112805 EDA
CITY OF NEW HOPE
EDA MEETING
City Hall, 4401 Xylon Avenue North
November 28, 2005
EDA Meeting will commence upon
adjournment of the City Council Meeting
President Martin Opem Sr.
Commissioner Mary Gwin-Lenth
Commissioner Andy Hoffe
Commissioner Karen Nolte
Commissioner Steve Sommer
1. Call to order
2. Roll call
3. Approval of regular meeting minutes of September 12, 2005
4. Resolution authorizing an exclusive negotiation period between the Economic
Development Authority and the selected developer for the Bass Lake Road
Apartments redevelopment site (8400 and 8420 Bass Lake Road and 8401, 8411, and
842158th Avenue) (improvement project no. 750)
5. Motion authorizing staff to obtain an appraisal of the Winnetka Center (4301
Winnetka Avenue North) and selection of an appraisal firm (improvement project
no. 792)
6. Adjournment
CITY OF NEW HOPE
4401 XYLON A VENUE NORTH
NEW HOPE, MINNESOTA 55428
EDA Minutes September 12, 2005
Regular Meeting City Hall
CALL TO ORDER President Opem called the meeting of the Economic Development Authority
to order at 7:20 p.m.
ROLL CALL Present: Martin Opem Sr., President
Mary Gwin-Lenth, Commissioner
Andy Hoffe, Commissioner
Karen Nolte, Commissioner
Steve Sommer, Commissioner
Staff Present: Dan Donahue, City Manager
Charles Carlson, Community Development Intern
Kim Green, Community Development Assistant
Guy Johnson, Director of Public Works
Valerie Leone, City Clerk
Shawn Siders, Community Development Specialist
Steve Sondrall, City Attorney
Daryl Sulander, Director of Finance
Vince VanderTop, Assistant City Engineer
APPROVE MINUTES Motion ,vas n1ade by Commissioner Hoffe, seconded by President Opem, to
approve the Regular Meeting Minutes of August 22, 2005. All present voted
in favor. Motion carried.
EMERGENCY President Opem introduced for discussion Item 4, Public Hearing regarding a
FOODSHELF resolution authorizing and providing for the issuance of a revenue note
NETWORK pursuant to Milmesota Statutes, Sections 469.152 to 169.1651, as amended, at
Item 4 the request of Emergency Foodshelf Netvvork, Inc. and approving forms of
documents in connection therewith.
Mr. Shawn Siders, community development specialist, explained that a public
hearing was scheduled to consider issuance of a bond not to exceed $2 million
for Emergency Foodshelf Netvvork at 8501 54th Avenue Nortl1. However, the
applicant has since decided to withdraw the application and has indicated
their intent to explore conventional banking option.
No one was present to address the EDA for the public hearing. President
Opem closed the public hearing and asked for a motion to accept the letter of
withdrawal.
MOTION Motion was made by Commissioner Nolte, seconded by Commissioner
Item 4 Sommer, to accept Emergency Foodshelf Network's letter of withdrawaL
EDA Meeting September 12, 2005
Page 1
All present voted in favor. Motion carried.
IMP. PROJECT 751 President Opem introduced for discussion Item 5, Resolution relating to the
Item 5 decertification of a parcel from tax increment financing district no. 03-1
(special law) (improvement project no. 751).
Mr. Shawn Siders, community development specialist, stated approval of the
resolution will decertify Outlot A from the Winnetka Green tax increment
district. He reported that on August 8, 2005, Outlot A was transferred to Paul
Edison in accordance with the terms previously approved by the EDA.
EDA RESOLUTION Commissioner Sommer introduced the following resolution and moved its
05-08 adoption: IJRESOLUTION RELATING TO THE DECERTIFICATION OF A
Item 5 PARCEL FROM TAX INCREMENT FINANCING DISTRICT NO. 03-1
(SPECIAL LAW) (IMPROVEMENT PROJECT NO. 751)." The motion for
the adoption of the foregoing resolution was seconded by Commissioner
Gwin-Lenth, and upon vote being taken thereon, the following voted in favor
thereof: Opem, Gwin-Lenth, Hoffe, Nolte, Sommer; and the following voted
against the same: None; Abstained: None; Absent: None; whereupon the
resolution was declared duly passed and adopted; signed by the president
which was attested to by the executive director.
ADJOURNMENT Motion was made by Commissioner Gwin-Lenth, seconded by Commissioner
Sommer, to adjourn the meeting. All present voted in favor. Motion carried.
The New Hope EDA adjourned at 7:25 p.m.
Respectfully submitted,
~~
Valerie Leone
City Clerk
EDA Meeting September 12, 2005
Page 2
EDA
Request for Action
Originating Department Approved for Agenda Agenda Section
Community Development November 28, 2005 EDA
\J-' Item No.
By: Kirk McDonald, CD Director 4
BY:/jJ
Kim Green, CD Assistant t,/
/
Resolution authorizing an exclusive negotiation period between the economic development authority and the
selected developer for the Bass Lake Road Apartments redevelopment site (8400 and 8420 Bass Lake Road and
8401, 8411, and 8421 58th Avenue) (improvement project no. 750)
Requested Action
At the request of the City Council, staff has prepared information regarding the following three items related to the Bass
Lake Road Apartments redevelopment site:
1. The city's ability to transfer or sell a small portion of golf course land for the redevelopment project.
2. The size of the proposed encroachments onto the golf course and the estimated value of the land that would be
required per the proposed site plans.
3. Strategies for providing adequate parking for the golf course if encroachment were to occur.
Staff requests that the Council identify the preferred developer and approve the attached resolution authorizing an
exclusive negotiation period between the economic development authority in and for the city of New Hope
and the selected developer for the redevelopment of the Bass Lake Road Apartments site (8400 and 8420 Bass
Lake Road and 8401, 8411, and 8421 58th A venue) (improvement project no. 750).
Policy/Past Practice
Priority goal number two emphasizes the maintenance and redevelopment of commercial and residential
properties. The Council and the EDA has the authority to establish whatever timeframe it feels appropriate
regarding the selection of a preferred developer.
Background
The potential redevelopment of the Bass Lake Road Apartment area is a top priority for the city. After the
previously selected preferred developer withdrew its proposal in January 2005, the Council decided to open
the process to other developers. A development packet was prepared and distributed and the city hosted a
developers' roundtable in March 2005. Since that time, the following steps have been taken:
Motion by
....
To: - ~/~
ra osals 11-21-05.doc
Request for Action, Page 2 of 3
November 28,2005
1. The following development companies submitted RFQs:
. Ryland Homes (submitted before the first deadline on April 18)
. PariPassu Development Corp. and Trio Development (March 31)
. Insignia Development (March 31)
. K. Hovnanian Homes (submitted a few days after the extended deadline, which was March 31)
The Council accepted the qualifications of all of the above development teams.
2. July 18- The four development teams met with the Council for 30 minutes each to discuss the goals for the
redevelopment of the Bass Lake Road Apartments site. After that meeting, K. Hovnanian withdrew from
the developer selection process.
3. September 2- Ryland, Insignia, and PariPassu(frio submitted project proposals to the city.
4. September 8- Almost 50 residents attended a community open house where the development teams
displayed their project proposals for the public to review. Staff collected almost 40 feedback forms with
public comments and distributed the information to the City Council and the development teams.
5. September 19- The development teams presented their proposal to the City Council and answered
questions. The Council decided to extend the developer selection process to provide more opportunities
for public input and to make sure that there was adequate time to properly evaluate the proposals.
6. October 10- Modified proposals were presented to the Council and the public. Seven residents expressed
their opinions about the proposals. At the request of city staff and consultants, the Council decided to
extend the process to allow time for the developers to modify their proposals to improve the financial
feasibility of the projects.
7. November 21 - The Council received modified proposals from the development teams. A summary table
describing the proposals is attached. The Council requested information on the feasibility of including a
portion of the city's golf course, as proposed by two of the development teams. The Council also discussed
the developer selection process and indicated its intent to select a preferred development team at the
November 28 meeting.
In response to the Council's request for information related to the golf course, staff and consultants have
prepared the following information:
1. Infonnation from the city attorney regarding transfer or sale of golf course land. The city attorney is researching the golf
course property to determine if the city is restricted in its use of the land. The city attorney will provide his
findings at the Council meeting.
2. Infonnation from city engineer's office regarding encroachlnent and parking accommodations. Attached are sketches from
the city engineer's office showing the concept layouts by PariPassu and Insignia and how they relate to the citys
golf course. It appears both site plans require comparable amounts of additional land and provide adequate space
to accommodate a redesigned golf course parking lot.
Also attached is a parking lot layout that could be constructed to serve the golf course with the single building
layout (PariPassu's proposal). The second layout (Insignia's proposal) would likely require the size of the parking
lot to be reduced slightly, by approximately eight spaces. However, minor adjustments could be made to allow
the size of the lot to increase, such as the garage entrance to be located on the opposite side of the easternmost
building. The parking lot sketch shows a standard layout using conservative dimensions. According to the city
I:\RFA \ PLANNING \ Livable Communities\Bass Lake Road Apts\R & Q Resolution auth exclusive negotiation with developer for
BLR.doc
Request for Action, Page 3 of 3
November 28, 2005
engineer's office, it is likely that if either concept is implemented, the parking lot could be modified to increase
the number of spaces.
3. Estimated value of encroachment. The value of vacant land changes according to location, the presence of
site improvements, and the type of land use. Therefore, it is very difficult to provide an accurate
estimate of the value of the golf course land without conducting a detailed analysis. At this time, staff's
best guess is that vacant land in New Hope is roughly valued between six to ten dollars per square
foot. Using this range, the value of the proposed encroachments could range from $127,200 to $244,000
(see table below).
..,.,...,....' .........".,..,...........,,'.. .................... ...... :.,.,.,...'..,.,.,."..,."."..,..........., ,..".."..... ,......,.,......
".... .,.,....
.../i~.i.::.: ........... 24,400 sq. ft. or 0.56 acre $146,400 - $244,000
,...., 21,200 sq. ft. or 0.49 acre $127,200 - $212,000
Next Steps
If the EDA is comfortable with the information received to date, staff recommends that the EDA identify the
preferred developer and approve the attached resolution for an exclusive negotiation period of 120 days.
Originally, staff suggested a 90 day (three month) agreement; however, given the upcoming holiday season,
staff suggests extending the negotiation period to 120 days (four months). The resolution also asks the
selected developer to submit a non-refundable $500 fee as well as a refundable cash deposit in the amount of
$5,000 that would be used to cover the city's costs associated with the proposed redevelopment project, such
as financial consultant and legal fees.
After the exclusive negotiation agreement is in place, the city and the developer would begin negotiating the
terms sheet for the proposed redevelopment. During this process, the city can make more detailed decisions
regarding financial assistance, project design requirements, and other elements of the redevelopment project.
At any time during the negotiation process} both the city and the developer are free to terminate the
relationship between the EDA and preferred developer.
Attachments:
. Summary table of proposals
. Resolution authorizing exclusive negotiation period
. Encroachment and parking lot sketches from the city engineer's office
I: \ RF A \ PLANNING \ Livable Communities \ Bass Lake Road Apts \ R & Q Resolution auth exclusive negotiation with developer for
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ECONOMIC DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF NEW HOPE
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO.
A RESOLUTION AUTHORIZING AN EXCLUSIVE NEGOTIATION
PERIOD BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF NEW HOPE AND FOR
THE REDEVELOPMENT OF THE BASS LAKE ROAD APARTMENTS
SITE
BE IT RESOLVED by the Economic Development Authority in and for the City of New
Hope (the "Authority") as follows:
Section 1. Recitals.
1.01 The Bass Lake Road Apartment site (the "Site") consists of approximately 3.6 acres
of land with five tax parcels at 8400 and 8420 Bass Lake Road and 8401, 8411 and 8421 - 58th
Avenue. The Site currently consists of five 12-unit rental apartment buildings.
1.02 The City plans to redevelop the Site into for-sale multi-family housing.
1.03 Following a request for proposals by the City and consideration of the proposals
received, (the "Redeveloper") was chosen as the City's tentative Developer/Builder
for the Site.
1.04 In its proposal, the Redeveloper proposes to invest additional time, expertise and
money to continue to work with the City to refine the site plan and examine the economic feasibility
of redeveloping the Site.
1.05 The Redeveloper has requested that the City provide it with a 90-day exclusive
negotiation period with respect to development of the Site.
Section 2. Findin2s.
2.01 The Authority hereby finds that the redevelopment of the Site promotes the objectives
as outlined in its Restated Redevelopment Plan for Redevelopment Project No.1 established
pursuant to Minnesota Statutes, Section 469.001 et seq.
Section 3. Authorizations.
3.01 The Authority hereby agrees that upon receipt of the amounts set forth in Section 3.02
below, it will negotiate exclusively with the Redeveloper for a period of 120 days from the date
hereaffor the redevelopment of the Site, during which period the following actions shall occur:
(a) The Redeveloper shall finalize the preliminary site plan with input from City
staff,
(b) The Redeveloper, at its own expense, shall conduct any analysis it deems
necessary of the environmental and geotechnical condition of the Site and the
economic feasibility of the proposed redevelopment;
(c) The Redeveloper shall submit a construction pro forma, review of market
values and such other financial information as the Authority may request in
order to assess the feasibility of the proj ect and determine the price to be paid
by the Redeveloper to the Authority for the land;
(d) If the Redeveloper determines that the Site is not economically feasible to
develop, the Redeveloper shall deliver to the Authority for its unrestricted use
at no cost to the Authority all work product, market analysis, architectural and
engineering reports, construction budget, research materials and other
documentation produced for the Site; and
(e) City staff and the Redeveloper shall have negotiated a term sheet for
consideration by the Authority which sets forth the proposed terms and
conditions for redevelopment of the Site.
3.02 The Redeveloper shall pay the following fees to the Authority:
(a) A nomefundable fee of $500, and
(b) A refundable fee of $5,000 to be used by the Authority to pay the fees of its
financial and legal advisors and other costs associated with the proposed
redevelopment.
3.03 The firm of Krass Monroe, P .A. is hereby authorized to assist the Authority in
negotiating a term sheet with the Redeveloper and to conduct such tax increment financing and other
analyses as the Authority may request
Adopted by the Authority this day of , 2005.
Martin Opem Sr., President
ATTEST:
Daniel J. Donahue, Executive Director
G:\WPDATA\N\NEW HOPE\19\DOC\RESOL (AUTHORITY) AUTHG EXCL NEGOT.DOC
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EDA
REQUEST FOR ACTION
Originating Department Approved for Agenda Agenda Section
Community Development 11-28-05 EDA
~ Item No.
t.
By: Kirk McDonald, CD Director j\
j \ 5
Kim Green, CD Assistant I , }
By: ..1
~/
Motion authorizing staff to obtain an appraisal of the Winnetka Center (4301 Winnetka Avenue North) and
Selection of an appraisal firm (improvement project #792)
Requested Action
Staff requests to present the quotes received by appraisal firms for the appraisal of Winnetka Center (4301
Winnetka Avenue North) and recommends that the EDA select a firm and authorize staff to obtain an
appraisal.
Past Policy and Practice
City goal #2 is to pursue the maintenance and redevelopment of commercial and residential properties within
the city. The city is moving toward this goal by examining the possible redevelopment of undemtilized sites
in the City Center area. The city is required by law to pay fair market value when acquiring property.
Normally, fair market value is determined from a property appraisal.
When seeking professional services, the city is not obligated to select the firm that provides the lowest quote.
As the city selects an appraisal firm, the city may consider o~er factors such as previous experience with the
city, familiarity with the site, and general reputation for quality.
Background
In January 2005, the northwest city center area was identified as the focus area for city center redevelopment.
The Winnetka Center is one of the three large properties that comprise a significant portion of the northwest
city center area. After meeting with city center property owners and stakeholders, the Council determined to
obtain more information about the potential cost of acquiring the Winnetka Center for redevelopment. At the
November 21 work session, the City Council directed staff to contact the owner of the Winnetka Center about
the potential purchase of his property. Kirk McDonald, the community development director, sent a letter to
the property owner, Mr. Robert Rappaport, indicating the city's desire to learn about the potential for the sale
,.
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f 1Jj1lj1JlVV iL17l
MOTION BY ,.// b ..i SECOND BY
tr-I ,.-
TO: au.Dv
I: RFA PLANNING Ci raisal at Winnetka Center 11-28-05.doc
Request for Action, Page 2 of 2
November 28,2005
of the center (see attached letter). In addition, the city attorney plans to follow-up with a phone call to
Rappaport's attorney regarding this matter.
At the November 21 work session, the City Council also directed staff to solicit quotes from appraisal firms
for the appraisal of the Winnetka Center (4301 Winnetka Avenue North). Staff prepared a request for quotes
(RFQ) on November 22 and distributed it via email, fax, and/or mail to six appraisal firms recommended by
the city attorney. All six firms are reputable firms that are well-qualified to conduct the desired appraisaL
Given the time constraints and the holiday weekend, the RFQ deadline was November 28, 2005 at 12:00 p.rn,
which is the day of the Council meeting. Staff will present the quotes to the Council at the meeting and the
city attorney will be available to answer any questions.
Next Steps
Staff requests that the Council select an appraisal firm based on the quotes and information provided at the
meeting. Staff also seeks authorization to obtain the appraisaL Staff will request the continued cooperation of
the property owner to obtain the appraisal. After the city receives the results of the limited appraisal, staff will
schedule a work session to present and discuss the information with the City Council.
Funding
The appraisal would initially be paid for with funds from the EDA budget/project redevelopment account.
However, an appraisal is an eligible TIP expense. If the project moves forward, the city could seek
reimbursement for the appraisal costs from the funds generated by the TIP district.
Attachments
. Letter to Rappaport
. Request for quotes packet
. List of appraisal firms that received the RFQ packet
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November 22, 2005 ~'~ "~"EJ I
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Mr. Robert Rappaport
Kensington Cottages Corporation
11111 Excelsior Boulevard
Hopkins, MN 55343
Subject: Potential City Center Redevelopment
Dear Mr. Rappaport:
The New Hope City Council conducted a work session on November 21} 2005} and one of the items
discussed ,vas how to proceed with the potential redevelopment of the City Center area. As you are
aware} this has been a topic of discussion for the past several years.
In regards to the commercial property you ovm at 4301 Winnetka A venue, in an effort to gain a better .;~
understanding of the' finances involved in moving forvvard with a potential redevelopment, the Council
directed city staff to complete the following tasks:
1. Contact you directly and inquire if you are willing to sell the property and what the current price
of the property \Iv-auld be. The city has the currellt market value of the property)' but is 111terested
in knowing what you feel the property is worth. Any information you could provide to support
your \t\rjJ]jng seller sale price would be helpful. If you could communicate tIus infonnatioll to me
in writing, I will make the information available to the City Connell.
2. Solicit quotes for a professional appraisal of the shoppiIlg center property. City staff is currently
soliciting quotes and they \vill be reviewed by the Council at its meetll1g on November 28, and
the Council may aut110rize a firm to complete an appraisal of the property. We are hopeful tl1at
you would be vvilling to cooperate with the city on tile appraisal process)' allowing entry into
your property} etc. The city vvill notify you as soon as an appraisal firm is selected and will share
the completed appraisal information with you.
I"') The New Hope city attorney V\rill also be cOlltacting your legal cOUl1sel to inforln him of tllese
.,).
steps and requesting your continued cooperation.
Once the appraisal information is completed)' the City COUl'lcil vviil be conducting another work session
to determine next steps and \lve will keep you fully informed.
eXIT OF N lEV\T HOPE
4401 Xylon P.tvenue North, <> Nevv Hope, Milu1esota 55428-4898 0 \VVV\"T. ci.ne\i\T-11ope.n1l1.us
City Hall: 763-531-5100 ~ Police (11011-eIP..ergency): 763-531-5170 <;> Public \A,Torlcs: 763-592-6777 ~ TDD: 763-531-5109
City Hall Fax: 763-531-5136 <;- Police Fax: 763-531-5174 <> Public \lVor~ Fax: 763-592-6776
Mr. Robert Rappaport
Page 2
November 22, 2005
Thank you for your continued cooperation on this process.
SA' \ ~
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Kirk McDonald
Community Development Director
Cc: Dan Donahue, City Manager
Steve Sondrall, City Attorney
Kim Green, Community Development Assistant
Improvement Project #792
Page 1 of 1
Green Kim
From: Green Kim
Sent: Tuesday, November 22,2005 11 :45 AM
To: 'meeks@pros-ns.net'; IVai ue I; 'shosch@hoschappraisal.coml; leh erm an@hermanappraisals.coml
Cc: McDonald Kirk
Subject: Request for Quote: Winnetka Center Limited Apprasial
Dear Appraisal Firm:
Please find attached a Request for Quote (RFQ) for the appraisals of the commercial shopping center at
4301 Winnetka A venue North. The city has identified the property as a potential redevelopment site
and may initiate the acquisition process.
Attached you will find a description of work, a location map, property information, and property
details from Hennepin County. We request that you submit a quote to the city by Monday,
November 28 at 12:00 p.m. The council plans to select an appraisal firm at its meeting that evening.
Please include with your quote an estimate of when a limited appraisal could be completed. If the city
moves forward with property acquisition)" the city may request a complete appraisal at a later date.
The city attorney has briefly spoken with the property owner's attorney and expects that the property
owner will cooperate with the city to obtain the appraisals. However, this information has not been
confirmed. Please do not contact the owner or anyone at the properties prior to quote award from the
city.
If you have any questions, please contact me at 763-531-5196 or kgreen@cLnew-hope.rrm.us
Sincerely)"
Kim Green
Community Development Assistant
City of New Hope, Minnesota
Kirk McDonald
Director of Community Development
Attachments
Note: The information provided in this email will also be sent to the appraisal firm via mail.
11/22/2005
Description of Wark
Project Description: The city is requesting quotes from professional firms to complete
appraisals of the commercial property located at 4301 Winnetka Avenue North. The
property is zoned CB and contains a strip shopping center. The property is owned by
a single owner. The city has contacted the property owner's attorney, and expects that
the property owner will allow the city to obtain an appraisal. Ownership contact
information with be provided upon quote award. Please do not contact the owner or
anyone at the properties prior to quote award.
Please provide a quote for the following appraisal services:
. Limited appraisal to establish market value for direct negotiations with owner
for property acquisition
. Complete appraisal required for commissioner hearing in eminent domain
proceeding :
. Hourly rate for preparation and testimony in commissioners hearing or trial in
eminent domain proceeding, if necessary
RFO Submission Materials: All quotes are to be received at City Hall in sealed
envelopes by Monday November 28, 2005 at 12:00 PM and should include the
following information:
. Completed RFQ Proposal Cover Sheet
. Summary of services
. Qualifications (MAl Preferred)
Completion Date: The quote will be awarded on Monday, November 28, 2005 or
shortly thereafter. Please provide an expected date of completion of the limited
appraisal.
City Contact: Questions may be directed to Kim Green, Community Development
Assistant, at 763-531-5196 or kgreen@ci.new-hope.mn.us
Attachments:
. Location map
. Property Information
. Hennepin County parcel data
REQUEST FOR QUOTE (RFQ)
APPRAISALS
Winnetka Center
New Hope, Minnesota
City of New Hope RFO Due 11/28/05, 12:00 PM
Attn.: Kim Green
Community Development Assistant
4401 Xylon Avenue North
New Hope, MN 55428
Dear Council Members:
The undersigned, having stuqied the attached description of work, being familiar 'With all
factors and other conditions affected the work and cost thereof, hereby proposes to furnish
everything necessary to complete the project in accordance 'With the attached description of
work.
Appraisals Lump Sum Quote
Limited Complete Hourly Rate
4301 Winnetka Avenue North
Expected date of completion of limited appraisal
In submitting this quote proposal it is understood that the owner retains the right to reject any
and all quotes and to award the quote in the best interests of the owner. It is also understood
that quotes may not be withdrawn for a period of 30 days after the deadline date on this
request for proposal quote form.
Respectfully submitted,
Firm
Agent Printed Name of Agent
Address Telephone No.
City, State & Zip Code Date
Location Map:
4301 Winnetka Avenue North
Property Information:
Winnetka Center
4301 Winnetka Avenue North
PIN: 18-118-21-11-0018
Owner: Kensington Cottage Corp IA [Robert Rappaport]
Leased by: Unique Thrift Store, Spa A School, Anderson Floral, and others
Taxes paid by: Kensington Cottage Corp IA/ND, Attn: Robert Rappaport,
11111Excelsior Blvd, Hopkins, 1vlN 55343
!
Construction year: 1980
Property Area: 10.4 acres
Land Market Value: $3,000,000
Building Market Value: $500,000
Total Market Value: $3,500,000
Total Tax 2005: $130,247.90
printdetails.j sp Page 1 of2
Parcel Data for Taxes Payable 2005
Property IO: 18-118-21-11-0018
Address: 4301 WINNETKA AVE N
Municipality: NEW HOPE
School Dist: 281 Construction year: 1980
Watershed: 0 Approx. Parcel Size: IRREGULAR
Sewer Dist: 02
Owner Name: KENSINGTON COITAGES CORP IA
Taxpayer Name KENSNGTN COTTAGES CORP IA/ND
&. Address: ATTN ROBERT RAPPAPORT
11111 EXCELSIOR BLVD
HOPKINS MN 55343
Most Current Sales Information
Sales prices are reported as listed on the Certificate of Real Estate Value and are not warranted to I
arms-length transactions.
Sale Date: October, 1997
Sale Price: $2,850,000
Transaction Type: Contract For Deed
~"
Tax Parcel Description
Addition Name: UNPLATTED 18 118 21
Lot:
Block: "..
Metes & Bounds: N 728 FT OF E 1/2 OF NE 1/4 OF NE
1/4 AND THAT PART OF N 350.98 FT OF
W 1/2 OF NE 1/4 OF NE 1/4 LYING E OF
WINNETKA WEST EXCEPT ROADS
Abstract or Torrens: TORRENS
...
Value and Tax Summary for Taxes Payable 2005
Values Established by Assessor as of January 2, 2004
Estimated Market Value: $3,500,000
limited Market Value: $3,500/000
Taxable Market Value: $3,500,000
Total Improvement Amount:
Total Net Tax: $129,689.63
Total Special Assessments:
Solid Waste Fee: $558.25
Total Tax: $130,247.88
Property Information Detail for Taxes Payable 2005
Values Established by Assessor as of January 2, 2004
Values:
land Market $3,000,000
Building Market $500,000
Machinery Market
Total Market: $3,500,000
Land limited $3,000,000
Building Limited $5001000
http://www2. co .hennepin.mn. us/pins/printdetails.j sp ?pid = 181182111 00 18 11/22/2005
printdetails.j sp Page 2 of2
Total Limited: $3,500,000
Qualifying Improvements
Classifications:
Property Type COMMERCIAL-
PREFERRED
Homestead Status NON-HOMESTEAD
Relative Homestead
Agricultural
Exempt Status
http://www2.co . henn ep m.ron. us/pins/printdetails.j sp ?pid = 181182111 0018 11/22/2005
APPRAISER CONTACT INFORMATION
Kevin T. Meeks Robert J. Strachota, President
Meeks Appraisal & Consulting, Inc. Shenehon Company
3144 Hennepin Avenue, Suite 202 Business & Real Estate Valuations
Minneapolis, MN 55408 88 South 10th Street, Suite 400
Minneapolis, MN 55403
Phone: (612) 822-7999
Fax: (612) 822-7077 Phone: (612) 333-6533
Email: meeks@pro-ns.net Fax: (612) 344-1635
Web: WWW.SHENEHON.COM
Email: V ALUE@SHENEHON.COM
Stephen T. Hosch, MAl Scott J. Ruppert
Hosch Appraisal & Consulting, LLC Ruppert Appraisals
Broadway Place East, Suite 201 7301 Ohms Lane, #355
3433 Broadway Street NE Minneapolis, MN 55439
Minneapolis, MN 55413
Phone: (952)224-8085
Phone: (612) 331-1688 Fax: (952)224-8087
Fax: (612) 331-1604
Email: shosch@hoschappraisaI.com
Ellen B. Herman Ron Lachenmayer
Herman Appraisal Services BeL Appraisals, Inc.
801 Nicollet Mall, #2000 2855 Anthony Lane South, Suite 145
Minneapolis, MN 55402 Minneapolis, MN 55418
Phone: (612) 630-8077 Phone: (612) 781-0605
Fax: (612) 630-8075 Fax: (612) 781-7826
Email: eherman@hermanappraisals.con1