HomeMy WebLinkAbout5.a. National Guard Armory / Community Center Arena Project ScheduleCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
PORT AUTHORITY COMMISSION MEETING DATE: JULY 7, 1992
AGENDA ITEM:
AGENDA SECTION:
NATIONAL GUARD ARMORY/COMMUNITY ARENA UPDATE
PREPARED BY: JOHN MILLER,
AGENDA NITEM
ECONOMIC DEVELOPMENT COORDINATOR
# 5 A
ATTACHMENTS: NATIONAL GUARD A;ZMORY/COMMUNITY
APPROVED BY:
CENTER ARENA PROJECT SCHEDULE, MEMO
RECOMMENDED ACTION:
NONE. UPDATE ONLY, NO ACTION REQUIRED.
PORT AUTHORITY ACTION:
NAT'L GUARD ARMORY / COMMUNITY ARENA SCHEDULE
Date Action
Present Architects completing plans/specifications
July 6 First "Hard Copy" of appraisals for businesses due
July 7 Site plan review by Development/Review Committee
July 13 Business owners contracted regarding appraisals
July 14 Planning Commission review of site plan
July 15 All hard copy appraisals of Hwy 3 businesses due
July 16 Plans/specifications complete and sent out in bids
July 21 City Council sets public hearing for Comprehensive plan
amendment re: MUSA boundary change. Port Authority/City
Council approve relocation contract with Dakota County
HRA
July 21 Port Authority approve boundary survey and phase one
0
environmental audit of Hwy 3 businesses.
July
28
Planning Commission takes final action on site plan
Aug.
4
City Council hold public hearing on Comprehensive Plan
Amendment
Aug.
5
Forward plan amendment to Metropolitan Council
Aug.
13
Bid opening for Armory and Ice Arena
Aug.
14
City attorney obtains "enforceable agreements" with
arena participants
Aug.
18
City Council sets public hearing date to amend tax
increment financing plan
Aug.
19
Metropolitan Council responds to Comprehensive Plan
Amendment
Sept.
15
Port Authority approves start of acquisition and
relocation activities
Sept.
15
City Council on recommendation of Port Authority amends
tax increment financing plan
Sept.
15
City Council sets bond sale
0
Sept. 30 Construction contract signed
Oct. 6 Bonds sold
Oct. 15 Construction starts
June 1, 1993 Highway oriented business vacate land
January 15, 1994 Project complete
i
�iiy of Rosemount
PHONE (612) 423.4411 2875 - 145th Street West, Rosemount, Minnesota MAYOR
FAX (612) 423.5203 Mailing Address: Edward B. McMenomy
P.O. Box 510, Rosemount, Minnesota 55068.0510 COUNCILMEMBERS
Sheila Klassen
James (Red) Steers
Harry Willcox
TO: Port Authority Commissioners: Anderson, Dunn, Edwa-Pf1gIlippermann
Mawe MMSinnwell Wi ermann ADMINISTRATOR
i cenomy, i � PP Stephan Jilk
FROM: Stephan Jilk, City Administrator
DATE: July 2, 1992
RE: National Guard Armory/Community Center Arena Update
On July 1st I met with the city attorney, Mike Miles and with Dan
O'Neill, the city's financial consultant from Springsted. Also
attending the meeting were Mary Dyrseth, bond consultant from
Briggs and Morgan and Lee Smith from the Dakota County Housing
and Redevelopment Authority.
We attempted to prepare a project schedule and to assign tasks so
that the addition to the community center could be completed. I
understand that at the last Port Authority meeting there was
concern over the several steps that must be completed before
construction can begin. The commissioners did recommend to the
City Council that bonds be issued to pay for the building
addition. I hope the attached project schedule is self-
explanatory. Here are some conditions that were determined at
the meeting, not necessarily in any order.
Mary Dyrseth will determine whether the Tax Increment Financing
(TIF) Plan will need revision to support the project. John
Miller and Mike Miles will provide her with the documents she
needs to make the determination. An answer will be available by
the Port Authority's second meeting in July.
Port Authority general obligation bonds will be used to pay for
the community center expansion. Money to retire the bonds will
come from the following sources in this order:
1.
User Fees
2.
Concession Revenue
3.
City Purchase Time
4.
Tax Increment Surplus
5.
Tax Levy
While the architects are still doing plans and specifications and
no bids have been opened, it is thought the building addition
will cost about $2,000,000.
6verylkings (90ming gosemounlY
f�
A property tax must be levied to support the bond issue.
Assuming the fees and other revenues are sufficient to meet the
bond obligations, the City Council will take action annually to
stop the levy.
A contract to use the relocation services of the Dakota County
Housing and Redevelopment Authority to work with the highway
oriented businesses on T.H. 3 will be ready for Port Authority
consideration on July 21.
The cost of purchasing the four parcels adjacent to the highway
is not in the projected $2,000,000 building cost. The same goes
for relocation costs. That money will need to come from the TIF
fund.
The project should not affect the City's current "A" bond rating.
The current best guess is the interest rate will be 61,4 0.
Mike Miles will be working with the "non-profit participants" in
getting letters of commitment that are enforceable agreements.
This should be done prior to any authorization to issue bonds.
Obviously if there are not enough real commitments (and not
enough user fees) the project can be reconsidered.
A meeting with the property owners regarding acquisition and
relocation will be held after an internal meeting is held to be
attended by Steve Jilk, Miles, Smith, and Miller.
At this time no action is needed by the Port Authority. However,
as the project schedule shows the commissioners will need to
address the project on July 21 and on several other occasions
before construction starts in October.
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