01-242Council File # O� - ay a
ORiGINAL
Presented By
Resolution #
Green Sheet # �O���q�
Referred To Committee: Date
RESOLUTION APPROVING A REDEVELOPMENT
AGREEMENT AND A LOAN
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WHEREAS, the City of Saint Paul, Minnesota (the "City") and the Housing and Redevelopment Authority
ofthe City of Saint Paul, Minnesota (the "HRA") have been engaged in on-going negotiations with Centex Multi-
Family Communities, LP, a Delaware limited partnership, ("Centex") regazding the redevelopment of
approximately 17.7 acres in the "Upper Landing" (the "Project Area"), which is generally bound by a line 75 feet
east of the center line of Chestnut Street right-of-way to the east, the "Pilot House" parcel, , the north line of
vacated Shepard Road to the south, Wilkins Street to the west and the south line of the right-of-way of relocated
Shepazd road to the north which property is more specifically described in Exhibit "A" attached hereto and made
a part hereof; and
WHEREAS, the Proj ect Area is in the City's 1987 Riverfront Redevelopment Proj ect Area and Riverfront
Redevelopment Plan (the "City's Redevelopment Plan"), as amended, and included in the Tax Increment
Financing Plan for the River&ont Renaissance T� Increment Financing District (the "Tax Increment Financing
Plan for the District°), a redevelopment district as authorized by Minnesota Statutes, Section 469.174,
Subdivision 10; and
WHEREAS, the Project Area currently consists of improvedparcels which are inthe city's 100-year flood
plain and are contaminated by industrial pollutants, and will require extensive prepararion and remediation prior
to redevelopment, including but not limited to removal of buried shuctures and debris, removal of contaminated
soil, filling, grading, piling and compacting of the site; and
WHEREAS, the City, the HRA and Centex have agreed to certain tenms and conditions providing for the
Centex redevelopment of the Project Area, which terms and conditions are reflected in the proposed Contract for
Redevelopment (the ° Contract for Redevelopment") to be executed by and among the City, the HRA and C.entex;
and
WFIEREAS, pursuant to the Contract for Redevelopment, the City will loan $6,000,000 to the HRA on
an interim basis, and those funds will be re-loaned to Centex pursuant to the terms and conditions as further
detailed in the Contract for Redevelopment, which loan is not a business subsidy because: (a) the loan is not a
loan assistance at a rate below that which is commerciaily available to Centex, (b) the loan proceeds will be used
for remediation of environmental contamination, and (c) the project is a housing project with only incidental
coxnxnercial and retail facilities;
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37 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota as
38 follows:
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40 1. The Council hereby approves the terms and conditions of the Contract for Redevelopment in
41 substantially the form submitted, and authorizes its execurion in the manner provided by law. The Contract for
42 Redevelopment shall be executed in substantially the form subznitted, with only such changes therein as may be
43 necessary or desuable to complete information, correct or clarify the lan�uage thereof, or to make such changes
44 as will best effectuate the intent thereof. In the absence of any of the authorized signatories, his or her designee
45 shall execute the Contract in his place with the same force and effect.
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2. The Council delegates the authority to approve, execute and deliver future amendments to the
Development Agreement in connection with the transactions contemplated thereby to the Director of Department
of Planning and Economic Development, provided that such amendments do not materially adversely affect the
interests of the City and are acceptable in the form and substance to the City Attorney, or other counsel retained
by the City to review such documents.
4. The Council hereby authorizes the Director of the Office of Financial Services to negotiate
with the Executive Director of the HRA on the terms and conditions of the $6,000,000 loan from the City to
the HRA, and understands that the loan will be re-loaned by the HRA to Centex pursuant to the terms and
conditions in the Contract for Redevelopment.
5. All documents, instruments, certificates and other items, including deeds to real property,
necessary to implement the Contract for Redevelopment shall be executed in the manner provided by law upon
approval of the form thereof by the office of the City Attorney; orovided, that this pazagraph shall not apply to
the issuance of bonds, notes or other obligations as provided for in the Contract for Redevelopment. Such
obligations shall be issued only in the manner prescribed for the issuance of debt securities by the IIRA.
Benanav
Requested by Department of:
Blake
Bos tzom y/�
Col eman r/'
Harris gy �
LantYy L�`
Reitez
Fosm Approved
Adopted by Council: Date ��_�_�' �� Q� _
Adoption Certified by Council Secretary BY�
by C'�.tiy A'torney y ���
f
�
By:
/ �� Approved by Mayox for SubmiSSion to Council
Approved by Mayor: Date
ay: � BY� ... �" T� "—
U
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DEPARTMENT/OFFICE/CO UNCIL
PED
CONTACT PERSON & PHONE
Allen Cadson 6-6676
MUST BE ON COUNCIL AGENDA BY (DATE)
March 14, 2001
DA7E INITIATED I GREEN SHEET
March 5, 2007
�l�y�'recmr
W
� Ci[y Att
\�
� Fnancial Servic¢s Ok.
N
et-a.`t}
ruo 107698
�City Council
�Ci[y Clerk
� Fi�a�ciallACC�q
��
�Mayor or Ass't
TOTAL # OF SIGNATURE PAGES
(CLIP ALL LOCATIONS FOR SIGNATURE)
ACTION REQUESTED
Resolution approving a redevelopmenT agreement with Centex Multi-families Communities LP regarding the Upper Landing
site and the approval of a S6 million loan from the City to the HRA.
RECOMMENDATION Approve (A) or Reject (R1 PERSONAL SERVICE CONTRACTS MUST ANSWER THE
FOLLOWING QUESTIONS:
PLANNING COMMISSION 1, Has th(s person/firm ever worked under a contract for
CIB COMMITTEE this department? yes no
CIVIL SERVICE COMMISSION 2. Has this person/firm ever been a citY employee?
yes no
3. Does this person/firm possess a skill not normally
possessed by any current city employee?
yes no
4. Is this person/firm a targeted vendor? yes no
5. Explain all yes answers on separate sheet and attach to
green sheet.
INITIATING PROBLEM ISSUE, OPPORTUNITY (who, what, when, where, why)
The S6 million loan will be budgeted at a subsequent council meeting.
ADVANTGESIFAPPROVED
Construction of 600 units of for-sale and rental housing units and cleanup of a polluted site.
DISADVANTAGES IF APPROVED
DISADVANTAGES IF NOT APPROVED
Property will remain vacant and polluted.
TOTAL AMOUNT OF TRANSACTION $ COST/REVENUE BUDGETED (CIRCLE ONE) YES NO
FUNDING SOURCE
FINANCIAL INFORMATION IEXPLAINI
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Interdepartmentat Memorandum
CITY OF SA1NT PAUL
TO: Council President Bostrom
Councilmember Benanav
Councilmember Blakey
Councilmember Coleman
Councilmember Harris
Councilmember Lantry
Councilmember Reiter
FROM: Brian Sweene}�
Bob Schreier
Allen Carlson�
DATE: Mazch 5, 2001
RE: Resolution Approving a Redevelopment Agreement with Centex Multi-Families
Communities for the Upper Landing Site and Approval of a$6 million loan to the
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota
Purpose
The purpose of this report is to request the City Council to approve the attached resolution
regarding the following related to the redevelopment of the Upper Landing site by Centex Multi-
Families Communities LP:
A Contract for Redevelopment between the HRA and Centex Multi-Families
Communities LP (the "Developer") by which the Developer will purchase the Upper
Landing site legally described in E�ibit "A" (the "Property") and redevelop the site to
accommodate in excess of 500 units of multifamily for-sale and rental housing of which
at least 20% of the rental housing will be affordable to households with incomes at or
below 50% of the area median income.
2. The sale of the Property to the Developer for One Dollaz ($1.00) and other valuable
considerations pursuant to the Contract for Redevelopment.
3. A short term loan in the amount of $6 million (the "Loan") to the HRA which will be
loaned to the Developer to assist in the payment of costs related to removal of pollution,
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geotecluucal corrections and raising the flood plain elevation of the Properry.
Background and Project Description
On August 25, 1999 the HRA Boazd designated the Developer as tentative developer of the
Upper Landing site for a period of 270 days during which period the Developer was to undertake
a number of tasks related to environmental remediation, soil conditions, flood plain management,
urban design issues and economical feasibility to develop the site for housing. On January 24,
2001, the HRA Boazd approved a Memorandum of Intent with the Developer which stipulated
approval of a general development concept and fmancing plan for the Properry. City staff,
Mississippi Design Center staff, Riverfront Corporation stafF, Developed representatives and
neighborhood representatives from the Itvine Park Association and West 7 - Fort Road
Federation haue held intensive focus group meetings the last several weeks to fmalize land
development criteria and a financing plan to develop the Property. Meetings focused on finance,
reuse of the Pilot House, development of Chestnut Plaza on the east end of the Properiy, storm
water management, 20" water main location, height and massing criteria and development design
guidelines. The work of these focus groups is completed which has allowed PED staff to finalize
terms and conditions for a Contract for Redevelopment.
The HRA/City owned property in the Upper Landing consists of appro�mately 17.7 acres of
which approximately 8.86 acres will be available for conshuction of buildings after roads and
open space are developed. A regional park trail system will be constructed along the river and
abut the Developer project. Currently, The Developer is proposing the construction of in excess
of 500 housing units on the 8.86 acres, total investment value in excess of $180,000,000, of
which half will be rental housing and the remaining balance ownership housing of various types.
Unit types will range for the most part from 2-story town homes to 4 story plus type of buildings.
Mazket rents are currently projected to be between $800 -$2,500 per month or about $1.26 per
square foot on average. For sale units will range from $200,000 -$600,000. The Developer's
development concept is derived from work related to the Upper Landing Master Plan.
Terms and Conditions of the Development Agreement
Financin¢
A preliminary proposed sources and uses statement is attached as E�ibit B. Total development
costs to ready the site for development is approximately $48 million. Key items to be financed
are 1)$12.5 million for cleanup, remediation and demolition, 2) $10.6 miilion to provide
structure parking assistance far the rental and commercial uses, 3) $$63 million for public
improvements, 4) $2 million for pilings, 5) $2.2 million to bury power lines and 6) $6.2 million
to cover the cost to provide approximately 71 units of affordable housing on the site.
Creation of the new 25 year redevelopment Riverfront Renaissance Tax Increment Financing
District will cover $38.6 million of the $48 million of development costs needed for the site. The
balance of the costs will be covered with a$3.7 million grant from DTED and the Met Council, a
$6 million contribution by the Developer and $6 million loan from the HRA to the Developer.
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Specifically, funds for the project aze proposed to be advanced as follows:
1. First, $3.7 million of pollution cleanup grants from DTED and the Metropolitan Council.
2. $6.0 million from the Developer.
3. $6.0 million from the fIRA to be loaned to The Developer in the fomn of a short term
bridge loan at an interest rate of 9%. The IIRA will secure the funds from the City from
internally finance the funds. The loan will be repaid from tax exempt tas increment
revenue bonds issued for the project. Repayment of the loan is dependent upon the
immediate construction of 200 rental housing units and 24 for-sale housing units which it
is projected will create adequate tas increments within 4-5 yeazs to allow the release of
bond proceeds to repay the I,oan. During the curing period for the bonds any excess tax
increments will also be pledged towards repayment of the Loan. The Loan is a non-
recourse loan to the Developer. The security for repayment of the Loan are the bond
proceeds and the Property. An appraisal conducted by Dahlen and Dwyer, Inc. places a
value on the Properiy at the time remediation is completed of $1.45 million and at the
time a11 infrastructure is completed a value of $11 million. At the time remediation is
completed the I3RA will have expended about $1 million of the Loan proceeds. The
balance will be expended for infrastructure which greatly increase the value of the
property.
4. Developer's and the HRA's funds would be advanced on a dollar for dollar match.
5. The balance of the funds needed to undertake the site improvements would be advanced
by The Developer. In return, the HRA will execute a tax increment pay-as-you-go note to
The Developer with an interest rate of 8%.
6. As the project is being built and values are achieved to generate tax increments, revenue
bonds would be issued to pay down the Developer pay-as-you-go note.
7. The HRA wili receive 10% of the tax increments as administrative expenses. HRA will
a11ow the 10% administrative fees to be used as coverage to maa�imize the amount of tax
increment revenue bonds that can issued.
8. Developer will front the IIRA $300,000 to pay legal, consultant and other costs
associated with transferring the H12A land to The Developer. This will also include
repayment of the $50,000 being requested to cover the costs to purchase the Soo Line
Property. The $300,000 will be repaid to The Aeveloper from future HRA taa� increment
administrative fees.
Pilot House/Head House
Many people and organizations have varying views on what should be the future use, if any, of
the Pilot House. Given that there is strong sentiment that the Head House has significant
historical value it was agreed by the focus group studying the Head House that an effort should
be made to save and to some unknown degree restore the building to be use as an interpretive
center for the river and in particular to stress the importance of the grain business to the area.
Therefore, the Developer and city staff have agreed that a fund raising campaign should be
started to save the Head House. "Tl�e Developer wili contdbute $5,000 to be used to develop a
marketing campaign. The City will contribute $47,000, currently budgeted to demolish the
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building, towazds the campaign. If after three yeazs insufficient funds aze_raised to create the
interpretive center, the HRA will pay $47,000, less any portion thereof previously used to wards
expenses of raising funds for redevelopment of the Pilot House and the Developer will pay up to
$200,000 to raze the buiiding to the platform level. Costs to raze the building shall be
reimbursable from tax increments.
Chestnut Plaza
The end of Chestnut Street is the gateway to the river, the new regional pazk trail and the
proposed development. The desigp of the proposed Chesmut Plaza is still in process and is a
collaborative effort between the Developer, Mississippi Design Center, City staff and
neighborhood organizations. From the focus group, it was agreed by the Developer that the
Piaza would be 150 feet wide and that the Developer would contribute $1.2 million towards
fuush materials for the plaza. The Developer would also clean the site and stabilize the soils. If
the plaza should cost more than $1.2 million the Developer is willing to contribute additional
funds if they aze under budget on other items otherwise it is the City's obligation to pay any costs
over the $1.2 million.
Height and Massine Restrictions
The Developer's proposal regarding height gidelines for buildings does not comply with the
Upper Landing Urban Design Master Plan. On biock two of the development the Developer
was proposing an S and 7 story buildings. The Developer has agreed to reduce the height of
these buildings to 6 and 7 stories. This srill does not completely comply with the Master Plan for
the Upper Landing but is a compromise to stated neighborhood concerns, however as the date of
this memarandum the neighborhood has not agreed to the Developer's latest proposal. The
developer is able to lower the height of the buildings and yet maintain the value of the
development by increasing the foot print and number of units of the buildings on block one.
Increasing the foot print required decreasing the size of Chestnut Plaza to a 150 foot width. The
focus group agreed to this proposal.
Affordable Housin�
The Developer is guaranteeing to provide at least 71 units of rental housing (20% of the rental
housing to be built) to be affordable to households at or below 50% of the area median income.
The estimated $6 million cost to provide the affordable housing will be borne by the Developer.
The City's only obligation to provide funds is by means of tax increment financing. That said,
the Developer is in negotiations with CommonBond Communities to provide 100 units of
affordable rental housing units on the site 3n two separate buildings. The buildings would have
the same exterior architectural quality as the market rate rental buildings. Approximately, 70 of
the units would be affordable to households at or below 30% of the area median income and the
balance would be affordable to households at or below 50% of the area median income. The
lower income units will probably be subsidized with Project-based Section 8 units.
Pollution Liabiliry Issues
A budget of $53 million has been budgeted to clean the Property of pollutants to a level
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satisfactory for residential use. We believe the amount budgeted is amply sufficient given the
extensive testing done to the Property. However, there is always the remote possibility that there
we may encounter unforseen additional pollurion once the remediation process starts. It has
always been the goai of HRA staff and the Developer that once remediation starts it must be
completed. The Developer will be purchasing insurance to cover catastrophic cost ovemms.
The insurance at the Developer's expense will cost about $200,000. However, the insurance has
an$800,000 deductible which the Developer wants the I IRA to cover. The other option would
be for the Developer not to purchase insurance and cover the first $200,000 of cost oven•uus and
the HRA would be liable for any additional costs. The advantage of the first option is that the
IIF2A `s liability is capped at $800,000 and the Developer continues with the development. The
disadvantage of the second option is that the HRA's liability is open ended. If we were to put a
cap on it the Developer would want the right to withdraw from the project if we were to go over
the cap amount and be reimbursed for out-of-pocket expenses.
A second pollution liability issue is that the Developer wants the IIRA to indemnify them against
future third-party claims resulting from pollution on the site. The Developer and staff are
working on a proposal whereby the Developer would obtain insurance with the City/IIRA as co-
insured.
Public Undertakings
A series of HRA and City actions and approvals will be necessary for the Upper
LandingfDeveloper proposal to be implemented. The prunary actions are sumuiarized as
follows:
1. Remove the Upper Landang Site from the existing Riverfront Tax Increment Financing
District and, subject to the necessary findings, include the Upper Landing Site in the
proposed new 25-yeaz Riverfront Renaissance Tax Increment Financing District.
2. Complete a 40 acre study and amend the current zoning to permit the proposed uses.
3. Purchase Soo Line railroad property located within the Upper Landing site.
4. Title registration of the Property; necessary street vaca6ons; conveyance of City owned
property to the HRA which in turn would be conveyed to the Developer.
Public Benefit
The Developer proposal fulfills the following City objectives and goals:
1. Eliminate blighted and contaminated land and surface parking lot from Saint Paul's
downtown river front.
2. Create a new "urban village" on the Upper Landing site with pedestrian friendly "grid"
streets, mixed uses, mixed income and exceptional architecture.
3. Improve public access to the Mississippi River though better site lines and vnproved
pedestrian and automotive access to the riverfront. Create a new destination point for
City residents and non-residents to enjoy the river and new services.
4. Attract approximately 1,500 new residents with disposal income buying power to the City
of Saint Paul by means of creating a minimum of 500 new housing units and commercial
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space.
5. Create a minimum of 71 affordabie rental housing units which meet the City's housing
policy of affordability.
6. Espand Saint Paul's residential and commercial properiy taac base through the
development of new housing and commercial space.
Recommendation
StafFrecommends approval ofthe attached resolution to execute a Contract for Redevelopment
with Centex Multi-Families Communities LP for purchase and development of the Upper
Landing site.
Attachments
E�ibit "A" - Lega1 description of the Properry to be conveyed to Centex
E�ibit "B" - Proposed Sources and Uses Statement for the Project
x�sn�eau�ea�cnzu.sonr����=���m�siaoi.w�,a Page 6 of 6
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E�ibit "A"
LEGAL DESCRIPTION OF UPPER LAI�DIi�1G PROJECT AREA
Those parts of the follo��ing described properties:
Lots 1, 2, 3, 4, �, and 6, Block 38, Lot 6, Block 39, Lots 7 and 8, Block 46, Lots l, 2, 3, 4,
5, 6, 7, 8, 9, 10, ll and 12, Block 47, Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and 12, Block 48,
Lots 1, 2, 3, 4, �, 6, 7, 8, 9,10, i l and 12, Block 49, Rice and Irvine's Addition to St. Paul,
according to the recorded plat thezeof, Ramsey County, Minnesota.
�
Blocks 69 and 70, Irvine's Enlargement, according to the recorded plat thereof, Ramsey
County, Minnesota.
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Spring 5treet, Water Street (now known as Shepard Road), Chestnut Street, Walnut Street
Pine Street (now known as Sherman Street and Elm Street as dedicated in said Rice and
Irvine's Addition to St. Paul and said Irvine's Enlazgement.
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Lots 1 tluough 79 inclusive, Upper Levee Addifion to St. Paul, according to the recorded plat
thereof, Rainsey County, Minnesota.
And
Lots 80 through 90 inclusive, Upper Levee Addition to St. Paul No. 2, according to the
recorded plat thereof, Ramsey County, Minnesota.
And
Spring Street, Loretto Street, Mill Street, Elm Street and Alleys as dedicated in said Upper
Levee Addition to St. Paul and Upper Levee Addition to St. Paul No. 2.
Described as commencing at the southwest corner ofthe Southwest Quarter of Section 6, Township
28, Range 22, Ramsey County, Minnesota; thence northerly, along the west line of said Southwest
Quarter of Section 6, a distance of 51.84 feet to the point of beginning of the land to be described;
thence North 36 degrees 51 minutes 04 seconds East a distance of 159.34 feet; thence North 31
degrees 51 minutes 42 seconds East a distance of 132.07 feet; thence north 37 degrees 11 minutes
22 seconds East a distance of 124432 feet; thence North 43 degrees 52 minutes 38 seconds East a
distance of 74.93 feet; thence northeasterly a distance of 145.47 feet along a tangential curve
concave to the southeast having a radius of 1600.00 feet and a central angle of 5 degrees 12 minutes
Exhib�[ A Iegal desaiption upper la��ding Page 1 of 2
b�.�.y.l.
Exhibit "A"
34 seconds; thence North 49 degrees 0� minutes 12 seconds East a distance of 227.90 feet; thence
northeasterly a distance of 127.74 feet along tangential cune concave to the northwest havin� a
radius of 1050.00 feet and a central an�le of 6 degrees 58 minutes 13 seconds; thence North 42
dea ees 06 minutes 59 seconds East, tangent to the last described curve, a distance of 339.97 feet;
thence northeasterly a distance of 149.79 feet along a tangential curve concave to the northwest
having a radius of 2120.00 feet and a central angle of 4 degrees 02 minutes 54 seconds; thence North
38 degrees 04 minutes 06 seconds East a distance of 225.10 feet to a line 75.00 feet northeasterly
of and parallel with the centerline of said Chestnut Street and its southeasterly extension; thence
North 47 degrees 30 minutes 03 seconds West, parallel with said centerline of Chesmut Street, a
distance of 180.07 feet; thence South >3 degrees 42 minutes 03 seconds West, a distance of 162439
feet to a point on the northwesterly line of said Block 69 distant 202.46 feet southwesterly of the
most northerly comer of said Block 69; thence South 41 desrees 44 minutes 11 seconds West a
distance of 8534 feet to the north line of said Upper Levee Addition to St. Paul; thence North 89
degrees 59 minutes �2 seconds East, along said north lane of Upper Levee Addition to St. Paul, a
distance of 209.11 feet to the centerline of the alley (now known as Spring Street) adjoining Lots 69
through 79, said Upper Levee Addition to St. Paul as dedicated in said Upper Levee Addition to St.
Paul; thence South 37 degrees 14 minutes 52 seconds West, along said centerline of Spring Street,
a distance of 430.43 feetto the centerline of Spring Street as dedicated in said Upper Levee Addition
to St. Paul No. 2 and its northeasterly extension; thence South 44 degrees 27 minutes 32 seconds
West a distance of 378.41 feet to the west line of said Upper Levee Addition to St. Paul No. 2;
thence South 0 degrees 55 minutes 08 seconds East a distance of 653.70 feet to the point of
beginning.
For the purpose of this description, the southeasterly line of said Upper Levee Addition to St. Pau1
is assumed to beaz North 37 degrees 11 minutes 22 seconds East.
Pilot House Parcel
That part of Government Lot 4, Section 6, Township 28, Range 22, Ramsey County, Miimesota
which lies Southeasterly of the Southeasterly lines extended of Blocks 47 and 48, Rise and Irvine's
Addition to St. Paul and lying Southwesterly of the Southeasterly extension of the Southwesterly
line of Lot 8, Block 47, Rice aud Irvine's Addition to St. Paul u1d lying Northeasterly of the
Southeasterly extension of the Northeasterly line of Lot 11, Block 48, Rice and Irvine's Addition
to St. Paul, except that part dedicated as Water Street in the plat of Rice and Irvine's Addition to St.
Paul.
Pxhibit A Iegal description upper landmg Pa�e 2 Of 2
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CENTEX
ST. PAUL UPPER LANDING - New TIF District
Ot .�y�
SOURCES AND USES STATEMENT
After FuII
Valuation
SOURCES:
Tax Increment Revenue Bonds
CENTEX TIF Developer Revenue Note
CENTEX Contribution
Grants
TOTALSOURCES
USES:
Cleanup/Remediation/Demolition
& Project MgmUPermits/Engineering/Professional Fees
Structured Parking & Project MgmUPermits/Engineering
Professional Fees
Public Improvements-Other
Building Pilings-Rental/Retail
Bury Power Lines
Contigency 5%
Construction Period Interest
Public Improvements-Common Public Streets
Low/Moderate income Housing
TOTAL USES
SURPLUSi(DEFICIT)
21,865,975
16,756,841
6,000,000
3,700,000
48,322,816
12,489,131
10,613,872
4,029,980
2,000,000
2,200,000
1,566,649
7,944,542
1,248,250
6,230,392
48,322,816
n
` CityiHRA would provide $6miilion dollar bridge loan during construction, approximatefy 5 year term
' Only $5.3 million of the TIF Developer Revneue Note can currently be paid by projected tax increment
assuming a 2.5% annuaf infiation rate.
CENTEXSU
03/05/2001