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HomeMy WebLinkAbout4.a.6. Presentation of Business Park Development Issues Research 4 '` CITY OF ROSEbiOIINT ` EXECUTIVE SUbIlKARY FOR ACTION PORT AUTHORITY MEETING DATE: APRIL 5, 1994 AGENDA ITEM: PRESENTATION OF BUSINESS PARK AGENDA SECTION: DEVELOPMENT ISSUES RESEARCH OLD BUSINESS PREPARED BY: JOHN MILLER, AGENDA NO. ECONOMIC DEVELOPMENT COORDINATOR 4 . A. (�) ATTACHMENTS: MEMO FROM ERIC LEBOW APPROVED BY: � At an earlier meeting the members of the port authority requested information about area business parks. This included size, land prices, availability of local financial assistance, and "development mistakes. " Eric LeBow has completed that work having visited with neighboring and adjacent cities as well as other fast growth suburbs located on the north side. Mr. LeBow' s memo is attached. RECOI�Il�lENDED ACTION: None. Discussion item. PORT AIITHORITY ACTION: ,. Memorandum To: Port Authority members From: Eric LeBow Economic Development Intern Date: 3/28/94 Re: Business Park research results Per our last meeting on March 15, 1994 and at your request, I have been gathering and analyzing data on metro area business and/or industrial parks . The data was gathered through a random telephone survey and includes a total of eleven communities and fifteen business parks . Results: (see attachment) Conclusions: Acreage: The median size business/industrial park in the sample is 93 acres . Occupancy: The median occupancy rate is 66 percent. Price: The median price per square foot is $1. 00 or $43 , 560 per acre. The average, or "mean" is $1.43 per square foot or $64, 468 per acre. Financing: Of the communities surveyed, all but one (Eagan) currently use Tax Increment Financing or some other form of incentive. Promotions: Eight of eleven communities (730) use some form of promotions (ie. brochures, advertisements) . Most create their own material "in-house. " Do different: Seven of eleven communities (64%) stated they would do nothing different. Many of the communities contacted were in the early stages of business/industrial park development and to date have not experienced serious problems . Of those in late stage development who expressed contentment, most stated the number one reason for success was strict building guidelines . Of the faur communities which expressed discontent (Hastings, Eagan, Chaska, Farmington) , three stated the number one reason for infirmity was the inexistence of stringent building guidelines to preserve uniform aesthetics . Metro Busiaess Parks Apple Valley (1) Apple Valley Business Park Acres : 80 Occupied: 26 acres Uses: . Light industrial, office, fabrication. Price: $2 . 00/sq. ft. ($87, 120/acre) Financing: Tax increment Promotions : None Do different : None (2) Apple Valley Industrial Park Acres : 40 Occupied: 20-24 acres Uses : Light industrial, office, warehouse. Price: $2 . 00/sq. ft . ($87, 120/acre) Financing: Tax increment Promotions : None Do different: None Cottaae Grove Acres : 600 Occupied: - Uses: Heavy use {extremely flexible) Price: $ . 34 - $ .96/sq. ft. ($15, 000-$45, 000/acre) Financing: Tax increment, revolving loan, lease back. Promotions : Twin Cities Real Estate Expo, aerial photos, checklist of available land, maps . Do different : None �ioodburv (�l Acres : 120 Occupied: 120 acres Uses: Standard industrial, office, warehouse, showroom, research and development . Price: $1.50 - $2 . 00/sq. ft. ($68, 000 - $87, 120/acre) Financing: Tax increment Promotions : None, more demand than supply. Do different: None (2) Acres : 30 Occupied: 29 acres Uses : Standard industrial, office, warehouse, showroom, research and development . Price: $1 .50 - $2 . 00/sq. ft. ($68, 000 - $87, 120/acre) Financing: Tax increment Promotions : None, more demand than supply. Do different : None Hastinas (1) Hastings Industrial Park Acres : 137 Occupied: 72 acres Uses : Industrial, warehouse, service, lumber yard, office. Price: $ . 34/sq. ft . ($15, 000/acre) Financing: Tax increment Promotions: Info packets/mailer, advertisement- -Corporate Report, Minnesota Real Estate Journal . Do different : Establish more stringent building guidelines to preserve aesthetic quality (uniform design code) . Lenient guidelines set a precedent .� Eagan (1) Acres : Land in Eagan is zoned "Industrial . " No "Parks" exist. Occupied: - Uses : Industrial, office, research and development. Price: $ . 84 - $1. 36/sq. ft. ($36, 589 - $59 , 241/acre) Financing: None Promotions : None Do different : Establish a uniform design code. New Brighton (1) Acres: 20 Occupied: - Uses: Light industrial, office. Price: 2 . 00/sq. ft . ($87, 120/acre) . Financing: Tax increment Promotions: Consultant {Opus) designed print material and created a Corporate Report to define New Brighton' s "image. " Do different: None Lakeville (1) Air Lake Business Park Acres : 1, 500 Occupied: 1, 000 acres Uses : Heavy industrial Price: $ . 75 - $1. 00/sq. ft. ($32, 670 - $43 , 560/acre) Financing: Tax increment Promotions : In-house Do different: None (2) Fairfield Business Campus Acres: 86 Occupied: - Uses : Corporate headquarters, light manufacturing. Price: $ . 86 - $1 . 00/sq. ft. ($37,461 - $43 , 560/acre) Financing: Tax increment Promotions : In-house Do different : None Roseville (1) Acres : 33 Occupied: very low Uses : - Price: $1 . 85 - $5 . 50/sq. ft. ($80, 586 - $239 , 580/acre) Financing: Tax increment Promotions : In-house and consultant. Do di f f erent: None Chaska (1) Lakeview Industrial Park Acres: 22 Occupied: 21 acres Uses : Light industrial, commercial . Price: $1 . 00/sq. ft. - $2 . 00/sq. ft. ($43 , 560 - $87, 120/acre) Financing: Tax increment Promotions : In-house (general and specific brochures) . Do different : Establish more stringent building guidelines (uniform design code) . (2) Crosby Industrial Park Acres : 100 Occupied: 100 acres Uses: Office, manufacturing, food service. Price: $1. 00 - $2 . 00/sq. ft. ($43, 560 - $87, 120/acre) Financing: Tax increment Promotions: In-house (general and specific brochures) . Do different: Require more parking for future growth. Farmington (HR.A) Acres: 500 available, 43 in Phase I of VI Occupied: 9 of 15 parcels Uses : Light Manufacturing, warehouse, office Price: $ . SO/sq. ft . ($34, 848/acre) Financing: Tax increment Promotions: Trade shows, brochures (in-house) . Do different : Phase I would have included an additional 157 acres . Lino Lakes Acres: 100 Occupied: - Uses : Light industrial, general industrial . Price: $ .90/sq. ft. ($39 , 204/acre) Financing: Tax increment Promotions : Brochures, signage {mostly in-house) Do different: None Statistical Aaalysis Land Prices: Range: $ . 34 - $5 .50/ sq. ft. ($15, 000 - $239 , 580/acre) Mean: $1.43/sq. ft. ($64, 468/acre) Median: $1. 00/sq. ft. ($43, 560/acre) Mode: $2 .00/sq. ft . ($87, 120/acre) Def initions: Mean = The average of the prices. Median = The midpoint of all the prices (is less influenced by extreme values) . Formula = n+l/2 Mode = The price which occurs most often. nEGIONAL LOCATION FIGUP.E 1 , f r----- -- tRMEL '-1 . ' 1 ST.iRl1NC15 I I LINWOOD I � � E►ST tttMEl � IBURNS i O�K GROvE ----� � I � 1 ' � _���� ANOKA CO. / eowMeus � e�rsc� � •NOOKR X�1ILAKE .I f0lLSi LA[E I NEW SCANOIA �OQEST�nKE I ! 1 — � I D�tTON AM KA \ M ��\ YatIN M 15/N \ �ERS � CN�M LIM COON Q11►105 �CEIITERYILLE - . I lLAINE \I M^r �uco M4MOVCY �EXIN6TON c� t n s WqSXINGTON CO. 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Political Boundaries, 1990 3 S►RIM6 IARK 9 YOYMG 17 F�LCON NEI6NTS 25 G[Y LAKf 2 oeoMo 10 RO��IMSOAIC 18 rENDOT� 26 ptcr�000 ANOKA (`,OU��v Sounda 3 rusEro�K��c�cw 11 5�lING LAR[M�K 19 uL70��[ 27 wH�TE BE�R •� ry ♦TMKA�AT 12 u.S.GovT. 20 GRE�C�OUO 28�At10lT oRowo MU�tCI al Bounda 5 GCC[LSIO! 33 MIlLTO► 22 LAMDFALL 29 WI�LLtNiE P �Y ' 6 6R[LMMOOD 11 COLYrtI�NlIGMTS Y2 O[LIWOOD 30 O�K►11RK NLtGMTS u,_oE_ _Townshi BoundaN 7 OOOOLAND 15 ST.�MTMOMT � ►IME S►RIN65 31 L�K[LAIID SNOlES — P 'J 8 IIEDIC�N[UR[ 16 IAYD[RD�L[ 24 u�NTOY[OI 32 ST.IIA�t'S WIIIT , Rosemount Port Authority OPTT(JN #1 Business Park Development Project Steady Sale of Land Land Sale Cashflow Projections 1994 Land Price (per sq. ft.) $0.30 . Land Sale Price Inflater 3.OQ`%a REVENUES EXP�NSES Land Net Land Total LegaU Tqtal Annual Acres Sq. Ft. Annual 7ax Annual '93 Bond Marketing Annual Surplus Account Yr Sold Price Revenue l.ev�r Other* Revenue Payments Ex�ense ExPense (deficit) Balance 1993 0.00 0.00 4 0 0 0 0 Q 0 0 0 1994 3.59 0.30 46,958 0 0 46,958 Q 0 0 46,958 46,958 1995 3.59 Q.31 48,366 0 0 4$,366 61,733 Q 61,733 (13,387) 33,591 1996 3.59 0.32 49,$17 0 0 49,$17 61,895 0 61,895 (12,U78) 21,513 1997 3.59 0.33 51,312 0 0 51,312 60,485 0 60,485 (9,173) 12,340 1998 3.59 0.34 52,851 0 0 52,851 83,985 0 63,985 (11,134} 1,2�7 1999 3.59 0.35 54,437 0 0 54,437 62,165 0 62,165 (7,728) (6,521) 2000 3.59 0.36 56,070 0 0 56,070 60,275 0 60,275 (4,205) (10,727) 2001 3.59 0.37 57,752 0 0 57,752 63,350 0 63,350 (5,598) (16,325) 2002 3.59 0,38 59,485 d 0 59,4$5 61,110 0 61,110 (1,625} (17,950) 20Q3 3.59 0.39 61,269 0 0 61,269 63,810 0 63,8t0 (2,541) (20,491) 200a 3.59 0.40 63,107 0 0 63,107 61,155 0 61,155 1,952 (18,539) 2005 3.59 0.42 65,000 0 0 65,000 63,455 0 63,455 1,5�L5 (16,993) 2006 3.59 0.43 66,950 0 0 66,950 60,405 0 fi�,405 6,545 (10,448) 2007 3.59 0.44 68,959 0 0 68,959 62,305 0 62,305 6,654 (3,794) 2008 ' 3.59 0.45 71,028 0 0 71,028 63,840 0 63,840 7,188 3,394 53.90 873,362 0 0 873,362 869,968 0 869,968 'Other sources of revenue could include TIF,"Local Effort"TIF, Sale of Ponding Easements. Prepared by SPRINGSTED, InC. 4/5/94 Rosemount Port Authority OPTION #1a Business Park Development Project Steady Sale of Land Land Sale Cashflow Projections 1994 Land Price (per sq. ft.) $0.25 Land Sale Price Inflater 6.50% REVENUES EXPENSES Land Net Land Total LegaU Total Annual Acres Sq. Ft. Annual 7ax Annual '93 Band Marketing Annual Surplus Account Yr Sold Price Revenue Levy Other* Revenue Payments Expense Expense (deficit) Balance ,ssa a.oa o.00 0 0 0 0 0 0 0 0 0 1994 3.59 0.25 39,131 0 0 39,131 0 0 0 39,131 39,131 1995 3.59 0.27 41,675 0 0 41,675 61,733 0 61,733 (20,058) 19,073 1996 3.59 0.28 44,384 0 0 44,384 61,895 0 6t,895 (17,511) 1,562 1997 3.59 0.30 47,269 0 20,000 67,269 60,485 0 60,485 6,784 8,346 1998 3.59 0.32 50,341 0 2Q,000 70,341 63,985 0 63,985 6,356 14,702 1999 3.59 0.34 53,613 0 0 53,613 62,165 0 62,165 (8,552) 6,151 2040 3.59 0.36 57,p98 0 q 57,098 60,275 0 60,275 (3,177) 2,974 2001 3.59 0.39 60,810 0 0 60,810 63,350 0 63,35Q (2,540) 434 2002 3.59 0.41 64,762 0 0 64,762 61,110 0 61,110 3,652 4,086 20Q3 3.59 0.44 68,972 0 0 68,972 63,810 Q 63,810 5,162 9,24$ 2004 3.59 0.47 73,455 0 0 73,455 61,155 0 61,155 12,300 21,548 2005 3.59 0.50 78,230 0 0 78,230 63,455 0 63,455 14,775 36,322 2006 3.59 0.53 83,315 Q 0 83,315 60,405 -0 60,4p5 22,910 59,232 2007 3.59 0.57 8$,730 0 0 88,730 62,305 Q 62,305 26,425 85,657 2008 3.59 0.60 94,497 0 Q 94,497 63,840 0 63,840 30,657 116,314 53.90 946,282 0 40,000 986,282 869,968 0 869,968 *Other sources of reve�ue could include TIF,"Local Effort"TIF, Sale of Ponding Easements. Prepared by SPRINGSTED, inc. 4!5/94 Rosemount Port Authority OPTION #1b Business Park Development Project Steady Sale of Land Land Sa1e Cashflow Projections 1994 Land Price (per sq. ft.) $0.36 Land Sale Price Inflater 3.00% REVENUES EXPENSES Land Net Land Total Legal/ Total Annual Acres Sq. Ft. Annual Tax Annual '93 Bond Marketing Annual Surplus Account Yr Sold Price Revenue l.evy Other` Revenue Payments Expense Expense (deficit� Balance 1993 0.00 0.00 0 0 0 0 0 0 0 0 0 1994 3.59 0.36 56,349 0 0 56,349 0 10,000 t0,00Q 46,349 46,349 1995 3.59 0.37 58,040 0 0 58,040 61,733 10,000 71,733 (13,693) 32,656 1996 3.59 0.38 59,781 0 0 59,7$1 61,895 10,000 71,895 (12,11Q) 20,542 1997 3.59 0.39 61,574 0 0 61,574 6Q,485 10,000 70,485 (8,911) 11,631 1998 3.59 0.41 63,422 0 0 63,422 63,985 10,000 T3,985 (10,563) 1,068 1999 3.59 0.42 65,324 0 0 65,324 62,165 10,000 72,165 (6,841) (5,773) 2000 3.59 0.43 67,284 0 0 67,284 60,275 10,Q00 T0,275 (2,991) (8,764) 2001 3.59 0.44 69,3U2 0 0 69,302 63,350 10.000 73,350 {4,Oa8) (12,812) 2002 3.59 0.46 71,382 0 0 71,382 61,110 10,000 71,110 272 (12,540) 2003 3.59 0.47 73,523 0 0 73,523 63,810 10,000 73,810 (28� (12,827) 2p04 3.59 0.48 75,729 0 0 75,729 61,155 10,000 71,155 4,574 (8,254) 2005 3.59 0.50 78,000 0 0 78,000 63,a55 10,000 73,455 4,545 (3,708) 2006 3.59 0.51 80,341 0 0 80,341 60,405 10,000 70,405 9,936 6,227 2007 3.59 0.53 82,751 0 0 82,751 62,305 10,000 72,305 10,446 1 fi,673 2008 3.59 0.54 85,233 0 0 85,233 83,840 10,000 73,840 11,393 28,066 53.90 ######## 0 0 1,048,034 869,968 150,000 1,019,968 "Other sourCes of revenue could include TIF,"Local Effort"TIF, Sate of Ponding Easements. Prepared by SPRINGSTED, inc. 4/5/9a Rosemount Port Authority (,1PTION #2 Business Park Development Project '94 Sale of 9.87 Acres, Steady After Land Sale Cashflow Projections 1994 Land Price (per sq. ft.) $0.30 Land Sale Price Inflater 3.00% , REVENUES EXPENSES Land Net Land Total Legal/ Total Annual Acres Sq.Ft. Annual Tax Annual '93 Bond Marketing Annual Surplus Account Yr Sold Price Revenue Levy Othe�' Revenue Payments Expense Expense (deficit) Balance 1993 0.00 0.00 0 0 0 0 0 0 0 0 0 1994 9.87 0.30 128,981 0 0 128,981 0 0 0 128,981 128,981 1995 3.15 0.31 42,332 0 0 42,332 61,733 0 61,733 (19,401) 1Q9,580 1996 3.15 0.32 43,602 0 0 43,602 61,895 0 61,895 (18,293) 91,287 1997 3.15 0.33 44,910 0 0 44,910 60,485 0 60,485 (15,575) 75,712 1998 3.15 0.34 46,257 0 0 46,257 63,985 0 63,985 {17,728) 57,984 1999 3.15 0.35 47,645 0 0 47,645 62,165 0 62,165 (14,520) 43,464 2000 3.15 0.36 49,074 0 0 49,0�4 60,275 0 60,275 (11,201) 32,263 2001 3.15 0.37 50,546 0 0 50,546 63,950 0 63,350 (12,804) 19,459 2002 3.15 0.38 52,063 0 0 52,Q63 61,110 0 61,110 (9,047) 10,412 2003 3.15 0.39 58,625 0 0 53,625 63,810 0 63,810 (1Q,185) 227 2004 3.15 0.40 55,233 0 0 55,233 61,155 0 61,155 (5,922) (5,695) 2005 3.15 0.42 56,890 0 0 56,$90 63,455 0 63,455 (6,5B5) (12,259) 2006 3.15 0.43 58,597 0 0 58,597 60,405 0 60,405 (1,808) (14,067) 2007 3.15 0.44 60,355 0 0 60,355 62,305 0 62,3fl5 (1,950) (16,017) 2008 3.15 0.45 62,166 0 0 62,166 63,840 0 63,840 �1,674� �17,692Z 53.90 852,276 0 0 852,276 869,968 Q 869,968 Ptepared by SPRiNGSTED, Inc. 4l5194 Rosemount Port Authority OPTION #2a Business Park Development Project '94 Sale of 9.87 Acres, Steady After Land Sale Cashflow Projections 1994 Land Price (per sq. ft.) $0.25 Land Sale Price Inflater 6.50% REVENUES EXPENSES Land Net Land Total LegaU Tatal Annual Acres Sq. Ft. Annual Tax Annual '93 Bond Marketing Annual Surplus Account Yr Soid Price Revenue l.evy Other` Revenue Payments Expense Expense (deflcit} Balance 1993 0.00 0.00 0 0 0 0 0 0 0 0 Q 1994 9.87 0.25 107,484 0 0 107,484 0 0 0 107,484 107,484 1995 3.15 0.27 36,475 0 0 36,475 61,733 0 61,733 (25,258) 82,22T 1996 3.15 0.28 38,$46 0 0 38,846 61,895 0 61,895 (23,049) 59,178 1997 3.15 0.30 41,371 0 0 41,371 80,485 0 60,4$5 (19,114} 40,064 1998 3.15 0.32 44,060 0 0 44,060 63,985 0 63,985 (19,925) 20,139 1999 3.15 0.34 46,924 0 0 4fi,924 62,1B5 0 62,165 (15,241) 4,898 2000 3.15 0.36 49,974 0 20,000 69,974 60,275 0 60,275 9,699 14,597 2001 3.15 0.39 53223 0 0 53,223 63,350 0 63,350 (10,127) 4,47Q 2002 3.15 0.41 56,6$2 0 0 56,682 61,110 0 61,110 (4,428) 42 2003 3.15 0.44 60,366 0 0 60,366 63,81 Q 0 63,810 (3,444) (3,402) 2004 3.15 0.47 64,290 q 0 64,290 61,155 0 61,155 3,135 (266) 2005 3.15 0.50 68,469 0 0 68,469 63,455 0 63,455 5,014 4,748 20Q6 3.15 0.53 72,920 0 0 72,920 60,405 0 60,405 12,51�a 17,262 2007 3.15 0.57 77,659 0 0 77,659 62,305 0 62,305 15,354 32,616 2008 3.15 0.64 82,707 0 0 82,707 63,840 0 63,840 18,867 51,4$4 . 1 2 2 00 921 452 869 968 0 869 968 53 90 90 ,45 0 0,0 , , , Prepared by SPRINGSTED, InC. 4l5194 Rosemount Port Authority OPTION #2b Business Park Development Project '94 Sale of 9.87 Acres, Steady After Land Sale Cashflow Projections 1994 Land Price(per aq. ft.) $0.36 Land Sale Price Inflater 3.00% REVENUE5 EXPENSES Land Net Land Total Legal/ Total Annual Acres Sq.Ft. Annual Tax Annual '93 Bond Marketing Annual Surplus Account Yr Sold Price Revenue Levy Other" Revenus Payments Expense Expe�se (deficit) Balance 1993 0.00 0.00 0 0 0 0 0 0 0 0 0 1994 9.87 0.36 154,777 0 0 154,777 0 10,000 10,OQ0 144,777 144,777 1995 3.15 0.37 50,79$ 0 0 50,798 61,733 10,000 71,733 (20,935) 123,843 1986 �3.15 0.3$ 52,322 0 0 52,322 61,895 10,000 71,895 (19,573) 104,270 1997 3.15 0.39 53,892 Q 0 53,892 60,485 10,000 70,485 (16,593) 87,677 1998 3.15 0.41 55,509 0 0 55,509 63,985 10,000 73,985 (18,476) 69,200 1999 3.15 0.42 57,174 0 0 57,174 62,165 10,000 72,165 (14,991) 54,2Q9 2000 3.15 0.43 58,889 0 0 58,889 6Q,275 10,0�0 70,275 (11,386) 42,823 2001 3.15 0.44 60,656 0 0 60,656 63,350 10,OQ0 73,350 (12,694) 30,129 2042 3.15 0.46 62,475 0 0 62,475 61,110 10,000 71,110 (8,635) 21,494 2003 3.15 0.47 64,350 0 0 64,350 63,$10 10,000 73,810 (9,460) 12,034 2004 3.15 0.48 66,280 0 0 66,280 6y,t55 10,000 71,155 (4,875) 7,159 2005 3.t5 0.50 68,269 0 0 68,269 63,455 10,400 73,455 (5,186) 1,972 2006 3.15 0.51 70,317 0 0 70,317 60,405 10,000 70,405 {�8) 1,884 2007 3.15 0.53 72,426 0 0 72,426 82,305 10,Q00 72,305 121 2,005 2008 3.15 0.54 74,599 0 0 74,599 63,$4Q 10,000 73,840 759 2,764 53.90 1,022,732 0 0 1,022,732 869,968 150,000 1,019,968 Prepared by SPRINGSTE�, Inc. a/5l9a