Board of Commissioners Packet - dakotacda.org

Board of Commissioners Packet April 16, 2019

3:30 p.m. - Regular Meeting CDA Office, 1228 Town Centre Drive, Eagan

- 1 -

REGULAR BOARD MEETING

April 16, 2019 – 3:30 p.m. Dakota County CDA, 1228 Town Centre Drive, Eagan, MN 55123

AGENDA PAGE#

1. ROLL CALL

A. Staff Introductions

B. Audience

Anyone in the audience wishing to address the CDA Board on an item not on the agenda or an item on the consent agenda may come forward at this time. Comments are limited to five minutes.

2. APPROVAL OF AGENDA AND MEETING MINUTES

March 19, 2019 Annual CDA Board Meeting Minutes

April 2, 2019 Budget Workshop Meeting Minutes

2

3. FEDERAL PUBLIC HOUSING AND HOUSING CHOICE VOUCHER AGENDANo items.

4. CONSENT AGENDA

A. Approve Record Of Disbursements – March 2019 12

B. Approve Amendments To The Fiscal Year Ended June 30, 2019 Operating Budget 15

C. Authorize Repurchase Of 711 13th Avenue North, South St. Paul And Amend Budget 18

D. Establish Date For A Public Hearing Regarding The Disposition Of Property In South St. Paul 27

5. REGULAR AGENDA

A. Conduct Public Hearing To Receive Comments And Authorize Executive Director To Enter Into APurchase Agreement For Approximately 1.36 Acres Of Property In West St. Paul

44

B. Quarterly Update On The 2019 Economic Development Workplan – Informational 48

C. Discussion On Regional Economic Gardening Program – Informational 66

D. Executive Director’s Update – Informational 69

6. INFORMATION

A. CDA Investment Register – December 31, 2018 70

7. ADJOURNMENT

For more information, call 651-675-4432.

Dakota County CDA Board meeting agendas are available online at: http://www.dakotacda.org/board_of_commissioners.htm

- 2 -

http://www.dakotacda.org/board_of_commissioners.htm

Next CDA Board Meeting: May 21, 2019 – Regular Meeting starting at 3:30 p.m. Dakota County CDA Boardroom, 1228 Town Centre Drive, Eagan, MN 55123

- 3 -

2278

CDA Board of Commissioners Regular Board Meeting

March 19, 2019

Dakota County CDA, 1228 Town Centre Drive, Eagan, MN 55123

Commissioner Gerlach called the meeting to order at 3:33 p.m. COMMISSIONER ROLL CALL

*Commissioners Atkins and Cummings departed at 4:45 p.m. CDA staff in attendance: Tony Schertler, Executive Director Kari Gill, Deputy Executive Director Sara Swenson, Director of Administration and Communications Kaili Braa, Assistant Director of Administration and Communications Lisa Alfson, Director of Community and Economic Development Maggie Dykes, Assistant Director of Community and Economic Development Kathy Kugel, Housing Finance Coordinator Sarah Rensenbrink, Assistant Director of Housing Assistance Neal Hildebrandt, Assistant Director of Property Management Lori Zierden, Real Estate Specialist Others in attendance: Matt Smith, Dakota County Erin Stwora, Dakota County Jay Stassen, Dakota County Kelly Harder, Dakota County Skip Nienhaus, City of Burnsville Kathy Undem, Dakota County Adam Kienberger, City of Farmington John Hinzman, City of Hastings Corey Topp, RSM AUDIENCE

No audience members addressed the Board at this time. APPROVAL OF AGENDA AND MEETING MINUTES

19-6112 Approval Of Agenda And Meeting Minutes

BE IT RESOLVED, by the Dakota County Community Development Agency Board of Commissioners that the agenda for the March 19, 2019 Regular CDA Board meeting be approved as written. BE IT FURTHER RESOLVED, by the Dakota County Community Development Agency Board of Commissioners that the minutes for the February 26, 2019, Annual and Regular CDA Board meetings be approved as written.

Motion: Commissioner Egan Second: Commissioner Atkins

Present Absent Commissioner Slavik, District 1 X Commissioner Gaylord, District 2 X Commissioner Egan, District 3 X Commissioner Atkins, District 4 X Commissioner Workman, District 5 X Commissioner Holberg, District 6 X Commissioner Gerlach, District 7 X Commissioner Cummings, At Large X – Arrived at 3:34 p.m.

- 4 -

2279

Ayes: 7

Nays: 0 Abstentions: 0

Yes No Absent Abstain Slavik X Gaylord X Egan X Atkins X Workman X Holberg X Gerlach X Cummings X

FEDERAL PUBLIC HOUSING AND HOUSING CHOICE VOUCHER AGENDA – REGULAR AGENDA

19-6113 Public Hearing To Receive Comments And Approve The 2019 Public Housing Agency Annual Plan

WHEREAS, the U.S. Department of Housing and Urban Development requires that public housing agencies with Housing Choice Voucher and/or Public Housing programs submit an Annual Update to its Public Housing Agency Plan (PHA Plan) in accordance with the prescribed HUD templates; and WHEREAS, CDA Board Resolution #19-6092 scheduled a public hearing for the purpose of receiving comments from citizen and residents; and WHEREAS, a public notice was published in the Dakota County Tribune and posted on the CDA’s website; and WHEREAS, CDA staff solicited feedback from program participants and community stakeholders; and WHEREAS, comments that were received during the 45-day comment period have been considered in the Annual Update to the PHA Plan; and WHEREAS, a public hearing for the purpose of receiving additional comments from citizens and residents was conducted at the CDA Board meeting on March 19, 2019; and WHEREAS, the PHA Plan was reviewed and discussed with the CDA Board of Commissioners. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the 2019 Public Housing Agency Annual Plan is approved for submission to the U.S. Department of Housing and Urban Development.

(Public Hearing) Motion: Commissioner Gaylord

Second: Commissioner Cummings

Ayes: 8

Nays: 0


- 5 -

2280

(Action Item) Motion: Commissioner Egan

Second: Commissioner Cummings

Ayes: 8

Nays: 0


FEDERAL PUBLIC HOUSING AND HOUSING CHOICE VOUCHER AGENDA – CONSENT AGENDA

19-6114 Approve The Section 18 Of The U.S. Housing Act of 1937 (Disposition) Application Submittal To The U.S. Department Of Housing And Urban Development

WHEREAS, the Dakota County Community Development Agency (CDA) administers the Department of Housing and Urban Development (HUD) Public Housing Program with 323 units located throughout Dakota County; and WHEREAS, HUD’s Section 18 of the US Housing Act of 1937 (Disposition) application allows agencies to convert public housing into long-term Section 8 contracts to provide a stable funding source to satisfactorily meet capital needs of public housing units; and WHEREAS, staff have prepared the necessary application documents and held the required resident meetings prior to application submittal. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the Executive Director is authorized to submit the CDA’s Section 18 of the US Housing Act of 1937 (Disposition) application to HUD.

Motion: Commissioner Cummings

Second: Commissioner Slavik

Ayes: 8

Nays: 0


CONSENT AGENDA

19-6115 Approve Record Of Disbursements – February 2019 BE IT RESOLVED, by the Dakota County Community Development Agency Board of Commissioners,

That the February 2019 Record of Disbursements is approved as written.

19-6116 Authorization For Executive Director To Enter Into An Office Space Lease Agreement With The City Of Eagan

- 6 -

2281

WHEREAS, the City of Eagan was in need of temporary office space during their City Hall construction project; and WHEREAS, the Dakota County Community Development Agency had available space and is willing to lease the space to the City of Eagan beginning in April 2019; and WHEREAS, the City of Eagan will be reimbursing the CDA for the leased space. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the Executive Director is authorized to enter into a lease agreement with the City of Eagan.

19-6117 Establish The Date For A Public Hearing Regarding The Disposition Of Property In West St. Paul

WHEREAS, the Dakota County CDA purchased the property as part of the redevelopment efforts of the north end of Robert Street in West St. Paul legally described in Attachment A; and WHEREAS, a broker has been marketing the site on behalf of the CDA; and WHEREAS, the CDA has received an offer from a developer that would fully utilize the property; and WHEREAS, the disposition of the property satisfies the CDA’s Acquisition and Disposition Policy; and WHEREAS, Minnesota Statutes 469.105, subds. 1, 2, and 4 requires a public hearing regarding the terms of a sale of real property that is no longer needed by the CDA. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That: 1. A public hearing regarding the disposition of the property east of Robert Street between

Hurley and Haskell Streets East in West St. Paul will be held by the CDA on April 16, 2019 at or after 3:30 p.m. at the CDA’s main office.

2. The Executive Director or his designee is hereby authorized and directed to cause notice of

such public hearing in substantially the form attached hereto to be published in a newspaper of general circulation in Dakota County not less than twenty (20) days prior to such hearing.

Motion: Commissioner Workman Second: Commissioner Egan

Ayes: 7 Nays: 0 Abstentions: 0

Yes No Absent Abstain Slavik X Gaylord X Egan X Atkins X Workman X Holberg X Gerlach X

REGULAR AGENDA

19-6118 Conduct Public Hearing To Receive Comments And Authorize Executive Director To Negotiate A Purchase Agreement For Approximately 4.85 Acres Of Outlot A Valley Ridge Senior Housing Located In Burnsville

Kari Gill presented and answered questions.

WHEREAS, the CDA is able to dispose of property after holding a public hearing for which notice is published; ad

- 7 -

2282

WHEREAS, pursuant to Minn. Stat. 469.105 a notice of the public hearing was published by the CDA in the Dakota County Tribune not less than ten days nor more than 30 days prior to the date of the public hearing (the Public Hearing Notice); and WHEREAS, the Dakota County CDA purchased the property as part of the redevelopment efforts of the former Valley Ridge Shopping Center site located at the southwest quadrant of the intersection of County Road 5 and 136th Street West in Burnsville legally described as Outlot A Valley Ridge Senior Housing; and WHEREAS, the City of Burnsville has approved a preliminary plat that will subdivide Outlot A once finalized; and WHEREAS, approximately 1.83 acres of Outlot A is under purchase agreement with Kwik Trip; and WHEREAS, a broker has been marketing the remaining 4.85 acres of Outlot A Valley Ridge Senior Housing since October 2018; and WHEREAS, the CDA has received two viable offers, one from J. David Management proposing a for sale townhome development and the other from The Stencil Group proposing an apartment building; and WHEREAS, the offer for the apartment building provides more funds to the CDA and more fully utilizes the site because of higher density; and WHEREAS, any potential sale would be subject to receipt of City approvals for the proposed project; and WHEREAS, pursuant to Minn. Stat. 469.105, a public hearing was conducted on March 19, 2019 on the proposed terms of the sale of the property. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, that the Executive Director is authorized to negotiate a purchase agreement with The Stencil Group buyers subject to approval as to form by the Dakota County Attorney’s office.

(Public Hearing) Motion: Commissioner Gaylord

Second: Commissioner Slavik

Ayes: 7

Nays: 0


(Action Item) Motion: Commissioner Gaylord

Second: Commissioner Egan

Ayes: 7

Nays: 0


- 8 -

2283

19-6119 Accept The Comprehensive Annual Financial Report And Single Audit Report For Fiscal Year Ended June 30, 2018

Ken Bauer & Corey Topp of RSM presented and answered questions.

WHEREAS, the Dakota County Community Development Agency (CDA) is required to have an annual audit of its financial statements in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and WHEREAS, the audit must also meet the additional requirements imposed the requirements of Title 2 of the U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements of Federal Awards (Uniform Guidance) and the provisions of the Minnesota Legal Compliance Audit Guide for Local Government promulgated by the Legal Task Force pursuant to Minnesota Section 6.65; and WHEREAS, the CDA has prepared a Comprehensive Annual Financial Report (CAFR) and Single Audit Report for the year ended June 30, 2018; and WHEREAS, the public accounting firm of RSM US LLP (“Auditor”) has performed an audit of the financial statements of the CDA for the year ended June 30, 2018 in accordance with all applicable audit requirements; and WHEREAS, the Auditor’s reports as a result of this audit are contained in the Comprehensive Annual Financial Report and Single Audit Report for the fiscal year ended June 30, 2018. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the Comprehensive Annual Financial Report and Single Audit Report for the year ended June 30, 2018 are hereby accepted.

Motion: Commissioner Slavik Second: Commissioner Atkins



INFO Discussion On The Redevelopment Incentive Grant Program Policy - Informational

Lisa Alfson & Tony Schertler provided information. Skip Nienhaus, Adam Kienberger and John Hinzman provided comments.

INFO Executive Director’s Update – Informational

Tony Schertler provided updates.

ADJOURNMENT

19-6120 Adjournment

BE IT RESOLVED, by the Dakota County Community Development Agency Board of Commissioners hereby adjourns until Tuesday, April 16, 2019.

Motion: Commissioner Workman Second: Commissioner Slavik

- 9 -

2284



The CDA Board meeting adjourned at 5:37 p.m.

__________________________________________ __________________________________________ CDA Board Chairperson CDA Board Secretary

- 10 -

2285

CDA Board of Commissioners Board Budget Workshop

April 2, 2019

Dakota County CDA, 1228 Town Centre Drive, Eagan, MN 55123 Commissioner Gerlach called the meeting to order at 12:04 p.m. COMMISSIONER ROLL CALL

CDA staff in attendance: Tony Schertler, Executive Director Kari Gill, Deputy Executive Director Sara Swenson, Director of Administration and Communications Kaili Braa, Assistant Director of Administration and Communications Lisa Alfson, Director of Community & Economic Development Maggie Dykes, Assistant Director of Community & Economic Development Lisa Hohenstein, Director of Housing Assistance Sarah Rensenbrink, Assistant Director of Housing Assistance Anna Judge, Director of Property Management Ken Bauer, Director of Finance Chris Meyer, Assistant Director of Finance Others in attendance: Kelly Harder, Dakota County Erin Stwora, Dakota County Jay Stassen, Dakota County AGENDA

INFO Dakota County CDA Budget Workshop

Tony Schertler, Ken Bauer, Lisa Hohenstein, Anna Judge and Lisa Alfson presented CDA budget information and answered questions.

ADJOURNMENT

The CDA Board budget workshop meeting adjourned at 2:14 p.m. __________________________________________ __________________________________________ CDA Board Chairperson CDA Board Secretary

Present Absent Commissioner Slavik, District 1 X Commissioner Gaylord, District 2 X Commissioner Egan, District 3 X Commissioner Atkins, District 4 X Commissioner Workman, District 5 X Commissioner Holberg, District 6 X Commissioner Gerlach, District 7 X Commissioner Cummings, At Large X

- 11 -

DAKOTA COUNTY COMMUNITY DEVELOPMENT AGENCY REQUEST FOR BOARD ACTION

Approve Record Of Disbursements – March 2019

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Finance Amount included in current budget Prepared By: Chris Meyer Budget amendment requested Contact: Ken Bauer FTE included in current complement Contact Phone: 651-675-4450 New FTE(s) requested Other:

PURPOSE/ACTION REQUESTED • Approve Record of Disbursements for March 2019.

SUMMARY In March 2019, the Dakota County Community Development Agency (CDA) had $4,002,609.37 in disbursements and $618,249.46 in payroll expenses. Attachment A provides the breakdown of disbursements. Additional detail is available from the Finance department.

RECOMMENDATION Staff recommends approval of the Record of Disbursements for March 2019.

EXPLANATION OF FISCAL/FTE IMPACT These disbursements are included in the Fiscal Year Ending June 30, 2019 budget.

- 12 -

Supporting Documents: Previous Board Action(s): Attachment A: Record of Disbursement – March 2019

Resolution No. 19-XXXX

Approve Record Of Disbursements – March 2019

BE IT RESOLVED, by the Dakota County Community Development Agency Board of Commissioners, That the March 2019 Record of Disbursements is approved as written.

Executive Director’s Comments: Strategic Plan Priorities: Recommend Action Item Type-Consent Focused Housing Programs Do Not Recommend Action Item Type-Discussion Collaboration Reviewed-No Recommendation Item Type-Informational Development/Redevelopment Reviewed-Information Only Financial Sustainability Submitted at Commissioner Request Operational Effectiveness

____________________________________________ Executive Director

_____________________________________________ Department Director

- 13 -

Date Amount Total

Common Bond Fund03/20/19 101,815.88$

101,815.88$ Disbursing

03/01/19 79,790.72$ 03/07/19 481,000.47$ 03/14/19 514,906.20$ 03/15/19 3,866.21$ 03/21/19 535,858.18$ 03/28/19 285,642.85$

1,901,064.63$ Housing Assistance

03/01/19 1,649,414.94$ 03/15/19 62,036.06$

1,711,451.00$ Housing Development & Renewal

03/18/19 223,277.86$ 03/31/19 34,000.00$

257,277.86$ TIF

03/19/19 31,000.00$

31,000.00$

Total Disbursements 4,002,609.37$

Mar 2019 Payroll03/01/19 204,974.20$ 03/15/19 202,723.43$ 03/29/19 210,551.83$

Total Payroll 618,249.46$

Disbursement detail is available in the Finance Office.

Dakota County CDARecord of Disbursements

For the month of March 2019

Chairperson

4A - Attachment A

- 14 -


Approve Amendments To The Fiscal Year Ended June 30, 2019 Operating Budget

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Finance Amount included in current budget Prepared By: Chris Meyer Budget amendment requested Contact: Ken Bauer FTE included in current complement Contact Phone: 651-675-4450 New FTE(s) requested

Other:

PURPOSE/ACTION REQUESTED • Approve amendments to the Fiscal Year Ended June 30, 2019 Operating Budget.

SUMMARY Pursuant to CDA budget policy, the Executive Director is permitted to approve the transfer of budget authority between controlled line item expenditures up to established limits. In addition, any increase in total spending generally requires approval of the CDA Board of Commissioners.

• Transfer of budget authority: As required by CDA budget policy, a listing of all budget amendments approvedby the Executive Director shall be submitted to the CDA Board of Commissioners. The listing in Attachment Areports $39,415 in transfers between controlled line item expenditures that were approved by the ExecutiveDirector during the fiscal year ended June 30, 2019.

RECOMMENDATION Staff recommends approval of these transfers of budget authority between controlled line item expenditures. They are being done in accordance to the requirements of CDA budget policy.

EXPLANATION OF FISCAL/FTE IMPACT These budget amendments do not increase total spending for the Fiscal Year Ended June 30, 2019.

- 15 -

Supporting Documents: Previous Board Action(s): Attachment A: FYE 6/30/19 Budget Amendments


Approve Amendments To The Fiscal Year Ended June 30, 2019 Operating Budget

WHEREAS, the Dakota County CDA has adopted an operating budget for the Fiscal Year Ended June 30, 2019; and WHEREAS, CDA budget policy requires that a listing of budget transfers approved by the Executive Director be presented to the Board of Commissioners. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the budget amendments approved by the Executive Director for the Fiscal Year Ended June 30, 2019 pursuant to the requirements of CDA budget policy are affirmed by the CDA Board.




- 16 -

Attachment A: FYE 6/30/19 Budget Amendments

Budget Amendments for FYE 6/30/19 – transfers between controlled line item expenditures approved by Executive Director totaling $39,415:

Date Program Budget Category Amount Description

09/11/18 Senior Housing

Extraordinary Maintenance


+ $5,230

- $5,230

EAG-O’ Leary Manor: Replace asphalt at fire turnaround

BV-Eagle Ridge Place: Replace shut off valves in the addition





+ $2,006

+ $4,631

- $6,637

MH-Village Commons: Replace unit smoke detectors

LV-Crossroads Commons: Replace unit smoke detectors

AV-Cobblestone Square: Install snowmelt system




+ $4,158

- $4,158

LV-Crossroads Commons: LED exterior pole light upgrade

EAG-Oakwoods: Change lamp base in corridor lights

02/28/19 Workforce Housing LLC



+ $2,380

- $2,380

HSTGS-Marketplace: Replace dishwashers

HSTGS-Marketplace: Replace cabinets, countertops, faucets at turnover




+ $21,010

- $21,010

IGH-Hillcrest Pointe: Refinish cabinets

LV-Winsor Plaza: Replace cabinets at turnover

FYE 6/30/19 Budget Impact $0

4B - Attachment A

- 17 -


Authorize Repurchase Of 711 13th Avenue North, South St. Paul And Amend Budget

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Housing Development Amount included in current budget Prepared By: Lori Zierden Budget amendment requested Contact: Kari Gill FTE included in current complement Contact Phone: 651-675-4477 New FTE(s) requested

Other:

PURPOSE/ACTION REQUESTED • Authorize repurchase of 711 13th Avenue North, South St. Paul• Approve budget amendment for $45,000 to pay for the acquisition and related costs for 711 13th Avenue North,

South St. Paul

SUMMARY When the CDA sold single family lots in South St. Paul and Farmington, the buyers entered into a Repurchase Agreement which grants the CDA first option to repurchase the property if the buyer is unable to perform. On September 20, 2018 HHK Homes LLC purchased 711 13th Avenue North, South St. Paul from the Dakota County CDA for the purpose of building a single-family home. On March 11, 2019 the owner of HHK Homes LLC informed us that she is unable to perform because she has been transferred to a project in Florida. The CDA will repurchase the lot for the amount the lot was originally sold for, no profit is made by initial buyer.

The CDA will remarket the lot once it is back in the CDA’s ownership. Closing on the repurchase is scheduled for April 24, 2019. Another builder, Timeless Homes LLC, has expressed interest in purchasing the lot. Timeless Homes purchased the other three lots on 13th Avenue North and has sold of them and may have a buyer for the third lot. The owner is hoping to have all three lots under construction by the end of the month. Staff will re-issue the RFP and is requesting to schedule a Public Hearing in May to consider the sale of the property to help meet the summer construction schedule, if responses to the RFP are received.

RECOMMENDATION Pursuant to the Repurchase Agreement, as prepared by the County Attorney’s Office and recorded against the property, staff recommends the repurchase of 711 13th Avenue North, South St. Paul by the CDA with proceeds from the recent sale of the lots in South St. Paul and Farmington.

EXPLANATION OF FISCAL/FTE IMPACT The proposed budget amendment would add up to $45,000 to the operating budget for land acquisition and related costs associated with 711 13th Avenue North, South St. Paul for fiscal year ending June 30, 2019.

- 18 -

Supporting Documents: Previous Board Action(s): Attachment A: Repurchase Agreement 18-6088; (6/19/2018) Attachment B: Single Family Lot Status


Authorize Repurchase Of 711 13th Avenue North, South St. Paul And Amend Budget

WHEREAS, the Dakota County Community Development Agency (CDA) has been selling the single family lots in South St. Paul and Farmington; and WHEREAS, 711 13th Avenue North, South St. Paul was sold to HHK Homes LLC on September 20, 2018; and WHEREAS, HHK Homes LLC is unable to perform; and WHEREAS, the Repurchase Agreement provides the CDA with the first option to repurchase the property for the price the parcel was originally sold. NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the Executive Director or his designee is hereby authorized and directed to take such actions as are necessary and appropriate to repurchase 711 13th Avenue North, South St. Paul; and BE IT FURTHER RESOLVED, that the fiscal year 2019 operating budget be amended to include an additional $45,000 of budget authority in HD&R Fund for land acquisition and related costs associated with the acquisition.




- 19 -

Receipt:# 573964

AGREE $46.00

Return to:

DCATITLE

1250 N FRONTAGE ROAD

HASTINGS MN 55033

3272373

I llllll lllll lllll lllll lllll 11111 11111 1111 1111 Recorded on: 9/25/2018 2:17 PM

By CZP, Deputy

Office of the County Recorder Dakota County, Minnesota

Joel T. Beckman, County Recorder

4C - Attachment A

- 20 -

- 21 -

- 22 -

- 23 -

- 24 -

- 25 -

Address Status of ParcelRepurchase

Agreement Status708 15th Avenue North, South St. Paul Home Built Released712 15th Avenue North, South St. Paul Home Built Released703 13th Avenue North, South St. Paul Construction May 2019 In-place711 13th Avenue North, South St. Paul Repurchase In-place719 13th Avenue North, South St. Paul Construction May 2019 In-place725 13th Avenue North, South St. Paul Construction May 2019 In-place

3340 223rd Street West, Farmington Home Built - Parade of Homes Released3332 223rd Street West, Farmington Marketing In-place3324 223rd Street West, Farmington Marketing In-place3316 223rd Street West, Farmington Home Built Released3308 223rd Street West, Farmington Under Construction Released3000 223rd Street West, Farmington Marketing In-place

Sold Single Family Lot Status

Attachment B

4C - Attachment B

- 26 -


Establish Date For A Public Hearing Regarding The Disposition Of Property In South St. Paul

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Housing Development Amount included in current budget Prepared By: Lori Zierden Budget amendment requested Contact: Kari Gill FTE included in current complement Contact Phone: 651-675-4477 New FTE(s) requested

Other:

PURPOSE/ACTION REQUESTED • Setting a public hearing date of May 21, 2019 regarding the disposition of vacant property located in South St.

Paul.

SUMMARY The CDA sold and will be repurchasing Lot 7, Block 1 Thompson Heights (711 13th Avenue North, South St. Paul) from HHK Homes LLC since they are unable to fulfill their obligation. This parcel is one of the six single family lots that the CDA owned adjacent to the CDA’s Thompson Heights senior housing development. This parcel is excess property and the CDA will release the Request for Proposal (RFP) as attached in Attachment B for the disposition of 711 13th Avenue North, South St. Paul on April 17, 2019 with responses due on or before May 3, 2019. Staff anticipates interest in the remaining lot since five of the six lots have been sold.

Numerous parties will be notified that the RFP is available on the CDA’s website. Staff will be evaluating any proposals received.

Prior to selling the lot a public hearing is required. A draft of the hearing notice to be published pursuant to Board approval is included in Attachment A.

RECOMMENDATION Staff recommends setting the date of the public hearing to receive comments on the sale of the lot for May 21, 2019.

EXPLANATION OF FISCAL/FTE IMPACT N/A

- 27 -

Previous Board Action(s): Supporting Documents: Attachment A: Public Notice Attachment B: Request for Proposal


Establish Date For A Public Hearing Regarding The Disposition Of Property In South St. Paul

WHEREAS, the Dakota County CDA sold and will repurchase Lot 7, Block 1 Thompson Heights (711 13th Avenue North, South St. Paul) from HHK Homes LLC; and

WHEREAS, the CDA is interested in selling the single-family lot and will release the Request for Proposal on April 17, 2019 with responses due on or before May 3, 2019; and

WHEREAS, the CDA is anticipating that there will be interest and an offer will be received; and

WHEREAS, staff will be evaluating the proposals received; and

WHEREAS, Minnesota Statutes 469.105, subds. 1, 2, and 4 requires a public hearing regarding the terms of a sale of real property that is no longer needed by the CDA.

NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That:

1. A public hearing regarding the disposition of Lot 7, Block 1 Thompson Heights in South St. Paul will beheld by the CDA on May 21, 2019 at or after 3:30 p.m. at the CDA’s main office.

2. The Executive Director or his designee is hereby authorized and directed to cause notice of such publichearing in substantially the form attached hereto to be published in a newspaper of general circulation inDakota County not less than twenty (20) days prior to such hearing.




- 28 -

PUBLIC HEARING NOTICE – SALE OF PROPERTY OWNED BY THE DAKOTA COUNTY COMMUNITY DEVELOPMENT AGENCY

711 13th Avenue North, South St. Paul

Notice is hereby given that the Dakota County Community Development Agency (CDA) will hold a public hearing on Tuesday, May 21, 2019 beginning at 3:30 p.m. to consider the sale, transfer and/or exchange for property that will be owned by the CDA as of April 24, 2019. The Dakota County CDA Board of Commissioners will hold this hearing at the CDA offices located at 1228 Town Centre Drive, Eagan, Minnesota.

The proposed parcel to be sold, transferred and/or exchanged is hereby described as Lots 7, Block 1 Thompson Heights (711 13th Avenue North, South St. Paul).

Persons seeking more information on the proposed sale, transfer and/or exchange of property should contact Lori Zierden at the Dakota County CDA, 1228 Town Centre Drive, Eagan, MN 55123, email: [email protected], phone: 651-675-4479. Public comments may be submitted orally at the public hearing on May 21, 2019 or submitted in writing in advance of the meeting to the CDA.

4D - Attachment A

- 29 -

mailto:[email protected]

1

REQUEST FOR PROPOSALSSingle Family Development on South St. Paul Lots (Thompson Heights)

SUMMARY/INTRODUCTION The Dakota County Community Development Agency (CDA) is accepting applications for the development of one single family lots located at: 711 13th Avenue N., in South St. Paul. The CDA seeks a developer to purchase the lot to construct new single-family homes on the site. The lot and dimensions along with the county market value is listed in Attachment A.

GENERAL INFORMATION AND REQUIREMENTS RFP Released April 17, 2019 RFP Responses Due May 3, 2019; 3:00 p.m. CDA Board of Commissioners Holds Public Hearing to Consider Sale of Property May 21, 2019 or TBD Execute Development Agreement TBD Completion of Project Within two (2) years of closing

The CDA reserves the right to change the timeline to ensure the RFP process is successful.

Property History The property was home to Lincoln School from 1933 to 1993. In 1997, Intermediate School District 917 (ISD 917) purchased the site and building for their students and programs. ISD 917 had plans to move to a newlocation that was centrally located in Dakota County. The CDA and ISD 917 came to an agreement that theCDA would purchase the vacant site from ISD 917 to construct an affordable rental housing apartmentbuilding for seniors (independent living). In 2008, the CDA received approvals to redevelop the site with a 3story, 60-unit senior housing building and 6 single family lots. Frattalone Companies, under contract with ISD917, completed the demolition activities associated with the site in 2009. The CDA acquired the site in January2010 and the Thompson Heights senior housing development opened in 2011. 712 15th Avenue N. and 70815th Avenue N. are developed and 703, 719, and 725 13th Avenue N. are sold to a developer.

Project Planning Assistance The CDA will provide information as available to facilitate cost estimations, including county market value and survey of each lot. The selected developer(s) is/are responsible for ordering any additional tests and updates required to meet CDA design guidelines and building code requirements, including soil tests if needed. Since the CDA did not perform the demolition of previous structure(s) that may have occupied the properties in the past, the CDA cannot certify that the foundations of previously constructed improvements were removed (although remaining foundations are not anticipated).

The utilities (water and sanitary sewer service) have been extended to the individual lots.

4D - Attachment B

- 30 -

2

REQUIREMENTS 1. Minimum Bid. Successful respondents must offer to pay a minimum of county market value for each

property to be acquired. Within 30 days following award, the Developer will execute a Purchase and Development Agreement (“Development Agreement”) with the CDA that will include, but not be limited to, the program requirements stated below.

2. Due Diligence Period. The Development Agreement will establish a due diligence period not to exceed four (4) months after the date of execution of the Development Agreement. The Developer will be responsible for obtaining all required city approvals and completion of all property due diligence and investigation within this four-month period.

3. Design Standards. The Development Agreement will require compliance with the CDA Design Standards found on pages 5-7.

4. Conveyance of Property. The conveyance of each lot to the Developer will not occur until the Developer has demonstrated readiness to proceed and complete the project in a timely manner (i.e. have construction financing in place). In addition, the Developer must submit, and the CDA must approve, a landscape plan for each property as a condition precedent to the CDA’s conveyance of the property to the Developer.

5. Project Timeline. The Development Agreement will establish a timeline for the timely completion of the construction of each home.

6. Reversion Clause. The Development Agreement will contain a reversionary clause allowing the CDA to re-purchase the property if construction does not begin according to the schedule set forth in the Development Agreement.

7. Escrow. An escrow deposit will be required at the time the Purchase and Development Agreement is executed.

- 31 -

3

CRITERIA Responses received will be subject to a two-part review process.

Part 1: Mandatory Requirements A Respondent must meet minimum criteria in order to have their proposals considered. A majority of these criteria are addressed in Part 1 of the RFP Application. At a minimum, Respondents must: 1. Demonstrate experience: A minimum of 5 years’ experience doing projects of similar scope and size to those proposed. 2. Demonstrate capability to complete the project: The Respondent must demonstrate that during a 5-

year period it has successfully developed projects of similar scope and size to those proposed, in similar markets.

3. Demonstrate credit worthiness: For each project applied for, the Respondent must demonstrate that it has the ability to secure funding for the project. 4. Be willing to pay a minimum of county market value for each property proposed to be acquired.

If a Respondent proposes homes on multiple properties, CDA staff reviewing the proposals will determine whether the Respondent has the experience, capability, and creditworthiness to successfully complete all, some, or none of the proposed homes. Only the homes that staff determines can be successfully completed will be scored.

Part 2: Additional Scoring Criteria The CDA’s preference is to select one developer to complete all four homes. The CDA may also consider applications from developers on a per property basis. When multiple proposals exist for a property, the following factors will be considered: • Demonstrated experience and capacity to feasibly construct multiple homes (up to 4). • Quality of building materials, concept plans and designs. • The use of sustainable or innovative construction methods or design is encouraged. • Evidence of market demand for the product proposed.

SELECTION CRITERIA Maximum Points Conceptual plans/designs (including site plan, elevations and typical floor plans) 40 Innovative use of building materials or design (including sustainable materials) 5 Evidence of market viability and justification of sales price to end buyer 5 Prior company experience of similar project 10 Willingness and ability to acquire and develop all five lots 5 Points Subtotal 65 Price – Each additional 1% above county market value (maximum of 10 points) 1 point for each 1% Total Possible Maximum Points 75

- 32 -

4

APPLICATION PROCEDURE Applications are due by 3:00 pm on May 3, 2019 Deliver application materials to: Dakota County CDA Attn: Lori Zierden/Thompson Heights RFP 1228 Town Centre Drive Eagan, MN 55123 LATE PROPOSALS WILL NOT BE ACCEPTED

Questions about the RFP must be submitted in writing to Lori Zierden at [email protected]. SUBMITTAL REQUIREMENTS AND CHECKLIST Each Respondent shall submit one (1) unbound copy of the following documents on 8.5 x 11-inch format.

Respondents must adhere to the submission requirements. Failure to comply with the instructions of this RFP will be cause for rejection of the proposal. The CDA reserves the right to seek additional information to clarify responses to this RFP and to reject any or all submittals it deems nonresponsive. Accepting any proposal(s) is at the sole discretion of the Dakota County CDA Board of Commissioners.

Each response must include the following:

Cover sheet (Attachment A)

Part 1 – Business Application. Provide one Business Application per proposal. (Attachment B)

Resumes of the development team

Documentation supporting financial feasibility

Disclosure Affidavit (Attachment C)

Part 2 – Project Application. (Attachment D)

Site Plan

Typical floor plan showing floor area totals

Elevations identifying building materials If you will be submitting a proposal, contact Lori Zierden at [email protected] for a copy of the surveys.

Design Standards follow on pages 5-7.

- 33 -



5

Single Family Development on South St. Paul Lots (Thompson Heights)

Design Standards

Spring 2019

(All South St. Paul City Zoning Codes must be followed)

Design Preference New Construction Bedrooms - 3 or more bedrooms preferred Minimum Footprints (must meet)

70’-75’ Lots Split Level Two-Story Rambler

76’-80’ Lots Split-Level Two-Story Rambler

Minimum House Footprint (not including garage)

1,640 1,560 1,700

Minimum House Footprint

(not including garage) 1,700 1,640 1,760

Required 2-Stall Attached Garage (minimum 440 sq. ft.)

440 440 440

Required 2-Stall Attached Garage

(minimum 440 sq. ft.) 440 440 440

Front Porch - Open front porch required (zoning code 118-273 for guidelines)

- If unfinished wood components are used to construct the porch, the wood must be stained, painted or otherwise treated. All front stairway entrances must be constructed with concrete, stone or masonry materials. No wooden entrance stairs are permitted at front entry.

Setbacks

- New residences must have the following setbacks (verify with city code): • Front – 25 feet or block average • Sides – 9 feet • Rear – 25 feet • Maximum building coverage – 30% • Minimum green space – 25% • Driveways – Maximum 22 feet at property line (may widen out behind that) • Parking spaces – minimum 2 feet from side property lines

Maximum House Height

- Maximum house height – 28 feet (measured at average grade by the house and up to the midpoint between the roof and the eave).

Garage - Residential garage access must be attached with direct access from street. - Two-car garage is required; three-car is optional.

- 34 -

6

Front Building Face - The following are minimum architectural treatments expected with all new residences (based on the Rediscover South St. Paul Program requirements):

Ample window breaks on the front face of the building. All front face windows must be complimented with such treatments as

shutters or decorative window edging, and divided light windows with decorative grills. Any other decorative window treatments are subject to the review and approval of the City of South St. Paul.

1/3 of the front building face must be brick, stone, stucco or other architectural treatment.

The front face of the residence must be treated with such architectural features as roofline breaks, building face fenestration, window and roofline dormers, decorative entrance canopies or parapets, and decorative front doors.

All garage doors are required to have architectural treatments. Said treatments may include raised panel garage doors; wood veneer garage doors; and garage doors with window installation, including decorative grill installations.

Side Wall Building Treatments

- Rear and side walls are required to provide ample window breaks on the exposed side wall of the residence and should complement the front facing.

Building Exteriors Siding - Siding material with an expected lifespan that exceeds 20 years

- Cement board or engineered wood siding is preferred - Brick, stone or stucco acceptable; minimum 1/3 of front building face with

architectural treatment.

Roofing - Shingles with a 30-year expected lifespan

- Ensure installation of water and ice shield Gutters - Install seamless gutter with a leaf cover, downspouts, splash blocks, that divert

water at least 3’ and preferably 6’ from foundation Exterior Paint

Selection - Exterior paint: ensure door and window trim (trim color), house body (body color), and entry door (accent color) each has complementary color.

Openings Exterior Doors - Full or half view for rear door

- Decorative glass or window high on door for front entry Windows - ENERGY STAR rated low-E insulated double pane windows required

- Ensure window in each bedroom meets egress policy of 20” in width, 24” in height, and at least 5 square feet of glazed area, with finished sill height of no more than 48”

- Modify window opening as needed in otherwise code compliant bedrooms to ensure egress standard is met.

- 35 -

7

Equipment Overhead Garage Door Opener

- Provide automatic overhead garage door openers with remotes

Air Conditioning - Provide for houses per energy efficiency recommendations - Minimum SEER 14 condenser

General Requirements Energy Efficiency - Required energy calculations must be submitted to the City.

Environmental Hazard Mitigation Radon - Install passive radon- resistant features below the slab; install a vertical vent pipe

with junction box within 10 feet of an electrical outlet, in case an active system should prove necessary in the future.

- Once building shell is sealed, test to determine if an active system is necessary, install active system if necessary

- When necessary to vent radon through the side of basements walls on the exterior of the house, the radon vent must be located so it is not visible from the street and is as inconspicuous as possible

Earthwork Grading - Ensure drainage away from foundation (at least 1’ to 4’ away from building and

drainage into rain gardens per site plan. Drainage plan to be approved by the City of South St. Paul.

Stormwater Treatment

- Ponding/stormwater treatment is required where there will be more than 1 acre of impervious surface created. Based on the topography water would likely flow to the north toward the ravine so the design should consider impacts on the adjacent single-family home and the apartment building located to the north. This will need to be coordinated for all five vacant lots and approved by the City of South St. Paul.

Exterior Improvements

Sod - Entire lot to receive sod Planting - Landscape plan to be included with each lot and planting installed at time of

occupancy. Retaining Wall - Avoid when possible

- It is preferable to leave the yard sloped and install plants/mulch to avoid future maintenance costs for a homeowner Sidewalk - Ensure functional 3’ wide sidewalk from front s idewalk to front door, from front door to rear door, and from rear door to garage.

NOTE: Restrictive covenants may be filed against the property (at time of transfer) regarding future extension changes, outbuildings, fencing or storage of vehicles/boats, etc.

- 36 -

8

ATTACHMENT A: COVERSHEET

Thompson Avenue Lots Request for Proposal

Dakota County Community Development Agency Applications are due by 3:00 pm on May 3, 2019

For each property included in your application proposal, provide the information below

Property Address Offer Amount Order of Development (for multiple properties, which will be developed

1st, etc.)

Lot Size Pay 2019 County Market Value

711 13th Ave North $ N/A 73’ x 112’ $43,100

- 37 -

9

ATTACHMENT B: BUSINESS APPLICATION

PART 1

Complete and submit this application

1. Business/Developer Name: ___________________________________________________________ Address: __________________________________________________________________________ Phone: __________________________________Fax: ______________________________________ Federal Tax ID Number: _____________________Email address: ______________________________ 2. List individuals having an interest of ten percent (10%) or more in the business:

Name Title Description of Interest

Percentage of Interest

3. The business was established on _____________________________, organized or operating under Date the laws of the state of _________________________, as:

A corporation A limited liability company A non-profit or charitable institution or corporation A partnership known as a business association A joint venture known as____________________________________________________________.

4. Number of years in business: _________________ 5. List the members of the development team and consultants. Insert additional pages as necessary (attach resumes of all members of the development team.

Name Title Firm Role

- 38 -

10

6. On separate page please provide the following information (limit to 4 pages or less): a. Brief description of the Respondent’s real estate development experience. b. Please list similar projects in similar markets wherein the Respondent has completed developments within the last five years; please include photos of similar projects. c. Attach evidence of financing feasibility. Additional material may be requested if necessary. d. Additional Comments. The information contained herein is true and correct to the best of my/our knowledge and belief. __________________________________ ______________________________________ _______________ Signature Title Date __________________________________ ______________________________________ _______________ Signature Title Date

- 39 -

11

ATTACHMENT C: DISCLOSURE AFFIDAVIT 1. PRINCIPAL INFORMATION This affidavit must be completed by an authorized person or persons on behalf of the business or non-profit entity (“Business”) submitting the proposal. If the Business is a for-profit, investors, officers, and principal members having an interest of ten (10%) or more of the corporation must submit individual copies of this affidavit. If the Business is non-profit, the executive director must provide an individual submission. Business Name Business Address Individual Name Phone Number Email Address Home Address

2. PRINCIPAL DISCLOSURES

Check the boxes below regarding each individual and/or business listed above. For each item listed below and answer in the affirmative, please provide a full explanation including, as appropriate, (1) date, (2) charge or claim, (3) place, (4) court and case number, (5) current status of case, and (6) outcome of case. Attach documentation as necessary.

Yes No

Business/Individual is a party in a pending lawsuit.

Business/Individual is the subject of a judgment or has a conviction or pending case for criminal or civil fraud or bribery or felony within the past ten (10) years.

Business/Individual has been a debtor in a bankruptcy proceeding, either voluntary or involuntary, within the past 10 years.

Business/Individual has unpaid delinquent taxes, municipal liens, and/or outstanding civil money judgments. Business/Individual has been declared in default of a loan or failed to complete a development project.

Is the Business in good standing with the Minnesota Office of the Secretary of State?

Is the Business/Individual subject to any defaults, liens, or judgments? Has the Business/Individual failed to complete or currently in violation of a development agreement or other agreement involving the City of South Saint Paul or another city in Dakota County?

Has the Business/Individual previously been involved in a lawsuit with the City of South Saint Paul or any other city in Dakota County?

- 40 -

12

Statement of Non-Collusion

The individual signing this affidavit, on his/her own behalf or ion the Business’s behalf, as applicable, swears or affirms that:

1. He or she is fully informed respecting the preparation and contents of the subject proposal. 2. The proposal is genuine and is not a collusive or sham offer, nor does the Business/Individual, as applicable, intend to hold said property as a “speculative” investment. 3. The price or prices quoted in this offer are fair and proper and this Business/Individual or any of its officers, partners, agents, representatives, owners, or employees, as applicable, has not in any manner sought to secure through any collusion, conspiracy, connivance, or unlawful agreement any advantage against the CDA, or any person interested in the Proposed contract and/or redevelopment. I swear or affirm, on my own behalf or on the Business’s behalf, as applicable, that the information contained in this Disclosure Affidavit is true and correct to the best of my/our knowledge and belief. I further acknowledge that the statements made in this Disclosure Affidavit are material and will be relied upon by the Dakota County Community Development Agency in determining what action to take on this proposal. ____________________________________ _________________________________________ __________ Signature Title Date STATE OF MINNESOTA} SS COUNTY OF DAKOTA} The forgoing instrument was acknowledged before me this day of , _______ by _______________ (individually) on behalf of ______________________________ (company name). By ________________________________________ Notary Public

- 41 -

13

ATTACHMENT D: PROJECT APPLICATION

PART 2

Property Address(es): Developer: 1. Proposed project description: Building square footage, size of property, description of buildings- materials, etc. 2. Describe innovative use of building materials or design. 3. Provide the justification for expected sales prices to end buyers. Attach supporting material as needed.

- 42 -

14

4. Project commencement schedule: 6 months or less 12 months or less State typical construction timeline per home: _____________ months. 5. Additional Comments: The information contained herein is true and correct to the best of my/our knowledge and belief. ________________________________________ _______________________________ ______________ Signature Title Date ________________________________________ _______________________________ ______________ Signature Title Date

- 43 -


Conduct Public Hearing To Receive Comments And Authorize Executive Director To Enter Into A Purchase Agreement For Approximately 1.36 Acres Of Property In West St. Paul

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Community & Economic Development Amount included in current budget Prepared By: Lisa Alfson Budget amendment requested Contact: Lisa Alfson FTE included in current complement Contact Phone: 651-675-4467 New FTE(s) requested

Other:

PURPOSE/ACTION REQUESTED • Conduct and close a public hearing regarding the disposition of vacant property.• Authorize Executive Director to enter into purchase agreement for 1.36 acres of property in West St. Paul.

SUMMARY Dakota County CDA and the City of West St. Paul have been redeveloping the area on both sides of Robert Street between Annapolis Street E. and Haskell Street E., known as the North Gateway, for more than 30 years. The CDA currently owns vacant land in the North Gateway, with 11 parcels on the west side of Robert Street totaling 1.77 acres, and five parcels on the east side of Robert Street totaling 1.36 acres. In October 2018, the CDA entered into an agreement with brokerage firm CBRE to actively market the CDA-owned land in the North Gateway.

The CDA has received an offer from Hampton Companies LLC (buyer) to purchase the five parcels totaling 1.36 acres of land (Attachment A) on the east side of Robert Street. The buyer is interested in developing a 32-unit high acuity assisted housing and memory care facility on the site.

The negotiated purchase price for the 1.36 acres of property (PIDs #42-83400-05; #42-83400-00-051; #42-83400-00-052; #42-04200-05-11; and #42-04200-05012) is $575,000. The 2019 County assessed value (payable 2020) for the five parcels is $452,500; the negotiated sale price exceeds the assessed value by $122,500. The sale of the 1.36 acres of property does satisfy the CDA Acquisition and Disposition Policy.

The buyer will be responsible for costs related to site due diligence including City approvals for the proposed project. The buyer presented its development plans to the City of West St. Paul Economic Development Authority (EDA) on March 11, 2019, at a work session and received positive response regarding the proposed project.

This sale is proceeding under Minnesota Statute 469.105, by which the CDA may sell property if it determines that the sale is in the best interest of the county and that the transaction furthers its general plan of economic development. Pursuant to Minn. State. 469.105, a public hearing must be held on the proposed terms of the sale of the property. This public hearing was scheduled by Resolution #19-6117 at the March 19, 2019 CDA Board meeting (Attachment B). The public hearing held on April 16, 2019 fulfills this requirement.

RECOMMENDATION Staff recommends the Executive Director enter into a purchase agreement with Hampton Companies LLC, subject to approval of the final terms and conditions by the County Attorney’s Office.

EXPLANATION OF FISCAL/FTE IMPACT Expected revenue from the sale of the parcels will be credited back to the original funding sources used to acquire the parcels, including CDA general fund and pooled Tax Increment Financing funds.

- 44 -

Supporting Documents: Previous Board Action(s): Attachment A: Site Map 19-6117; 03/19/2019Attachment B: Public Notice


Conduct Public Hearing To Receive Comments And Authorize Executive Director To Enter Into A Purchase Aggreement For Approximately 1.36 Acres Of Property In West St. Paul

WHEREAS, Dakota County CDA and the City of West St. Paul have been redeveloping the area on both sides of Robert Street between Annapolis Street E. and Haskell Street E., known as the North Gateway, for more than 30 years; and

WHEREAS, the CDA is working with brokerage firm CBRE to actively market CDA-owned vacant land in the North Gateway, including five parcels on the east side of Robert Street totaling 1.36 acres; and

WHEREAS, the CDA has received one viable offer for the 1.36 acres of property from Hampton Companies LLC proposing a 32-unit high acuity assisted housing and memory care facility; and

WHEREAS, the negotiated purchase price for the 1.36 acres of property in West St. Paul is $575,000; and

WHEREAS, the sale of the 1.36 acres of property does satisfy the CDA Acquisition and Disposition Policy; and

WHEREAS, any potential sale would be subject to receipt of City approvals for the proposed project; and

WHEREAS, pursuant to Minn. Stat. 469.105, a public hearing was conducted April 16, 2019 on the proposed terms of the sale of property.

NOW, THEREFORE, BE IT RESOLVED by the Dakota County Community Development Agency Board of Commissioners, That the Executive Director is authorized to enter into a purchase agreement with Hampton Companies LLC, subject to approval of the final terms and conditions by the County Attorney’s Office.




- 45 -

Attachment A

Site Map

5A - Attachment A

- 46 -

5A - Attachment B

- 47 -


Quarterly Update On The 2019 Economic Development Workplan - Informational

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Community & Economic Development Amount included in current budget Prepared By: Lisa Alfson Budget amendment requested Contact: Lisa Alfson FTE included in current complement Contact Phone: 651-675-4467 New FTE(s) requested

Other:

PURPOSE/ACTION REQUESTED • Update on the 2019 Economic Development Workplan.

SUMMARY The 2019 Economic Development (ED) Workplan was adopted by the CDA Board of Commissioners on November 27, 2018 (Resolution #18-6067). The ED Workplan is comprised of nine new activities to assist with advancing the Dakota County Economic Development Strategy (Attachment A).

CDA and County staff will provide an update on progress made in the first quarter of 2019 on the activities in the ED Workplan (Attachment B). Open To Business staff will also be attending the meeting and can answer any questions regarding the program and the 2018 Report and Business Profiles (Attachments C – E).

RECOMMENDATION Information only; no action requested.

EXPLANATION OF FISCAL/FTE IMPACT None.




- 48 -

Dakota County Economic Development Strategy

Vision

We envision Dakota County as a globally competitive economy that is vigorous, diversified and

innovative, providing opportunity and prosperity for businesses and residents alike, while sustaining a

healthy environment and a superior quality of life.

Guiding Principles

▪ Dakota County government will take a collaborative approach to economic developmentinternally and externally, working among County departments and agencies, as well as with citiesand other partners. Care will be taken to avoid duplication.

▪ County government will plan for and invest in critical infrastructure (e.g. transportation,telecommunications) and other competitive advantages that support economic growth and vitality.

▪ Dakota County government may choose to be involved in economic development projects that

o are highly visible and regionally significant in the Twin Cities metro area;

o are physically located in more than one community;

o involve county and state roads;

o create a significant employment, infrastructure or tax base impact;

o demonstrate a positive return on investment, OR

o preserve, enhance or remediate environmental quality.

▪ County government may develop economic development initiatives to respond to the need forspecialized expertise and economies of scale (i.e. workforce housing, brownfield remediation,telecommunications, workforce development).

▪ Dakota County government will use research and policy development as a framework to guideand evaluate economic development strategies and actions.

▪ County government will consider workforce, employment, and tax base development to enhancelong-term plans and investment decisions.

Strategic Initiatives

1. Invest in Transportation and transit networks

2. Coordinate strategic infrastructure and land development

3. Link workforce development and economic development

4. (a) Create prospect response capacity. (b) Enhance image, marketing, and branding.

5. Provide quality workforce housing

6. Strengthen development related-research and policy capacity

5B - Attachment A

- 49 -

Strategic Activity Milestones Q1 Report

A. Apply for 2019 EPA Brownfield Assessment Grant funds

1. Develop Brownfields Assessment Coalition & Coalition

Advisory Committee (January)

2. Work with Stantec (Consultant) on development of grant

during weekly calls (January)

3. Submit grant (by January 31)

4. If awarded, develop work plan and convene coalition

advisory committee

On behalf of Dakota County and coalition cities, the CDA submitted

an application on January 31 to the U.S. Environmental Protection

Agency (EPA) for a Coalition Brownfields Assessment Grant. The CDA

requested $600,000 to perform environmental investigations. In

addition, the CDA and County formed the Brownfield Coalition

Advisory Committee, comprised of West St Paul, South St. Paul,

Burnsville, Eagan, Hastings, and Rosemount. This is the group that

will assist in overseeing the EPA Brownfield Assessment Grant, if

awarded. EPA anticipates awarding grants in late Spring 2019.

On March 21, County staff attended an informational meeting with

Representative Betty McCollum to discuss the EPA Brownfield

Program. Rep. McCollum stated she will support increased funding

of EPA Brownfield Program.

B. Update the brownfield site inventory, focusing on

economic development and housing opportunities

1. Develop comprehensive maps that help cities and

developers identify potential brownfield redevelopment

opportunities.

2. IF awarded EPA funds, we can utilize $$ to do more work

with inventory, focusing on ED and housing opportunities

County Environmental Resources staff developed waste

site/brownfield maps to identify the potential redevelopment

opportunities in Dakota County. County staff have met with cities to

determine priority areas for redevelopment. Meetings will continue

in Q2 to further refine the maps.

C. Continue working with Cities to understand City

prioritized redevelopment areas and consider potential

collaborations

1. Define prioritized area

2. Meet with each city individually to obtain list of priorized

redevelopment areas

3. Discuss pros and cons of potentially aligning city-

identified priority areas with CDA and County funding (RIG,

ELF)

The conversation on identifying city prioritized areas began late

2018. Responses from cities were mixed and few priority areas

provided. County and CDA staff plan to discuss how to define

"prioritized areas" in Q2.

D. Evaluation and Redesign of RIG program1. Develop options for RIG program (Jan - Feb)

2. Present options to CDA Board (March)

Proposed changes to the RIG program were presented to cities at

City/County Community Development meeting on March 14. Staff

also presented proposed RIG program to CDA Board at March 19

Board meeting. Staff will take feedback received on the 19th and

revise the proposed changes, and return to CDA Board on May 21

for consideration.

CDA/County 2019 Economic Development Workplan UPDATE

1. Strategic Initiative: Coordinate strategic infrastructure and land development

1 of 4

5B - Attachment B

- 50 -


E. Creation of Dakota Broadband

1. Lisa attend DBB Executive Committee meetings to

monitor discussions on CNet - specifically construction of

Cnet.

2. Development implementation plan for Cnet (in

conjunction with DBB Executive Committee and DBB ED)

Initial discussions have begun on how to structure the C-Net

(Commercial network that will be available to be used by internet

service providers). The Dakota Broadband (DBB) Executive

Committee, C-Net subcommittee, met on Friday, March 22 to begin

these discussions. Lisa Alfson is part of this group.

F. Opportunity ZonesMonitor activities and potential activites in Dakota County

Opportunity Zones.Nothing new to report.


A. Support awareness of workforce-related tools and

resources for employers in the region

1. Mark Jacobs to distribute regular written

communications on tools and resources available to

employers in the region.

2. Measure effort by number of organizations (i.e.

Chambers, cities, community colleges) that use Mark's

information in their own communications.

Dakota/Scott Workforce Development Board has sent out four email

blasts to employers, chambers of commerce, and city community

development directors in Q1 2019. Topics included: state mandated

powers for employers; how to host successful internships; adult

basic education as a resource for employers; and pipeline program.

In addition, D/S WDB staff have posted four topics on LinkedIn,

including Adult Basic Education as a Resource (202 views); Tratify as

a finalist for HEROES award (668 views); New WDB member Rachel

Resnick (525 views); and promoting the March 27 Job Fair (236

views).


A. Research developing an Economic Gardening program

1. Research economic gardening programs in Minnesota

(Feb)

2. Meet and learn from peer counties about economic

gardening (Feb)

3. Draft proposal for Dakota County economic gardening

program for ED Steering Committee reivew (March)

4. Prepare information for the Board (April)

5. If recommended by ED Steering Committee, propose

economic gardening program in FYE20 CDA Budget

(May/June)

6. If recommended and funded, implement July 2019

In February, CDA and County staff were invited to meet with the

Regional Economic Gardening Network to learn about the Regional

program. The Regional program is comprised of: Hennepin, Ramsey,

Washington, Anoka, Scott, and Carver Counties, and the City of St.

Paul.

The ED Steering Committee discussed the possiblity of participating

in Regional Economic Gardening program at the February 28

meeting. The idea of a limited participation ($30,000) in the

Regional program will be proposed during the April 2 CDA Board

budget workshop with more details provided at April 16 Board

meeting.

2. Strategic Initiative: Link workforce development and economic development

3. Strategic Initiative: Create prospect response capacity

1. Strategic Initiative: Coordinate strategic infrastructure and land development (cont.)

2 of 4- 51 -


B. Work with partners to develop economic development

links and presence on County and CDA websites for

business audiences

1. Research and review peer county websites (Q2) 2.

Develop content options for County and CDA websites.

Review with ED Steering Committee (summer 2019)

3. Implement Fall 2019

CDA and County staff are scheduled to meet early April to begin

review of peer county economic development landing website pages

and independent county economic development website pages.

C. Open To Business

1. Continue to work with cities and Open To Business to

have best program for everyone. 2019 is year 2 of a 3 year

agreement with OTB.

2. Address marketing issues.

3. Address communication concerns.

See attached quarterly update from OTB Advisor, Laurie Crow.


A. GREATER MSP Investment

1. GREATER MSP present to CDA Board (January)

2. CDA Board decide to fund/not fund GREATER MSP

(February)

3. IF funded, staff obtain quarterly updates from PAC

member (Kim Lindquist)

4. Attend GREATER MSP events and trainings, as applicable

(ongoing)

CDA Board approved $100,000 2019 investment to GREATER MSP at

February 26 Board meeting. Commissioner Gaylord is County

representative on GREATER MSP Board. Next step includes receiving

quarterly update from Kim Lindquist (CDA Partner Advisory Council

rep) on GREATER MSP activities, which will be shared with ED

Steering Committee and Board.

B. Discuss approaches to promoting County to business

audiences

1. Monitor Chamber efforts for marketing/branding Dakota

County

2. Continue dialogue with cities on this effort, tying in the

work of the website improvements.

This strategic activity is connected to strategic activity 3B to develop

economic development links and presence on County and CDA

websites. This activity will begin in Q2.


A. Prepare a finance and development plan for levy

support housing

1. Preliminary discussion with CDA Board on levy supported

housing, focusing on financial and legal feasibility (Feb)

2. Analyze potential sites, financial structures, product

types (Q1 - Q2)

3. Make decisions on site, finances, product (Q2-Q3)

4. Develop rent structure (Q3)

5. City approvals, bidding of work, etc.

6. Anticipate construction Spring 2020

CDA staff presented financial and legal feasiblity for levy supported

housing at the February 26 CDA Board meeting. Potential locations

were discussed for the new type of CDA housing, with locations in

WSP and IGH evaluated.

5. Strategic Initiative: Provide quality workforce housing

4. Strategic Initiative: Enhance image, marketing and branding

3. Strategic Initiative: Create prospect response capacity

3 of 4- 52 -

Q1 Report

Items not on Work Plan but undertaken by Committee

ED Steering Committee reviewed the Low Income Housing Tax

Credit (LIHTC) Qualified Action Plan at the January 28 meeting,

specifically reviewing and porviding their expertise and knowledge

on transportation/transit scoring.

Other Activities Undertaken by Committee

4 of 4- 53 -

Clients Served:

Pre-Start Planning 42 Start-up 19 Existing Business- Opportunity 36 Existing Business- Challenged 23

Total Clients: 120

Financing:

Approved: Number 11 Amount $ 565,000 Leveraged $ 6,336,220

Program Hours:

1st QTR- 454.75 2nd QTR- 404.00 3rd QTR- 484.00 4th QTR- 465.00

Total Contract: 1807.75

Referral Source:

Municipality 74 Other Entrepreneur 3 Bank Referral 6 Family/Friend 11 Other 16 Web 10

Dakota County Jan-Dec 2018

Open to Business 3137 Chicago Ave Minneapolis, MN 55407 612-789-7337

Industry Segment:

Retail 18 Service 62 Food 26 Health/Fitness 6 Manufacturing 2 Construction/Real Estate 3 Technology 0 Professional/Consulting 3

City*: Bus. Res.

Apple Valley 6 8 Burnsville 19 17 Eagan 15 16 Farmington 9 10 Hastings 12 12 Inver Grove Heights 10 6 Lakeville 12 15 Mendota Heights 5 7 Rosemount 9 8 S. St. Paul 4 3 W. St. Paul 6 4

* Many clients are both residents of theCounty, and operate or plan to operate inthe County as well. For the purposes of Cityidentification only they may appear in bothcolumns above. Total Clients reportedreflects unique engagements- aggregatingmultiple cities- or owners- to a single clientengagement.

5B - Attachment C

- 54 -

Financing to Businesses Located in Dakota County: Approved Loan: Business Type: Food Location: West St. Paul Referred by: Municipality OTB Financing: $89,000 Other Financing: $30,000 WomenVenture Overview: South Minneapolis restaurant Hamburguesas El Gordo has a new claim to fame: the best tacos in the Twin Cities. This family-owned business brings the authentic and delicious taste of northern Mexico to Minnesota. Their gourmet burgers are prepared in the authentic Norteno style. In addition, customers can also enjoy authentic street tacos and gourmet bomb hotdogs. MCCD in partnership with the city of Minneapolis CPED provided a first round of financing to the Owner upgrade equipment. This second round of financing provided in partnership with WomenVenture supported the company’s expansion to a second location in West St. Paul. As of December 2018, they are still under construction and have not yet opened. Approved Loan: Business Type: Food Location: Lakeville Referred by: Municipality OTB Financing: $20,000 Other Financing: $20,000 WomenVenture Overview: Cream of the Cakes is a bakery specializing only in cakes, a cakery, if you will. The Owner has been baking cakes and working in her family’s restaurant since she was a little girl in West Virginia. She has since opened her cakery Lakeville which was once a café. In partnership with WomenVenture, MCCD provided financing to Cream of the Cakes for equipment and space improvements. Approved Loan: Business Type: Food Location: Burnsville Referred by: Municipality OTB Financing: $5,000 Other Financing: $1,270 Owner Equity Overview: Chicken All Daye is a five year old catering company that specializes in chicken wings. The Owner an Apple Valley resident, has catered multiple events over the years and has expanded her line to include sauces and food rubs. She has taken advantage of the “test drive your business” option offered at the Burnsville Mall Food Court with a “pop up” storefront kitchen. MCCD’s financing helped with initial costs related to opening the pop-up store.

- 55 -

Approved Loan: Business Type: Construction/Real Estate Location: Farmington Referred by: Municipality OTB Financing: $50,000 Other Financing: $38,000 Owner Equity

Overview: Founded in 2008 this construction company specializes in window and roof replacements. In 2011, the Owner sustained an injury from a fall while working on a job. The resulting injury impacted both his health and the health of the business. In 2016 ownership of the business was transferred to the Owners daughter. Since the transfer the business has become bonded and is bidding on larger projects. MCCD has provided several transactional loans to help this Farmington based business pay for materials and labor until payment was received from the state. The most recent financing provides permanent working capital to help the company sustain its growth.

Approved Loan: Business Type: Retail Location: Hastings Referred by: Municipality OTB Financing: $15,000 Other Financing: $25,000 City of Hastings, $10,000 Owner Equity

Overview: Borrower is a start-up retail business that will sell contemporary women’s apparel and accessories in the Meyer Company Building in downtown Hastings. In conjunction with their brick and mortar location they also plan to sell their wares online. Their target date to open is March/April 2018. Their target consumer will be women from Hastings and the surrounding communities, and they will carry designer collections from apparel markets located in Minneapolis and Chicago as well as local designers who are unable to meet the production quantities required by larger department stores. As well as stylish apparel and accessories, the business will also offer a variety of services for the tech savvy shopper. Their website will launch prior to their Grand Opening and will include all of the stores pertinent information as well as a stylist blog and will contain an ecommerce platform including Facebook and Instagram.

Approved Loan: Business Type: Service Location: West St Paul Referred by: Bank OTB Financing: $180,000 Other Financing: $3,275,500 Bank, $381,800 Equity

Overview: Borrower is a new business entity formed in November of 2017 to own and operate a climate controlled mini-storage facility in West St. Paul. The company ownership includes Inver Grove Heights residents who are also part-owners of Inver Grove Storage. The

- 56 -

proposed project will be the construction of a three-story, climate controlled self-storage facility in West St. Paul. The project will have individual storage units with roll up doors. The proposed building will be 51,900 square feet with a net leasable unit mix of about 41,000 square feet. In total, the project will have about 469 individual storage units. Approved Funding: Business Type: Food Location: Apple Valley Referred by: Municipality Other Funding: $1,000 Grant Overview: Catering/Food Service business making steady progress, and looking to add retail rubs/sauces to supplement revenue. OTB assisted with accessing a Micro grant to help with her expansion. Financing to Dakota County Residents Operating Elsewhere:

Approved Loan: Business Type: Service Resident City: Rosemount Referred by: Bank OTB Financing: $30,000 Other Financing: $635,300 Bank, $28,350 Equity Overview: This entrepreneur has operated his garage storage systems sales and services business, out of his home since he founded it in 2011. However, the business has outgrown the home. The Owner has identified commercial space in Blaine that will allow the business to continue its growth over the next several years. 21st Century Bank provided a 1st mortgage on the property, while Open to Business provided gap financing to help with the purchase, allowing the business to meet equity requirements and retain cash in the business for working capital. Approved Loan: Business Type: Service Resident City: Eagan Referred by: Other Entrepreneur OTB Financing: $10,000 Other Financing: N/A Overview: The Client has been filling a niche in the automotive world since fall of 2015; providing auto detailing for car dealerships. The business has grown quickly, but after running into an issue with a former co-owner, the client decided to separate from his partner and form his own company. Open to Business provided an initial loan- along with help from a pro-bono

- 57 -

attorney- to help the client launch the new business, and funded this second loan in the first quarter of 2018 to provide some needed working capital.

Approved Loan: Business Type: Retail Resident City: Apple Valley Referred by: Bank OTB Financing: $150,000 Other Financing: $1,627,500 Bank, $257,500 Equity

Overview: Apple Valley resident purchasing an operating business and real estate of a St Paul Grocery/market. Open to Business provided gap financing in the project to meet the Bank’s Loan to Value guidelines and reduce the operator’s equity requirements, allowing the business to retain much-needed working capital.

Approved Loan: Business Type: Retail Resident City: Lakeville Referred by: Other OTB Financing: $15,000 Other Financing: $6,000 Equity

Overview: Lakeville residents have tapped into the arts culture of Stillwater with their new retail store and gallery. Their shop on Main Street sells their own art work along with collections from other artists. Open to Business financing will allow the partners to purchase additional inventory and expand their marketing efforts.

- 58 -

Open To Business Dakota County 2018 Report (Detail Report)

Business Description Industry Business Stage City Impacted - Business City Impacted - Resident

Tap Room Food Start-up Apple Valley Shakopee

Clothing and Cosmetic Sales Retail Start-up Apple Valley Apple Valley

Indoor Activity/Recreational Facility Service Pre-start planning Apple Valley Apple Valley

Chicken Food Truck Food Existing - Opportunity Apple Valley Apple Valley

Home Inspection Service Start-up Apple Valley Apple Valley

Kombucha Brewery Manufacturing Existing - Opportunity Apple Valley Lakeville

Subtotal Sum

Count 6

Wellness Center Service Existing - Opportunity Bayport Hastings

Subtotal Sum

Count 1

Garage storage system Service Existing - Opportunity Blaine Rosemount

Subtotal Sum

Count 1

Auto Detailing Service Start-up Brooklyn Park Eagan

Subtotal Sum

Count 1

Marketing/Consulting Agency Service Existing - Challenged Burnsville Burnsville

Beauty Supply Store Retail Existing - Opportunity Burnsville Apple Valley

Auto Repair Shop/Gas Station Service Existing - Challenged Burnsville Burnsville

Grave Care Service Pre-start planning Burnsville Burnsville

Various - Laundromat Service Pre-start planning Burnsville Burnsville

Service Service Existing - Opportunity Burnsville Lakeville

Retail Women's Formal Wear Retail Pre-start planning Burnsville Savage

Personal Care Assistant Service Pre-start planning Burnsville Burnsville

Cell phone purchasing Service Existing - Challenged Burnsville Savage

Cleaning Business Service Pre-start planning Burnsville Burnsville

Cat/Dog Grooming - In-Home Service Start-up Burnsville Burnsville

Fitness Studio Health / Fitness Existing - Opportunity Burnsville Burnsville

Commercial Cleaning Business Service Pre-start planning Burnsville Burnsville

Online/Retail Dance Clothes Consignment ShopRetail Pre-start planning Burnsville Burnsville

Re-purposed furniture - retail Retail Existing - Challenged Burnsville Burnsville

Veterinary Clinic Service Existing - Opportunity Burnsville Lakeville

Drive Thru Coffee Hut Food Pre-start planning Burnsville Burnsville

Burnsville

Bayport

Blaine

Brooklyn Park

Apple Valley

- 59 -


Tutoring Service Pre-start planning Burnsville Burnsville

Information Technology Services Service Start-up Burnsville Burnsville

Subtotal Sum

Count 19

Evening Child Care Service Pre-start planning Chaska Burnsville

Subtotal Sum

Count 1

Professional Gardening Service Existing - Opportunity Eagan Eagan

Fitness and Health Education Health / Fitness Existing - Opportunity Eagan Eagan

Chiropractic Health / Fitness Existing - Opportunity Eagan Mendota Heights

Bagel Shop Food Existing - Opportunity Eagan Bloomington

Commercial and Residential Clean-Out ServicesService Pre-start planning Eagan Eagan

Food Safety Consulting Service Pre-start planning Eagan Eagan

Commercial Kitchen Service Pre-start planning Eagan Eagan

Personal Care Assistance/Adult Day Care Service Pre-start planning Eagan Eagan

Roadside Assistance/Locksmith Service Start-up Eagan Eagan

Small Engine Repair Service Pre-start planning Eagan Eagan

Consulting - Organizational

Professional /

Consulting Pre-start planning Eagan Eagan

eCommerce - Fashion Design Retail Start-up Eagan Eagan

Flooring Service Existing - Challenged Eagan Eagan

Commercial Real Estate Broker

Construction / Real

Estate Existing - Opportunity Eagan Edina

Chiropractic Office Health / Fitness Existing - Opportunity Eagan Eagan

Subtotal Sum

Count 15

Retail - Door Lock Retail Pre-start planning Farmington Farmington

Screen printing Service Existing - Challenged Farmington Farmington

International Grocery Food Pre-start planning Farmington Farmington

Daycare Service Existing - Challenged Farmington Farmington

Auto Repair Shop Service Existing - Opportunity Farmington Farmington

Quilting, Online Sales Retail Existing - Opportunity Farmington Farmington

Organizational Coaching Service Pre-start planning Farmington Farmington

Catering Food Pre-start planning Farmington Farmington

General Contractor

Construction / Real

Estate Existing - Opportunity Farmington Farmington

Farmington

Eagan

Chaska

- 60 -


Subtotal Sum

Count 9

Functional Health Coach Pre-start planning Hastings Hastings

In door playground Service Pre-start planning Hastings Hastings

Restaurant Food Existing - Opportunity Hastings Hastings

Café and Arts Studio Food Existing - Challenged Hastings Hastings

Heavy Equipment Use for Entertainment Service Existing - Opportunity Hastings Farmington

BBQ Catering Food Existing - Challenged Hastings Hastings

Full Service Car Wash Service Pre-start planning Hastings Hastings

Car Wash Service Pre-start planning Hastings Hastings

Computer Repair Service Existing - Challenged Hastings Hastings

Coffee Shop Food Pre-start planning Hastings Hastings

Daycare Center Service Start-up Hastings Hastings

Clothing Boutique Retail Start-up Hastings Hastings

Subtotal Sum

Count 12

Advertising and Marketing Service Existing - Challenged IGH Inver Grove Heights

Clothing for teens Retail Existing - Opportunity IGH Inver Grove Heights

Pediatric Therapy Office Service Existing - Opportunity IGH Maplewood

Boat Marina Service Existing - Challenged IGH Inver Grove Heights

Various Artistic Sales Retail Existing - Challenged IGH Mendota Heights

Restaurant Food Start-up IGH Inver Grove Heights

Tobacco Shop Retail Existing - Challenged IGH Saint Paul

Tobacco Shop Retail Existing - Opportunity IGH Saint Paul

Catering/Carry Out Restaurant Food Existing - Challenged IGH Inver Grove Heights

Brewery and Restaurant Food Existing - Opportunity IGH Lakeville

Subtotal Sum

Count 10

Lawn Maintenance Service Pre-start planning Lakeville Lakeville

Therapy - Music Service Pre-start planning Lakeville Lakeville

IT Security, Cloud, Data

Professional /

Consulting Existing - Opportunity Lakeville Lakeville

Chiropractic Office Health / Fitness Start-up Lakeville Lakeville

Arcade Service Pre-start planning Lakeville Lakeville

Restaurant Food Pre-start planning Lakeville Minneapolis

Bakery Food Existing - Opportunity Lakeville Apple Valley

Lakeville

Inver Grove Heights

Hastings

- 61 -


Coffee Roastery Food Existing - Opportunity Lakeville Lakeville

Custom Cakes - Cupcakes - Desserts Food Existing - Opportunity Lakeville Lakeville

Restaurant Food Existing - Opportunity Lakeville Lakeville

Wedding Venue Service Pre-start planning Lakeville Lakeville

Subtotal Sum

Count 12

Residential Broker Service Existing - Challenged MH Mendota Heights

Tap Room Food Start-up MH Minneapolis

Software engineering Pre-start planning MH Mendota Heights

Retail - RV Interior Decorating Accessories Retail Existing - Challenged MH Mendota Heights

martial arts instruction and fitness Health / Fitness Existing - Opportunity MH Mendota Heights

Subtotal Sum

Count 5

Restaurant Food Existing - Challenged Minneapolis Eagan

Gasoline station and C-store Retail Existing - Opportunity Minneapolis Burnsville

Auto repair Service Existing - Opportunity Minneapolis Eagan

Atist Retail Start-up Minneapolis Mendota Heights

Subtotal Sum

Count 4

Dog Training Service Existing - Challenged Richfield Eagan

Cooking school Food Existing - Challenged Richfield Burnsville

Subtotal Sum

Count 2

Childcare Service Existing - Opportunity Rosemount Maple Grove

Residential/Commercial Clean-Out Service Service Pre-start planning Rosemount Rosemount

Custom Cabinet Manufacturing Existing - Opportunity Rosemount Apple Valley

Book Publishing Service Start-up Rosemount Rosemount

Brewery/Tap Room Food Pre-start planning Rosemount Rosemount

Therapeutic Farming Service Pre-start planning Rosemount Rosemount

Sewing Alterations Service Pre-start planning Rosemount Rosemount

Church (Youth Assistance/Education) Service Pre-start planning Rosemount Rosemount

Transportation Service Existing - Opportunity Rosemount Rosemount

Subtotal Sum

Count 9

Agriculture Food Start-up Saint Paul West Saint Paul

Grocery store- purchase an existing bus Retail Existing - Opportunity Saint Paul Apple Valley

Saint Paul

Richfield

Rosemount

Minneapolis

Mendota Heights

- 62 -


Count 2

Bakery Cafe Food Pre-start planning South Saint Paul South Saint Paul

Restaurant Food Pre-start planning South Saint Paul South Saint Paul

Bakery Food Existing - Challenged South Saint Paul Woodbury

Music Teacher Service Start-up South Saint Paul South Saint Paul

Subtotal Sum

Count 4

Art Store Retail Existing - Challenged Stillwater Lakeville

Subtotal Sum

Count 1

Service - Gun Range Service Pre-start planning West Saint Paul West Saint Paul

IT Support Service Pre-start planning West Saint Paul West Saint Paul

Painting, Staining & Pre-Finish Service Existing - Challenged West Saint Paul West Saint Paul

Self Storage Service Start-up West Saint Paul Inver Grove Heights

Bookkeping

Professional /

Consulting Existing - Opportunity West Saint Paul Stillwater

CRE entity

Construction / Real

Estate Start-up West Saint Paul Shakopee

Subtotal Sum

Count 6

Total Sum

Count 120

West Saint Paul

South Saint Paul

Stillwater

- 63 -

TO BUSINESS

OPEN

After growing up in her family’s two restaurants, Liz Shannon always knew she’d go back to her food business roots someday. When the recession hit and her husband was laid off, she decided it was the perfect time to get back into the kitchen and earn an income doing something she loved.

“I grew up in the family restaurant business,” Shannon said. “That’s where I get my passion, my training and my purpose…it’s just in my blood.”

At first, she tested the market by creating gourmet cakes and desserts—delicious confections like mandarin orange cake—out of her home kitchen and delivering them to her customers. But soon, with plenty of orders and limited by her kitchen’s capabilities, Shannon decided to expand. Her first solution was leasing the commercial kitchen at a local golf course. But she could only use the space within limited hours, and she was still getting more orders than she could fill.

Shannon knew that to expand her business, she’d need her own kitchen and storefront. But for that to become a reality, she needed additional funding. With the help of her daughter, a marketing and advertising professional, she streamlined her business, focusing more strongly on cakes and cake-related desserts, and adding sculpted cakes to her gourmet lineup.

She began approaching banks for a small business loan, but was turned down again and again. Undaunted, she kept refining her business plan and searching for solutions. Then one day, while at Lakeville City Hall to handle a licensing requirement, she found an Open to Business brochure on a table.

“I thought, let me check this out!” Shannon said. “I had to find an organization that could help me or give me advice, that believed in my plan and believed in me, and that saw me as a person and business person with the ability to do this.”

EXPANSION MADE POSSIBLE BY SUPPORT OF OPEN TO BUSINESSShannon connected with Open to Business Advisor Laurie Crow, who interviewed her and took her business proposal before the board.

“The first thing I told her was, ‘I won’t be offended if I get a no,’” Shannon laughed. “I’ll just go on to the next place. I have to do this.”

Shannon had already found a store space and secured a lease, but she still needed funding to remodel the interior, renovate the kitchen, and purchase

an additional freezer and pastry case before opening. Crow helped Shannon obtain the loan she needed through Women Venture and the Metropolitan Consortium of Community Developers (MCCD), the organizational home for the Open to Business program.

“Open to Business helped me figure it out,” Shannon said. “They didn’t discourage me—they gave me options that could work given my challenges.”

The loan was finalized in April, and Shannon opened her Lakeville-based Cream of the Cakes storefront in May.

“I’m very glad that my path crossed theirs. They taught me a lot about the process and have been awesome to work with,” she said.

ORIGINAL RECIPES COMBINED WITH CREATIVE FLAIRShannon prides herself on creating cakes and desserts that are not only beautiful and eye-catching but are exquisitely flavorful as well. Each recipe used at the cakery is either a hand-me-down from her family, shared by another baker, or personally developed to meet a customer request. In addition to using her own recipes, Shannon decorates each cake to reflect the occasions and customer’s wishes. Her creations range from elegant wedding cakes to whimsical birthday cakes and beyond.

“We want to be able to give someone a custom cake that is as delicious as it is beautiful,” Shannon said. “We try to blend the uniqueness of creativity and the deliciousness of fresh ingredients.”

Since opening the storefront and getting walk-in traffic, demand for Shannon’s desserts has increased yet again. She now employs two additional bakers as well as her youngest son, who is learning the ropes of the business and all aspects of decoration and dessert-making. Shannon is confident she has the right team in place to keep customers coming back.

“We want to get to know the customer,” she said. “We tap into who the cake is for, get their likes and their favorite colors, and we follow up after the cake has been eaten. The best compliment I can receive is for them to come back through my door or to recommend me to someone.”

Visit Cream of the Cakes at 20655 Kenrick Avenue, Lakeville, MN 55044. Find out more online at www.creamofthecakes.com.

NEW LAKEVILLE CAKERY OFFERS SWEET, EYE-CATCHING TREATSDelicious original recipes paired with striking design results in distinctive celebratory experiences at Cream of the Cakes

Open to Business is a program of the Metropolitan Consortium of Community Developers. Find us at www.opentobusinessmn.org

5B - Attachment D

- 64 -

TO BUSINESS

OPEN

After years of working in the Los Angeles film and television industry, Mikey Fornicoia was ready for a change. The long hours and grueling schedule had burnt out his drive and creativity. Thinking he just needed a break to rest and revive his passion, Fornicoia returned to his home state of Minnesota. He ended up staying for good.

Fornicoia found a position working for a local church, and began spending time exercising his creativity at his brother-in-law’s Farming-ton-based graphics shop. Fornicoia picked up the craft quickly, and he especially found himself drawn to creating tee-shirt and other apparel designs. But just a few years later, his brother-in-law began making plans to sell off the screen-printing portion of the business.

“I asked him who was going to buy it. He said, ‘You are,’” Fornicoia remembers, laughing.

Looking for a new adventure, Fornicoia jumped at the chance to purchase the business. Within months, he launched Brown Box Tees, a full-service creative design and screen-printing company. The only problem? He had no experience as a small business owner.

Fornicoia excelled at the design work required in his new business, but he lacked confidence in his entrepreneurial skills. He was struggling to edu-cate himself about running a small business when he learned about Open to Business, a free nonprofit business consulting and financing program paid for by Dakota County. After connecting with the organization, For-nicoia began what would become a years-long mentorship with Business Advisor Laurie Crow. Crow helped him realize he was just as capable of learning sound business skills as he was of learning how to screenprint.“I told him he could do this. How could he build the confidence he need-ed to be successful? With knowledge,” Crow said.

Fornicoia said that Crow’s belief in him and her steady partnership propelled him to make big changes in his business. The pair started by creating a business plan for Brown Box Tees that guided the company as Fornicoia evaluated several looming decisions. One of those decisions was the need for a larger space and different location. They evaluated new commercial spaces and eventually relocated the shop to a larger facility in the nearby city of Apple Valley. Next, they completed a financial analysis, which led Fornicoia to purchase additional equipment to expand his screen-printing capacity and customer base.

“When Mikey first came to me, he didn’t know what he didn’t know,” Crow said. “He needed me to listen and give him the initial direction. That opened up the creative side of him that gave him confidence in growing his business.”

Once a solopreneur, Fornicoia now employs six people with plans to hire more employees soon. His investment in new equipment and larger space also gave him the ability to work with larger clients like Target, CenterPoint Energy, and the Minnesota Timberwolves. The foundation of Brown Box Tees’ success is the company’s commitment to building relationships, not just completing transactions.

“There are a lot of screen-printers out there, but I didn’t want us to just be a number,” Fornicoia said. “We take care of our clients and we’ve created a truly inspired, creative culture at Brown Box Tees.”

Visit Brown Box Tees and see samples of the company’s work at www.brownboxtees.com.

FROM EMPLOYEE TO ENTREPRENEUR: MIKEY FORNICOIA BUYS AND EXPANDS BROWN BOX TEES

Open to Business is a program of the Metropolitan Consortium of Community Developers. Find us at www.opentobusinessmn.org

5B - Attachment E

- 65 -


Discussion On Regional Economic Gardening Program – Informational

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Community & Economic Development Amount included in current budget Prepared By: Lisa Alfson Budget amendment requested Contact: Lisa Alfson FTE included in current complement Contact Phone: 651-675-4467 New FTE(s) requested Other:

PURPOSE/ACTION REQUESTED • Provide information on economic gardening program as part of directive from 2019 Economic Development

Workplan. SUMMARY Hennepin, Ramsey, Anoka, Carver, and Scott counties and the City of Saint Paul have offered the Regional Economic Gardening program since 2012 to companies headquartered in their communities. This program is in partnership with the Edward Lowe Foundation and the National Center for Economic Gardening (NCEG).

The Economic Gardening program aims to connect seasoned businesses with strategic research, facilitated CEO discussions, and access to a team of specialists that provide expert knowledge in their respective fields. The program provides free tools and resources for companies looking to take their business to the next level.

Economic Gardening takes an entrepreneurial approach to regional prosperity. Often referred to as a “grow from within” strategy, it helps existing companies within a community grow larger. In contrast to traditional business assistance, Economic Gardening focuses on strategic growth challenges, such as developing new markets, refining business models, and gaining access to competitive intelligence.

Requirements for participating businesses include: • Be a for-profit company that has been headquartered in metro for at least the past two years. (If Dakota

County CDA chose to participate, we would only fund businesses headquartered in Dakota County). • Generate annual revenue or working capital of between $1 million and $50 million. • Employ between 10 and 99 full-time employees. • Demonstrate growth in employment and/or revenue during two of the past five years. • Provide products or services beyond the local area to regional, national or global markets.

The program is free to participating businesses, with funders (counties and cities) paying $10,000 per participating business.

Staff will present information about the Regional Economic Gardening program at the April 16th meeting and Andrew Schmidt, CEO of AMEK Custom Builders, will discuss his experience participating in the program.

RECOMMENDATION N/A – Informational Only EXPLANATION OF FISCAL/FTE IMPACT N/A




- 66 -

You know more about your company than anyone else. But like most CEOs you could probably use some help when it comes to decisions about new markets, generating sales leads or deriving more value from your website. We realize you wouldn’t typically look to economic development or entrepreneur support organizations for this type of help but that may be changing as we implement the Economic Gardening Program.

Economic Gardening® represents a new way of thinking about supporting growth companies and letting business owners know how important they are to our local economies. So instead of offering traditional incentives like tax credits or real estate discounts, we’re offering something that might be even more valuable to you: information — strategic information — gathered with your guidance and speci cally for your company. We’ve observed this model in many other areas around the country and seen what kind of impressive results it produces.

Who should apply?To be eligible for the program, participants must:

economicgardeningmn1617.nationalcentereg.org

What to expectFees: Costs are covered by

who have pooled funds to support this program.Time: Accepted companies will spend about 60 hours over the course of eight months collaborating with their research team. Participants will also attend CEO roundtables and forums. (Attendance is mandatory for at least six of the eight roundtable sessions and three of the four forums.)

Potential issues: Identifying and prioritizing sales leadsand business opportunities re ning your core strategies and business model; and using social media to connect with customers and create buzz about your products or services.

Logistics: For the research component, you don’t even have to leave your of ce. All communications are handled through the phone and a secure online portal where a workspace will be assigned to your company.

Better information, better decisions — and a better way to help your company!

Here’s how it works: Partnering with the National Center for Economic Gardening, we’ve set up a

regional network to provide virtual access to teams of highly skilled research specialists that will be matched with a select group of qualifying companies. Using private conference

calls and a secure online workspace this team will interview the company to help identify speci c issues. The team devotes about 60 hours to each company over the course of a few months as they work quickly to deliver action-oriented

information. In addition to the research team, the program also includes peer learning opportunities via CEO

roundtables and forums. This program is available only to companies that meet certain criteria — and is offered to them at no cost. As a growing company, you make a positive impact on our local economy. We want to help you make an even bigger impact. Economic Gardening services are speci cally designed to help growing companies make better decisions while navigating the challenges associated with growth.

5C - Attachment A

- 67 -

For more info, contact:

How to get startedTo learn more about eligibility requirements, visit https//economicgardeningmn1617.nationalcentereg.org Complete the online application. Among other things, you’ll be asked to submit revenue and employment numbers for the past ve years. You’ll also be asked to list strategic business issues you need help with.

Someone from our organization will contact you within 24 hours.

Your application will be reviewed by the selection team.

Once accepted into the program, we’ll schedule an interview between you and the research team to start the process.

Value for your timeOur Economic Gardening program includes not only research services, but also a peer-learning component in the form of CEO roundtables and forums. The goal of combining these three educational experiences is to accelerate the value that entrepreneurs receive and make every interaction more meaningful. For example, the research assistance provides just-in-time information to roadblocks that CEOs are facing. Forums give participants an opportunity to learn from a seasoned entrepreneur who has successfully exited second stage and roundtables enable participants to learn from other second-stagers. In addition, roundtable facilitators make introductions to CEOs in other roundtables or at quarterly forums — and recognize when the research team could address a speci c issue for participants. Bottomline, this is a holistic program that’s geared to arm second-stagers with the right information, resources and referrals so they can make better decisions and grow their businesses faster.

1

2

3

4

5

Feedback from CEOs

Elise Durbin

612-348-4191elise.durbin

- 68 -


Executive Director’s Update – Informational

Fiscal/FTE Impact: Meeting Date: 4/16/2019 None Department: Administration Amount included in current budget Prepared By: Kaili Braa Budget amendment requested Contact: Tony Schertler FTE included in current complement Contact Phone: 651-675-4432 New FTE(s) requested Other:

PURPOSE/ACTION REQUESTED • Agency updates.

SUMMARY Executive Director Tony Schertler will provide updates regarding topics related to agency operations and a preview of items that will be on the May 21, 2019 CDA Board meeting agenda.

RECOMMENDATION N/A – Informational Only

EXPLANATION OF FISCAL/FTE IMPACT N/A




- 69 -

1

Finance Department

Memo To: Tony Schertler, Board of Commissioners

From: Ken Bauer

Re: CDA Investment Register – December 31, 2018

Introduction

This memorandum is intended to accompany the CDA’s investment register as of December 31, 2018. The investment register tracks investments as defined by the CDA’s investment policy which includes both short and long‐term investment holdings. The investment register excludes investments relating to the CDA’s housing development bond issues that are held by a third‐party trustee.

Overview of Investment Register – December 31, 2018

At December 31, 2018, the market value of all short and long‐term investments was approximately $125.3 million which is a $10.7 million increase from the $114.6 million that was previously reported on June 30, 2018.

Investments by Program

Par Market Market % of

Value Cost Value Portfolio

Federal

Public Housing 4,847,391$ 4,847,391$ 4,847,391$ 3.87%

Housing Assistance 3,141,005 3,141,005 3,141,005 2.51%

HOME 759,177 759,177 759,177 0.61%

Total Federal 8,747,574 8,747,574 8,747,574 6.98%

State/Local

HD&R 12,448,755 12,448,755 12,448,755 9.93%

HOPE 3,808,412 3,808,412 3,808,412 3.04%

Levy 3,172,334 3,172,334 3,172,334 2.53%

TIF Districts 7,593,830 7,593,830 7,593,830 6.06%

Total State/Local 27,023,331 27,023,331 27,023,331 21.57%

Business Activities

Senior Housing 24,561,152 24,561,152 24,561,152 19.60%

Workforce Housing LLC 1,727,217 1,727,217 1,727,217 1.38%

Real Estate Operations 55,156,732 55,141,212 55,041,095 43.92%

Internal Service Funds 8,210,462 8,210,462 8,210,462 6.55%

Total Business Activities 89,655,563 89,640,043 89,539,926 71.45%

Total Portfolio 125,426,467$ 125,410,947$ 125,310,830$ 100.00%

- 70 -

Page 2

The amounts previously reported as General Fund under the previous fund accounting model are now being reported in the Housing Development & Renewal (HD&R) and Real Estate Operations (REO) programs.

For external financial reporting, the investment register includes almost $94.4 million of money‐market and 4M Fund investments that are classified as cash equivalents for external financial reporting. Other short and long‐term investment holdings are classified as investments. This breakdown is summarized in the following table.

Breakdown by Reporting Classification

Par Market Market % of

Value Cost Value Portfolio

Certificates of Deposit 1,976,000$ 1,976,000$ 1,966,063$ 2%

Federal Agencies 8,015,520 8,000,000 7,909,820 6%

Money Market Funds 47,620,673 47,620,673 47,620,673 38%

4M Fund 46,814,274 46,814,274 46,814,274 37%

4M Fund ‐ Term Series 21,000,000 21,000,000 21,000,000 17%

125,426,467$ 125,410,947$ 125,310,830$ 100%

Cash Equivalents (Money Market Funds, 4M Fund)

Cash equivalents consist of funds held in money market funds and an intergovernmental investment pool (the 4M Fund). These investment holdings generally have average maturities of less than thirty days and at December 31, 2018 yielded about 1.81% which is a significant improvement from the 1.44% that was reported as of June 30, 2018. This increase is largely due to improving money‐market rates as a result of the Federal Reserve increasing the fed funds rate target.

Investments (Federal Agencies, U.S. Treasuries, 4M Fund Term Series)

Treasury, Agency and CD investments – At December 31, 2018, the CDA had no treasury holdings but did hold $9.9 million in federal agency securities and FDIC insured certificates of deposit. The federal agency securities were issued by Freddie Mac (FHLMC). This 9.9 million of investment holdings has been designated towards maintaining a five‐year investment ladder. The purpose of the ladder is to provide a predictable income stream while minimizing exposure to fluctuating interest rates.

4M Term series ‐ the CDA has been shifting cash equivalents into short‐term investment contracts through the 4M Fund to take advantage of slightly higher yields. These contracts consist of secured pools of money‐market investments, certificates of deposit and repurchase agreements generally maturing in three to six months. At December 31, 2018, the CDA had $21 million invested in these contracts with yields ranging between 2.10 and 2.20%.

The weighted average maturity of all investment holdings at December 31 is .62 years with a yield of 2.044% compared to .81 years and 1.82% at June 30, 2018.

- 71 -

Page 3

Performance Compared to Benchmark

Per the CDA’s Investment Policy, the benchmark for investment performance is the one‐year rolling average of U.S. Treasury securities with similar maturities. The purpose of this benchmark is to help understand portfolio performance.

As previously noted, the CDA’s investment holdings at December 31, 2018 had a weighted average maturity of .62 years and a yield of 2.044%. During this period of time, the benchmark yield on six month and one‐year treasury securities was 2.14% and 2.33%, respectively. The portfolio yield is slightly below the benchmark yield due to rapidly increasing interest rates during this period whereas most of the CDA’s five‐year investment ladder was acquired between 2014 and 2017 when rates were lower. As these investments mature beginning in late 2019, the proceeds will be reinvested at higher rates.

Over the past six months, the CDA has kept investment maturities relatively short in anticipation of additional Federal Reserve increases in the fed funds rate target. During this time, the Federal Reserve did increase the rate target two times for a total of .50%. In early 2019, the Federal Reserve updated their economic projections which anticipate no further rate increases in 2019. As a result, the CDA will consider slightly lengthening the portfolio’s weighted average maturity over the next few months.

- 72 -

Dakota County Community Develoment Agency

Investment Register

12/31/2018

Financial Cost Par Market Current Trans. Maturity

G/L No. Institution CUSIP Issuer Value Value Value Rate YTM Date Date

HD&R (H) / REO (R)

R 1112‐10‐000 4M Fund n/a n/a 4,877,629.06$ 4,877,629.06$ 4,877,629.06$ 2.0900 2.0900 n/a n/a

H 1112‐10‐000 4M Plus Fund n/a n/a 1,750,392.98 1,750,392.98 1,750,392.98 2.1500 2.1500 n/a n/a

R 1115‐10‐000 4M Term Series n/a n/a 2,500,000.00 2,500,000.00 2,500,000.00 2.2000 2.2000 10/31/18 01/31/19

R 1115‐10‐000 4M Term Series n/a n/a 2,500,000.00 2,500,000.00 2,500,000.00 2.1000 2.1000 07/31/18 01/30/19

H 1112‐10‐000 4M Fund n/a n/a 331,792.53 331,792.53 331,792.53 2.0900 2.0900 n/a n/a

H 1112‐10‐000 4M Plus Fund n/a n/a 46,639.33 46,639.33 46,639.33 2.1500 2.1500 n/a n/a

H 1312‐02‐000 4M Fund n/a n/a 13,643.11 13,643.11 13,643.11 2.0900 2.0900 n/a n/a

H 1312.02‐000 4M Plus Fund n/a n/a 562.93 562.93 562.93 2.1500 2.1500 n/a n/a

R 1112‐20‐000 Piper Jaffray n/a n/a 14,738,803.20 14,738,803.20 14,738,803.20 1.9200 1.9200 n/a n/a

H 1112‐20‐000 Piper Jaffray n/a n/a 3,158,977.89 3,158,977.89 3,158,977.89 1.9200 1.9200 n/a n/a

R 1115‐10‐000 US Bank 17284C4L5 n/a 247,000.00 247,000.00 245,932.96 2.2000 2.2000 11/26/14 11/26/19

R 1115‐10‐000 US Bank 254672EP9 n/a 247,000.00 247,000.00 245,715.60 2.1000 2.1000 11/26/14 11/26/19

R 1115‐10‐000 US Bank 38148JDJ7 n/a 247,000.00 247,000.00 245,693.37 2.2000 2.2000 11/26/14 11/26/19

R 1115‐10‐000 US Bank 795450VJ1 n/a 247,000.00 247,000.00 245,932.96 2.2000 2.2000 11/26/14 11/26/19

R 1115‐10‐000 US Bank 02587DWK0 n/a 247,000.00 247,000.00 245,695.84 2.2000 2.2000 11/28/14 11/29/19

R 1115‐10‐000 US Bank 36830TFJ0 n/a 247,000.00 247,000.00 245,606.92 2.0000 2.0000 12/05/14 12/05/19

R 1115‐10‐000 US Bank 8562843E2 n/a 247,000.00 247,000.00 245,878.62 2.2000 2.2000 12/05/14 12/05/19

R 1115‐10‐000 US Bank 87164WEP9 n/a 247,000.00 247,000.00 245,606.92 2.0000 2.0000 12/05/14 12/05/19

R 1115‐10‐000 US Bank 3134G9SN8 FHLMC 2,011,520.00 2,000,000.00 1,975,900.00 1.4000 1.2370 06/21/16 12/27/19

R 1115‐10‐000 US Bank 3130A8JZ7 FHLMC 2,002,000.00 2,000,000.00 1,971,940.00 1.2200 1.1910 06/30/16 12/30/19

R 1115‐10‐000 US Bank 3134G9VX2 FHLMC 2,000,000.00 2,000,000.00 1,970,140.00 1.0000 1.9890 06/30/16 06/21/21

R 1115‐10‐000 US Bank 3134GBRK0 FHLMC 2,002,000.00 2,000,000.00 1,991,840.00 1.5000 2.4090 06/22/17 05/24/22

R 1112‐20‐000 US Bank n/a n/a 20,548,780.01 20,548,780.01 20,548,780.01 1.5100 1.5100 n/a n/a

H 1112‐20‐000 US Bank Trust n/a n/a 7,086,793.14 7,086,793.14 7,086,793.14 0.3000 0.3000 n/a n/a

H 1112‐20‐000 US Bank Trust n/a n/a 59,952.62 59,952.62 59,952.62 0.3000 0.3000 n/a n/a

67,605,486.80 67,589,966.80 67,489,849.99

HOME (Restricted)

1112‐10‐000 4M Fund n/a n/a 759,177.09 759,177.09 759,177.09 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Plus Fund n/a n/a ‐ ‐ ‐ 2.1500 2.1500 n/a n/a

759,177.09 759,177.09 759,177.09

- 73 -


Investment Register

12/31/2018



HOPE (Restricted)

1112‐10‐000 4M Fund n/a n/a 806,359.19 806,359.19 806,359.19 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Plus Fund n/a n/a 224.47 224.47 224.47 2.1500 2.1500 n/a n/a

1115‐10‐000 4M Term Series n/a n/a 1,000,000.00 1,000,000.00 1,000,000.00 2.1000 2.1000 07/31/18 01/30/19


1112‐20‐000 US Bank Trust n/a n/a 1,828.00 1,828.00 1,828.00 0.30 0.30 n/a n/a

3,808,411.66 3,808,411.66 3,808,411.66

Senior Housing (Restricted)

1112‐10‐000 4M Fund n/a n/a 2,169,719.22 2,169,719.22 2,169,719.22 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Plus Fund n/a n/a 2,615.14 2,615.14 2,615.14 2.1500 2.1500 n/a n/a


3,172,334.36 3,172,334.36 3,172,334.36

Tax Increment (Restricted)

1112‐10‐000 4M Fund n/a n/a 6,163,197.59 6,163,197.59 6,163,197.59 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Plus Fund n/a n/a 1,430,632.37 1,430,632.37 1,430,632.37 2.1500 2.1500 n/a n/a

7,593,829.96 7,593,829.96 7,593,829.96

Common Bond (Restricted)

1112‐10‐000 4M Fund n/a n/a 9,813,955.39 9,813,955.39 9,813,955.39 2.0900 2.0900 n/a n/a




1312‐21‐000 4M Fund n/a n/a 1,716,724.12 1,716,724.12 1,716,724.12 2.0900 2.0900 n/a n/a

1312‐21‐000 4M Plus Fund n/a n/a 263.36 263.36 263.36 2.1500 2.1500 n/a n/a


1312‐26‐000 4M Fund n/a n/a 82,405.94 82,405.94 82,405.94 2.0900 2.0900 n/a n/a

1312‐20‐000 4M Fund n/a n/a 449,160.87 449,160.87 449,160.87 2.0900 2.0900 n/a n/a



24,561,152.38 24,561,152.38 24,561,152.38

- 74 -


Investment Register

12/31/2018



Housing Assistance (Restricted)

1112‐10‐000 4M Fund n/a n/a 2,029,868.75 2,029,868.75 2,029,868.75 2.0900 2.0900 n/a n/a


1312‐01‐000 4M Fund n/a n/a 83,562.67 83,562.67 83,562.67 2.0900 2.0900 n/a n/a

3,141,005.03 3,141,005.03 3,141,005.03

Public Housing (Restricted)

1112‐10‐000 4M Fund n/a n/a 1,588,992.52 1,588,992.52 1,588,992.52 2.0900 2.0900 n/a n/a


1112‐20‐000 US Bank Safekeeping n/a n/a 2,025,538.09 2,025,538.09 2,025,538.09 1.5100 1.5100 n/a n/a

4,847,391.40 4,847,391.40 4,847,391.40

Workforce Housing LLC (Restricted)

1112‐10‐000 4M Fund n/a n/a 69,119.54 69,119.54 69,119.54 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 45,246.50 45,246.50 45,246.50 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 22,682.45 22,682.45 22,682.45 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 299,266.70 299,266.70 299,266.70 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 339.94 339.94 339.94 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 326,063.04 326,063.04 326,063.04 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 505,843.77 505,843.77 505,843.77 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 260,047.98 260,047.98 260,047.98 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 133,472.89 133,472.89 133,472.89 2.0900 2.0900 n/a n/a

1112‐10‐000 4M Fund n/a n/a 65,134.20 65,134.20 65,134.20 2.0900 2.0900 n/a n/a

1,727,217.01 1,727,217.01 1,727,217.01

Local Fund

1112‐10‐000 4M Fund n/a n/a 5,119.75 5,119.75 5,119.75 2.0900 2.0900 n/a n/a

Disbursing

1112‐10‐000 4M Fund n/a n/a 8,205,341.86 8,205,341.86 8,205,341.86 2.0900 2.0900 n/a n/a

125,426,467.30$ 125,410,947.30$ 125,310,830.49$

- 75 -