HomeMy WebLinkAbout1989-06-26 VTR Memorandum FOR DISCUSSION ii to ' r. ri 0 r-a i . � G V T Fa, � P - 02
v0 U, T AUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS V 1
Birch Lake Professional Buildins a 1310 E. Hwy. 96 • White Bear Lake, MN 55110 a fax (612) 426 -5004
a Phone (612) 426 -3263
MEMORANDUM C MFRT I v( nr),(IIA
�- R(4WRT G. TAB 1 W,0., c
JAMES S RFr)PATI I C PA
TO Mark Vierling and Dan Wi l s on 1) K�NNF THGWRCA (VA
�y ��yy DAVID I MC)L CTA
FROM: Bob Voto DISCUSSION DRAFT
DATE: June 26, 1989 Intemal Use Only
Not Authorized for Release
RE. Oak Park Heights -- TIF
St. Croix Mall - Ftevi,sions
On Friday afternoon (June 23, 1989), I received copies (FAX) of the following
documents:
1) SECOND AMENDMENT TO CONTRACT F DEED dated June, 1989 relating to the
Watson purchase of the "Main Mall ".
2) SECOND AMENDMENT TO CONTRACT FOR DEED dated June, 1989 relating to the
Watson purchaser of the small "Strip Mall ".
3) TAX CAPACITY COMPUTATIONS AND P.A.Y.G, PAYMENT COMPUTATIONS dated June 23,
1989 prepared by Publicorp, Inc.
The revised acquisition agreements appear to have been amended to eliminate all
reference to the TIF Application. Additionally, the purchase price of the "Main
Mall: property appears to be reduced by approximately $770,000.
Based upon the above, it appears that the City's original c were
justified and (at least) somewhat resolved.
The revised max Capacity Computations and F. Payment Computations have
been revised based upon our June 7, 1989 meeting at the City Hall and my sub-
sequent conference with Sid Inman and Brad Henning. The revised computations
reflect total payments to the developer of $786,040 (rather than the original
$6,688,470) with a present value of $4159,803 (rather than the original
$1,535,464). These revised computations appear to conform to the City TIF
Policy.
Brad Henning is asking for a formal ittment from the City Council at
tonight's public hearing, In view of `fie later -oss of this data being provided,
T do not know if this is possible. Rather, ty may wish to Committ to a
preliminary "Points of Understanding" or con: ns upon which it would approve
a future "Developers Agreement ".
The following assumptions are inherent in Sid Ir.man's compL-I,tiors and could
form a part of such an "understanding";
DI SC USSIO N �[+�op�'y
DISCUSSION DRAFT
Internal Use Only
Not Authorized for Release �
MEMBERS OF AMERICAN INSTITUTE Of CERTIFIED PUBLIC A_ti _ :,. TANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNE50TA SOCIETY OF CERTI 80C ACCOUNTANTS
MUNICIPAL FINANCE OFFICERS ASSOCIATION a MINNE _QATION OF SCHOOL, BUSINESS OFFICIALS
JI_IM- 2' PS —:B'D M0H 1 �47 V_rFe P _ 03
Memorandum DISCUSSION DRAFT
Oak Park Heights - 'T`IE'
Page 2 Interna! Use On
Not Autho rized f Release
PROJECT VALUES
According to Brad Henning and the financial data prepared by Puhlicorp, Tnc. the
following proj values will apply for this revised TIF application;
° Final Project Value $8
° Original Project Value 4,800,000
Increased /Captured
Project Value $3,200,
It is important to point -out that the developer is now in agreement with the
following concepts:
1) Project values to be used will be County Assessor's market values.
2) The original project value will be the County Assessor's market value after
such value is increased to reflect the purchase price to be paid by Watson.
3) Any City (TIF) assistance will be computed based upon the increased value
as a result of increased construction /dev'eiopement (i.e. $3,200,000) rather
than increased development plus purchase price in excess of existing
County Assessor's value.
A comparison of the various market values (starting with the January 1, 1988
County Assessor Market Values) for the TIF parcels (lots 1 -5 of block 2 only) is
as follows:
_' Amount Increase
FN1'V PER COUNTX ASSES {�
° 01/01/88 for the r? $3,410,300 N/A
° 01/01/89 for $C�'le $3,480,900 $70,600
ACQUISITION VALUED ed
Application $4,800,000 $1,319,100
Q�
FINIAL PROJECT LUE $8,000,000 $3,200,000
As shown above, the revised data received indicates that this property has an
existing value of $4,800,000 which is $1,319,100 (or 36$) more than the County
Assessors' estimated Fair Market Value. The increased value (when it is
reflected on the County Assessor's records) should increase the City's tax base
by $41,500 or .6% (i.e. $1,319,100 @ 5.25% 0 60 %). This increase has been
excluded from any and all computations relating to developer assistance in
accordance with the City's TIF Policy.
The developer's assistance has been computed based only upon the added construc-
tion value of $3,200,000 also in accordance with the City's TIF Policy.
.JUN- 2E. — S'D MQh� 1 �47 ti{TR • P _ k4
Memorandum DISCUSSION DRAFT
Oak park Heights - TIF
Page 3 Internal Use Only
Not Authorized for Release
FISCAL DISPARITIES
Mont of my discussions (with Brad Henning and Sid Inman) during the past week
have related to fiscal disparities computations. The Developer has been asking
for a 15% fiscal disparity adjustment factor rather than 40%.
I have prepared the attached analysis of the City's tax base for the past five
years (1984/1985 thru 1988/1989) to measure the fiscal disparities effect upon
this TIF Application.
The $3,200 added /incremental fair market value will result in a $968,000
increased /incremental, tax capacity value (i.e. 5.25%). This increased amount
will be split 40% or $67,149 to fiscal disparity and 60% or $100,800 as "real"
incremental value. See the attached analysis. Accordingly, the City must
insist upon a 40% fiscal disparity adjustment.
The Developer has been asking the the City us a 15% fiscal disparity factor
because of the manner by which the County Assessor computes the annual fiscal
disparity "factor ".
In theory (and in accordance with State Statute) fiscal disparity re late d to
industrial, /commercial property value increases after 1971. Such increased value
is split based upon 60% to the local government jurisdictions and 405 to the
fiscal. disparities "pool ". However, County Assessors do not actually apply the
fiscal disparity 40% factor against post -1971 values. Instead, the County
Assessors apply a smaller "fiscal disparity contribution factor" against all
industrial /commercial property values -- both post -1971 and pre -1972.
The "fiscal disparity contribution factor" was 8.6863% for the City of Oak Park
Heights for the 1988/1989 tax year. However, this lower "factor" is actual com-
puted based upon 40% of increased values, as shown in my analysis. In fact, the
$3,200,000 added value of this TIF Project would have increased the City's lower
"factor" from 8.6863% to 9.6629% on all industrial /commercial property.
The City's TIP policy requires each TIF Project to "pay thier share of the
fiscal disparities contribution ratio, before computing the net tax increment
available for project debt (Method B) and /or levels of assistance ". This fiscal
disparities contribution ratio is the 40% ratio and not the lower "contribution
factor" as being requested by the developer*
As shown on my analysis, this TIF Project will result in a decrease to the
City's Net Tax Base of approximately $50,000. This decrease in entirely the
result of the methods used by the County Assessor in computing the fiscal
disparity contributions as explained above and as shown on the attached analy-
sis. This decrease is equal to the difference between the fiscal disparities
ratio (40 %) and the fiscal disparities factor (9.6629%) times the incremental
tax base [$168,000 x (40% - 9.6629%) - $50,9661. Effectively, a portion of the
fiscal disparities contribution for this Project (and all new construction) gets
"spred" against all industrial /commercial property in the City.
The City cannot change the method of such computation. However, the City can
insure that such degrease will become "excess tax increments" to be used by the
City in accordance with it's TIF - Finanoing Plan.
.3 U1-4 :2E. -0 ri0r-4 I S V _r FR • F• _ 0 -
Memorandum rr' �+[+ p
Oak Park Heights - TYF
Page 4 DI DI SCUSSI ON DRAF
Internal use O n ly
Not Authorized for Release
AVAILABLE I'NGR)aMEIVT TAXES
.`he Developer has been anticipating that the City would pay the T1F assistance
based upon actual future real estate taxes as computed by the County. However,
the problems associated with "fiscal disparity factor" (see above) will require
annual computations to compute the annual developer assistance payment. such
payment will be a portion (Less than 100 %) of the amount actually reflected on
future property tax statements, as follows;
Future
R.E. Tax
Statements Ease Incremental
Estimated Market Values $8,000,000 $4,800,000 $3,200,000
Percent to Total 60% 40%
Tax Capacity Value $ 418,050 $ 250,050 $ 1 65, 000
Percent to Total 5966X% 40.2%
Real Estate Tax @ .92031; rr
Base Tax;
Fiscal Disparity Tax @ 10% $ 23,013
Local Tax @ 90% 207,111
Sub -total 230,124 $ 230,124
incremental Tax;
Fiscal Disparity Tax @ lot 15,461
Incremental Tax @ 90% 139,151
Sub -total — 154,612 $ 154,612
Total Tax $ 384,
Fiscal Disparity Contribution Ratio
(40 %) Amount 61,845
Balance Available for Assistance $ 92
As shown above, future real estate tax statements will overstate the amount of
incremental taxes. This overstatement is entirely the result of the use of a
City -wide fiscal disparity "factor" rather than the appropriate fiscal disparity
(40%) "ratio ".
This "overstatement" will result in the City receiving excess incremental taxes
of $46,384 per year based upon the above computation (i.e. $61,845 - $15,461
$46,384). This cannot be avoided because of the methods used by County
Assessors (i.e. fiscal disparity "factor" vs. "ratio "). The City will have
several options for the use of these "excesses ".
It should be noted herein that the above computations do not include an adjust-
ment for inflationary increases to the base value of $2507050. This will have
to be done based upon further negotiations and /or the Washington County
Assessor's office.
The above computations will have to be made annually in order to compute the
proper developer assistance payment (P.A.Y.G. - ,'emt) in accordance with the
City's Tip Policy.
- TUN -2b —e D MON 1 04'3 %'TR • P 0o
Memorandum
Oak Park Heights - TIC
page 5 L)ISC J SIGN DRAFT
Intemal use o n l y
Not Authorized for
Release
OTHER MATTERS /ASSUMPT
fir. MAXIMUM ASSISTANCE:
City TIF Policy allows for a maximum level of assistance equal to 20% of
increased /incremental project value. The Developer proposes a $3,200,000
incremental project value. Accordingly, the maximum Level of assistance
would be $640,000 ($3,200,000 @ 20$).
The Developer's present value computations (at a 10.75% discount rate)
reflect a maximum assistance of approximately $450,000 or 14 %. Accordingly
(assuming the final agreement includes a maximum present value amount) the
requested assistance is within the City's TI1F Policy.
8. PR ESENT VALUE DI RATE:
City TIP Policy does not address a present value discount rate. The
Developer is using /requesting a discount rate of 10.75%
co PRESENT VALUE STARTING DATE:
City TIP Policy domes not address a starting date for present value
computations.
The Developer's initial assistance request used a present value starting
date of January 1, 1989. They were instructed to change this to January 1,
1990 at the June 7, 1989 meeting.
They anticipated construction to be completed around mid 1990.
Accordingly, TIP taxes and assistance will begin approximately July, 1992.
Depending upon future negotiations, we may wash to change the present value
starting date to project completion or occupancy date (i.e. mid 1990).
DISCUSSION DRAFT
Internal Use Only
Not Authorized for Re�easp
J 26 -5'3 pi 118 49 VTR • P . 07
JUN 23 1 85 1 :1 3 FROM WRTSON- FORSEERS PAGE.001
W ATSO N CENTERS( INC.
rax # (612) 544 - 1826
�P PLEASE E DELIVER TO t �' f�`
.yx
FROM : -Brad Henning
(612) 544 -7768
THIS ZS WAGE _� OUT OP
IF THERE IS A PROBLEM WITH THIS PAXp PLEASE CALI. ANNA
AT ( 612) 5414 -7768, THANK YOU x
JIJ 2f�_ Pi 0 H 1 49 V - rFR ` • P _ 08
z6/2V59 14 H04MES & GRAVEN NO.001
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DISCMI RAFT L
TAX- SASE.}2S l mw Use (),71y
CHY OF OAK PARK HElGHM 11 11 A [Led for Releas � iT
TAX BASE
IS9411985 19mi986 798611987 199711936 198811989 MALL 198813989 - J�iT3UST_ 10 MARKET VALUES: A 'Ks AhiflillVT AMOUNT Ah1QlRfT °.b Af OLWT % T- L F Al 1f +%
UTitfTY 91.111,1107 5&b% 84".078 SZI% 87.410= 51.6% 88225,00D 49-M 87 .242,100 4&9% (7 3
1194USTJ#�4h1. 13467.500 &4X 17.2$4100 10 -7% 18.557.400 11-0% 1 %727 -SM 11.0% ffi.242.1011 13-5% 0
SAL 49,597;6[90 X 8% 51.581600 320% 54.307.740 32094 n o w # 46% 3 U0II MUM 13.556
11P15RiME1,F1N 5 331% 54,254.61 346°lb 6#.251.600 34.0916 � 3
Oi917.3W 4.3% 8.4037110 &2% 8.9W390 3.3% tl.gi = 6796 i3 , 11W 9-5% 11,39ZI00 &3%
OTHER 1229W GLI% 122-SM 0m 13FLM mm QO; 93;000 0196 �+
TDTAtS 161.221_3117 70Q8%_ 767_375.375 10D_0Y. 769- 2826II0 lQU_13:i 17EL727511D 7fl6.074 785.973.700 ]0!]x( 3�4D.QQB 189.113786 1n D74 �
14Sb€SS_1CJIPAC�fiY VALUER- � fq
!huff 32 #54792 64.4°41 2%707 -157 59.5% 301300.234 59.0% 31.017_497 56.996 4.119 h�3 56-8%
1N1]m 1O0M. 5:438573 199% s,9ffi6 047 14[!96 l.�q 022 14.6% 4.119JU3 55.396
RESCENIML 4Q,37$502 20.8916 19.7h7" 21.9% 11 74534 23.6% 1f� YL?% 1 4412 X33% 1�� U61.894 77.0%
APARTMENTS 1.910.364 3894 24D417#10 40% ZSGZ168 49% 3.624270 &6% 441.219 &1% 7819.412 2 L9%
OTHER 23,351 4.0% 22-171 &0% 24.336 4.05E 0 0L0% 441.449 FL 9%
TOTALS 49.9143,582 106.8% 42887.034 100.11'16 52215.291! 700.476 64.54+1.219 10. 0% 7.278 100 11X 168.000 7.444 61 709 07C
1 = -D_ CONYRMUFID?L
81D147OWiS'TYEAR 349am 37M355 365,584,522 38- 135,4411 30.98�3Q8 7.375000 49,WA308
MCA"ASE - 29170$.339 -2$ 702.335 - 29.7132.339 - 2917OZ339 - 29.7#12339 0 - 29L70$ 339
bh1Ci1TASE 5286,725 7.6911029 5.882.1 8 49Q.1 Q4 9.279,99 1376.400 1 QJ69S.SFi9
CONT#IiS1fIiON 0 48'X. 2114 -6" 3.159.410 2.752913 3.397 -242 {
AT) USTT0 TAX CAPAC WA 3 711.9M1 6 ,'� 4.262.383
N1A 3�11A 1U1t 452.857, 67,1493 54Q011
#i'tf?fL�D>` - 58
FM YEAR 37.3" 35.68£86'0 38349,52? 39.077.454 5:213537 158 5_351.537
F 0- FACTOR 5-M2% 8_M?% 7-1785% 8 6 '91'. 8.687371 c
9_fi529%
ELY TAX BASE -4#ET
ASSESSED f CAPACITY {
YALM -4ER ABOVE 49,43582 700.0% 49LW9 34 100.096 53.235.294 100.0% 54544,219 180.0°x. 7.276251 100.0°15 7,'44!2&1 li%k0196
FISCAL D4SP+5RrM. E
COH11a4 nm •7-114690 -42% - 3158410 -6.3% - 2.762.913 -R3% -3,397.242 -&2% -4522 -&2%
019TROUnm 1.105.592 22% 1.1TgL3il5 2.4% 1.490 -130 29°5 1222144 3396 -moil -7.096
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J, TAUTGES, REDPATH & CO., LTD.
'RTIFIEC) PUSUC ACCOUNTANTS V tl
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