HomeMy WebLinkAbout7.a. Discussion of Meeting Format CITY OF ROSEMOUNT
EXECUTIVE SU]VIMARY FOR ACTION
PORT AUTHORITY COMIvIISSION MEETING DATE: FEBRUARY 15, 1994
AGENDA ITEM: DISCUSSION OF MEETING FORMAT AGENDA SECTION:
CHAIl2'S REPORT
PREPARED BY: JOHN IvIILLER, AGENDA NO.
ECONOMIC DEVELQPMENT COORDINATOR 7. A.
ATTACHIVIENTS: NONE App gy;
As you have undoubtedly noticed, this agenda has several action items, a departure from the "work
session" found to be necessary by Chairperson Carroll and Executive Director Wasmund because of several
pending ifems.
Mr. Carroll would like to discuss future meeting format with the full board.
RECOMIV�NDED ACTION: Discussion item.
PORT AUTHORITY ACTION:
M E M O
T0: Chair Carroll
Commissioners Anderson, Busho, Edwards, McMenomy, Staats,
wippermann
FROM: John Miller, Economic Development Coordinator
DATE: February 10, 1994
RE: Infrastructure Issues in the Business Park
A Little Bit of Backqround: In January your staff became concerned
that several issues regarding infrastructure extensions in the
business park had to be resolved before spring construction of the
roads and utilities could be started. To move this project ahead,
semi-regular meetings were held with the following persons in
attendance:
• Ron Wasmund ,
• Bud Osmundson
• Rick Pearson
• David Drown -
• Jef f May
• Dave Simons
• John Miller
In a memorandum drafted by Dave Simons that I distributed to you at
the February 1 meeting the following chronology was suggested:
DATE ITEM
February 1, 1994 Port Authority meeting. Provide an update on the
January 27, 1994 meeting.
February 3, 1994 Staff ineeting to review estimated cost per
developable square foot for constructing all
improvements within the 80 acre parcel. Review
cash flow scenarios.
February 15, 1994 Port authority and council meetings. Discuss sale
of property in Business Park based on estimated
cost per developable square foot. Discuss limits
of construction for Phase 1. Discuss final plat
configuration. Authorize preparation of final
plat.
March 1, 1994 Port authority and council meetings. Review final
plat. Authorize plans and specifications for
Phase 1 of construction. -
April 5, 1994 Port Authority and council meetings. Approval
final plat. Send plat to Dakota County for
approval . Approve plans and specifications.
Authorize ad for bids.
- . April 29, 1994 Open bids.
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ROSEMOUNT BUSINESS PARK
ESTIMATED INFRASTRUCTURE COSTS
SEH NO. A-ROSEM3164.02
FESRUARY 14, 1994
AREA 1
Item � Estimated Cost
CSAH 42 Imgrovements _ $ 84,040
Utilities,South Side of CSAH 42 145,000
- North Entrance Drive %. 900,�0
Ring Road ' 990,000
Pond Grading 90,0(�
One-Half of East Entrance Drive 192,000
Cul-De-Sac Street 232,t�0
Total Cost $2,633,000
Minus Water Main Core Cost - 26,000
Assessable Cost $2,607,000
AREA 2
Item Estimated Cost
Utilities, South Side CSAH 42 $ 107,000
Utilities Extended to SE Corner 169,000
One-Half of Biscayne Avenue 578,000
One-Half of East Entrance Drive 192,000
Pond Grading 21,000
Cu1-De-Sac Street 190,000
Total Cost $1,257,000
Minus Water Main Core Cost - 30,000
Assessable Cost $1,227,000
. __...._______.,.
�,. �....�.:��,��
TOTAL ASSESSABLE COST - AREAS 1 AND 2 �$3,834,000
i
�
PROPOSAL
, for
CONSULTING SERVICES
to
ROSEMOUNT
PORT AUTHORITY
Prepared by
NORTHCO CORPORATION
February 9, 1994
�
(
� Suite ll0, 1201 Marquette Avenue,Minneapolis,MN 55403
(612)332-2212/FAX(612)332-8909
(
IFebruary 9, 1994 .
IMr. Ed Dunn
Chairman
� Rosemount Port Authority .
PO Box 510
Rosemount, MN 55068
IDear Ed:
� In follow up to our meeting in mid-7anuary we aze submitting a proposal for consulting services
to foster development of the city's commercial-industrial base within the Rosemount Business
Park. �
( Our proposal is divided into three brief, but comprehensive categaries:
( 1. Review and analysis of information prepared to date on the Park in order to critique the
cunent design concept.
( 2. Prepare a marketing plan for sale of land within the Park.
3. Work with interested clients/users and the Port Authority in order to attract users to the
` Park for development of buildings within the Park.
1
ICRITIQUE OF THE PLAN
The Rosemount Port Authority has a substantial investment in the land that has been acquired
to date for the Park. Like any investor, the Port is incurring holding costs and must realize a
� return on its investment, albeit the return may be something other than purely economic.
Creation of jobs and tax base may weigh quite heavily on the ultimate cost/benefit analysis.
( After undertaking a rather cursory review of the information provided to us to date, we have
questions about the configuration of the roadway system and the size of the lots that might be
( platted for this marketing effort. We would like to�explore with the city a more detailed review
and analysis of the recommendations and program that has been discussed �tween the Port and
staff to date. Our approach is to look at the Park from the perspective of a developer and
�
� Investment ❑ Acquisition ❑ Management ❑ Development ❑ Consulting ❑ Leasing ❑ Brokerage
�
( industrial park owner in order to minimize the city's capital cost and maximize its return as it
moves forward to market and develop the property. Our primary objective in this phase is to:
I1. Review the preliminary design and phasing. Critique the size and layout of lots and
other elements of the proposed project.
` 2. Direct a value engineering review of the capital improvements planned for the project
prior to the preparation of construction documents for the Park infrastructure.
I3. Prepare a preliminary capital improvement, income, expense, and cash budget for the
Pazk. Establish an economic feasibility model for development of the Park.
� 4. Formulate a project schedule and timeline for the development of the Park.
IMARKETING PLAN
Section 1 of our proposal includes a marketing piece that we prepared for the Northco Business
( Park in Fridley. Included is a promotional mailer that we used to promote the Park to users.
lfiis mailer was sent to several companies in the.North Suburban area. We would recommend
that a similar approach be used for the Rosemount Business Park.
I We would also recommend that the city give consideration to retaining an appraiser that could
evaluate existing land sales of commercial/industrial property within the vicinity of the
I Rosemount Business Pazk in order to properly assess the real transaction cost of land for
� comparable property. Our experience is that the actual sales price of property is significantly
less than the asking price for land and it would be important for the city to understand the
( expected price attained for sale of its real estate within the Park. While pure comparables may
be difficult, an appraisal would serve as a useful reality check on the market.
( Our marketing plan for the sale of the land would include:
1. Input and advice on the selection of tenandusers for the project.
� 2. Method and cost of reachin robable users for the Park.
gP
( 3. Projected asking prices on land within the Park.
( 4. Schedule of fees/commissions to be paid to listing and cooperating brokers for the sale
of land.
� 5. Incentives that may need to be offered to.users in order to compete with other land for
sale in your market.
I As part of this phase Northco would also enter into a contractual relationship with the
Rosemount Port Authority to broker land for the project.
I
I
�
IWORKING WITH CLIENT/USERS FOR DEVELOPMENT OF BUILDINGS
The goal of all of the prior efforts is to consummate land transactions and to see brick and
( mortar occur within the Park. Our experience suggests that client/users aze frequently confused
in the market as they examine options presented by the various communities and need someone
to work with them to help them get to a rent expense in their analysis. Our goal in this phase
is to work cooperatively with the Port a�d city officials to prepare cost models for the client/user
( which would allow him ta assess his occupancy cost were he to locate within the Rosemount
Business Park.
We have developed software which allows us to combine estimated construction costs and
occupancy costs into a model which will produce rent expense at various types of financing.
� We can then determine very quickly whether there is economic viability in what the user wishes
� to build. We can also examine whether the city and Port Authority can devise incentives to fill
any gap that may e�tist between the owners' requirement for rent vs. the projected overhead cost
given his or her design. Our construction depattment can also work with the client to value
, engineer the building to present a design that is more cost eff�tive and may result in less gap
financing.
Although our primary objective in this phase is to serve as consultant to the Port Authority, we
desire the opportunity to also serve as developer for the client. Since Northco works on a full
cost disclosure basis, we believe our effort to serve as coordinator of the city's interest n� the
client's interest could prove valuable in assembling the package necessary to attract the client.
We also believe we would have a more satisfied client at project completion if we provided
"Single Source Responsibility" for the project.
As part of our role in this phase we would:
a) Prepare a project proforma for the client and the city of projected project costs.
b) Explore financing options and recommend the preferred financing structure.
c) Coordinate financing.
d) Offer space planning, if required.
e) Obtain public approvals.
fl Retain consultants and contractors.
g) Develop the project to completion.
h) Serve as general contractor on smaller projects.
i) If requested, property manage the building.
Section 2 of our proposal includes a sample project proforma and economic return analysis for
a project. Our sample depicts a generic project in your Park and is used to illustrate potential
building costs and returns for those client/users that might find the Rosemount Business Park
attractive. While we have not provided you with all of the schedules that are part of our model,
we are able to establish for a client his projected rent expense with a minimal amount of
client/user supplied information.
�
The model presented in Section 2 assumes a manufacturing building with an attractive
architectural precast finish, 18 ft clear. The building would have heavy power and would be
financed using the SBA-504 program.
We have also presented with this letter a developer/construction management model which we
believe would work quite well in understanding the relationships of the Port Authority and
Northco with the client if the client wishes to pursue exploring his development opportunities
with us. You will find these charts immediately following this letter. We also offer the
developer/general contractor model where Northco might serve as general eontractor for the
client. Our objective is to develop a marketing concept where the client is central to the process
and the Port and Northco work in a cooperative role to support the client.
Section 3 includes a schedule of fees to accomplish the project, phased to allow you to select
those services that you prefer. Section 4 includes resumes of the individuals designated as key
�
team members.
We look forward to working with the Port, fhe city staff and elected officials to facilitate the
�
development of your Business Park.
�, Sincerely,
i
� .Pi•z,�h'(j�
� Dennis Zylla
Manager, Project Development
�
I
I
I
I
(
(
� ORGANIZATIONAL CHART
Developer/Construction Management Model
I
� an of
Rosemount Client Comp y p�er/Mortgagee
Port Authority Rosemount Port Authority
(
I '
I
NORTHCO CORPORATION �
� Single Source Responsibility
�
• Prograa►ming Requirements
� •Space Planning
Public • Development g�an�
A �Q� • Construction Management ����
g • Interior I�sign
� • Budgeting and Financial Controls
•Financing
•C�vernment Approvals
• Project Scheduling
( • Property Operations Plan
�
To Be Named Civil
� p�t� NORTHCO CORPORATION ���r SELECTED
• Building Design On-Going Properiy Mangement . SurveY�ToP° eOCOMPANY N
• Site Plan (Optional) • Grading
I • Site Utilities
� ���� Mechanical SELECTED CONSTRUCTION COMPANY
���r and Project Manager
Electrical Enginner
IPreconstruction Phase Construction Phase
• Planning •Bid Award
� • Estimating •Subcontractors
• Value Engineering •Cost Control
• Schedule Development •Permits
• Dacument Review •Progress Meetings and Reports
� • Bidding • Schedule Updates
• GMP •Change Order Control
•Contract Administration
� • Pay Requests
• Final Check out
•Post Construction Coordination
�
�
( ORGANIZATIONAL CHART
Developer/General Contractor Model
�
� Rosemaunt Client Company of
Port Authori#y Rosemount Port Authority �ner/Mortgagee
�
I
I �
N�RTHCO CORPORATION �
Single Source Responsibility
1 I
• Programming Requirements
• Space Planning
Public • Development p�n��
�. AgenCies • Construction Management Sotu'Ces
• Interior Design
• Budgeting and Financial Controls
� • F�nancing
• Government Approvals
• Project Scheduling
' Property Operations Plan
�
�
To Be Named Civil
pn�� NORTHCO CORPORATION ���r NORTHCO
� On-Going Property Mangement
• Building Design • Survey/Topo .General Contractor
• Site Plan ���Q�� • Grading
• Site Utilities
�
� Mechanical J1M POVOLNY
Electrical Design
Structural Design .gl�� Project Manager
���r •M���/ Cantractor Preconstruction Phase Construction Phase
Plbg Contractor
� •Planning •Bid Award
� •Estimating •Subcontractors
•Value Engineering •Cost Control
� •Schedule •Permib
Development •Progress Meetings
•Document Review and Reports
•Bidding •Schednle Update,s
� •Change Order Control
•Contract Administration
•Pay Requests
•Finai Check out
I • Post Construction
Coordination
�
I
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NORTHCO CORPORATION RROJECT COST ESTIMATE 08-Feb-94 '
PROJECT COST-ABC Manufacturin Inc. USING NORTHCO MODEL_ ; _ _
' New Cor orate Head uarters-Land �1.35-Rosemount ' _
Total 61dg Area 28,800 sq.ft j �i,
Cost/sf @ CosUsf ! '
S ace Area unit cost Total of bid � Percent �I
' Base building 28,800 $32.38 $932,492 $32.38 6&.79%'�
Site/Parking 28,800 $4.28 . � $123,314 $4_28 � � �._8.8°fa I
Tenant finish 1n base bld $0.00 ' $0 $0,00 - " . "0.4°�0
� Total hard construcfion cost $1 05�$06 $36.66 7�.6�/0
Soit correction allowance �,899 $0.31 � 0.6°!0 �
Totalland 2.17 acres. � _ �
Square footage 94,525 sq.ft. � �
' Coverage rafio 30.5%
Price/va�lue $1.35 �er s .ft. ��� -$t27�03 �� $4:43 � � �_ - 9.1°��
Total- land cost $13�508 $4.T4 � � 9.8°�6`�
, Total-alt hard costs �"E;192,314 $4't �Q 85 4°Ic'
Architecture&engineering 4.00% $+#2,200 $'i 47 � rt 3.0°f�'{
A�chlEngineering-reimbursements 10.00% $4,220 $01S 0.3°fa�
' Leasing/Brokerage fees Gla Rate
Narthco Corp 927,609 5.00% $6,38t3 �$��2 � � t3�°���
Cifiy Park FeesMIAC � $�,f3U0 . $t�17 � � 0.4°f��
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Survey/Topography(By city) $0 $0.(}� UA°lo,
Appraisal fees and costs $3,OOU $il.1Q � : {�.2°fa i
' Interim taxes-6 months @ Value= 127,609 ' .:' $3,095 $0.1't k = =0.2°fo:
Buiiders risk insurance $0.20 ' �$1,100 $0.04 � (}.1°lo.
� Legal/closing &mortgage � :$5,t1�Q � �t}1T , �� 0 4°�a
Accounting/tax consulting � .$1,OOQ $U t�3 (}.1%i
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Lenders disburs�ng feesl TIF applrc.fees $2,StIQ $tl.Q9 0.2k l
Testing/Hazardous Waste/Soils `,$9,000 t�� �� $p.31 � ��� f}.6°�0'�.
' SBA fees&costs-added to mortgage 1.20% $0 � �
Mortgage Amount Plus 3% SBA $1,233,d00 �
Months-construction time 4 ' �
' Interim interest 6 mos. 8.00% $27,000 $4.94 j 1.9°/a l
Mortgage SBA packaging fees 0.50°l0 $6,165 $0.21 j . fl.4%.I
Lender origination fees 1.OQ% $92,334 � $0.43 0.9°!a�
, - Title insurance/Closing costs $9,074 $0.32 - Q.8°fo{
Mortgage registration tax $2.30 $2,836 $0.10 0.2% �
Metro olitan sewer avail. char e $800 '- $4 OQO $0.'t4 0.3°l0
Total soft costs $143,90Q $S.OQ 10.3%
1 Reserve- unforseen contin encies $28,800 $'[.00 2.1�0 �
Develo ers overhead reimbursement '$60,500 $2.10 4.3% �
Total Soft/Development/Contingency $233,200 $8.10 , 16.7%�
' Total all costs $1 t396,114 $48.48 � 100.0°to �
Mort a e antici ated $1''197 Q00 $41.56 � 8�.7% �
Cash equity required $T99.194 $6.91 ; 14.3°l0.
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� NORTHCO CORP'ORATION 08-Feb-94
PROJECT COST-ABC Manufacturing,Inc,
' New Corporate Headquarters-Land @$1.35-Rosemount
28,800 SQ.�T. Office/Manufacturing Building
RENT SCHEDULE"
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ANNUAL RATE
' YEAR NET RENT ER SQ.FT.
1 $119,938 $4.16
2 $119,938 $4.16
, 3 $119,938 $4.16
4 $119,938 $4.16
5 $119,938 $4.16
, 6 $140,737 $4.89
7 $140,737 $4.89
8 $14d,737 � $4.89
, 9 $140,737 $4.89
10 $140,737 $4.89
11 $165,142 $5.73
12 $165,142 $5.73
, 13 $165,142 $5.73
14 $165,142 $5.73
15 $165,142 $5.73
' 16 $193,779 II $6.73
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RENT ASSUMES A DEBT COST OF 7.39/o WHIC IS
CURRENT MARKET-6.9% SBA and 7.78% bank
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' "INFLATION 3.25% I
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� NORTH�O CORPORATIQN
PROJECT COST-ABC Manufacturing,Inc.
' Ne�v Corporate Headquarters-Land L$1.35-Rosemount
RETURN ON INVESTMENT AND FINANC�AL ASSUMPTIONS
DEBT NET CASH FLOW RETURN
' YEAR SERVICE CASH FLOW TO EQUITY ON EQUITY
($199,114)
1 (119,938) $0 $0 0.00%
, 2 (119,938) $0 $0 0.00%
3 (119,938} $0 $0 O.dO%
4 (119,938) $0 $0 Q.00%
' 5 (119,93$) $0 $0 0.00%
6 {119,938) $20,799 $20,799 10.45°/a
7 (119,938} $20,799 $20,799 10.45%
8 (119,938} $20,799 $20,799 10.45%
, 9 (119,938) $20,799 $20,799 I 1Q.45%
10 (119,938) $20,799 $20,799 10.45%
11 (119,938} $45,204 $45,204 22.70%
12 (119,938) $45,204 $45,204 22.70%
, 13 (119,938) $45,204 $45,204 22.70% I
14 (119,938) $45,204 $45,204 22.70% I
15 (119,938) $45,204 $873,461 22.70%
, 16 (119,938) $73,842 �,
INTERNAL RATE OF RETURN 13.82%
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ASSUMED SALE
' 16th YR CAP
END 15 YRS
CAP RATE ASSUMED 14.00% li
' SALE PRICE PER SQ.FT. $48.06
SALE PRICE $1,384,139
SALE EXPENSES @ 5% $69,2Q7
' GROSS PROCEEDS $1,314,932
MORTGAGE BALANCE $486,675
EQUITY $828,257
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� NORTHC4 CORPORATION o$-Feb-s4 '
,PROJECT COST-ABC Manufacturing,Inc. �I I
, I New Corporate Headquarters-Land @$1.35-Rosemount
$1 233,000 MORTGAGE AMORTIZATION SCHEDULE
MORTGAGE 7.390% �
' YEAR PAYMENT INTEREST PRINCIPAL �'I BALANCE i
1 $119,938 $91,119 $28,819 � $1,204,181 �
' 2 $119,938 $88,989 $30,949 $1,173,232 �
3 $119,938 $86,702 $33,236 $1,139,996 �
4 $119,938 $84,246 $35,692 $1,104,304 �
5 $119,938 $81,608 $38,330 $1,065,975 ;
' 6 $119,938 $78,776 $41,162 $1,024,813 '
7 $119,938 $75,734 $44,204 $980,609I
8 $119,938 $72,467 $47,471 $933,138 i
' 9 $119,938 $68,959 $50,979 � $882,159I
10 $119,938 $65,192 $54,746 $827,413I
11 $119,938 $61,146 $58,792 $768,621I
, 12 $119,938 $56,801 $63,137 $705,485 �
13 $119,938 $52,135 $67,802 $637,682 �
I 14 $119,938 $47,125 $72,813 $564,869 �
I 15 $119,938 $41,744 $78,194 $486,675I
' I 16 $119,938 $35,965 $83,972 $402,703I
17 $119,938 $29,760 $90,178 $312,525
18 $119,938 $23,096 $96,842 $215,683
' 19 $119,938 $15,939 $103,999 $111,684 i
20 $119,938 $8 253 $111,684 $0
' 7.39% is average cost of funds, SBA plus bank mortgage I,
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, FEE PROPQSAI. I
� PROJE COST
' CRITIQUE OF THE PLAN I
1) Review preliminary design and phasing.
Critique size and layout of lots. $ 600-800
, 2) Direct value engineering review. $ 1�,200-1,500
3) Prepare preliminary capital improvement, '
� income, expense, and cash budget.
Economic feasibility modei. $ ,U()0-4,000
4) Formulate project schedule and timeline. -
' TOTAL FOR CRITIQUE OF PLAN $ ,800-7,800
� MARKETING PLAN
1) Input on selection of tenants. $ ,000-5,000
� 2) Method and cost of reaching targets. ' �c.
3) Projected asking prices. Inc,
4) Schedule of fees/commissions. ��•
1 5) Incentives. � Inc.
TOTAL FOR MARKETING PLAN $ �,040-5,000
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WORKING WITH CLIENTS/USERS '
, Northco proposes to work with the Rosemount HRA and city offici s on a project by
project basis at our standard hourly rates per Schedule A.
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OTHER COSTS ,
� Meetin s with HRA and ci officiais $ 200-1 800
g ty > >
' APPraisal $ ,500-3,500
Marketing brochures, mailers, lists,
postage, etc. ' As b�lled
Lead generation, mailings, etc. Hourly
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� SCHEDULE A �
� NORTFICO CORPORATION
Base Rates/Hour
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� Principals $125
Development Manager $ 90
� Financial Analyst $ 85
� , Leasing Brokerage Specialist $ 85
Construction Manager $ 75
� Space Planner $ 45 '�
� Administrative Assistant $ 35 I�
Secretarial $ 25
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BRUCE CARLSON
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f Northco's rinci als with 25 ears of experience in the ar�as of real estate
' Bruce is one o p p Y
mazketing, finance, acquisition, business park development, corporate faciliti�s construction,
and strategic planning. '��
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F,uperience '
, 1970 - 1972 Minneapolis Industrial Park (MIP), Executive Vice President ar�d COO.
1972 - 1980 Fine Associates, Co-Founder.
, 1980 - Present PrincipaZ and Executive Vice President - Northco Corporatio�.
' Education _ I
Bachelor of Science, Macalester College ��,
, 7uris Doctor, University of Minnesota School of Law ',i
Licensed Real Estate Broker ,
, Aff'iliations
Founding National Director of the National Association of Industrial and Offi�ice Parks (NAIOP)
' Member Henn in Coun Bar Association I
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Member National Association of Reat Estate Executives li
, D'uector of Family and Children's Services I
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TSOMAS P. IlVIlVIEN II
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Tom is a member of the CommerciaUIndustrial Real Estate Gro� p consulting in
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commerciaUindustrial leasing and brokerage. 'I
' F.xperience 'I
1986 - 1988 Senior Accountant, Ernst & Whinney (Formerly Arthur You�hg & Co.)
' 1988 - 1991 Tenant Representative, The Walsh Dunsmore Company I
1991 - 1993 Sales and Leasing Associate, Eberhardt Commercial Real Est�te
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Education ��
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1985 Bachelor of Arts Account�ng, Uruversity of St. Tho as ,
Certified Public Accountant '',
' Candidate for Certified Commercial Investment Manager (C�Il�, Commercial
Investment Real Estate Institute ��
' Aff'�iations I��
Licensed real estate broker, State of Minnesota I�,
, Member NAIOP �
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Jim is Northco's Vice President-Construction. He specializes in new devel ment construction
' and coordination of renovation and remodelin and tenant build-out prog s.
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' Fxperience
, Fifteen years of experience in building construction, commercial buildin I� management and
maintenance operations. He has operated as Manager of Property Mana�ement Group and
currently serves as technical support for Operations Group. �
, 19$9 - Northco Vice President and Princi �!
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' Education '
University of Minnesota �'!i
' Licensed Real Estate Broker �
IREM'S Certified Property Manager Designation ���,
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Aff'iliations
' Institute for Real Estate Management (IREM) ��
Building Owners and Managers Association (BOMA) i
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� EVA B. STEVENS _ I
Eva is Yice President of Financial Services and Northco Corporation's Senio$�Financial Analyst
' specializing in financial modeling and analysis. She has worked for Northqo Corporation and
its clients since 1988. '
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Experience '
' 1977 - 1979 Coopers & Lybrand, Auditor
1980 - 1982 Ellerbe, Inc., Manager, Financial Planning, Reporting and T��zx
, 1982 - 1986 Appletree Enterprises, Inc., Financial Manager and Treasure�
1986 - 1987 Faegre & Benson, Treasurer ,
' Education I'
1977 Bachelor of Science - Accounting, Mankato State University I
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Aff'iliations �''
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Licensed Reat Estate Agent �,
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' DENNIS ZYLLA '
Dennis is a member of the CommerciaUIndustrial Rea1 Estate Gr I u consulting in
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commerciaUindustrial leasing, brokerage, small business real estate financi�g and build-to-suit
real estate development. I,
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Experience ''�
� 1967 - 1974 Ci Administrator Ci of Mounds View
1974 - 1979 City Administrator, City of Oakdale �I,
� 1979 - 1981 City Manager, City of New Brighton '�
1981 - 1983 Director of Business Affairs, BKBM, Inc. I'
' 1983 - 1988 Manager, Project Development, Mortenson Development Ca�mpany
1988 - 1990 V.P. Adm. & Development, Conservatory Mgmt. Corporati�On
' 1987 - 1994 Vice Chairman, Plymouth Planning Commission !,
1 Education __
1966 Bachelor of Science, Business, University of Minnesota '�I
' 1983 Master of Business Management, University of St. Thomas ,
Aff'�liations �I��
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Licensed real estate broker, State of Minnesota ',
' Member Organizat�on of Commercial Realtors '�
Member National Association of Industrial and Office Parks I,
� Member Economic Development Association of Minnesota i,
Member National Associadon of Corporate Real Estate Executives
Northco's representative for Twin Cities-Metro Certified Development Ca�npany
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. . �1i19i54 04:�? L���TA CO-AUDIT02'S O=FiCE GG2
�/ l K��/ 1 �a�1 ! Y T Y tJORMA� ST RARSH
(812) S38•4375
� ,����. DAY.OTA COUNTY GOVERNMENT CENTE.�i 1b50HWY.�5.NqSTII�GS,MINN',-SOTA55�3�
,��',.-0A�' .
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`:$-: L.
Janunry 18f i994
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To Whom I� 2.ay Concern: .
An errar occur=ed in our a�gice when the divisfon,: Rosemount
Pl�ze 2nfl Aflflition, was created. This was brought to our
attention in Feb=uary 1993 . These parcels have correctiy been
put back into the tax �ncrement district. At the same time, 2
haQ a staZt person rechecY, any other c�ivisions made to tax
increment parcels �n this pro��ct. No other error� ware �ound.
ws then proceeded to carr�ct this error. Althaugh there is no
�aw requiring errors to be correctad, the State of Minnesota has
established an administrative procedure. The procedure states
that we adjust the »ext tax payable year�s retained captured
value. I calculated the tota�. tax increment not �ol.lected
between the Years 1990 and 2993 _
These are in the pro�ect Pile if you wish to view them. Thia
figure amaunted to $59,49b. I then dividefl that amount by �the
pay 1993 tax rate of i. 2o259 and arrivad at a tax ca�acity o�
49�473 . Gioria Pinke, af the Asse�sor�s o�fice, then adjusted
�he tax increment base on 34-037Ro-oZQ-6� anQ 34-7090fl--010-02 �o
zero. In doing this, the amount of your tax increment will be
increased for pay 1994. P'or pay 1995, �loria wfll readjust these
parcels to their original basa.
I have en,^.losed our taX increment audit as of 1JS/94 , that shows
the amounts, by ysar, that are delinquenL. I a3so show the �our
parcel identifica�ian numbers in 4hat project that are
deli.nquent.
Ig �you have any other questions that Mr. Miller cannQt explain,
please ca].1 me at 438-4390. '
very truly yours,
`��. .�..�'.�����-- .
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Margaret Shannon �
Deputy �iuditor
TRS:G$
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' ■ Lc�nd avnilaUle for ■ Sites range from 2
sale or build-to-suit to 4.GG acres, some
opportunities. with excellent exposure
� to Uniuersity Avenue.
■ NORTHCO h as
' in-house deu�topment ■ Some sites are
nnd construction served by Minnesotn
cc�pabilities. Commercial Railwny.
, ■ Sites are part of ■ For Further
N� T1 1�o master planned Information Contact:
i �
� mdustrial park.These Stephen Brown
1201 MARQUETTE AVE. SO. sites are ready for Mike Fleetham
� SUITE 110 immeciictte 332-2212
MINNEAPOLIS, MN 55403 development.
� READY-TO-BUILD SITES
( NORTHCO BUSINESS PARK
UNIVERSITY AVENUE & 73RD AVENUE NE
I FRIDLEY, MN
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� Features:
■ Will Build to Suit ■ Environmentally Clean Sites
� ■ Seller Financing ■ Streets and Utilities Installed
' ■ Electric Rate Discounts ■ Sites as Small as 1.5 Acres
■ Convenient Access to I-694 and ■ Zoned: Heavy Industrial for Manufacturing,
the New T.H. 610 Warehouse or Showroom
' ■ Good Labor Force ■ Outside Storage Available
� NO THCO Contact
� Suite 110, 1201 MarquetteAvenue ������ �Y���
Minneapolis,MN 55403
<612)332-2212/FAX<612)332-8909
612-332-2212
' Investment ■ Acquisition ■ Manac�ement ■ Development ■ Consulting ■ Leasinc� ■ Brokerage