The URL can be used to link to this page

96-891i �� f CITY SAINT Council File # b " ` Green Sheet # 3 9 �.� � N � `_ _.. MINNESOTA � \ . Presented By 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Referred To � f �� Committee: Date WHEREAS, on September 28, 1994, the City Council of the City of Saint Paul established the Neighborhood Sales Tax Revitalizarion (STAR) Program, C.F. 94-1127; and WfIEREAS, the Neighborhood STAR Program is funded with fifiy percent of an additional one-half of one percent sales taY on sales transactions that occur within the ciTy, pursuant to Minnesota Statutes, chapter 297A, authorized by the State of Minnesota, Chapter No. 375, Sec.46; and WIIEREAS, the purpose of the Neighborhood STAR Program is to fund capitai improvements to further residential, commercial and economic development in the neighborhoods of St. Paul; and WHEREAS, the Department of Planning and Economic Development (PED), in the second cycle, has received forty-eight applications to the Neighborhood STAR Grant, Loan and Seed Capital Program; and WHEREAS, the Capital Improvement Budget Committee and the Planning Commission have reviewed and commented on the 1996 applications; and WHEREAS, PED, the Neighborhood STAR Boazd, and the Mayor have evaluated the Cycle 2 applications and forwazded their recommendations to the CiTy Council; and WHEREAS, approval of projects at this point means the projects have six months to secure private match commihnents, comply with project stipulations when applicable, and work with PED and other ciTy depazhnents as required; and WHEREAS, upon conformance, within the six month period, of all project stipulations including credit requirements as described in City Credit Keports, and in accordance with the STAR loan standards, if applicable, the STAR grant and loan agreements, notes and other required documents will be signed; and WHEREAS, should an entity not comply with sripulations, credit and other requirements, and is not under contract within the six month period following City Council approval, that entiTy will not be funded and the funds will be reallocated to other projects during the next funding cycle; and WIiEREAS, any STAR funds returned during or following the per'rod an entity is under contract to the City, will revolve back to the STAR budget to be used for the next funding cycle; and WIIEREAS, any project with proposed loan terms that are not consistent with STAR Prograni loan standards will be restnxctured so that interest and principle wili be amortized following a one-year deferral period; and WfIEREAS, projects that are funded at less than the original request will reduce any direct project costs in proportion to the cut in funding; and WIIEREAS, the Mayor, Pursuant to section 10.07.1 of the City Charter, recommends changes to the 1996 budget as listed below: Page 1 of 3 45 46 47 48 49 50 51 52 53 54 55 � 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 NOW, Tf�REFORE, BE IT RESOLVED, the City Council approves the funding priorities and budgets for projects at recommended funding amounts and terms as shown ' on Attachment A, and described in fmal applications, subject to compliance with the program development and implementation (,� �� requirements of the Neighborhood Sales Tax Revitalization Program Guidelines; and 4 BE IT FURTHER RESOLVED, that the City Council approves the changes to the 1996 budget listed below; and BE IT FURT'HER RESOLVED, that the Mayor and City Council wish to extend theu appreciation to all applicants and to the Neighborhood STAR members for their time and efforts in developing proposals and recommendations during the second cycle of the Neighborhood Sales Ta.z Program. I+nvANCING PLAlv - As Amended by City Council 8J7/96 CURRENT CII.ANGE PROPOSED Neighborhood Tax Revenue, transfer from I3RA Debt Serv. Fund gUpGET BunGET Neighborhood STAR Loan Program P7-930-90305-7304-00000 916,870 1,733,228 2,650,098 Neighborhood STAR Grant Program P7-930-90306-7304-00000 125,000 789,457 914,457 Neighborhood STAR Seed Capital Program P7-930-90307-7304-00000 26,750 297,831 324,581 TOTALS 1,068,620 2,820,516 3,889,136 SrENDmrc Pi,AN - As Amended by City Council 8/7/96 CiJRRENT CHANGE PROPOSED # PROJECT NAME BUDGET BUDGET Seed Capital Budget P7-930-90307-0547-77037 $26,750 (26,669) 81 142-95 Johnson Supermarket(Dropped) P7-930-90305-0547-77017 160,000 (160,000) 0 146-95 Maryland/Dale 4 Comer Master Plan (Withdrawn) P7-930-90306-0547-77027 125,000 (125,000) 0 132-95 Single Family Home Reinveshnent (Withdrawn) P7-930-90305-0547-77036 300,000 (3��,a�0) 0 100-95 Jerome Shazed Arts Facility (Dropped) P7-930-90305-0547-'77038 156,870 (156,870) 0 160-95 Selby/Dale Retail Office Building (Dropped) P7-930-90305-0547-77026 300,000 (300,000) 0 "� pa azn onan< ncnv oonoi �g �� 126-96 McLaren Hill condo reconstruction P7-930-90305-0547-77096 0 331,200 331,200 133-96 Fxogtown Entrepreneur Center P7-930-90305-0547-77097 0 86,500 86,500 P7-930-90307-0547-77097 0 154,500 154,500 109-96 Arcade/Maryland Face to Face P7-930-90305-0547-77082 0 39,370 39,370 P7-930-90306-0547-77082 0 9,050 9,050 141-96 Phalen Corridor: Williams Hill P7-930-90306-0547-77083 0 �39,889 �59 �S�#�0� 7��4 Page 2 of 3 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 157-96 Salvation Army Community Center � P7-930-90305-0547-77084 0 542,336 542,336 122-96 Sel-Dale Laundromat P7-930-90306-0547-77085 0 30,000 30,000 P7-930-90307-0547-77085 0 20,000 20,000 163-96 Ramada Hotel P7-930-90305-0547-77086 0 350,000 350,000 103-96 394 Dayton Ave Rehab P7-930-90305-0547-77087 0 60,000 60,000 P7-930-90306-0547-77087 0 40,000 40,000 106-96 Gateway to Como Pazk Lighting P7-930-90306-054I-77088 0 41,207 41,207 ll5-96 Lazge-Format Printer P7-930-90305-0547-77089 0 150,000 150,000 P7-930-90306-0547-77089 0 20,000 20,000 P7-930-90307-0547-'77089 0 150,000 15Q000 123-96 Build NhdlCommunity Capacity P7-930-90306-0547-77090 0 25,000 25,000 128-96 Minnesota Boat Club Restorntion P7-930-90306-0547-77091 0 55,000 55,000 114-96 Minnehaha Mall Enhancement P7-930-90306-0547-77092 0 90,000 90,000 151-96 Coordinated Housing Investment Prog. P7-930-90305-0547-77094 0 300,000 300,000 P7-930-90306-0547-77094 0 200,000 200,000 168-96 University-Midway Neon Sign Proj P7-930-90306-0547-77095 0 80,000 8Q000 po nzn_unznc ncn� oano4 g on� � n� �zn on�n� ncn� ��noo g �n�nn �n�nn I;t+� C�:�iU:�u�ue�ea�s�eviti:�Iaza�i�ii�;:;::F7z93"4=44�t��t3�7:�T€t�3 � 754�41�ip 3��#;0� P3 93�}-�T��ttr4k$A7.?7i7�� Q 30,f14tY �t�;� . .. . ........ ...................... . .. ........... ,.:.:. ,..:..: I7�� W�:�7i;:$:4�uiu;_�T4i�IS7;i�$ ..... ::....: �:s��=��s=��:�ra�s � 4�t�Ev�� tt f�5-9� I�YP �Z'1ti�vay Aslu�t�,�en? �t� ::: P? �3t�--9Q3��-##5�7�?1�8I tl 1flQ �tl4;t3�fE �7 4a4 9��4��5�'7-'� `iO�J' � ,.. . 1�U;i��t3 t�t4�0� ... . . ... . . . . . . . ... . . . . ... .... �'i�'�� I3ig��i[tl #itlage;;I£evrt�[izaf�4n P'7 "��f�J;i3�ttS ��`7.7'�tJ�� 5tJ �EI;OA� : , .. ...:. k?I:��#k�23C�6_�I��?7��$ )��[ff3 9�;�� ,. . ... _ ... .:..:............ .... �:i�5 ;�� 11�a�IangTIZ3a�e:� �ir� F� 9��5#�3�#� 45�7:'�4�7 �# 94�&�� 9ts;� TOTALS 1,068,620 2,520,516 3,889,136 Page�aof 3 so 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 � 157-96 Salvation Army Community Center P7-930-90305-0547-77084 0 542,336 2,336 122-96 Set-Dale Laundromat P'7-930-90306-0547-77085 0 30,00 30,000 P7-930-90307-0547-77085 0 2 00 20,000 163-96 Ramada Hotel P7-930-90305-0547-77086 0 350,000 350,000 103-96 394 Dayton Ave Rehab P7-930-90305-0547-77087 0 60,000 60,000 P7-930-9�306-0547-77087 0 40,000 40,000 106-96 Gateway to Como Park Lighting P7-930-90306-0547-77088 0 41,207 41,207 I I 5-96 Large-Format Printer P7-930-90305-0547-77089 0 150,000 150,000 P7-930-90306-0547-77089 0 20,000 20,000 P7-930-90307-0547-77089 0 I50,000 150,000 123-96 Build i3hd/Community Capacity P7-930-90306-0547-77090 0 25,000 25,000 128-96 Minnesota Boat Club Restoration P7-930-90306-0547-77091 0 55,000 55,000 114-96 Minnehaha Mall Enhanceme P7-930-90306-0547-7709 0 90,000 90,000 151-96 Coordinated Housin vestment Prog. P7-930-90305-OS -77094 0 300,000 300,000 P7-930-90306- 47-77094 0 200,000 200,000 168-96 University- idway Neon Sign Proj P7-930- 306-0547-77095 0 8Q,Q00 80,OQ0 Nei borhood Loan Budget P -930-90305-0547-77098 0 790,692 790,692 Neighborhood Grant Budget P7-930-90306-0547-77099 0 24,200 24,200 TOTALS 1,068,620 2,820,516 3,889,136 M �-� Budget ' ector Finance and Management Director Requested by Department of: Adopted by Council: Date Adoption Certified by Council S�''cretary BY � ,�n-> M.-__ � Approved by Mayor: Date 'p (� 't � BY° �.� ��-,� _ �� . . �- - .. - �� /' L� /� / / �� . J� -. . /�� / � i� . � � �/!//// � -. t �- � . . -. . . ,y . . .• � .�L'_,_ Page 3 of 3 „�� J DEP�RTMENT EACOUNCIL DATE INITIATED J� L L C5 Plannin� Economic Development 7/15/96 GREEN SH CONTACT PERSON 8 PHONE INITIA INITIAIJDATE Joan Trulsen 6-6694 � DEPqRTMENTDIRECTO �CITYCOUNqL ASSIGN �CRYATTORNEY � � ( GCfTVCLERK NUNBEFfON MU5T BE ON CAUNqLAGENDA BV (DATE) pOUiiNG BUOGET DIRECT � FIN. & MGT. SEFiVICES DIR. 7/24/96 ORDER MqyOR (OR ASSISTAN n � TOTAL # OF SIGNATURE PAGES 7 (CLIP ALL LOCATIONS FOR SIGNATURE) ACTION REQUESTED: Approval of STAR Board Recommendations for C�cle 2, Neighborhood STAR Program. t RECAMMENDATIONS npprove (A) or Re�ect (R) PEHSONAL SERVICE CONTRACTS MUST ANSWER THE FOLLOWING �UESTIONS: _ PLANNING COMMISSION _ CIVIL SERVICE COMMISSION 1. Has this persoMrm ever worked under a contract for this department? _ CIB COMMITfEE A STAR Board ves NO _ S7AFF 2. Has this personffirm ever been a ciry employee? — YES NO _ DlsTiilCT COUR7 — 3. Does this person/firm possess a skill not normally posse55ed by any current city employae? SUPPORTSWHICNCOUNCILOBJECTIVE? YES NO Explain ell yes answers on separete sheet and attech to green sheet INITIATING PROBLEM. ISSUE, OPPORTUNITV (Wha, Whet, When, Where, Why): Cycle 2 of the Neighborhood Sales Tax Revitalization (STAR) Program - Proposals have been reviewed by the Neighborhood STAR Board and funding recommendations are attached for review of City Council members. ADVANTAGESIFAPPROVED Neighborhood projects and programs can begin the contracting process and implement the recommended STAR proposals. DISADVANTAGES IF APPROVED: NORO DISADVANTAGES IF NOT APPRO�EO: Neighborhood projects/programs will not be implemented. TOTAL AMOUNT OFTRANSACTION $ �8`d�r-I 3� COST/REVENUE BUDGETED (CIRCLE ONE) YES NO Sales Tax Revenue P7-930-90305-0547 PUNDIIBG SOURCE ACTIVITY NUMBEB ��e �eae� e�aa � FINANCIAL INFORfviATION: (EXPLAIN) P7-930-90307-0547 � NEIGHBORHOOD STAR BOARD AND MAYOR'S RECOMMENDATIONS Attacfiment A Cyde 2 7996 NE/GHBORHOOD STAR LOAN AI�D GRANT PROPOSALS .. Mayois recommended changes are h.igh/ighfed above rr x� a ��riy.�n �iC sa,�: 763-96 Perrortal guarantee fiom ownet 72696 Ciry guatantee of bank !o¢n 147-96 A portiort ofthe STAR junds mwT be speu om m�sduction improvements, su<h as sYreets o� utilities. ISI-96 STAR JunQs are ro 6e spent ort a cit}nvide progrwrz. 169-96 Encouraged to focus on a t¢rget area jor more impact. Bp¢rd recommendr. 7 g�ants j� [narz� & [oar�(g[p � ra fii ��n2 ]9 p�ajeas/p�ogrwu y 6� � � �� e Nhdmayrc.wk3 Board's Allocation Total $3,583,723 Mayor's Allocation Total $3,0741,63 CYCLE Z NEIGHBORHOOD STAR PROJECTS NOT RECOMMEII(DED FOR FUIYD(IUG Paul Revised July 76, 1996 .�rr:u :: .i. Proj. # Project/Contact Applicant Grant Loan Seed Cap Cycle 2 1996 NEIGHBORHOOD STAR Program Projects and Programs * To be determined cTaa an ,a c��s� �co �' 726-96 GTryguarartteeofbanklaan 133-96 Project mwi meet S7AR Progr¢m Loan Standardc. 145-96 Pilat �equired I51-96 S7AR fuMs a�e to be spent on a eirywide progr¢m. /57-96 $200,000 at 0%. 2Y�'.. 342.336 ar 5%, 2 yrs. 163-96 Personal gua�anlee fsom owne� 769-96 Enmu�aged to focus on a target area fas more imp¢ct. /70-96 Projea must meet STAR P�oB�m Loan Standatds. Total 3,889,055 �^'.��.:�a �c�'e Idst Acceptable I 5% Subnarrdard 2 IO% Doubtjul 3 50% Loss 4 100°k Amended Attachment A � � � � 1996nhd.wk3 Appioved by City Council Reso/ution #96-891, 8/7/96 �� C�wt �� F�T Amendment to the Mayor's recommendations for the neighborhood $ I �� STAR loan and grant proposals. Delete 121-96 West Side Cultural Center Delete 141-96 Williams Hill Delete ------ Funds available and $50,000 - grant $250,000 - grant $ 24,200 - grant $790,692 - loan Add 145-96 RAP Midway Area and Add 169-96 West Seventh Revitalization and Add 170-96 Lynbloomsted West 7th Add ll9-96 Highland Village Revitalization and Add 137-96 North End Home Loan Fund Add 132-96 Musenbrock-Garden Gate Add ---Funds rolled over to 1997 $100,000 - grant $100,000 - loan $150,000 - loan $ 50,000 - grant $400,000 - loan $ 99,200 - grant $ 50,000 - loan $ 75,000 - grant � �' ": �`� ��\\ � 6a,soo - io� $ 2s,192 - loan � a �t�--� '�'° p �.�Q-� ��„S 3` ��°'�`� 45 NOW, THEREFORE, BE IT RESOLVED, the City Council approves the funding priorities and budgets for l � 46 at recommended funding amounts and terms as shown under the Mayor's recommendations on Attachment A, and 47 described in fmal applications, subject to compliance with the program development and implementation 48 requirements of the Neighborhood Sales Ta�c Revitalization Program Guidelines; and 49 50 BE IT FUR'1�R RESOLVED, that the City Council approves the changes to the 1996 budget list below; and 51 52 BE IT FURT'HER RESOLVED, that the Mayor and CiTy Council wish to ea�tend theu apprecia 'on to all applicants 53 and to the Neighborhood STAR members for theu time and efforts in developing proposals d recommendations 54 during the second cycle of the Neighborhood Sales Taz Program. 55 S6 FL�'ANCING PLAN C CHANGE PROPOSED 57 Neighborhood Tax Revenue, transfer from HI2A Debt Serv. Fund $ GET BUDGE'r 58 Neighborhood STAR Loan Program 59 P7-930-90305-7304-00000 916,870 1,733,228 2,650,098 60 Neighborhood STAR Grant Progam 61 P7-930-90306-7304-00000 125,000 789,457 914,457 62 Neighborhood STAR Seed Capital Program 63 P7-930-9030I-7304-00000 26,750 297,831 324,581 64 OTALS 1,068,620 2,820,516 3,889,136 65 66 E>7 SPENDING PLAN CURRENT CHANGE PROPOSED 6g # PROJECT NAME $UDGET BUDGET 69 Seed Capital Budaet 70 71 72 73 74 75 76 77 78 79 a P7-930-90307-0547-77037 142-95 Johnson Supermazket(Dropped) P7-930-90305-0547-77017 146-95 Maryland/Dale 4 Corner Master Plan ( ithd P7-930-90306-0547-77027 132-95 Single Family Home Reinveshnent ithdra P7-930-90305-0547-77036 100-95 Jerome Shazed Arts Facility ( opped) P7-930-90305-0547-77038 160-95 Selby/Dale Retail Office B ding (Dropped) 121-96 126-96 133-96 109-96 141-96 West Side Cultural ( P7-930-90306-0547- McLazen Hill conda P7-930-90305-OS -77096 Frogtown Entre reneur Center 97-77097 Face to Face -90306-0547-77082 Corridor: Williams Hill $26,750 (26,669) 16Q000 (160,000) 125,000 (125,000) 300,000 (300,000) 156,870 (156,870) 300,000 (300,000) 0 50,000 0 331,200 0 86,500 0 154,500 0 39,370 0 9,050 0 250,000 81 0 0 0 0 0 50,000 331,200 86,500 154,500 39,370 9,050 250,000 Page 2 of 3 `��-89 CI� Qr" .SA�T PA�. 390 Ciry HaQ Telephone: 612-266-8570 Norm Coleman, Mayor (5 West Kellogg Bwlevard Facsimi7e: 612-228-85l3 Saint Paul, MN 55l02 July 15, 1996 David Thune, Counci! President Members of the City Council 310 City Hall Saint Paul, Minnesota 55102 Dear President Thune and Members of the City Council: RE: Cycle 2, PJeighborhood Sales Tax Revitalization (STAR) Program Funding Recommendations It is my pleasure to forward for your review and consideration a proposed Council Resolution which identifies funding recommendations for the 2nd cycle of the Neighborhood STAR Program. The recommendations are for projects and programs to be funded with STAR loan, grant and seed capital loan funds. Applications include economic development projects including rehabilitation of a hotei, and vacant commercial building; a residential acquisition/rehabilitation program, pollution clean-up of an industrial site, street-scape improvements, and community center reconstruction. The Neighborhood STAR Program funding recommendations before you are based upon a participatory rating and ranking process that includes review by the Neighborhood STAR Board, the Department of Planning and Economic Development staff and credit committee, the Capital Improvement Budget Committee and the Planning Commission (CIB and PC comments are attached). This Neighborhood STAR Program cycle included a total of forty- eight (4$) applications. The compietion of the review process came on June 21, 1996, when the Neighborhood STAR Board made its final recommendations on funding amounts and terms for nineteen (19) proposais listed on Attachment A. Also listed on Attachment A are my recommendations which include: 1, funding the McLaren Hill Condo project with a loan rather than a loan guarantee, leaving $24,200 of grant funds unallocated; 2. adding the Selby/Retail Center project funds of $300,000 to the cycle 2 loan funds (this was a cycle 1 project that was dropped due to lack of progress); 3. due to lack of geographic distribution (Approximately, $4 miliion is targeted for Ward 1 and 2), I recommend that the following Ward 1 and 2 projects be dropped: #145 RAP Midway-Area Multi-Service Center $200,��0 #169 W. 7th commercial Revitalization 200,000 #170 W.7th Senior Housing 400,000 a � -�9 I Neighborhood STAR Program Recommendations Page Two 4. the remaining funds of $24,000 grant and $785,360 loan be allocated by the City Council to projects in Wards 3 through 7. In additio�, 1 have requested the STAR coordinators to prepare refinements to the STAR programs which will address the geographic equity issue and to make other recommendations for changes in the process, such as an emphasis on the generation of larger, better developed proposals. I've requested that this report be completed by October 15th. If you have any questions about the 2nd cycle process or would like additional information on any of the proposals, piease contact Amy Filice at 266-6648, Joan Trulsen at 266-6694, or Donna Drummond at 266-6556. Sincerely, �� Norm Coleman Mayor NC:jmt .�� . ^�. � Enclosures PUBLIC PURPOSE SUMMARY Track # 133-96 q�-�q�� Project Name Froqtown Entrepreneur Center Account # Project Address 501 North Dale Street City Contact Marshall Turner 7oday's Date Julv 16, 1996 PUBLIC COST ANALYSIS rrogram E,faaing.sonrce: . _ Interest Rate: 2% & 4°l0 STAR Loan - S� 00.000 STAR Seed Caoitai Loarr- $14y.000 Enterprise Communi�Funds Grant - 150 OOQ Commercial Vacant Bldg. Loan - �65.00Q Subsidized Rate_ [ X J Xes [ 1 N� r�nouut_ 56 000 [ X j I�IlA (Grantj Type: �( Laan Risk Bating: AecepYabie (5% res) SuUstandard (10% res� � L.oss (10fl% resj �X Grant �Aaubtful (SQ% res) �Forgivable (Id(�% res} Total Lvan Subsidy*: �954.482.27 �'otal Project Cost: 517 5 ' Total Loan Subsidy: Present value of the loan over its life, includiug expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1" for Prirnary Benefits and "2" for Secondury Benefits) I. Community Development Benefits RemQUe �lighc�ollutian Imprave HealtfilSafety/Seenciiy � R�hab.. Vaca�tt �truct�re Pubtic Impr�vementS Remove Vacant Structure Goods & Services Rvailab'tIity �i�rita�e Pzzservation Mairrt�in Tax Base il. Economic Development Benefits Suppc�tt �italiCy of Industry Stabi7ize Markef Value 1 Ptavide Se]f-Employmetif CYpt's Iil. Housing Development Benefits Incs�ass Hozne Ownetshzp Stack > # uaits aew ennstruefioa: � # nnits conversion IV. Job Impacts 2 � IncreaselMaintain Ta�c $as� r current tax "Froduatian:- $4�b� r esE'd ta7ces as builr. $8000 r nef ta�c chauge �- or -; �F�$A�Q� 1 Create T.oca1 Businesses Generate Private Investmenf Retain Loeal $usinesses Sapport �bmmerciat Activity � Enconrage Emrep'skip 1 Inor. W�mentMinarity B�inesses Addcess Special Hou�ng Needs Retain Home Owners in City A£Fordable Hous�ng MainYain Ha�sing ► �'fttufs �enhel: � # uai'fs ownar-occ.. f l Jnb Impact [ j Nu Job Impact T'ear i Year 2 Year 3 Year 4 Year 5 #JnSS CREEtTED (fulltime permanent) i 5 Average Wage $6 to �� #Construction/Temporary YES llJoBS RET'�tINED (fuIltime permanern) . 10 - _ #JaBS Los1' (iuTitime permauent} _ 9�-�91 PUBLIC PURPOSE $UMMARY Track # 157-96 °t C -�9 � Project Name Salvation Armv Comm.Cntr. Account # Project Address 401 W. 7th St. City Contact Joan Trulsen Today's Date Mav 30. 1996 PUBLIC COST ANALYSIS Pro�ram Funding Source: Ne"iq#thorhond ST�tR Amaunt: $542:S8B 1�att Int�resz Rrttz 5°!o Subsidized Rate= � X� Y� j] No j}�IIA {C?rant} TYpe_ � T.oau f�isk Ratingt }( .Acceptal�le �5'�, res� S�tbsearidard (lfl°fa ses� �Lc�ss �I�°/n res� �Grant �Doubtful (SU°Jo rQS� �Forgivable �1€�0°!n ses� T'catal Loan Snbsidy�': 3& 059 Total Praject Gost: $3.20�.QUd 'u . purp su si y 65,216 PUBLIC BENEFIT ANALYSIS (Mark ° I D for Primary Benefits and "2' for Secondary Benefiu� I. Community Devetopment Benefits 9 Fiemc�ve BtigT�/Ptzllutian Improve IIQalrhT5afety/��euxit _�Y Rehab, Vaeam �at��t�et�ti•e 2 �ub2ic Tmgrovements � Remove Vacant Sti-uctur� Gaods $� Senziees Availal�ilitp Herita�e Preservatian Nlxintain Ta�c Base � Tncre�s�lNiazntain T� B�e > wrrenx caa produ�ion: 1864 . ess��i ta�es � 6uifr. 32"1 Pi�Ct r net taa change -t- or -: - vrgazuzanon wui pay puot II. Economic Development Benefits 5uppare �iralitX af Indc�stry �r�ate I.cscal Pusiuess�s G�neraxe ririvate Invesz�ren� 1 Stabilize l�rket Va1ue Retain �.bcxt I�usinesses Support Commercial A�tivity Psc�vide S�1f-Emplrapment Opt's Enevurage Entrep'slxip Tncr_ �omenl�t!Iinoritp $nsinesses III. Housing Development Benefits Increass T-iome 4�wnerslup �tack ► 1f units ne4v consErcictions � � Utiit5 �OAYEXSitrA: IV. Job Impacts f�elei�ess 6gecial I3ousixtg �Ieeds REY,�ti? H073F� QWACI'� J,IL �iJ.L� ��{6Yf12b1� �Ot?$itl� S�Saintain Housing ► �1 �tnits rental: h �UriiTS OWn2Y-OCC.- [ l T�b ImpaGt [� 1�U Jtl�t ImpaGt �'�r 1 Y�ar 2 Year 3 �'ear �F T'ear s #�OBS �REA�ETJJ �ful�time permanent� Averagc W�ga �GQnstrtxction pes #�oas XETAFNED (fuIlrime gera�anent} #�OBS LL?57 �fulltime permanenc� PUBLIC PURPOSE $UMMARY Track # 103-98 Project Name 394 Davton Rehab. Proiect Account # � rO �� Project Address 394 Davton City Contact Marie Franchett Today's Date June 12. 1996 PUBLIC COS7 ANALYStS Program Funding SQUice_ _- Ne[qhboThood STkR fimount: � OQ �00 Interest Rate: 6% - Subsidized l�ate: j X j Xes [] I�Q _. . [} I�IfA {Gsaat� - Type: � Loan Risk Rating: x Accepeable �5% res� S�bstandard {lfl°!o res� �Loss (IOGk� res� �Grant �Doubtful{5f�%res� -�Forgzvable (IW°lo res� Tatal Loan Subsidp'�: Total PtojeCt '�9U 0$9 $ Loan 8,90$ Gost: : � PUBLIC BENEFIT ANALYSIS (Mark °I' for Primary Benefits and a2 for Secondary &enefiuf I. Commu�ity Development Benefits 1 Remove $lightlPollation Improve HeaJtl�Sa€et3*lSectuity Izzcrease/Ivfaintafn Ta:c Base � l�eha6. Vacant 5truet�re PubIic Impravements *�rrenr xax praduction: . est'd taxes as huilt: Remove IFacant Structure Goods & 5ervices Auailabifity y �,� �� change i- or -: Heritage PreservatiQn Maintain Tas 3iase Il. Economic Development Benefits Supporc Vitality o£ Indu$xry Creace T.ocai Businesses ' Generate Privat� Tnvescxnent Stabiliae Nlarket Value Retain Iqeat Bnsinesses SupporC Commereial Activicp _ Provide SeIf-Empl�yment Opt's EncQUraga Enerep'ahip Incr_ UUomeufMinoxs`t}r Businesses III. Housing Development Benefits E Inerease Home E7wnership Stock � � # uniLS tiew eanstr�cYian: . � # units tonYersiom A�c#i-ess Sp�c�al I-lous`�ag Needs ftetain Hame C3wners in �ity 1lffordable �iousing [aintain Hous'xng . � # units tentzl: � # uniis osvner-occ.z - IV. Job Impacts I l�ob Impact �� No �Qb impact - Year T �ear 2 Yesr 3 Year �f Year 5 #JDES CREATED �£ulltime permanent� b Average Wage 1�Conscruecion #,JOBS RETtII1YED ({ulltime permanent� - 47 #}Y}BS �E7ST (fulltime perxnac�ent} PUSLIC PURPOSE $UMMARY Track # 106-96 Project Name Gatewav to Como Park Dec. Ltna. Account # �`� � Project Address Como Ave. between Snellinq and Arona City Contact Today's Date Mav 15, 1996 PUBLIC COST ANALYSIS Program Funding Source:. Interest Rate: _ STAR Amount: _ 4t 2Q7 SubsidizedXate: j � Yes [ ] No ' ( _] T�ifA (Grant� Type: Loan Risk Rating: Acceptable (S% res� Subs[andard E10% res� � Loss .(I0�% res� � Grant B Doubtful (50°io res� � Forgivable (I00 res) T ota l Loan Subsidy*: Totat Projecc Costc '[75 758 �' Total Loan Subsidy: Present value of the loan over its life, including expected loss of principal and interest rate subsidy. I� _ PUBLIC BENEF{T ANAi.YSIS (Mark `I' for Primary Benefiu and "2' for Secondary BenefiuJ �mmunity Development Benefits Remove BlightfPollntion 2 Improve HealthfSafetylSecurity . IncreaselMaiutain-Tax Base Rehab_ Vacant Struct�xre � Puhlic ImprQVements ��rrent e� produer�on: > est'd caxes as 6uiIt: Remove Vacant Structure Goods & Services Availability ; ,�� Eax change �- or � Heritage Preservation Maintain Tas $ase _ II. Economic Development Benefits Support Vitality of Industry Create Local Iiusinesses Generate Private Investment Stabilize Market Value _ Retain Local Businesses 2 Support Commerdal Activity Provide Se2f-Emplogment Qpt's Encourage Entrep'sl�ip _. Incr. WomenfMinorit� Businesses III. Housing Developme Benefits Increase Hame Ownership Stock � �I units new construetion: � N uniu conversion: IV. Job Impacts Address Retain Hame Owners in City Affordable Housing Maintain Hcausing . # units cental: � k uaits owner-occ.:. [] Job Impact [ X] No Job Impact I'eaz 1 Year 2 Year 3 Year 4 Year 5 #iJOBS CRF✓ITED (fulltime permanent} _ Average Wage #Construction #JOBS RETAFNED (fulltime permanent) �`JOBS LOST (fufltime permanent� PUBLIC PURPOSE $UMMARY Track # 114-96 Project Name Minnehaha Mall Enhancement Account # �� a 9 � Project Address Minnehaha Ave. betweeo Victoria. Cfiatworth 8� Pierce Butler Route City Contact Today's Date May 15, 7996 PUBLIC COST ANALYSIS Program Fundiag Saurce: 3TAR- -tlmassrtt: SQ II�4 Irztzrsst Itate: -_ Subsid%zerl � j j Yes - € j�o - [ 7 NIA (��anE� Ty�e: Zo�n Rislc l�tingc Aece�tal�le ��°ia resj Substaudarc� (Ifl�io res� � Lcass (1C5Q°k zes) �X Grant BIJaubtiul (�C}%a res) � Forgivable (I00°lo res) Tatal Loan �ubsid�'�: Total Prajeet �ost. 485 095 " Total Loan Subsidy: Present value of the loan over its life, including expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 D for Primury Benefits and "2" for Secondary Benefits) 1. Community Development Benefits Rehab. Vacatit Structure Remove Vacaut Structurs Heritage �xes�vataon Imprave Health/Safety/Securii Pu#afic Tmpr4wements C'rc�Qds & Sex�i�es tivailab'slity n��E�� x� �� II. Economic Development Benefits n�reaselMaintain Tax Base � cursent xas prriductidn: � esc'd taxes as b�ilt. � nex ra� change + c,x � Suppo�t Vicalitg of lndcssery Create Local $usinesses 7 Gen�rate Private Investu�.ent � Stabilize I1+farket Value ]�etaiu I�aca1 Business�s q Suppart Go�nmereial Activity Pmwide Self-Emplayment CJpt's EnGOUrage Hntrep'ship Incr, VFamenllYIiaarit� &usinesses III. Housing Development Benefits t�erease Hame Ownership Stock ► # units new consuuetion: i r tt ixniu canversibn: IV. Job Impacts TLetair� Hc��e Chvners in City AffQrdahle �-Tc�using [aintaist T3ousing ► # utiiLS reata�: � # uaits tswner-occ.; [ 7�0�7 Impae� [� NO ��b Im�3ct X�ai t Year 3 Yezr 3 Xear �€ Year � #jOBS CREA3EZ3 �fulltitne germa�ent� 40 Average �age $&.2ar- 9.5Q #tC;a�stniction yes #,��5 XE2"�1fAXED (ficIltime permanent} #Jt�BS Lt�S2' (fuIl�ne pei'man�) PUBLIC PURPOSE $UMMARY Track # 115-96 Project Name Larae Format Printer-G Guaaemos Account # 9 �' �� Project Address 2303 Wvcliff St. City Contact Today's Date Mav 1, 1996 PUBLIC COST ANALYSIS Prograut Funding Suvrce: i�l6iqhh0l'hflotl STAi� Inte�est Rate Subsidzzed Xate: �_] �ss __ j] No Amuu�t. 32II €lAd � � �I�A (fsrant) TYpe_ � Zo�n _ Risk Ratinge ficceptable- �5% res� �ubstaudard {iQ% res) � Loss (IDQ°!a res3 X Grant $3Q,00� 8 Dnubtful (Sf7°h res) � Forgivahle (1€)0°lo res) Tatal Lqaa �ubsidp'�: '�'ot�l Projeet Gosz: S44 QUp '� Total Loan Subsidy: Present value of the loan over i[s life, including expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark ¢I" for Primary Benefiu and "2D for Secondary Benefiu� I. Community Development Benefits Remove �Iieh�/Pollution Im Rehab. Vacant Structure Remave Vacant Stnxcture Herit�ge Pxeservatiots Pu61i� Impr�vements Goa�s & 5ervi�es Availability 1 1�4�'sn�in Taic I3ase II. Economic Development Benefits � Increase/Maiataan Ta�r Base r e�arrenx tax prflducciona �,OUti . esx°d Eaxzs as bui�s: `I7,4��Ck w net taic change + or •: + S�fl(1Q �upport Vi�itp of Ind�stry �reate Local $usinesses 1�enerate Privaze Investrnent Stabilize 1Vlarket Value �J Itetain L9caT Businesses Support Commercial Activity I'rcaaide SeIf-EmpIoyment Qpt's En�ousaga Entrsp'ship �nnr.r. lX/amenlMinarity Businesses 111. Housing Devel Benefits Inerease Home Ownerslaip Stock > # unifs hew constniecion: t 1/ 1i%11CS �UUx1�"E1.5'1911: IV. Job Impacts Address Speeial Hous� IVeeds �CC81T1 H6lli2 �WT7.G+Y5 Sri �1Gj� AffordaFrle T�nusiag Maintain Housing ► �F tI2tits Tetl4al: Y �( ltn}{� AWtLe,C-OGG.: L 7�0�7 Imp�c� [� No �o� Im��et Year 1 �'ear � �ear 3 Year 4 3'ear � ��€�SS �XEAZ`E7� (£ulltime permanent� 4 Average V�ag,e $1a tp 4� �#��struetion n� #�OBS ��`3'AFIdEII {fulltizne permanent� 2 �f,JUBS LF>ST {�'itlb�e perznatte�xz) PUBLIC PURPOSE SUMMARY Track # �26-96 Project Name MacLaren Hills Condo. Assoc. Account # �� F� Project Address 1383 Spencer Road W. City Contact Curt Miller Today's Date Mav 30, 1996 PUBLIC COST ANALYSIS Program_Fundiag Snurce: Interest Rate: 6.5% _ s�A� �o,�E: �� Zno- Subsidized Rare. f•) Yes - (} No E J AI/A {Granc) `fppe: )( Loan Risk Rating: )( Accepta(�le �5°fo �esj ' _ . Subs�au�azd �ifl%a ies) �Loss (fQQ°to res� Grant Doubtful (SQ% res) Focgivable (iQQo�o �.�} Tocal Laan Subsidg�: 16 560 ?`otal Project Gast: 714 72 " Total Loan Subsidy: Present value of the loan over its life, including expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 " for Primary Benefiu and `2' for Secondary Benefiu� I. Community Development Benefits Remove It�hab. Vacant Strucc�tre R�cnove Vacanr Structure Public Impravem��ts Goods c� Serviees t�vaila6ility � I Fierieaga PreservatiQn � I1klaintain_ Tac $ase Il. Economic Develoument Benefits Support Vitality o�Incl�utry Stabilize Market Value Provide Self-Employment Opt's fll. Housing Devefopment Senefits Iacrease Home Ownership Stock > 1f'uints new consCeuction: � � # vniu conversion: IV. Job Impacts Create Loeal $usinesses Increase/Maintain Tas Base r curreat Tze pmduet'san: . esc d taxes as 6uilx: x net taY change r ar -: Generate Private Tnvestment ' Ketain Locat 8usiuesses � Support Gammar�i�l Acrivitp Ena�urage Entrep'ship Tncr, WomeialMinority Svsinesses t�ddress Special Hausing Needs '[ Maintain Hausing Retain Home Owners in City � N unirs rental: � # uniu ownerocc.: 7 22 Affoidal�le Hausing [] Job I�tnpaet [] Na Job Impact Year l Year 2 Yeu- 3 Year � Year s #�JQB� GREA7EFl (fi�ltime perinaneitt� Average Wage ilConsa'uctioafTeznporary yes #JOBS RETAINED �fullrune permanent} #JOBS LC?ST (fuTltime perm�ent) � � Imprave PUBLIC PURPOSE SUMMARY Track # 128-96 Project Name MN Boat Club Rest/F�caan: Phase I Account # �c.-�ql Project Address S. Wabasha St. on Raspberrv fsland City Contact Today's Date May 22, 1996 PUBLIC COST ANALYSIS Program Funding Source= Neitt�11o1'hooEl STAi� Amt�uat.- __$5 IIi10 - IxcteresE_Rat� � Sulisid�zeclR�cte: �] Y�.s - j 7 Ncx [ 7-I�III� (��ant�- - Type: Z�an Risk Rating: Acceptal�fe (�°fo res� Substandard (1(}%a res) � Loss (IE�"�s res3 � ��ant � Das�btfi�� (�t1°to res� � FoFgi�ab�� 1€�°lo res� Tatal Loan Suhsidy�: Tatal Praj Co st: 7 14 4b0 '� Tota1 Loan Subsidy: Present value of the loan over its life, including expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark °I" for Primary Benefits and "2" for Secondary Benefiu) I. Community Development Benefits Re�t�ve I31ig�tlPollutian Tmprave Health/Safetyl3ec�riey TncreaselMaintain `T'aY $ase ' Ztehal�_ Vacant Struccure Pu61ic ImprQVements � currenr za�c gradueci�zu: w est'd x�ses as 6uiIk. Remave Vacant Stru�ure �caa�ls & Sez�irzs Auailab'xlity r nec caic ehan�e -� �rr , Herixage IYa'eservatiotk I�+taiataiia `C'ax $ase II. Economic Development Benefits 9upport VitaIitg af Inciustry Create L�aI $usinesses Generate Private Invest�nent St�biliz� Market Vaiue I�etain Loea1 ISusinesses Sugpart Germmereial t�ctivity I?ravide 5e1f-Emplayment C)pt's Encaurag� Entr�p'ship Incr_ Wc�menllVlinar�y Siisincsses III. Housing Development Benefits Inereas� I-�ame �wnership Ssock T r� uniTS 3iew eonstructsan: > � ttniCS C4sLVerSiqxi; �lddres� �gscial Hausing IV�eds Retairt Hezrne C�wners i� City Affordable I-iausing Mai�tai� F-Tous�ng ► � IITIitS ietiia�: r # tiT13tS P'SQ3�eY-OCC�: IV. Job Impacts []�0�3 In1��CY �� l�a �O� �lllpaCt 1'�ar l Year 3 1'ear 3 Yeaz 4 Year 5 #,T4BS CkEA FED �fu�ltima germanent} Average Wage #1�;onstructiQn #�flBS RE3'tII1c�E➢ f �lltime parmauent} #JC}ES Z�`isT (fullrime permanent} PUBLIC PURPOSE SUMMARY Q �-- �9, Project Name Ramada Hotei Account # 163-96 Project Address 1080 Old Hudson Road City Contact David Gontarek Today's Date 5/30/96 PUBLIC COST ANALYSIS Program Funding Soucce: Interest Rate: 4-77 - STAR Amount: 350.00Q Subsidized Rate: -[ X] Yes � 7�a [ I NfA_ (CCran�) _ Type: X Loan Risk Rating: Accepta6le (5°k res� 5ubstandard (10°k res) � Lass (IUO°/a res� �Grant BDouhtfuI (SQ% res� �Fargivab2e �Y00"!o res� Total Loan Suhsidy'�: TataF Projea Cost: '° Total Loan Subsidy: Present value of the loan over its life, including expeaed loss of principal and interest rate subsidy. _ PUBUC BENEFIT ANALYSfS (Mark a l' for Primary Benefiu and a 2' for Secondary Benefiu� I. Community Development Benefits Remove Slig4rt/Pollution 7 ImproKe Hezlth/Saf�tylSeeurii 9 Rekab. Vacant Ssruccvre Pulalic Improvemeuts Remove Vacant Suueture ' Goods & Services Availability Heritage Preservatian Maintain Ta7c Base il. Economic Develoqment Benefits Support Vitatity o€ Industry 2 Stabilize Market Value ( Pravide Self-�mploqment Opt's � Benefits Increase Hame Ownership Stock � # uniu tte�v constr¢ction: � #F units conuezsion: IV. Job Impacts 1� TnereaselMaintatn Tas Base s current t�c praduetian: 'F00 s est'dtaaes as bnile 250�OD0 > nec cax ckange f or-: '� Create I.ocal liusinesses 2 Generatz Private Investment 2 Hetain Local Businesses g Support Commercial tictivity �n�ourage Entrep'shzp Iucr� WomenfZVliuorit� $usircesses Address $pacial Housing I�eeds MainEain Hot�s�ng Retain Home Owners in City �# unin renta3: � fl units awaerrocc : Affardable E € X I 7ob �mpact [ J NO J0� FYTipaet Ycar 1 Yeat' 2 Year 3 Year 4 Year 5 #�jOBS CREATEB (fullcime permanent} e{0 6D 90 5 0 Avesage Wage 8.QQ #ConstruaionlTemQorary '15-2Q #jOBS.RET�lIA�EB (fulltimepermauent� AO #�JOBS LOST (fullrame permattent) U PUBLIC PURPOSE SUMMARY Track # 168-96 Project Name Universitv Midwav Neon Siqn Proi Account # 9c.-�91 Pro}ect Address Universitv Ave. (LexinAton to Prior► and Sneilinq Ave. I-94 to Edmundl City Contact Today's Date June 4, 1996 Program Fnuding Saurce_ Interest Ratz PUBLIC COST ANALYSIS 3T�tR �naunt: 84IIi1Q - _ Subsid�zec� Kase:- � ] Yes- - - � ] No [ ] i�fl� (�rant) Type: Loau Risk Ratiag: AccepLa6Ie (5°!a res� Substandard {l�°k res� � Loss (IOt3°k res� 3C �rant 813aubtiuf (5(�°�O res� � Forgivabie �IOOpIo res� Total Loan Subsidg'�, Tatal Pra}ea Costc 2U0 OpII * Total Loan Subsidy: Present value of the loan over its life, including expected loss of principal and in[erest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 " for Primary Benefits and "2' for Secondary BenefzuJ � Remave $IightlPollutian Rehab. �?aeant Stzuc�re I£emane Vac�nt 5trtu ture Heritage L'xeservatian Benefits Imgxove �3ealthfSafet}=fSeeurit Pub�i� Improvements Goods � Servsces Availahifitp Iutaiutain 2'ax Base II. Economic Development Benefits Incre�e��Iaintain `I'a� Base ► cturentiaz }�oductic3n, s r i � esc'd eases as buil�: r net tas chan� -4- or -; Support Vitaiity of Industry �reate I,t�cal Businesses � Generate Private Investm�nt Stabilize IY�z�k.�c Value 2 Itetai� T.ocal Busimesses 'f SugparG Coznm�rc�al t�ctivi�y Pravide Sel£Emplcrpment Opt's Enct�u�'age Etztrep�slxip Incr. Wame�IMinarity $usinesses III. Housi Development BeneFts Increase Hame Qwnersfiip Stock � �f UritTs llCW G6ASLT'fiC�kOTl. * k uniis sonversic�n_ IV. Job Impacts Address 6pQr.i�1 Housing Needs Retain �iome Q�vners in �ity Affordable Housing TvIainrain Hausing ► �( tin4TS YEYtt31; ► # units awner•occ.: [ a,Ji�b Ixnpact [] Nc� Jab Irnpact Y�ar i �ear z Year � Year � Yea�- s #�t}BS CREATEZ3 ��ulltime permanent} A.v�rage W�re #C�Snstrs�cciozx yes �k�OBS RE�'�IiNEB (fulltime peruianenz} #jp� Lt>S�` �fulltime permass�nt� PUBLIC PURPOSE $UMMARY Track # 169-96 � `-�91 Project Name W 7th Commercial Revitalization Account # Projeot Address W 7th between Kelloaq and western c+tv limits City Contact Marie Franchett Today's Date PUBLtC COST ANALYSIS Program Funding 5ource: -_ _- Ne'iqhborhootf STRR Amauat: `-. 200 066 _ Interest Rate: 3% 5ul?sidized Rate: j X��'es -- j� No [ J�IJA_�GEav.$) Tyge: � Loan Risk itating: � tlecepta6le (5°iQ resl .� Substandard (1Q°� tes) �Loss (IOQ°� res� Grant X Doubcful (5�% res) Fbxgivable (IEx?°�u res) Total Loaa Subsidy'�: $144,59&.36 Tatal Pzaject Cost: 569 DUO . PUBL(C BENEFIT ANALYSIS (Mark "1 for Primary Benefits and `2" for Secondary Benefits� I. Community Development Benefits Rernove Bfight/Pollution Improve He�ItEel�afetylSeeunty IncreasefMaintain Taac $ase Rehab. �?aeant Strnctczre � IyubIic tmprouements ' �� °"� � es�d taxes as 6ui#t: Re�ave Vacazn Strueture G�ods & Setvices P,vailability ,�ex cax change + ar-: Heritage Preservation Maintain Tasc �ase Il. Economic Development Benefits Snppost Vitality a€ Industry 1 Stabilize Mazket Yalue Pravide Sel#-Bmpl4ptztent (Jpt's III. Housing Development Be nefits Tncrease Hame Ownership SCock + # units new cot�sttuttion: > # units wnvexsian: tV. Job lmpacts Create Laeat 73us"rnesses 1 Generate Privaee Invrstment Recain Loca1_Businesses q Supgort�mmereial Activity Encourage Entrep'slsip ' Incr. Wamenlh�Iinarity Bu�nesses Ad$ress 5pecfal Hous"fng Nceds Maintain HqusEng _ Retain Home ��vners in City �# uaus xencala Affazdable Housing w# uu`ns owaer-occ.: - [ 1 fob Irnp�ct [� 1�Io Job Imgaet , Year 1 Year 2" '�ea= 3 Y�ar � Yea�. � #fOBS CRF9TEI3 (fullcime permanenc) 10 Average Wage _ $7 to 8 . #Ccroscrneuon yes #jOBS �ETAINED (fullrime permanent) 10 #Jc�BS L€lsT (fullua�e permanent} PUBLIC PURPOSE SUMMARY Track # 109-96 9G-�'9t Project Name Arcade-Marvland Face to Face Account # Project Address 1165 Arcade City Contact Cvnthia Carlson-Heins Today's Date June 12. 1996 PUBLIC COST ANALYSIS Prograai Funding Saurce: Inte�z� Rate: _ 5 STAR _ _ Subsidized.Rate: - � X J Ye�_ Amuu�: 4$ 8,4�0. _ � ] Na [_ ] �IIA {Crant) 'Type: �( T.��n Itisk Ratix�gc ficcepta6te. �S%a res� � SIIbseartdarcl (1Q°la ras) � Loss (f�!'� res� - X Grant 9,i�5Q 81?aubtful (SQ% res) �Forgivable ��60°IQ �s� T4ta1 Lo aa Subsidy� 11 522 Tc�tal Prajecc Cost: 9& 8�d * Total Loan Subsidy: Present value of the loan over its life, including expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1' for Primary Benefiu and a2' for Secondary Benefiu� I. Community Development R�move �TightlP�llution Rehab_ Vacanr Structure tr Remove Vacant Structure Heritage �xeseruario� Benefits 9 Imprtrve He�1thl�aFetyl�ecurii � 1'ul�}ic T�xipr�vemenrs Gacads & SQrvices Bvaila�Zility Ma'tnt�zn TaY Base II. Economic Development Benefits IncreasejMaintain Ta� Base . turxestc ea� �Smdtttsi�ra: � est'd xa�ses as huilt: � tlet taic chan�e f br -: Sc�ppor� Vitality of Tnd�stry �-cate Loca1 Busin�sses Generare �rivata �vestment Stabilize Market Va1ue T�etain Loca1 Bneinesses Support Crsmm�rcial Ac¢ivity rravide Szlf-Employmerct QpX's Encourag� Enir�a'skip Incr. Wou3enflVIinaritX Businesses III. Housing Development Benefits Increas� Home C)w�ez Stock � # units new eonstr¢euon: � # unz�s eonve.rsipu: IV. Job Impacts Addtess Sgeeaal Fiausing I�eed Itetain �Tarne Owners in City AE£tardahle I�QUSing Main�ai� Housing r # uniu se�taf: � TF units Qwn�r-occ�: []�0�7 IIliP3�t [�� N� �ob It1�P�Ct Year 1 5'ear 2 S'ear 3 Yeaz � �'e�r � �,rfl�S CREAT� �fullticne permaueut} Avera�e �ag,e #�anstnxc[ion �f,�OBS RE7'AFNED ({ulltune pernxanem� #�OES LCSSP (3u11time permanent} PUBLIC PURPOSE $UMMARY Track # 121-96 Project Name Westside Cultural Center Account # a�•�q� Project Address 72 Concord Avenue City Contact Today's Date Mav 22, 1996 PUBLIC COST ANALYSIS Program F�nciing Saurce= I»teresz Rate: Neiqhbtsrfsood STkR - - Subsidized_ltate: . j ] 1'es Amaunt. - - 50 D�� E � �It� I _ 7 �IIA �GranE� `Ty�e: Lo�n Risk Ratiag: Accepta6le ��%a zesj Substaudard (1(7%a res� �L�ss (It�°�, res� �X Grant eDoubtfizl (5tX% resl �Forgivable �SQo°Iq �es� Tcatal L �ubsidx'�: Tatal Project Cost: '[ 50II €�04 " Tota1 Loan Subsidy: Present value of the loan over its life, including expec[ed loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 ° for Primary Benefiu and a2" for Secondary Benefiu� I. Community Development Benefits 9 I Rer�ove � � Rehat�. Vacant Structure Y I Remcsve Vaeant Strsxcture � Herztage Pres�`uation Tmprave �Te�lt�f$afety�Securii I'�EaIic Tmprovements Gcaads & �ervices Avaiiabifity Ivla�nsain Ta� Base II. Economic Development Benefits Incre�ellvlaintain `T'� Base w CuYYEtii 428 �SYOS�,c1CLft�II: r� esc'd ta�es as 6�uft: r nex cax change + crr -: Sugport �i�ality o� Indu$try �reate Lac�t 33usin�SSes Gen�tate Privat�e In�*estment Stabilize Ivlarket Value Recain Lae�1 Businesses Support C�ammeroial Activity I'rcavide SeIf-Employment Gflpt's Encouxage Entrep'ship Incr.lXlamenfMinarity Susinesses III. Hous Benefits �er�as� Home Owraershig Stock � �1 vniES nem eonsttuetipn: > # vnirs touvzrsiow IV. Job Impacts 1�ddress Speciat Houszng IxTeed Retain Hoaie €)wners in City Affnrdable T�c>usin� h # uaics xenaa�: r # units owner-occ.: [ 7�01� Zrnpact [� I�To Job Imgact Year 1 Xear 2 Year 3 Year 4 �'ear 5 #J�J�s �.`ItEfiZ� �futltime pesrnanent} Avera�e �age fl�ansc�ztction �fOSS IZE3"t1IINE➢ (fullrix�e peruiauerit} #�t3BS Lt�ST (fulltime pern�anent� PUBLIC PURPOSE SUMMARY Track #t 122-96 q�-�°i� Project Name Set-Date Laundromat Account # Project Address 662-664 Selbv Ave. City Contact Craia O'Brien Today's Date Mav 23, 1996 PUBLIC COST ANALYSIS Progratn Funding 5ource: CI1BG 8�-STEII� -- Auitrun�: $10U.t14U Ct3BG $SSl.4UA STAi� Interesz Rate: 2°la 5ubsidized X�ite� { X j�'es �] No j]�T/A ��rantj Type; � Lczan �sk �aru�g: B.A�cepaabte (5°k res) � Sn�scazzdard {1t�% resJ � Loss {20(7� res) � Grant $34 �( Daubtf�l (SO�k res� Forgiva6le {I�% rae} Total Loan Subsidy�`: 1'! � 933 Tc�rst Proj Cosc: 515 Dt10 � Total Loan Subsidy: Present value of the loan over its life, including espected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1' for Pri»zary Benefiu and a2° for Secondary Benefits) I. Community Development Benefits Remove BIi�IPcallutioa Improve �Iealthf�afetyl5ecuxity 9 IncreaselMaintain Ta7c B� �'j RE�Ia�, �acaY�.t $EYL7�M1'.itX2 �u��.iC It}lgY'OVeF1SEn'CS r cnri�ent cax pradu�ction: �,3�5�FQ . �t'd z�� bu�lt: $7,5fl�-8,5a0 Rempve Vacant StrciCture ��aacls & S�rvices �X�ailabiIity r net cax chang� f or -; # Heriza�e Preservation Maintain Ta:r $ase II. Economic Development Benefits Sappon �iralit� erf Industry A Create �� usixiesses 1 Gener�te Private Inv�stment Stabilize lY�aekec Va1ue T�ecaic� Locat �uszn�sses 2 Sugpoxs Commcrciai Accivity l�rov%de Self-Emplaqment Opt's Encourage Entrep'�hip Tncr. �NfomenlMinar4ty Businesse� III. Housing Development Benefits Increase Hame f?wnershii > �'�X£1�TS kiE� C9USCCCiCti6Lt: r �f ut�iYS conversicsn: Address Sgecial Housing N�eds Retain Hou�e Qwners in City L�.�OLT�2.�31�* �.OUSk� Ntaintain Haizsing M �( IIqfC$ y'e�7,235: w # nniis awnex•acc,_ IV. Job impacts [ 7��b IllipaCt [� No Jo�t 7anp�ct �'ear 7 Year 2 Ye�r 3 'i'�ar �I Year s ��OBS �:REATEI3 (fullcime permanenr� 4 Averag� Wage $8 9� #�atastrctieti[ou yes #�OBS RE'TAIIvT� {futttime permaii�nt) 9 #�Jf�BS L�5T' (fxzllrime perman�nc) PUBLIC PURPOSE $UMMARY Track # 123-96 9f.-S�i� Project Name Build Neiqh. Comm. & Capacitv Account # Project Address 320 W. Universitv Ave. City Contact Ron Ross Today's Date Mav 22, 1996 PUBLIC COST ANALYSIS Program Fundigg $ource= Neiqlthorhond STAR ___._ Am�uru._ 25 Dn4 _ Interest Ratz: • Subsidized Rate: j]-Yes -- j� NQ- - () AIIA (fsrant) Type: Lt�an Risk Ratiag: Acceptabie �5?k resj 5ubscaadard (1t7% resj �Lflss (1t7t3°fo res) � �rant � I)QU.btfisl (St�% c�s� � �arg��able ��Q�°In ms) Tcatal Loau Subsidp�: Total Pra}ect Gost: 6 OU4 � Total I,oan Subsidy: Presen[ value of the loan over its life, including expected loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1' for Primary Benef u and "2n for Secondary BenefiuJ I. Community Development Benefits R�move $fighelPolluiion Tmprave �Tealeh/Safety/Securitp TncreasefIviainfain Ta�t Base Rehab_ Vacant Structure I�lalic ImprQVQments > curre�ee xz� pro�lc�csi�n: r egt'd taaes as'��ilx: Remca�e Vacant Structure Gaads �& Services Availability � icet rax change -t or -: Herixage Pses�rvatios� Ma�mtain Ta�t Base II. Economic Development Benefits Sugport VitaIity a€ Industty Create Local $usin�sses Generare Privatc Investment Stabilize 11+Iarket I�alue Reeaia Locat �nsinesses Support Cczmmercial ActivitX Prcavide Self-Empio�ment t3p�s Encourage Entrep'ship Inrr. �X/omenfLSrlinarit� &usinesses III. Housing Development Benefits Inereas� Home Ownersbip Sxack r �/ unics new sonsuvetian: � ii u�,its r.nnv€rsion; IV. Job Impacts Retairt Hame CJwners in �ity Affordable I•inusing Ivt�nsain F-Iousing ► # units zental; r #uuats o�vner-occx []�Ob I111�7�Ct �] NO �t3b �inp�c� Year 1 Year 2 Yezr 3 Xear $ �'ear � #��385 GREA7"EF3 �{ulltime permanes;t� tL�rerage Wage I1�ascstruction #fa8s �'AI�XED (fulltune pe�xnaaent} �,�t�BS Lt�fiT (�u1lti�e p�rntanextt� PUBLIC PURPOSE $UMMARY Track # 141-96 Project Name Phalen Corr. fnnit. - Wiiliams Hill Account # �`-� � ` Project Address Universitv Ave. E, and Mississippi St. City Contact Marie Franchett Today's Date Mav 22, 1996 PUBLIC COST ANALYSIS Prog,�am �',�digg Saurce_ Neitltthoth4otE STAR Znzerest Raze: - Subsidzaed Rare: � J 1'es �n�iunt. 25Ik 11t1f# j ] lV� ( 1 �V�1� (6raziz� Typ�_ Zoan Risk Rating. A�cepfa6le (5%a res) Snbstanc4ard (Ia �esj � Loss (�tX7°ln resj � Grant 813aubtfizl (�Q°h resj � Forg�vxble (� €�°k res) Tc�tai L�an Suhsidy'�: 'i'�rtad Prajact �ast: 8 550 OQd ° Total Loan Subsidy: Present value of the loan over its life, including expeaed loss of principal and interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1 ° for Primary Benefzts and a2 ° for Secondary Berzefxtsl I. Community Development Benefits 1 I Remove ZZehab. VacaiTfi StaucCUre I�emove Vaeam Structurs Hexitage Pxes�rvatiozt '1 Tmprave HealzhfSafety/5e�urit PtTlafic I�pravements Gaads & Ser�ices Availabiliry M�intxin `1"aX Base II. Economic Development Benefits � lncrea.se/MainTain Ta:c Base . current zax producsion: x esc'd taxes as lsuilt ► nec xzs cixange �- ar -: St�gpnrc 3 7italit� of Ind�zstry Creace �.acal �usinesses Generate Pric�ate Investment Stabiliaa Market Va1ue Retain Locai �usinesses Support Cc�u�mereial Acrivity I� 5eif Employment Qp�s En�aurage Entrep'ship Incr, VUau3enfiYIincarity $iisinesses III. Housing Development Benefits Tmer�ase I-�azae Vwn�rsku}� Stoek > � units new conStcuctibxt: r # vnirs convezsiau: lV. Job Impacts t�ddresa Sgeciai. Hauszng I��ecls R�Cain Hame t5wners in �Ity Aff�arda6le finvsing M�intain �Souszng r � 1FIl3US i@AE3�: ► �t units ��ner-occ.: []�oj� Impa�� [� l�Fo ,�p� Imp3et Year 1 `i'ear 2 �'ear 3 Year �! Year a #fOSS CRE.9TED �Lullarne germanent� Averag� Wage tl�oixsci�icti�n yes #�DBS ZZETAII�ED ({vIlxune permanent� #fOBS LC3ST ({ulltisne pertnanent� � PUBLIC PURPOSE SUMMARY Track # _ 9 G -kg � Project Name Lvngblomsten - W, 7th/Federation Account # Project Address 159 Duke Street. Saint Paul, MN 5102 City Contact Allen Carison Today's Date 7/16/96 PUBLIC COST ANALYSIS S�rografft.Fundigg Sat:cce_ STAR - --- Amou�t. $4flff:€#QE! . InterestRa€te; T°k _ $ubsiclizedRatr _� x 71'es � � Nn j ] NIA (�rant) 1'ype: � I.oan �sk I�asin� 8 Aeceptable (5°10 res� � Suhstauclard (10°lo res� � Loss �f€m°lo res� Grant X AoubtTul (S�3°lo resJ Fargiv�able (2➢Q% res) `X'otal L�au Subszd}�: $�'�G,452.59 '�`otai I'rpject �ost; $2,494,�00 * Total I,oan Subsidy: Present value of the loan over its life, including expected loss of principal and interest rate subsidy. I PUBLiC BENEFIT ANALYSIS (Mark °I " for Primary Benefits and "2' for Secondary BenefitsJ >mmunity Development Benefits I�emove B�ightlT�o�lution Improve HealthlSafetylSecurity X TncreaselNfaintain T� Frasa Kehab. Vacant Stnaetuxe Public Improvem�nss >��rr�t eax grod��cion:�s,�06 k esc'it tases as huiit: $32,400 iiemov� Vacanx Stn�cture G�ods & Serui€es Availab'zticy . nex rax chaup,e + or-: +�3,tFdII Fiersx��e Preservation Maintain T�sc Base III. Housing Development Be nefits Tnerease Home Qwstership Sto�k r 1{ wij,ts i1Ew con6trttcxioDs i � iTri1CS CQri'F'CYS1Q11: IV. Job Impacts s �pecial H�using Needs HflIY1E C)'W'17EYS 1ri �,1'L� �( �[�fE�rf1a151G Hi?IISiAg IvTairttain Ficsusing r #'aiTits rentaia � Jf'ttA1iS OWAtEY-OCC.: L� ] Job Impact [ ] No �a3� I�npact Year 1 Yeac 2 Xear 3 Ye�z 4 �eas 5 #,jf1B5 C.72EAT� {fuIlxime pernaarzent� .t�verage Wage �1CnnstnectiaalTzmporary #jCtBS RE7tI17�11 �fulltiYtze perusazten�} Z � 2 � #J�$S LC}S�' jfutltizn� pe#7n�enx) II. Economic Development Benefits PUBLIC PURPOSE SUMMARY q `_�� Project Name St. Paul Coord.Hsg.Invest.Proa. Account # 151-96 Project Address citvwide City Contact Katv Lindblad Today's Date Julv 16, 1996 PUBLIC COST ANALYSIS Pmgram Fundi�zg-5ource: , ST�,R -- Amaunt: 52��60E� S7�a1tt $3{Tfl,t#Oi3laan. InrerestRata: 2°lo su&szrlizedRute� j X_3_Yes �_ 1 l�Ta _ j X j�TIA (�zaut) Z'YP� )C Loan Ri$k Rating: � tYccegtable (5°k res� �auhstandard (14°!o res} � Loss {�QSSaI� r�s� - x Grant Dau6t�fut �50% res} �argivabfe {IDQ°k res) Tatal Loan Svbsidy*: $3�Q,57&.23 ?'atal Projecz �ost_ 'f $75 pQQ over PUBLlC BENEFIT ANALYSIS (Mark a1' for Primury Benefzts and "2" for Secondary Benefiu) I. Community Development Benefits �mnve $Iight/Pollviian T�cprowe HealelxlSaferylSecurii Ztehab. Vacant Structure �'uhlic Impravements Remage i�acant Stru�ture GQOds & Services Availxbility Hernage I'r�servation 2 Maint�zn 1`ax Base 2� Tncs•easefMaiatain Tax Base ► cuxrea�� Xas productiatt: $9 5,'�78 w esx'd caxes as buiFx. $2E�,3�'0 * net ta�c change t or -: d$5 II. Economic Development Benefits �uppast Vieatity af Industry Create I,ocal $�sinesses 1 Gene�ate Privat� Inveestmeut � Stah�lize �Rarket Value � Aetain I„ocal �usinesses 3uppart Commercial tictivity Presvide SeIf-Employment 4)pt's Encoura�� Entrep'shi�� In�r. �amenlMinority Busiuesses III. Hous Development Benefits Tacr�ase Hame �srnershi�r Stock ► # un1ES nevr construetian: ► # uzutis �c,nversion; IV. Job Impacts Addz�ss Sg�czal Housiug l�eeds U I�Iai�zt�n Housing � Rctain Hame fJwn�rs in �ity •� uni�s rensat: � Affc�rdable �t�usiug � # w�� o�n�r.occ.= 2�r PLANNING COMMISSION CI7Y OF SAINT PAUL A`orm Coteman, M¢yor MEMORANDUM DATE: TO: F1tOM: RE: Introduction David McDonell, Chair II00 City Hal7 Annex 25 West Fourlh Street Saint Paul, MN 55102 q �-�°►1 Telephone: 672-266-6�65 F¢csimile: 6l1-228-3374 June 14, 1996 Neighborhood STAR Board Planning Commission STAR Program: Review of Applications far Comprehensive Pian and Capital Allacation Policy Conformance The STAR Program guidelines state that the Planning Commission shall review pioposals for conformance with the Comprehensive Plan and Capital Allocation �olicy. The Planning Commission's comments are to be forwarded to the STAR Board, Mayor, and City Council for consideration in the selection process. This memo: 1) summarizes applications by project type and dollar amount, and planning district; and 2) includes comments regarding current City strategies and efforts related to neighborhood improvement, and ocher information that the STAR Boazd may find useful as it considers which progosats to recommend for funding. Summarv of Annlications bv Pro�osal'l�ie and Location On April 15, 1996, the C3ty received 48 appiications to the Neighborhood Sales Tas Revitalization (STAR) Program for large loans and grants (over $20,000) to unplement neighborhood improvement projects. Funding requests total $10.2 million, and available funds equal nearly $3.6 million. The attached tables smtunarize the applications by proposal type and location. The first table includes a breakdown of proposais by type, whether they are for a project or a program (money distributed through the funded entiry to second tier borrowersJgrantees), and funding requested for each category. The second tabie has a breakdown of proposals by type and planning district location. A map is also attached that visually shows the distribution by plamiing district. In all three instances, individual application numbers are shown in each categoxy. A(1/2) by the project number indicates that it is proposal that includes components from two main categories. � �.'�� Neighborhood STAR Board June 14, 1996 The simplified table below snmmarizes the information in Table 1. Number of Applications Commercial Rehab. and New Construction Residential Rehab. and New Construction Commercial Streetscape Green Space/Landscaping CommunitylCultural Center Energy Improvements 24 12 Total Funding Requested $5.1 million $2.8 million 6 $45�,000 4 $257,000 4 $817,000 2 $213,000 Note: There are 47 total applications u�der consideration (1 has been withdrawn). The number of applications column totals more than 47 because 5 applications have Iwo mairt wmponents and are counted in both categories, although the funding requested has been equally split between two categories. As the table indicates, the largest category is commercial rehabilitation and new construction (50% of applications). Residential rehabilitation and new construction are the next largest category (26% of applications). Of the 47 applications, 29 are for projects, and 18 are for programs. Comnrehensive Plan and Cauital Allocation Policv The Saint Paul Comprehensive Plan is developed and maintained by the Plamiing Commission and City planning staff using broadly participatory processes. The Comprehensive Plan is the official policy direction for public decisions affecting city ]and use and redevelopment, economic development, housing, infrastructure, and public services and facilities. The City is in the process of completing updates of several major chapters of the comprehensive plan, including chapters on Transporation, Parks and Recreation, Land Use, and Urban Design. The comprehensive plan also includes sma11 area plans that recommend strategies for improvement of specific neighborhoods. The Capital Allocation Policy is a set of policy statements to guide the development of the City's capital improvement budget. It is updated every two years just prior to the start of the City's biannual capital improvement budgeting process. The Capital Improvement Budget (CIB) Committee is also reviewing the summary of STAR applications, and will provide the STAR Board with comments on the relationship of STAR applications to the CIB process. 2 q�•�9� Neighborhood STAR Board June 14, 1996 Delegafion of Review to Staff The STAR Program guidelines state that the Planning Commission shall review STAR proposals for conformance with the Comprehensive Plan and Capital Allocation Policy. The Planning Commission is delegating this technical review function to the Planning Division staff, which is reflected in comments in the application staff reports. However, the Planning Commission wishes to provide comments to the STAR Board on current City strategies and efforts related to neighborhood improvement, as well as other information that may be useful. Although the Planning Commission has not been asked to evaluate the merit of individual proposals (and cannot do so based on a review of the application summary), the Commission felt it would be useful to identify applications that would help unplement a particular plan or policy. The tracking numbers of specific applications relevant to a particular policy aze indicated in parentheses behind that policy. It is up to the STAR Board, of course, to deternrine how well each application achieves the identified policy, and the relative importance of each policy. STAR Proaram Priorities The STAR Program's three major priorities as identified in the adopted guidelines are: 1) community development; 2) business growth; and 3) neighborhood poiluted land clean-up. The priorities remain unchanged from the first cycle. Two recent efforts, one completed, and one nearly completed, heip flesh out what these priorities mean. A Citywide Economic Agenda, developed by an economic advisory council appointed by the Mayor, developed priorities in 1994 for the city's economic development efforts. A similar task fotce, with the participation of the piivate and non-profit sectors, community organizations, the schools, and Ramsey County, has prepued a draft Community Development Agenda, released in April, 1996. The draft is currently undergoing public review, and the task force will revise the agenda during the summer, based on the comments ieceived. The agenda is intended to establish a common strategy for all the major actors who contribute to the physical and social improvement of the city and its neighborhoods. Key strategies and recommendations for both are given below: Citvwide Economic A2enda: Kev Strate2ies The following are some of the key strategies from the agenda that relate to the STAR Program's funding decisions: 2.2 Ensure that small businesses have the Fnancial resources necesssary for their success. (107, 108, 112, 114, 156, 160, 161, 16� 2.3 Encourage and facilitate the stability of small business in Saint Paul neighborhoods. (105, 114, 133, 160, 167, 168, 169) 3.1 Preserve and grow the manufacturing base. (113, 115� 3.2 Develop industiial sites and infrastructure. (Polluted lands cleanup is highlightedJ (141) 5.1 Integrate job readiness programs into the comprehensive social service and urban revitalization initiatives currently being developed. 63 Develop Saint Paul's iiverfront as a mayor new attraction ffiat will integrate entertainment, Neighborhood STAR Board June 14, 1996 housing, recreation, and business. (125, 128) Communitv Develonment Aeenda: Kev Concents q�•�91 The task force has developed fourteen major recommendations, organized azound three themes: 1) An Even Better Place to Raise Children; 2) No Truce With Poverty; and 3) High Qualiry City Living. The recommendations, and the related action steps that are particularly relevant to the types of capital improvement projects that can be funded by STAR include: Recommendation 10. Continue redevelopment activities that strengthen the city's economy and the city's housing market. 10.1 Expedite the cieanup of contaminated sites for redevelopment. (141) 10.2 Priorities for redevelopment investments should be based on costs and benefits of projects, including contributions to community spirit and their place within broader plans for community development. (121, 123, 145, 146, 150, 15n Recommendation 11. Make housing investments that promote long-term neighborhood strength and avoid concentrations of poverty. 11.1 Aouble the amount of housing rehabilitation, new construction, and overall housing production in the city. (101, llb, 126, 135, 137, 151, 152) 11.2 Ensure an adequate supply of we11-managed and well-maintained affordable rental(co-op units in all neighborhoods and for all incomes. (104, 124, 170) 113 Ensure that "step-up" housing ($125,000+) is available in the city. 11.4 Expedite the removal of dilapidated structures not feasible for rehabilation. Recommendation 14. Invest in streets and parks as public places that support urban community life. 14.1 Link street paving with other neighborhood improvement activities. (11� 14.2 Upgrade and maintain the quality of streetscapes throughout the city. (106, 109, 111, 117, 118, 125, 168, 169) 14.3 Near bus routes, support more apartment and townhouse development if they fit into the neighborhood. Current High Prioritv Citv Iniatives. Phalen Corridor Initiarive. This is a community partnership to enhance, stabilize and sustain the economic, social, and physical prosperity of the Phalen Corridor. At its core is the effort to transform an underutilized railroad corridor into a thriving 100-acre industriai park, served by a new Phalen Blvd., extending eastwazd from downtown Saint Paul to the Lake Phalen area. Related to this, the Phalen Village Small Area Plan promotes specific residential and commercial improvements, and wetland restoration, as the means of revitalizing the eastern end of this corridor. (136, 141) 2. Downtown Riverfront Development. Develop the riverfront as a major new attraction that integrates entertainment, housing, recreation, and business. Work is proceeding on deFining a 0 � L-�� Neighborhood STAR Board 3une 14, 1996 development framework to guide the many current and proposed riverfront development projects underway. (125, 128) PED's Current Strateeies for Housing and Business Develonment The Department of Planning and Economic Development presented its strategies for housing and business development in 1995 as part of the City's capital improvement budget process foc 1996- 1997, along with budget requests for specific prograzns to implement those strategies. The strategies reflect policy direction set in the Comprehensive Plan and Capital Aliocation Policy, as adopted by the City Council. Since the bulk of STAR applications are for housing or commercial development, it may be helpful to review these strategies. Housing Strategies: Strategy 1: Increase home ownership opportunities in 5aint Paul by providing below-market interest rate home mortgage loans and other financial incentives to first time and other homebuyers, and by decreasing the number of vacant houses in the city. (143, 151) 5trategy 2: Retain existing homeowners by using rehabilitation loans and grants, and improve the existing single-family housing stock. (101, 116, 126, 135, 13'n Strategy 3: Provide and maintain affordable housing opportunities for low and moderate income families through multi-family development and rehabilitation. (104, 142, 170) Strategy 4: Develop and 'unplement neighborhood investment programs that target rehabilitation, demolition, new construction, financing, and other develop activities to several neighborhoods in Saint Paul. Business and Development Strategies Strategy i: Develop and grow businesses in Saint Paul that create jobs, stabilize tan base, and expand entrepreneurial opportunity by providing technical assistance and fmancing which leverages private resources and investment. (105, 1Q7, 120, 122, 132, 141, 161) Strategy 2: Develop and implement neighborhood investment programs that target rehabilitation, demolition, new construction, £nancing, and other activities in Saint Paui's neighborhoods (recognizing the downtown as a shazed neighborhood of the city). Additional Information That Mav Be Useful Enterprise Community Funding. On Wednesday, June 12, the City Council approved funding for projects and programs that will use a one-tune $3 million Enterprise Community grant from the federal govecnment. The funded pro}ects aze briefly described below, with related STAR applications indicated an pazentheses: � C-�'9� Neighborhood STAR Board June 14, 1996 Polluted Lands Program, St. Paul Port Authority -$1,300,000. Acquisition and remediation of the polluted Williams Hill and MaYOn Steel sites for light industrial development. (141 is for same project) St. Paul Home Ownership Aevelopment Initiative, Twiu Cities Habitat for Humanity - $100,000. Acquisition of 40 vacant properties and the construction or rehabilitation of homes for sale to first-time homebuying low-income fanulies. St. Paul Coordinated Housing Investment Program (CHIP), 5t. Paul CHIP Collaborative -$500,(100. Purchase/rehab. program designed to result in the renovation of 60 properties in the EC zone. (151- STAR $ would help expand CHIP) Midtow[i Collaburative Redevelupment: Frogtown Entrepreneur Center -$150,��0. Renovation and conversion of 501 North Dale into business incubator facility. (133 is for same project.) Phalen Village Pilot Project, North East Neighborhoods Development Corp. -$200,000. Acquisition of Phalen 5hopping Center property, wetland restoration, and new commercial development. (136 is for same project.) St. Paul Workforce NeighborLINK, St. Paul Urban League -$500,000. Workforce development program providing Zone residents with cazeer counseling, assessment training, financial aid, skills training, job development and job bank access. Strategic Use of STAR Funds. Changes to the guidelines for this cycle included a new section on strategic use of funds. The first annual report on the Neighborhood STAR Program also identified some key points that the STAR Board should keep in mind as it conducts this second cycle. A. IVew section on "Strategic t3se of Funds" was added to the guideiines (p. 2). Appiicants have been asked to consider the following: '� STAR should fund projects(programs that cannot be done through existing City programs. (most applications) * Consider collaborating with others to share expertise and administrative capacity. (151, 169) * Look for opportunities to fund projects that implement existing neighborhood plans and strategies, such as small area plans, or projects that can be done in conjunction with other pianned improvements, such as residential sueet paving. (101, 103, 106, 107, 111, 112, 116, 119, 120, 121, 125, 127, 135, 136, 141, 161, 167, 168, 169) * Plan for community development over a period of years so that STAR funding can be guided by strategic priorities for successful long-term improvement. °l�-�9� Neighborhood STAR Boazd June 14, 1996 B. The first annual report on the Neighborhood STAR Program, accepted by the Ciry Council when the revised guidelines were adopted in January, had numerous recommendations for improving the program. A few related to project selection aze highlighted below: Look to results of the Communiry Developmem Agenda for further direction of program priori[ies. To achieve greater impact, encourage larger projects in defined geographic azeas. Consider funding projects at their requested level. Avoid reducing funding in an effort to fund more projects. Be cautious about providing only loan funds if both grant and loan funds are requested. Thank you for the opportunity to comment on these applications to the Neighborhood STAR Program. Please call Donna Drummond (266-6556) of the Planning staff is you have any questions about these materials. cc: Ken Ford STAR Program Coordinators q �- �91 .--i w � Cq Q � G � N � O a �' O Q i-� � � v O �:� �. a a' Q � -�i N � � E-+ y � � O� � o � � � aA . •� v z� �H �� a 0 Y-i a T G� � �� ° o o ^ ° ° o ° o N 0 r' S �n O �n U o c- o O � h M O h „ �-+ W V � � �3 65 U] 69 f/3 Efi O O O O O O O O O O O O � � co vt d �O N Ef3 E/) EH fA m N � M M �� -�+ N N � � •- � b N .-. ,-. '. � <r c� v� o �n �o 0 � o -� �n o � r .., .� .. � � o � o 'a o ° o_?� ° o U o o b o � � �� 0 0 o ° o � � h Eil V� � o � � -� � �� N � � � a� � � � �t � N O �D �-+ i. ,--I ,--1 '--I � n o � o � ... '. L�ODG h W � ci fF? � h � V � M fA � O N �o r o � � � pp M � � � � � 4> Ff3 00 O � O � h N V� ER H3 v � � � V �D 'd '--1 � M �� "" rn � o � � 0 0 0 0 � � 0 0 ° o � � b9 b9 � � � � -� o .� .. * � `=' � o O • p � q' O '� U o M V � M d � �/] ER 7 N n b O N N � N � �O a rn N �:°o ° •p o �o N U o � �o ��» 0 0 � 0 b fA � F O ca � � � a � 0 �� a� ,�. U ir J � n � F N > �� o 0 ,� a �; � � � '3 a o � a�i d `� p O N N •� +�- � .c � � a � �� a v o g � � U y d ° Q c�5 � � � � E ;; H o 2 0 z � y N W � W � Eµ � U • Y ca .� � R a T` CQ G 0 .� � U a a d �. � � b 0 0 .� O .fl .� bfl .� z � rn rn � G � -�91 v� oo r m � � r. .. " .o .fl c a�� _�� U U � .� � A �Y � � � N , W . r+ � •--� •-" r' N O .-�-i � ti o� .-, �O O �f1 �A .-� .--i .-+ .n �� U y+ in � � � b w ia c� U� � 3 � � 3 a N � p .Li 0 m ... ❑ 0 � � •ti �1 Q � 0 z � 4 rV � s � x �i `-�9 � C(TY OF SAINT PAUL LONG-RANGE CAPITAL IMPROVEMENT BUDGET COMMITTEE OFFICE OF THE MAYOR - BUDGET SECTION 240 City Hafi, Saint Paui, Minnesota 55102 612-266-8543 Noim Coleman Ma yor June 7, 1996 TO: Members of ihe STAR Advisory Board �=DonnaaDrummond, PED Amy Filice, PED Joan Trulsen, PED FROM: Paul Gilliland, CIB Committee Chair �� P'^ B�E) � Triesta Brown, Residential & Economic Development (RED) Subcommittee Chair Members of the CIB Committee RE: CIB Committee Review of "Neighborhood STAR" applications On May 9, 1996 the CIB Committee reviewed sutrunary information for proposals submitted tc the Neighborhood STAR program. The Residential & Economic Development (RED) Subcommittee reviewed a1148 proposals with the purpose of determining whether proposals were eligible for submission through both the STAR program and the CIB Budget. The results of the revie�v by the RED Subcommittee and the CIB Committee aze contained in this memorandum and the attached rating list. Committee members based their determination of eligibility for the CIB Process on information provided in the proposai description. Examples of STAR proposals that might qualify for the CIB Process include, but are not limited to, streetscape designs, housing loan and grant programs, park and playground improvements, rehab and reuse of vacant buildings and decorative lighting. The Committee considered both the scope of the project and the CIB Budget funding sources that could finance the project (e.g., CIB Bond funds or Community Development Block Grant money). Even though the Committee determined that a project may be eligible for submission to the CIB Process, members made no judgement about w�hether the project would be submitted to the CIB Process. Moreover, the Committee did not speculate on the likelihood that a project would receive funding through the CIB Process. Tlie Committee also wishes to emphasize that if a STAR proposal also is eligible for the CIB Process, this eligibility has no bearing on the actual the merits of the STAR proposal and should not be considered an evaluating factor for STAR fundina. A STAR proposal neither should be penalized nor benefitted because the applicant chose to submit the proposal to the STAR program at this time. ( o�izr) Page 2 The RED Subcommittee devised a rating system to determine dual eligibility as foliows: 'E' The proposal is cleazly eligible for submission to the CIB Process 'Parts` Based on information in the project description, parts of the proposal are eligible for submission to the CIB Process 'Low' The proposal is cleazly eligible for submission to the CIB Process, however proposals of a similaz nature reviewed in prior CIB funding cycles received very low priority and were not funded 'Grey' The proposal appeazs Yo be eligible for submission to the CIB Process, but without reviewing the complete proposal, the Committee was not certain about eligibility If the Committee was awaze of a particulaz funding source for CI$-eligible proposals, the source was identified in the comments secYion of the attached rating sheet. If a STAR proposal was eligible for submission to an existing City program, this fact also was noted in the comments section. If the Committee determined that a proposal was potentially eligible for another funding source, a question mark was placed in the comments section after the source. The Committee hopes this review of eligibitity "over2ap" between the STAR Program and the CIB Process will be helpful to the STAR boazd and other interested parties. Our common objective should be to wisely allocate the limited financial resources distributed through the City's various capital funding programs. With a cleaz understanding of what is available and where overlap may exist, we may be more successfui in stretching our capital dollazs as faz as we can. Attachment cc: Mark ShieIds, CIuef of Staff Pamela Wheelock, PED Director Joe Reid, Budget Director Bob Haminer, PED Bruce Engelbrekt, Budget Office Ma}ro'rsOffice-Bud�e[Szction�-H:\USERS\ENGEL\�VPFILES\CIB\STAR.MEM - ' - � ' � Neighborhood STAR proposals: ClB Commiftee rafings qC.�q 'E' Eligibfe for CIB bonds or CDSG funding in Capitai Imprrnement Sudget 'Parts' Only a portion of the project appears to be eligible for CIB budget funding 'LoW Eligible, but low priority given to simiiar proposals in previous CIB proces: 'Grev' Not certain if eliaible for CIB budaet fundina Traeking Number plgiect Name 101-96 Aesthetic Uplift Grant Program 103-96 394 Dayton Avenue Rehabilitation Project 704-96 Community Stabilization Project: Super Block TR,4's 105-96 Daie/Maryfand Four Corner Redevetopment 106-96 Gateway to Como Park/Decorative Lighting ~ 107-96 Payne-Arcade Revolving Fund �108-96 Capitat Loan Pool for Business Utility Reductions � 109-96 Community Development Project-Arcade/Maryland Neighborhood 111-96 Date Street Streetscape 112-96 Frogtown B�siness Devetopment Loan and Grant Program 113-96 Frogtown Puzzled Images, Inc. 114-96 Minnehaha Mall Enhancement 'I 115-96 Large-FOrmat Printer for Business Expansion 116-96 Frogtown Facelift �. 117-96 Grand Avenue Public Plaza and Transportahon Shelter 119-96 Highiand Viliage Commercial Revitatization and Parking Enhancements 120-96 Holm and Olson Bwlding 121-96 West Side Cultural Center 122-96 662-664 Selby Avenue / Sel-Dale Laundsomat 123-96 Build Neighborhood and Community Capacity 124-96 Lexington-Hamline Housing Cooperative Expansion t25-96 "History Watl" ai lower Landing 126-96 McLaren Hill Condominium Association Reconstruction 127-96 MarketHouse Condominium Association Parking 128-96 Minnesota Boat CIu6 RestoratiortlExpansion: Phase l 130-96 Brownstone Center Development and Construction CIB Committee Rating E Gtey E Grey E Parts E Low E Parts Low Parts E E E E Low E Parts, l.ov E Grey E E E � Low C_ ��21'i1iiT�7S� Inconsistent with previously funded programs � CDBG - HOME program � CDBG - Enterprise Zone eligibie? Mayors Offce - Budget Sec6on H:\USERS\ENGELN23\7595C16\96STAREC VYK4 os/o6l96 . _ Page " Neighborhood STAR proposa/s: C/B Commitfee ratings 'E' Eligible for CIB bonds or CDBG funding in Capital Improvement Budget 'Parts' Only a portion of the projec[ appears to be eiigible for CIB budget funding 'Low' Eligibie, but low priority given to similar proposais in previous CIB proces: 'Grev' Not certain if efiqibfe for CIB budqet fundina Tracking Numher Pro"y�yt Name 132-96 Musenbrock Commercial Building (Garden Gate) 133-96 Frogtown Entrepreneur Center 135-96 Homeowner ftehabifitation Matcfiing Grant Program 136-96 Phalen Vllage Pilot Project 137-96 North End Home Loan Partnership 147-96 Phalen Corridor Iniliative Phase I: Williams Hill Redevelopmeni 142-96 Centrai Towers: Expansion of PHM Services � 143-96 SL Paul Homebuyer Incentive Pmgram 145-96 RAP Midway-Area Head Start Progrem / MulfiService Center 14656 Overlook Partc Improvements 150-96 Saint Antfiony Park Center for ffie Perfortning Arfs 15�-96 Coordinated Housing Investme�t Project (CHIP) t52-96 Residential Insulafion and Safety Grant 156-96 Rainleader Disconnect Loan Program 157-96 Salvation Army Citadel Corps and Community Center, 401 W. 7th 160-96 Seed Capi[al Loan Program 16�-96 Snelling-Selby Facade and Site Improvement Program 163-96 Ramada Hotel 167-96 University Streetscape Improvement Program 168-96 University-Midway Neon Sign Project to"9-46 West Seventh Commercial Revitalization i 70-96 Lyngb7omsten-Wesi �th/Fort Road Senior Nousing C1B Committee Commenis E ? E E E Low � CDBG - Commercial Vacant Building program Low Enterprise Zone Eligi6le? CDBG - Houses to Homes E CDBG-program? CDBG, County? E E CDBG? - Houses to Homes? E L CDBG - program? E I Low I C�BG E I I CDBG Mayors O�fice - Bud9et Sechon H\USERSIENGElU2347995CB196STAREC WK4 06lO6f96 , . . Pa9e 2 �-/9� q`- �� ,, . 195� s P�pt,�� „v :, �F(=.,,�, J L_,�� C Nu,K.hier o ApAl;c�s' c,r�{ �yPe o�F' ProQoS<i ��„}ed� SAINT PAUL NEtGFiBORHOODS 5T. ANiH�NY �S i lob-CS COMO ia6-r�R I IS-cR HAMLINE�MIOWAY I�y - R� I�I -CR, R� MEFHIAM PK.•LEXINGTON HAMLINE )�)� u GqOYELAND�MACALESTEA 119 -CR,CS NORSH END � 37--RR I�b-RR llZ�li3� ��TH M SO �l�- GS � io3,izz - C.R SUMMIT•UNIVERSITY lab —+� GC 146-GS iz3-C� �i�-cS / SUMMIT HItL ✓ WESTSEVENTH I6�-C2 Is� � ��o- NRC.. HIGHLAND M4�t� — D�Sr�;�r !3S-(�� 1��-C� 16 � - GfZ En�e.r�Y : . / 08 � t SZ }-� U kd i n5 /�ehaG� :� S l G,,.,,, „, _ Rzt,u 6: l5 6, � 6 0 � is �,-«ts � , 2 , �/ : � 11, 1,3 , 7�8 - L'i+� WI �-L. i��z lu9-CS dC-S PAYNE•PF{ALEN I43�� 10�- GR 14i- �IGG UAYTON'S BLUFF -r�a n1 GC GAEATEP FJ�ST S�DE ioy - RR 13b-(,S d �c.L \ SUNRAY•BATTLECREEK•HIGHWO00 iz8-�R � Ib3-cR �21-GG 13Z-NCL WEST SIDE i<e. �R - i?eS �dc.s.t�� l �ekab • c IQ — Ca��vne,rc�at Rehak� - NCC - l.i Carnmecc.+q� �'AnS f�1�C, - �ew Res;dc.Ztiti( C,>„s�ruc� o+t �5— ComvY�2lC,iS� S'�Cj'S�� 65 — (�reev,s�ace J�andsc��n� cc — c��,.�,kn;� /�k�� c�+� � — I..nf.fy ! U � n)a�'e � f}-�I�oAt�'v� ��o k¢s � i,�i . . . � /�,�\�� `` 21N OF THE CITY OF SAINT PAUL �� SaI�T pa11L � AAl1A EXECUTIVE SUMMARY I. Saint Paul's Need for Developable Land � �-�i CITY OF SAINT PAUL Norm Coleman, Mayar DEppRTMENT OF YLANNII�IG � acoxoMic DsvEr.orr�T P¢mela Wheeloct. D'utctor / �� Despite appearing to be a fuliy built city, Saint Paul has approximately 1,000 acres of undeveloped and underutilized land. The chalienge to Saint Paul is to meet the needs " of growing manufacturing and light industrial businesses by providing them with development-ready industrial sites. There would be substantial benefits to the City from redeveloping this 1,000 acres. If developed, the 1,OQ0 acres would generate $'13 million square feet of lighY manufacturing space, produce more than 13,000 new and retained jobs, enhance the safety and security of existing neighborhoods and businesses, clean up polluted sites, and maintain and increase the strength of the City's tax base by producing up to $25 million in new property taxes annually. Due to the lack of development ready land, the Saint Paui Port Authority was unable to meef the needs of companies that were seeking over 160 acres of land over just a 15 month period. If Saint Paul had had the land, these companies would have invested approximately $45,000,000 and created or retained over 1,500 jobs. These companies wouid have added to Saint Paul's tax base approximately $3,000,000 per year. The Port Authority has chosen to take on this challenge one site at a time. The Port Authority has already developed 11 industrial parks with three currently underway. Port Authority financed projects already account for 30% of the City's commercial industrial tax base. Industrial parks underway include Crosby Lake Business Park, where construction of the first industrial building for EMC Corporation is already underway, Arlington Industrial Park, where infrastructure is being installed at this time, and wiliams Hill, an industrial area of 30 acres, which the Port Authority and fhe City are now seeking funding for. 11. Project Overview The Williams Hill Redevelopment Project wiil redevelop a blighted and underutilized site of approximately 30 acres and create a light industrial park. Approximately 325 permanent, �iving wage jobs wi!! be created. The project is estimated to cost approximately $9 million and will be funded from a variety of sources. New taxes will be created of approximately $550,000 per year at a site where only nominal taxes of $80,000 are paid now. (The $550,000 are taxes that will be paid above and beyond the $80,000.) � �,c-�� The Saint Paul Port Authority and the Saint Paui Department of Planning and Economic Development (PED) will work together to redevelop the Williams Hiil area into a light industrial park. This includes working collaboratively to provide the necessary funds for the project and also to coordinate on the necessary regulatory approvals (i.e. site plan, East CBD Bypass shift, etc.). The financing plan is subject to the approvai of the use of a!1 appropriate funding sources by the local governmental bodies, including the Board of Commissioners of the Saint Paul Port Authorifij, the PED/HRA Credit Committee, the Saint Paui City Council, and the Saint Paul Housing and Redevelopment Authority, and other approvais as necessary. 111. Market Demand The demand for industrial space is strong. For example, the Port Authorifij has three times as many customers interested in its newest business park, Crosby Lake Business Park, as available sites. Also, in approximately 15 months, the Port Autharity turned away ciients for over 160 acres of land due to the lack of land, that would have created or retained over 1,500 jobs and added almost $3 million a year in taxes. For industrial parks undeiway, Crosby Lake Business Park is already fully committed. Arlington Industrial Park, negotiations are already undervray for the sale of the first parcel there. The City and the Port Authority need more, and larger sites, such as those that wili be made available at Wiiliams Hiil. IV. Job Impact The Williams Hill redevelopment project will have a substantial positive impact on job creation, including: • 325 permanent light industriai jobs. • Approximately 200 construction jobs wili be created for the construction of the industriai park and the buildings constructed within the park. • The infrastructure for the business park will be publicly bid. The construction jobs will be paid according to Davis-Bacon wage rate requirements. • The industrial jobs will have wage rates of at least $8 to $10 per hour, plus benefits. • These new permanent jobs will create a payroll of approximately �6.8 million per year, and pay an estimated payroll tax of over �1 million per year. • For companies locating in Williams Hill, the Port Authority will require that 60% of the company's new employees be Saint Paul residents. The Port Authority and PED have committed that a minimum of 90 jobs will go to residents of the Enterprise Zone. � a � -�� The Port Authority will work closely with many groups to connect these jobs with area residents. The Port Authority will tie in with neighborhood high schools, including Ar(ingfon, Johnson, Como High Schoois. (n addition, the Port Authority will use its customized training program, "The Employment Connection,° to provide recruitment, screening and training services to match fhe needs of the employers with area residents. These new jobs will be closely linked to job banks and other job recruitment and training programs to focus the impact on residents of the Enterprise Zone. The Port Authority will reach out to ail geographic areas, through the Saint Paul Area Chamber of Commerce, Metro East Development Partnership, the City and neighborhood agencies to coordinate the provision services and neighborhood residents to these jobs. V. Funding Funding of $1 million has already been approved for Williams Hill, from the Poliuted _ Lands Ciean-up Program. Land wili be sold for $1 per parcel, with the requirements that the industrial businesses agree to the Port Authoriiy job creation covenants. Aiso, this approach wil! generate a substantia! amount of new taxes as soon as possible. Funding of $150,000 has been approved from the 1995 STAR application. Vl. Timing The Port Authority already has a signed purchase agreement with the key property owner, and expects to close on the acquisition by the end of this year. Generaliy, the timetable is expected to be: 1996 Obtain site controi and begin environmental testing. 1997 Close on acquisitions, begin to move stockpiled material and grade site, and remediate pollution. 1998 Install utilities and street. Sites ready for sale and construction of first industrial facilifies begins. wmssm3 Wiiliams Hiil Redevelopment Project Proposed Budget St Paul Port Authority Projsd Costs Real Estate Acquisition Relocation Pollution Remediafion Site Improvements Professional Services Marketing Financing Sources of Funding Gene21 Obligation TIF Bonds City of St Paui Port Authority Potlution Funds Ciry Public Worfcs Funds lnvestrneni Income Land Sales Gap 52,482.163 2,668,000 (2) 6'12,000 2,148,3'I9 3&7,437 202.728 415,25t (1) 58,895.898 (5) S5,475,000 1,450,000 (6) 544,000 572,000 (a) 610,000 4, 898 0 (3) 240,000 (7) 38,895,898 (5) �l� -�`1( 20.Jun-96 12:Sd:11 PM (1) Inciudes tssuance Costs plus other financing and administratsve expenses. (2) Does not inGude Burlington Northern or Lametti, where there will be no relocation costs. (3) Land sate proceeds ot S0, flow through the TIF district cashflow as revenue available for debt sarvice. (4) In addition to the HSS TIF possible sources of this include PeVo Fund, DTED and MeVopolitan Council. (5) The totai projed cost shown here is less than that shown in the TIF Plan due to rounding up in the Plan. (6) City Funds Enterprise Community S1,000,000 Econcom ic �evelopkment Irtitiative 5200,000 STAR (1996) 5250.000 $1,450,000 (7j The funding for this gap (Iess than 3% of the total budget) has not yet been deYertnined, but all parties are working to identify a fund source. Possible funding sources include applying for future STAR funds. Bonds will be issued as tax exempt govemmental bonds secured by a piedge of tax increments generated from the project and will be a generai obligation of the full faith and credit of the City. Bond Term 22 years Bond AmoRizaSon 22 years Bond Interest Rate 0 7.50% Total Gross Aaeage of Park Net Developable Acreage Total Squa�e Feet of New Consirudion Light Manufacturing jobs that wdf be created: Cons W ction jobs: Wage retes: Construction cost of new buildings: ExisYing PropeRy Taxes: Ne�x Property Taxes (in excess of existing): 30 acres 25 acres 326,700 squarefeet 325 200 At leasY SS to 510 per hour. Minimum of 532.00 per square toot 580,000.00 $550,000.00 Land is being acquired at an average price of approximateiy Land is assume to be sold to e�d users at an averege price of Overail Development Cost Total EsSmated Private Investment 51.51 per squase foot 50.00 per square foot 50.00 per net square foot 59,408,960 . :/] H �..) H ti ;-a :n a H :J Z _ O U N H U �--1 z C N �d c'� �i ,,• 1i �fii� H �� ,�� _a �# �� vi 'a C E rl 1+ ' tt! O � Q '.Y Cl �O N L VJ rl y � r�-I 7 x �`[-.' F7 N g i �'C ra s.� m a u,-- � 3. F N a� a1 �-i C� �1�� i-+ N.L N M+i O •� �Z'- L� 7 U A G C G Vo9�N ° � ,i o ro cd -.� ;� ti C7 �`N' ti G� A �aXC.y� V l+ S+ i+ H S+ S+ 1+ � N N Cl N N N Cl � * S .� .a A A .a .� .a O 1 � N N N N N N d 440 V � .� '-�i �-�i .-�-i � rE � H rV M M M-ri rl �� lj�nlx` a �4.a U U U U U U U �� b � � V o 0 0 0 0 0 0 '. . U U U U U U U �4 L. Ji�p,_ �'V^ .ti N t'1 �T �/1 �D I� y� �YI `� J q q q "'l �, ��cvcu��C 3 3 3 3 3 3 3 :s � 5 � � a xsan �n�a ' e " �( 1 �"�� ''\ / �� j Ll /` c / Pkf ��lnl7� 3 / �Jy'