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Home My WebLink AboutTIF ApplicationJUN-17-2005 15:02 OAK PARK HEIGHTS CITY CITY OF OAK PARK HEIGHTS 14188 Oak Park elvd. N • Box 2007 • Oak Park Heights, MN 55082 Phone (6S1) 4394439 • Fax (651)430-0574 A. PROJECT: Applicant Name Address Telephone # Fax # Contact Person 0 APPLICATION FOR TAX INCREMENT FINANCING -eArCA.- MU vytet 2 CA.Jc,ce6 C; 5 All CAP r. po ' IP +61' A S .• Ulk eZ (G) — 000 D FS yk.A , e" ( / 0 0 e ove sfilcx 3 1 1 2- /1 A 3? 5 - 2 2. Brief description of Applicant. ex c2_0(./(6 pAeivd CrO PrM. ULIP • I de Ve Jprv-N,e4, PID Legal description, address and size of project site 0030 0 03 l 0 0 1 -10 P.02/07 A t - 54re , ( 1 O5c CoOg (3 00 oc&Z .00t6 000 0002-5 0 02 oo27 • 4. Proposed Project: Description of building(s) including square footage, materials, proposed use etc. Attach site plan. re- C-ewefe.4-- JUN-17-2005 15=02 OAK PARK HEIGHTS CITY APPLICATION FOR TAX INCREMENT FINANCING 5. If property is to be subdivided, describe division planned. 6, Estimated Project Costs: (Flease enclose available) a. Lind Acquisition b. Public lmprovements c. Site Improvements de Demolition e. Building(s) f. Equipment 9. Architectural & Engineering fees h. Legal Fees/Other Consulting fees 1. Financing Costs j. Contingencies k. Other iiv. 1 Other 10AAde AOIJItM,c 51's tuna 1f " YY14-6-1k. 'T, Source of Financing. a. 1), c. d. e. Equity Bank Financing Tax Increment Assistance Other Other 0 \reArke. construdion proformas, if L zo oz,Y9 q00 °co 0 P.03/07 f5 6 000 „252, 1112 $ ____ _ 31,250 g $ ___ 52Ey:759 i b z86�oK2 toco TOTAL $..,_3 I 2 JUN—17-2005 15:02 OAK PARK HEIGHTS CITY 8. Form financing project costs: APPLICATION FOR TAX INCREMENT FINANCING reikk S Fiw So J €-AA ( 'e\ if LI 1-.)0 000 - 2c, 0(50 TT< 2e.D 0 0 . 4IMP l jg mil I— •.4_14 0 Do Pay-as-You-Go or Bonds 9. Name and address of architect, engineer and general contractor CviAi v‘z4 4e, (7,..0 o dm L-5 55 Li P.04/7 t& A1ir 591' 10. Project Construction Schedule. a Construction Start Date b. Construction Completion Date C. If phased project 1,° 0 Year % Complete 2--z2,92_ Year /10,O,_% Complete 12. Estimated real estate taxes on project upon completion of project (Please show calculations) 3 >c: ( - 3 0 0 0 T 11 ) qo 5 0 zo0 (; :10 11 a Total estimated market value of project upon completion $ :2 76 g r 0 JUN-17-205 15 03 OAK PRRK HEIGHTS CITY APPUCATION FOR TAX INCREMENT FINANCING 13. Projected number of new jobs create: Full-time 1 0 Part-time — Seasonal B. TAX INCREMENT FINANCING RECNEST 1. Describe the amount and purpose for which tax increment financing is required (please include proforma). 6 1 0 oo o o o - ((it /tti f t Lk LA, r I In res icle.AA41 /4144i0 42/4 01 4z5 P.05/07 cos f5; f C.A1 rrAA 1 0 ro ov re- 2. Statement of necessity for use of tax increment financing for project. • & 1 z+ 0 O‘Coiu rtvy 61416 piev ef ,A 411;f4 fk, (%e2 0,, re- ckiv\o s r, e/INo * - cML VI pt 6M4 bLi I ULLA, JUN-17 -2885 15 03 OAK PARK HEIGHTS CITY APPLICATION FOR TAX INCREMENT FINANCING 3, Municipal Reference (if applicable). Please name other municipalities wherein the applicant, or other corporations the applicant has been invo$ved with, has completed development within the lash five years. kj IL s a ftw t4 61 F evtA oik"„e-- 1 E4-eitkr‘ O ) A . k, W 4. The following documents must accompany the Appllcation • A Project Pro - Firma, • Parcel daps depicting the proposed TIF area • A written statement from your attorney that the TIF proposal has the general capacity to meet applicable TIF standards under Minnesota Law. 5. Applicant acknowledges and agrees to pay the $3OOO TIF Application Fee and is non-refundable. Additionally the Applicant acknowledges and agrees to pay all fees and expenses incurred by the CtY in connection with this application or establishment of the TIF District, whether or not approved, The City does require a minimum deposit of $1OOOO to cover such fees, this amount may be adjusted upward on a pmjectbypro4ect basis. The Applicant shall hold the Gity, its officers, consultants, attorneys and agents harmless from any and all claims arising from or in connection with the Project or TIF Application, including but not limited to, any t or actual violations of any State or federal securities tom. Applicant recogn "mss and agrees that the City reserves the right to deny any Application for Tax Increment Financing at any state of the pmceedings prior to adopting the resolulion approving the distiict, that the Applicant is not entitied to rely on any p�liminary actions by the City p ilor to the find resolution, and that all expenditures, obligations, costs, fees or Habillties incurred by the Apphcant in connedion with the Project are incurred by the Applicant at its risk and expense and not in reliance on any actions of** City. The undersigned, a duly authorized representative of the Applicant, hereby certifies that the foregoing irttormatkwi is bue, coned and P.06/07 JUN-17-2005 5 15:03 OAK PARK HEIGHTS CITY APPLICATION FOR TAX INCREMENT FINANCING complete as of the date hereof and agrees that the Applicant shall be bound by the terms and provisions herein. DATE: (; 28 0 Applicant moo, By: its: (IN 10 • P.07/07 TOTAL P.07 PROJECT NAME: LOCATION: DEVELOPMENT BUDGET DATE: 28-Jun-05 CONSTRUCTION COSTS SHELL COSTS - RETAIL A SHELL COSTS- SMALL STRIP RETAIL SITE COSTS ROAD IMPROVEMENTS COST CONSTRUCTION COST CONTINGENCY TOTAL CONSTRUCTION COSTS TOTAL HARD COSTS TOTAL SOFT COSTS TOTAL PROJECT COSTS OAK PARK HEIGHTS DEVELOPMENT OAK PARK HEIGHTS, MN PSF PROJECT SIZE 150,000 SF BLDG LAND ACQUISITION COST OF VACANT LAND 740,520 SF $4.19 PSF $3,100,000 20.67 PURCHASE OF EXISTING PROPERTIES (12 properties) IN POTENTIAL TIF DI 326,700 SF $26.58 PSF $8,684,200 57.89 DEMOLITION OF EXISTING BUILDINGS $400,000 COMMISSIONS ON LAND SALE DUE CHASE 740,520 SF $0.05 PSF $40,000 0.27 TIF MONI FRONT TIF FINANCING (9 ,O QD ,000 ) __.... TOTAL LAND COSTS 740,520 SF $4.35 PSF $3,224,200 21.49 130,000 SF 20,000 SF 1,067,220 SF SOFT COSTS ARCHITECTURAUENGI NEERING LEGAUSURVEY/TITLEJRECORDING (TITLE $4.50 PER $1,000, PLUS $4,000 FOR SURVEY /LEGAL) ENVIRONMENTAL INSPECTIONS / GEOTECH COMMISSIONS ON RESTAURANT PAD SALES (2) LEASING COMMISSIONS - BIG BOX LENDER FEES (617,510 FOR CONSTUCTION AND 017,500 FOR PERMANENT) LOAN FEES DEVELOPER OVERHEAD LAND HOLDING COSTS $3,100,000 6.50% LAND HOLDING COSTS ON TAXES $67,012 PER YEAR CONSTRUCTION INTEREST $18,398,877 6.500% 612812005, 11:22 AM, BIG BOX -Phase 2 Page 1 of 2 3.0% CONSTRUCTION COSTS $74.00 PSF $98,00 PSF 64.50 PSF PREPARED BY SCOTT TUBMAN $150,000 $50,000 $10,000 $1.38 PSF $150,000 $4.00 PSF $600,000 $35,000 $217,688 $200,000 18 MONTHS $302,250 18 MONTHS 567,012 6 MONTHS 50% $298,982 $2,080,931 $9,620,000 64.13 $1,960,000 13.07 $4,802,490 32.02 $200,000 1.33 $403,700 2.69 $16,986,190 113.24 $20,210,390 1 34.74 $22,291,321 1.00 0.33 0.07 1.00 4.00 0.23 1.45 1.33 2,02 0.45 1.99 13.87 148.61 PROJECT NAME: LOCATION: DEVELOPMENT BUDGET DATE: 28- Jun -05 INCOME RETAIL A,B,C,D SMALL STRIP RETAIL LENDER UNDERWRITING 10 YEAR TREASURY 5/27/05 EST. TREASURY AT CLOSING CAP RATE MAX LOAN OAK PARK HEIGHTS DEVELOPMENT OAK PARK HEIGHTS, MN 8.00% 75.00% 4.080% 4.080% 6128/2005, 11:22 AM, BIG SOX -Phase 2 Page 2 of 2 130,000 SF 20,000 SF LENDER NO1 1,741,500 INDICATED VALUE 512,00 518.00 51,560,000 5360,000 TOTAL INCOME 150,000 SF 512.80 51,920,000 TOTAL PROJECT COST 22,291,321 BORROWER NOI 1,920,000 VACANCY 5.0% (96,000) OP EXP 7,500 SF 56.00 PSF (45,000) RESERVES 150,000 SF 50.25 PSF (37,500) 21,768,750 145.13 PSF BLDG 16,326,563 108.84 PSF BLDG INDICATED EQUITY 5,964,759 39.77 PSF BLDG 26.76% Protect Costs ._._, ._........_.. _,...... ' NW; "gi � 1 cn Z ia aiKs Q ozWIED I1HIIIWI!I11lH1111 c 1 11 111 11 1 1 111 1 1 111111 1 `" • NOVAK AVE. NORTH OAKGREEN AVE. NORTH 11111111111 WI J -T*ED 111