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10.a. Update on Kerry Johnson Proposal
. , , CITY OF ROSEbIOUNT EXECUTIVE SUD�?ARY FOR ACTION CITY COUNCIL MEETING DATE: AUGUST 17, 1993 AGENDA ITEM: PROJECT PLAN & PROJECT BUDGET AGENDA SECTIONs FOR THE ROSEMOUNT BUSINESS PARK CONSENT PREPARED BY: JOHN MILLER, AGENDA N0. ECONOMIC DEVELOPMENT COORDINATOR ATTACHMENTS: MEMO, CASH FLOW PROJECTIONS, APPROVED BY: BUSINESS PARK CONCEPT PLAN, AND FEASIBILITY REPORT FROM SEH, INC. Please see attached memorandum. RECOD�IENDED ACTION: Motion to approve the implementation of the Rosemount Business Park contingent upon completion of a development agreement with a purchaser of at least ten acres of land for immediate development. COUNCIL ACTION: E � i��C o osemoun� PHONE (612)4234411 2875-145th Street West,Rosemount,Minnesota ' MAYOR FAX (812)4235203 � Mailing Address: Edward 6.McMenomy P.O.Box 510,Rosemount,Minnesota b5068-05t0 COUNCILMEMBERS Sheila Klassen James(Re�Staats Harry Wilicox Dennis Wippermann ADMINISTRRTOR Stephan Jilk T0: Mayor McMenomy Council Members: Klassen, Staats, Willcox, Wippermann FROM: John Miller, Economic Developmen� Coordinator DATE: August 1l, 1993 RE: Review of Proposal for the Development of the Rosemount Business Park Since its inception some l8 months ago, the Rosemount Port Authority has been working to improve the overall business environment in Rosemount. In this regard, the Port Authority has been very in�erested in meeting at least these three goals: 1) to provide more customers for downtown businesses, 2) to increase the tax base and in turn lower the cost of government, and 3) to provide an inventory of industrial lots for 'i businesses selecting new loc�:�.tions . With regard to the downtown busin.esses, it is commonly agreed that their visibilit� is negatively affected by the low density of the trade area east of the railroad tracks . To benefit al1 businesses in the downtown the Port Authority Commissioners supported the concept of permitting CMC to develop its 103 acre parcel for single family residential use. The 200-250 families living there would be within walking distance of the downtown and the businesses located there. Certainly a good share of the retail activities generated by these new residents would benefit the downtown businesses . This created a problem however. The CMC property was zoned industrial and was generally believed as the preserved site for new industrial users coming to town who were not interested in the "Pine Bend" area. Should Rosemount simply forego industrial and office development? To resolve this issue the Commissioners revisited the old idea of creating an industrial area south of County Road 42 and east of State Trunk Highway 3 . From this study the concept of the Rosemount Business Park evolved. The Business Park would eventually be boun.d by CR 42, Biscayne Avenue, 160th Street, and TH 3 ; an area of about 500 acres . �ver����tngs �oming `UL� �osemount�� � ROSEMOUNT BUSINESS PARK AUGUST 17, 1993 MEETING The Business Park concept was such that users looking for high amenity sites could locate near the wetlands on the east side of the area. Those users looking for flat industrial land for light manufacturing and warehousing could choose a site on the west side near or adjacent to the railroad. In addition, it was felt that the land in the northwest corner of the business park and adjacent to CR 42 could provide sites for commercial. activities not currently provided in either the existing downtown or the emerging retail area at CR 42 . The beauty of the Business Park is that it was seen as implementing the true important goals. In particular: 1) Businesses can be customers for the downtown just as residents can be. It was agreed that industrial and ; office users in the Busiriess Park would be customers af , the banks, restaurants, and even the hardware store in ' Rosemount. 2) In Minnesota even residential land users pay very high property taxes, a major source of revenue for local government. If these non-residential users could be attracted to Che City, the tax base would increase. 3) With no inventory of lots Rosemount has little if any chance of attracting new businesses. Proaf of this is two fold. First, Rosemount presently has no inventory of readily developable industrial land and it hasn' t been selected by any new businesses. Second, the Port Authority members were told by business owners who looked at Rosemount for a site and then located else where, that the main reason for not coming to the City was the lack of readily available sites. The plan saw the Business Park developing in several phases . The first being the 80 acre Abbott property adjacent to CR 42 . As the Abbott property developed additional land would be purchased - and the Park would expand sequentially to the south. The Commissioners saw this as a very long term project. From the beginning the Port Authority understood,without saying that the Business Park was a project with considerable risk. Here, the Commissioners were realistic and reached agreement amang themselves that before they would approach the City Council requesting approval to implement the project they wanted a user for the first parcel . As much as everyone enjoyed the cancept of "build it and the�r will come. . . ° , the Commissioners were well aware of the gamble involved in starting even the first phase of the Business Park. 2 ROSEMOUNT BUSINESS PARK AUGUST 17, 1993 MEETING The user at hand is the Muller Family Theater partnership. It wishes to purchase a ten acre parcel and to pay for all infrastructure costs assessed to that land. Land and utilities are projected to have a value of $1. 00 per sguare foot and hence the Muller' s would be paying $435, 600. Muller' s have promised spring construction. Attached to this memo are some cash flow projections developed by the City' s financial advisor, Springsted, Inc. Here is what the assumptions are in each of the cash flow projections: 1. Land acquisition cost of $500, 000 2 . 40 acres of developable land in Phase 1 3 . Immediate infrastructure improvements of $500, 000 ' 4. Muller purchase of ten acres of developed land at $1. 00 per square foot or $435, 000 total with a single up-front cash payment 5 . Sale of ��ponding rights" for the CMC and associated developments in the First Phase for a total of $50, 000 6 . Total First Phase infrastructure costs of $1, 500, 000 with a 5a inflation factor. 7. 5o annual land value inflation S . Effective local tax rate of 1.360 How the five cash flow projections differ is as follows : 1. Use of the "Local Effort Tax Increment Fin.ance" (LETIF) tool . Taking revenue from the theater to pay land and utility costs . Projection shows no use of the LETIL�. 2 . Rates at which land will be sold. For example, the first projection shows only one acre being sold every other year for the first ten years. The third projection shows two acres being sold each year. 3 . Different construction dates for infrastructure extension. Projections four and five for example, show additional improvements completed in year four of the project. Now let' s get to the point. Does any of this make sense in terms of cash flow? Yes. But only if two things happen. 1. A purchase is found for a large parcel of land at the start of the proj ect. 2 . The local effort Tax Increment from the first user is pledged to the project. 3 ROSEMOUNT BUSINESS PAR.K AUGUST 17, 1993 MEETING But, let' s get back to the issue of risk. How will the land be sold? Is there a guarantee anyone will purchase the land? Isn� t there a chance the tax payer will get stuck with a white elephant? 1. The Port Authority has not yet developed a marketing plan for the project. I have had early and preliminary discussions with brokers and developers about getting the private sector involved. A marketing plan could be in place by 1994 and shown in the Port Authority' s 1994 Work Program and Budget. 2 . Guaranteed sales? Nope. But the Port Authority has been working with Ringer Corp. on a site. The motel is another � possibility. There has been some interest. Land costs would be about a nickel per square foot lower than the Farmington industrial park, with a better location. I can' t tell you the Park won' t be a dog, but, no one has heard any woof ing noises. 3 . Taxpayer Risk? Possible, but, not likely. The bonds sold would be general obligation debt, so there is risk for the taxpayer. But, before that risk becomes a real liability these things would need to occur: a. The Port Authority would fall behind in selling land. b. There would be no excess TIF from the CMC Project (scheduled starting date 1994) or any other project to make up any short fall . c. There would be no other sources of funds available e.g. CDBG for the project. ** ** ** In conclusion, I ask that you carefully review the Springsted cash flow projections and the SEH prepared concept plan and feasibility seport. I believe that you will agree with the Port Authority that with the advantage of having "a first user�� , the Rosemount Business Park is a low risk route to implementing some very important goals for the overall development of the City. 4 BusPk Cashflow #1 � Rosemount Port Authority Business Park Development-Phase I Cash Flow Projections � onstruct on saump ons a a• ssump ons � 1,500,000 Total hase i ost 4 acre e n hase 59�6 nnua nf at on 1 acrea e so n yr 1 1.0 1 an a es r e ' 59io Annual Lan �ice nflater 5 , arket a ue er cre 1. ffect ve ocai Tax ate Cash Outflows Cash inflows Bondin and Pa1rments Account 8alances oc 15 1� Land Effort 7.00% 8.04% 8.00%o Annuai Cumulative Annual Fubtic Land Acr Ponding Theatre Bond Issue Bond issue Bond issue Surpius Surplus City Tax Yr Im ovmts Ac uisition Sold Land Sales Easmts "TIF" #1 #2 #3 deficit defich Revenue � �50�� 00 � � �0 � � 4 � 36,�`i 35,6 6 ,OOQ ..�.—.�........—.�.�.�. :,:.�.>,;r: :.>1:. :w::::�::.::::::.:.:::::.::;:•:��. ::�:�'::.�'.:::�::.��7� ::.:.;.;;:;;;:�'----:�-�.r..:...::.,..::........:. <><:�<:<::> ;:1:, .x...;.�> ....:...... ..... ..:: <:.:: :...: :::.::;;:::::.�.�:.:.::::::;;>:>:.:;:;.:.;>::.:;<:;;.;:;:::. �;�:::: .:.:::>:::::;;:..:.;.... .. ...::......... ;:•.; :.:::.:>::.::;:.>;::;;><:;:�:•:::..::•:.... . : , . .. : -<.::: .. . :... ... . ..�::::::<:::<:>:�; :,•. .. . � ::.,.::...,.:.:..........,.:. :��..k.�::.<.:. :. ..:,.::.... :��:�:�:>:::::�<:::::, ............................. .. ... ....................� . .. ........ . . .....:..:::.::: ::� :�::::<�:;::'<>:;.:;:::_':: .... >:..:»:... ... ..... 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