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032392 EDAOFFICIAL FILE COPY CITY OF NEW HOPE EDAA~E~DA EDA Regular Meeting Agenda #¢ President Edward J. Erickson Commissioner W. Peter Enck Commissioner Gary L'Herault Commissioner Gerald Otten Commissioner Marky Williamson March 23, 1992 1. Call to Order 2. Roll Call 3. Approval of Minutes of March 2, 1992 Work Session 4. Resolution Appointing Directors to the Board of ~he New Hope Community Revitalization Corporation 5. Consideration of Request for Extension on Development Contract Improvements, Autohaus, Inc., 7709 42nd Avenue North 6. Discussion Regarding Market Value of New Hope Terrac~ Property 7. Adjournment EDA Worksession #1 CITY OF NEW HOPE 4401XYLON AVENUE NORTH HENNEPIN COUNTY, MINNESOTA 55428 March 2, 1992 City Hall, 6:00 p.m. C/~T.T. ~ ORDER ROr.r.C.a,T.T. APPROVAL OF MINUTES DISCUSSION ACQUISITION OF FOREMOST, INC. PROPERTY, 7528 42ND AVENUE NORTH, IMPROVE- MENT PROJECT 474 The New Hope EDA met in special work session pursuant to due call and notice thereof; President Erickson called the meeting to order at 6:40 p.m. Present: Erickson, L'Herault, Otten, Enck, Williamson. Staff present: Dan Donahue and Kirk McDonald. Also present: Steve Sondrall, City Attorney. Motion by Commissioner Williamson, seconded by Commissioner Otten, to approve the February 10, 1992 EDA minutes as written. Voting in favor: All. City Attorney Steve Sondrall initiated discussion of this issue by stating one of the thoughts staff had was the creation of a hazardous substance sub-district which would be a sub-district within the tax increment financing district in the redevelopment plan. The question was if the County would change the net tax capacity or the frozen tax base of the properties that are subject to the contamination. If the City did buy the property and demolished the buildings and had new redevelopment, could the City experience any increment from that redevelopment and could it be used within that district. Bond and TIF Consultant Jerry Gilligan told the City that the City could create this district and use tax increment money on those properties to remediate and remove the contamination. The EDA discussed Foremost's financial condition at length. City Manager Donahue stated that Hennepin County evaluated the property for tax purposes down to $235,000 which drops the value of the property substantially. Commissioner Enck expressed reservations about getting into this issue as he sees no value to the City for the acquisition of this property. Chairman Erickson concurred. Commissioner Enck stated that if the City buys the property, then the City is responsible for clean-up costs and if it is condemned the City is responsible for relocation costs plus all the fees, legal and other incurred expenses. New Hope EDA Worksession Page 1 March 2, 1992 MO~ION OTHER BUSINESS MOTION ADJOURNNENT Motion by Commissioner Enck, seconded by Commissioner L'Herault, recommending to staff that they discontinue discussions concerning Foremost and not to proceed with the acquisition of the Foremost property at this time. Voting in favor= Ail. City Attorney Sondrall stated that the City had received the appraisals on the Electronic Industries property (7516 42nd Avenue North) which indicated there is a value of $18,000 on the property. The City has been holding off on the hazardous building complaint and action if the City wanted to acquire it. The City Attorney stated that Electronic Industries should now be forced to either bring their building up to code or raze the building. City Attorney Sondrall asked the EDA if they were still interested in acquiring the Electronic Industries property. Commissioner Enck stated if the property was priced reasonably and if the City would not be responsible for a large amount of clean-up, he would like to see that property purchased. Commissioner Otten stated that he would like to see Electronic Industries commit to selling to the City for redevelopment purposes. Commissioner Enck stated that he would like to see the matter proceed as follows= proceed with the demands that the building is removed or rehabilitated and see what kind of a response the City receives and have someone working with the PCA to monitor the property. Motion by Commissioner Otten, seconded by Commissioner Enck, to have staff proceed with the condemnation of the Electronic Industries building under the hazardous building complaint and report back to the EDA if Electronics Industries wish to negotiate the sale of their property to the City. Voting in favor: All. Motion by Commissioner L'Herault, seconded by Commissioner Enck, to adjourn the EDA meeting. Voting in favor - Ail. The EDA meeting adjourned at 7=00 p.m. Respectfully submitted, City Clerk New Hope EDA Worksession Page 2 March 2, 1992 ~ REQUF_~T FOR ACTION Originating Department Approved for Agenda Agenda Section City Manager EDA 3-23-92 Item No. Kirk McDonald By: Management Assistant By: 4 RESOLUTION APPOINTING DIRECTORS TO THE BOARD OF THE NEW HOPE COMMUNITY REVITALIZATION CORPORATION The New Hope Community Revitalization Corporation met on March 16, 1992, and elected directors and officers. The enclosed resolution officially appoints the directors and officers to serve until the next annual meeting. Staff recommends approval of a resolution appointing directors to the Board of the New Hope Community Revitalization Corporation. MOTION BY '~'~~ SECOND BY ~ ~ Review: Administration: Finance: RFA-O01 ~ RESOLUTION NO. 92- RESOLUTION APPOINTING DIRECTORS TO THE BOARD OF THE NEW HOPE COMMUNITY REVITALIZATION CORPORATION BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: WHEREAS, the Economic Development Authority in and for the C~ty of New Hope (hereafter EDA) has the authority under the Bylaws of the New Hope Community Revitalization Corporation to appoint Directors of the corporation. NOW, THEREFORE, BE IT RESOLVED: 1. That the following are appointed to the Board of Directors of the New Hope Community Revitalization Corporation, who shall hold office until the next regular EDA appointment meeting or until their successors are duly elected and qualified: Glenn Farmer Roger Landy Roger Rubin Steven A. Sondrall Mary Stinson Dated the 23rd day of March, 1992. Edw. J. Erickson, President Attest: Daniel J. Donahue, Executive Director CORIqlCK LAW OFF.ES, PA. WIU.IAM J. CORRICK 9TEV~N A. 9ONORALL. P.A. 9TEVEN A.9ONORALL MICHAEl. R. I,~FCEUR MARTIN P, MN. ECHA WILLIAM ¢. STRAIT CORRICK & $ONDRALL A PNqTNERSHIP OF IN~OFE~IONAL, CORI=ORATIOI~ Edinburgh Executive Office Plaza 8525 Edlnbrook Crossing Suite #203 Brooklyn Park, Minnesota 55443 TELEPHONE (612) 425-5671 FAX (612) 425-5867 LAVONNE E. KEgKE sHARON O. DERBY March 17, 1992 Mr. Daniel J. Donahue City Manager City of New Hope 4401Xylon Avenue North New Hope, MN 55428 RE: New Hope Community Revitalization Corporation/Resolution Appointing Directors Our File No: 99.10026 Dear Dan: Please find enclosed a Resolution Confirming the Board of Directors for the New Hope Community Revitalization Corporation for the 1992 year. This Resolution cap be considered at the March 23rd Council meeting on the consent agenda if you so desire. Very truly yours, Steven A. Sondra11 slt Enclosure cc: Valerte Leone Sherri French ~ LAW OFRCF.~, PA. WII.LIAM J. COIqI~CK ~I'EVEN A. 9ONDP, NJ... PA. ~TE~/'r.N &~ONORN. L MICHAEL R. L~FI. EUR MAII~rlN P. MALECHA WILLIAM G, S'I'RArr CORRICK & SONDRALL A PARTNERSHIP O~ I~qoFE~81ONAL (:~2~PCMATION8 Edinbm-gh Execut~ O~ce 8525 Edtnbrook Crossing Suite #203 Brooklyn Park, Minnesota 55443 TELEPNONE (6~2) 425.5671 FAX (6~2) LAVONNE E. KEgKE 8HA.qON D. DERBY March 17, 1992 Sherri French Park & Rec Director City of New Hope 4401Xylon Avenue North New Hope, MN 55428 RE: Minutes of the New Hope Community Revitalization Corporation Board of Directors Meeting Our File No. 99.11026 Dear Sherri: Please find enclosed Minutes for the Board of Directors meeting held prior to the March 15th Citizens Advisory Committee meeting. The Minutes need to be signed by the Secretary and President of the Corporation. This would be Mary Stinson and Roger Landy. You can hang onto the Minutes unti3 the next Citizens Advisory meeting. Simply have these individaals sign the Minutes at the next meeting and then return them to me. If you have any questions, please contact me. Very truly yours, Steven A. $ondral slt Enc3osure MINUTES OF THE 1992 ANNUAL MEETING OF THE BOARD OF DIRECTORS OF NEW HOPE COMMUNITY REVITALIZATION CORPORATION The annual meeting of the Board of Directors of New Hope Community Revitalization Corporation was held at the registered office of the corporation, 4401Xylon Avenue North in the City of New Hope, County of Hennepin, State of Minnesota on the 16th day of March, 1992, pursuant to mailed Notice as required by the corporate Bylaws. The following directors were present in person: Steven A. Sondrall, Roger Landy, Roger Rubin and Glenn Farmer, the same being all of the directors of the corporation. After discussion of the resignation of Director Sandy Perhai, the following resolution was unanimously adopted: RESOLVED: Mary Stinson is elected as Director to fill the vacancy created by Sandy Perhai's resignation, and shall hold office until his or her successor shall have been appointed and have qualified, or until his or her earlier disqualification, death, resignation or removal. After discussion regarding officers, the following resolution was unanimously adopted: RESOLVED: The following are elected to their respective offices, to serve until the next annual meeting of the Directors of the Corporation qualified: or until Roger Landy - Roger Rubin - Glenn Farmer - their successors are elected and President Vice President Treasurer Mary Stinson - Secretary After discussion and review of the 1991 Federal Income Tax Return and a report by Director Sondra11 that the 1991 Corporate Registration was filed with the State of Minnesota, the following Resolution was unanimously adopted: RESOLVED: The President is authorized and directed to sign the 1991 Federal Tax Return and mail same to the Internal Revenue Service. There being no further business before the meeting, the meeting was adjourned. Dated: March , 1992, Secretary At t est: President 2 REQUF~T FOR ACTION originating Department Approved for Agenda Agenda Section City Manager EDA ,~r-~3-23-92 Item No. Kirk McDonald / ny: Management Assistant By:/ ? 5 / CONSIDERATION OF REQUEST FOR EXTENSION ON DEVELOPMENT CONTRACT IMPROVEMENTS, AUTOHAUS, INC., 7709 42ND AVENUE NORTH On April 4, 1991, Autohaus, Inc. and the City of New Hope executed a Development Contract regarding specific improvements to be made to the Autohaus property such as the installation of concrete curb, landscaping improvements, paving and lighting improvements, construction of storm water drainage improvements, and the demolition/removal of the Animal Hospital building. The Development Contract states that the "Developer agrees to make all private improvements as shown on February 7, 1992, revised site plan...within one year from the date of this agreement, except if this period of time is extended by resolution of the City Council". April 4, 1992, will mark the end of the one year period and while certain improvements have been completed, others have not been completed. Staff has contacted Autohaus and has recommended that if they do not intend to complete the improvements by the April 4, 1992, deadline that they should seek an extension of time from the City Council prior to the expiration date. The petition for extension should explain the circumstances necessitating the extension. Autohaus has submitted the enclosed petition requesting an extension and Tom Boettcher will be present at the meeting to answer questions. Staff will draft a resolution subsequent to the action of the EDA on this matter. MOTION BY ~ SECOND BY ~ - ! Review: Administration: Finance: RFA-O01 ~ LEASING & SALES / FOREIGN AND DOMESTIC AUTOMOBILES Audi GM March 18, 1992 FORD NISSAN HONDA City of New Hope 4401 Xylon Ave. N. New Hope, MN 55427 Subject: Development Contract Improvements Dear Dan and Kirk: CHRYSLER BMW MERCEDES A year has passed since executing our development contract. The date of April 4, 1991 was the date of final approval of our expansion plans. As of today, March 18, 1992, Autohaus has done as much as possible to complete improvements, although delays and economic times have caused an extension of one year to be necessary. We have demolished the old Animal Hospital building and improved the 42nd Avenue appearance. Delays in the city doing a practice fi.re and an early snow cover have als,:, contributed to c, ur need for an extension. VOLVO ACURA TOYOTA Autohaus fully intends to finish these contract improvements in a timely manner considering our capability to pay as we go for improvements. Autohaus has construction money set aside for the area's improvement but due to economic times some improvements will need to be rebid and some Autohaus will do itself. The next stage is to pave the front area where the Animal Hospital building was, and address enhancing the view from 42nd Avenue. We would ask at this time to appear before the City C'ouncil PORSCHE on March 23rd and explain ,:,ur request for an extension time. JAGUAR 7709 42nd Avenue North ~ Minneapolis, MN 55427 ~r (612) 535-5707 .~01 Xyton Avenue North New Hope M~nr'esota 55~28 ~hone' 53~-$'O0 :a,~ ~._- : · March 9, 1992 Mr. Thomas Boettcher, President Autohaus of Minneapolis, Inc. 7709 42nd Avenue North New Hope, MN 55427 Subject: DEVELOPMENT CONTRACT IMPROVEMENTS Dear Tom: On April 4, 1991, Autohaus, Inc. and the City of New Hope executed a Development Contract regarding specific improvements to be made to the Autohaus property, i.e. installation of concrete curb, land- scaping improvements, paving and lighting improvements, construc- tion of storm water drainage improvements, and the demolition/ removal of the Animal Hospital building. Paragraph 2, page 2, of the Development Agreement states that "Developer agrees to make all private improvements as shown on February 7, 1991 revised site plan...within one year from the date of this agreement, except if this period of time is extended by resolution of the City Council". April 4, 1992, will mark the end of the one year period and while certain improvements have been completed, others have not been completed. If Autohaus does not intend to complete the improvements by the April 4, i992, deadline, you should seek an extension of time from the City Council prior to the expiration date. The City Council next meets on March 23rd and the first meeting in April is on the 13th, so I would strongly recommend that if you plan on requesting an extension of time on the making of the improvements, that you do so at the March 23rd Council meeting. I would recommend that you follow the same procedure that the City Code outlines for zoning procedure extensions. The code states that "petition for extension shall be made in writing and filed with the City Manager and there shall be no charge for the filing. The petition shall include a statement of facts explaining the circumstances necessitating the extension". If you are going to submit a petition requesting an extension and want to have it considered at the March 23rd Council meeting, please submit the petition to the City by March 18th so that your request can be included on the agenda. Family Styled City ~ For Family Living -2- Please contact me if you have any comments or questions and call (531-5119) to let me know your intentions regarding an extension on the installation of the improvements. Sincerely, Kirk McDonald Management AssiStant/Community Development Coordinator KM/lb Encl: Excerpt/City Code Development Agreement CC: Dan Donahue, City Manager Steve Sondrall, City Attorney Mark Hanson, City Engineer Doug Sandstad, Building Official Valerie Leone, City Clerk Thomas Oestreich, AutOhaus Project File #467 4.202 (1)(1) - (q) Record Before Council. The City Manager shall place the report and recommendations of the Planning Commission and the City Manager, on the agenda for the next regular Council meeting after Planning Commission action, or the expiration of 60 days after the first consideration by the Commission, whichever is earlier. Such reports and recommendations shall be entered in and made part of the permanent written record of the City Council meeting. (m) Council Action. Upon receiving the report and recommendation of the Planning Commission and the City Manager, the City Council may, at its option set and hold a public hearing if deemed necessary and shall make findings of fact and impose any condition on approval which it considers necessary to protect the public health, safety and welfare, and shall make its decision as to the application. (n) (o) (p) (q) Votes Required. Approval of a request for text amendment shall require passage by a 4/5ths vote of the full City Council, and a vote for a Conditional Use Permit, Variance or Appeal on a Zoning question shall require the ~ffirmative vote of a majority of a quorum of the City Council present for the vote for passage. Notice to Applicant. The City Manager shall notify the applicant of the decision of the Council in writing, including any relevant resolution and findings which may have been passed by the Council. Reconsideration. Whenever an application for a Special Zoning Procedure has been considered and denied by the City Council, a similar application affecting substantially the same property shall not be considered again by the Planning Commission or City Council before the expiration of six months from the date of its denial and any succeeding denials. However, a decision to reconsider such matter may be made by not less than 4/5ths vote of the full City Council at any time, or under Robert's Rules of Order. Termination of Special Zoning Procedure Approval. If the work or use authorized by a Special Zoning Procedure has not been implemented within a year after final council approval, the said procedure shall automatically terminate unless a petition for extension of time to implement the use or complete the work pursuant to the Special Zoning Procedure has been granted by the City Council. Petition for extensions shall be made in writing and filed with the City Manager at least thirty days before the expiration of the Special Zoning Procedure. There shall be no charge for the filing of a petition for extension. The petition shall include a statement of facts explaining the circumstances necessitating the extension. If a petition for extension is filed, the Council may terminate or modify the Special Zoning Procedure for non-use, after a hearing or hearings held in the same manner as for the original consideration of the Special Zoning Procedure, including notice to the applicant and his successor in interest, if any. If after a hearing, the council determines that the basis for approval of.~the original Special Zoning Procedure no longer exists, in whole or substantial part, the Council may terminate or modify the authority or use previously approved under the Special Zoning Procedure. 4-96 072684 CITY DP NEW HOPE DEVELOPMENT CONTRACT THIS AGREEMENT, made and entered into on the date specified :~ paragraph 15d 'hereinafter, by and between the C:ty of New node. a Municipal corporation of the State of Minnesota (hereinafter called the City), and the Owners or SuDdlvlder ~dentlf:ed :~ paragraph 15a herein (hereinafter collectively called the Developer whether singular or plural), WZTNESSETH: WHEREAS, the said Developer has applied to the City for approval of a plat or subdivision of certain land w~tn~n the C~%y as identified in paragraph 15c herein, and WHEREAS, The Economic Development Authority ]n and for %ne C~ty of New Hope (hereafter EDA) has provided to ADeveloBer a $187,500.00 loan evidenced Dy a Mortgage Note dated and secured Dy a Mo~t~a~e,.Security Agreement and Fixture F~nanc~ng Statement dated ~/~Y¢///. /~/' and WHEREAS, Developer acknowledges and agrees that any breacm :f the herein Development Contract shall be deemed a dePau'~ ~. Developers of the terms of the Mortgage Note and Mortgage, Securl~/ Agreement and Fixture Financing Statement permitting tme EPA %c declare any unpaid principal and accrued interest of the reference; loan immediately due and payable upon demand Dy the EPA ~nd =urtre- permitting the EPA to commence a foreclosure action to collect sa~c monies pursuant to the terms of ~he Mortgage Note and ~ortgage. Security Agreement and Fixture Financing Statement, and WHEREAS, it is not presently feasible to complete suc~ ~mprovements, and the Developer is desirous of proceeding at once, and the City Council has approved or agreed to approve said plat o~ the conditions (1) that the Developer enter into this Developmert Contract, which Con=Fact def]nes the work which 5he Deve'ose~ undertakes to complete within the boundaries of sa~d plat ~s described hereinafter, (2) that the Developer provide a pond c¢ other collateral for an amount and with a surety and conditions satisfactory to t~e City, to secure the actual construction arc installation of such improvements wi%hln the period specified c, the City, and (3) t~at the Developer enter Into ~]l f'nanc~g documents required by the EPA to evidence and secure the Developer's repayment of the EPA loan, NOW, THEREFORE, the City and Oeveloper agree as fo'!ows· 1. The recitals above and the provisions of the ~latt-~ Cha:ter of the New Hope City Code, as amended to date hereof, are Incorporated herein by reference. 2. The Developer agrees to make all private improvements as shown on the February 7, 1991 revised site plan predated Westwood Professional Services, Inc. attached hereto as within one year from the date of this agreement, exceot as period of time is extended by resolution of the City Council. The Developer agrees to perform and complete any additional as set forth in paragraph 1Se under these same terms an; conditions. These improvements shall include but not be the following: a. Installation of concrete curb around entire property as shown on site plam. Installation of bituminous paving ~n the Oody sno~ and repair storage area as shown on the s~%e plan. c. Planting of the following vegetation and landscaping as shown on the site plan: 150 Andorra Junipers to be planted on ¢c~¢ and east side of property, size 18", soac'~g 3' o.c. ii. 6 Andorra Junipers to be planted on nortneas% corner. (inside "L") of building, size ~8" spacing 3' o.c. iii. 33 Pfitzer Junipers to be planted on east s~ce of property, size 18", spacing 3' o.c. iv. 18 Techny (Mission Strain) American Arborvitae to be olanted on west s~de of property, size 38 inch pot, spacing 15 feet o.c. with weed barrier and rock mulch. 18 Isanti Oogwood to be planted - ~0 c~ soutmeas% corner of building and 6 cn southwest corner of building, s~ze 24 . spacing 4' D.C. vi. 1 Green Ash to be planted on southeast corner of building, size 2.5' vii. 29 Austrian Pine to me planted on west property line on County Kitchen ~roperty, size/root Installation of six foot opaque security fence (chain link with Oarbed wire) around perimeter of ~ody shop and collision repair storage area as shown on site plan. Installation of white sodium vapor wall lights and freestanding overhead lights as shown on %he site plan. The overhead light poles shall ma%c~ existing City street lighting. Installation of acceptaDle automatic systems in all planted areas· Sprinkler Installation of outdoor trash enclosure on south side of Duilding constructed of 8 foot ~lock wall painted to match building. Installation of bomanite paving in front display area as shown on site plant. Construction of four painted islands in the Transport Lane area as shown on the site plan. Further, the Developer acknowledges and agrees that development o= the site will comply in all respects with the terms, conditions amc regulations of the New HoPe City Code. These conditions include Du% are not limited to, compliance with the following: All setDack provisions of %he zoning code aha more specifically, that there De a 5 foot setDack for all parking and storage areas and driveways from the rear anO side property lines. That all signage on the site fully comply with the sign code. That all on-site parking requirements of the zoning code are fully complied with and more specfically, that a minimum of 81 parking spaces are provided. that 3 handicapped parking stalls are provided on the eas~ side of the building and 2 hand~capoec parking spaces are provided on the wes~ side of the building, that all parking areas De prooer;? striped with the exception of the display area and body shop/collision repair storage area, and t~at employee parking be provided on the west side the building. That all drive aisles are 24' or more in width. That the loading and unloading areas are provided on the south side of the building. That on-site snow storage be allowed only in %De southeast corner of the property and that use cf parking spaces will not be permitted for sncw storage on-site. _That all sales/leasing/rental display areas, bott indoors and outdoors, comply fully with all area requirements of the City Code. That the construction plans for the outdoor body shop and collision repair storage area are approved Dy the Building Official and Fire Chief. That no other tenant will be allowed to occuoy the soace currently being occupied by Universal Colour Laboratories and that uoon the exolration of lease or any options to renew said lease, develocer will construct or improve the property with the showroom and display area as shown on Exhibit Further, while the tenant occupies the proposed showroom a~d display area, developer agrees the barking display area shown on Exhibit A front of said area will not be permitted fcr display but shall be reserved for employee customer parking of the tenants. 3. The Developer also agrees to construct within one year from the date of this agreement public improvements for storm water drainage and erosion control and that it has submitted a Septemoe~ 12, 1990 Paving, Grading, Drainage and Erosion Control Plat prepared by Westwood Professional Services, Inc. indicating %re improvements it hereby agrees to construct· Said plan has Oeen reviewed and approved by the City Engineer and Developer shal; ~mp]ement this plan and construct all improvements indicated thereon. The part~es agree %he improvements indicated on said plan are necessary for adequate drainage and erosion coptrol at the site. Developer further agrees to complete any improvements not ~ndicated on the plan but reasonably necessary to facilitate purpose of the plan in the so]e opinion of the City Engineer. Such construction shall be sub3ect to inspection and approval of City. The parties further understand and agree that approval by the City and its Engineer does not constitute any warranty guarantee to the Developer and that the Developer has relied on own judgment or Westwood relative to the adequacy of this plan. The C~ty and its Engineer have reviewed this plan solely for purpose of determining its ability to conform with the C]ty's overall storm sewer plan. Upon the completion of the work and construction required to Ce done hereunder, said storm water drainage improvements shall become the property of the City, without further notice or action on %ne part of either party hereto, other than accept&rice at usage. 4. The Developer shall pay for all costs of persons doing work or furnishing ski]], tools, machinery or materials, or ~nsurance premiums or equipment or supo]ies and all 3ust c]alms ~cr the same, and the City shall be under no obligation to pay the Developer or any subcontractor any sum whatsoever on account thereof, whether or not the City shall have approved the subcontract or subcontractor, and the Developer and its surety shall hold the City harmless against any such claims, and provide the City with all necessary lien waivers. 5. In the event of default by the Developer as to any of work to be performed hereunder, the City may, at its perform the said work and the Developer shall prompt]y reimburse the City for any expense incurred therein by the City, provided DeveloPer is first given written notice by United States Mall ce the work in default and required to be done by the Developer, ncr less than 48 hours being given thereby to the Developer to remove the default status, said notice being addressed to the Developer at the address sho wnin paragraph 15b herein, notice given in manner being sufficient as described, by agreement of the par~es hereto. Notice to the Developer small also constitute without further action, notice to any contractor or subcontractor, they are approved and accepted by the City or not. In the event cF emergency, as determined by the City Engineer, the ~@ hours requirement to the Developer shall be and hereby ~s waived ~n ~%s entirety by the Developer, and the Developer shall reimburse City for any expense so incurred by the City in the. same manner as if mai]ed notice as described here3nbefore had been g~ven. It understood by the parties, however, that the responsibility of Developer is limited by strikes and force ma3eure. .~. 5 6. The Developer agrees to hold the City harmless from ~7 and all claims which may arise from third parties, Including contractors or subcontractors for damages sustained resulting from the performance or failure of performance of the above-described work or the work required in paragraph 15e. 7. The Developer agrees to reimburse the City for all costs incurred Dy the City in the enforcement of th3s contract, or amy portion thereof, including court costs and reasonable engineering and attorney's fees. 8. The Developer shall deposit with the City a satisfactory Subdivision Bond for the work specified in paragraph 3, which shall De in the amount described in paragraph 15f, securing the full performance of this Development Contract, The term Subdivision Bond as used herein shall also include any type of collateral agreement or security accepted by the City, It is understood and agreed that failure of the City to promptly take action to draw upon the bond to enforce this agreement after the time of expiration by which the work is to De completed will mot waive, estop or release any rights of the City and the City can take action at any time thereafter to require comolet3on of t~e work and payment for same. These prov3sions shall be applicable to any person who gives security for or guarantees the completion of this agreemen%. 9. The Developer unconditionally guarantees to the City a!' work required to be performed by paragraph 3 for a oeriod of one year subsequent to acceptance of same by the City against Door material, faulty workmanship, or any other failure of the work, whether or not all or any portion of the Subdivision Bond snal~ have Deem re]eased by the City. -' 10. The Developer shall clear any soil, earth or debris from the streets resulting from building on the land within the add~t~on Dy the Developer or its agents, successors or assigns, and snai' restore any gravel base deteriorated Dy mixing construction or excavation debris or earth, and repair any Oamage to O~tum~ncus surfacing resulting from the same causes, 11. The Developer agrees that the City at its option can install and construct any work or improvements required ~y paragraph 3 to be made by the Developer, and the Developer agrees to pay all costs so incurred Dy the City. 12. The parties agree the Dreacm of any terms of t~'s Agreement by the Developer shall be grounds for denial of building permits for building within the a~d~t~on until such mreac~ '~ corrected, either by the City or the Develoser, as the case may ~e. 13. If any oortlon, section, suosect~on, sentence, clause. paragraoh or phrase of this Develooment Contract Ts for any rea$c¢ held to De invalid, such decisions small not affect the ~al~d~ty 3¢ the remaining portion of th~s Agreement. 14. This Contract shall be binding upon the part~es, tme'~ heirs, successors or assigns as the case may be. The tart'es understand and agree that the Developer Ts respons~b!e unCer %re terms of this Con%tact for the acts cr cm~ss~cns o¢ an/ c¢ ';s agents and successors Tn t3tle. 15. a. The term "Developer" as used herein refers to Autohaus of Minneapolis, Boettcher, ~ndiv]dually Inc. and Thomas The address of the Developer, for purposes of Development Contract ~s as follows, and ~ny mo%~ce mailed by the City to th~s address shall De deemed sufficient notice under this Contract, until not:ce of a change of address ~s g~ven to the City writing: 7709 42nd Avenue North New Hope, MN 55&27 mhone: (612) 535-5707 The legal descr~t;on of tme premises ~o wm~cn ~': OeveloDment Contract apDl~es consists of crem'se5 in the State of M~nnesota, County of ~enneo;n, %3- wit: That part of Lot 9, "Auditor's Subd~v:s~on Numce¢ 324, Hennepin County, Minnesota" described a~ follows: Beginning at the ~ntersection of the mcs% northerly line of said Lot 9 and a l~ne nereTna=%e~ referred to as Line "A" being a line drawn fr3~ z point on the south line of s&]d Lot 9 d~s%a¢% 850.80 feet easterly from tme west Quarter c&r*e- of Section 17, Townsh~O 118, ~ange 21 as measurez along said south line and ~ts westerly extens~or %c a point on saTd most northerly line of sa~d Loc ; distant 853.30 feet easterly from the west 1-ne := said Section 17 as measured alon~ sa~d mos% northerly line and :ts westerly extension; thence westerly along said most northerly line to t~e northeast corner of Lot 7 in said "Auditor's Subdivision Number 324, Hennepin County, Minnesota"; thence southerly along the east tine of said Lot 7 to the southeast corner of Lot 7; thence westerly along the south line of said Lot 7 a distance of 5.00 feet; thence southerly parallel with the southerly extension of the east line of said Lot 7 to a line drawn parallel with aha distant 611.50 feet north of the south line of saia Lot 9; thence easterly parallel with said south line to its intersection with said Line "A"; thence northerly along said Line "A" to the actual ~oinc of beginning. That part of Lot 9, "Auditor's Subdivision Number 324, Henneoin County, Minnesota" described as follows: Commencing at the intersection of the most Northerly line of said Lot 9 and a line hereinafter referred to as Line "A" being a line drawn from a point on the South line of said Lot 9 distant 650.60 feet Easterly from the West Quarter corner of Section 17, Township 118, Range 21 as measured along said South line and its westerly extension to a point on said most Northerly line of Lot 9 distant 653.30 feet Easterly from the west line of said Section 17 as measured along said most northerly line and its Westerly extension; ~hence Westerly along said most Northerly line a distance of 50 feet to the actual point of beginning; thence continue Westerly along said most Northerly line the Northeast corner of Lot 7 in said "Auditor's Subdivision Number 324, Hennepin County, Minnesota"; thence Southerly along the East line of said Lot 7 and along the Southerly extension of said East line of Lot 7 to a point distant 100 feet Southerly from the Southeast corner of said Lot 7; thence Easterly parallel with the Easterl? extension of the South line of said Lot 7 a distance of 40 feet; thence Southerly parallel said Southerly extension of the East line of Lot 7 a distance of 50 feet; thence Easterly parallel with said Easterly extension of the South line of Lot 7 to the intersection with said Line "A"; thence Northerly along said Line "A" to intersection with said Easterly extension of :~e South line of Lot 7; thence Westerly along sal~ Easterly extension of the South line of Lot 7 to 8 the intersection with a line drawn Southerly parallel with said Line "A" from the actual point of beginning; thence Northerly parallel with said Line "A" to the actual point of beginning, according to the recorded plat thereof. and is proposed to be known as Lot 1, Block 1, Autohaus Addition. The date of this Development Contract is: Requirements additional to those listed in paragraph 2 are as follows: Developer shall raze the office building commonly known as the Animal Hospital pursuant to an Agreement to Raze 7575 42nd Avenue North attached hereto as Exhibit B. The cost of demolition and removal shall be the sole cost of the Developer. Also Developer shall be required to comply with all of the conditions of its Preliminary Plat approval and Conditional Use Permit to allow for outdoor sales in a B-3 zoning district established by City Resolution Nos. 89-239 and 90-24 attached hereto as Exhibits C and O respectively. The total amount of the Subdivision Bond required to secure the performance of the work required by paragraph 3 is initially set at Twenty Six Thousand Two Hundred-. Eighty Dollars, ($26,280.00), and is agreed to by the Developer, and shall be in the form of: / Cash deposited with City at no interest. / / Irrevocable Letter of Credit for one year, cancellable on 30 days' written notice to City thereafter. / Corporate Surety Bond. / x / Assigned Savings Certificate, Interest to Developer. The parties agree that from time to time, but not more frequently than annually, the Developer may request that the City Engineer evaluate the work 9 remaining to be done hereunder by the Developer, and the amount of bond may be reduced by City Council action to such dollar amount as deemed necessary for the City by the Engineer. The parties agree that formal action taken by the City Council in reducing the amount of the bond as initially set herein shall constitute sufficien= evidence, as public record, of the change in bond amount and the parties waive written modificat;cn of this Development Contract as to such reducec bond requirement, IN WITNESS WHEREOF, we have hereunto set our hands and seals, /Its ~J~X~o r Its City ~nager Au ado nc. By Its 10 STATE OF H[NNESOTA ) ) ss. COUNTY OF HENNEPIN ) The f~egoing instrument was acknowledged before me this day of /Tx]~ '.'/ , 199", by EDW. J. ERICKSON and DANIEL J. DONAHUE, t~e Mayor and Manager, respectively, of the City of New Hope, a municipal corporation of the State of Minnesota, on behalf of said municipal corporation. Notary STATE OF MINNESOTA ) ss. COUNTY OF HENNEP~N ) The fereg~ing instrumen[ was ack~wledged before me ~his day of /(/~x,'/ , 199/ , by aha ' , the ~.,', ~,~/,- and , respectively, of Auto~aus Minneapolis, Znc., a corporation under the laws of Minnesota, on behalf of sa~'d corporation. Notary PuOlic STATE OF NZNNESOTA ) ) ss. COUNTY OF HENNEP[N ) The for.~goiog instrument was acknowledged before me this day of inaividua]t~. , 199 / , by Thomas W. Boe~.cher, Notary Public 11 ~ REQUF~T FOR ACTION Originating Department Approved for Agenda Agenda Section City Manager EDA 3-23-92 Item No. Kirk McDonald By: Management Assistant By: 6 DISCUSSION REGARDING MARKET VALUE OF NEW HOPE TERRACE PROPERTY Staff is requesting to discuss the market value of the New Hope Terrace property with the EDA and the Assessment Agreement signed at the time of the development. MOTION BY SECOND BY Review: Administration: Finance: RFA-O01 ~ LaNel Financial Group, Inc. 4601 Excelsior Blvd., Suite 601 Minneapolis, MN 55416 (612) 920-5338 March 12, 1992 Dan Donahue City of New Hope 4401 Xylon Ave. N. New Hope, MN 55427 Re: New Hope Terrace Apartments Dear Dan, Greg Bronk has had several discussions with Ray Shudy of the Bennepin County Assessors Office regarding valuation at New Hope Terrace. It is the Assessors Office position that they will not do an appraisal until the City adjusts the minimum value pursuant to the Assessment Agreement. In other words, if City and Partnership agree at a minimum assessed value for the Assessment Agreement of $5,000,000 the County then will evaluate whether the actual market value of the real estate is in excess of that number. It is at that time that the Partnership and the County would negotiate a true market value or the Partnership could pursue the normal legal remedies for abating taxes. Dan, in summary, it seems that initially the Partnership and the City should agree to amend the Assessment Agreement after which time we will negotiate with the County for a assessed value of $5,000,000.. Obviously, you should feel free to contact the County to they report the same criteria to you. ensure We would like to proceed as soon as possible and provide you with any and all information to begin the process to adjust the Assessment Agreement. Sincerely, Paul G. Brewer President PGB/lp cc: Greg Bronk LaNel Financial Group, Inc. 4601 Excelsior Blvd., Suite 601 Minneapolis, MN 55416 (612) 920-5338 March 5, 1992 Daniel J. Donahue City Manager City of New BoDe 4401 Xylon Ave. N. New Hope, MN 55428 Re= New HoDe Terrace Apartments Dear Dan, After our discussion with you on Tuesday concerning the real estate market value of New Hope Terrace and the issue of low income housing units, we would make the following proposal: On the condition that the City will set the market value for real estate tax purposes and the Assessment Agreements at $5,000,000, which is consistent with our recent purchase price, we will agree to retain 10 units under the low income housing criteria that was in existence when the Housing Revenue Bonds were in place. It is our understanding that a bill is currently before the State Legislature that would allow for the use of excess tax increment fund~ to assist or subsidize low income housing. In the event that that bill Dasses, our proposal would involve the City making up the difference from excess tax increment funds between the low income rent paid by the residents on the 10 units and the then current market rate of those units (approximately $230 per unit Der month). In the event that the State does not approve the current pending legislation, we would phase out the 10 units equally over a two year period. Dan, we would like to proceed as quickly as possible market value issue so that we know how to deal with the residents as we are now in the process of giving notice low income units of rental increases on the current on the March 5, 1992 Page Two We understand that it may be some time before final resolution on the legislation takes place, but we are willing to take that risk so long as we do have the opportunity to phase out those units over the two year period. Very~urs, Paul G. Brewer President PGB/lp NOV--25--9 1 MON 1 ~ ; 46 CORR 11~22x91 11:22 ~$12 $40 2644 DORSEY AOS£SSOR'5 CERTIFICATION I14 AND FOR THE C~TY OF NE~ 'ItOPE, MINNESOTA, N~W ~tO~ TEi~AC~' LII4~TED ~,ARTN~RSItI~, A MINNESOTA T, ZI.II'fED WAW~N~RS~ZP, and HENN~ COUI4TY ASS~5OR, ACTING AS C~'fY ASSESSO~ OF 'fM.~ CITY O~ N~W HOPE COA~ICK AND .%e' bins~ale., MinneSota 11/22/91 II~2.B "~B12 $40 2544 DOI~$F.,¥ & ',~IHITNF.,Y . 0=,. {$ dated a9 o~ the 28th day.~E Jull, 1986 and :ity o~ Wow ~ope, ~.linnesota, a mun~0~a~ cor~o~at~o~ or~a~lze~' IN CO:;SIo~RATION OF ~he mutUa~ ~ovenant~ an4 benefl~ · ' .., ag · ,~i}.% .,u'i~t.r~ I'.1,O ta:~d Lncl,ldud in ~ne 3~,t?:..,~'(~Y, t'~k~uc':ha:~e fha ?.~nd fO~ a ,omina% ~ul,, an4 cons~'uc~ Uope, Hinna~ota, and C~%Y oE ~:~w :toD~, '.':~nne'~°~'a' ~at,~d as o~ ,, · .... , ' , ' ~nb% LC ,:,:t~.:.:.n,:ing w~ he as~e~.iF,,~n~ n~%,1o as oE JanUncy 1, 1999, shall '"- 000 r,~o ,,,'fr.h thru , "~O t~ 1~ss than the ~ai~ a~n.)un% o~ $6, .,, ~,t 21.% ...,.,.,,,..~1~ . ~.~o ,,, ,. ..'1~. .,1,. ..,¥0 .?..%.44 DORs£Y & ~MI?NEY ............ ~,~{,:taL ot Court excag~ in accordanc~ with :.;tan,:.~o~a Statutes, g,'.~:tion ~73,7&, Subdivision 8. This minimum m,arke~ value shall ,~ ~ ly only to.the ~and and lrousing Facilities ~and as described tn gxhlbl~ 1, In event of involuntary conversion o~ the p~emlSts fo~ any reason, the minimum market value ~hall net.be ~ed~ced to aa amoua~ l~s ~han $6,000~000 pl,~s ,.~ay applicable 21 Increases. a,jr.:,..:,on~ ~hal~ limi~ Eh~ discretion o~ the County ~s$~sso~ o~ H~n~a~in County, ac~in~ as =~esso~ Eot the city o~ ~ow liege (~he "h~,~::~so~") or any othur ~ublic official or body h~vlng.the duty ~o ~toc;nlne the marke~ value cf the ~and and the ~oustng on the Fro~e~y o¢ on th4 ~rc~i~as described ~B ~'(hibit 1, on a o~h,~r ~rogorty so classiflad, in i[~nneDin C.>un~y, a in .~'xcesS of tho mtnl~aum ~ar~e~ valu~'$;,~cified The ~edeveloper shall have the normal remcdies..available under the law to contes~ airy a~ti~ated assessors estimated value la axca:~ o~ $6,000,00 o~ a~ inc~a~ed annually, as g~ovtded above. ~l~e ~,,',~Do~'~ and ~he ¢,~:~l,~ud lt,~using ;ncllities for ad valor'cs tax p.~'Du:W:S, the ~d~.;ologer ag~.~s I.ha~ Lhe ri,;usin~ F~cilitie~ .:h.ltl ~a 4,:,,,,,;d to be co,',21,~ted i~ a~co~'danc~ uith ~he , .., ~,- ~ ,aa of Oe,:u,,':ber 31, 1~i7, (the required ,~,~ka ,:f ,:c;.~gl.3~ion), whether in_fac~ c%,~loted or ",:trion 3. Yilin_q. and Cer~ification 3.01....~,," ",,'~Or ..... .qflr%tt.__[c.a.~__tq.n.. The Authe¢ity shall prasent thSs ;:.'.~.:::~,.~...~nt Agro,~,~,en~ to tl~e ,%$scssor a~. ~equest him'to ,::~.;,:,.,t',,~ I;h,~ ,:o~'ti.l!icatlon attached heceto as g.xh.!bit 3. The ;~,;..,' -,v~*.,~...¢", ;h,.ll pruv!.,ie I;o ~he :'.~.,~es,'.-or alt lnfurr,',a~ion ,~.;.'..~.in~ to ~h,3 ~ro~,acty and the ;;c~.:slng ~'n~-ltitius ~',,q;.',:stad by him ?or ~ha ;-,,~'/~oses of di,~charging his d~i~.les with c,-'-si;~¢t to ' he ,:,?rtif ;¢:;.-~i.>n. 3,02 .F_~.~l~lt." Within 30 aais aft,:r l:ho ax?..cutich ,:E %his Agreement and a copy oE MinnesOta Statutes, Section 273,76, ~ubdivisioa 8, attached hereto a~ Exhibit 2, to be recorded ~he land i~ registered. Section 4 Relation_~to S,:d.eLZ,~loH,,r, ent A,i~'o¢~r,.~n~. The A-.{.,.~c~.~n~.. . Agr~men% ,are ~':'~ar..~te. ?~,:.n ..,,~.t in addition go the 3 N 0 ¥ -- 2 5-- 9 1 I~10 N 1 $ : 4 8 ¢ 0 R R I C K ~ S 0 N ~ R A L L ,,,.,1,::,'~u~.,',,:,~ ~,]~*e~r, ent; r, othtn~ contained herein ~hall* in any 'a~ ntk~c~ ~t,~inish o~ su~e~sede the ~Cies h,~ ~,:4c'.'~loL~e~ un~e~ the Redevelopment Agreement. ~ec~ion 5. ~m{nist~attve 5.01 Btnd~'Effec[. This Assessment A~r, eemen~ .shall inure~ o the l~en~' or--hall be btndin9 u~on tl~e Au:hc=it~ ~n~ the 5.02 ~ave~,~bfl[[~. ~n the even~ any ~rovision oE ~:l~ls ,, c,~,:,~::'~.:n~-A'~'~'c,~6~'[ sh~tt he held invalid o~ unenforceable n~ ,:o~c~ oE co:~e[~n~ ~urisdtct[on, ~uch hoi~in9 shall not u;;'h~lze~ snd e~ecute~ by ~he ~u~ho~ity ~n~ tl~e R~d~velo~or. 5 04 ~urther A~ucances and Corrective Xn~truments. The ~; ,,:<~:,:ut.~ nckn~wX0,~,~e an~ oXiver~o~ c~use to be execube~ ~y ~n,~,:~,~,:,~o o~ [nc,~'ec~ ~crl~[on oE the F~ogerty o~ the ~.,~,~g ~',~,~ittti~s, o~ Eo~ caL'=ying out the ex~re~ed-in~n~ion ~ nt,~u[tan[o-~~~-e~ut~Ln seVeraL counterparts, each oE whLch h.sli ~ an original ~n~ all o~ uhich .Shall c~'itu.Ke bu~ one nd the s.~e S,O~ ~p~.[~.~able ~=~. This A~sosam~nt ,%g~e~an~ uhall ,~';,~:~.~4 by and const[ue~ iff ncco~,{an,:e with 5.07 ~pt. iO~. The cap, ions o~ h~nd[n~s j~:,...,, n~ ~:e ,~or co,,von[~n~e only ~nd i~ ~o,~,;,~y .~;,,.~,{',:,~ :,',o ~,';~e oc ~nten~ oE any L>rOvisio,~ ,~ ~thocized offlc,~rs an~ seaXe~ with' its corporate seal; an~ the ~.~velope= has executed this Agreement by its duly authorized ~-~ o ',.' - :z 5 - ~ ~. r~,oN 11/22/91 11:25 1 .5 ." 4 9 C 0 R R Z C; K 8,, ~ 0 N D ;B A b L_ ii'6t2 340 2644 DORSET ~ ~'~HITN~Y 't" IN AND FOR Tli~ CITY O~ ~'~"~ "' N o',,.'- 2 ~;-'s' i MON 1 ~ : 4S, C::O RR Z OK e., 1I,/22..'91 11'.2.~ 't~'612, 840 2644 [)0E$£Y & WHITNEY ) SS. ~n~=~n= was llth ~Y of. Augu~ ...... Y..~ ~nt.l J. ~nahue, ~ecu~l~e. D~ec~or of The HO~slflg ~n~ ~e~v~- ~J~ HeNNEPIN¢OUN'rY j he ~ore~oL. ~n tcum n~ was ~~, o~ ,~~ . 198. by ,zank KubLtsch.k. SCta~O~d %nves~~ ~d., General Par~ne~ o~ New ptea~en~ of .,_,._~ e-:~nernh~, r_~&[(-~ ~;~~;~] ..... REOEVELOi~MI~NT AGRE ~EMENT PBOJE_C~ ~,8....~-.._~ L_=e_qal pescr,.tptton for ~x Zncr~ement. l~inanctnt___Diatri_c,t p . pj Fj New Hope -,,.e,,~entS. An au%horlby w.~y, upoa ~,:~[on 273.75, sub~lvis~'3a ~, ente~ in~O a wr~ea ~-'--~ ..... cr O~ ~hm ~r,d and s~ab~ L 8 ~hereon un~l~ ~ ~pec~flea . to ~e construe · _ .. ~_ no la~r than the ~"~t°vu~en~S~ate which ~a~e S~aAA ~ '' , er,nlnaL[o~ ' ' ''' 1on -r be re,.,l~t~a to the authority o~ the county ~c~$og having the )url~4~ction In which the t~x incCOr, m,%~ ~inancln~ district 'or the !ta~rovuman~s to be cens"Nuut,:d, re'vJ.~'~ the ;,mgke~ value ' ' " , , , ~:,,~C,~vu,.~an%s ara to ?teviously assigned ~o ~he land uL:~n ,;,~{,.h ~,,~ - '". .... '~,. R. a reaso~aoAe =~'t""''' ,, cOi.,FluLtOn ~,,a.. .... ' . Of ~he tana to be aeveloged, or on Eran~fet oe t~tle . ~velooer or ro~o~eloper, ~ .... ~ ~rom the auchor~tY:~ ~h~, a c~ og ~hiS redeve~°F=~_ - .... --emend, co~etneg w~,, .... ~-.q~ i~ the such assesS...~n~ ~'{'~_ ~]I.4 fo¢ recora anq:~GU~t'~ ..... sub~ivlsfon, snal~.u~ -,;~fi.l~d .{n the o~f~e of the ~e?~=~-~; of the County r~COL.~r 0 ~ tr~al,,e~tata~c any par~ cnereo: section 273.11., exc,3p~ tha~ ~he.~.~ge~ val~ aus[,]n.~d ~halL no~ be less ~han the m[nL.t%'~a m~k,]~ ,,,,~]..e o)a~',1{.:','~ in L, ha .. ' value to I:l~e i~r':P'.'t't~ ~ v~.U- ~ redoveXoper fro~.seeklng,.th oE the mln~m?m mar~ ~s~cssor, the coun:y asseSSor, thc (;~unty &u,lit(~c, a~;Y board revlc'~, ~ny board og ¢,quallzation, the o.,,.,,1~io,',o¢ o~ ro.;~nut any court of ~his ~%a~e ~rant a roduu~.J,,~n '~ thu ma¢ke~ value balo'a the minimum ~rka~ value r:ontain,:d in thc a3rc~;~,en~ durfng the term OE the ;~,jr' :,;,,~.',~ filcd of ~ N O I -- ~ 5 -- 9 i M O N I -.~ : 5 I C O R R I C K ~ $ O N I) R A L_ L 11,'P2/91 11:~7 ~812 840 ~044 ,' ,,,.,.. ,,~ .~,~l,u~ ,, ~."~, ........... .,., .,.,,.. , . ,~,~ O~ Lhim ~ubO~V~s~o ~"~-- ~0bdivl~ioo ~hal% constitute ,p~yi~g with the ter~s o~ this ~j.,:e of the ag{eemen% to ~ny su~o~gumnt ,~c~n%cance~ of th'e land o~ any volunta[Y, an~ shall be binding U~Oa thO'", ' N 0 ~' -- =" 5 -- 9 1 M 0 N 1 ~ ~ 52. C 0 R R I , I1/22/~1 11:28 ~12 340 2644 DOR~&Y & ~HITNEY ~11 1. i ~m ~l~e assesso~ r,:~L~on~i:~l,~ ~ the a~essmen~ cE the ProL;e~t~ r~ascrib~ in Ehe foc,~,~oLng ~'...h(bi~ 1; ,.' 2. of j~liy 4. .th~ Lind on which the lz,~provements ar~ to be constructed, and the minimum aDDaars to b~ a reasonable ~s~lma%e~ and 7.. I h,~,:by certiEy ~.l~at the ~:~r:<,~alue assigned. ¢o ~h~ Post-It"' brand fax transmittal memo 7671 co. a_~~~ ~,co. Dept. Phone MOtW i ~ : 5~ 'Z5~612 340 2644 C 0 R R I C K & S 0 N Iii R A L / DORSEY & WH[TNFY [~012