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11/06/1985 - City Council RegularSPECIAL MOTE TO PUBLIC: The City Council Meeting is being held on Wednesday, November 6, due to the Municipal Election. AGENDA REGULAR MEETING EAGAN CITY COUNCIL EAGAN, MINNESOTA CITY HALL NOVEMBER 6, 1985 6:30 P.K. .I. '.6:30 -.ROLL CALL & PLEDGE OF AIJ =TA>rCE 'II. 6:32•- ADOPT AGENDA & APPROVAL OF MINUTES III. 6:35 - EXCELLENCE IN EDUCATION PROCLAMATION �• IV. 6:40 - RECEIVE BIDS/AWARD $9,500,000 G.O. IMPROVEMENT BOHM OF 1985 P • 3 V. 6:45 - CANVAS OF MUNICIPAL ELECTION BALLOTS - P • 3 -IFI. .6: 50� - DEPARTMENT HEAD . BUSIREss . P-4 A. Fire Department B. Police Department VII. 6.55 -.CONSENT AGENDA 'C. Park & Recreation Department D. Public Works Department S A. Contractors License P , 7 B. Project 454, Receive Feasibility Report/Order Public Hearing (Ashbury Road - Streets & Utilities) P. ") C. Project 466, Authorize Feasibility Report, Pilot Knob Road (35E to Cliff Road) D.g D. Project 465, Receive Petition/Order Feasibility Report (Rahn 1 Ridge Trunk Storm Sewer) O. E. Approve Final Plat, Cinnamon Ridge 5th & 6th. Additions (Zachman 1 Development Company) F. Approve Final Plat, Cinnamon Ridge 7th Addition (Cinnamon Ridge ' _Limited Partnership) .P..13 .-G. .Approva Final.Plat, Dorwest.2nd Addition (Narmest.Properti.es, Inc. ) P.15 H. Contract 85-15, Approve Change Order #1, (Royal Oaks Circle - Streets & Utilities) P.15 I. Contract 85-15, Approve Change Order #2, (Royal Oaks Circle - -Streets .& Utilities) P. T: "Contract 82=C & B4=E,.Final_Acceptance CftobRil'l & Knob Hi -11 . %Yrafeasiona Park) '44,eceive1pot/Orderullieai'(ffNeb, "7C. 'Project !Ponds Storm Sewer Outlet) Pj(o L. Project 450, receive Report/Order Public Hearing (Williams & LaRue Addition - Utilities) P.11 M. Approve Cinnamon Ridge Planned Unit Development Agreement Amendment (Cinnamon Ridge 7th Addition) VIII. 7:00 - PUBLIC HEARINGS P•17 A. Public Hearing for Industrial Development Bonds for Greensbrough I (Greensbrough Associates) in the Amount of $600,000 P. 2.S B. Public Hearing for Industrial Development Bonds for Greensbrough II (Greenbrough Associates) in the Amount of $600,000 IS. OLD BUSINESS p.aV A. Preliminary Plat, Windtree 6th Addition (Richardson Properties, Inc.) Consisting of 15 Single -Family Lots on 6.8 Acres (SE 1/4 of SW 1/4, Section 13-.Elrene & Wescott Roads) f)..310 B. Final Resolution .for Industrial Development Bonds for'XHPP Partnership in the Amount of $400,000 P.37 'C. Final Resolution for Cinnamon Ridge 7th, (Can American), Multi - Family Housing Revenue Bond in the Amount of $11,350,000 X. BRA P.4Y. A. Interest Rate Reduction Loan Agreeemnt, Cinnamon Ridge 7th (Can American, General Partner) 76 A. Conditional Use Permit to Allow Beer & Wine in a CSC (Community P, Shopping Center Zone and On -Sale Wine and Beer License for Slicers Pizza Restaurant B. Waiver of Plat, Debra and David Bailey, for a lot split on Lot 2, Carlson Acres, Located in Part of the NE 1/4 of Section 28, off Diffley Road P p�- C. Foundation Permit, Cinnamon Ridge 7th, Can American pj D. Special Permit for Advertising Sign, Loren Spande, Developers P Construction am VISITORS TO BE HEARD (for those parsons not an the agenda) EIT. SPECIAL. RECOGNITION SPECIAL RECOGNITION/EAGAN CONSTRUCTION/GRESSER INC. BERWALD ROOFING/WENZEL-HILITE CORPORATION The City solicited a quotation from Gresser Inc.., to construct the Municipal Center 'identification sign located on Pilot Knob :.Road -and.. -west ..of. the . City Hall/Police _Department. Building.. Mr. Gresser :inclicated ;;mt'.r the .time .the 'quotation.. was :,accepted,:. -by. -.,the City- -that the job would be constructed during slow periods o£ time by" his company" acting as the general contractor --and -in -turn for the City's patience, a part of the work construction would be donated to the City. The City has received a letter (a copy is enclosed for the Council) stating that Eagan Construction, Inc., Gresser, Inc., Berwald oofing Company and Wenzel-Hilite Corpora- tion decided .to donate all their work on the construction of the City of Eagan Municipal Center identification sign. The. ,total-., donation .form;.the sign .is ..$9,.591. __All..four of these companies .have :performed ..a. -significant _.amount:.:of -.:work :.within -.-the ..City of --Eagan__and'`both:.:l7ayrrr BYomquis.t: _:and ::the:._C.i-ty _ Aclmim;trat-= felt .a .special ..recognition .for individuals -,representing.-each -�of these companies would .be in .order on Wednesday evening. A copy of the bill is.also enclosed for review-by_the..City•Council. ACTION TO BE CONSIDERED ON THISITEM:- A formal motion to accept the donation for the Municipal Center identification sign and provide any praise and thanks to the three different contractors to be officially recognized. MEMO TO: HONORABLE MAYOR & CITY COUNCILMEMBERS FROM: CITY ADMINISTRATOR HEDGES DATE: NOVEMBER 1, 1985 SUBJECT: AGENDA INFORMATION After approval is given to the October 15, 1985, City Council minutes, and October 7, 1985, special minutes of the joint meeting between the Council and the APC, action is in order to .approve the agenda for the November 6, 1985, City Council meeting_ JUCATION-PRUCLAMATIC EXCELLENCE IN EDUCATION DAY PROCLAMATION - ROSEMOUNT HIGH AND VALLEY MIDDLE SCHOOLS On Wednesday, November 13, Rosemount High School and Valley Middle School will each receive a plaque recognizing them for "Excellence in Education_" A representative of the United States Department of Education will present the awards_. :Students from Eagan attend both these 'school -s- -The 'Mayor -h-as received ;a request. from .Dr. Thomas F_ Wilson, Principal of Rosemount High School, for the City of Eagan to proclaim Wednesday, November 13, as Excellence in Education Day in Eagan, Minnesota_ For your information, a copy of the proclamation .is enclosed on page ;L, Enclosed in your packets without page number is a brochure about Rosemount High School. ACTION TO BE CONSIDERED ON THIS ITEM: To proclaim Wednesday, November 13, Excellence in Education Day in Eagan, Minnesota. ►J �►nmC dty of i 3830 PILOT KNOB ROAD. P.O. BOX 21199 EAGAN, MINNESOTA 55121 PHONE: (612) 454-8100 CITY OF EAGAN PROCLAMATION A good education is imperative for all citizens P . au ; wip—rium n. BEA BLOM9UIST Mayor THOMAS EGAN JAMES A, SMITH JERRY THOMAS THEODORE WACHTER Calci MerNlma THOMAS HEDGES City AMmr¢traa EUGENE VAN OVERBEKE City Cert It is critical for our.. schools .to strive for academic excellence with our youth The City of Eagan and its officers support quality education in our schools Valley Middle School and Rosemount High School have been recognized by.. the ., United . States .Department of Education _for Excellence _.in Education NOW THEREFORE Be it resolved that Wednesday, November 13, is.-hereby_declar ed to be EXCELLENCE IN EDUCATION DAY IN EAGAN, MINNESOTA Mayor -City Clerk Date THE LONE OAK TREE, ..THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Agenda Information Memo November 6, 1985, City Council Meeting Page Two Le�:rel I igrja I 9 BID AWARD/$9,500,000 G.O. IMPROVEMENT BOND At the October 15, 1985, City Council meeting a bid letting was set for -noon, November 6, 1985, to consider $9.,500,000 of G.O. improvements bonds of 1985. The .City's fiscal consultant, Mr. Ernie Clark, City Councilmember Smith, Director of Finance -VanOveibeke and 'City Administrator Hedges made a presentation ,,before -.the .two .sating .agencies, Standard & Poors. and Moody's, in -:an effort -to, - increase the a -City's• -bond _:rating....from _.an .A .to .-6A+.-and 'Al,. -respectively. =:Our bond, .rating was increased -from .A to -A+ by-Standard--'&-Poors-but the -rating -remained an A with Moody's. . Assuming favorable bids will be received on November 6 -and -after an evaluation of the bids by the City's fiscal consultant, Director of Finance and City Administrator, a recommendation will be made to the.City.Council. :.ACTION- TO BE. -:CONSIDERED _ON._THIS..'.ITEM: .._.To'...approve _or _deny a -favor- -able .bid .for _the..sale of_.$9.,.500;-000... of ..General...Dbligation._Improve- .men.t-:bonds..in._19B5 _ 'CANVAS OF -MUNICIPAL ELECTION BALLOTS According to Minnesota State election laws, each City Council is required to canvas the municipal election ballots for the previous election. The City Clerk, Mr. Gene VanOverbeke, will be present with the proper election results for the purpose of canvassing the ballots. :' _W=N --TO 'BE - CONSIDERED ON THIS ITEM: _=for..the 1985 Muni cipal_Election. 91 To canvas the .ballots Agenda Information Memo November 6, 1985, City Council Meeting Page Three n WD>1DTMVK1M U it 11 OTIC TNCCC A. FIRE DEPARTMENT There are no items to be considered under Fire Department at - -_this _time. '__B_ " ..P.O= -DEPARTMENT There are no items to be considered under Police. Department -at this time. C. PARKS & RECREATION DEPARTMENT There are no items to be considered under Parks & Recreation Department -at .this time. - ___:D_.: _pDSLZC':.WDRKS )EPARTMENT There 'are no items to be considered under Public Works ..Department at this time. Agenda Information Memo November 6, 1985, City Council Meeting Page Four There are thirteen, (13) items on the agenda referred to as consent items requiring one (1) motion -by the City Council.. " If the City Council wishes to discuss any of the items in .further detail, those items should be removed from the consent agenda and placed under 'Additional Items unless -the discussion required is -brief. _CONTRACTORS'LICENSE 'A:""""Contractors '••License --Enclosed on page 4) is --a -list-of`contrac- tors who are renewing or who have been selected and _retained as the builder by a customer either living in or planning --to reside in Eagan. These contractors have references from other municipalities or their client permit applications are awaiting City Council approval -.for a contractor license. -:ACTION . -TO HE CONSIDERED .ON.._.THIS ._ITEM: To _approve the contractor .licenses. -as :presented_- CONTRACTOR'S LICENSE NOVEMBER 6, 1985 GENERAL CONTRACTOR: 1. AMERICAN ESTATE HOMES, INC. 2. BASIC BUILDERS, INC. 3. O. CARISON CONSTRUCTION EVENSON 5. MARICR:BUILDERS, INC. 6. MICHAEL CONSTRUCPION, INC. ..7. NOLAN BROTHERS„ INC. 8..,.,,P -Dom N Col. S. r':WA=. CON.SPMCTION HOMEOWNERS: 1. 'MARK:&_LINDA POSTIER HEATING & VENTILATING: 1. BLAINE HEATING, AIR CONDITIONING & ELECTRIC, INC. 2...:.MIDWESIERN. MECHANICAL I UMING: I- , MC DC MM .PLU43ING,. INC. 0 Agenda Information Memo November 6, 1985, City Council Meeting Page Five FEASIBILITY REPORT/PUBLIC HEARING/ASHBURY RD B. Project 454, Receive Feasibility Report/Order Public Hearing (Ashbury Road - Streets s Utilities) -- In response to a petition received from the. affected property owners, .the City Council authorized the preparation of a feasibility report for the installa- tion of streets and -utilities -for 'the extension of Ashbury Road .._from.. the._Blackhawk. Glen Addition _to .Blue Cross. Road. .-This report _has _:now. been :.completed. and-. Is ..being .-.pr.esented_ to:. --the :Council for_:their=review and --scheduling of a public hearing. ACTION -'TO"-BE 'CONSIDERED ON THIS ITEM: '-Receivethe--- feasibility report for Project 454 (Ashbury Road - Streets' and Utilities) - and schedule the public hearing to be held on December 3, 1985. -FEASIBILITY REPORT/PILOT KNOB ROAD 'C_ Project. 466, Authorize -Feasibility•:Report (Pilot Knob Road --,-35E to +Cliff Road')- --. As a ••part• of the} Dakota County's Five -Year Capital Improvement Program (CIP) they are proposing to upgrade Pilot Knob Road to a four -lane urban design standard during 1987 from I -35E to Cliff Road. The County has already selected a consultant and has initiated preliminary survey and design -work. In order for _the. City to properly evaluate the impact _......of _this. _proposed _improvement, --It _is_ necessary .to .prepare . a -feasi- --:: biii.ty report -which -is - .now -being requested "by the .Director -of —Public .Works. ACTION .TO .BE .CONSIDERED ON.THIS _ITEM: To authorize the -preparation of _a,_feasibility...report _for .Project.A66 :(Pilot_'.Snnb Road_ --..35E "to_.Cliff_Road)_ 7 Agenda Information November 6, 1985, Page Six Memo City Council Meeting PETITION/FEASIBILITY REPORT/RAHN RIDGE D. Project 465, Receive Petition/Order Feasibility Report (Rahn Ridge Trunk Storm Sewer) -- We have received a petition from the owners of the property proposed to be developed as the Rahn Ridge Addition -requesting the preparation of a feasibility report to discuss the installation of the trunk storm sewer outlet for the City's 'Pond AP -29 located immediately east -of the Vienna Woods :Addition. ..All .costs...associated with the preparation of thisa-report -.have.--been. .guaranteed ,by the. petitioner._:should.:the project :not .be'.approved at. _the _time .of the public hearing. ACTION - TO BE'`CONSIDERED ON THIS -ITEM: "To receive -the-petition and authorize the preparation of a feasibility report for Project 465 (Rahn Ridge trunk storm sewer outlet). PLAT/CINNAMON RIDGE 5TH & 6TH ADDN. 'E. -Approve Final Plat,- Cinnamon :Ridge35th &- 6th •Additions (Zachman Development Company) -- We have received an application for final plat approval for the 5th and 6th Additions of the Cinnamon Ridge development as identified on pagesand /d . All final plat application materials as well as conditions placed on the original preliminary plat approval of June 2, 1981, have- -been _.complied with by. the .-applicant_ _and....found .-to. -be _in order- fcr favorable Council action- -ACTION - ction.-ACTION- TO --BE "CONSIDERED_ ON `THIS ITEM: To -approve -the final plat for .the Cinnamon Ridge 5th and 6th Additions as submitted by Zachman Development Company .and authorize the .Mayor and City _L:lerk.-.tn--e-xec ate ..all-. xelated..documents _ 1 I11�) EXHIBIT "A" PAGE 1 OF 2 PAGES': CINNAMON RIDGE..5TH Ir�A �InlgNrlI YYIA UIp" J'il plyjgllY•I 1"• YUw1A xYr1�111M 11{Y.M I•IYi LbnU •1 Y~Y 1'1••1• YIIaI ll:,�.•I•. 1• •11: YII.1 L Ualp nm! M bulla. Ilgpq n u• .Koro[ NN u1M1, •M U•1 I. 1 er Ylbl 6 WI Y••IO IIW •n Yollla, IIIA 1••nU\VIII W IrU•rl/ •1 W 1•IIYIq bl<r1YI IIA •Y 111 WNYIIKII rl4nllr: I�MIA K u. .dlMl I srw; Ir Kv Wn•1 4 YM1 Y . Y\WL Wlnq .{ wu a YIM• Y .IYUI 01 mnM• LI11�1.A N IYu•rb IIA II I'll YII.1 c [ I4uA• •1 111.11 IKI 1.U• 1 0l Yglmlq •I le• N N Yllrl•.•: Im• Idle 1 YIIIII 0\.Ilul.• OI I IONI W 1 11:1.11[. •I - to ..111 III I. ill 11 ...... 11 .IY111 a 111 MI W\1 • •qUM• •I 11.12 lyll K Idle 11 Ilryl. O I.KMI WII • IIIUMI 111[.Y Inl 1• NI wYK.11111 IIA 11 IK. WIUI L IA IIIL•1..II I.AIYIIA. W'•1K.n uM mrnMl"IYr4II YW 411111 El. ..at In momm W Y Mra1 MIaN U YI NIU. /x "Ill 4,.IIAu MKKI 111 Ia.. G il•r•A 4A•II\lY, 1 .IgUM Y InllI.."M Y Y . bl [YY1,a.a. .I1. •1 It. IAKI oIIIUI YII�YI J . U— In .IIAI. ANKI .•11 LYM .LII.AI IW, . All•A1 MA11IA .IIMIIIIb, W IY.N 0.1. r111M11 1. Y IIIM .I 11• InY. anlnn uq_Y ) .�. 4Ylol IW... Mal"., WIalaw bI 1\. v{aol 9•YW. YIIYY SUR I1: ' Y aWYll hall a w rx.pq ImIr+I r• al..N..1 blp In YU _a N 4aI• W.1•w.. YrHnHr, I Nr.Yu ugKK r. r • Y . r.. • 4 ��:•u iarilT-- r +• 1tm to Y W ma Maly n. rK.HIA unlrl. A..A.Imad IIrH.. ul. _Y/ 11 . U_ q G6"fKZ.ir1T3—i MIWa m m"iYzlaL... iRiLRielil r. N x.q a, er. MN ry [aw[N 1•TriT— I emer u•KM1 111 I n[ u^[I'N [M lilwa u1 wr4 xxi1W x Un .ln K tnIYM xal [M lmltla, uK un IxI1,IleNt111 <I r1 [ . wlKllr .11[N In11e[IIAPI 41~M[I INI nI• YIIIN WM[p TIMI' N MMrN111 or 1 Y[I.n[Ip en IM .1[IlY[ N[I UIN V[ b All[NI Y M[I It •Ilwpl Y M x11N11M •UI• NI[ II Nwn • [sTt .Imn•u liu,Y Y. 1 W" H 11nt to bWYq [.1I a IWO.. 1, M1urrn�.lAinneli 4[Mw,�s IIWYI Ki"rINM Wn Y 111—tl1 N . 11_, b ..nb t. bNr1 ryell[. M[MY WnII. ..1111.1111 b fe•IYIY Inlet MI 14 IW Y Y MrYr I•r1111 IYI A 1 �__ YI e1 I1� IM IIII tYYll .1 IIY., IIIMUI..YrnM ryrdn. N [YnNr iY, 1111 .) YINNY. IIII. NY NY Yl M INI.M1 411 FYI •1 N_ m Innis A: f6[G; O[� Y.�• ADDITION ! "u•r1 a•p Yr wa w Yw rw W wr N— hr w IM anlM n YY NY Y nWIP Y6l [q .[mala rA M 1111 Y Yla _YI •I Ire YNY 4p1I I�� r 611.4 Yw w •Y KrNK .r all FYI N , 11_ • .PdT•Tr"NIWI Yt1I.1 IIIc• 1 [[r..to IMI YlI 1••III�II MI IIIH 4 w •IIIH II IM (Y[V rgr[Ir Hr wM H uV SNI N_ 11 n. II _['[IYII H[•rH[ lI W. _ of N HN I eft.�nll• j i.� Yuu ww. urNu A OEM= 7* Ck• Tr'\[:IrJ:l"iS77i,T„x: i'lUl•!7” - Or= -:AAI' PLA'" U0. 1940 1 aiY iY a /i 'jiJ • BLOCK I - 4TH 1 N —rmm YyL 1l N ----===F- C, Y �J \r� i ii li l • 8 C, IY L --2&1a_ J J ■ —�'4�0;j' 00.00'N•f IIIJII d. IT03 15 Y.lal.a• I I V 1 V M IYi Ci i111 mloalf YORIM YWYII 11 N li i 7 1 U N W a INA, ,11•,, Il II -1 /1 I a. I 1 Wup.x lql - l O IRI1 IT [ 1.• IO oxam gllgn Y[ Yq OYp1 R IIIL 11m, I. Yqn . I.l.[. q[M 1 01-.19 Iq U.S. lam npbw grans, m Ir • sOIO le InI.O[ IY� I ININNn Ya mHIY uv11 a.ggl YYs.. Ya�all•1 "o1AWIY' Igmnl,e Go a w til. JAMES R. EXHIBIT ''A" PAGE 2 OF 2 PAGES CINNAMON RIDGE ' 6TH ADDITION �a Jg - it�ai :j :1 I y 14 PLA. 4-r.. IIpOp'N'f „I.Of _ _\ t t '1 'ter si . • ��n F-foosrr. . C Lq � 4yp� +i -J -J J o- C f !. ,".: :: T: \ � i\ .fir• T..+r�Ift Al ' eunw w mun uvw.n • —1— L-1. e w"Its v1. 1 u• 1w iV\/f.l ul m w.ue F 1.4.I, i. 111M IIIC "IN I. M. M0 .OgPli WI U.11. Vllll � .w 4.W Yf i�, aw0 A� 1111 1. X101. VGI.GANIw •ow.o o.u•,: w1� Pnn uwl. wn, w�wY Lwnne w IN n.11. JAMES R. F .YFCT 9 (IF Il 2 Jg - it�ai :j :1 I C f !. ,".: :: T: \ � i\ .fir• T..+r�Ift Al ' eunw w mun uvw.n • —1— L-1. e w"Its v1. 1 u• 1w iV\/f.l ul m w.ue F 1.4.I, i. 111M IIIC "IN I. M. M0 .OgPli WI U.11. Vllll � .w 4.W Yf i�, aw0 A� 1111 1. X101. VGI.GANIw •ow.o o.u•,: w1� Pnn uwl. wn, w�wY Lwnne w IN n.11. JAMES R. F .YFCT 9 (IF Il 2 Agenda Information Memo November 6, 1985, City Council Meeting Page Seven FINAL PLAT/CINNAMON RIDGE 7TH ADDITION F. Approve Final Plat, Cinnamon Ridge 7th Addition (Cinnamon Ridge Limited .Partnership) -- We have received an application for final .plat approval for the 7th Addition of .the Cinnamon Ridge Development as shown onpage_21� . All conditions required at the time of preliminary -plat approval on 5-15-84 -as well as ._f.inal...plat.._.application submittals .have. been_ received, reviewed Eby _staff :.and°:found-.to_be _in:._order.:£or..favorable..Council.-actiDn_ ' ACTION `70'`BE `CONSIDERED ON `THIS ITEM: To -approve '-the 'final plat for the Cinnamon Ridge 7th Addition as submitted -by -the Cinnamon Ridge Limited Partnership and authorize the Mayor and City Clerk to execute all related documents. CINNAMON RIDGE 7TH 0 ADDITION SHEET 1 OF 2 SHEETS V ' r'• 1 a .eLL�ar•p' _ -"7 L-- �JJNTY STATE AiJ HISNwar NO. 32 -� '" '.'.l':r....`•!.`:': —L ':. �1: ::7::(3:iFOFi'IkTI:'•AI i!Si lLir WAY -FLAT. '?fj. 19-7 810MA BUR ■URVEYINO SERVICES hoe •a r.vr wr.... I•o.L +--�. earn nw urn •ea nr, /--Z/ WAYNE D. CORDES —14675— /--Z/ 14675— m O cp p J[W Mf • Oi.O r'1- • f lY O.Or M Y0 P •LrY.OL •4�• rY1. a••.LY � urur. ru••nL r ar.• rr• �r ftr Mnu v iM1 •w Ibex• rf Wrf01 R•r p10•A[f, uyl9 9eh fT Ll Yy LLr•• IL(r •rf(••10 •WPi rl•fy Li0 Y L•i• P i( IL•r. Agenda Information Memo November 6, 1985, City Council Meeting Page Eight . FINAL PLAT/NORWEST 2ND ADDITION G. Approve Final Plat, Norwest 2nd Addition (Norwest Properties, Inc.) -- We have received an application for final .plat approval ,for the Norwest .2nd Addition as .identified on page All conditions required of the preliminary plat approval o October 11 1985, have been complied with in addition to :all, -final plat -.application..submittals ..which. have .been ..received, .reviewed and a found'_to-:be in :order_ for .favorable_ Council ..action. ACTION "TO - -BE ''CONSIDERED 'ON 'THIS -ITEM: To -approve: the-. final plat for Norwest 2nd Addition as submitted by Norwest 'Properties, - Inc., and authorize the Mayor and City Clerk to execute all related documents. 13 EXHIBIT "A" NO ES 2ND ADDITION • DENOTES 1/2 INC UY I' INCH MONUMENT 89T MARRED hY REGISTRATION N0. 9053, UNLESS O NEEAyISE SHOWN, uu ppTT[[pp pp 9 P 27 ERANGE 27NE5OA94U1 EDOTO NHAVETA B�ARINO pF NOR HH0 DEGREES 29 MINUTES 23 SaECONO EST. -------DENOTES •KION? OF. ACCESS" DEDICATO TO DAKOTA COUNTY , . ......... • Cons -'Cons c. E Ii e.^IGS<4r� 1;191R7•� ._...__ _ __.. ._ .'_ ._._. .... ,P rr•r•iflr,:1,•f t!`,COVIa: 111 n 0.•,..,w •q wr r rwrr...r p1 at 'N .,,.t Cons �r'li • � � ...',. ;, all S I F3 1 a 1. 1i,I( wE dZ IIII al :t IiC.`i.•,IrY s.9tl it MpromThtimP•pllel_....______- 1p tl ' n + 4N .` t 1 ,!1'' .+� 5 / •i RI / FOAN, "PY0Pg NOWAKI 111. INd All MDI n 1M 14 fA[IINIII @II NaMel Prarrllel, IIle., a Minnesota tarpararon. Miner and rwhb a the bhq d1¢tlpad property Inu11N In IM County x PIrdN INN a Minnesota of .1b the evil IH. m IM of Mo soaN IIO 115111101 IM .,In PA ODlea or Ills Soule Had of Me SoulhlMll Ourb a the IIIIIMall Quarter ot I%IMM 1% Township 11, 11rR171 0"1 Counh, MInrMlote. Cul"aN $1.1 IN C. howl 51 1 ft $PC1TION. NM e1u1.d Ino I" lots lurtwd IIx pIxNA P rpPlMlfl LAID ADDITION IM does har11y dents W dedkae ro IM ppuuMk for Public uM brawl IM rotors W M1 x.ay, ON MIkA utility Ind 4dn%1 mmm" W dNNele be Codes, CannlYlM rhhlx ra111R meth 011 IM1II 11x. Ill ollnnl whlex sold Nowell PropMlel, Inc.. aMlnnowll rormrxbn, nal nulrll Mau re,d1lr toII1n+d he it, Poor xlNll W Ill pleased,ane b b Irrnenb all" _. 400WIIT plOPtll]II, INC, h—�- lamb rte rnHnl .. - oma L hrlro sun d MINN5011 LOI%tY Of MINI PIN the blwlnkN lnllrunmnl rll rinsWpM robs M MIS' -dp a,_._, Illi _„ by lnnm111. Plrlm, %nbl to 1rellwnl H NeM1lsl Proly Th,, Inc.. 1 Minnesota rarmlatbn, M WA a M.Inrl.elmn, / _ I11r�n-11-k_l6nn:agroii_01i. ', MpromThtimP•pllel_....______- II .Tr• w.�/.` / IMI,%10,16y than MM mlwyN lex FAIN IN roprh�rrrdeo an this pi a n NrlAWlst no ADDITION: MR this 49 N l sanest od"I + 4N .` rrpre.nlabn M IM 111rMy; that all dlxrHp In [drrRtl11 t n IM Nx Iso IRI Int huMrMIPI r none. MM al PRnumrnh nano ,!1'' .+� 5 / •i RI / bwro"Kil4 plard In In, groundxne thn, Intl ane aullFM W dmmdry linel%Ii%I(t1h41gnlM+ an the plat; that 111014 all M.sl urns hllMay, b 414nx"d i A ,eve„ ar Tutu M eIf Thin of Thar,", 111-noldo Ro011ral" No. 16T P.. j1 + STAIj To MIWSOTA \ / CMAN ff NI Ma PIN Th. bur4alrifSnrwpr'I CINNk*41 rldoebag dlw#M MII__d%M___, 111 _, 1Y N.rhnn A. Nklmll, lawn Sut"r, MInn.1E1T Irxlltratbn I%, 1@I l.,�.. / .''• IpplS YIin11, {ti1tt� liwR�iN.nniNuj fnin'h-, nne �!\` / a.' Mp mmmisslan rare) Alarri L %. dihu.lry er"IlnMl an IN _. e•yR._ .-.; INS MI City CohMllp filo, Minnesota alVMed Ihll Mx CITY COUNCIL Or 140/N, MINNIIOIA by. ... .. Mayor pr_...- .. .._._Clan Purtuml to ChlMlr 7U, IMI M Mlnnrul4 1111. W Mp Call CI"MTr CInl4"xnl Fla OvdlnrNt. 11,11 Mat hes Inn soroMd lhll dry M...._ _.. ... lal.. - h._.__...:.... dins . ... .. ... . I+roam H. 1prMn, OMala CMmh LnMph SRraery, Dxma Wanh ru Comminbn PNlulnlhMlnrytotlflxuwl CN111rrla Me Mllraal NOl'rlSl IND admrgv bal�ewd county,minew a'equier" sold Mvd lnh. __ dry M,___... _... .., I%_.. a_._.. . .. .._...'_ 1111,11,01 OV 'Enxrman.a in. E:unh Nam -Mali E:unry Alallir In... lily MM m.lumsImMwpod It... ADDIManovodw.nwaM MN N O 'Tdinh TiIainiii, palma Eognh; Klnmsali-- No a.11nanenl Ian due W IrM1Lr onwr•y Thll_... -041 aped plrollCeunhlAlror Callmrnl NNlnbar I hai.Dlnrllld Cul this Instrument .0 Iliad In the alkt q the T./Nnly hasp, M paddled MII-.—Iqx 101 M-MAwllduly lRamw lM1 l,a1 ..... .M—..' ..M �n`y IRa&E p161: GNn-Ij,' DGne�oi : Agenda Information Memo November 6, 1985, City Council Meeting Page Nine CONTRACT 85-15/CHANGE ORDER # OAK CIRCLE H. Contract 85-15, Approve Change Order #1, (Royal Oak Circle - Streets and Utilities) The City has received a request from the developer (Asp Construction Inc.) to temporarily suspend the installation of utilities to service the Royal Oak Circle develop- ment. This request is based on the status of FHA funding which could be jeopardized if any on-site utility work was commenced prior to final formal approval by FHA which is anticipated within the next two -three months. Subsequently, there are increased costs which are anticipated to be incurred due to the delay of the construction activity until the 1986 season (remobilization, increased material and labor costs, etc.). Due to the fact that the developer has agreed to accept the increased cost associated with this delay, the City has prepared a change order identifying the estimated increased costs ($14,735) and extending contractual completion date accordingly. ACTION TO BE CONSIDERED ON THIS ITEM: To approve Change Order 41 for Contract 83-1-5 (Royal Oak Circle --'Streets and Utilities) -and authorize the Mayor and City Clerk to execute all related documents. CONTRACT 85-15/CHANGE ORDER #2/ROYAL OAK CIRCLE I. Contract 85-15, Approve Change Order #2, (Royal Oak Circle - Streets and Utilities) With the recent development of the Wescott Hills revised 2nd Addition, it was anticipated to have certain lots obtain water service from the existing water main located within Mike Collins Drive south of Yankee Doodle Road. However, it has been determined that this existing vat retain has insufficient cover to protect it from freezing. The City has experienced several watermain breaks on this segment in the past due to this insufficient cover and freezing situation and has- determined that .:the existing wate mai n is no- longer f-unctirmal- ..Therefore, this watermain will have to be reconstructed, to the - proper elevation prior to the connection of water services. Due to the fact that the installation of other utilities within the Wescott Hills revised 2nd and 3rd Addition is being performed under a private contract instead of a -City contract, it is necessary for this City obligation work to -be:-perform d-as-a-•change-order-tD another City, contract. �[L'1'IDA'3'� 8E LONSIDEI� ' ON THIS -ITEM: '--To approve "Change-6rder -42 -to Contract 85-15 (Royal Oak Circle/Wescott Hills revised 2nd Addition) and authorize the Mayor and City Clerk to execute all related documents. Agenda Information Memo November 6, 1985, City Council Meeting Page Ten CONTRACT 82-C & 84-E, FINAL ACCEPTANCE/KNOB HILL J. Contract 82-C & 84-E, Final Acceptance (Knob Hill and Knob Hill Professional Park - Streets and Utilities) The Public Works Department has completed all final inspections associated with the installation of streets and utilities to the above referenced subdivisions. They were installed privately by the developer and have been completed in conformance with City approved plans and specifications and are now acceptable for perpetual City main- tenance. ACTION TO BE CONSIDERED ON THIS ITEM: To accept the streets _and utilities .installed privately under Contract 82-C (Knob Hill)..and 84-E (Knob Hill Professional Park) for perpetual -City maintenance. PROJECT 443/o'NEIL PONDS R. Project 443, Receive Report/Order Public Hearing (O'Neil Ponds-- Storm .Sewer Outlet) _As .a requirement.f.or the development of the Town Centre 70 and 100 subdivisions, it was necessary to initiate a project to acquire ponding easements on the O'Neil property and to provide for their trunk storm sewer outlet. The acquisition of the easements has already been initiated through the condemnation proceedings, and the feasibility report for the construction of the lift station and forced main outlet has now been completed and is being presented to the Council for their review and consideration of scheduling a public hearing. ACTION TO BE CONSIDERED ON THIS ITEM: To receive the feasibility :.report for Project 443 (O'Neil Ponds.-.. Trunk storm sewer outlet) and order the public hearing to be held December 3, 1985. PROJECT 450/WILLIAMS g LARUE ADDITION L. Project 450, Receive Report/Order Public Hearing (Williams & LaRue Addition - Utilities) In response to a petition from the affected property owners, the Council authorized the prep- aration of a feasibility report to discuss the installation of .7-mti1-ities -to -.3ervice the Williams and . LaRue 1st .and proposed 2nd Aaa;+Jm+s_ This .repnr-t bas .now .been completed .and is ,being ..._.--s=7S -orl _f'D�'33•i£.i}mnrilfar :1iLnir:SmrII3A..w. A� :nmaivdaxatipn Trf _TvChQi�' uling a public hearing. ACTION TO BE CONSIDERED ON THIS ITEM: Receive the feasibility report for Project 450 (Williams and LaRue Additions - Utilities) and order the public hearing to be held December 3, 1985. 16 Agenda Information November 6, 1985, Page Eleven Memo City Council Meeting CINNAMON RIDGE PLANNED UNIT DEVELOPMENT AGREEMENT AMENDMENT M. Approve Cinnamon Ridge Planned Unit Development Agreement Amendment ,(Cinnamon Ridge 7th Addition) With the processing of the proposed final plat .for the Cinnamon Ridge 7th Addition, it was necessary to revise the original Planned Unit -Development (PUD) Agreement•to.-accommodate..the,proposed.densities in -the -7th Addition. ".�.Thi•s ' PUDt.Amendment, :has been. prepared., . executed-., by -:.the _.apnropr.iate parties.. and -.found .to be .in --order. for -.-favorable . Council._action. However, it should -be noted that -if',' for some -:reason, the=final-pl-at of the 7th Addition is not recorded, this amendment..wil-1 become -null and void. ACTION TO BE CONSIDERED ON THIS ITEM: To approve the Cinnamon Ridge -Planned.•%Unit .Development. Agreement... Amendment. -to. accommodate _the .Cinnamon Ridge -7th Addition proposed final plat. Agenda Information Memo November 6, 1985, City Council Meeting Page Twelve IR FINANCING/GREENSBROUGH I A. IR Financing/Greensbrough I Project --An application was received from Larry Lee and Mike Gresser for consideration of Industrial Revenue Financing for two (2) office/warehouse buildings referred to as Greensbrough I and II. Both projects are located on Becker Road East of Highway 49. Normally, the City's policy for con- sidering_ :Industrial Revenue Financing applications is: 1) that all land use planning and zoning be in proper order by both the Advisory Planning Commission and City Council and. 2) that a public hearing be ordered prior to any consideration of an induce- ment resolution. At the October 15, 1985, City Council meeting, applications were presented for industrial development revenue bonds in the amount of $600,000 for each Greensbrough I and Greens- brough II projects. Because of federal restrictions on the issuance of industrial revenue bond financing and the State's entitlement program, it is required that all .entitlement -users (those muni- cipalities .who .are designated entitlement cities) .is sue. inducement resolutions prior to October 31 of each calendar year. Since the applicant did pledge the 1% in August for reserving $1.2 million and due to the fact that October 31 was prior to the time in which a public hearing could be held at a regularly scheduled 'City Council meeting for purposes of considering the inducement resolution, action was taken at the last City Council meeting that reads as follows: Smith moved, Egan seconded, the motion to receive the application and schedule the public hearing on the application for November 6, 1985, at 7:00 p.m. at the Eagan Municipal Center and to officially act on the preliminary _..resnlution..as -requested; further, however, that -the City Council will not proceed with the public hearing unless a legal opinion from approved bond counsel be received by the City indicating the bonds will not be taxable under the Internal Revenue Code.' Under the circumstances, the City Council felt an exception was tesdma+le im order to proceed with- both the Greensbrough S and II projects. A final resolution to consider the industrial revenue financing would not be further considered until all platting requirements have been properly satisfied by the developers. For additional information on the a plication, refer to the attach- *�*++� found._on _pages /G% through OF. development revenue bonds for Greensbrough I in the amount of $600,000 subject to: 1) satisfactory completion and adoption of platting and 2) a legal opinion from bond counsel that these bonds and all other City bonds will not be subject to taxation under the Internal Revenue Code. 1f)dtvoFag9gn 3830 PILOT KNOB ROAD. P.O. BOX 21199 EAGAN. MINNESOTA 55121 PHONE: (612) 454-8100 October 2, 1985 TRUDY HALLA BRIGGS & MORGAN 2200 1ST NATL BANK BLDG ST PAUL -MN 55101 Re: City of Dear Ms. Halla: /Commercial I & II Proi ects t Revenue Bonds for BEA BLOMQUIST Mww THOMAS EGAN JAMES A. SMITH JERRY THOMAS THEODORE WACHTER Cour Mammos THOMAS HEDGES Ory Atlnm Glw .EUGENE VAN OVERBEKE ON Ci m The City of Eagan has received your preliminary documents regarding a .commercial development proj.ect from .Larry. Lee of Yorktown Ltd., :Inc_ :The..Ci.ty of 'Eagan' .has- -a_-policy that all preliminary -platting, zoning' and other land use applications , must .be. -processed through the Planning Commission and City Council before commercial development revenue bonds are given a public hearing and further consideration- I have not seen .Mr. .Lee's _project and, therefore, am not aware .of .whether Planning Commission and City Council action is required. This should be coordinated with Mr. Dale Runkle or Mr. Jim Sturm of the City Planner's office. The City of Eagan has $1,200,000 for Mr. Lee in anticipation of this project. However, to date the City has not received the $500 application fee or commercial development revenue bond -application: ' Thi -s -is -also, -a requirement before a public, hearing or any other resolutions ran be given consideration on the project_ Please coordinate the -application and -fll:ing-fee with our Director of Finance/City Clerk, Mr. Gene VanOverbeke. If : you .have -.any - questions - regarding -the project., please feel free to contact those persons -mentioned 'in the _letter or this office at any time. Sincerely, C Q 'ftTioma= i... -Hedges City Administrator TLH/kf cc: Cale Runkle, City Planner Gene VanOverbeke, Director of Finance THE LONE OAK TREE ... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY 3830 PILOT KNOB ROAD, P.O. BOX 21199 EAGAN. MINNESOTA 55121 PHONE: (612) 454-8100 October 18, 1985 MR' LARRY LEE MR MICHAEL GRESSER GREENSBROUGH ASSOCIATES 1690 UNIVERSITY AVENUE #180 ST PAUL MN 55104 BEA BLOMQUIST Maya THOMAS EGAN JAMES A SMITH JERRY THOMAS THEODORE WACHTER Cw Mem THOMAS HEDGES ON Aam,at,etu EUGENE VAN OVERBEKE ON Clerk Re: Industrial Revenue Financing for the Greensbrough Associates I Projects Consisting of Yorkton I and.Yorkton II .Dear Mr -Lee and Mr. Gresser: In official action that was taken by the Eagan City Council at a regular meeting held on Tuesday, October 15, 1985, industrial -revenue financing in the amount of $600,000 was approved for the Yorkton I project and .the same amount was approved for the Yorkton II project. Both projects are categorized as office warehouse buildings. Since state regulations require that an inducement resolution be passed prior to October 31, 1985, the City Council has approved the preliminary resolution with.the following understandings: 1) A.public-hearing will be scheduled at the November 6, 1985, .-meeting. 2). A legal opinion by a bond counsel selected from the City Attorney's .office will determine whether. passage of an inducement :_resolution _is 1ega1 -prior to .-a public hearing. and will not expose the City by causing certain tax exempt. bonds to become taxable. 3) All action pertaining to the inducement resolution and -public-hearing will be subject to,approval of,the preliminary __plat..fox. the.,. areQnsbrough.,prpj eci nnnsisting of ..two .buildings referenced .as 'Yorkton "1 --and Yorkton'Z1. THE LONE OAK TREE... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Mr. Larry Lee and Mr. Michael Gres�Ber October 18, 1985 Page 2 4) The City assumes no liability for the 1% deposit at the state. Any charge against the deposit will be the responsi- bility of the applicant. 5) The preliminary resolution which needs to be delivered to the state is at the City. Please make arrangements to have it filed with the appropriate state officials before October 31, 1985. It isyouur responsibility to coordinate all the necessary documenta- tion with the necessary state agencies and prepare all resolutions for consideration of the final resolution for tax exempt financing. If you have any questions regarding any of the steps involved with this process, please feel free to contact our Director of Finance/City Clerk, Mr. Gene VanOverbeke. On behalf of the City of Eagan, we are looking forward to your proposed development and good luck on your project. Sincerely, ac �✓f / 7 d{{{ Thomas L.•Hedg s /I City Administrator `J TLH/jj cc: Gene VanOverbeke, Director of Finance/City Clerk Dale Runkle, Director of Planning _Paul.Hauge,-City Attorney a/ CITY OF EAGAN, MINNESOTA 3830 Pilot Knob Road Eagan, MN 55122 APPLICATION FOR INDUSTRIAL REVENUE FINANCING REVIEW BUSINESS NAME: GREENSBROUGH ASSOCIATES - 1 MINIMUM SIZE:$500,000 LOCATION.:1690 University Ave. #180, 55104 LAND: $ 67.500 BUSINESS FORM: General Partnership BUILDING: $ 635,000 REPRESENTATIVE:M.C. Gresser ETAL EQUIPMENT:'$ 42,500 PHONE: 484-9000 OTHER: $ 82,000 NATURE OF BUSINESS: Property Management TOTAL: $ 827,000 Interest During Construction Date: 10/11/85 DETAILED COST BREAKDOWN: Land.Acquisition and Site Development (Wi1l.not_be.financed by..IDB): $ 75,500 Construction Contracts 533,000 Equipment Acquisition 6 Installation 42,500 Architectural & Engineering Fees 25,000 Legal Fees 17.000 Interest During Construction 53,000 Initial Bond Reserve 14,000 Contingencies 17,000 Bond Discount 45,000 Other 5,000 Total with Land $ 827,000 Total without Land $-759,500 HISTORY OF APPLICANT 1. Have you ever been in bankruptcy? no 2. Have you ever defaulted on any bond or mortgage commitment? -32 3. Have you applied for conventional financing? yes 4. What are your future plans? to develop entire 46 acres 5. List f=inancial references: a.. Signal Hills 'Bank - W. St. Paul, MN h., Minnesota Bank of Eagan 6. '...When--will.the construction period begin? Start:"now Finish: 6 months 7. Other comments: a3 r INFORMATION CONCERNING APPLICANT'S PROPOSED PROJECT 1. PROPOSED LOCATION (ADDRESS AND LEGAL DESCRIPTION) north of intersection of Hwy 149 & Delaware Trail - see attached for legal description 2. NEW FACILITY OR EXPANSION? new 3. INDUSTRIAL/CDhiMERCIAL/RETAIL? Commercial Building Office/warehouse 4. ESTIMATE NUMBER OF NEW JOBS 26 ESTIMATED PAYROLL $468,000 annual 5. IS THIS .SITE- PROP.ERTY.ZONED.&.,ARE UTILITIES AVAILABLE? yes 6. ESTIMATE OF ANNUAL SALES unknown 7. POTENTIAL OTHER USES OF FACILITY manufacturing 8. WILL THERE BE MORE THAN ONE PHASE IN THE CONSTRUCTION OF THIS PROJECT? no 9. .EXPLAIN HOW THIS FACILITY WILL NOT COMPETE WITH OTHER LOCAL COMPANIES unknown 10. WHAT WILL FINANCING ARRANGEMENTS BE; WILL THE FACILITY BE A LIMITED PARTNERSHIP? Industrial Revenue Mortgage Date: October 11, 1985 Signed (Title),: Partner W Agenda Information Memo November 6, 1985, City Council Meeting Page Thirteen INDUSTRIAL REVENUE FINANCING/GREENSBROUGH II B. Public Hearing for Industrial Development Bonds for Greensbrough II in .the Amount of .$600,000 -- Please refer to the :previous item for information pertaining to the Greensbrough II project. -ACTION "TO BE 'CONSIDERED ON THIS ITEM- 'To approve or deny the _Greensbrough .II project with ...the. same .conditions as .set _forth :,:in_Item .A.-.und=.--.Fublic_Hearings . a6 Agenda Information Memo November 6, 1985, City Council Meeting Page Fourteen PRELIMINARY PLAT/WINDTREE 6TH ADDITION -- A_ Preliminary Plat, Windtree 6th Addition, .Consisting of 15 Single -Family Lots on 6.8 Acres -- A public hearing was held at the September 24, 1985, Advisory Planning Commission meeting -.-.to -consider .an....application .submitted. .by Richardson Properties _Inc_., ,-for.. a_preliminary._plat .'approval _for=-the--SVindtree.- 6.th :Addition. "`.The,.-. plat . consists .of _15 _single-family -lots on -6.8.:-acres. _north `"of"Wescott"Road"-and -east-of `-Elrene --Road. The APC is -recommending approval of this agenda item. ' The item was continued -"from the October 15 meeting due to lack of appearance by the developer. For additional information on this item, refer to the _Planning and Engineering Department reports, copies are enclosed on pages 2 7 .-through ]j' -.For -a copy of the -,action that was- ,taken by the APC, :refer to page(s) 3:3-1 For action that was taken --by i the. Advisor Parks- &. Recreation -Commission,. refer to- a memo _;found. -on _page_::E_ Special Note: In the preparation of -the staff report for -considera- tion by the Advisory Planning Commission (APC), the Public Works '=Department -'discovered -there are -- two` important -conditions that 'should ".be included for consideration of preliminary plat approval for this subdivision as follows: 8. The developer shall plan and install a future overflow for the small drainage depression east of the proposed Vuecrest Circle. 9. A,'- :temporary --cul-de-.sac turnaround `-shall - be --constructed ':.•to::.City-standards-=at:_the end -df -*Wedgewood Drive- ':, -ACTION ­TO rive_ :,-ACTION-TO BE,CONSIDEREDvON'THIS -ITEM_ To approve :or deny the :-preliminary plat ::with -tile :--above. -2-conr3ittinn- _for Xjmdtree =6th ..-=Addition_-as..presented_by_Rirhardson_Properties,-Inc. M CITY OF EAGAN SUBJECT: PRELIMINARY PLAT - WINDTREE 6TH ADDITION APPLICANT: RICHARDSON PROPERTIES, INC. LOCATION: EXISTING ZONING: DATE OF PUBLIC HEARING: DATE OF REPORT SA OF SECTION 13 R-1 (SINGLE FAMILY) SEPTEMBER 24, 1985 SEPTEMBER 16, 1985 REPORTED BY: PLANNING & ENGINEERING DEPTS APPLICATION SUBMITTED: . An application has been submitted for Preliminary Plat approval for the Windtree 6th Addition. The plat consists of 15 single family lots on 6.8 acres, north of Wescott Rd &.east of Elrene Rd. ZONING &`LAND USE: The Windtree Addition is zoned R-1 (residential single familyr,...distr.ic.t) ,and. contains.:121..simg1e.'fzmily..lots. with a project density of 2.1 units per acre. The 6th Addition is east and south of the previously platted 5th Addition. Vuecrest Lane will separate these additions. All of the lots meet the 85' lot width 'requirement and are between 12,240 sq. ft. & 23,800 sq. ft., averaging approx. 16,000 sq. ft. This plat differs from the overall layout with the addition of Vuecrest Circle. However, the outside dimensions of the plat appears consistent with the overall preliminary site planning previously.submitted. COMMENTS: The topography is rolling and there .are some steep slopes. -Due-to these steep slopes, the Staff.previously recommended that garage elevations at the setback line should not be greater than 5% above the curb. This site has a variety of mature trees; maples, aspens, .ash and oaks. The applicant expressed his desire to save as -many as possible.. GRADING/DRAINAGE: The proposed grading plan submitted by the applicant does not conform to City Code for street grades at intersections. The Code requires the maximum street grade, at .sn -inter-section for: a .distance. of 1001, Abe .28. The only place .this grading plan meets this criteria is for Vuecrest La, at i—Tsertzmr.::df-: 33a'.eic Atiti"72=...>:::•:3 aim':: a nit., mai_-.tbe..-zde- veloper revise his grading plan accordingly to meet City Code. A variance from this Code may be necessary for the segment of street between Elrene Rd and Vuecrest La. Here the distance is too short and the elevation too great to achieve the desired 2% slopes. The existing 68 slope is too great and Staff recommends the developer look at this again. I WINDTREE 6TH ADDITION SEPTEMBER 24, 1985 PAGE 2 Because the topography in this area consists of many hills and depressions, drainage in this area is not good. With the minimum grading the developer is requesting, existing drainage patterns will not vary. However, the main difference between this develop- ment and the previously approved Preliminary .Plat for the Windtree 2nd Addition consists of the additional cul-de-sac, Vuecrest Circle. Because of the construction of Vuecrest Cr, the applicant is proposing to discharge storm water into a small depression characterized by an 890 elevation and covering the back portions of lot 3 - 5. The previous development plans had no storm sewer being .discharged into any of the areas depressions, especially where no storm sewer outlets are proposed. A preliminary review by Staff indicates that a 100 year frequency rainfall would fill this basin up to approx. an 898 elevation. The lowest basement in this area is at a 903 elevation. Staff recommends the developer plan and provide for a future overflow for this basin with the future development to the east. UTILITIES: Sanitary sewer and watermain of sufficient size, capacity and depth exist within the proximity of this development -to'provi�de- service to -it. This will require .extension of existing .sanitary .sewer and -watermain within :the. Windtree .4th -Add. southerly along Ridgewood -Dr. Staff recommends watermain be looped -from the Windtree- 4th Add through Windcrest La and connect to the trunk watermain within Elrene Rd. Because this development -proposes to.i.nstal.l.:all.public-improvements under public contract, Staff recomments the Final Plat not be approved until Council authorizes the public improvement project for this development. STREETS: Ridgewood Dr is an existing City street constructed under :the Windtree 4th -Add. . It .abuts the -northerly boundary of -this development. Elrene Rd is an existing City collector street .and -abuts --the westerly portion of this development. .Both are constructed to ultimate design criteria. All new streeets .and .cul-de-sac_shall .be -built •to City. standards -for.. residential streets: a..Stafrf.recommends:._f.he. canstr.uction of ' temporary turn-arounds, at -the end of Ridgewood Dr and Vuecrest La. Staff recognizes these are temporary deadend streets, however, the temporary turn-arounds are necessary to facilitate snow removal and other winter maintenance. RIGHT-OF-WAY/EASEMENTS: The dedication of right-of-way for Vuecrest La:_and:,Ridgewoad.:Ilr� :° except-. fDx .:the southerly ]D :.,.-. 3s_-occurin.g with- `-the" Windtr"ee - 5th -'Add, 'development: ' It 4w ll -be-'YespoTrsible for dedicating a 60' right-of-way for the southerly 70' of Richwood Dr and for Vuecrest Cr. If construction of public improvements occurs after Council approves the Preliminary Plat but before Final Plat approval, the applicant will be responsible for giving the City street & utility easements over the portions of Ridgewood Dr & Vuecrest Cr which are to (. WINDTREE 6TH ADDITION SEPTEMBER 24, 1985 PAGE 3 to be dedicated with this development. Staff recommends a 10' drainage and utility easement be dedicated along the southerly lot lines of lots 1 & 2. This developer will also have to dedicate a 10' easement across Outlot A adjacent lots 1 & 2 of block 1 for drainage and utility purposes. The dedication of all other easements shall be as per City Code. ASSESSMENTS: In researching the City's assessment records, we find that this development is still responsible for trunk area storm sewer assessments and lateral benefit from trunk watermain along Wescott Rd. The following table.summarizes..these assessments: Assessment Summary Table Description 1985 Rate Est. Qty. Quantity Trunk Area Storm Sewer $0.048/S.F. 243,065 S.F. $11,667 Block 1 & 2 Lateral Benefit from $11.88/F.F. 1,507 F.F.(1) $17,903 Trunk Watermain TOTAL $29,570 (1) Includes 150' corner lot credit at Elrene Rd. Although the proposed developable area of this development does 'not abut Wescott Rd, the developer may wish to spread the lateral benefit from trunk watermain assessments over all the lots within the Windtree Additions so that the lots in subsequent additions have to bear a larger share of the assessments. The determination of the final assessments amounts will be based upon the assessment rates in effect at the time of final platting. All future costs -for .any installation of public improvements for .this proposed development shall be the sole responsiblity of this development. CONDITIONS: 1. All standard plat conditions shall be adhered to. 2. Council -shall authorize installation of public improvements within this development prior to final plat approval. 3. This development shall dedicate a 20' utility & drainage ease- ment centered over -the -southerly lot -lines of -lots l.& 2 -and any .necessary construction easements. 4.' This development shall give the City the necessary easements over Vuecrest Cr & Ridgewood Dr if public utility construction preceeds final plat approval. r1 5. This area shall be responsible for trunk area storm sewer assessments and its pro rata share of lateral benefit from trunk watermain along Wescott Rd. The assessments shall be at the rate in effect at the time of final platting. �9 WINDTREE 6TH ADDITION SEPTEMBER 24, 1985 PAGE 4 6. This development shall be responsible for all costs associated with public improvements for this development. 7. The developer shall submit a revised grading plan for Staff approval incorporating the 2% maximum graded intersections wherever feasible. 3AOY9 6j 1' >I JI JI1 I Ja ;I a= 1 . W �1 �1 =I aly .I .; PRELIMINARY PLAT WINDTREE 6TH ADDITION ip (RESIDENTIA�R11\'\,I�; -_ per, 1 1 1'�;\� -:� ire 1' % �•a '�p�.-:�C/�1 7:Z-�g J f T APC Minutes September 24, 1985 Cy+ Representatives of the applicant were present and discussed the proposal with the Planning Commission. Mr. and Mrs. Dick LeMay, neighboring owners, were present and had questions concerning compliance with the City and .State codes. There were no municipal sanitary sewer or water facilities to the property, and member Harrison was concerned about the lack of municipal services. Member Wold expressed concerns about the adequacy of the parking area, particularly in the winter. Bohne moved, McCrea seconded the motion to recommend approval of the application, subject to compliance with all State and City Code requirements. Those in favor were Hall, Wold, McCrea, Bohne and Trygg; those against were Wilkins and Harrison, citing the lack of municipal utilities and potential inadequacy of parking which may create traffic problems, were objections. WINDTREE 6TH ADDITION – PRELIMINARY PLAT The hearing regarding the application of Richardson Properties, Inc. for preliminary plat approval of Winatree 6th Addition including,15 single family lots on 6.8 acres north of Wescott Road and east of Elrene Road was presented to the Planning Commission. City Planner Dale Runkle explained the proposed changes from the original layout for the single family zoned area, noting that all lots meet the 85 foot lot width requirement with an .average of approximately 16,000 square feet for .each .lot_. .The .plat..diffars from the overall layout with the addition of Vuecrest Circle. f It was noted that the staff previously recommended the garage elevations ` and setback lines should not be greater than 5% above curb, and certain changes have now been proposed. Jack Baron, representing the developers, indicated that more trees will be preserved with the current plan prepared by Ron Kruger, who was also present. Judith Bright of Richardson Properties, was in the audience. Mr. Kruger mentioned that the proposed design provides for 5 to 6 foot grades with streets at higher elevations avoiding wasting the front yards where possible. There will be a tree survey provided and about 5 lots will.be gained in the balance of the project. The average lot size, however, will -not be changed significantly. Rich Hefti, of the City's engineering staff, noted the grades will be set to comply with City .requirements. Harrison moved, McCrea seconded the motion to -recommend approval of the application, subject to the following conditions: 1. - All st—mord plat. conditions sba11 be adhered to. 2. Council shall authorize installation of public improvements within this development prior to final plat approval. 3. This development shall dedicate a .20 foot utility and drainage easement centered over the southerly lot lines of lots 1 and 2 and any ..'�e�ggt9.•rnn��'�•meenme..r n� _ 4. Necessary easements over Vuecrest Cr. and Ridgewood Dr. shall be dedicated if public utility construction precedes final plat approval. APC Minutes September 24, 1985 5. This area shall be responsible for trunk area storm sewer assessments C and its pro rata share of Lateral benefit from trunk watermain along Wescott Road. The assessments shall be at the rate in effect at the time of final platting. 6. This development shall be responsible for all costs associated with public improvements for this development. 7. The developer shall submit a revised grading plan for staff approval incorporating the 2% maximum graded intersections wherever feasible. All.members voted in favor. NORWEST 2ND ADDITION — PRELIMINARY PLAT The hearing regarding the application of Norwest Properties for preliminary plat approval of Norwest 2nd Addition was convened by the chair. The plat would consist of approximately 3.8 acres with two commercial lots located north of the existing Norwest Bank facility. Norwest Properties submitted an application at the August 1985 Planning Commission meeting to develop the parcel, including a Hardee's restaurant, which it is understood -has now withdrawn its option on -the property. .The proposal now would include the Parkview -Family Care Clinic on the former Hardee's-parcel, Lot 1, which would be a permitted use within the Limited Business zoned district. Dale.Runkle reviewed the changes in the proposal and mentioned that the development, of Lot '2 was subject. to .discussion, but the proposal at the present was to approve Lot 1 only. Lee Tollefson, the architect for Parkview Medical Clinic was present, as was Milo Pinkerton of Norwest Properties. Mr. Tollefson indicated that an attempt is being made to commence construction in November 1985, and open in the spring of 1986. All setbacks will be complied with, -as well as parking to include 45 parking stalls. Members Harrison and McCrea were concerned about the potential congestion on the site and also traffic problems. Member Bohne_moved to recommend approval of the application, Wilkins ,seconded the motion,. subject .to the following conditions: '. 1. All of the standard plat conditions shall be applicable to this development. 2._ The building shall be constructed of brick add all four sides shall be treated with the same architectural design and architectural design will be "�m ei-&tent 1J]:Lh-Narwest Bank. 3. A detailed landscape plan shall be submitted and berms shall be included, screening the parking areas from public roadways. A landscape bond shall be required and not released until one year after the landscaping has been completed.', 1.1 MEMO TO: TOM HEDGES, CITY ADMINISTRATOR FROM: KEN VRAA, DIRECTOR OF PARKS & RECREATION DATE: OCTOBER 11, 1985 RE: WINDTREE 6TH -The .Ad.visor.y_Parks .& Recreation Commission reviewed the .preliminary .plat entitled "Windtree 6th" which is part of the Windtree P.U.D. that has .::.completed its -.parks -:dedication. requirements. KV/js Agenda Information Memo November 6, 1985, City Council Meeting Page Fifteen FINAL RESOLUTION/KNOB HILL PROFESSIONAL PARK B. Final Resolution for Knob Hill Professional Park (KHPP Partner- ship), Industrial Development Revenue .Bonds in the .Amount of 1$400,0'00 --The firm of Holmes and Graven, .Attorneys, has requested that the City Council give final approval to $400,.000 in industrial revenue bonds for,the Knob Hill Professional Park_ The preliminary _resolution was .passed- at_the.August 20„ 1985, .City Council meeting. -.'.All -.documents -..have -_been _submitted ..'to% the -:City and. ---the _'City Attorney's ._Dffi ce _ ACTION TO BE CONSIDERED ON THIS ITEM: To approve -or -deny--the final resolution for industrial development bonds in the amount of $400,000 for Knob Hill Professional Park (KHPP Partnership, Richard Nordlund/Ed Dunn). 3� Agenda Information Memo November 6, 1985, City Council Meeting Page Sixteen FINAL RESOLUTION/CINNAMON RIDGE 7TH C_ Final Resolution for Cinnamon Ridge 7th, Cinnamon Ridge Limited Partnership (Can American), Multifamily Housing Revenue bonds in the Amount of $11.35 Million --The City's Housing Program Admin- istrator, Miller & Schroeder Financial, Inc., has requested that the City Council give consideration to the multifamily housing revenue bonds in the amount of $11.35 million for the Cinnamon Ridge 7th Project. A related issue, approval of the interest rate reduction loan agreement, will be addressed by the Eagan HRA later on this meeting agenda. The City Administrator has enclosed is a copy of a letter from Miller & Schroeder Financial, Inc., that provides background information on both multifamily housing revenue bonds and tax inc ement assistance to the project. This can be found on pages 3� through_ Also enclosed on pages /-� is a copy of a letter from the Can American Realty Corporation addressing both the bond resolution and tax increment. For additional information regarding the multifamily housing bond program, since those bonds were approved _in preliminary resolution fnrm approximately one year ago., a copy -.nf the _original application dated June 29, 1984, is again enclosed on page(s) -f'��11 for your review. ACTION TO BE CONSIDERED ON TRIS ITEM: To approve or deny the final resolution for multifamily housing revenue bonds in the amount of $11.35 million for the Cinnamon Ridge 7th (Can American) project. 37 ADMINISTRATIVE AGENDA EAGAN CITY COUNCIL REGULAR MEETING NOVEMBER 6, 1985 CITY ATTORNEY CITY ADMINISTRATOR 1. Approval of Deloitte Haskins & Sells as Auditors for 1985 Audit Report 2. Public Hearing for Federal Revenue Sharing Funds Budget 3. Clarification of Electrical Permit Fees DIRECTOR OF PUBLIC WORKS 1. MnDOT Speed Limit Study 2. Project 455, Deerwood Drive Street Improvement (Deerwood Elementary School) MEMO TO: HONORABLE MAYOR & CITY COUNCILMEMBERS FROM: CITY ADMINISTRATOR HEDGES DATE: NOVEMBER 4, 1985 SUBJECT: ADMINISTRATIVE AGENDA The following items are to be considered as the Administrative Agenda: CITY ATTORNEY There are no items to be considered under City Attorney at this time. CITY ADMINISTRATOR 1. Approval of Deloitte Haskins & Sells as Auditors for 1985 Audit Report --The Director of Finance is recommending that the City retain Deloitte Haskins and Sells as auditors for the City of Eagan to perform an audit for year ending December 31, 1985. Attached and referenced as pages /a/ through 6ZL is a copy of their proposal. The cost for the City's previous audits are as follows: YEAR ENDING December 31, 1983 December 31, 1984 December 31, 1985 AMOUNT $19,500.00 20,750.00 22,550.00 (proposed) Both the Director of Finance and City Administrator are pleased with the services previously provided by Deloitte Haskins and Sells and would recommend approval of that firm as the City's auditor. ACTION TO BE CONSIDERED ON THIS ITEM: To approve or deny Deloitte Haskins & Sells as the City's auditor for the year ending December 31, 1985, at a proposed fee of $22,550. 2. Public Hearing for Federal Revenue Sharing Funds Budget -- A hearing for determining the use of Federal Revenue Sharing funds must be held before the general operating budget is enacted and public notice must be given at least 10 days before the hearing is scheduled. The notice must include a summary of the entire proposed budget. It is recommended that a public hearing be scheduled at the December 17, 1985, meeting at which time the entire budget could be adopted. It will be necessary to schedule a special meeting to discuss the public utilities budget during the month of November. ACTION TO BE CONSIDERED ON THIS ITEM: To approve or deny a public hearing date for consideration of Federal Revenue Sharing funds at the December 17, 1985, meeting. 3. Clarification of Electrical Permit Fees --The Chief Building Inspector and City Administrator are proposing an increase in the electrical inspection fees for all inspections of a 0 to and including 30 ampere capacity service from $2.50 to $3.00. Currently the City of Eagan is below the State fee for the 0 to 30 amp circuit. In order for the City to remain comparable to all other State fees that are levied by the City for electrical inspection, it is necessary to change this fee. ACTION TO BE CONSIDERED ON THIS ITEM: To increase the electrical fee schedule for 0 to 30 amp circuit rates from $2.50 per circuit to $3.00. DIRECTOR OF PUBLIC WORKS 1. MnDOT Speed Limit Study --In August of this year, the Council authorized a request of MnDOT to perform a speed study on 52 different segments of roadway throughout the community. with this request, the City forwarded information pertaining to the existing speed limit and what the City was recommending in confor- mance with our functional classification speed limit policy. As a result of that request, MnDOT performed a speed study analysis on each segment of roadway and concurred with the City's recom- mendation with the exception of those segments listed on page 6,j?j As can be seen, several of the speed limits were lowered from the City's recommendation based on the "ride -ability", config- uration and safety site clearance. However, certain segments were also increased from what our recommendation was based on these same factors. The Public works Director wanted to inform the Council of the preliminary findings by MnDOT before the offi- cial designations were made of record to allow the Council an opportunity to provide any input that could be pursued further with MnDOT personnel. MnDOT traffic staff has indicated that strong justification would have to be made by the City for them to reevaluate their preliminary findings before the final determina- tion is made. After the final determination is made, MnDOT will not reconsider a request to change the speed limit unless signifi- cant changes are made to the adjacent environment (development, realignment, accidents, etc.). ACTION TO BE CONSIDERED ON THIS ITEM: To review the proposed speed limit changes from City recommendations and provide direction to staff as may be appropriate. 2. Project 455, Deerwood Drive Street Improvement (Deerwood Elementary School) --During the past several months, our consulting engineer has been working closely with representatives of ISD 196 and Cooperative Power Association in determining an acceptable grade and alignment for the petitioned improvement of Deerwood Drive from Pilot Knob Road to I -35E. In the preparation of this feasibility report, preliminary engineering plans have been pre- pared which show that the City will need approximately 58,000 C.Y. of material to fill in the valley adjacent to the school site. Representatives of the school district's architectural firm have indicated that if the school is constructed according to their first preferenced design, they will have approximately 40,000 C.Y. of excess material that could be used by the City. However, for the School District to commit to a specific site plan, they would like to have a commitment from the City for this excess material. Representatives of the School District indicate that they will expect some compensation fo/r the use of the excess material but y /7 feel confident that the price could be determined in a fair and equitable manner based on benefit to each party. Due to the fact that we have not yet held the public hearing or approved the final plans for the upgrading of Deerwood Drive, the staff is reluctant(to make such a commitment without Council approval. Therefore, the Director of Public Works will be discus- sing in further detail the action available and required by the Council at the present time. ACTION TO BE CONSIDERED ON THIS ITEM: To authorize staff to nego- tiate an agreement for the use of excess material generated by the grading of the new elementary school site on Deerwood Drive to be used under Project 455. Deloitte Haskins+Sells Mr. Eugene J. VanOverbeke Finance Director City of Eagan P.O. Box 21199 Eagan, Minnesota 55121 Dear Mr. VanOverbeke: 1360 Norwest Center 55 East Fifth Street Saint Paul. Minnesota 5.5101 (612) 291-8110 Cable DEHANDS September 13, 1985 As you requested, we are pleased to provide you with our proposed audit services for 1985, as well as our estimated fees for these services. SCHEDULE: Preliminary - One week in December, 1985 Final - Weeks of March 24, 31, and April 7, 14, and 21, 1986 Report date goal - April 30, 1986 PERSONNEL: Michael J. Vinyon, Partner John B. Lilja, Manager Eric S. Rangen, In -charge Accountant Assistants to be named SERVICES: Our services to the City for 1985 will include a general audit of the financial statements of the City. Our audit approach will be realigned for 1985 so as to constitute an organization -wide ("single") audit as required by a new Federal law. This means that the scope of our audit will include auditing Federal funds, principally your Revenue Sharing allocation, and procedures relating thereto. In addition, for 1985, our audit procedures will specifically include the new Legal Compliance Audit Guide recently published by the State Auditor. REPORTS: As a result of the expansion of our audit scope under Federal and State requirements, our reporting will also be expanded. As in the past, we will issue our Auditors' Opinion for inclusion in your Comprehensive Annual Financial Report. In addition, we will prepare for you another report for Federal and State compliance purposes. It will include your basic financial statements together with our report thereon, as well as our reports on our examinations of your systems of internal control and of legal compliance matters. Of Mr. Eugene J. VanOverbeke September 13, 1985 2 FEES: As a result of the increased extent of our audit procedures, our estimated fees for 1985 will rise somewhat more than the current rate of inflation. We estimate that our professional fees, including expenses, will not exceed $22,550. Should the Council have any questions regarding our reappoint- ment, we would be pleased to respond to them. We look forward to continuing to serve the City of Eagan. Yours very truly, DELOITTE HASKINS & SELLS Michael J Vi n Partne SPEED LIMITS *Statutory speed limit of 55 mph or less depending upon conditions. Used by the State on all gravel roads that do not meet the "urban district" classification for a 30 mph limit. 103 MnDOT STREET FROM TO REQUESTED APPROVED Blue Gentian Rd. T.H. 55 T.H.149 35 30 Lone Oak Circle Lone Oak Rd. N.End 35 30 W.Service Rd. Eagandale Blvd. T.H.55 40 35 Becker Rd. T.H.149 Delaware Tr. 30 35 Wescott Rd. Lexington Ave. S.Hills Dr. 35 Wescott Rd. S. Hills Dr. T.H. 149 35 50 Duckwood Dr. Denmark Widgeon 35 30 Coachman Rd. Maintenance Garage Yankee Doodle 35 30 Comsery Dr. Yankee Doodle T.H. 13 35 30 Silver Bell Rd. Nicols T.H.13 35 30 Beau D' Rue Dr. Nicols Silver Bell Rd. 35 30 Cedarvale Blvd. Silver Bell Rd. Nicols Rd. 35 40. Nicols Rd. Diffley Cedarvale Rd. 35 40 Deerwood Dr. Blackhawk Rd. Riverton 40 30 Dodd Rd. Diffley Wescott Rd. 45 50 Dodd Rd. Cliff Diffley 35 40 Safari Blvd. Thomas Lake Rd. Cliff Rd. 35 30 Blackhawk Rd. Cliff Diffley 35 40 Slaters Rd. Storland Rd. Cliff Rd. 40 35 Galaxie Ave. Apple Valley Safari Tr. 35 45 Wescott Hills Rd. Orvilla Home South End 30 *Statutory speed limit of 55 mph or less depending upon conditions. Used by the State on all gravel roads that do not meet the "urban district" classification for a 30 mph limit. 103 Toll Free Minnesota (800) 862.6002 Toll Free Other States (800) 328.6122 e ` IYMer & Schroeder Financial, Inc. - Northwestern Financial Center • 7900 Xerxes Awnue South • CO. Box 789 • Minneapolis, Minnesota 55431 (612) 831.1500 October 18, 1985 Mr. Thomas L. Hedges City Administrator City.of Eagan 3830 'Pilot Knob Road Eagan; Minnesota 55121 RE: $11,350,000 City of Eagan, Minnesota Multifamily Housing Revenue Bonds (Cinnamon Ridge Project) Dear Mr. Hedges: On November 6, 1985, the City Council of the.Ci.ty of.Eagan (.the "City") will consider a resolution authorizing issuance of the above -referenced bonds (the "Bonds"). Once adopted, the resolution would permit issuance of the Bonds pursuant to the terms of•a Trust Indenture, dated as of .November 1,.1985, by and between First Trust Company, Inc.., as trustee (the "Trustee"), and the City (the Trust Indenture is hereinafter referred to as the "Indenture"). The Bonds will be sold to Miller & Schroeder Financial, Inc, and Mellon Bank, N.A. (the "Underwriters") which will in turn sell .the Bonds to the public with the aid of the Official Statement, a disclosure document prepared 'by the "Underwriters and their counsel (attached). The proceeds received by the City from the sale of the Bonds will be loaned to Cinnamon Ridge Limited Partnership, a Minnesota himited .partuership (the 'Develroper"-) -pu=suamt 1 to the terms of s Loan Agreement, dated as of November 1, 1985, by and between the City and the Developer (the "Loan Agreement"). The Developer will use the proceeds of the loan to acquire and construct 11 three-story residential apartment buildings containing an _aggrEgate of 264 -townhouse garden apartment rental units to be known as Cinnamon Ridge Apartments in the City (the -"Project"). She :,Develo.per : mill :2epay`.the:•losn- pursuant,{:to -the .terms ..of she 'Lo'an Agreement. "The City`yril'1, iT turn, `usE ttre 'loan repayments to pay the principal of and interest on the Bonds when due. M Hv+Jyuanen: ?Lnneap.,li.. �Lnnnou 0n nah Uin; �.: Sola na 0.�a.h.l aliiomu <anu \h.n r. a.l,I�i..rnu \,mhhn.d.11linui. S�. Paul, Minnnma TaI1:Ju.�re, FluriJa • \lih+-aukea, U'iKomin a.,„...,. a.. ..�.�,.,, ice.,.... r.....,.�,:.�....�.,, Mr. Thomas L. Hedges October 18, 1985 Page Two The obligations of the Developer to repay the loan will be paid by Mellon Bank, N.A., a national banking association (the "Bank"), from the proceeds of advances on an Irrevocable Direct Pay Letter of Credit issued by the Bank to the Trustee for the benefit of the bondholders. In the event the Developer defaults on its loan obligations, the Trustee is directed to draw on the Letter of Credit for the payment of the full principal amount of the Bonds, and any interest thereon. Neither the full faith and credit nor the taxing power of the City is pledged to secure the Bonds. As a result, the City has no monetary obligation with respect to the Bonds. If there are not sufficient funds to pay the Bonds, then the Bond owners will not be paid and no recourse is available against the City. In addition, near.ly all actions required of the City pursuant to the above -referenced documents. wil.l.be.undertaken on behalf of the City .by the _Trustee. In accordance with the requirements of State and Federal law, twenty percent of the dwelling units in the Project will be held occupied• by persons and families whose adjusted gross income is not in excess of eighty percent of ... the -median income for the Minneapolis -St. Paul Standard Metropoitan Statistical Area as most recently estimated by the United States Department of Housing and Urban Development. The Developer has agreed to this and other restrictions pursuant to the terms of the Financing and Regulatory Agreement, dated as of November 1, 1985, by and between the City and the Developer. These same -restrictions are filed with the County Recorder of Dakota County and become restrictions which run with the land on which..the Project will be built. These -restrictions will remain effective for a minimum of ten years. All costs incurred -by the, City :and all -other parties to this transaction will be paid from the proceeds of the Bonds or will be paid directly by the Developer. On the date of the issuance of the Bonds, the law firm of Holmes & Graven, Chartered, of Minneapolis, will render an opinion that the Bonds:have been issued in accordance with all applicable laws ::of: the -.:Sia*e. nii. M.ivanes.oSa �n�war:e-aalid.:obLi ..-the City; and that interest on the Bonds is exempt from United States and State of Minnesota income taxation. 3y Mr. Thomas L. Hedges October 18, 1985 Page Three The Developer has also requested that the City provide a Tax Increment Assistance to the Project through an Interest Rate Reduction Program previously approved by the City Council of the City. In accordance with this Program, the Developer has agreed to enter into an Interest Rate Reduction Loan Agreement with the City, whereby fifty percent (50%) of the Tax Increment received by the City .from the construction of the Cinnamon Ridge Project will be paid by the City directly to the Trustee to help reduce the effect of the interest rate payable by the Developer on the Bonds, thereby resulting in a lower Debt Service Requirement for the Project which can be passed on to the Project tenants through lower rents and which will result in a higher level of quality of construction which has been required and endorsed by neighbors of the Project. Pursuant to the Interest Rate Reduction Loan Agreement, the Developer is obligated to repay all of the advances -made by -the City-, together, with:£iv.e.percent (57) simple interest thereon at the time the Developer -transfers-the property to a subsequent owner, or upon t'he termination of a Tax Increment Assistance to the Project. Furthermore, the City is entitled to share in any appreciated value of the Project attributable to the portion or the debt service of the Project paid by the City from its Tax Increment Assistance, after the -Developer has paid off his prior obligations in accordance with the Interest Rate Reduction Loan Agreement. The Interest Rate Reduction Loan is structured as a second mortgage on the Project, behind only the Bondholders. Thus, the City is assured the full recoupment of the aggregate sum of its Tax Increment Assistant to the Project, plus five percent (57) simple interest on all such payments, plus the opportunity -to-share in -the potential appreciation of the value of the Project. Should you have any questions, please do not hesitate to call me. Sincerely, MILLER & SCHROEDER FINANCIAL, INC. Marcia A. Cohodes Assistant :Vice. President MAC/blh Enclosures cc: Paul Hauge, Esq. Gene VanOverbeke �6 CAN -AMERICAN REALTY CORPORATION 1117 Marquette Avenue Suite 200 Minneapolis, Minnesota 55403.2457 Phone(612)332-5544 October 24, 1985 Mr. Thomas Hedges City Administrator CITY OF EAGAN 3830'Pilot Knob'Road P.O. Box 21199 Eagan, MN 55121 Dear Tom: As you know by now, we are asking to be included on the agenda of the November 6 City Council Meeting. We have items which will finalize the required approvals of.Cinnamon Ridge and enable us to close the'bond'issue for the project on November 12. Th'is-.is the date whichhas been -set by. Miller.&.Schroeder and Mellon._Bank,.and we are -firmly committed to this date -for bond sale purposes. Along these lines, I want to reiterate and reconfirm the items we will need approved at the November 6 meeting. Hopefully, you are being supplied the appropriate information.to..b.e included on the agenda: 1) Final Plat. Ed Kirscht is finalizing the package, including the development agreement for final plat approval by the City Council. I believe we are all on track and he has_all-the necessary information -to provide you the backup package'by October --29. You -may want to confirm this with Ed. 2) Foundation Permit. Steve Hanson explained to our General Contractor that granting of the-final.plat by the City automatically provides a -grading -permit for -the contractors"to-start work. We are requesting, at Steve's suggestion, that the City grant a foundation permit along with the grading permit which is allowable under City statutes. This would save us trying to rush a letter from -the.-.County..--to .the -City -once we .deliv-er all..the final, plat documents for recording and would enable us to begin iTradimg-.-zTad":%nunlation:wnrk.afte=.:-�...clase .the::. -bonus on November 12. -'This is critical from a soil condition standpoint before cold weather. We understand that the final building permit will be issued approximately four to six weeks after the final plat is recorded. CITY OF FAGAN, MINNESOTA Multifamily Housing Bond Program Request Date June 29, 1984 1. Name of Project Cinnamon Ridge Project Address Cedar Avenue & Cliff Road, Eagan, MN 2..Applicant Name Cinnamon Ridee Limited Partnershio Address 1117 Marauette Avenue, Suite 200, MPLS, MN 55403 Contact Person Brvan L. Weber Telephone Numbers (612/332-5544) 3. Form..of Business (check one) Sole'Proprietorship Partnership x Corporation If partnership, include names of partners and ownership interest. 4. Applicant's Legal Counsel (firm name) Kaplan, Strangis & Kaplan Address 555 Pillsbury Center, 200 South Sixth Street Minneapolis, MN 55402 Contact Person David Karan Telephone Number (612/375-1138) P �3 5. Experience in multifamily construction and/or rehabilitation. CITY SEE EXHIBIT A 6. Project Description: PROJECT NAME 130 1 bedroom units 730 so. ft. 130 2 bedroom units 1,000 - 1,100 so. ft. 11 3 -story buildings 260 covered parking garages 268 open parking spaces 4 UNITS 7. The total cost of the project will be approximately $ 13,780,000' *264 units @ 53,000/unit (estimate) = $13,780,000 (total costs include 8. Sourc&lanEofig 0f-jinos� "�g,-credit enhancement,. etc.) Source: Use: Bonds 512,500,000 Developer Equity 1,280,000 Other Total $13.780.000 Construction Costs 511,440,000 (Hard Construction Costs $44,000/unit) Other (land. financing. 2.340,000 etc.) -2- LI $13.780.000 W 9. Has the applicant utilized bond financing elsewhere in Minnesota or in other States: No Yes X If yes, specify location and purpose: 520.1 million- Svmphonv Place (apartments. Minneaoolis) 512.0 million - Seven Corners (apartments. Minneapolis) $10.0 million.--Radisson.Metrodome (hotel, MinneapliS) 521:7 million - Charles Center Place (apartments, Baltimore, MD) .,'Please'.remit your -check.in_the amount of $500_payable.to the,City_of Eagan, to,the'attencion of: Mr. Thomas L. Hedges City .Administrator City of Eagan 3795 Pilot Knob Road Eagan, Minnesota 55122 .:_Include two `copies.of.:this application%with your check. -3- EXHIBIT A CANADIAN FINANCIAL HOUSING CORPORATION PROJECT DEVELOPMENT AND PROPERTY MANAGEMENT EXPERIENCE Project Development and Property Management Number of Project Name and Location Dwelling Units 'Dover -Hill 234 Minneapolis, Minnesota Owen Brown Place Columbia, Maryland Coventry Apartments Roseville, Minnesota .Village Green -Apartments Fridley, Minnesota Waybury at Chaska Chaska; Minnesota Cliff Hill Townhouses Burnsville, Minnesota Golden Valley Townhouses Golden Valley, Minnesota Minbrooke .Townhouses Minnetonka, Minnesota Chicago Avenue Apartments Minneapolis, Minnesota College Parkway Place Annapolis, Maryland Riverbluff Minneapolis,, Minnesota -Management Only Eagan Green Apartments Eagan, Minnesota 188 195 -195 114 32 8 46 60 170 30 144 Occupancy 100% 1007 1007 -1007 1007 1007 1007 100% 1007 i002 1002 1007 Development Only Number of Project Name and Location Dwelling Units Occupancy Bolton House 260 99% ..Baltimore,.Maryland ='hickory[Ridge_Place "'108 100% Columbia, -.-Maryland Huntington Downs 188 99% Columbia, Maryland * Property management by CRMI, Inc., an affiliate.of Shelter Corporation:of Canada. Agenda Information November 6, 1985, Page Seventeen Memo City Council Meeting A. Resolution Approving Interest Rate Reduction Loan Agreement Between the City of Eagan HRA and Cinnamon Ridge Limited Partner- ship (Can American, General Partner) for the Cinnamon Ridge 7th Addition --Action is necessary to suspend the City Council meeting ..and to convene .as the Housing and Redevelopment Authority for the purpose of considering an interest rate reduction loan agree- ment 'fur the Cinnamon Ridge project. Action required by the HRA -is to approve/modify or deny this loan agreement, a copy of which is located on pagesg_throughD The tax increment financing district plan and interest r e reduction project plan for the Cinnamon Ridge housing project were approved by the Eagan City Council at a public hearing held on July 2, 1985. A copy of the minutes from that meeting are enclosed on pages ZI nd If the loan _agreement is approved, it will be necessary for the Zagan..BRA --to ..adopt a arm resolution_ _The resolntion_is enrlDsed on pages '/3 throughw7 . One of the —conditionsToutlined in the minutes of the July 2, 1985, meeting dealt with an independent appraisal to be provided at the time of sale or at the end of the 10 year period to determine the fair sale price. This subject is addressed in Article III, Section 3.02 (a) in the agreement. ACTION TO BE CONSIDERED ON THIS ITEM: The HRA must act to approve/ modify or deny the Interest Rate Reduction Loan Agreement with _Cinnamnn Ririge ..T.imited -Partnership (Cinnamon -Ridge 7th Addition) and if approved, adopt a resolution outlining this action_ F1 Draft Octoberk9lj 1985 Ad - /0/31 INTEREST RATE REDUCTION LOAN AGREEMENT between THE; HOUSING' AND:REDEVEWPMENT. AUTHORITY:.IN AND FOR ' THE'CTTY OF' EAGAN;1MNNESOTA and CINNAMON RIDGE LIMITED PARTNERSHIP, A MINNESOTA LIMITED PARTNERSHIP :,'ThisTinstrument:drafted by: HOLMES &-GRAVEN; CHARTERED 470 Pillsbury Center Minneapolis, Minnesota 55402 oil THIS AGREEMENT is made and entered into this day of , 1985, by and between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EAGAN, MINNESOTA, a public body corporate and politic (the "Authority") and CINNAMON RIDGE LIMITED PARTNERSHIP, a Minnesota limited partnership (the "Developer"). WHEREAS, the Authority by the passage of a Resolution dated June 18, 1985, has established a tax increment financing district pursuant to Minnesota Statutes, Sections 273.71, to 273.78, and approved a Tax Increment Financing District Plan for the Cinnamon Ridge Housing Project and undertaken the Interest Reduction Program (as defined herein) pursuant to Minnesota Statutes, Section 462.445, Subdivisions 10 through 13 to reduce the effective rate of interest on a Mortgage Loan (as defined herein) made to the Developer; and WHEREAS, the Developer has entered into the Mortgage Loan . for the purpose of financing the construction of the Development (as defined herein) by the Developer; and WHEREAS, the Developer desires to participate in the Interest Reduction Program. NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: ARTICLE I Definitions Section 1.01. Definitions. As used in this Agreement, the following terms shall have the meanings specified below unless the context clearly requires otherwise: Adjusted Family Income: all income from all sources received by the family head (even if temporarily absent) and each additional member of the family household who is not a minor less $750 for each adult in the family to a maximum of two adults and less $500 for each other dependent in the family. Agreement: This Interest Rate Reduction Loan Agreement, as the same may be from time to time amended. Authority Loan or Loan: The loan -by the Authority -to the Developer made pursuant to Article 11 hereof. Certification Year: The twelve-month period commencing with the date of income.ceriification_pursuant -to -Section 5.03_hereof. �lee:Uity_ofzagmm,Mirmesota. Development: A 264 -unit multifamily residential building for rental primarily to persons and families of low and moderate income, to be acquired and constructed by the Developer in the City with proceeds of the Mortgage Loan, constructed on the real property described on Exhibit A hereto. 1 �D 11 First Mortgage: The mortgage by the Developer to the Trustee securing the repayment of the Mortgage Loan. Interest Reduction Program: The Housing and Redevelopment Authority in and for the City of Eagan, Minnesota Interest Reduction Program (Eagan Multi - Family Rental Project) undertaken pursuant to Minnesota Statutes, Section 462.445, Subdivisions 10, 11, and 12. Mortgage Loan Documents: The following documents made and entered into between the Developer, the City and the Trustee to evidence and secure the Mortgage Loan: (a) An Indenture of Trust, dated as of November 1, 1985, between the .City and the Trustee. (b) A Loan.Agreement, dated as of November 1, 1985, between the City and the Developer. (c) A Regulatory Agreement, dated as of November 1, 1985, between and among the Developer, the City and the Trustee. . (d) A Declaration of Restrictive Covenants, dated as of November 1, .1985. (e) A Mortgage and Security Agreement -and Fixture Financing Statement, dated as of November 1, 1985. Mortgage Loan: The loan from the City to the Developer pursuant to a the Mortgage Loan Documents, dated November 1, 1985, to finance the construction of the Development. Net Cash Flow: All cash receipts from operations of the Development in the ordinary course of business after deducting actual operating and financing expenses paid or accrued and debt service payments (including payments for principal interest and all required revenues) made in connection with any loans relating to the Development. For purposes of this definition.of Net Cash Flow "operating and financing expenses" shall include, without limitation, the following: management fees, caretakers salaries, maintenance salaries, payroll taxes, accounting and legal fees, utilities charges, lawn maintenance costs, trash and snow. removal charges,. expenses for repairs, maintenance and decorating of the Development, advertising costs, permit .fees, insurance premiums, real estate taxes, special assessments and installments, letter of credit fees, -fees of the City, Trustee's fees, or mortgage servicing fees relating to the Development or the Mortgage Loan. -.Original Assessed. Value: _The Assessed, value._of aR.taxahle. real property comprising the Development as certified by the Dakota County auditor in _.rrmneadan w tit:* i=ezthm of The :Tax:l:ncrement Fmzmemg'Ta; trwt_'Phm r the "Cinnamon'Ridge Fiousing'Project of the Authority pursuant to Minnesota Statutes, Section 273.76, Subdivision 1, subject to any statutorily required changes resulting from future legislation amending said Section. 15�1 Second Mortgage: The second mortgage from the Developer to the Authority in substantially the form of Exhibit B attached hereto, given to secure the payment of the Developer's obligation pursuant to this Agreement. Tax Increment: The excess of the taxes generated at the then current assessed value of the Development over the taxes generated by the Original Assessed Value prior to construction of the improvements by the Developer. Transfer. The sale, transfer or other conveyance of the Development, whether by deed, contract for deed, lease (other than occupancy leases), or otherwise, or any change of more than fifty percent (50%) in the identity or partnership shares of the partners of the Developer; provided, however, that the transfer of partnership interests in connection with the initial limited partnership syndication shall not constitute a Transfer and provided further than the deletion of a general partner resulting from the death of such partner shall not constitute a Transfer. Trustee: First Trust Company, Inc., as trustee under the Mortgage Loan Documents. Valuation Date: The date or dates on which any of the following occurs: (1) Any Transfer of -the. Development; (2) 'The date as of which the principal balance -of the Mortgage Loan is paid in full; (3) Upon occurrence of an . Event of Default, if . the Authority elects to accelerate the Authority Loan pursuant .to..Section 7.02; (4) Upon prepayment of the Mortgage Loan as a result of foreclosure of the granting of a deed in lieu of foreclosure; or (5) The date which is ten (10) years after the first advance made by the Authority to the Developer pursuant .to Section 2.01 of this Agreement. ARTICLE U Authority. Loan Section 2.01. Amount of Loan. Subject to the provisions of Section 2.04 hereof, the Authority agrees to lend to the Developer and the Developer agrees to borrow from the Authority on a non-recourse basis, an interest rate reduction loan jthe. "Loan") with respect to_ the Mortgage. Loan, .by way .of advances asset forth .below from time -to time during the term of the Loan Advances on the Loan shall _ tae nnsde aa�aammy l3_ and.dtgy.l3: of �aeh yeah: =eaeing: as July _1% 19M in amountsequal to fifty percent `(50%) of the Tax Increment generated by the Development. Advances shall be paid by the Authority to the Trustee accompanied by directions that the Trustee apply such advances solely to the payment of interest on the Mortgage Loan. The Authority shall notify the Trustee and the Developer in writing as soon as reasonably possible following a determination by '5�� the Authority that for any reason an advance will not be made in the amount set forth in this Section 2.01. No advance shall be made following a Transfer unless (i) prior to the Transfer the Authority approves in writing the continuation of advances; (ii) the person or entity to whom the Transfer is made enters into an interest rate reduction loan agreement in substantially the form of this Agreement; and (iii) the person or entity to whom the Transfer is made assumes the obligations of the Developer under the Mortgage Loan and the First Mortgage. Section 2.02. Revenue Obligation. The Authority's obligation to advance funds for the Loan is payable solely from fifty percent (50%) of the cumulative Tax Increment generated by the Development. The Authority hereby pledges fifty percent (50%) of the Tax Increment generated by the Development prior to the Valuation Date to be available for advances as set forth herein. .The Authority's obligation to lend funds shall not be payable from nor charged upon any funds other than said portion of the Tax Increment so pledged. Section 2.03. Non -Recourse Loan. Neither the Developer nor any of its partners shall be personally liable for payment of the Authority Loan, and the sole recourse of the Authority for a failure to pay the Authority Loan shall be limited to proceeding against the Development in accordance with the Second Mortgage. .Section.2.04. Conditions Precedent to Lending. The Authority's obligation to make the .Loan to the Developer in accordance with this Agreement shall be .,subject Ao .the condition _that- prior to. June 30, 1986, the .Developer shall submit .to the Authority (a) evidence, satisfactory to the Authority, that the Developer has sufficient funds available to it from the proceeds of the Mortgage Loan and equity contributions to the Developer to finance the construction of the Development; and (b) plans and specifications for the construction of the Development which are consistent with the plat for the Development which was finally approved by the City and in sufficient detail to establish to the Authority's satisfaction the quality of construction for the Development. ARTICLE III Interest On the Loan Section 3.01. Development Valuation at Valuation Date. The Project shall be valued on the Valuation Date for purposes of determining the aggregate of merest and principal to be repaid on the Loan. 'Section 3.02. Definitions for Use in Development Valuation. (a) Fair Market Value. The Fair Market Value of the Development shall be its fair market value determined as set forth below as of the Valuation Date. If the Valuation -Date .occurs. by reason of .a sale..of .the -Development, then if the Authority .determines that. such sale was an arms' length transaction, the -Fair -3R�et � Valae_,dmll' be' �gimi so =tips peiee ' s Vis, _���d..viher expenses of sale actually incurred to the extent they do not exceed a customary and reasonable amount. If the Authority determines that such sale triggering the Valuation Date was not an arms' length transaction, or if the Valuation Date occurs by reason of an event other than a sale, the Fair Market Value shall be determined by appraisal, taking into account the anticipated costs of sale or other disposition, 53 including reasonable and customary brokerage fees, and the costs of appraisal. The appraisal shall be by a panel of three appraisers, one selected by each of the Developer and the Authority and the third selected by agreement of the other two or appointed by the Dakota County District Court. (b) Net Total Investment. The Developer's Net Total Investment shall be the aggregate total of the Developer's equity contributed to the acquisition and construction of the Development, any payments of principal or interest on the Mortgage Loan, any Developer Discretionary Payments, other payments made to construct, acquire, operate, maintain, repair or improve the Development, payments for taxes and special assessments on the Development, and any outstanding liens or mortgages securing loans, advances or goods or services provided for the construction, acquisition or improvement of the Development. (c) Return on Equity. The Developer's Return on Equity shall be equal to the aggregate total of all distributions made or required to be made by the Developer to the limited partners of the Developer, but shall exclude any distributions to any general partners of the Developer. It is recognized and agreed that the limited partnership units in the Developer will not be syndicated until after the execution of this Agreement and that the terms of the distributions from the Developer to its limited partners will be determined in the market place at the time of such syndication. To the end of establishing that the Developer's distributions to its limited partners. at the time of syndication will not be :materially . different .from. the market ;place standards . at , the --time of . such syndication, the Developer hereby covenants and warrants to the Authority that the distributions made to the limited partners of the Developer will not exceed the amounts necessary to successfully place the limited partnership units in the Developer at the time of the syndication, and the Developer further agrees that upon the syndication of limited partnership interests in the Developer, the Developer will deliver to the Authority (a) a true and correct copy of the partnership agreement of the Developer; (b) a true and correct copy of all offering documents and securities registration materials prepared in connection with the syndication of the limited partnership interests in the Developer; and (c) a written confirmation from a member of the National Association of Securities Dealiers experienced in the area of real estate limited partnership syndications that the distributions to be made to the limited partners _of the Developer are not materially different from the distributions which are being made to other limited partners in similar real estate limited partnership syndications being offered in the market place at the time of the Developer's syndication for projects similar to the Development. (d) Developer Discretionary Payments. The Developer Discretionary Payments shall include all payments made for replacement reserves and management fees and other discretionary expenses under the control of the Developer, subject to the limitation that the growth of all Developer Discretionary expenses shall be limited..to an aggregate annual average growth_rate of not more thanfive ,percent,(5%) for purposes of calculating this formula. (e) Net Appreciation. The Net Appreciation of the Development shall equal the Fair Market Value of the Development less the amount determined under Section 3.03(a) hereof, less the Developer's Net Total Investment and less the Developer's Return on Equity. 5 Section 3.03. Aggregate of Interest and Principal. The aggregate principal of and interest on the Authority Loan shall be the sum of: (a) the aggregate amount of all advances made by the Authority plus simple interest accrued on all such advances at the rate of five percent (5%) per annum; plus (b) the Net Appreciation of the Development multiplied by a fraction, the numerator.of which is the aggregate amount of all advances on the Authority Loan made by the Authority (without interest thereon) and the denominator of which is the Developer's Net Total Investment. The amount determined pursuant to this section shall be reduced by any prepayments of .the Authority Loan made pursuant to Section 4.04 hereof. Section 3.04. Interest Accrued at Valuation Date. As of the Valuation Date, the amount, if any, of the excess of the aggregate of the interest and principal on the Authority Loan determined pursuant to Section 3.03 over the sum of the advances theretofore made on the Authority Loan shall be deemed to be interest on the Authority Loan. Section 3.05.Accrual of Interest Subsequent to Valuation Date. Commencing with the Valuation Date, there shall accrue additional interest on so much of the :principal balance of. the Authority -Loan-determined -as-provided in Sections 3.03 and 3.04, and further adjusted to reflect compounding of interest and reduction by payments. Such interest shall be compounded and added to principal as of December 31 of each year. Such interest shall accrue at a rate per annum equal to the average annual rate of return being earned by the Authority on investment of all other of its funds during that year, as determined by the chief financial officer of the Authority, within 45 days of the end of each such December 31. The Authority shall within 60 days of the end of each calendar year notify the Developer of such average annual rate of return for the calendar year just ended and shall make available to the Developer upon request all information under its control which would be useful in verifying said rate of return. ARTICLE IV Repayment of and Security -for Authority Loan Section 4.01. Initial Period. _Except 2s provided in Section .4.03 and 4_04, no payment shall be due from the Developer until April 15 of the calendar year following the calendar year of the Valuation Date. Section 4.02. Periodic Payments Following Initial Period. Unless payment in full .is previously -required .pursuant to Section .4.03, -the -Developer.._ shall .pay annually to the Authority on or_before .each April 15 following .the Valuation Date :. =0 payment -1a fullAs'wed-pursuant.2n:Section 4.03 7an7amomnt7ewelto_one- fourth (1/4) of the Net Cash Flow of the Development for the preceding calendar year, which shall be applied first to accrued interest, with any excess applied to reduce the outstanding principal balance of the Authority Loan. The amount due on the first such payment date shall be that fraction of one-fourth (1/4) of the Net 6 Cash Flow of the Development for the preceding calendar year "equal to the fraction of such year which is after the Valuation Date. Section 4.03. Payment in Full. All unpaid principal, adjusted as provided in Section 3.04 and 3.05, further adjusted for compounding of interest pursuant to Section 3.06, and reduced by the periodic payments pursuant to Section 4.02 and any payments pursuant to Section 4.04, together with any accrued interest not previously added to principal, shall be due and payable upon the earlier of: (1) The Authority's election to accelerate the Authority Loan following default by the Developer as provided in Section 7.02; or (2) Transfer of the Project. (3) The date which is ten (10) years after the first advance made by the Authority with the Developer pursuant to Section 2.01 of this Agreement. No additional payments shall be required. Section 4.04. Prepavment. The Developer may prepay the Authority Loan and the accrued interest thereon, in whole or in -part, at any time or from time to time without premium or penalty. - -Section 4.05. AuthorityLoan Secured by Uen on "Project. The Developer's obligation to repay the Authority Loan shall be secured by.the Second Mortgage, which shall be subordinate to the First Mortgage granted by the Developer in connection with the Mortgage Loan or, with the prior written consent of the Authority, which consent shall not be unreasonably withheld, the issuance of any debt to refinance the Mortgage Loan in an amount which is not in excess of the outstanding debt being refinanced plus reasonable costs incurred in the refinancing. In addition, the Authority agrees to consider (and to consent or not consent to, in its sole discretion) subordination of the Second Mortgage to other liens on the Project as requested by the Developer. Immediately following the Valuation Date, the Developer shall execute and cause to be.recorded a revised instrument setting forth the exact amount of the debt secured by the Second Mortgage, as determined on the Valuation Date. ARTICLE V Provision of Low-income housing Section 5.01. Construction of Development. The Developer agrees to construct the Development as provided in and subject to the provisions of the Idortgage Loan -Documents. "_�ection3:02 .Low=income"Units. (a) -A1 _ail'times- rafter. -fit -of.-In -occupancy permit with, -respect -to the Development and continuing urttil the Authority Loan has been paid in full, the Developer shall hold 20% of the units in the Development for rental to persons and families with an annual Adjusted Family Income not in excess of eighty percent (80%) of the median family income for the 62; 7 Minneapolis -St. Paul Metropolitan Statistical Area, as determined by the United States Department of Housing and Urban Development. (b) In addition to the requirements set forth in clauses (a) of this Section 5.02, at least 55% of the units in the Development shall be held available for rental to families and individuals with Adjusted Family Incomes which at the time such families or individuals first occupy such units are equal to, or less than, 66 times 120% of the new construction monthly fair market rent for the unit (or similar units in other developments), as established by the United States Department of Housing and Urban Development. Section 5.03. Certification of Income. The Developer shall secure an income certification in the form attached hereto as Exhibit C, or such other form as may be approved by the Authority, which includes the information described in Exhibit C, from the proposed tenant or tenants of each qualifying unit -prior to initial occupancy and annually thereafter. Such income certification shall contain a statement of the anticipated total annual income for the Certification Year of each person who proposes to live in the dwelling unit during the Certification Year, the number of minors who propose to live in the dwelling unit, during the Certification Year, and the source of all anticipated income. Such certification imav be sworn to before a notary public or other officer authorized to administer oaths. The Developer shall use its best efforts to confirm the amount of anticipated income with the identified source. ''Section 5.04. Increase 'in Tenant Income. No -tenant shall -be required to terminate occupancy within the Development due to an increase in the income of such tenant above the maximum qualifying level as determined pursuant to Section 5.02(a) hereof. Any unit occupied by persons who met .the income restrictions upon their initial occupancy of such unit. shall remain .in a qualifying unit pursuant to Section 5.02 even after such an increase in tenant income. Section 5.05. Release and Indemnification. (a) The Developer releases the Authority and the governing body members, officers, agents, servants and employees thereof from and covenants and agrees that the Authority and the governing body members, officers, agents, servants and employees thereof shall not be liable for, and -agrees to protect and defend, indemnify and hold harmless the Authority and the governing body members, officers, agents, servants and employees thereof against, any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Development other than those arising -from specific acts of negligence of the Authority or its.off'mn s, agents, servants, employees and governing body. -members. (b) Except for any willful -misrepresentation or any willful or wanton misconduct of the following named parties, the Developer agrees to protect and defend the Authority, the governing body members, officers, agents, servants and .employees _thereof, now .and .forever, .and further agrees.. to hold the aforesaid harmless,. from any claim, demand, suit, action -or other proceeding by-any-person 9r• ' �risiag -or purportedly -gig drum :the '_e tion of the -Development by the Developer as a rental housing project. ARTICLE VI Insurance Section 6.01. Insurance. The Developer shall keep and maintain the Development at all times insured against such risks and in such amounts, with such deductible provisions, as are customary in connection with the operation of facilities of the type and size comparable to the Development and the Developer shall carry and maintain, or cause to be carried and maintained, and pay or cause to be paid timely the premiums for, at least the following insurance with respect to the Development as provided in the Second Mortgage. Section 6.02. Insurers and Policies. Each insurance policy required by Section 6.01 hereof (a) shall be issued or written by a financially responsible insurer (or'insurers), or by an insurance fund established by the United States or State of Minnesota or an agency or instrumentality thereof licensed to transact business in the State of Minnesota; (b) shall be in such form and with such provisions (including, without limitation and where applicable, loss payable clauses, waiver of subrogation clauses, provisions relieving the insurer of liability to the extent of minor claims and the designation of the named insureds) as are generally considered standard provisions for the type of insurance involved; (c) shall name the Authority. as an additional insured -subordinate to the mortgage securing the Mortgage Loan; and (d) -shall .prohibit cancellation or -substantial modification by .the. insurer.withouttaY.1east thirty (30),-days'.prior written -notice to.the.Authority and the Developer. Section 6.03. Application of Proceeds. (a) In the event that proceeds of any policy of insurance required pursuant to Section 6.01 become payable while the Mortgage Loan is outstanding, such proceeds shall be applied in accordance with the provisions of the Mortgage Loan Documents; provided that any excess proceeds shall be payable to the Developer or the Authority in accordance with subparagraph (b). (b) In the event that the proceeds of any policy of insurance required pursuant to Section 6.01: become payable after the First Mortgage securing the Mortgage Loan is no longer outstanding, the Developer may .elect :to (i) apply such _proceeds to repair, reconstruct and restore the damaged- Development, or (ii) if insurance proceeds are sufficient to repay the Authority Loan as determined on the Valuation Date, treat such receipt of proceeds as a Transfer. In .the event that the Valuation .Date has not occurred prior to the receipt of proceeds, the date of such -receipt may be elected as the Valuation -Date and themaluation can then be made based on the appraised value of the Project before destruction, if such valuation is sufficient to allow the Developer to elect option (ii) above. ARTICLE VII Section 7.01. Events of Default. The happening of one or more of the following events and the failure to cure such event within thirty days after notice thereof in writing is given by the nondefaulting party hereto to the Trustee under the Indenture with respect to the Bonds and the defaulting party or if not possible M to cure within thirty days, failure to commence reasonable efforts to cure within that period, shall constitute an "Event of Default": (a) The Developer shall fail to maintain 20% of the units within the Development for occupancy by persons and families of low and moderate income in accordance with the provisions of Article V and the continuance of such failure for three (3) months following written notice thereof to the Developer from the Authority. (b) The Authority shall fail to timely advance the proceeds of the Loan to the Developer in accordance with the provisions of Section 2.01 hereof, provided that no Event of Default shall exist under this paragraph if the Authority's failure to make such advances is caused by any action or inaction by the State of Minnesota or the County of Dakota in connection with the collection and distribution of the Tax Increment. (c) Either party shall fail to perform any other covenant, agreement or condition of this Agreement and the continuance of such failure for sixty (60) days following written notice thereof from the other party. Section 7.02. Remedies on Default. Whenever any Event of Default referred to in this Agreement occurs with respect to either party, the other party may take any one or more of the following actions, unless otherwise agreed to by the parties in writing: (a) if the default is by the Developer, suspension of the Authority's obligation to make advances on the Authority Loan, valuation of the Development pursuant to Section 3.02, and declaration of any amounts due on the Authority Loan to be immediately due and payable; (b) if the default is by the Developer, the Authority may exercise its remedies pursuant to the Second Mortgage; or (c) either party may take whatever action, legal or administrative, as may appear necessary or desirable to collect any payments due or to enforce performance and observance of any obligation, agreement or covenant under this Agreement, or to collect.damages for breach -of contract. In the event that the Authority does not make the advances to the. Developer provided for in. Section 2.01 as a result of any action or inaction by the State of Minnesota or the County of Dakota in connection with the eollection and distribution of the Tax increment, the Developer may, -at its option, terminate this Agreement, subject to the Developer's obligation to repay the amount of Advances theretofore made by the Authority (without interest thereon), as provided in this Agreement. Further notwithstanding the foregoing, the Developer may pursue such __other Action At -law -or -in-equity-as 1t_shall_deem. appropriate to -recover .frnm .the State of Minnesota or the County of Dakota the portion of the Tax Increment -. t9` wyabIe"io'the Developeramder'2his:AgmemEnt. No remedy herein conferred is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to 67 10 exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. Section 7.03. No Additional Waiver Implied by One Waiver. In the event any agreement contained in this Agreement should be breached by either party and thereafter waived in writing by the other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. No waiver shall be deemed to have occurred unless such waiver is in writing signed by the party giving such waiver. ARTICLE VM Miscellaneous Section 8.01. Records and Reports, Notices. (a) The Developer shall maintain all records needed to conduct the valuation of the Development on the Valuation Date, to determine the amount owing hereunder from time to time thereafter, to determine the amounts of periodic payments required by Section 4.02 and to demonstrate compliance with Article V regarding the provision of low income housing. The Developer shall make quarterly. certified reports to the Authority identifying qualifying units including the rent charged thereon, the .tenants thereof,_and..the income of. thetenants as certified .pursuant - to -Section 5.03. The Developer shall submit a report supporting the calculations made pursuant to Section 3.02 through 3.05, an annual report thereafter along with each periodic payment pursuant to Section 4.02 in support of the amount thereof and the principal balance of the Authority Loan adjusted to date and a report in support of the amount of the final payment pursuant to Section 4.03. The report supporting the calculations made pursuant to Sections 3.02 through 3.05 shall be audited by an independent certified public accountant; provided, however, that said auditor may rely upon the books and records of the Developer for the underlying data used in the calculation. The Developer's books and records shall be made available to the Authority for inspection at its request, upon reasonable notice. (b) The -Developer, within 20 days following the event, shall provide written notice to the Authority of (i) any change in the identity or- partnership shares of the general partners of the Developer; (ii) any default by the Developer in its obligations under the Mortgage Loan Documents; and (iii) any Transfer. .Section 8.02. Notices. All notices, demands or other .communications hereunder shall be in writing -and shall be deemed to be sufficiently given when personally delivered or mailed, postage prepaid, with proper address as indicated below: To the Authority: The Eagan. Housing and Redevelopment Authority City Hall 2Z30JWnt_1Kaob, Road Eagan,'Minnesota 55122 To the Developer: Cinnamon Ridge Limited Partnership 1117 Marquette Avenue, Suite 200 Minneapolis, Minnesota 55403-2457 To the Trustee: First Trust Company, Inc. 332 Minnesota Street St. Paul, Minnesota 55101 or at such other address with respect to either party as such party may, from time to time, designate in writing and forward to the other as provided in this Section. Section 8.03. Separability of Provisions. Each provision of this Agreement shall .be considered:separable and if for any reason any provision or provisions hereof are'determined to be invalid and contrary to any existing or future law, such -'invalidity shall not -impair the :operation ,of.or affect -those-provisions of this Agreement which are -valid. Section8.04.'.Counterparts..` This; Agreement 'may-be=:executed in -several t'rcou:iterparts,:_each of which. shall' -be an`original and all of -which shall:constitute .one and the same agreement. Section 8.05. Section Titles. Titles of Articles and Sections are for convenience of reference only and shall not alter or control the meaning of this Agreement as set.forth in the text. IN WITNESS WHEREOF, the parties hereto have hereby executed this Agreement as of the year and date written above. STATE OF MINNESOTA ) ss. COUNTY OF DAKOTA ) The foregoing instrument 1985, byaBrve Can -American Realty _Corporate _Partnership, a Minnesota limited STATE OF' MINNESOTA ) ss. COUNTY OF DAKOTA ) CINNAMON RIDGE LIMITED PARTNERSHIP By Can -American Realty Corporation General Partner By Bryan L. Weber (Vice President, Development THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EAGAN 0 Chair By Executive Director was acknowledged before me this day of L. Weber. the Vice President. Develooment of g, general partner of Cinnamon Ridge Limit partnership on behalf of the limited partnership. Notary Public The -foregoing instrument was acknowledged before me .this day of 1985, by , Chair, and , i-ExieLutivx':t etor:'D14n f.-''$oasing--mid=$edev-aeinpummf,„thurty.in:and:7nrAhe City of Eagan, on behalf of such authority. Notary Public Y 13 EXHIBIT A TO INTEREST RATE REDUCTION LOAN AGREEMENT The real property referenced in the foregoing document is located in the County of Dakota and is legally described as follows: -Outlot 'A, Cinnamon Ridge -Addition to the City of Eagan, according to the plat thereof now on file and of record in the office of the County -Recorder imand, for: Dakota County, Minnesota. �3 14 EXHIBIT B TO INTEREST RATE REDUCTION LOAN AGREEMENT Form of Second Mortgage j[To be Supplied] EXf1IBIT C Certification of Tenant Eligibility I/We, the undersigned, being first duly sworn, state that I/we have read and answered fully and truthfully each of the following questions for all persons who -are•to:occupy the -unit in:the, above apartment development for which application is made. TENANT. '.'(Please:print,-using full.name) '-Name. of.Tenant. (Head of Family): Social Security No. Name of Spouse:_ Social_Security No. RENTAI;.UNTT: Phone Street, Address: Unit No.: City: Zipcode: , Date of Occupancy of Rental Unit by Tenant: Date of Lease Signed for Rental Unit by Tenant: Certification Date (Earlier of Date of Occupancy or Date Lease signed): L' ' OCCIIPANTS OF RENTAL UNIT. __-Head of -Family: -Birthdate -Age B., Spouse: Birthdate_- Age C. , --Other=:family-zmembers (including fall;minors),.who .will11ve_ in -the -rental units: 1. First and Last Name "Birthdate Afire Relationship Exhibit C G �5 Page 1 (a) Will all of the persons listed in column 1 above be or have they been full-time students during five calendar months of this calendar year at an educational institution (other than a correspondence school) with regular faculty and students? Yes No (b) Is any such person (other than nonresident aliens) married and eligible to file a joint federal income tax return? Yes No II. ANTICIPATED ANNUAL INCOME. Please list the anticipated total annual income from all sources of each family member listed in Section I for the .twelve mouth period beginning on the Certification.Date listed above: (a) _IncludinE! all -wages and salaries, .overtime _pay, :commissions, fees, tips and bonuses before payroll deductions; net income from the operation of a business or profession or from the rental of real or personal property (without deducting expenditures for business expansion or amortization of capital indebtedness); interest and dividends; the full amount of periodic payments received from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other similar types of periodic receipts; payments in lieu of earnings, -such-as unemployment and disability compensation, workmen's compensation and severance pay;. -the maximum amount of public assistance available to the above persons; periodic and determinable allowances, such as alimony and childsupport payments -and regular contributions and gifts received from persons not residing in the dwelling; and all regular -pay, special pay and allowances of a member of the Armed Forces (whether or not living in the dwelling) who is the head of the household or spouse, but {b) ::.�:xC1IId171PCHsaali '��nL'—^anonlnr• mmn,mtclhat-are specifically for or in reimbursement of medical expenses; lump sum additions to family assets, such as inheritances, insurance payments Exhibit C 6�1 Page 2 (including payments under health and accident insurance and workmen's compensation), capital gains and settlement for personal or property losses; amounts of educational scholarships paid directly to the student or the educational institution, and amounts paid by the government to a veteran for use in meeting the costs of tuition, fees, books and equipment, but in either case only to the extent used for such purposes; special pay to a serviceman head of a family who is away from home and exposed to hostile fire; relocation payments under Title [I of the Uniform Relocation -Assistance and Real Property Acquisition Policies Act of 1970; foster.chUd care payments; the value -of coupon allotments for the purchase of -food pursuant to the Food Stamp Act of 1964 which is in excess of the amount actually charged for the allotments; and payments received pursuant to participation in ACTION volunteer programs, is as follows: Anticipated Total Name of Family Member IncomeforTwelveMonth Period S S (Please list all family members; if any family -members are notexpectedto earn -any tncome during the twelve month period, indicate "-0-" in the right hand column) III. SOURCES OF INCOME. List sources and amount of all income for all family members listed in Section I including.salary income (provide name of employer), welfare re other _:public.wsisstan" pensions, interest, social security payments, rents, alimony and child support, any anticipated capital gains, etc: Name of Family Member Source of Income Amount per Month S S $ Exhibit C Page 3 IV. NET FAMILY ASSETS. Please give the following information with respect to all family members listed in Section I: A. Any savings accounts? How many? Name of Account holder(s) and the Name of Bank(s): Total Amount $ B. Any checking accounts over $100.00? Name of bank(s): Total Amount $ C. All cash on hand (other than savings and checking Accounts): $ D. Value of any real estate owned: $ E. Balance of any contract(s) $ F. Value of any business equipment owned: $ G. Amount of any mortgages owned: $ H. - Value,of.all.stocks,.bonds or. other- securities: $ L Money due from others or held by others for you: $ J. Amount of any prepaid funeral trust account: $ K. Current value of other assets (such.as automobiles, boats, trailers, snowmobiles, motorcycles, etc.): $ Total Assets $ The above information is full, true and complete to the best of my knowledge. I have no objections to inquiries being made for the purpose of verifying the statements made herein. Exhibit C 4� Page 4 n I acknowledge that all of the above information is relevant to the status under federal income tax law of the interest on bonds issued to finance construction of the Projects for which application is being made. 1 consent to the disclosure of such information to the issuer of such bonds, the holders of such bonds, any trustee acting on their behalf and any authorized agent of the Treasury Department or Internal Revenue -Service. . < Date.., :.Signature :STATE OF: MINNESOTA ) ss. COUNTY OF ) Subscribed and =sworn .. to. before. me.this. ,day,of , (SEAL) Notary. Public Exhibit C �cj Page 5 FOR COMPLETION BY APARTMENT OWNER ONLY: 1. Calculation of eligible income: (a) Enter amount entered for entire household in I above: $ (b) If the amount entered in IV above is greater than $5,000, enter the greater of (1) the amount entered in III less the amount previously entered in II and (ii) 10% of the amount entered in IV: $ (c) TOTAL ELIGIBLE .INCOME (Line 1(a) plus line 1(b)): 2. The amount entered in 1(c) is (check one): Less than $ which is the maximum Adjusted Family Income as that term is defined in the Interest Rate Reduction Loan Agreement (the "Agreement") for the low- income units described in Section 5.02 (a) of such agreement. More than the above-mentioned amount. 3. Number. of apartment unit assigned: 4. Monthly rent: $ 5. This apartment unit (was/was not) last occupied for a period of 31 consecutive days by a person or persons whose Adjusted Family Income, as certified in the above manner, was equal to or less than the maximum Adjusted Family Income amount at which a person would have qualified as a Qualifying Tenant under the terms of the Declaration. The Unit: Qualifies as a low-income unit under Section 5.02(a) of the Agreement Does not qualify as a low-income unit under -Section 5.02(a). of the Agreement Manager Exhibit C %9 Page 6 Council Minutes July 2, 1985 [i!' ^� m V 12<- „`:* C. CINNAMON RIDGE PROJECT - TAX INCREMENT FINANCING The public heating covering the application of Can American Group for tax increment financing district and interest rate reduction project for Cinnamon Ridge apartment project next came before the City Council. The Mayor opened the hearing and City Administrator Tom Hedges presented the application. He stated that the programs meet the guidelines that were set forth by the City Council in 1984-85 and that the City's fiscal consultant, Marsha Cohodes from Miller b Schroeder Municipals, Inc. and Stan Kehl, Bond Counsel from Holmes and Graven were present. He further noted that meetings had been held with staff members and the applicant and the general perameters for a development .agreement with -.Can American had been detailed.. . He mentioned.that if the :interest rate .reduction program is approved, that the City and all other taxing jurisdictions will receive the base amount of taxation existing today on the property along with 50% of the new taxable rate. The remaining 50% becomes a tax increment, which is used by the Can American Group to reduce rental rates by approximately $42.00 per month, according to their information. A 50% increment is returned to the City at the end of 10 years or upon sale of the project, which can be used in total by the City's NRA or City Council. The projected tax increment provided to. the City at the end of .10 years is $1,494,253.00 according to .assumptions provided by..Miller 6 Schroeder. Bryan Weber of Can American was present and made a presentation explaining f- the proposal including the proposed development agreement. Councilman Smith questioned the 5% interest factor, and further asked how the City could be assured of an arms -length sale at the end of 10 years, or prior to the end of the 10 year period. Stan Kehl stated that a provision for an independent appraisal at the time of such sale, or at the end of 10 years, will be provided. Councilman Wachter asked whether lower rents would result because of the financing and according to Mr. Weber, this would be true. Mr. Wachter further stated that it was his opinion that the original rates appeared to be excessive for-vhat was intended. He was farther concerned about the quality of construction because of the involvement of the City taxpayers, and stated that there would be no assurance of increase in value. Councilman 3 gaa atated:that-the-decision is a-suhjective one, made by the City Council as to whether a comparable project can be developed on the parcel without tax increment financing. After discussion, Smith moved, Thomas seconded the motion to approve the -mpplicatina :fm ta--i-mcrement-iinancmg-and—intereat-rate-reduction-program -for .ihe..V4,�„� •,n_Rid$E�r43�t� Bubjeeits._the_iolloiaiag.r�ne,r�ons: 1. The applicant will comply with all City, State and Federal regulations regarding the tax increment and interest rate reduction program requirements. 2. A development agreement will be entered into between the applicant and the City outlining all necessary provisions for the program. 3. An independent appraisal will be provided at the time of sale or at the end of the 10 year period to determine the fair sale price. . 7/ 6 Council Minutes July 2, 1985 Those in favor were Thomas, and Wachter. Smith and Egan; those against were Blomquist WESTBURY 1ST ADDITION - WAIVER OF PLAT S VARIANCE The application of Gabbert Development Company for waiver of plat to adjust side lot line between Lots 5 and 6, Block 5 and a 7 foot setback variance to Lexington Avenue was presented to the Council. Dave Gabbert was present and Dale Runkle detailed the application. The Advisory Planning Commission recommended approval. After. discussion, Smith _moved, Egan seconded the motion to approve the application, noting that the City Council -had denied the application for variance, and that the 50 foot setback requirement had been overlooked by all persons reviewing the plat originally. The approval was subject to the following: 1. Houses shall be designed and located to meet all the setback requirements. No variance shall be granted for Lot 5. 2. All city ordinances and requirements shall be adhered to. 3. -All drainage and --utility easements shall be,vacated.and. relocated -to conform with the new lot line. Thomas, Smith and Egan voted yes; Blomquist and Wachter voted against. E -Z AIR PARR - CONDITIONAL USE PERMIT - PYLON SIGN The application of Nordquist Sign Co. for conditional use permit for 27 foot high pylon sign in Plainview Addition for the E -Z Air Park was next heard.. The Planning Commission at its May 28, 1985 meeting recommended _approval, subject -to conditions including reduction in the size of -the sign to .125 -square feet_ _Dale Runkle reviewed the application and a representative of the applicant was present. Wachter moved, Smith seconded -the-motion'to .approve the application, subject to the following conditions: 1. The sign shall not .exceed 27 feet in .height. 2. The sign shall be located at least 10 feet from any property line. 3. All other City ordinances and requirements shall be adhered to. - 6. The signs shall -be oriented perpendicular -to the I -35E right-of-way in _mder..:to .--imi za.,exposure . -to ..the -.fTEEYaf. _.�d._e.minimi-a ..thedupact -on -the .. _.zdiace t =ezid®res. - 5. The sign shall not exceed 125 square feet per side. All voted in favor. %Z✓ tl THE EAGAN HOUSING AND REDEVELOPMENT AUTHORITY RESOLUTION BEING A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTEREST RATE REDUCTION LOAN AGREEMENT IN CONNECTION WITH THE TAX INCREMENT FINANCING PLAN FOR A TAX INCREMENT FINANCING DISTRICT (CINNAMON RIDGE HOUSING PROJECT) BY THE EAGAN HOUSING AND REDEVELOPMENT AUTHORITY. WHEREAS, the City of Eagan (the "City") has adopted a multifamily housing development program (the "Program'l and proposes to issue housing revenue bonds (the "Bonds") pursuant to Minn. Stat. Section 462C.07 in order to finance the Program; and WHEREAS, the Minnesota Housing Finance Agency (the "MHFA") has reviewed and approved the Program; and WHEREAS, The Eagan Housing and Redevelopment Authority (the "Authority") is authorized to undertake interest reduction programs to assist the financing of construction of rental housing units which are primarily for occupancy by individuals of low or moderate income in accordance with Minn. Stat. Section 462.445, Subds. 10, 11, Ila and 12; and WHEREAS, the City has considered an Interest Reduction Program to assist the financing of the multifamily housing .development to be financed with the Bonds (the "Interest Reduction Program") and has promulgated regulations for the Interest Reduction Program; and WHEREAS, pursuant to Minn. Stat. Sections 462.545 and 273.75, Subd. 4, the Authority is authorized to use tax increment to defray the costs of a project, including an interest reduction program; and WHEREAS, in connection with the establishment of the tag increment _ htrict (the "District') by the Authority pursuant to the Minnesota Tax. Increment Financing Act, Mirm. Stat., Sections 271.71 to 273.78 inclusive (the "Act'), the approval by the Board of Commissioners (the "governing body") of the Authority of the tax increment plan is _required by the local governing body before it will consider for approval said plan; and WHEREAS, there was presented to a meeting of the governing body of the Authority for its consideration and approval, a copy of an interest reduction program project plan and a tax increment plan for the district dated May 1, 1985, which plan is. entitled Interest Reduction Program Project Plan and Tax Increment Financing District -Plan for the Cinnamon-Ridge.Housing Project (the "Plan"); and ''WHEREAS, the Authority prepared the Plan and sabh ttted the Plan to the City Planning Commission of the City of Eagan (the "Planning Commission") for its review and opinion and to the Board of Commissioners of Dakota County for their review and comment; and 73 WHEREAS, by the passage of a Resolution of the Board of Commissioners of the Authority, dated June 18, 1985, the Authority approved and adopted the Interest Reduction Program Project Plan and Tax Increment Financing District Plan for the Cinnamon Ridge Housing Project; and WHEREAS, in order to carry out the terms and conditions of the Plan, the Authority proposes to enter into an Interest Rate Reduction Loan Agreement (the "Agreement") with Cinnamon Ridge Limited Partnership, a Minnesota limited partnership (the "Developer"), pursuant to which the Developer will be obligated to repay the amounts advanced to the Developer by the Authority in accordance with the Plan: NOW, THEREFORE, BE IT RESOLVED BY the Board of Commissioners of The Eagan Housing and Redevelopment Authority: Section 1. The Chairman and the Executive Director of the Authority are hereby authorized and directed to execute and deliver the Agreement and, when executed and delivered as authorized herein, the Agreement shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Agreement shall be substantially in the form on file with the Executive Director on the date hereof, and is hereby approved, with such necessary variations,. omissions, and-insertions'as do not materially affeet.1he substance of the. -transaction sand. as the Chairman -and the Executive. Director, .in. their discretion, shell determine; provided that the execution thereof by the Chairman and Executive Director shall be conclusive evidence of such determination. Section 2. The Board of Commissioners of the Authority, officers of the Authority, and attorneys and other agents. or employees of the Authority are hereby authorized to do all acts and things required of them by or in connection with this resolution and the Agreement and the other documents referred to above for the full, punctual, and complete performance of all the terms, covenants, and agreements contained in the Agreement and the other documents referred to above, and this resolution. Section 3. If for any reason the Chairman of the Board of Commissioners .of -the -Authority is unable to execute and deliver the Agreement.referied to in this Resolution, any other member of the Board of Commissioners of the Authority may execute and deliver such document with the same force and effect as if such documents was executed by the Chairman. If for any reason the Executive Director of the Authority is unable to execute and deliver the Agreement referred -to -in this Resolution, such document -may-be executed and delivered by any other member of the Board of Commissioners of the Authority or the DeputyExecutive Director with the same force and effect if such documents were executed and delivered by the Executive Director of the Authority. Section 4. All costs incurred by the Authority in connection with the . i:eaemtion and _delivery of -the Agreement or: any athee mpeement_morinstimment relative to -the Agreement, shall be paid by the Developer or reimbursed by the Developer to the Authority. Section S. This resolution shall be in full force and effect from and after its passage. * 2 Adopted by the Board of Commissioners of The Eagan Housing and Redevelopment Authority this 5th day of November, 1985. Attest: Motion made by: :--Seconded' ,by.,,. Date: ,5 3 Agenda Information Memo November 6, 1985, City Council Meeting Page Eighteen CONDITIONAL USE PERMIT/BEER & WINE LICENSE/SLICERS PIZZA .-A. 'Conditional Use Permit to .Allow Beer.& Wine in a CSC (Community Shopping Center) Zone and On -Sale Wine and Beer License for 'Slicers -Pizza Restaurant -- An 'application )was received by Slicers Pizza_.Restaurant .for .a. beer...and .wine. -license. ._.The .Eagan Police +.:Department:; -has -:investigated-:the ..owners,.. -:Thomas. -Miller .:and -James :.:`.Driscoll, -::and .:find . no reason to deny .-the -application. :- -A copy -of---the"investigation is'=enclosed -on page ��� For. -.a: -copy -of the -liquor -license application, refer to the attachment- without page number. ACTION TO BE CONSIDERED ON THIS ITEM: To approve or deny the - -_on-sale--wine_and beer license for Slicers Pizza Restaurant. 76 3930 Pilot Knob Road Eagan, Minnesota 55122 October 15, 1985 TO: THCMAS..HEDGES.,.CITY. ADMINISTRATOR FROM: PATRICK GEAGAN, ADMINISTRATIVF, CAPTAIN t�lY SUBJECT: LIQUOR LICENSE APPLICATION SLICER'S PIZZA RESTAURANT 2113 CLIFF ROAD. EAGAN 'The Eagan Police Department has investigated the owners,.'Phomas Miller and James.Driscoll, of -'Slirrer'-s Pizza in regards -to a Liquor: -.License Application.. We have also investigated Nancy Unker who will be the manager of Slicer's Pizza. We find no reason to deny application based on the background checks of the above named individuals. PG/ma 77 THE LONE OAK TREE... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY police department AV M. aEHTHE GN W Pdb PATRICK J. GEAGAN ' MnMnmYw 4pu:n w f KENNE TH O. AMANN 52 ]� cA a� dtv o _a `�`� Ow mSZ 3930 Pilot Knob Road Eagan, Minnesota 55122 October 15, 1985 TO: THCMAS..HEDGES.,.CITY. ADMINISTRATOR FROM: PATRICK GEAGAN, ADMINISTRATIVF, CAPTAIN t�lY SUBJECT: LIQUOR LICENSE APPLICATION SLICER'S PIZZA RESTAURANT 2113 CLIFF ROAD. EAGAN 'The Eagan Police Department has investigated the owners,.'Phomas Miller and James.Driscoll, of -'Slirrer'-s Pizza in regards -to a Liquor: -.License Application.. We have also investigated Nancy Unker who will be the manager of Slicer's Pizza. We find no reason to deny application based on the background checks of the above named individuals. PG/ma 77 THE LONE OAK TREE... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Agenda Information Memo November 6, 1985, City Council Meeting Page Nineteen WAIVER OF PLAT/DEBRA 8 DAVID BAILEY B. Waiver of Plat for Debra & David Bailey for a Lot Split on Lot .2., Carlson .Acres -- An :application was made by ,David and Debra Bailey .for a waiver of plat for :L-ot .2., .Carlson Acres. For -a copy of this waiver of plat application, refer to the 'City Planning 'Department report -found on pages through F/ `:ACTION": TO 5M --CONSIDERED -ON 'THIS, 'ITEM: -To "approve or-=deny..the waiver-of:.-plats­as,presented. 110 CITY OF EAGAN SUBJECT: WAIVER OF PLAT APPLICANT: DAVID & DEBRA BAILEY LOCATION: LOT 2, CARLSON ACRES, NE; OF SECTION 28 EXISTING ZONING: R-1, SINGLE FAMILY DATE OF PUBLIC HEARING: OCTOBER 22, 1985 'DATE OF.REPORT: OCTOBER 15, 1985 REPORTED BY: JIM STURM APPLICATION SUBMITTED: An application has been submitted requesting a Waiver of Plat in order to split 1 lot into 2 separate lots in Carlson Acres south -of Diffley Road. ;COMMENTS.: ".The subject .:lots has- a .total of .39,762 sq. ft. Parcel .'A (where existing house .-is) will --become 21,:869 sq -ft and parcel 'B -will be'. 1-7,093 sq 'ft. The placement of a proposed. house on parcel B exceeds all City setback requirements. County Road 30 (Diffley Road) will shift somewhat to the north when the improve- ments take place. A secondary service drive will be located south of .the new road, close to what is the existing Diffley Road. This service drive will eliminate direct access to the improved Diffley Road and hopefully create a single safer access point. The County has assured City Staff that access to these lots will be provided during the construction process. If approved the Waiver of Plat shall be subject to all applicable ordinances. �7 A \.L .. IIT rl � • ..�0 W OO IA' •vl plq :.I. Oq1 �WgII TI .1 MII L..T� y� m IML m. ���mle�wLnll w Go Agenda Information Memo November 6, 1985, City Council Meeting Page Twenty FOUNDATION PERMIT/CINNAMON RIDGE 7TH ADDITION C. Foundation Permit for Cinnamon Ridge 7th Addition, Can American -- The City has received a written request from the developers of the proposed Cinnamon Ridge 7th Addition for the issuance of a foundation permit at the time of final plat approval. In the past, the Council has authorized the issuance of a foundation permit subject to verification that all final plat documents have been submitted to the County for recording. This .is to insure that the development is not delayed due to potential backlogs in processing the final plat for recording at the County. However, the staff continues to strongly recommend that foundation permits not be issued prior to the plat being released by the City for recording. This is due to the fact that once final plat approval has been granted by formal Council action, there are significant financial requirements that must be fulfilled by the developer before the City will execute the final plat documents and release them for recording at the County. In _.reviewing this request, it is felt that the 1-2 day delay that 'would .be created by .maintaining our past policy will not be detrimental to the liability of this proposed development. ACTION TO BE CONSIDERED ON THIS ITEM= To approve/deny the issuance of a foundation permit prior to the receipt of final plat applica- tions for recording at the County. N Agenda Information November 6, 1985, Page Twenty -One Memo City Council Meeting SPECIAL PERMIT/ADVERTISING SIGN/LOREN SPANDE D. Special Permit for Advertising Sign, Loren Spande, Developers Construction -- .An application was made by :Loren Spande for .Developers 'Construction, Inc.., to locate a .sign ,for Birch Park. The sign will be located on the southeast corner of Pilot Knob Road and Deerwood Drive and the dimensions of the sign are proposed ..at A' x.- 8' -.with the.. height :,being 7.'.. - For _additional _information on .this:: -item,_ -refer: to -the Planner.'s:.:report,. a :copy.::is_:attached :.on .pages through ACTION TO BE ':CONSIDERED ON THIS ITEM: To approve .or - deny -.the special permit for an advertising sign for Loren Spande, Developers Construction, Inc. SUBJECT: APPLICANT: LOCATION: EXISTING ZONING: DATE OF PUBLIC HEARING: 'DATE OF REPORT: CITY OF EAGAN SPECIAL PERMIT DEVELOPERS CONSTRUCTION SW; SECTION 22 R.O.W./P.F. PUBLIC FACILITIES NOVEMBER 6, 1985 OCTOBER 31, 1985 REPORTED BY: JIM STURM APPLICATION: An application has been submitted for a Special Permit to allow a directional sign southeast of the intersection of Pilot Knob Road and Deerwood Drive adjacent to St. John Neumann property. ::COMMENTS,: 'The :subject sign. is two directional, non -lighted and will measure approximately 4' x 8'. - This 7' high sign will be in the 70' half right-of-way but still 59' from the center line of Pilot Knob Road and 64' from the center line of Deerwood Drive. Sunshine Construction had a sign 42' from .the center line of Pilot Knob Road but that was removed in the recent brush clearing by Dakota County Electric. St. John Neumann has given permission to Developers Construction to place the .sign on their property if so desired. Note: The applicant explained that this sign will be temporary as its intended use will be 1 year to 1' years only. Ifapproved the sign shall be subject -to the one time -sign fee of $2.50 per sq. ft. and all other applicable ordinances. y4z NO r Y CIO SPECIAL MOTE TO PUBLIC: The City Council Meeting is being held on Wednesday, November 6, due to the Municipal Election. AGENDA REGULAR MEETING EAGAN CITY COUNCIL EAGAN, MINNESOTA CITY HALL NOVEMBER 6, 1985 6:30 P.K. .I. '.6:30 -.ROLL CALL & PLEDGE OF AIJ =TA>rCE 'II. 6:32•- ADOPT AGENDA & APPROVAL OF MINUTES III. 6:35 - EXCELLENCE IN EDUCATION PROCLAMATION �• IV. 6:40 - RECEIVE BIDS/AWARD $9,500,000 G.O. IMPROVEMENT BOHM OF 1985 P • 3 V. 6:45 - CANVAS OF MUNICIPAL ELECTION BALLOTS - P • 3 -IFI. .6: 50� - DEPARTMENT HEAD . BUSIREss . P-4 A. Fire Department B. Police Department VII. 6.55 -.CONSENT AGENDA 'C. Park & Recreation Department D. Public Works Department S A. Contractors License P , 7 B. Project 454, Receive Feasibility Report/Order Public Hearing (Ashbury Road - Streets & Utilities) P. ") C. Project 466, Authorize Feasibility Report, Pilot Knob Road (35E to Cliff Road) D.g D. Project 465, Receive Petition/Order Feasibility Report (Rahn 1 Ridge Trunk Storm Sewer) O. E. Approve Final Plat, Cinnamon Ridge 5th & 6th. Additions (Zachman 1 Development Company) F. Approve Final Plat, Cinnamon Ridge 7th Addition (Cinnamon Ridge ' _Limited Partnership) .P..13 .-G. .Approva Final.Plat, Dorwest.2nd Addition (Narmest.Properti.es, Inc. ) P.15 H. Contract 85-15, Approve Change Order #1, (Royal Oaks Circle - Streets & Utilities) P.15 I. Contract 85-15, Approve Change Order #2, (Royal Oaks Circle - -Streets .& Utilities) P. T: "Contract 82=C & B4=E,.Final_Acceptance CftobRil'l & Knob Hi -11 . %Yrafeasiona Park) '44,eceive1pot/Orderullieai'(ffNeb, "7C. 'Project !Ponds Storm Sewer Outlet) Pj(o L. Project 450, receive Report/Order Public Hearing (Williams & LaRue Addition - Utilities) P.11 M. Approve Cinnamon Ridge Planned Unit Development Agreement Amendment (Cinnamon Ridge 7th Addition) VIII. 7:00 - PUBLIC HEARINGS P•17 A. Public Hearing for Industrial Development Bonds for Greensbrough I (Greensbrough Associates) in the Amount of $600,000 P. 2.S B. Public Hearing for Industrial Development Bonds for Greensbrough II (Greenbrough Associates) in the Amount of $600,000 IS. OLD BUSINESS p.aV A. Preliminary Plat, Windtree 6th Addition (Richardson Properties, Inc.) Consisting of 15 Single -Family Lots on 6.8 Acres (SE 1/4 of SW 1/4, Section 13-.Elrene & Wescott Roads) f)..310 B. Final Resolution .for Industrial Development Bonds for'XHPP Partnership in the Amount of $400,000 P.37 'C. Final Resolution for Cinnamon Ridge 7th, (Can American), Multi - Family Housing Revenue Bond in the Amount of $11,350,000 X. BRA P.4Y. A. Interest Rate Reduction Loan Agreeemnt, Cinnamon Ridge 7th (Can American, General Partner) 76 A. Conditional Use Permit to Allow Beer & Wine in a CSC (Community P, Shopping Center Zone and On -Sale Wine and Beer License for Slicers Pizza Restaurant B. Waiver of Plat, Debra and David Bailey, for a lot split on Lot 2, Carlson Acres, Located in Part of the NE 1/4 of Section 28, off Diffley Road P p�- C. Foundation Permit, Cinnamon Ridge 7th, Can American pj D. Special Permit for Advertising Sign, Loren Spande, Developers P Construction am VISITORS TO BE HEARD (for those parsons not an the agenda) EIT. SPECIAL. RECOGNITION SPECIAL RECOGNITION/EAGAN CONSTRUCTION/GRESSER INC. BERWALD ROOFING/WENZEL-HILITE CORPORATION The City solicited a quotation from Gresser Inc.., to construct the Municipal Center 'identification sign located on Pilot Knob :.Road -and.. -west ..of. the . City Hall/Police _Department. Building.. Mr. Gresser :inclicated ;;mt'.r the .time .the 'quotation.. was :,accepted,:. -by. -.,the City- -that the job would be constructed during slow periods o£ time by" his company" acting as the general contractor --and -in -turn for the City's patience, a part of the work construction would be donated to the City. The City has received a letter (a copy is enclosed for the Council) stating that Eagan Construction, Inc., Gresser, Inc., Berwald oofing Company and Wenzel-Hilite Corpora- tion decided .to donate all their work on the construction of the City of Eagan Municipal Center identification sign. The. ,total-., donation .form;.the sign .is ..$9,.591. __All..four of these companies .have :performed ..a. -significant _.amount:.:of -.:work :.within -.-the ..City of --Eagan__and'`both:.:l7ayrrr BYomquis.t: _:and ::the:._C.i-ty _ Aclmim;trat-= felt .a .special ..recognition .for individuals -,representing.-each -�of these companies would .be in .order on Wednesday evening. A copy of the bill is.also enclosed for review-by_the..City•Council. ACTION TO BE CONSIDERED ON THISITEM:- A formal motion to accept the donation for the Municipal Center identification sign and provide any praise and thanks to the three different contractors to be officially recognized. MEMO TO: HONORABLE MAYOR & CITY COUNCILMEMBERS FROM: CITY ADMINISTRATOR HEDGES DATE: NOVEMBER 1, 1985 SUBJECT: AGENDA INFORMATION After approval is given to the October 15, 1985, City Council minutes, and October 7, 1985, special minutes of the joint meeting between the Council and the APC, action is in order to .approve the agenda for the November 6, 1985, City Council meeting_ JUCATION-PRUCLAMATIC EXCELLENCE IN EDUCATION DAY PROCLAMATION - ROSEMOUNT HIGH AND VALLEY MIDDLE SCHOOLS On Wednesday, November 13, Rosemount High School and Valley Middle School will each receive a plaque recognizing them for "Excellence in Education_" A representative of the United States Department of Education will present the awards_. :Students from Eagan attend both these 'school -s- -The 'Mayor -h-as received ;a request. from .Dr. Thomas F_ Wilson, Principal of Rosemount High School, for the City of Eagan to proclaim Wednesday, November 13, as Excellence in Education Day in Eagan, Minnesota_ For your information, a copy of the proclamation .is enclosed on page ;L, Enclosed in your packets without page number is a brochure about Rosemount High School. ACTION TO BE CONSIDERED ON THIS ITEM: To proclaim Wednesday, November 13, Excellence in Education Day in Eagan, Minnesota. ►J �►nmC dty of i 3830 PILOT KNOB ROAD. P.O. BOX 21199 EAGAN, MINNESOTA 55121 PHONE: (612) 454-8100 CITY OF EAGAN PROCLAMATION A good education is imperative for all citizens P . au ; wip—rium n. BEA BLOM9UIST Mayor THOMAS EGAN JAMES A, SMITH JERRY THOMAS THEODORE WACHTER Calci MerNlma THOMAS HEDGES City AMmr¢traa EUGENE VAN OVERBEKE City Cert It is critical for our.. schools .to strive for academic excellence with our youth The City of Eagan and its officers support quality education in our schools Valley Middle School and Rosemount High School have been recognized by.. the ., United . States .Department of Education _for Excellence _.in Education NOW THEREFORE Be it resolved that Wednesday, November 13, is.-hereby_declar ed to be EXCELLENCE IN EDUCATION DAY IN EAGAN, MINNESOTA Mayor -City Clerk Date THE LONE OAK TREE, ..THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Agenda Information Memo November 6, 1985, City Council Meeting Page Two Le�:rel I igrja I 9 BID AWARD/$9,500,000 G.O. IMPROVEMENT BOND At the October 15, 1985, City Council meeting a bid letting was set for -noon, November 6, 1985, to consider $9.,500,000 of G.O. improvements bonds of 1985. The .City's fiscal consultant, Mr. Ernie Clark, City Councilmember Smith, Director of Finance -VanOveibeke and 'City Administrator Hedges made a presentation ,,before -.the .two .sating .agencies, Standard & Poors. and Moody's, in -:an effort -to, - increase the a -City's• -bond _:rating....from _.an .A .to .-6A+.-and 'Al,. -respectively. =:Our bond, .rating was increased -from .A to -A+ by-Standard--'&-Poors-but the -rating -remained an A with Moody's. . Assuming favorable bids will be received on November 6 -and -after an evaluation of the bids by the City's fiscal consultant, Director of Finance and City Administrator, a recommendation will be made to the.City.Council. :.ACTION- TO BE. -:CONSIDERED _ON._THIS..'.ITEM: .._.To'...approve _or _deny a -favor- -able .bid .for _the..sale of_.$9.,.500;-000... of ..General...Dbligation._Improve- .men.t-:bonds..in._19B5 _ 'CANVAS OF -MUNICIPAL ELECTION BALLOTS According to Minnesota State election laws, each City Council is required to canvas the municipal election ballots for the previous election. The City Clerk, Mr. Gene VanOverbeke, will be present with the proper election results for the purpose of canvassing the ballots. :' _W=N --TO 'BE - CONSIDERED ON THIS ITEM: _=for..the 1985 Muni cipal_Election. 91 To canvas the .ballots Agenda Information Memo November 6, 1985, City Council Meeting Page Three n WD>1DTMVK1M U it 11 OTIC TNCCC A. FIRE DEPARTMENT There are no items to be considered under Fire Department at - -_this _time. '__B_ " ..P.O= -DEPARTMENT There are no items to be considered under Police. Department -at this time. C. PARKS & RECREATION DEPARTMENT There are no items to be considered under Parks & Recreation Department -at .this time. - ___:D_.: _pDSLZC':.WDRKS )EPARTMENT There 'are no items to be considered under Public Works ..Department at this time. Agenda Information Memo November 6, 1985, City Council Meeting Page Four There are thirteen, (13) items on the agenda referred to as consent items requiring one (1) motion -by the City Council.. " If the City Council wishes to discuss any of the items in .further detail, those items should be removed from the consent agenda and placed under 'Additional Items unless -the discussion required is -brief. _CONTRACTORS'LICENSE 'A:""""Contractors '••License --Enclosed on page 4) is --a -list-of`contrac- tors who are renewing or who have been selected and _retained as the builder by a customer either living in or planning --to reside in Eagan. These contractors have references from other municipalities or their client permit applications are awaiting City Council approval -.for a contractor license. -:ACTION . -TO HE CONSIDERED .ON.._.THIS ._ITEM: To _approve the contractor .licenses. -as :presented_- CONTRACTOR'S LICENSE NOVEMBER 6, 1985 GENERAL CONTRACTOR: 1. AMERICAN ESTATE HOMES, INC. 2. BASIC BUILDERS, INC. 3. O. CARISON CONSTRUCTION EVENSON 5. MARICR:BUILDERS, INC. 6. MICHAEL CONSTRUCPION, INC. ..7. NOLAN BROTHERS„ INC. 8..,.,,P -Dom N Col. S. r':WA=. CON.SPMCTION HOMEOWNERS: 1. 'MARK:&_LINDA POSTIER HEATING & VENTILATING: 1. BLAINE HEATING, AIR CONDITIONING & ELECTRIC, INC. 2...:.MIDWESIERN. MECHANICAL I UMING: I- , MC DC MM .PLU43ING,. INC. 0 Agenda Information Memo November 6, 1985, City Council Meeting Page Five FEASIBILITY REPORT/PUBLIC HEARING/ASHBURY RD B. Project 454, Receive Feasibility Report/Order Public Hearing (Ashbury Road - Streets s Utilities) -- In response to a petition received from the. affected property owners, .the City Council authorized the preparation of a feasibility report for the installa- tion of streets and -utilities -for 'the extension of Ashbury Road .._from.. the._Blackhawk. Glen Addition _to .Blue Cross. Road. .-This report _has _:now. been :.completed. and-. Is ..being .-.pr.esented_ to:. --the :Council for_:their=review and --scheduling of a public hearing. ACTION -'TO"-BE 'CONSIDERED ON THIS ITEM: '-Receivethe--- feasibility report for Project 454 (Ashbury Road - Streets' and Utilities) - and schedule the public hearing to be held on December 3, 1985. -FEASIBILITY REPORT/PILOT KNOB ROAD 'C_ Project. 466, Authorize -Feasibility•:Report (Pilot Knob Road --,-35E to +Cliff Road')- --. As a ••part• of the} Dakota County's Five -Year Capital Improvement Program (CIP) they are proposing to upgrade Pilot Knob Road to a four -lane urban design standard during 1987 from I -35E to Cliff Road. The County has already selected a consultant and has initiated preliminary survey and design -work. In order for _the. City to properly evaluate the impact _......of _this. _proposed _improvement, --It _is_ necessary .to .prepare . a -feasi- --:: biii.ty report -which -is - .now -being requested "by the .Director -of —Public .Works. ACTION .TO .BE .CONSIDERED ON.THIS _ITEM: To authorize the -preparation of _a,_feasibility...report _for .Project.A66 :(Pilot_'.Snnb Road_ --..35E "to_.Cliff_Road)_ 7 Agenda Information November 6, 1985, Page Six Memo City Council Meeting PETITION/FEASIBILITY REPORT/RAHN RIDGE D. Project 465, Receive Petition/Order Feasibility Report (Rahn Ridge Trunk Storm Sewer) -- We have received a petition from the owners of the property proposed to be developed as the Rahn Ridge Addition -requesting the preparation of a feasibility report to discuss the installation of the trunk storm sewer outlet for the City's 'Pond AP -29 located immediately east -of the Vienna Woods :Addition. ..All .costs...associated with the preparation of thisa-report -.have.--been. .guaranteed ,by the. petitioner._:should.:the project :not .be'.approved at. _the _time .of the public hearing. ACTION - TO BE'`CONSIDERED ON THIS -ITEM: "To receive -the-petition and authorize the preparation of a feasibility report for Project 465 (Rahn Ridge trunk storm sewer outlet). PLAT/CINNAMON RIDGE 5TH & 6TH ADDN. 'E. -Approve Final Plat,- Cinnamon :Ridge35th &- 6th •Additions (Zachman Development Company) -- We have received an application for final plat approval for the 5th and 6th Additions of the Cinnamon Ridge development as identified on pagesand /d . All final plat application materials as well as conditions placed on the original preliminary plat approval of June 2, 1981, have- -been _.complied with by. the .-applicant_ _and....found .-to. -be _in order- fcr favorable Council action- -ACTION - ction.-ACTION- TO --BE "CONSIDERED_ ON `THIS ITEM: To -approve -the final plat for .the Cinnamon Ridge 5th and 6th Additions as submitted by Zachman Development Company .and authorize the .Mayor and City _L:lerk.-.tn--e-xec ate ..all-. xelated..documents _ 1 I11�) EXHIBIT "A" PAGE 1 OF 2 PAGES': CINNAMON RIDGE..5TH Ir�A �InlgNrlI YYIA UIp" J'il plyjgllY•I 1"• YUw1A xYr1�111M 11{Y.M I•IYi LbnU •1 Y~Y 1'1••1• YIIaI ll:,�.•I•. 1• •11: YII.1 L Ualp nm! M bulla. Ilgpq n u• .Koro[ NN u1M1, •M U•1 I. 1 er Ylbl 6 WI Y••IO IIW •n Yollla, IIIA 1••nU\VIII W IrU•rl/ •1 W 1•IIYIq bl<r1YI IIA •Y 111 WNYIIKII rl4nllr: I�MIA K u. .dlMl I srw; Ir Kv Wn•1 4 YM1 Y . Y\WL Wlnq .{ wu a YIM• Y .IYUI 01 mnM• LI11�1.A N IYu•rb IIA II I'll YII.1 c [ I4uA• •1 111.11 IKI 1.U• 1 0l Yglmlq •I le• N N Yllrl•.•: Im• Idle 1 YIIIII 0\.Ilul.• OI I IONI W 1 11:1.11[. •I - to ..111 III I. ill 11 ...... 11 .IY111 a 111 MI W\1 • •qUM• •I 11.12 lyll K Idle 11 Ilryl. O I.KMI WII • IIIUMI 111[.Y Inl 1• NI wYK.11111 IIA 11 IK. WIUI L IA IIIL•1..II I.AIYIIA. W'•1K.n uM mrnMl"IYr4II YW 411111 El. ..at In momm W Y Mra1 MIaN U YI NIU. /x "Ill 4,.IIAu MKKI 111 Ia.. G il•r•A 4A•II\lY, 1 .IgUM Y InllI.."M Y Y . bl [YY1,a.a. .I1. •1 It. IAKI oIIIUI YII�YI J . U— In .IIAI. ANKI .•11 LYM .LII.AI IW, . All•A1 MA11IA .IIMIIIIb, W IY.N 0.1. r111M11 1. Y IIIM .I 11• InY. anlnn uq_Y ) .�. 4Ylol IW... Mal"., WIalaw bI 1\. v{aol 9•YW. YIIYY SUR I1: ' Y aWYll hall a w rx.pq ImIr+I r• al..N..1 blp In YU _a N 4aI• W.1•w.. YrHnHr, I Nr.Yu ugKK r. r • Y . r.. • 4 ��:•u iarilT-- r +• 1tm to Y W ma Maly n. rK.HIA unlrl. A..A.Imad IIrH.. ul. _Y/ 11 . U_ q G6"fKZ.ir1T3—i MIWa m m"iYzlaL... iRiLRielil r. N x.q a, er. MN ry [aw[N 1•TriT— I emer u•KM1 111 I n[ u^[I'N [M lilwa u1 wr4 xxi1W x Un .ln K tnIYM xal [M lmltla, uK un IxI1,IleNt111 <I r1 [ . wlKllr .11[N In11e[IIAPI 41~M[I INI nI• YIIIN WM[p TIMI' N MMrN111 or 1 Y[I.n[Ip en IM .1[IlY[ N[I UIN V[ b All[NI Y M[I It •Ilwpl Y M x11N11M •UI• NI[ II Nwn • [sTt .Imn•u liu,Y Y. 1 W" H 11nt to bWYq [.1I a IWO.. 1, M1urrn�.lAinneli 4[Mw,�s IIWYI Ki"rINM Wn Y 111—tl1 N . 11_, b ..nb t. bNr1 ryell[. M[MY WnII. ..1111.1111 b fe•IYIY Inlet MI 14 IW Y Y MrYr I•r1111 IYI A 1 �__ YI e1 I1� IM IIII tYYll .1 IIY., IIIMUI..YrnM ryrdn. N [YnNr iY, 1111 .) YINNY. IIII. NY NY Yl M INI.M1 411 FYI •1 N_ m Innis A: f6[G; O[� Y.�• ADDITION ! "u•r1 a•p Yr wa w Yw rw W wr N— hr w IM anlM n YY NY Y nWIP Y6l [q .[mala rA M 1111 Y Yla _YI •I Ire YNY 4p1I I�� r 611.4 Yw w •Y KrNK .r all FYI N , 11_ • .PdT•Tr"NIWI Yt1I.1 IIIc• 1 [[r..to IMI YlI 1••III�II MI IIIH 4 w •IIIH II IM (Y[V rgr[Ir Hr wM H uV SNI N_ 11 n. II _['[IYII H[•rH[ lI W. _ of N HN I eft.�nll• j i.� Yuu ww. urNu A OEM= 7* Ck• Tr'\[:IrJ:l"iS77i,T„x: i'lUl•!7” - Or= -:AAI' PLA'" U0. 1940 1 aiY iY a /i 'jiJ • BLOCK I - 4TH 1 N —rmm YyL 1l N ----===F- C, Y �J \r� i ii li l • 8 C, IY L --2&1a_ J J ■ —�'4�0;j' 00.00'N•f IIIJII d. IT03 15 Y.lal.a• I I V 1 V M IYi Ci i111 mloalf YORIM YWYII 11 N li i 7 1 U N W a INA, ,11•,, Il II -1 /1 I a. I 1 Wup.x lql - l O IRI1 IT [ 1.• IO oxam gllgn Y[ Yq OYp1 R IIIL 11m, I. Yqn . I.l.[. q[M 1 01-.19 Iq U.S. lam npbw grans, m Ir • sOIO le InI.O[ IY� I ININNn Ya mHIY uv11 a.ggl YYs.. Ya�all•1 "o1AWIY' Igmnl,e Go a w til. JAMES R. EXHIBIT ''A" PAGE 2 OF 2 PAGES CINNAMON RIDGE ' 6TH ADDITION �a Jg - it�ai :j :1 I y 14 PLA. 4-r.. IIpOp'N'f „I.Of _ _\ t t '1 'ter si . • ��n F-foosrr. . C Lq � 4yp� +i -J -J J o- C f !. ,".: :: T: \ � i\ .fir• T..+r�Ift Al ' eunw w mun uvw.n • —1— L-1. e w"Its v1. 1 u• 1w iV\/f.l ul m w.ue F 1.4.I, i. 111M IIIC "IN I. M. M0 .OgPli WI U.11. Vllll � .w 4.W Yf i�, aw0 A� 1111 1. X101. VGI.GANIw •ow.o o.u•,: w1� Pnn uwl. wn, w�wY Lwnne w IN n.11. JAMES R. F .YFCT 9 (IF Il 2 Jg - it�ai :j :1 I C f !. ,".: :: T: \ � i\ .fir• T..+r�Ift Al ' eunw w mun uvw.n • —1— L-1. e w"Its v1. 1 u• 1w iV\/f.l ul m w.ue F 1.4.I, i. 111M IIIC "IN I. M. M0 .OgPli WI U.11. Vllll � .w 4.W Yf i�, aw0 A� 1111 1. X101. VGI.GANIw •ow.o o.u•,: w1� Pnn uwl. wn, w�wY Lwnne w IN n.11. JAMES R. F .YFCT 9 (IF Il 2 Agenda Information Memo November 6, 1985, City Council Meeting Page Seven FINAL PLAT/CINNAMON RIDGE 7TH ADDITION F. Approve Final Plat, Cinnamon Ridge 7th Addition (Cinnamon Ridge Limited .Partnership) -- We have received an application for final .plat approval for the 7th Addition of .the Cinnamon Ridge Development as shown onpage_21� . All conditions required at the time of preliminary -plat approval on 5-15-84 -as well as ._f.inal...plat.._.application submittals .have. been_ received, reviewed Eby _staff :.and°:found-.to_be _in:._order.:£or..favorable..Council.-actiDn_ ' ACTION `70'`BE `CONSIDERED ON `THIS ITEM: To -approve '-the 'final plat for the Cinnamon Ridge 7th Addition as submitted -by -the Cinnamon Ridge Limited Partnership and authorize the Mayor and City Clerk to execute all related documents. CINNAMON RIDGE 7TH 0 ADDITION SHEET 1 OF 2 SHEETS V ' r'• 1 a .eLL�ar•p' _ -"7 L-- �JJNTY STATE AiJ HISNwar NO. 32 -� '" '.'.l':r....`•!.`:': —L ':. �1: ::7::(3:iFOFi'IkTI:'•AI i!Si lLir WAY -FLAT. '?fj. 19-7 810MA BUR ■URVEYINO SERVICES hoe •a r.vr wr.... I•o.L +--�. earn nw urn •ea nr, /--Z/ WAYNE D. CORDES —14675— /--Z/ 14675— m O cp p J[W Mf • Oi.O r'1- • f lY O.Or M Y0 P •LrY.OL •4�• rY1. a••.LY � urur. ru••nL r ar.• rr• �r ftr Mnu v iM1 •w Ibex• rf Wrf01 R•r p10•A[f, uyl9 9eh fT Ll Yy LLr•• IL(r •rf(••10 •WPi rl•fy Li0 Y L•i• P i( IL•r. Agenda Information Memo November 6, 1985, City Council Meeting Page Eight . FINAL PLAT/NORWEST 2ND ADDITION G. Approve Final Plat, Norwest 2nd Addition (Norwest Properties, Inc.) -- We have received an application for final .plat approval ,for the Norwest .2nd Addition as .identified on page All conditions required of the preliminary plat approval o October 11 1985, have been complied with in addition to :all, -final plat -.application..submittals ..which. have .been ..received, .reviewed and a found'_to-:be in :order_ for .favorable_ Council ..action. ACTION "TO - -BE ''CONSIDERED 'ON 'THIS -ITEM: To -approve: the-. final plat for Norwest 2nd Addition as submitted by Norwest 'Properties, - Inc., and authorize the Mayor and City Clerk to execute all related documents. 13 EXHIBIT "A" NO ES 2ND ADDITION • DENOTES 1/2 INC UY I' INCH MONUMENT 89T MARRED hY REGISTRATION N0. 9053, UNLESS O NEEAyISE SHOWN, uu ppTT[[pp pp 9 P 27 ERANGE 27NE5OA94U1 EDOTO NHAVETA B�ARINO pF NOR HH0 DEGREES 29 MINUTES 23 SaECONO EST. -------DENOTES •KION? OF. ACCESS" DEDICATO TO DAKOTA COUNTY , . ......... • Cons -'Cons c. E Ii e.^IGS<4r� 1;191R7•� ._...__ _ __.. ._ .'_ ._._. .... ,P rr•r•iflr,:1,•f t!`,COVIa: 111 n 0.•,..,w •q wr r rwrr...r p1 at 'N .,,.t Cons �r'li • � � ...',. ;, all S I F3 1 a 1. 1i,I( wE dZ IIII al :t IiC.`i.•,IrY s.9tl it MpromThtimP•pllel_....______- 1p tl ' n + 4N .` t 1 ,!1'' .+� 5 / •i RI / FOAN, "PY0Pg NOWAKI 111. INd All MDI n 1M 14 fA[IINIII @II NaMel Prarrllel, IIle., a Minnesota tarpararon. Miner and rwhb a the bhq d1¢tlpad property Inu11N In IM County x PIrdN INN a Minnesota of .1b the evil IH. m IM of Mo soaN IIO 115111101 IM .,In PA ODlea or Ills Soule Had of Me SoulhlMll Ourb a the IIIIIMall Quarter ot I%IMM 1% Township 11, 11rR171 0"1 Counh, MInrMlote. Cul"aN $1.1 IN C. howl 51 1 ft $PC1TION. NM e1u1.d Ino I" lots lurtwd IIx pIxNA P rpPlMlfl LAID ADDITION IM does har11y dents W dedkae ro IM ppuuMk for Public uM brawl IM rotors W M1 x.ay, ON MIkA utility Ind 4dn%1 mmm" W dNNele be Codes, CannlYlM rhhlx ra111R meth 011 IM1II 11x. Ill ollnnl whlex sold Nowell PropMlel, Inc.. aMlnnowll rormrxbn, nal nulrll Mau re,d1lr toII1n+d he it, Poor xlNll W Ill pleased,ane b b Irrnenb all" _. 400WIIT plOPtll]II, INC, h—�- lamb rte rnHnl .. - oma L hrlro sun d MINN5011 LOI%tY Of MINI PIN the blwlnkN lnllrunmnl rll rinsWpM robs M MIS' -dp a,_._, Illi _„ by lnnm111. Plrlm, %nbl to 1rellwnl H NeM1lsl Proly Th,, Inc.. 1 Minnesota rarmlatbn, M WA a M.Inrl.elmn, / _ I11r�n-11-k_l6nn:agroii_01i. ', MpromThtimP•pllel_....______- II .Tr• w.�/.` / IMI,%10,16y than MM mlwyN lex FAIN IN roprh�rrrdeo an this pi a n NrlAWlst no ADDITION: MR this 49 N l sanest od"I + 4N .` rrpre.nlabn M IM 111rMy; that all dlxrHp In [drrRtl11 t n IM Nx Iso IRI Int huMrMIPI r none. MM al PRnumrnh nano ,!1'' .+� 5 / •i RI / bwro"Kil4 plard In In, groundxne thn, Intl ane aullFM W dmmdry linel%Ii%I(t1h41gnlM+ an the plat; that 111014 all M.sl urns hllMay, b 414nx"d i A ,eve„ ar Tutu M eIf Thin of Thar,", 111-noldo Ro011ral" No. 16T P.. j1 + STAIj To MIWSOTA \ / CMAN ff NI Ma PIN Th. bur4alrifSnrwpr'I CINNk*41 rldoebag dlw#M MII__d%M___, 111 _, 1Y N.rhnn A. Nklmll, lawn Sut"r, MInn.1E1T Irxlltratbn I%, 1@I l.,�.. / .''• IpplS YIin11, {ti1tt� liwR�iN.nniNuj fnin'h-, nne �!\` / a.' Mp mmmisslan rare) Alarri L %. dihu.lry er"IlnMl an IN _. e•yR._ .-.; INS MI City CohMllp filo, Minnesota alVMed Ihll Mx CITY COUNCIL Or 140/N, MINNIIOIA by. ... .. Mayor pr_...- .. .._._Clan Purtuml to ChlMlr 7U, IMI M Mlnnrul4 1111. W Mp Call CI"MTr CInl4"xnl Fla OvdlnrNt. 11,11 Mat hes Inn soroMd lhll dry M...._ _.. ... lal.. - h._.__...:.... dins . ... .. ... . I+roam H. 1prMn, OMala CMmh LnMph SRraery, Dxma Wanh ru Comminbn PNlulnlhMlnrytotlflxuwl CN111rrla Me Mllraal NOl'rlSl IND admrgv bal�ewd county,minew a'equier" sold Mvd lnh. __ dry M,___... _... .., I%_.. a_._.. . .. .._...'_ 1111,11,01 OV 'Enxrman.a in. E:unh Nam -Mali E:unry Alallir In... lily MM m.lumsImMwpod It... ADDIManovodw.nwaM MN N O 'Tdinh TiIainiii, palma Eognh; Klnmsali-- No a.11nanenl Ian due W IrM1Lr onwr•y Thll_... -041 aped plrollCeunhlAlror Callmrnl NNlnbar I hai.Dlnrllld Cul this Instrument .0 Iliad In the alkt q the T./Nnly hasp, M paddled MII-.—Iqx 101 M-MAwllduly lRamw lM1 l,a1 ..... .M—..' ..M �n`y IRa&E p161: GNn-Ij,' DGne�oi : Agenda Information Memo November 6, 1985, City Council Meeting Page Nine CONTRACT 85-15/CHANGE ORDER # OAK CIRCLE H. Contract 85-15, Approve Change Order #1, (Royal Oak Circle - Streets and Utilities) The City has received a request from the developer (Asp Construction Inc.) to temporarily suspend the installation of utilities to service the Royal Oak Circle develop- ment. This request is based on the status of FHA funding which could be jeopardized if any on-site utility work was commenced prior to final formal approval by FHA which is anticipated within the next two -three months. Subsequently, there are increased costs which are anticipated to be incurred due to the delay of the construction activity until the 1986 season (remobilization, increased material and labor costs, etc.). Due to the fact that the developer has agreed to accept the increased cost associated with this delay, the City has prepared a change order identifying the estimated increased costs ($14,735) and extending contractual completion date accordingly. ACTION TO BE CONSIDERED ON THIS ITEM: To approve Change Order 41 for Contract 83-1-5 (Royal Oak Circle --'Streets and Utilities) -and authorize the Mayor and City Clerk to execute all related documents. CONTRACT 85-15/CHANGE ORDER #2/ROYAL OAK CIRCLE I. Contract 85-15, Approve Change Order #2, (Royal Oak Circle - Streets and Utilities) With the recent development of the Wescott Hills revised 2nd Addition, it was anticipated to have certain lots obtain water service from the existing water main located within Mike Collins Drive south of Yankee Doodle Road. However, it has been determined that this existing vat retain has insufficient cover to protect it from freezing. The City has experienced several watermain breaks on this segment in the past due to this insufficient cover and freezing situation and has- determined that .:the existing wate mai n is no- longer f-unctirmal- ..Therefore, this watermain will have to be reconstructed, to the - proper elevation prior to the connection of water services. Due to the fact that the installation of other utilities within the Wescott Hills revised 2nd and 3rd Addition is being performed under a private contract instead of a -City contract, it is necessary for this City obligation work to -be:-perform d-as-a-•change-order-tD another City, contract. �[L'1'IDA'3'� 8E LONSIDEI� ' ON THIS -ITEM: '--To approve "Change-6rder -42 -to Contract 85-15 (Royal Oak Circle/Wescott Hills revised 2nd Addition) and authorize the Mayor and City Clerk to execute all related documents. Agenda Information Memo November 6, 1985, City Council Meeting Page Ten CONTRACT 82-C & 84-E, FINAL ACCEPTANCE/KNOB HILL J. Contract 82-C & 84-E, Final Acceptance (Knob Hill and Knob Hill Professional Park - Streets and Utilities) The Public Works Department has completed all final inspections associated with the installation of streets and utilities to the above referenced subdivisions. They were installed privately by the developer and have been completed in conformance with City approved plans and specifications and are now acceptable for perpetual City main- tenance. ACTION TO BE CONSIDERED ON THIS ITEM: To accept the streets _and utilities .installed privately under Contract 82-C (Knob Hill)..and 84-E (Knob Hill Professional Park) for perpetual -City maintenance. PROJECT 443/o'NEIL PONDS R. Project 443, Receive Report/Order Public Hearing (O'Neil Ponds-- Storm .Sewer Outlet) _As .a requirement.f.or the development of the Town Centre 70 and 100 subdivisions, it was necessary to initiate a project to acquire ponding easements on the O'Neil property and to provide for their trunk storm sewer outlet. The acquisition of the easements has already been initiated through the condemnation proceedings, and the feasibility report for the construction of the lift station and forced main outlet has now been completed and is being presented to the Council for their review and consideration of scheduling a public hearing. ACTION TO BE CONSIDERED ON THIS ITEM: To receive the feasibility :.report for Project 443 (O'Neil Ponds.-.. Trunk storm sewer outlet) and order the public hearing to be held December 3, 1985. PROJECT 450/WILLIAMS g LARUE ADDITION L. Project 450, Receive Report/Order Public Hearing (Williams & LaRue Addition - Utilities) In response to a petition from the affected property owners, the Council authorized the prep- aration of a feasibility report to discuss the installation of .7-mti1-ities -to -.3ervice the Williams and . LaRue 1st .and proposed 2nd Aaa;+Jm+s_ This .repnr-t bas .now .been completed .and is ,being ..._.--s=7S -orl _f'D�'33•i£.i}mnrilfar :1iLnir:SmrII3A..w. A� :nmaivdaxatipn Trf _TvChQi�' uling a public hearing. ACTION TO BE CONSIDERED ON THIS ITEM: Receive the feasibility report for Project 450 (Williams and LaRue Additions - Utilities) and order the public hearing to be held December 3, 1985. 16 Agenda Information November 6, 1985, Page Eleven Memo City Council Meeting CINNAMON RIDGE PLANNED UNIT DEVELOPMENT AGREEMENT AMENDMENT M. Approve Cinnamon Ridge Planned Unit Development Agreement Amendment ,(Cinnamon Ridge 7th Addition) With the processing of the proposed final plat .for the Cinnamon Ridge 7th Addition, it was necessary to revise the original Planned Unit -Development (PUD) Agreement•to.-accommodate..the,proposed.densities in -the -7th Addition. ".�.Thi•s ' PUDt.Amendment, :has been. prepared., . executed-., by -:.the _.apnropr.iate parties.. and -.found .to be .in --order. for -.-favorable . Council._action. However, it should -be noted that -if',' for some -:reason, the=final-pl-at of the 7th Addition is not recorded, this amendment..wil-1 become -null and void. ACTION TO BE CONSIDERED ON THIS ITEM: To approve the Cinnamon Ridge -Planned.•%Unit .Development. Agreement... Amendment. -to. accommodate _the .Cinnamon Ridge -7th Addition proposed final plat. Agenda Information Memo November 6, 1985, City Council Meeting Page Twelve IR FINANCING/GREENSBROUGH I A. IR Financing/Greensbrough I Project --An application was received from Larry Lee and Mike Gresser for consideration of Industrial Revenue Financing for two (2) office/warehouse buildings referred to as Greensbrough I and II. Both projects are located on Becker Road East of Highway 49. Normally, the City's policy for con- sidering_ :Industrial Revenue Financing applications is: 1) that all land use planning and zoning be in proper order by both the Advisory Planning Commission and City Council and. 2) that a public hearing be ordered prior to any consideration of an induce- ment resolution. At the October 15, 1985, City Council meeting, applications were presented for industrial development revenue bonds in the amount of $600,000 for each Greensbrough I and Greens- brough II projects. Because of federal restrictions on the issuance of industrial revenue bond financing and the State's entitlement program, it is required that all .entitlement -users (those muni- cipalities .who .are designated entitlement cities) .is sue. inducement resolutions prior to October 31 of each calendar year. Since the applicant did pledge the 1% in August for reserving $1.2 million and due to the fact that October 31 was prior to the time in which a public hearing could be held at a regularly scheduled 'City Council meeting for purposes of considering the inducement resolution, action was taken at the last City Council meeting that reads as follows: Smith moved, Egan seconded, the motion to receive the application and schedule the public hearing on the application for November 6, 1985, at 7:00 p.m. at the Eagan Municipal Center and to officially act on the preliminary _..resnlution..as -requested; further, however, that -the City Council will not proceed with the public hearing unless a legal opinion from approved bond counsel be received by the City indicating the bonds will not be taxable under the Internal Revenue Code.' Under the circumstances, the City Council felt an exception was tesdma+le im order to proceed with- both the Greensbrough S and II projects. A final resolution to consider the industrial revenue financing would not be further considered until all platting requirements have been properly satisfied by the developers. For additional information on the a plication, refer to the attach- *�*++� found._on _pages /G% through OF. development revenue bonds for Greensbrough I in the amount of $600,000 subject to: 1) satisfactory completion and adoption of platting and 2) a legal opinion from bond counsel that these bonds and all other City bonds will not be subject to taxation under the Internal Revenue Code. 1f)dtvoFag9gn 3830 PILOT KNOB ROAD. P.O. BOX 21199 EAGAN. MINNESOTA 55121 PHONE: (612) 454-8100 October 2, 1985 TRUDY HALLA BRIGGS & MORGAN 2200 1ST NATL BANK BLDG ST PAUL -MN 55101 Re: City of Dear Ms. Halla: /Commercial I & II Proi ects t Revenue Bonds for BEA BLOMQUIST Mww THOMAS EGAN JAMES A. SMITH JERRY THOMAS THEODORE WACHTER Cour Mammos THOMAS HEDGES Ory Atlnm Glw .EUGENE VAN OVERBEKE ON Ci m The City of Eagan has received your preliminary documents regarding a .commercial development proj.ect from .Larry. Lee of Yorktown Ltd., :Inc_ :The..Ci.ty of 'Eagan' .has- -a_-policy that all preliminary -platting, zoning' and other land use applications , must .be. -processed through the Planning Commission and City Council before commercial development revenue bonds are given a public hearing and further consideration- I have not seen .Mr. .Lee's _project and, therefore, am not aware .of .whether Planning Commission and City Council action is required. This should be coordinated with Mr. Dale Runkle or Mr. Jim Sturm of the City Planner's office. The City of Eagan has $1,200,000 for Mr. Lee in anticipation of this project. However, to date the City has not received the $500 application fee or commercial development revenue bond -application: ' Thi -s -is -also, -a requirement before a public, hearing or any other resolutions ran be given consideration on the project_ Please coordinate the -application and -fll:ing-fee with our Director of Finance/City Clerk, Mr. Gene VanOverbeke. If : you .have -.any - questions - regarding -the project., please feel free to contact those persons -mentioned 'in the _letter or this office at any time. Sincerely, C Q 'ftTioma= i... -Hedges City Administrator TLH/kf cc: Cale Runkle, City Planner Gene VanOverbeke, Director of Finance THE LONE OAK TREE ... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY 3830 PILOT KNOB ROAD, P.O. BOX 21199 EAGAN. MINNESOTA 55121 PHONE: (612) 454-8100 October 18, 1985 MR' LARRY LEE MR MICHAEL GRESSER GREENSBROUGH ASSOCIATES 1690 UNIVERSITY AVENUE #180 ST PAUL MN 55104 BEA BLOMQUIST Maya THOMAS EGAN JAMES A SMITH JERRY THOMAS THEODORE WACHTER Cw Mem THOMAS HEDGES ON Aam,at,etu EUGENE VAN OVERBEKE ON Clerk Re: Industrial Revenue Financing for the Greensbrough Associates I Projects Consisting of Yorkton I and.Yorkton II .Dear Mr -Lee and Mr. Gresser: In official action that was taken by the Eagan City Council at a regular meeting held on Tuesday, October 15, 1985, industrial -revenue financing in the amount of $600,000 was approved for the Yorkton I project and .the same amount was approved for the Yorkton II project. Both projects are categorized as office warehouse buildings. Since state regulations require that an inducement resolution be passed prior to October 31, 1985, the City Council has approved the preliminary resolution with.the following understandings: 1) A.public-hearing will be scheduled at the November 6, 1985, .-meeting. 2). A legal opinion by a bond counsel selected from the City Attorney's .office will determine whether. passage of an inducement :_resolution _is 1ega1 -prior to .-a public hearing. and will not expose the City by causing certain tax exempt. bonds to become taxable. 3) All action pertaining to the inducement resolution and -public-hearing will be subject to,approval of,the preliminary __plat..fox. the.,. areQnsbrough.,prpj eci nnnsisting of ..two .buildings referenced .as 'Yorkton "1 --and Yorkton'Z1. THE LONE OAK TREE... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Mr. Larry Lee and Mr. Michael Gres�Ber October 18, 1985 Page 2 4) The City assumes no liability for the 1% deposit at the state. Any charge against the deposit will be the responsi- bility of the applicant. 5) The preliminary resolution which needs to be delivered to the state is at the City. Please make arrangements to have it filed with the appropriate state officials before October 31, 1985. It isyouur responsibility to coordinate all the necessary documenta- tion with the necessary state agencies and prepare all resolutions for consideration of the final resolution for tax exempt financing. If you have any questions regarding any of the steps involved with this process, please feel free to contact our Director of Finance/City Clerk, Mr. Gene VanOverbeke. On behalf of the City of Eagan, we are looking forward to your proposed development and good luck on your project. Sincerely, ac �✓f / 7 d{{{ Thomas L.•Hedg s /I City Administrator `J TLH/jj cc: Gene VanOverbeke, Director of Finance/City Clerk Dale Runkle, Director of Planning _Paul.Hauge,-City Attorney a/ CITY OF EAGAN, MINNESOTA 3830 Pilot Knob Road Eagan, MN 55122 APPLICATION FOR INDUSTRIAL REVENUE FINANCING REVIEW BUSINESS NAME: GREENSBROUGH ASSOCIATES - 1 MINIMUM SIZE:$500,000 LOCATION.:1690 University Ave. #180, 55104 LAND: $ 67.500 BUSINESS FORM: General Partnership BUILDING: $ 635,000 REPRESENTATIVE:M.C. Gresser ETAL EQUIPMENT:'$ 42,500 PHONE: 484-9000 OTHER: $ 82,000 NATURE OF BUSINESS: Property Management TOTAL: $ 827,000 Interest During Construction Date: 10/11/85 DETAILED COST BREAKDOWN: Land.Acquisition and Site Development (Wi1l.not_be.financed by..IDB): $ 75,500 Construction Contracts 533,000 Equipment Acquisition 6 Installation 42,500 Architectural & Engineering Fees 25,000 Legal Fees 17.000 Interest During Construction 53,000 Initial Bond Reserve 14,000 Contingencies 17,000 Bond Discount 45,000 Other 5,000 Total with Land $ 827,000 Total without Land $-759,500 HISTORY OF APPLICANT 1. Have you ever been in bankruptcy? no 2. Have you ever defaulted on any bond or mortgage commitment? -32 3. Have you applied for conventional financing? yes 4. What are your future plans? to develop entire 46 acres 5. List f=inancial references: a.. Signal Hills 'Bank - W. St. Paul, MN h., Minnesota Bank of Eagan 6. '...When--will.the construction period begin? Start:"now Finish: 6 months 7. Other comments: a3 r INFORMATION CONCERNING APPLICANT'S PROPOSED PROJECT 1. PROPOSED LOCATION (ADDRESS AND LEGAL DESCRIPTION) north of intersection of Hwy 149 & Delaware Trail - see attached for legal description 2. NEW FACILITY OR EXPANSION? new 3. INDUSTRIAL/CDhiMERCIAL/RETAIL? Commercial Building Office/warehouse 4. ESTIMATE NUMBER OF NEW JOBS 26 ESTIMATED PAYROLL $468,000 annual 5. IS THIS .SITE- PROP.ERTY.ZONED.&.,ARE UTILITIES AVAILABLE? yes 6. ESTIMATE OF ANNUAL SALES unknown 7. POTENTIAL OTHER USES OF FACILITY manufacturing 8. WILL THERE BE MORE THAN ONE PHASE IN THE CONSTRUCTION OF THIS PROJECT? no 9. .EXPLAIN HOW THIS FACILITY WILL NOT COMPETE WITH OTHER LOCAL COMPANIES unknown 10. WHAT WILL FINANCING ARRANGEMENTS BE; WILL THE FACILITY BE A LIMITED PARTNERSHIP? Industrial Revenue Mortgage Date: October 11, 1985 Signed (Title),: Partner W Agenda Information Memo November 6, 1985, City Council Meeting Page Thirteen INDUSTRIAL REVENUE FINANCING/GREENSBROUGH II B. Public Hearing for Industrial Development Bonds for Greensbrough II in .the Amount of .$600,000 -- Please refer to the :previous item for information pertaining to the Greensbrough II project. -ACTION "TO BE 'CONSIDERED ON THIS ITEM- 'To approve or deny the _Greensbrough .II project with ...the. same .conditions as .set _forth :,:in_Item .A.-.und=.--.Fublic_Hearings . a6 Agenda Information Memo November 6, 1985, City Council Meeting Page Fourteen PRELIMINARY PLAT/WINDTREE 6TH ADDITION -- A_ Preliminary Plat, Windtree 6th Addition, .Consisting of 15 Single -Family Lots on 6.8 Acres -- A public hearing was held at the September 24, 1985, Advisory Planning Commission meeting -.-.to -consider .an....application .submitted. .by Richardson Properties _Inc_., ,-for.. a_preliminary._plat .'approval _for=-the--SVindtree.- 6.th :Addition. "`.The,.-. plat . consists .of _15 _single-family -lots on -6.8.:-acres. _north `"of"Wescott"Road"-and -east-of `-Elrene --Road. The APC is -recommending approval of this agenda item. ' The item was continued -"from the October 15 meeting due to lack of appearance by the developer. For additional information on this item, refer to the _Planning and Engineering Department reports, copies are enclosed on pages 2 7 .-through ]j' -.For -a copy of the -,action that was- ,taken by the APC, :refer to page(s) 3:3-1 For action that was taken --by i the. Advisor Parks- &. Recreation -Commission,. refer to- a memo _;found. -on _page_::E_ Special Note: In the preparation of -the staff report for -considera- tion by the Advisory Planning Commission (APC), the Public Works '=Department -'discovered -there are -- two` important -conditions that 'should ".be included for consideration of preliminary plat approval for this subdivision as follows: 8. The developer shall plan and install a future overflow for the small drainage depression east of the proposed Vuecrest Circle. 9. A,'- :temporary --cul-de-.sac turnaround `-shall - be --constructed ':.•to::.City-standards-=at:_the end -df -*Wedgewood Drive- ':, -ACTION ­TO rive_ :,-ACTION-TO BE,CONSIDEREDvON'THIS -ITEM_ To approve :or deny the :-preliminary plat ::with -tile :--above. -2-conr3ittinn- _for Xjmdtree =6th ..-=Addition_-as..presented_by_Rirhardson_Properties,-Inc. M CITY OF EAGAN SUBJECT: PRELIMINARY PLAT - WINDTREE 6TH ADDITION APPLICANT: RICHARDSON PROPERTIES, INC. LOCATION: EXISTING ZONING: DATE OF PUBLIC HEARING: DATE OF REPORT SA OF SECTION 13 R-1 (SINGLE FAMILY) SEPTEMBER 24, 1985 SEPTEMBER 16, 1985 REPORTED BY: PLANNING & ENGINEERING DEPTS APPLICATION SUBMITTED: . An application has been submitted for Preliminary Plat approval for the Windtree 6th Addition. The plat consists of 15 single family lots on 6.8 acres, north of Wescott Rd &.east of Elrene Rd. ZONING &`LAND USE: The Windtree Addition is zoned R-1 (residential single familyr,...distr.ic.t) ,and. contains.:121..simg1e.'fzmily..lots. with a project density of 2.1 units per acre. The 6th Addition is east and south of the previously platted 5th Addition. Vuecrest Lane will separate these additions. All of the lots meet the 85' lot width 'requirement and are between 12,240 sq. ft. & 23,800 sq. ft., averaging approx. 16,000 sq. ft. This plat differs from the overall layout with the addition of Vuecrest Circle. However, the outside dimensions of the plat appears consistent with the overall preliminary site planning previously.submitted. COMMENTS: The topography is rolling and there .are some steep slopes. -Due-to these steep slopes, the Staff.previously recommended that garage elevations at the setback line should not be greater than 5% above the curb. This site has a variety of mature trees; maples, aspens, .ash and oaks. The applicant expressed his desire to save as -many as possible.. GRADING/DRAINAGE: The proposed grading plan submitted by the applicant does not conform to City Code for street grades at intersections. The Code requires the maximum street grade, at .sn -inter-section for: a .distance. of 1001, Abe .28. The only place .this grading plan meets this criteria is for Vuecrest La, at i—Tsertzmr.::df-: 33a'.eic Atiti"72=...>:::•:3 aim':: a nit., mai_-.tbe..-zde- veloper revise his grading plan accordingly to meet City Code. A variance from this Code may be necessary for the segment of street between Elrene Rd and Vuecrest La. Here the distance is too short and the elevation too great to achieve the desired 2% slopes. The existing 68 slope is too great and Staff recommends the developer look at this again. I WINDTREE 6TH ADDITION SEPTEMBER 24, 1985 PAGE 2 Because the topography in this area consists of many hills and depressions, drainage in this area is not good. With the minimum grading the developer is requesting, existing drainage patterns will not vary. However, the main difference between this develop- ment and the previously approved Preliminary .Plat for the Windtree 2nd Addition consists of the additional cul-de-sac, Vuecrest Circle. Because of the construction of Vuecrest Cr, the applicant is proposing to discharge storm water into a small depression characterized by an 890 elevation and covering the back portions of lot 3 - 5. The previous development plans had no storm sewer being .discharged into any of the areas depressions, especially where no storm sewer outlets are proposed. A preliminary review by Staff indicates that a 100 year frequency rainfall would fill this basin up to approx. an 898 elevation. The lowest basement in this area is at a 903 elevation. Staff recommends the developer plan and provide for a future overflow for this basin with the future development to the east. UTILITIES: Sanitary sewer and watermain of sufficient size, capacity and depth exist within the proximity of this development -to'provi�de- service to -it. This will require .extension of existing .sanitary .sewer and -watermain within :the. Windtree .4th -Add. southerly along Ridgewood -Dr. Staff recommends watermain be looped -from the Windtree- 4th Add through Windcrest La and connect to the trunk watermain within Elrene Rd. Because this development -proposes to.i.nstal.l.:all.public-improvements under public contract, Staff recomments the Final Plat not be approved until Council authorizes the public improvement project for this development. STREETS: Ridgewood Dr is an existing City street constructed under :the Windtree 4th -Add. . It .abuts the -northerly boundary of -this development. Elrene Rd is an existing City collector street .and -abuts --the westerly portion of this development. .Both are constructed to ultimate design criteria. All new streeets .and .cul-de-sac_shall .be -built •to City. standards -for.. residential streets: a..Stafrf.recommends:._f.he. canstr.uction of ' temporary turn-arounds, at -the end of Ridgewood Dr and Vuecrest La. Staff recognizes these are temporary deadend streets, however, the temporary turn-arounds are necessary to facilitate snow removal and other winter maintenance. RIGHT-OF-WAY/EASEMENTS: The dedication of right-of-way for Vuecrest La:_and:,Ridgewoad.:Ilr� :° except-. fDx .:the southerly ]D :.,.-. 3s_-occurin.g with- `-the" Windtr"ee - 5th -'Add, 'development: ' It 4w ll -be-'YespoTrsible for dedicating a 60' right-of-way for the southerly 70' of Richwood Dr and for Vuecrest Cr. If construction of public improvements occurs after Council approves the Preliminary Plat but before Final Plat approval, the applicant will be responsible for giving the City street & utility easements over the portions of Ridgewood Dr & Vuecrest Cr which are to (. WINDTREE 6TH ADDITION SEPTEMBER 24, 1985 PAGE 3 to be dedicated with this development. Staff recommends a 10' drainage and utility easement be dedicated along the southerly lot lines of lots 1 & 2. This developer will also have to dedicate a 10' easement across Outlot A adjacent lots 1 & 2 of block 1 for drainage and utility purposes. The dedication of all other easements shall be as per City Code. ASSESSMENTS: In researching the City's assessment records, we find that this development is still responsible for trunk area storm sewer assessments and lateral benefit from trunk watermain along Wescott Rd. The following table.summarizes..these assessments: Assessment Summary Table Description 1985 Rate Est. Qty. Quantity Trunk Area Storm Sewer $0.048/S.F. 243,065 S.F. $11,667 Block 1 & 2 Lateral Benefit from $11.88/F.F. 1,507 F.F.(1) $17,903 Trunk Watermain TOTAL $29,570 (1) Includes 150' corner lot credit at Elrene Rd. Although the proposed developable area of this development does 'not abut Wescott Rd, the developer may wish to spread the lateral benefit from trunk watermain assessments over all the lots within the Windtree Additions so that the lots in subsequent additions have to bear a larger share of the assessments. The determination of the final assessments amounts will be based upon the assessment rates in effect at the time of final platting. All future costs -for .any installation of public improvements for .this proposed development shall be the sole responsiblity of this development. CONDITIONS: 1. All standard plat conditions shall be adhered to. 2. Council -shall authorize installation of public improvements within this development prior to final plat approval. 3. This development shall dedicate a 20' utility & drainage ease- ment centered over -the -southerly lot -lines of -lots l.& 2 -and any .necessary construction easements. 4.' This development shall give the City the necessary easements over Vuecrest Cr & Ridgewood Dr if public utility construction preceeds final plat approval. r1 5. This area shall be responsible for trunk area storm sewer assessments and its pro rata share of lateral benefit from trunk watermain along Wescott Rd. The assessments shall be at the rate in effect at the time of final platting. �9 WINDTREE 6TH ADDITION SEPTEMBER 24, 1985 PAGE 4 6. This development shall be responsible for all costs associated with public improvements for this development. 7. The developer shall submit a revised grading plan for Staff approval incorporating the 2% maximum graded intersections wherever feasible. 3AOY9 6j 1' >I JI JI1 I Ja ;I a= 1 . W �1 �1 =I aly .I .; PRELIMINARY PLAT WINDTREE 6TH ADDITION ip (RESIDENTIA�R11\'\,I�; -_ per, 1 1 1'�;\� -:� ire 1' % �•a '�p�.-:�C/�1 7:Z-�g J f T APC Minutes September 24, 1985 Cy+ Representatives of the applicant were present and discussed the proposal with the Planning Commission. Mr. and Mrs. Dick LeMay, neighboring owners, were present and had questions concerning compliance with the City and .State codes. There were no municipal sanitary sewer or water facilities to the property, and member Harrison was concerned about the lack of municipal services. Member Wold expressed concerns about the adequacy of the parking area, particularly in the winter. Bohne moved, McCrea seconded the motion to recommend approval of the application, subject to compliance with all State and City Code requirements. Those in favor were Hall, Wold, McCrea, Bohne and Trygg; those against were Wilkins and Harrison, citing the lack of municipal utilities and potential inadequacy of parking which may create traffic problems, were objections. WINDTREE 6TH ADDITION – PRELIMINARY PLAT The hearing regarding the application of Richardson Properties, Inc. for preliminary plat approval of Winatree 6th Addition including,15 single family lots on 6.8 acres north of Wescott Road and east of Elrene Road was presented to the Planning Commission. City Planner Dale Runkle explained the proposed changes from the original layout for the single family zoned area, noting that all lots meet the 85 foot lot width requirement with an .average of approximately 16,000 square feet for .each .lot_. .The .plat..diffars from the overall layout with the addition of Vuecrest Circle. f It was noted that the staff previously recommended the garage elevations ` and setback lines should not be greater than 5% above curb, and certain changes have now been proposed. Jack Baron, representing the developers, indicated that more trees will be preserved with the current plan prepared by Ron Kruger, who was also present. Judith Bright of Richardson Properties, was in the audience. Mr. Kruger mentioned that the proposed design provides for 5 to 6 foot grades with streets at higher elevations avoiding wasting the front yards where possible. There will be a tree survey provided and about 5 lots will.be gained in the balance of the project. The average lot size, however, will -not be changed significantly. Rich Hefti, of the City's engineering staff, noted the grades will be set to comply with City .requirements. Harrison moved, McCrea seconded the motion to -recommend approval of the application, subject to the following conditions: 1. - All st—mord plat. conditions sba11 be adhered to. 2. Council shall authorize installation of public improvements within this development prior to final plat approval. 3. This development shall dedicate a .20 foot utility and drainage easement centered over the southerly lot lines of lots 1 and 2 and any ..'�e�ggt9.•rnn��'�•meenme..r n� _ 4. Necessary easements over Vuecrest Cr. and Ridgewood Dr. shall be dedicated if public utility construction precedes final plat approval. APC Minutes September 24, 1985 5. This area shall be responsible for trunk area storm sewer assessments C and its pro rata share of Lateral benefit from trunk watermain along Wescott Road. The assessments shall be at the rate in effect at the time of final platting. 6. This development shall be responsible for all costs associated with public improvements for this development. 7. The developer shall submit a revised grading plan for staff approval incorporating the 2% maximum graded intersections wherever feasible. All.members voted in favor. NORWEST 2ND ADDITION — PRELIMINARY PLAT The hearing regarding the application of Norwest Properties for preliminary plat approval of Norwest 2nd Addition was convened by the chair. The plat would consist of approximately 3.8 acres with two commercial lots located north of the existing Norwest Bank facility. Norwest Properties submitted an application at the August 1985 Planning Commission meeting to develop the parcel, including a Hardee's restaurant, which it is understood -has now withdrawn its option on -the property. .The proposal now would include the Parkview -Family Care Clinic on the former Hardee's-parcel, Lot 1, which would be a permitted use within the Limited Business zoned district. Dale.Runkle reviewed the changes in the proposal and mentioned that the development, of Lot '2 was subject. to .discussion, but the proposal at the present was to approve Lot 1 only. Lee Tollefson, the architect for Parkview Medical Clinic was present, as was Milo Pinkerton of Norwest Properties. Mr. Tollefson indicated that an attempt is being made to commence construction in November 1985, and open in the spring of 1986. All setbacks will be complied with, -as well as parking to include 45 parking stalls. Members Harrison and McCrea were concerned about the potential congestion on the site and also traffic problems. Member Bohne_moved to recommend approval of the application, Wilkins ,seconded the motion,. subject .to the following conditions: '. 1. All of the standard plat conditions shall be applicable to this development. 2._ The building shall be constructed of brick add all four sides shall be treated with the same architectural design and architectural design will be "�m ei-&tent 1J]:Lh-Narwest Bank. 3. A detailed landscape plan shall be submitted and berms shall be included, screening the parking areas from public roadways. A landscape bond shall be required and not released until one year after the landscaping has been completed.', 1.1 MEMO TO: TOM HEDGES, CITY ADMINISTRATOR FROM: KEN VRAA, DIRECTOR OF PARKS & RECREATION DATE: OCTOBER 11, 1985 RE: WINDTREE 6TH -The .Ad.visor.y_Parks .& Recreation Commission reviewed the .preliminary .plat entitled "Windtree 6th" which is part of the Windtree P.U.D. that has .::.completed its -.parks -:dedication. requirements. KV/js Agenda Information Memo November 6, 1985, City Council Meeting Page Fifteen FINAL RESOLUTION/KNOB HILL PROFESSIONAL PARK B. Final Resolution for Knob Hill Professional Park (KHPP Partner- ship), Industrial Development Revenue .Bonds in the .Amount of 1$400,0'00 --The firm of Holmes and Graven, .Attorneys, has requested that the City Council give final approval to $400,.000 in industrial revenue bonds for,the Knob Hill Professional Park_ The preliminary _resolution was .passed- at_the.August 20„ 1985, .City Council meeting. -.'.All -.documents -..have -_been _submitted ..'to% the -:City and. ---the _'City Attorney's ._Dffi ce _ ACTION TO BE CONSIDERED ON THIS ITEM: To approve -or -deny--the final resolution for industrial development bonds in the amount of $400,000 for Knob Hill Professional Park (KHPP Partnership, Richard Nordlund/Ed Dunn). 3� Agenda Information Memo November 6, 1985, City Council Meeting Page Sixteen FINAL RESOLUTION/CINNAMON RIDGE 7TH C_ Final Resolution for Cinnamon Ridge 7th, Cinnamon Ridge Limited Partnership (Can American), Multifamily Housing Revenue bonds in the Amount of $11.35 Million --The City's Housing Program Admin- istrator, Miller & Schroeder Financial, Inc., has requested that the City Council give consideration to the multifamily housing revenue bonds in the amount of $11.35 million for the Cinnamon Ridge 7th Project. A related issue, approval of the interest rate reduction loan agreement, will be addressed by the Eagan HRA later on this meeting agenda. The City Administrator has enclosed is a copy of a letter from Miller & Schroeder Financial, Inc., that provides background information on both multifamily housing revenue bonds and tax inc ement assistance to the project. This can be found on pages 3� through_ Also enclosed on pages /-� is a copy of a letter from the Can American Realty Corporation addressing both the bond resolution and tax increment. For additional information regarding the multifamily housing bond program, since those bonds were approved _in preliminary resolution fnrm approximately one year ago., a copy -.nf the _original application dated June 29, 1984, is again enclosed on page(s) -f'��11 for your review. ACTION TO BE CONSIDERED ON TRIS ITEM: To approve or deny the final resolution for multifamily housing revenue bonds in the amount of $11.35 million for the Cinnamon Ridge 7th (Can American) project. 37 ADMINISTRATIVE AGENDA EAGAN CITY COUNCIL REGULAR MEETING NOVEMBER 6, 1985 CITY ATTORNEY CITY ADMINISTRATOR 1. Approval of Deloitte Haskins & Sells as Auditors for 1985 Audit Report 2. Public Hearing for Federal Revenue Sharing Funds Budget 3. Clarification of Electrical Permit Fees DIRECTOR OF PUBLIC WORKS 1. MnDOT Speed Limit Study 2. Project 455, Deerwood Drive Street Improvement (Deerwood Elementary School) MEMO TO: HONORABLE MAYOR & CITY COUNCILMEMBERS FROM: CITY ADMINISTRATOR HEDGES DATE: NOVEMBER 4, 1985 SUBJECT: ADMINISTRATIVE AGENDA The following items are to be considered as the Administrative Agenda: CITY ATTORNEY There are no items to be considered under City Attorney at this time. CITY ADMINISTRATOR 1. Approval of Deloitte Haskins & Sells as Auditors for 1985 Audit Report --The Director of Finance is recommending that the City retain Deloitte Haskins and Sells as auditors for the City of Eagan to perform an audit for year ending December 31, 1985. Attached and referenced as pages /a/ through 6ZL is a copy of their proposal. The cost for the City's previous audits are as follows: YEAR ENDING December 31, 1983 December 31, 1984 December 31, 1985 AMOUNT $19,500.00 20,750.00 22,550.00 (proposed) Both the Director of Finance and City Administrator are pleased with the services previously provided by Deloitte Haskins and Sells and would recommend approval of that firm as the City's auditor. ACTION TO BE CONSIDERED ON THIS ITEM: To approve or deny Deloitte Haskins & Sells as the City's auditor for the year ending December 31, 1985, at a proposed fee of $22,550. 2. Public Hearing for Federal Revenue Sharing Funds Budget -- A hearing for determining the use of Federal Revenue Sharing funds must be held before the general operating budget is enacted and public notice must be given at least 10 days before the hearing is scheduled. The notice must include a summary of the entire proposed budget. It is recommended that a public hearing be scheduled at the December 17, 1985, meeting at which time the entire budget could be adopted. It will be necessary to schedule a special meeting to discuss the public utilities budget during the month of November. ACTION TO BE CONSIDERED ON THIS ITEM: To approve or deny a public hearing date for consideration of Federal Revenue Sharing funds at the December 17, 1985, meeting. 3. Clarification of Electrical Permit Fees --The Chief Building Inspector and City Administrator are proposing an increase in the electrical inspection fees for all inspections of a 0 to and including 30 ampere capacity service from $2.50 to $3.00. Currently the City of Eagan is below the State fee for the 0 to 30 amp circuit. In order for the City to remain comparable to all other State fees that are levied by the City for electrical inspection, it is necessary to change this fee. ACTION TO BE CONSIDERED ON THIS ITEM: To increase the electrical fee schedule for 0 to 30 amp circuit rates from $2.50 per circuit to $3.00. DIRECTOR OF PUBLIC WORKS 1. MnDOT Speed Limit Study --In August of this year, the Council authorized a request of MnDOT to perform a speed study on 52 different segments of roadway throughout the community. with this request, the City forwarded information pertaining to the existing speed limit and what the City was recommending in confor- mance with our functional classification speed limit policy. As a result of that request, MnDOT performed a speed study analysis on each segment of roadway and concurred with the City's recom- mendation with the exception of those segments listed on page 6,j?j As can be seen, several of the speed limits were lowered from the City's recommendation based on the "ride -ability", config- uration and safety site clearance. However, certain segments were also increased from what our recommendation was based on these same factors. The Public works Director wanted to inform the Council of the preliminary findings by MnDOT before the offi- cial designations were made of record to allow the Council an opportunity to provide any input that could be pursued further with MnDOT personnel. MnDOT traffic staff has indicated that strong justification would have to be made by the City for them to reevaluate their preliminary findings before the final determina- tion is made. After the final determination is made, MnDOT will not reconsider a request to change the speed limit unless signifi- cant changes are made to the adjacent environment (development, realignment, accidents, etc.). ACTION TO BE CONSIDERED ON THIS ITEM: To review the proposed speed limit changes from City recommendations and provide direction to staff as may be appropriate. 2. Project 455, Deerwood Drive Street Improvement (Deerwood Elementary School) --During the past several months, our consulting engineer has been working closely with representatives of ISD 196 and Cooperative Power Association in determining an acceptable grade and alignment for the petitioned improvement of Deerwood Drive from Pilot Knob Road to I -35E. In the preparation of this feasibility report, preliminary engineering plans have been pre- pared which show that the City will need approximately 58,000 C.Y. of material to fill in the valley adjacent to the school site. Representatives of the school district's architectural firm have indicated that if the school is constructed according to their first preferenced design, they will have approximately 40,000 C.Y. of excess material that could be used by the City. However, for the School District to commit to a specific site plan, they would like to have a commitment from the City for this excess material. Representatives of the School District indicate that they will expect some compensation fo/r the use of the excess material but y /7 feel confident that the price could be determined in a fair and equitable manner based on benefit to each party. Due to the fact that we have not yet held the public hearing or approved the final plans for the upgrading of Deerwood Drive, the staff is reluctant(to make such a commitment without Council approval. Therefore, the Director of Public Works will be discus- sing in further detail the action available and required by the Council at the present time. ACTION TO BE CONSIDERED ON THIS ITEM: To authorize staff to nego- tiate an agreement for the use of excess material generated by the grading of the new elementary school site on Deerwood Drive to be used under Project 455. Deloitte Haskins+Sells Mr. Eugene J. VanOverbeke Finance Director City of Eagan P.O. Box 21199 Eagan, Minnesota 55121 Dear Mr. VanOverbeke: 1360 Norwest Center 55 East Fifth Street Saint Paul. Minnesota 5.5101 (612) 291-8110 Cable DEHANDS September 13, 1985 As you requested, we are pleased to provide you with our proposed audit services for 1985, as well as our estimated fees for these services. SCHEDULE: Preliminary - One week in December, 1985 Final - Weeks of March 24, 31, and April 7, 14, and 21, 1986 Report date goal - April 30, 1986 PERSONNEL: Michael J. Vinyon, Partner John B. Lilja, Manager Eric S. Rangen, In -charge Accountant Assistants to be named SERVICES: Our services to the City for 1985 will include a general audit of the financial statements of the City. Our audit approach will be realigned for 1985 so as to constitute an organization -wide ("single") audit as required by a new Federal law. This means that the scope of our audit will include auditing Federal funds, principally your Revenue Sharing allocation, and procedures relating thereto. In addition, for 1985, our audit procedures will specifically include the new Legal Compliance Audit Guide recently published by the State Auditor. REPORTS: As a result of the expansion of our audit scope under Federal and State requirements, our reporting will also be expanded. As in the past, we will issue our Auditors' Opinion for inclusion in your Comprehensive Annual Financial Report. In addition, we will prepare for you another report for Federal and State compliance purposes. It will include your basic financial statements together with our report thereon, as well as our reports on our examinations of your systems of internal control and of legal compliance matters. Of Mr. Eugene J. VanOverbeke September 13, 1985 2 FEES: As a result of the increased extent of our audit procedures, our estimated fees for 1985 will rise somewhat more than the current rate of inflation. We estimate that our professional fees, including expenses, will not exceed $22,550. Should the Council have any questions regarding our reappoint- ment, we would be pleased to respond to them. We look forward to continuing to serve the City of Eagan. Yours very truly, DELOITTE HASKINS & SELLS Michael J Vi n Partne SPEED LIMITS *Statutory speed limit of 55 mph or less depending upon conditions. Used by the State on all gravel roads that do not meet the "urban district" classification for a 30 mph limit. 103 MnDOT STREET FROM TO REQUESTED APPROVED Blue Gentian Rd. T.H. 55 T.H.149 35 30 Lone Oak Circle Lone Oak Rd. N.End 35 30 W.Service Rd. Eagandale Blvd. T.H.55 40 35 Becker Rd. T.H.149 Delaware Tr. 30 35 Wescott Rd. Lexington Ave. S.Hills Dr. 35 Wescott Rd. S. Hills Dr. T.H. 149 35 50 Duckwood Dr. Denmark Widgeon 35 30 Coachman Rd. Maintenance Garage Yankee Doodle 35 30 Comsery Dr. Yankee Doodle T.H. 13 35 30 Silver Bell Rd. Nicols T.H.13 35 30 Beau D' Rue Dr. Nicols Silver Bell Rd. 35 30 Cedarvale Blvd. Silver Bell Rd. Nicols Rd. 35 40. Nicols Rd. Diffley Cedarvale Rd. 35 40 Deerwood Dr. Blackhawk Rd. Riverton 40 30 Dodd Rd. Diffley Wescott Rd. 45 50 Dodd Rd. Cliff Diffley 35 40 Safari Blvd. Thomas Lake Rd. Cliff Rd. 35 30 Blackhawk Rd. Cliff Diffley 35 40 Slaters Rd. Storland Rd. Cliff Rd. 40 35 Galaxie Ave. Apple Valley Safari Tr. 35 45 Wescott Hills Rd. Orvilla Home South End 30 *Statutory speed limit of 55 mph or less depending upon conditions. Used by the State on all gravel roads that do not meet the "urban district" classification for a 30 mph limit. 103 Toll Free Minnesota (800) 862.6002 Toll Free Other States (800) 328.6122 e ` IYMer & Schroeder Financial, Inc. - Northwestern Financial Center • 7900 Xerxes Awnue South • CO. Box 789 • Minneapolis, Minnesota 55431 (612) 831.1500 October 18, 1985 Mr. Thomas L. Hedges City Administrator City.of Eagan 3830 'Pilot Knob Road Eagan; Minnesota 55121 RE: $11,350,000 City of Eagan, Minnesota Multifamily Housing Revenue Bonds (Cinnamon Ridge Project) Dear Mr. Hedges: On November 6, 1985, the City Council of the.Ci.ty of.Eagan (.the "City") will consider a resolution authorizing issuance of the above -referenced bonds (the "Bonds"). Once adopted, the resolution would permit issuance of the Bonds pursuant to the terms of•a Trust Indenture, dated as of .November 1,.1985, by and between First Trust Company, Inc.., as trustee (the "Trustee"), and the City (the Trust Indenture is hereinafter referred to as the "Indenture"). The Bonds will be sold to Miller & Schroeder Financial, Inc, and Mellon Bank, N.A. (the "Underwriters") which will in turn sell .the Bonds to the public with the aid of the Official Statement, a disclosure document prepared 'by the "Underwriters and their counsel (attached). The proceeds received by the City from the sale of the Bonds will be loaned to Cinnamon Ridge Limited Partnership, a Minnesota himited .partuership (the 'Develroper"-) -pu=suamt 1 to the terms of s Loan Agreement, dated as of November 1, 1985, by and between the City and the Developer (the "Loan Agreement"). The Developer will use the proceeds of the loan to acquire and construct 11 three-story residential apartment buildings containing an _aggrEgate of 264 -townhouse garden apartment rental units to be known as Cinnamon Ridge Apartments in the City (the -"Project"). She :,Develo.per : mill :2epay`.the:•losn- pursuant,{:to -the .terms ..of she 'Lo'an Agreement. "The City`yril'1, iT turn, `usE ttre 'loan repayments to pay the principal of and interest on the Bonds when due. M Hv+Jyuanen: ?Lnneap.,li.. �Lnnnou 0n nah Uin; �.: Sola na 0.�a.h.l aliiomu <anu \h.n r. a.l,I�i..rnu \,mhhn.d.11linui. S�. Paul, Minnnma TaI1:Ju.�re, FluriJa • \lih+-aukea, U'iKomin a.,„...,. a.. ..�.�,.,, ice.,.... r.....,.�,:.�....�.,, Mr. Thomas L. Hedges October 18, 1985 Page Two The obligations of the Developer to repay the loan will be paid by Mellon Bank, N.A., a national banking association (the "Bank"), from the proceeds of advances on an Irrevocable Direct Pay Letter of Credit issued by the Bank to the Trustee for the benefit of the bondholders. In the event the Developer defaults on its loan obligations, the Trustee is directed to draw on the Letter of Credit for the payment of the full principal amount of the Bonds, and any interest thereon. Neither the full faith and credit nor the taxing power of the City is pledged to secure the Bonds. As a result, the City has no monetary obligation with respect to the Bonds. If there are not sufficient funds to pay the Bonds, then the Bond owners will not be paid and no recourse is available against the City. In addition, near.ly all actions required of the City pursuant to the above -referenced documents. wil.l.be.undertaken on behalf of the City .by the _Trustee. In accordance with the requirements of State and Federal law, twenty percent of the dwelling units in the Project will be held occupied• by persons and families whose adjusted gross income is not in excess of eighty percent of ... the -median income for the Minneapolis -St. Paul Standard Metropoitan Statistical Area as most recently estimated by the United States Department of Housing and Urban Development. The Developer has agreed to this and other restrictions pursuant to the terms of the Financing and Regulatory Agreement, dated as of November 1, 1985, by and between the City and the Developer. These same -restrictions are filed with the County Recorder of Dakota County and become restrictions which run with the land on which..the Project will be built. These -restrictions will remain effective for a minimum of ten years. All costs incurred -by the, City :and all -other parties to this transaction will be paid from the proceeds of the Bonds or will be paid directly by the Developer. On the date of the issuance of the Bonds, the law firm of Holmes & Graven, Chartered, of Minneapolis, will render an opinion that the Bonds:have been issued in accordance with all applicable laws ::of: the -.:Sia*e. nii. M.ivanes.oSa �n�war:e-aalid.:obLi ..-the City; and that interest on the Bonds is exempt from United States and State of Minnesota income taxation. 3y Mr. Thomas L. Hedges October 18, 1985 Page Three The Developer has also requested that the City provide a Tax Increment Assistance to the Project through an Interest Rate Reduction Program previously approved by the City Council of the City. In accordance with this Program, the Developer has agreed to enter into an Interest Rate Reduction Loan Agreement with the City, whereby fifty percent (50%) of the Tax Increment received by the City .from the construction of the Cinnamon Ridge Project will be paid by the City directly to the Trustee to help reduce the effect of the interest rate payable by the Developer on the Bonds, thereby resulting in a lower Debt Service Requirement for the Project which can be passed on to the Project tenants through lower rents and which will result in a higher level of quality of construction which has been required and endorsed by neighbors of the Project. Pursuant to the Interest Rate Reduction Loan Agreement, the Developer is obligated to repay all of the advances -made by -the City-, together, with:£iv.e.percent (57) simple interest thereon at the time the Developer -transfers-the property to a subsequent owner, or upon t'he termination of a Tax Increment Assistance to the Project. Furthermore, the City is entitled to share in any appreciated value of the Project attributable to the portion or the debt service of the Project paid by the City from its Tax Increment Assistance, after the -Developer has paid off his prior obligations in accordance with the Interest Rate Reduction Loan Agreement. The Interest Rate Reduction Loan is structured as a second mortgage on the Project, behind only the Bondholders. Thus, the City is assured the full recoupment of the aggregate sum of its Tax Increment Assistant to the Project, plus five percent (57) simple interest on all such payments, plus the opportunity -to-share in -the potential appreciation of the value of the Project. Should you have any questions, please do not hesitate to call me. Sincerely, MILLER & SCHROEDER FINANCIAL, INC. Marcia A. Cohodes Assistant :Vice. President MAC/blh Enclosures cc: Paul Hauge, Esq. Gene VanOverbeke �6 CAN -AMERICAN REALTY CORPORATION 1117 Marquette Avenue Suite 200 Minneapolis, Minnesota 55403.2457 Phone(612)332-5544 October 24, 1985 Mr. Thomas Hedges City Administrator CITY OF EAGAN 3830'Pilot Knob'Road P.O. Box 21199 Eagan, MN 55121 Dear Tom: As you know by now, we are asking to be included on the agenda of the November 6 City Council Meeting. We have items which will finalize the required approvals of.Cinnamon Ridge and enable us to close the'bond'issue for the project on November 12. Th'is-.is the date whichhas been -set by. Miller.&.Schroeder and Mellon._Bank,.and we are -firmly committed to this date -for bond sale purposes. Along these lines, I want to reiterate and reconfirm the items we will need approved at the November 6 meeting. Hopefully, you are being supplied the appropriate information.to..b.e included on the agenda: 1) Final Plat. Ed Kirscht is finalizing the package, including the development agreement for final plat approval by the City Council. I believe we are all on track and he has_all-the necessary information -to provide you the backup package'by October --29. You -may want to confirm this with Ed. 2) Foundation Permit. Steve Hanson explained to our General Contractor that granting of the-final.plat by the City automatically provides a -grading -permit for -the contractors"to-start work. We are requesting, at Steve's suggestion, that the City grant a foundation permit along with the grading permit which is allowable under City statutes. This would save us trying to rush a letter from -the.-.County..--to .the -City -once we .deliv-er all..the final, plat documents for recording and would enable us to begin iTradimg-.-zTad":%nunlation:wnrk.afte=.:-�...clase .the::. -bonus on November 12. -'This is critical from a soil condition standpoint before cold weather. We understand that the final building permit will be issued approximately four to six weeks after the final plat is recorded. CITY OF FAGAN, MINNESOTA Multifamily Housing Bond Program Request Date June 29, 1984 1. Name of Project Cinnamon Ridge Project Address Cedar Avenue & Cliff Road, Eagan, MN 2..Applicant Name Cinnamon Ridee Limited Partnershio Address 1117 Marauette Avenue, Suite 200, MPLS, MN 55403 Contact Person Brvan L. Weber Telephone Numbers (612/332-5544) 3. Form..of Business (check one) Sole'Proprietorship Partnership x Corporation If partnership, include names of partners and ownership interest. 4. Applicant's Legal Counsel (firm name) Kaplan, Strangis & Kaplan Address 555 Pillsbury Center, 200 South Sixth Street Minneapolis, MN 55402 Contact Person David Karan Telephone Number (612/375-1138) P �3 5. Experience in multifamily construction and/or rehabilitation. CITY SEE EXHIBIT A 6. Project Description: PROJECT NAME 130 1 bedroom units 730 so. ft. 130 2 bedroom units 1,000 - 1,100 so. ft. 11 3 -story buildings 260 covered parking garages 268 open parking spaces 4 UNITS 7. The total cost of the project will be approximately $ 13,780,000' *264 units @ 53,000/unit (estimate) = $13,780,000 (total costs include 8. Sourc&lanEofig 0f-jinos� "�g,-credit enhancement,. etc.) Source: Use: Bonds 512,500,000 Developer Equity 1,280,000 Other Total $13.780.000 Construction Costs 511,440,000 (Hard Construction Costs $44,000/unit) Other (land. financing. 2.340,000 etc.) -2- LI $13.780.000 W 9. Has the applicant utilized bond financing elsewhere in Minnesota or in other States: No Yes X If yes, specify location and purpose: 520.1 million- Svmphonv Place (apartments. Minneaoolis) 512.0 million - Seven Corners (apartments. Minneapolis) $10.0 million.--Radisson.Metrodome (hotel, MinneapliS) 521:7 million - Charles Center Place (apartments, Baltimore, MD) .,'Please'.remit your -check.in_the amount of $500_payable.to the,City_of Eagan, to,the'attencion of: Mr. Thomas L. Hedges City .Administrator City of Eagan 3795 Pilot Knob Road Eagan, Minnesota 55122 .:_Include two `copies.of.:this application%with your check. -3- EXHIBIT A CANADIAN FINANCIAL HOUSING CORPORATION PROJECT DEVELOPMENT AND PROPERTY MANAGEMENT EXPERIENCE Project Development and Property Management Number of Project Name and Location Dwelling Units 'Dover -Hill 234 Minneapolis, Minnesota Owen Brown Place Columbia, Maryland Coventry Apartments Roseville, Minnesota .Village Green -Apartments Fridley, Minnesota Waybury at Chaska Chaska; Minnesota Cliff Hill Townhouses Burnsville, Minnesota Golden Valley Townhouses Golden Valley, Minnesota Minbrooke .Townhouses Minnetonka, Minnesota Chicago Avenue Apartments Minneapolis, Minnesota College Parkway Place Annapolis, Maryland Riverbluff Minneapolis,, Minnesota -Management Only Eagan Green Apartments Eagan, Minnesota 188 195 -195 114 32 8 46 60 170 30 144 Occupancy 100% 1007 1007 -1007 1007 1007 1007 100% 1007 i002 1002 1007 Development Only Number of Project Name and Location Dwelling Units Occupancy Bolton House 260 99% ..Baltimore,.Maryland ='hickory[Ridge_Place "'108 100% Columbia, -.-Maryland Huntington Downs 188 99% Columbia, Maryland * Property management by CRMI, Inc., an affiliate.of Shelter Corporation:of Canada. Agenda Information November 6, 1985, Page Seventeen Memo City Council Meeting A. Resolution Approving Interest Rate Reduction Loan Agreement Between the City of Eagan HRA and Cinnamon Ridge Limited Partner- ship (Can American, General Partner) for the Cinnamon Ridge 7th Addition --Action is necessary to suspend the City Council meeting ..and to convene .as the Housing and Redevelopment Authority for the purpose of considering an interest rate reduction loan agree- ment 'fur the Cinnamon Ridge project. Action required by the HRA -is to approve/modify or deny this loan agreement, a copy of which is located on pagesg_throughD The tax increment financing district plan and interest r e reduction project plan for the Cinnamon Ridge housing project were approved by the Eagan City Council at a public hearing held on July 2, 1985. A copy of the minutes from that meeting are enclosed on pages ZI nd If the loan _agreement is approved, it will be necessary for the Zagan..BRA --to ..adopt a arm resolution_ _The resolntion_is enrlDsed on pages '/3 throughw7 . One of the —conditionsToutlined in the minutes of the July 2, 1985, meeting dealt with an independent appraisal to be provided at the time of sale or at the end of the 10 year period to determine the fair sale price. This subject is addressed in Article III, Section 3.02 (a) in the agreement. ACTION TO BE CONSIDERED ON THIS ITEM: The HRA must act to approve/ modify or deny the Interest Rate Reduction Loan Agreement with _Cinnamnn Ririge ..T.imited -Partnership (Cinnamon -Ridge 7th Addition) and if approved, adopt a resolution outlining this action_ F1 Draft Octoberk9lj 1985 Ad - /0/31 INTEREST RATE REDUCTION LOAN AGREEMENT between THE; HOUSING' AND:REDEVEWPMENT. AUTHORITY:.IN AND FOR ' THE'CTTY OF' EAGAN;1MNNESOTA and CINNAMON RIDGE LIMITED PARTNERSHIP, A MINNESOTA LIMITED PARTNERSHIP :,'ThisTinstrument:drafted by: HOLMES &-GRAVEN; CHARTERED 470 Pillsbury Center Minneapolis, Minnesota 55402 oil THIS AGREEMENT is made and entered into this day of , 1985, by and between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EAGAN, MINNESOTA, a public body corporate and politic (the "Authority") and CINNAMON RIDGE LIMITED PARTNERSHIP, a Minnesota limited partnership (the "Developer"). WHEREAS, the Authority by the passage of a Resolution dated June 18, 1985, has established a tax increment financing district pursuant to Minnesota Statutes, Sections 273.71, to 273.78, and approved a Tax Increment Financing District Plan for the Cinnamon Ridge Housing Project and undertaken the Interest Reduction Program (as defined herein) pursuant to Minnesota Statutes, Section 462.445, Subdivisions 10 through 13 to reduce the effective rate of interest on a Mortgage Loan (as defined herein) made to the Developer; and WHEREAS, the Developer has entered into the Mortgage Loan . for the purpose of financing the construction of the Development (as defined herein) by the Developer; and WHEREAS, the Developer desires to participate in the Interest Reduction Program. NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: ARTICLE I Definitions Section 1.01. Definitions. As used in this Agreement, the following terms shall have the meanings specified below unless the context clearly requires otherwise: Adjusted Family Income: all income from all sources received by the family head (even if temporarily absent) and each additional member of the family household who is not a minor less $750 for each adult in the family to a maximum of two adults and less $500 for each other dependent in the family. Agreement: This Interest Rate Reduction Loan Agreement, as the same may be from time to time amended. Authority Loan or Loan: The loan -by the Authority -to the Developer made pursuant to Article 11 hereof. Certification Year: The twelve-month period commencing with the date of income.ceriification_pursuant -to -Section 5.03_hereof. �lee:Uity_ofzagmm,Mirmesota. Development: A 264 -unit multifamily residential building for rental primarily to persons and families of low and moderate income, to be acquired and constructed by the Developer in the City with proceeds of the Mortgage Loan, constructed on the real property described on Exhibit A hereto. 1 �D 11 First Mortgage: The mortgage by the Developer to the Trustee securing the repayment of the Mortgage Loan. Interest Reduction Program: The Housing and Redevelopment Authority in and for the City of Eagan, Minnesota Interest Reduction Program (Eagan Multi - Family Rental Project) undertaken pursuant to Minnesota Statutes, Section 462.445, Subdivisions 10, 11, and 12. Mortgage Loan Documents: The following documents made and entered into between the Developer, the City and the Trustee to evidence and secure the Mortgage Loan: (a) An Indenture of Trust, dated as of November 1, 1985, between the .City and the Trustee. (b) A Loan.Agreement, dated as of November 1, 1985, between the City and the Developer. (c) A Regulatory Agreement, dated as of November 1, 1985, between and among the Developer, the City and the Trustee. . (d) A Declaration of Restrictive Covenants, dated as of November 1, .1985. (e) A Mortgage and Security Agreement -and Fixture Financing Statement, dated as of November 1, 1985. Mortgage Loan: The loan from the City to the Developer pursuant to a the Mortgage Loan Documents, dated November 1, 1985, to finance the construction of the Development. Net Cash Flow: All cash receipts from operations of the Development in the ordinary course of business after deducting actual operating and financing expenses paid or accrued and debt service payments (including payments for principal interest and all required revenues) made in connection with any loans relating to the Development. For purposes of this definition.of Net Cash Flow "operating and financing expenses" shall include, without limitation, the following: management fees, caretakers salaries, maintenance salaries, payroll taxes, accounting and legal fees, utilities charges, lawn maintenance costs, trash and snow. removal charges,. expenses for repairs, maintenance and decorating of the Development, advertising costs, permit .fees, insurance premiums, real estate taxes, special assessments and installments, letter of credit fees, -fees of the City, Trustee's fees, or mortgage servicing fees relating to the Development or the Mortgage Loan. -.Original Assessed. Value: _The Assessed, value._of aR.taxahle. real property comprising the Development as certified by the Dakota County auditor in _.rrmneadan w tit:* i=ezthm of The :Tax:l:ncrement Fmzmemg'Ta; trwt_'Phm r the "Cinnamon'Ridge Fiousing'Project of the Authority pursuant to Minnesota Statutes, Section 273.76, Subdivision 1, subject to any statutorily required changes resulting from future legislation amending said Section. 15�1 Second Mortgage: The second mortgage from the Developer to the Authority in substantially the form of Exhibit B attached hereto, given to secure the payment of the Developer's obligation pursuant to this Agreement. Tax Increment: The excess of the taxes generated at the then current assessed value of the Development over the taxes generated by the Original Assessed Value prior to construction of the improvements by the Developer. Transfer. The sale, transfer or other conveyance of the Development, whether by deed, contract for deed, lease (other than occupancy leases), or otherwise, or any change of more than fifty percent (50%) in the identity or partnership shares of the partners of the Developer; provided, however, that the transfer of partnership interests in connection with the initial limited partnership syndication shall not constitute a Transfer and provided further than the deletion of a general partner resulting from the death of such partner shall not constitute a Transfer. Trustee: First Trust Company, Inc., as trustee under the Mortgage Loan Documents. Valuation Date: The date or dates on which any of the following occurs: (1) Any Transfer of -the. Development; (2) 'The date as of which the principal balance -of the Mortgage Loan is paid in full; (3) Upon occurrence of an . Event of Default, if . the Authority elects to accelerate the Authority Loan pursuant .to..Section 7.02; (4) Upon prepayment of the Mortgage Loan as a result of foreclosure of the granting of a deed in lieu of foreclosure; or (5) The date which is ten (10) years after the first advance made by the Authority to the Developer pursuant .to Section 2.01 of this Agreement. ARTICLE U Authority. Loan Section 2.01. Amount of Loan. Subject to the provisions of Section 2.04 hereof, the Authority agrees to lend to the Developer and the Developer agrees to borrow from the Authority on a non-recourse basis, an interest rate reduction loan jthe. "Loan") with respect to_ the Mortgage. Loan, .by way .of advances asset forth .below from time -to time during the term of the Loan Advances on the Loan shall _ tae nnsde aa�aammy l3_ and.dtgy.l3: of �aeh yeah: =eaeing: as July _1% 19M in amountsequal to fifty percent `(50%) of the Tax Increment generated by the Development. Advances shall be paid by the Authority to the Trustee accompanied by directions that the Trustee apply such advances solely to the payment of interest on the Mortgage Loan. The Authority shall notify the Trustee and the Developer in writing as soon as reasonably possible following a determination by '5�� the Authority that for any reason an advance will not be made in the amount set forth in this Section 2.01. No advance shall be made following a Transfer unless (i) prior to the Transfer the Authority approves in writing the continuation of advances; (ii) the person or entity to whom the Transfer is made enters into an interest rate reduction loan agreement in substantially the form of this Agreement; and (iii) the person or entity to whom the Transfer is made assumes the obligations of the Developer under the Mortgage Loan and the First Mortgage. Section 2.02. Revenue Obligation. The Authority's obligation to advance funds for the Loan is payable solely from fifty percent (50%) of the cumulative Tax Increment generated by the Development. The Authority hereby pledges fifty percent (50%) of the Tax Increment generated by the Development prior to the Valuation Date to be available for advances as set forth herein. .The Authority's obligation to lend funds shall not be payable from nor charged upon any funds other than said portion of the Tax Increment so pledged. Section 2.03. Non -Recourse Loan. Neither the Developer nor any of its partners shall be personally liable for payment of the Authority Loan, and the sole recourse of the Authority for a failure to pay the Authority Loan shall be limited to proceeding against the Development in accordance with the Second Mortgage. .Section.2.04. Conditions Precedent to Lending. The Authority's obligation to make the .Loan to the Developer in accordance with this Agreement shall be .,subject Ao .the condition _that- prior to. June 30, 1986, the .Developer shall submit .to the Authority (a) evidence, satisfactory to the Authority, that the Developer has sufficient funds available to it from the proceeds of the Mortgage Loan and equity contributions to the Developer to finance the construction of the Development; and (b) plans and specifications for the construction of the Development which are consistent with the plat for the Development which was finally approved by the City and in sufficient detail to establish to the Authority's satisfaction the quality of construction for the Development. ARTICLE III Interest On the Loan Section 3.01. Development Valuation at Valuation Date. The Project shall be valued on the Valuation Date for purposes of determining the aggregate of merest and principal to be repaid on the Loan. 'Section 3.02. Definitions for Use in Development Valuation. (a) Fair Market Value. The Fair Market Value of the Development shall be its fair market value determined as set forth below as of the Valuation Date. If the Valuation -Date .occurs. by reason of .a sale..of .the -Development, then if the Authority .determines that. such sale was an arms' length transaction, the -Fair -3R�et � Valae_,dmll' be' �gimi so =tips peiee ' s Vis, _���d..viher expenses of sale actually incurred to the extent they do not exceed a customary and reasonable amount. If the Authority determines that such sale triggering the Valuation Date was not an arms' length transaction, or if the Valuation Date occurs by reason of an event other than a sale, the Fair Market Value shall be determined by appraisal, taking into account the anticipated costs of sale or other disposition, 53 including reasonable and customary brokerage fees, and the costs of appraisal. The appraisal shall be by a panel of three appraisers, one selected by each of the Developer and the Authority and the third selected by agreement of the other two or appointed by the Dakota County District Court. (b) Net Total Investment. The Developer's Net Total Investment shall be the aggregate total of the Developer's equity contributed to the acquisition and construction of the Development, any payments of principal or interest on the Mortgage Loan, any Developer Discretionary Payments, other payments made to construct, acquire, operate, maintain, repair or improve the Development, payments for taxes and special assessments on the Development, and any outstanding liens or mortgages securing loans, advances or goods or services provided for the construction, acquisition or improvement of the Development. (c) Return on Equity. The Developer's Return on Equity shall be equal to the aggregate total of all distributions made or required to be made by the Developer to the limited partners of the Developer, but shall exclude any distributions to any general partners of the Developer. It is recognized and agreed that the limited partnership units in the Developer will not be syndicated until after the execution of this Agreement and that the terms of the distributions from the Developer to its limited partners will be determined in the market place at the time of such syndication. To the end of establishing that the Developer's distributions to its limited partners. at the time of syndication will not be :materially . different .from. the market ;place standards . at , the --time of . such syndication, the Developer hereby covenants and warrants to the Authority that the distributions made to the limited partners of the Developer will not exceed the amounts necessary to successfully place the limited partnership units in the Developer at the time of the syndication, and the Developer further agrees that upon the syndication of limited partnership interests in the Developer, the Developer will deliver to the Authority (a) a true and correct copy of the partnership agreement of the Developer; (b) a true and correct copy of all offering documents and securities registration materials prepared in connection with the syndication of the limited partnership interests in the Developer; and (c) a written confirmation from a member of the National Association of Securities Dealiers experienced in the area of real estate limited partnership syndications that the distributions to be made to the limited partners _of the Developer are not materially different from the distributions which are being made to other limited partners in similar real estate limited partnership syndications being offered in the market place at the time of the Developer's syndication for projects similar to the Development. (d) Developer Discretionary Payments. The Developer Discretionary Payments shall include all payments made for replacement reserves and management fees and other discretionary expenses under the control of the Developer, subject to the limitation that the growth of all Developer Discretionary expenses shall be limited..to an aggregate annual average growth_rate of not more thanfive ,percent,(5%) for purposes of calculating this formula. (e) Net Appreciation. The Net Appreciation of the Development shall equal the Fair Market Value of the Development less the amount determined under Section 3.03(a) hereof, less the Developer's Net Total Investment and less the Developer's Return on Equity. 5 Section 3.03. Aggregate of Interest and Principal. The aggregate principal of and interest on the Authority Loan shall be the sum of: (a) the aggregate amount of all advances made by the Authority plus simple interest accrued on all such advances at the rate of five percent (5%) per annum; plus (b) the Net Appreciation of the Development multiplied by a fraction, the numerator.of which is the aggregate amount of all advances on the Authority Loan made by the Authority (without interest thereon) and the denominator of which is the Developer's Net Total Investment. The amount determined pursuant to this section shall be reduced by any prepayments of .the Authority Loan made pursuant to Section 4.04 hereof. Section 3.04. Interest Accrued at Valuation Date. As of the Valuation Date, the amount, if any, of the excess of the aggregate of the interest and principal on the Authority Loan determined pursuant to Section 3.03 over the sum of the advances theretofore made on the Authority Loan shall be deemed to be interest on the Authority Loan. Section 3.05.Accrual of Interest Subsequent to Valuation Date. Commencing with the Valuation Date, there shall accrue additional interest on so much of the :principal balance of. the Authority -Loan-determined -as-provided in Sections 3.03 and 3.04, and further adjusted to reflect compounding of interest and reduction by payments. Such interest shall be compounded and added to principal as of December 31 of each year. Such interest shall accrue at a rate per annum equal to the average annual rate of return being earned by the Authority on investment of all other of its funds during that year, as determined by the chief financial officer of the Authority, within 45 days of the end of each such December 31. The Authority shall within 60 days of the end of each calendar year notify the Developer of such average annual rate of return for the calendar year just ended and shall make available to the Developer upon request all information under its control which would be useful in verifying said rate of return. ARTICLE IV Repayment of and Security -for Authority Loan Section 4.01. Initial Period. _Except 2s provided in Section .4.03 and 4_04, no payment shall be due from the Developer until April 15 of the calendar year following the calendar year of the Valuation Date. Section 4.02. Periodic Payments Following Initial Period. Unless payment in full .is previously -required .pursuant to Section .4.03, -the -Developer.._ shall .pay annually to the Authority on or_before .each April 15 following .the Valuation Date :. =0 payment -1a fullAs'wed-pursuant.2n:Section 4.03 7an7amomnt7ewelto_one- fourth (1/4) of the Net Cash Flow of the Development for the preceding calendar year, which shall be applied first to accrued interest, with any excess applied to reduce the outstanding principal balance of the Authority Loan. The amount due on the first such payment date shall be that fraction of one-fourth (1/4) of the Net 6 Cash Flow of the Development for the preceding calendar year "equal to the fraction of such year which is after the Valuation Date. Section 4.03. Payment in Full. All unpaid principal, adjusted as provided in Section 3.04 and 3.05, further adjusted for compounding of interest pursuant to Section 3.06, and reduced by the periodic payments pursuant to Section 4.02 and any payments pursuant to Section 4.04, together with any accrued interest not previously added to principal, shall be due and payable upon the earlier of: (1) The Authority's election to accelerate the Authority Loan following default by the Developer as provided in Section 7.02; or (2) Transfer of the Project. (3) The date which is ten (10) years after the first advance made by the Authority with the Developer pursuant to Section 2.01 of this Agreement. No additional payments shall be required. Section 4.04. Prepavment. The Developer may prepay the Authority Loan and the accrued interest thereon, in whole or in -part, at any time or from time to time without premium or penalty. - -Section 4.05. AuthorityLoan Secured by Uen on "Project. The Developer's obligation to repay the Authority Loan shall be secured by.the Second Mortgage, which shall be subordinate to the First Mortgage granted by the Developer in connection with the Mortgage Loan or, with the prior written consent of the Authority, which consent shall not be unreasonably withheld, the issuance of any debt to refinance the Mortgage Loan in an amount which is not in excess of the outstanding debt being refinanced plus reasonable costs incurred in the refinancing. In addition, the Authority agrees to consider (and to consent or not consent to, in its sole discretion) subordination of the Second Mortgage to other liens on the Project as requested by the Developer. Immediately following the Valuation Date, the Developer shall execute and cause to be.recorded a revised instrument setting forth the exact amount of the debt secured by the Second Mortgage, as determined on the Valuation Date. ARTICLE V Provision of Low-income housing Section 5.01. Construction of Development. The Developer agrees to construct the Development as provided in and subject to the provisions of the Idortgage Loan -Documents. "_�ection3:02 .Low=income"Units. (a) -A1 _ail'times- rafter. -fit -of.-In -occupancy permit with, -respect -to the Development and continuing urttil the Authority Loan has been paid in full, the Developer shall hold 20% of the units in the Development for rental to persons and families with an annual Adjusted Family Income not in excess of eighty percent (80%) of the median family income for the 62; 7 Minneapolis -St. Paul Metropolitan Statistical Area, as determined by the United States Department of Housing and Urban Development. (b) In addition to the requirements set forth in clauses (a) of this Section 5.02, at least 55% of the units in the Development shall be held available for rental to families and individuals with Adjusted Family Incomes which at the time such families or individuals first occupy such units are equal to, or less than, 66 times 120% of the new construction monthly fair market rent for the unit (or similar units in other developments), as established by the United States Department of Housing and Urban Development. Section 5.03. Certification of Income. The Developer shall secure an income certification in the form attached hereto as Exhibit C, or such other form as may be approved by the Authority, which includes the information described in Exhibit C, from the proposed tenant or tenants of each qualifying unit -prior to initial occupancy and annually thereafter. Such income certification shall contain a statement of the anticipated total annual income for the Certification Year of each person who proposes to live in the dwelling unit during the Certification Year, the number of minors who propose to live in the dwelling unit, during the Certification Year, and the source of all anticipated income. Such certification imav be sworn to before a notary public or other officer authorized to administer oaths. The Developer shall use its best efforts to confirm the amount of anticipated income with the identified source. ''Section 5.04. Increase 'in Tenant Income. No -tenant shall -be required to terminate occupancy within the Development due to an increase in the income of such tenant above the maximum qualifying level as determined pursuant to Section 5.02(a) hereof. Any unit occupied by persons who met .the income restrictions upon their initial occupancy of such unit. shall remain .in a qualifying unit pursuant to Section 5.02 even after such an increase in tenant income. Section 5.05. Release and Indemnification. (a) The Developer releases the Authority and the governing body members, officers, agents, servants and employees thereof from and covenants and agrees that the Authority and the governing body members, officers, agents, servants and employees thereof shall not be liable for, and -agrees to protect and defend, indemnify and hold harmless the Authority and the governing body members, officers, agents, servants and employees thereof against, any loss or damage to property or any injury to or death of any person occurring at or about or resulting from any defect in the Development other than those arising -from specific acts of negligence of the Authority or its.off'mn s, agents, servants, employees and governing body. -members. (b) Except for any willful -misrepresentation or any willful or wanton misconduct of the following named parties, the Developer agrees to protect and defend the Authority, the governing body members, officers, agents, servants and .employees _thereof, now .and .forever, .and further agrees.. to hold the aforesaid harmless,. from any claim, demand, suit, action -or other proceeding by-any-person 9r• ' �risiag -or purportedly -gig drum :the '_e tion of the -Development by the Developer as a rental housing project. ARTICLE VI Insurance Section 6.01. Insurance. The Developer shall keep and maintain the Development at all times insured against such risks and in such amounts, with such deductible provisions, as are customary in connection with the operation of facilities of the type and size comparable to the Development and the Developer shall carry and maintain, or cause to be carried and maintained, and pay or cause to be paid timely the premiums for, at least the following insurance with respect to the Development as provided in the Second Mortgage. Section 6.02. Insurers and Policies. Each insurance policy required by Section 6.01 hereof (a) shall be issued or written by a financially responsible insurer (or'insurers), or by an insurance fund established by the United States or State of Minnesota or an agency or instrumentality thereof licensed to transact business in the State of Minnesota; (b) shall be in such form and with such provisions (including, without limitation and where applicable, loss payable clauses, waiver of subrogation clauses, provisions relieving the insurer of liability to the extent of minor claims and the designation of the named insureds) as are generally considered standard provisions for the type of insurance involved; (c) shall name the Authority. as an additional insured -subordinate to the mortgage securing the Mortgage Loan; and (d) -shall .prohibit cancellation or -substantial modification by .the. insurer.withouttaY.1east thirty (30),-days'.prior written -notice to.the.Authority and the Developer. Section 6.03. Application of Proceeds. (a) In the event that proceeds of any policy of insurance required pursuant to Section 6.01 become payable while the Mortgage Loan is outstanding, such proceeds shall be applied in accordance with the provisions of the Mortgage Loan Documents; provided that any excess proceeds shall be payable to the Developer or the Authority in accordance with subparagraph (b). (b) In the event that the proceeds of any policy of insurance required pursuant to Section 6.01: become payable after the First Mortgage securing the Mortgage Loan is no longer outstanding, the Developer may .elect :to (i) apply such _proceeds to repair, reconstruct and restore the damaged- Development, or (ii) if insurance proceeds are sufficient to repay the Authority Loan as determined on the Valuation Date, treat such receipt of proceeds as a Transfer. In .the event that the Valuation .Date has not occurred prior to the receipt of proceeds, the date of such -receipt may be elected as the Valuation -Date and themaluation can then be made based on the appraised value of the Project before destruction, if such valuation is sufficient to allow the Developer to elect option (ii) above. ARTICLE VII Section 7.01. Events of Default. The happening of one or more of the following events and the failure to cure such event within thirty days after notice thereof in writing is given by the nondefaulting party hereto to the Trustee under the Indenture with respect to the Bonds and the defaulting party or if not possible M to cure within thirty days, failure to commence reasonable efforts to cure within that period, shall constitute an "Event of Default": (a) The Developer shall fail to maintain 20% of the units within the Development for occupancy by persons and families of low and moderate income in accordance with the provisions of Article V and the continuance of such failure for three (3) months following written notice thereof to the Developer from the Authority. (b) The Authority shall fail to timely advance the proceeds of the Loan to the Developer in accordance with the provisions of Section 2.01 hereof, provided that no Event of Default shall exist under this paragraph if the Authority's failure to make such advances is caused by any action or inaction by the State of Minnesota or the County of Dakota in connection with the collection and distribution of the Tax Increment. (c) Either party shall fail to perform any other covenant, agreement or condition of this Agreement and the continuance of such failure for sixty (60) days following written notice thereof from the other party. Section 7.02. Remedies on Default. Whenever any Event of Default referred to in this Agreement occurs with respect to either party, the other party may take any one or more of the following actions, unless otherwise agreed to by the parties in writing: (a) if the default is by the Developer, suspension of the Authority's obligation to make advances on the Authority Loan, valuation of the Development pursuant to Section 3.02, and declaration of any amounts due on the Authority Loan to be immediately due and payable; (b) if the default is by the Developer, the Authority may exercise its remedies pursuant to the Second Mortgage; or (c) either party may take whatever action, legal or administrative, as may appear necessary or desirable to collect any payments due or to enforce performance and observance of any obligation, agreement or covenant under this Agreement, or to collect.damages for breach -of contract. In the event that the Authority does not make the advances to the. Developer provided for in. Section 2.01 as a result of any action or inaction by the State of Minnesota or the County of Dakota in connection with the eollection and distribution of the Tax increment, the Developer may, -at its option, terminate this Agreement, subject to the Developer's obligation to repay the amount of Advances theretofore made by the Authority (without interest thereon), as provided in this Agreement. Further notwithstanding the foregoing, the Developer may pursue such __other Action At -law -or -in-equity-as 1t_shall_deem. appropriate to -recover .frnm .the State of Minnesota or the County of Dakota the portion of the Tax Increment -. t9` wyabIe"io'the Developeramder'2his:AgmemEnt. No remedy herein conferred is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Agreement or now or hereafter existing at law or in equity or by statute. No delay or omission to 67 10 exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. Section 7.03. No Additional Waiver Implied by One Waiver. In the event any agreement contained in this Agreement should be breached by either party and thereafter waived in writing by the other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other concurrent, previous or subsequent breach hereunder. No waiver shall be deemed to have occurred unless such waiver is in writing signed by the party giving such waiver. ARTICLE VM Miscellaneous Section 8.01. Records and Reports, Notices. (a) The Developer shall maintain all records needed to conduct the valuation of the Development on the Valuation Date, to determine the amount owing hereunder from time to time thereafter, to determine the amounts of periodic payments required by Section 4.02 and to demonstrate compliance with Article V regarding the provision of low income housing. The Developer shall make quarterly. certified reports to the Authority identifying qualifying units including the rent charged thereon, the .tenants thereof,_and..the income of. thetenants as certified .pursuant - to -Section 5.03. The Developer shall submit a report supporting the calculations made pursuant to Section 3.02 through 3.05, an annual report thereafter along with each periodic payment pursuant to Section 4.02 in support of the amount thereof and the principal balance of the Authority Loan adjusted to date and a report in support of the amount of the final payment pursuant to Section 4.03. The report supporting the calculations made pursuant to Sections 3.02 through 3.05 shall be audited by an independent certified public accountant; provided, however, that said auditor may rely upon the books and records of the Developer for the underlying data used in the calculation. The Developer's books and records shall be made available to the Authority for inspection at its request, upon reasonable notice. (b) The -Developer, within 20 days following the event, shall provide written notice to the Authority of (i) any change in the identity or- partnership shares of the general partners of the Developer; (ii) any default by the Developer in its obligations under the Mortgage Loan Documents; and (iii) any Transfer. .Section 8.02. Notices. All notices, demands or other .communications hereunder shall be in writing -and shall be deemed to be sufficiently given when personally delivered or mailed, postage prepaid, with proper address as indicated below: To the Authority: The Eagan. Housing and Redevelopment Authority City Hall 2Z30JWnt_1Kaob, Road Eagan,'Minnesota 55122 To the Developer: Cinnamon Ridge Limited Partnership 1117 Marquette Avenue, Suite 200 Minneapolis, Minnesota 55403-2457 To the Trustee: First Trust Company, Inc. 332 Minnesota Street St. Paul, Minnesota 55101 or at such other address with respect to either party as such party may, from time to time, designate in writing and forward to the other as provided in this Section. Section 8.03. Separability of Provisions. Each provision of this Agreement shall .be considered:separable and if for any reason any provision or provisions hereof are'determined to be invalid and contrary to any existing or future law, such -'invalidity shall not -impair the :operation ,of.or affect -those-provisions of this Agreement which are -valid. Section8.04.'.Counterparts..` This; Agreement 'may-be=:executed in -several t'rcou:iterparts,:_each of which. shall' -be an`original and all of -which shall:constitute .one and the same agreement. Section 8.05. Section Titles. Titles of Articles and Sections are for convenience of reference only and shall not alter or control the meaning of this Agreement as set.forth in the text. IN WITNESS WHEREOF, the parties hereto have hereby executed this Agreement as of the year and date written above. STATE OF MINNESOTA ) ss. COUNTY OF DAKOTA ) The foregoing instrument 1985, byaBrve Can -American Realty _Corporate _Partnership, a Minnesota limited STATE OF' MINNESOTA ) ss. COUNTY OF DAKOTA ) CINNAMON RIDGE LIMITED PARTNERSHIP By Can -American Realty Corporation General Partner By Bryan L. Weber (Vice President, Development THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EAGAN 0 Chair By Executive Director was acknowledged before me this day of L. Weber. the Vice President. Develooment of g, general partner of Cinnamon Ridge Limit partnership on behalf of the limited partnership. Notary Public The -foregoing instrument was acknowledged before me .this day of 1985, by , Chair, and , i-ExieLutivx':t etor:'D14n f.-''$oasing--mid=$edev-aeinpummf,„thurty.in:and:7nrAhe City of Eagan, on behalf of such authority. Notary Public Y 13 EXHIBIT A TO INTEREST RATE REDUCTION LOAN AGREEMENT The real property referenced in the foregoing document is located in the County of Dakota and is legally described as follows: -Outlot 'A, Cinnamon Ridge -Addition to the City of Eagan, according to the plat thereof now on file and of record in the office of the County -Recorder imand, for: Dakota County, Minnesota. �3 14 EXHIBIT B TO INTEREST RATE REDUCTION LOAN AGREEMENT Form of Second Mortgage j[To be Supplied] EXf1IBIT C Certification of Tenant Eligibility I/We, the undersigned, being first duly sworn, state that I/we have read and answered fully and truthfully each of the following questions for all persons who -are•to:occupy the -unit in:the, above apartment development for which application is made. TENANT. '.'(Please:print,-using full.name) '-Name. of.Tenant. (Head of Family): Social Security No. Name of Spouse:_ Social_Security No. RENTAI;.UNTT: Phone Street, Address: Unit No.: City: Zipcode: , Date of Occupancy of Rental Unit by Tenant: Date of Lease Signed for Rental Unit by Tenant: Certification Date (Earlier of Date of Occupancy or Date Lease signed): L' ' OCCIIPANTS OF RENTAL UNIT. __-Head of -Family: -Birthdate -Age B., Spouse: Birthdate_- Age C. , --Other=:family-zmembers (including fall;minors),.who .will11ve_ in -the -rental units: 1. First and Last Name "Birthdate Afire Relationship Exhibit C G �5 Page 1 (a) Will all of the persons listed in column 1 above be or have they been full-time students during five calendar months of this calendar year at an educational institution (other than a correspondence school) with regular faculty and students? Yes No (b) Is any such person (other than nonresident aliens) married and eligible to file a joint federal income tax return? Yes No II. ANTICIPATED ANNUAL INCOME. Please list the anticipated total annual income from all sources of each family member listed in Section I for the .twelve mouth period beginning on the Certification.Date listed above: (a) _IncludinE! all -wages and salaries, .overtime _pay, :commissions, fees, tips and bonuses before payroll deductions; net income from the operation of a business or profession or from the rental of real or personal property (without deducting expenditures for business expansion or amortization of capital indebtedness); interest and dividends; the full amount of periodic payments received from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other similar types of periodic receipts; payments in lieu of earnings, -such-as unemployment and disability compensation, workmen's compensation and severance pay;. -the maximum amount of public assistance available to the above persons; periodic and determinable allowances, such as alimony and childsupport payments -and regular contributions and gifts received from persons not residing in the dwelling; and all regular -pay, special pay and allowances of a member of the Armed Forces (whether or not living in the dwelling) who is the head of the household or spouse, but {b) ::.�:xC1IId171PCHsaali '��nL'—^anonlnr• mmn,mtclhat-are specifically for or in reimbursement of medical expenses; lump sum additions to family assets, such as inheritances, insurance payments Exhibit C 6�1 Page 2 (including payments under health and accident insurance and workmen's compensation), capital gains and settlement for personal or property losses; amounts of educational scholarships paid directly to the student or the educational institution, and amounts paid by the government to a veteran for use in meeting the costs of tuition, fees, books and equipment, but in either case only to the extent used for such purposes; special pay to a serviceman head of a family who is away from home and exposed to hostile fire; relocation payments under Title [I of the Uniform Relocation -Assistance and Real Property Acquisition Policies Act of 1970; foster.chUd care payments; the value -of coupon allotments for the purchase of -food pursuant to the Food Stamp Act of 1964 which is in excess of the amount actually charged for the allotments; and payments received pursuant to participation in ACTION volunteer programs, is as follows: Anticipated Total Name of Family Member IncomeforTwelveMonth Period S S (Please list all family members; if any family -members are notexpectedto earn -any tncome during the twelve month period, indicate "-0-" in the right hand column) III. SOURCES OF INCOME. List sources and amount of all income for all family members listed in Section I including.salary income (provide name of employer), welfare re other _:public.wsisstan" pensions, interest, social security payments, rents, alimony and child support, any anticipated capital gains, etc: Name of Family Member Source of Income Amount per Month S S $ Exhibit C Page 3 IV. NET FAMILY ASSETS. Please give the following information with respect to all family members listed in Section I: A. Any savings accounts? How many? Name of Account holder(s) and the Name of Bank(s): Total Amount $ B. Any checking accounts over $100.00? Name of bank(s): Total Amount $ C. All cash on hand (other than savings and checking Accounts): $ D. Value of any real estate owned: $ E. Balance of any contract(s) $ F. Value of any business equipment owned: $ G. Amount of any mortgages owned: $ H. - Value,of.all.stocks,.bonds or. other- securities: $ L Money due from others or held by others for you: $ J. Amount of any prepaid funeral trust account: $ K. Current value of other assets (such.as automobiles, boats, trailers, snowmobiles, motorcycles, etc.): $ Total Assets $ The above information is full, true and complete to the best of my knowledge. I have no objections to inquiries being made for the purpose of verifying the statements made herein. Exhibit C 4� Page 4 n I acknowledge that all of the above information is relevant to the status under federal income tax law of the interest on bonds issued to finance construction of the Projects for which application is being made. 1 consent to the disclosure of such information to the issuer of such bonds, the holders of such bonds, any trustee acting on their behalf and any authorized agent of the Treasury Department or Internal Revenue -Service. . < Date.., :.Signature :STATE OF: MINNESOTA ) ss. COUNTY OF ) Subscribed and =sworn .. to. before. me.this. ,day,of , (SEAL) Notary. Public Exhibit C �cj Page 5 FOR COMPLETION BY APARTMENT OWNER ONLY: 1. Calculation of eligible income: (a) Enter amount entered for entire household in I above: $ (b) If the amount entered in IV above is greater than $5,000, enter the greater of (1) the amount entered in III less the amount previously entered in II and (ii) 10% of the amount entered in IV: $ (c) TOTAL ELIGIBLE .INCOME (Line 1(a) plus line 1(b)): 2. The amount entered in 1(c) is (check one): Less than $ which is the maximum Adjusted Family Income as that term is defined in the Interest Rate Reduction Loan Agreement (the "Agreement") for the low- income units described in Section 5.02 (a) of such agreement. More than the above-mentioned amount. 3. Number. of apartment unit assigned: 4. Monthly rent: $ 5. This apartment unit (was/was not) last occupied for a period of 31 consecutive days by a person or persons whose Adjusted Family Income, as certified in the above manner, was equal to or less than the maximum Adjusted Family Income amount at which a person would have qualified as a Qualifying Tenant under the terms of the Declaration. The Unit: Qualifies as a low-income unit under Section 5.02(a) of the Agreement Does not qualify as a low-income unit under -Section 5.02(a). of the Agreement Manager Exhibit C %9 Page 6 Council Minutes July 2, 1985 [i!' ^� m V 12<- „`:* C. CINNAMON RIDGE PROJECT - TAX INCREMENT FINANCING The public heating covering the application of Can American Group for tax increment financing district and interest rate reduction project for Cinnamon Ridge apartment project next came before the City Council. The Mayor opened the hearing and City Administrator Tom Hedges presented the application. He stated that the programs meet the guidelines that were set forth by the City Council in 1984-85 and that the City's fiscal consultant, Marsha Cohodes from Miller b Schroeder Municipals, Inc. and Stan Kehl, Bond Counsel from Holmes and Graven were present. He further noted that meetings had been held with staff members and the applicant and the general perameters for a development .agreement with -.Can American had been detailed.. . He mentioned.that if the :interest rate .reduction program is approved, that the City and all other taxing jurisdictions will receive the base amount of taxation existing today on the property along with 50% of the new taxable rate. The remaining 50% becomes a tax increment, which is used by the Can American Group to reduce rental rates by approximately $42.00 per month, according to their information. A 50% increment is returned to the City at the end of 10 years or upon sale of the project, which can be used in total by the City's NRA or City Council. The projected tax increment provided to. the City at the end of .10 years is $1,494,253.00 according to .assumptions provided by..Miller 6 Schroeder. Bryan Weber of Can American was present and made a presentation explaining f- the proposal including the proposed development agreement. Councilman Smith questioned the 5% interest factor, and further asked how the City could be assured of an arms -length sale at the end of 10 years, or prior to the end of the 10 year period. Stan Kehl stated that a provision for an independent appraisal at the time of such sale, or at the end of 10 years, will be provided. Councilman Wachter asked whether lower rents would result because of the financing and according to Mr. Weber, this would be true. Mr. Wachter further stated that it was his opinion that the original rates appeared to be excessive for-vhat was intended. He was farther concerned about the quality of construction because of the involvement of the City taxpayers, and stated that there would be no assurance of increase in value. Councilman 3 gaa atated:that-the-decision is a-suhjective one, made by the City Council as to whether a comparable project can be developed on the parcel without tax increment financing. After discussion, Smith moved, Thomas seconded the motion to approve the -mpplicatina :fm ta--i-mcrement-iinancmg-and—intereat-rate-reduction-program -for .ihe..V4,�„� •,n_Rid$E�r43�t� Bubjeeits._the_iolloiaiag.r�ne,r�ons: 1. The applicant will comply with all City, State and Federal regulations regarding the tax increment and interest rate reduction program requirements. 2. A development agreement will be entered into between the applicant and the City outlining all necessary provisions for the program. 3. An independent appraisal will be provided at the time of sale or at the end of the 10 year period to determine the fair sale price. . 7/ 6 Council Minutes July 2, 1985 Those in favor were Thomas, and Wachter. Smith and Egan; those against were Blomquist WESTBURY 1ST ADDITION - WAIVER OF PLAT S VARIANCE The application of Gabbert Development Company for waiver of plat to adjust side lot line between Lots 5 and 6, Block 5 and a 7 foot setback variance to Lexington Avenue was presented to the Council. Dave Gabbert was present and Dale Runkle detailed the application. The Advisory Planning Commission recommended approval. After. discussion, Smith _moved, Egan seconded the motion to approve the application, noting that the City Council -had denied the application for variance, and that the 50 foot setback requirement had been overlooked by all persons reviewing the plat originally. The approval was subject to the following: 1. Houses shall be designed and located to meet all the setback requirements. No variance shall be granted for Lot 5. 2. All city ordinances and requirements shall be adhered to. 3. -All drainage and --utility easements shall be,vacated.and. relocated -to conform with the new lot line. Thomas, Smith and Egan voted yes; Blomquist and Wachter voted against. E -Z AIR PARR - CONDITIONAL USE PERMIT - PYLON SIGN The application of Nordquist Sign Co. for conditional use permit for 27 foot high pylon sign in Plainview Addition for the E -Z Air Park was next heard.. The Planning Commission at its May 28, 1985 meeting recommended _approval, subject -to conditions including reduction in the size of -the sign to .125 -square feet_ _Dale Runkle reviewed the application and a representative of the applicant was present. Wachter moved, Smith seconded -the-motion'to .approve the application, subject to the following conditions: 1. The sign shall not .exceed 27 feet in .height. 2. The sign shall be located at least 10 feet from any property line. 3. All other City ordinances and requirements shall be adhered to. - 6. The signs shall -be oriented perpendicular -to the I -35E right-of-way in _mder..:to .--imi za.,exposure . -to ..the -.fTEEYaf. _.�d._e.minimi-a ..thedupact -on -the .. _.zdiace t =ezid®res. - 5. The sign shall not exceed 125 square feet per side. All voted in favor. %Z✓ tl THE EAGAN HOUSING AND REDEVELOPMENT AUTHORITY RESOLUTION BEING A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AN INTEREST RATE REDUCTION LOAN AGREEMENT IN CONNECTION WITH THE TAX INCREMENT FINANCING PLAN FOR A TAX INCREMENT FINANCING DISTRICT (CINNAMON RIDGE HOUSING PROJECT) BY THE EAGAN HOUSING AND REDEVELOPMENT AUTHORITY. WHEREAS, the City of Eagan (the "City") has adopted a multifamily housing development program (the "Program'l and proposes to issue housing revenue bonds (the "Bonds") pursuant to Minn. Stat. Section 462C.07 in order to finance the Program; and WHEREAS, the Minnesota Housing Finance Agency (the "MHFA") has reviewed and approved the Program; and WHEREAS, The Eagan Housing and Redevelopment Authority (the "Authority") is authorized to undertake interest reduction programs to assist the financing of construction of rental housing units which are primarily for occupancy by individuals of low or moderate income in accordance with Minn. Stat. Section 462.445, Subds. 10, 11, Ila and 12; and WHEREAS, the City has considered an Interest Reduction Program to assist the financing of the multifamily housing .development to be financed with the Bonds (the "Interest Reduction Program") and has promulgated regulations for the Interest Reduction Program; and WHEREAS, pursuant to Minn. Stat. Sections 462.545 and 273.75, Subd. 4, the Authority is authorized to use tax increment to defray the costs of a project, including an interest reduction program; and WHEREAS, in connection with the establishment of the tag increment _ htrict (the "District') by the Authority pursuant to the Minnesota Tax. Increment Financing Act, Mirm. Stat., Sections 271.71 to 273.78 inclusive (the "Act'), the approval by the Board of Commissioners (the "governing body") of the Authority of the tax increment plan is _required by the local governing body before it will consider for approval said plan; and WHEREAS, there was presented to a meeting of the governing body of the Authority for its consideration and approval, a copy of an interest reduction program project plan and a tax increment plan for the district dated May 1, 1985, which plan is. entitled Interest Reduction Program Project Plan and Tax Increment Financing District -Plan for the Cinnamon-Ridge.Housing Project (the "Plan"); and ''WHEREAS, the Authority prepared the Plan and sabh ttted the Plan to the City Planning Commission of the City of Eagan (the "Planning Commission") for its review and opinion and to the Board of Commissioners of Dakota County for their review and comment; and 73 WHEREAS, by the passage of a Resolution of the Board of Commissioners of the Authority, dated June 18, 1985, the Authority approved and adopted the Interest Reduction Program Project Plan and Tax Increment Financing District Plan for the Cinnamon Ridge Housing Project; and WHEREAS, in order to carry out the terms and conditions of the Plan, the Authority proposes to enter into an Interest Rate Reduction Loan Agreement (the "Agreement") with Cinnamon Ridge Limited Partnership, a Minnesota limited partnership (the "Developer"), pursuant to which the Developer will be obligated to repay the amounts advanced to the Developer by the Authority in accordance with the Plan: NOW, THEREFORE, BE IT RESOLVED BY the Board of Commissioners of The Eagan Housing and Redevelopment Authority: Section 1. The Chairman and the Executive Director of the Authority are hereby authorized and directed to execute and deliver the Agreement and, when executed and delivered as authorized herein, the Agreement shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Agreement shall be substantially in the form on file with the Executive Director on the date hereof, and is hereby approved, with such necessary variations,. omissions, and-insertions'as do not materially affeet.1he substance of the. -transaction sand. as the Chairman -and the Executive. Director, .in. their discretion, shell determine; provided that the execution thereof by the Chairman and Executive Director shall be conclusive evidence of such determination. Section 2. The Board of Commissioners of the Authority, officers of the Authority, and attorneys and other agents. or employees of the Authority are hereby authorized to do all acts and things required of them by or in connection with this resolution and the Agreement and the other documents referred to above for the full, punctual, and complete performance of all the terms, covenants, and agreements contained in the Agreement and the other documents referred to above, and this resolution. Section 3. If for any reason the Chairman of the Board of Commissioners .of -the -Authority is unable to execute and deliver the Agreement.referied to in this Resolution, any other member of the Board of Commissioners of the Authority may execute and deliver such document with the same force and effect as if such documents was executed by the Chairman. If for any reason the Executive Director of the Authority is unable to execute and deliver the Agreement referred -to -in this Resolution, such document -may-be executed and delivered by any other member of the Board of Commissioners of the Authority or the DeputyExecutive Director with the same force and effect if such documents were executed and delivered by the Executive Director of the Authority. Section 4. All costs incurred by the Authority in connection with the . i:eaemtion and _delivery of -the Agreement or: any athee mpeement_morinstimment relative to -the Agreement, shall be paid by the Developer or reimbursed by the Developer to the Authority. Section S. This resolution shall be in full force and effect from and after its passage. * 2 Adopted by the Board of Commissioners of The Eagan Housing and Redevelopment Authority this 5th day of November, 1985. Attest: Motion made by: :--Seconded' ,by.,,. Date: ,5 3 Agenda Information Memo November 6, 1985, City Council Meeting Page Eighteen CONDITIONAL USE PERMIT/BEER & WINE LICENSE/SLICERS PIZZA .-A. 'Conditional Use Permit to .Allow Beer.& Wine in a CSC (Community Shopping Center) Zone and On -Sale Wine and Beer License for 'Slicers -Pizza Restaurant -- An 'application )was received by Slicers Pizza_.Restaurant .for .a. beer...and .wine. -license. ._.The .Eagan Police +.:Department:; -has -:investigated-:the ..owners,.. -:Thomas. -Miller .:and -James :.:`.Driscoll, -::and .:find . no reason to deny .-the -application. :- -A copy -of---the"investigation is'=enclosed -on page ��� For. -.a: -copy -of the -liquor -license application, refer to the attachment- without page number. ACTION TO BE CONSIDERED ON THIS ITEM: To approve or deny the - -_on-sale--wine_and beer license for Slicers Pizza Restaurant. 76 3930 Pilot Knob Road Eagan, Minnesota 55122 October 15, 1985 TO: THCMAS..HEDGES.,.CITY. ADMINISTRATOR FROM: PATRICK GEAGAN, ADMINISTRATIVF, CAPTAIN t�lY SUBJECT: LIQUOR LICENSE APPLICATION SLICER'S PIZZA RESTAURANT 2113 CLIFF ROAD. EAGAN 'The Eagan Police Department has investigated the owners,.'Phomas Miller and James.Driscoll, of -'Slirrer'-s Pizza in regards -to a Liquor: -.License Application.. We have also investigated Nancy Unker who will be the manager of Slicer's Pizza. We find no reason to deny application based on the background checks of the above named individuals. PG/ma 77 THE LONE OAK TREE... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY police department AV M. aEHTHE GN W Pdb PATRICK J. GEAGAN ' MnMnmYw 4pu:n w f KENNE TH O. AMANN 52 ]� cA a� dtv o _a `�`� Ow mSZ 3930 Pilot Knob Road Eagan, Minnesota 55122 October 15, 1985 TO: THCMAS..HEDGES.,.CITY. ADMINISTRATOR FROM: PATRICK GEAGAN, ADMINISTRATIVF, CAPTAIN t�lY SUBJECT: LIQUOR LICENSE APPLICATION SLICER'S PIZZA RESTAURANT 2113 CLIFF ROAD. EAGAN 'The Eagan Police Department has investigated the owners,.'Phomas Miller and James.Driscoll, of -'Slirrer'-s Pizza in regards -to a Liquor: -.License Application.. We have also investigated Nancy Unker who will be the manager of Slicer's Pizza. We find no reason to deny application based on the background checks of the above named individuals. PG/ma 77 THE LONE OAK TREE... THE SYMBOL OF STRENGTH AND GROWTH IN OUR COMMUNITY Agenda Information Memo November 6, 1985, City Council Meeting Page Nineteen WAIVER OF PLAT/DEBRA 8 DAVID BAILEY B. Waiver of Plat for Debra & David Bailey for a Lot Split on Lot .2., Carlson .Acres -- An :application was made by ,David and Debra Bailey .for a waiver of plat for :L-ot .2., .Carlson Acres. For -a copy of this waiver of plat application, refer to the 'City Planning 'Department report -found on pages through F/ `:ACTION": TO 5M --CONSIDERED -ON 'THIS, 'ITEM: -To "approve or-=deny..the waiver-of:.-plats­as,presented. 110 CITY OF EAGAN SUBJECT: WAIVER OF PLAT APPLICANT: DAVID & DEBRA BAILEY LOCATION: LOT 2, CARLSON ACRES, NE; OF SECTION 28 EXISTING ZONING: R-1, SINGLE FAMILY DATE OF PUBLIC HEARING: OCTOBER 22, 1985 'DATE OF.REPORT: OCTOBER 15, 1985 REPORTED BY: JIM STURM APPLICATION SUBMITTED: An application has been submitted requesting a Waiver of Plat in order to split 1 lot into 2 separate lots in Carlson Acres south -of Diffley Road. ;COMMENTS.: ".The subject .:lots has- a .total of .39,762 sq. ft. Parcel .'A (where existing house .-is) will --become 21,:869 sq -ft and parcel 'B -will be'. 1-7,093 sq 'ft. The placement of a proposed. house on parcel B exceeds all City setback requirements. County Road 30 (Diffley Road) will shift somewhat to the north when the improve- ments take place. A secondary service drive will be located south of .the new road, close to what is the existing Diffley Road. This service drive will eliminate direct access to the improved Diffley Road and hopefully create a single safer access point. The County has assured City Staff that access to these lots will be provided during the construction process. If approved the Waiver of Plat shall be subject to all applicable ordinances. �7 A \.L .. IIT rl � • ..�0 W OO IA' •vl plq :.I. Oq1 �WgII TI .1 MII L..T� y� m IML m. ���mle�wLnll w Go Agenda Information Memo November 6, 1985, City Council Meeting Page Twenty FOUNDATION PERMIT/CINNAMON RIDGE 7TH ADDITION C. Foundation Permit for Cinnamon Ridge 7th Addition, Can American -- The City has received a written request from the developers of the proposed Cinnamon Ridge 7th Addition for the issuance of a foundation permit at the time of final plat approval. In the past, the Council has authorized the issuance of a foundation permit subject to verification that all final plat documents have been submitted to the County for recording. This .is to insure that the development is not delayed due to potential backlogs in processing the final plat for recording at the County. However, the staff continues to strongly recommend that foundation permits not be issued prior to the plat being released by the City for recording. This is due to the fact that once final plat approval has been granted by formal Council action, there are significant financial requirements that must be fulfilled by the developer before the City will execute the final plat documents and release them for recording at the County. In _.reviewing this request, it is felt that the 1-2 day delay that 'would .be created by .maintaining our past policy will not be detrimental to the liability of this proposed development. ACTION TO BE CONSIDERED ON THIS ITEM= To approve/deny the issuance of a foundation permit prior to the receipt of final plat applica- tions for recording at the County. N Agenda Information November 6, 1985, Page Twenty -One Memo City Council Meeting SPECIAL PERMIT/ADVERTISING SIGN/LOREN SPANDE D. Special Permit for Advertising Sign, Loren Spande, Developers Construction -- .An application was made by :Loren Spande for .Developers 'Construction, Inc.., to locate a .sign ,for Birch Park. The sign will be located on the southeast corner of Pilot Knob Road and Deerwood Drive and the dimensions of the sign are proposed ..at A' x.- 8' -.with the.. height :,being 7.'.. - For _additional _information on .this:: -item,_ -refer: to -the Planner.'s:.:report,. a :copy.::is_:attached :.on .pages through ACTION TO BE ':CONSIDERED ON THIS ITEM: To approve .or - deny -.the special permit for an advertising sign for Loren Spande, Developers Construction, Inc. SUBJECT: APPLICANT: LOCATION: EXISTING ZONING: DATE OF PUBLIC HEARING: 'DATE OF REPORT: CITY OF EAGAN SPECIAL PERMIT DEVELOPERS CONSTRUCTION SW; SECTION 22 R.O.W./P.F. PUBLIC FACILITIES NOVEMBER 6, 1985 OCTOBER 31, 1985 REPORTED BY: JIM STURM APPLICATION: An application has been submitted for a Special Permit to allow a directional sign southeast of the intersection of Pilot Knob Road and Deerwood Drive adjacent to St. John Neumann property. ::COMMENTS,: 'The :subject sign. is two directional, non -lighted and will measure approximately 4' x 8'. - This 7' high sign will be in the 70' half right-of-way but still 59' from the center line of Pilot Knob Road and 64' from the center line of Deerwood Drive. Sunshine Construction had a sign 42' from .the center line of Pilot Knob Road but that was removed in the recent brush clearing by Dakota County Electric. St. John Neumann has given permission to Developers Construction to place the .sign on their property if so desired. Note: The applicant explained that this sign will be temporary as its intended use will be 1 year to 1' years only. Ifapproved the sign shall be subject -to the one time -sign fee of $2.50 per sq. ft. and all other applicable ordinances. y4z NO r Y CIO