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Home My WebLink About2010-06-09 Handouts @ Council WorksessionDevelopment Description Redevelopment of Block 8 Downtown Centerville • The City of Centerville and The Beard Group believe that the opportunity for a successful mixed -use development exists. This is contingent upon additional sources of funds to assist with the existing financing gap. • This development will provide high quality space to commercial tenants and have the ability to meet the housing needs of many seniors. • By combining services, entertainment, shopping and jobs along with housing, both retailers and residents haye the opportunity to benefit. • The vision for the commercial /retail tenants include everyday goods and services such as a restaurant, doctor or dentist office, drycleaner, beauty or barber shop, coffee and /or bagel shop. • New residential senior development will incorporate common area spaces, which existing senior housing options in the area do not have, such as: • a community party room • media center • exercise facility • In addition to the common areas, individual units have improved greatly — and include: • nine -foot ceilings as a standard feature • unique unit layouts • high -speed Internet connections • state of the art mechanical systems for heating and cooling of the units. F' f [ IT' 4F L MOW A P + sv • Alli� '•� �.......�"' �" - ��...• # .�`*. s � � �' ��! � �'f �N �. �,� I � I � {{ ry��, f/#� . "�� l � N u , pi f' 1�.- .•% °�� ,.��itlil��l�r'.i /✓it iqt .L '� ( �� ,J ��x�� r. 9.,a i ��,iN��ll .�.■ r��,up 1 1 �.:, �1�` �1�1 /� �l13! i � luau ,� , ;1 � + _ J r1 ��► Br a ."i/ I ',Iii (, i - -f ,li i M I flit GI :. yr x � 1 9t 1 �# Centerville, MN G R O U P CENTERVILLE, MINNESOTA - Sources &Uses ' 1-B8 CRC OF FUNDS OI1R - -- - - First Mortgage (supported by cash flow) Tax Increment Financing LCDA Grant Building B Mkt Rate Apt's & 1st Floor Retail 48 Units / 10,100 Sq. Ft. $ 6,769,407 $ 825,188 566,425 Total Sources of Funds $ 8,161,020 $ USES OF FIINDC Acquisitions Costs $ 846,928 Demolition / Site Preparation Sources & Uses 118,763 Relocation Specialist 136,800 53,000 Construction Costs / Improvements 763,100 7,190,108 Cash Accounts (Tax & Isurance Escrows, Marketing Costs, Etc...) 37,500 176,329 Municival Costs 13,581,825 (335,309) Sewer and Water Access Charge 163,171 Park Dedication Fee 35,971 Building Inspection Fees 23,251 Public Improvements 1,248,460 Professional Services 515,443 Soft Cost Contingency 50,000 Closing Costs 34,076 Cost of Financing 478,555 Developer Fee 583,858 Total Uses of Funds $ 11,517,913 $ $ (159,240) $ FINANCING GAP $ (3,356,893) ODnortunities to Reduce Financine GAP Sewer and Water Access Charge $ 163,171 $ Park Dedication Fee 35,971 Building Inspection Fees 23,251 Public Improvements 1,248,460 Land Cost Writedown (City Owned Land) - $ 1,470,853 $ FINANCING GAP ASSUMNG ALL OPPORTUNITIES ARE TAKE $ (1,886,040) $ 'TOTAL FINANCING GAP - Assuming all Opportunities are Taken $ TOTAL FINANCING GAP $ 3,537,329 Building B 175,971 1st Floor Retail 50,071 (Retail Portion) Summary 10,000 Sq. Ft. Sources & Uses 1,550,000 $ 8,319,407 136,800 961,988 196,675 763,100 1,883,475 $ 10,044,495 294,072 $ 1,141,000 41,237 160,000 - 53,000 1,162,500 8,352,608 81,470 257,799 12,800 175,971 14,100 50,071 7,100 30,351 246,000 1,494,460 58,160 573,603 25,000 75,000 8,693 42,770 75,279 553,835 37,500 621,358 2,063,912 $ 13,581,825 (335,309) ($180,437) ($3,537,329) 12,800 14,100 7,100 246,000 280,000 99,563 % of TDC 1,786,476 1 13% J Line item budgets have been reviewed with the appropriate Staff and the City Administrator. This draft of the 2011 budget includes the following: Expenditures Salaries • 0% COLA increase • Step increases for Receptionist, Finance Director, and Building Inspector - $7,500 • $0 increase to Single Coverage Cafeteria Contribution / $300 annual increase to Family Coverage Cafeteria Contribution - $1,500 • Mandated Employer Rate for PERA increases from 7% to 7.25% • Retain full -time Construction Inspector Employee o Eliminated part-time help in Administration, Public Works and Park Maintenance – net of $52,000 Capital Outlay • Administration – various software upgrades and Account Clerk computer replacement - $2,000 • Public Works – replace Massy Ferguson tractor - $65,000, trade up for 2001 bob cat with attachments - $15,000. Consider using fund balance for these items. Streets – General crack fill - $26,000 • Park Maintenance – Resurface Tennis Court $5,000. Revenue Property Tax Levy • A 1 % increase in the City levy —the general levy would remain the same at $1,727,600 and the debt service levy would increase by $25,000 to $529,100. The MVHC is anticipated to reduce the actual amount of levy received by $80,000. Utility Rates • Both the Water and Sewer rates are currently sufficient in meeting annual obligations. However, the Storm Water fund will be running significant deficits for the next several years so raising the rate should be considered. Additionally, a meter read system is incorporated in the CIP and should be discussed. Fund Balance: Policy stipulates a fund balance of 40 to 50% of expenditures Fund Balance % of Years Expenditures 2008 1,157,515 44.03% 2009 1,231,325 55.36% Projected 2010 1,151,395 51.73% Projected 2011 1,082,945 51.22% City of Centerville Proposed Budget - Summary Fiscal Year 2011 FY 2010 2010 Actual Amended FY 2011 % Account Description 2008 Actual 2009 Actual through 5131110 Budget Budget Change General Fund Revenues Property Tax 1,748,327.22 1,604,760.42 10,065.11 1,727,600.00 1,727,600.00 0% Unallotments - - 148,083.07 (80,000.00) (80,000.00) 0% Special Assessments 2,219.25 43,864.01 679.09 25,000.00 25,000.00 0% State Grants 1,333.00 11,333.00 - 1,300.00 1,300.00 0% Licenses and Fees 21,353.99 25,483.83 23,357.74 29,850.00 30,350.00 2% Building Inspection Permits 298,724.49 102,948.48 24,337.44 94,000.00 79,000.00 -16% Fines and Forfeits 29,796.90 28,836.23 8,195.26 33,500.00 33,500.00 0°% Police State Aid 37,266.55 35,613.00 - 35,000.00 35,000.00 0% Fire Relief Aid 119,754.00 119,724.29 - 125,000.00 125,000.00 0% Animal Control 1,310.00 1,423.00 840.00 1,500.00 1,500.00 0% Public Works 27,079.21 39,191.04 5,759.15 106,400.00 20,900.00 -80% Economic Development 179.50 528.76 150.00 - - N/A Interest Earnings 47,037.03 10,398.18 9,946.74 30,000.00 30,000.00 0% Recycling 16,577.20 16,550.00 - 16,550.00 16,500.00 0% Other 563.83 257,315.33 92.00 100.00 100.00 0% Expenditures General Government Council 31,167.75 30,451.30 10,065.11 31,800.00 31,800.00 0°% Administration 362,981.38 328,240.34 148,083.07 358,850.00 362,050.00 1 % Elections 7,249.49 - - 8,050.00 - -100% Planning and Zoning 8,641.69 2,518.26 292.42 3,180.00 2,600.00 -18% Financial Administration 12,475.00 30,283.10 5,000.00 16,000.00 17,000.00 6% Assessing 15,166.00 15,370.52 3,857.25 17,500.00 16,000.00 -9% Law and Legal 73,345.53 69,773.06 28,279.19 75,000.00 75,000.00 0% City Hall/Fire Hall 20,034.23 23,636.89 5,611.09 27,700.00 25,400.00 -8% Total General Government 531,061.07 500,273.47 201,188.13 538,080.00 529,850.00 -2% Public Safety Police Protection 711,078.47 679,467.63 287,701.95 689,500.00 689,500.00 0°% Fire Protection 226,174.00 229,340.29 56,377.00 237,800.00 237,800.00 0% Building Inspection 152,555.44 151,295.87 59,549.47 137,900.00 143,500.00 4% Civil Defense 1,108.80 455.40 1,505.80 1,500.00 1,500.00 0% Animal Control 1,244.62 690.82 175.00 1,500.00 1,100.00 -27% Other Protection 2,100.00 - 1,044.00 1,050.00 1,200.00 14% Total Public Safety 1,094,261.33 1,061,250.01 406,353.22 1,069,250.00 1,074,600.00 1°% Public Works Public Works - General 195,043.25 194,691.37 89,829.19 186,300.00 231,900.00 24% Unaudited - For Management Purposes Only City of Centerville Proposed Budget - Summary Fiscal Year 2011 Account Description Public Works - Streets Public Works - Parks Maintenance Public Works - Engineering Services Special Proj. - CR 14 Special Proj. - Str - 09 Special Proj. - TRAILS Total Public Works 626,503.66 6,329.12 2,382.60 189,100.00 Culture and Recreation FY 2010 626,503.66 6,329.12 2,382.60 189,100.00 Parks and Recreation Committee Parks and Recreation Programs 2010 Actual City Festival Total Culture and Recreation Economic Development 2008 Actual 2009 Actual Downtown Redevelopment Budget Economic Develop Total Economic Development Recycling and Other 54,486.29 17,783.43 Recycling 51,500.00 Other Total Recycling I Other Capital Outlay Capital Outlay 626,503.66 6,329.12 2,382.60 189,100.00 113,300.00 -40°% FY 2010 626,503.66 6,329.12 2,382.60 189,100.00 113,300.00 -40% 2010 Actual Amended FY 2011 % 2008 Actual 2009 Actual through 5131110 Budget Budget Change 41,332.63 54,486.29 17,783.43 51,500.00 51,500.00 0% 70,463.02 91,745.40 21,983.08 64,300.00 67,000.00 4°% 18,957.83 18,061.87 3,208.75 2,000.00 2,000.00 0°% - 9,197.22 2,280.35 11,100.00 - -100°% 81,423.42 12,824.81 21,800.00 -100°% - 5,114.48 3,484.26 39,800.00 -100% 325,796.73 454,720.05 151,393.87 376,800.00 352,400.00 -6% 1,402.00 1,340.00 360.00 2,000.00 2,000.00 0% 14,188.01 6,262.00 3,849.54 11,850.00 11,000.00 -7% 19,511.00 16,574.65 40.00 5,500.00 5,500.00 0% 35,101.01 24,176.65 4,249.54 19,350.00 18,500.00 -4% - 5,263.00 - - - N/A 3,030.51 1,270.75 318.96 16,750.00 9,050.00 -46% 3,030.51 6,533.75 318.96 16,750.00 9,050.00 -46°% 13,415.86 15,682.23 3,528.91 16,400.00 16,500.00 1 °% - 155,194.70 - - - 0% 13,415.86 170,876.93 3,528.91 16,400.00 16,500.00 1 % Capital Outlay 626,503.66 6,329.12 2,382.60 189,100.00 113,300.00 -40°% Total Capital Outlay 626,503.66 6,329.12 2,382.60 189,100.00 113,300.00 -40% Tax Levies General Fund Tax Levy 1,727,600.00 1,727,600.00 2004 B 123,000.00 123,000.00 2005 A 77,600.00 77,600.00 2007 A 178,500.00 178,500.00 2009 A 125,000.00 150,000.00 Unaudited - For Management Purposes Only City of Centerville Capital Improvement and Computer Replacement Plan 2011 through 2017 Administration Various Software Upgrades 1,000 Replace Account Clerk Computer 1,200 General Fund Replace Finance Director Computer 1,200 General Fund Replace City Clerk Computer 1,200 General Fund Replace City Administrator Computer 1,200 General Fund Replace Administrative Assistant Computer 1,200 General Fund Replace Copy Machine 16,000 General Fund Replace Server 12,000 General Fund Subtotal - Administration 2,200 4,800 16,000 - 12,000 - City Hall Irrigation System 15,000 General Fund Community Sign Replacement 25,000 General Fund Generator Replacement 10,000 General Fund Sidewalk Replacement 10,000 General Fund Civil Defense Siren Replacement 30,000 General Fund Carpet Replacement 20,000 General Fund Subtotal - City Nall - 20,000 - 10,000 - 80,000 Public Works - General Replace 2005 Chevrolet 3/4 Ton 15,000 General Fund Replace 2005 GMC 1 Ton 15,000 General Fund Replace Massy Ferguson Tractor 65,000 General Fund Replace 2008 Ford F250 15,000 General Fund 2001 Bobcat with Attachments 15,000 General Fund Replace Public Works Director Computer 1,200 General Fund Replace Building Inspector Computer 1,200 General Fund Replace 2008 Ford F250 15,000 General Fund Replace 2001 Sterling Plow Truck 130,000 General Fund Replace 2007 Sterling Plow Truck 130,000 General Fund Replace - Roof 100,000 General Fund Subtotal - Public Works 80,000 30,000 17,400 15,000 - - - 360,000 Public Works - Streets Crack Fill 26,100 26,700 27,300 27,900 29,400 30,000 30,600 General Fund Seal Coat Street Project - •$60K is Annual Savings for project 60,000 152,678 60,000 60,000 60,000 209,780 General Fund Street Reconstructs 2,794,650 Bond Issue Subtotal - Streets 26,100 86,700 179,978 87,900 2,884,050 90,000 240,380 - Public Works - Park Maintenance / Upgrades Eagle Park - Resurface Tennis Court 5,000 General Fund Various - Play Ground Replacement 2,000 General Fund Eagle Park - Buckthorn Poison Ivy Removal 1,000 General Fund La Motte - Door Replacement at Warming house 800 General Fund City of Centerville Capital Improvement and Computer Replacement Plan 2011 through 2017 La Motte - Replace Water Heater and Warming House 1,500 General Fund La Motte - Infield Aglime 3,000 General Fund Various - Trail Repair 4,000 General Fund La Motte - New Sand Volleyball Court 9,000 General Fund Hidden Springs - Irrigation 6,000 General Fund McBride - Resurface Basketball court 105,000 105,000 1,000 General Fund La Motte Warming House - Paint / Reseal / Recondition 1,500 General Fund Additional Lighting in ALL Parks 100,000 General Fund La Motte - Parking Lot 1,200 25,000 General Fund Acorn - Parking Lot 10,000 General Fund Acorn - Football Field - 1,200 2,000 General Fund Future Park - southeast corner TBD 100,000 General Fund Subtotal - Park Maintenance / Upgrades 5,000 27,300 1,500 - 1,000 237,000 Cable Scala Computer 3,000 Software updates 2,500 Control panel 12,000 3 Cameras 3,000 Subtotal - Cable 3,000 2,500 12,000 3,000 - Water Scada Computer 1,200 New Well #3 500,000 Scada Drawdown (Monitoring Well 1 and 2) 15,000 Automated Read System (1,400 accounts) 105,000 105,000 Subtotal - Water - 105,000 106,200 - - - 515,000 Sewer Scada Computer 1,200 Lift Stations 12,000 12,000 12,000 12,000 Subtotal - Sewer - 1,200 12,000 12,000 12,000 12,000 Utility Fees Utility Fees Utility Fees Utility Fees 12,000 Utility Fees 12,000 Storm Pond Dredging 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Utility Fees Subtotal - Storm Sewer 30,000 30,000 30,000 30,000 30,000 30,000 30,000 -