shown on Exhibit One, of Ten Million Dollars ($10,000,000) (the
earlier of which is hereafter referred to as the "Final Due Date If by the Final Due
Date the total City expenses incurred as described in paragraph 5 of this Agreement have
not been finally determined, Alpine will pay to the City the amount of the judgment plus
accrued interest less payments previously made. If the final costs incurred by the City in
accordance with paragraph 5 are determined to be less than the amount paid by Alpine,
Alpine will be repaid in accordance with paragraph 7.
10. As long as Alpine is not in default under this Agreement, the City will execute and
deliver releases of judgment liens for sales of lots of the Real Properties upon the request
of Alpine and will forbear pursuit of any other remedies for collection of the judgment
against Alpine.
11. In the event of default by Alpine, this Agreement shall be void and of no further force or
effect except that Alpine will be credited with a partial satisfaction of judgment for
payments previously made by it. Specifically, but without limiting the foregoing, upon
default by Alpine, the City will no longer be obligated to issue releases from judgment
liens for sales of property by Alpine and Alpine's obligation will be to pay the remaining
amount of the judgment, plus accrued interest, notwithstanding that the amount of
expenses incurred by the City as described in paragraph 5 may be less than such amount,
and the City may pursue any remedies available at law or equity for collection of any part
of the judgment that has not been paid by Alpine.
12. Upon execution of this Agreement, the City will return to Alpine any outstanding original
Letters of Credit issued by Alpine in connection with the Glenrose development.
13. From time to time upon receiving a request from or on behalf of Alpine, the City agrees
to promptly execute a Partial Satisfaction of Judgment confirming the then remaining
balance due on the judgment.
380371v5 CLL RS220 -178
4
IN WITNESS WHEREOF, the parties hereto, by their authorized representatives, have
hereunto set their hands as of the date and year first above written.
380371v5 CLL RS220 -178
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ALPINE CAPITAL, LLC
By:
Its Managing Partner
CITY OF ROSEMOUNT
By:
Its Mayor
And by:
Its Clerk
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