HomeMy WebLinkAbout3. Discussion of Development of City-owned Parking Lot
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. SCOTT COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
~ 323 South Naumkeag Street, Shakopee Minnesota 55379
(952) 402-9022 Fax (952) 496-2852
~
-=qij , ~,Illl William I. Jaffa
"Dedicated to Housing & Redevelopment... Committed to Quality" Executive Director
NORTHRIDGE COURT HOUSING FACILITY
Preliminary Structuring Memo
The Scott County Housing and Redevelopment Authority (the "HRA"), in cooperation with the City of
Shakopee (the "City") and the Economic Development Authority of the City of Shakopee (the '~DA")
proposes to undertake a housing development project for occupancy by seniors in the City of Shakopee on
land currently owned by the City, near the HRA's existing River City Centre project. The following is a
preliminary summary of the :financing terms.
1. Preliminary Development Costs. The HRA will finance preliminary development costs as
provided in a preliminary joint powers agreement between the BRA, City and EDA.
2. Ground Lease. The City will lease the land to the BRA pursuant to a ground lease (the "Ground
Lease''). The Ground Lease will have a term of 50 years and a total rent payment of $1. The Ground
Lease will be a net lease to the City, with the BRA obligated to pay all.eXPenses. At the end of the term of
the Ground Lease, the property, including all improvements, reverts to and will be owned by the City.
3. Project Construction and Financing. Pursuant to Minnesota Statutes, Section 469.017 and
469.012, Subd. 1(7), the BRA will build a housing development project (the, "Project"), containing
approximately 57 units ofmulti:family rental housing for seniors, and related facilities. The construction of
the Project will be financed with proceeds of the housing bonds described below.
4. Bonds. The Project will be financed by the issuance by the BRA of its housing development
revenue bonds (the "Bonds"). Security for the Bonds will include:
a. a lien on net revenues of the Project;
b. an operating reserve fund;
c. a debt service reserve fund equal to 6 months maximum annual debt service;
d. if necessary, a pledge by the BRA of a portion of its special benefits tax levy, annually;
e. if necessary, an annual appropriation pledge by the City made pursuant to Minnesota
Statutes, Section 469.041; and
f. the full faith and credit of the City.
Any funds generated by the Project in any year in excess of what is necessary to pay expenses and debt
service and fund necessary reserves will be the property of the lIRA, ..used for housing or commercial
development.
5. Related Matters. In connection with the development of the Project, the HRA will work with the
City to identify resources to open the Fuller Street intersection and accessible parking in the immediate
downtown vicinity.
DeAnn Croatt, District I James Siekmann, District II Marjorie Henderson, District In
Patti Sotis, District IV Nicole Bennett, District V
2308529vl An Equal OpportunifA/.. Affirmative Action Employer
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PRELIMINARY JOINT POWERS AGREEMENT
THIS PRELIMINARY JOINT POWERS AGREE11ENT (the "Agreement") has been
entered into as of the 1st day of February, 2003, by and between the SCOTT COUNTY HOUSING
AND REDEVELOPMENT AUTHORITY, a public body corporate and politic and a political
subdivision of the state of Minnesota (the "lIRA"), the CITY OF SHAKOPEE, MINNESOTA (the
"City"), a municipal corporation and the ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE (the "EDA"), a public body corporate and politic (the "ED A" and, together
with the HRA, the "Authorities"), pursuant to Minnesota Statutes, Section 471.59 and Chapter 469.
1. Statement of Purpose and Powers to be Exercised. There is a need within the City
for a housing development project to provide multifamily rental housing units for seniors (the
"Proj ect"). Because of the resources and experience of the HRA, the parties hereto propose to
undertake such a Project cooperatively pursuant to Minnesota Statutes, Section 471.59. The powers
to be exercised jointly under this Agreement are those common or substantially similar powers
conferred upon the BRA as a county housing and redevelopment authority and upon the EDA as an
economic development authority having the powers of a housing and redevelopment authority,
pursuant to Minnesota Statutes, Chapter 469, including, without limitation, Sections 469.012, Subd.
1(7), and 469.017, to undertake housing development projects and redevelopment.
2. Method of Achieving Purpose; Manner of Exercising Power. The powers to be
jointly exercised by the Authorities hereunder generally shall be exercised by the BRA, in
consultation with the EDA. Specific development activities, including, without limitation, the
development of the Project, shall be exercised by the HRA pursuant to this agreement with prior
approval of the EDA, and, to the extent deemed necessary by the BRA, following execution and
delivery of additional written agreements from time to time made between the parties hereto
relating to specific activities. It is the intent of the parties that any governmentally owned housing
development project would be developed, owned and operated by the HRA, subject to a ground
lease from the City or the EDA. A preliminary structuring memo which summarizes the proposed
terms of financing the Project is attached hereto as Exhibit A.
3. Source and Contribution of Funds. Except as otherwise agreed by the parties hereto,
the source of funds for the development and redevelopment of the Project and any other joint
exercise of powers undertaken by the Authorities pursuant to this Agreement shall be:
(a) as to pre-development costs, including, but not limited to, a survey, environmental
study, soil borings, market study, schematic drawings, preliminary financial analysis,
preliminary legal work and construction estimates, funds provided by the BRA;
(b) as to the reimbursement of the HRA of the costs initially paid pursuant to (a) above,
and as to all other costs incurred in connection with the development of the Project, the
proceeds of bonds issued by the BRA to finance such development and any other sources
from time to time identified by the parties hereto; and
2308529vl
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(c) as to the operation, maintenance, repair and replacement of the Project from time to
time, revenues generated by the Project and any other amounts from time to time pledged by
any of the parties hereto.
Notwithstanding the foregoing, except as provided in (a) above, nothing herein shall
obligate either of the Authorities or the City to contribute other moneys with respect to the
development or redevelopment of real property or the undertaking of the Project pursuant to this
Agreement.
4. Budget and Disbursements. The lIRA shall develop budgets relating to the activities
to be undertaken by it pursuant to this Agreement. Notwithstanding any other provision hereof,
moneys and funds shall be held, applied, disbursed, and accounted for in such manner as provided
in any bond or other financing documents, or otherwise as the lIRA may determine to be
appropriate.
Any surplus revenues generated by the Project annually shall first, be applied to pay the
HRA an administrative fee of approximately $10,000 per annum in connection with its operation of
the Project, and second, be divided equally between the HRA and the EDA.
5. Liability for Debts and Obligations. Neither of the Authorities nor the City shall
have the power hereunder to do any act or thing the effect of which is to create a charg~ on or lien
against the property or revenues of the other Authority or the City without the express written
approval of the parties involved.
6. Term of Agreement~ Termination. This Agreement shall remain in effect until the
earliest of (a) the date of execution and delivery by the Authorities and the City of a more detailed
joint powers agreement relating to the activities to be undertaken pursuant to this Agreement~ and
(b) the repayment in full of any financing or refinancing issued by the HRA for the benefit of
activities undertaken pursuant to this Agreement
7. Distribution of Assets Upon Termination. Upon termination of this Agreement, any
property acquired as the result of this Agreement and any surplus moneys shall be divided equally
between the BRA and the EDA.
8. Amendments. This Agreement, including any attachments, exhibits or prior
amendments, may be amended, at any time and from time to time, by the written consent of each of
the Authorities.
[Remainder of page intentionally left blank]
2308529vl 2
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IN WITNESS WHEREOF, the HRA, the City and the EDA have each caused this
Agreement to be executed on its behalf by their respective authorized officers have each caused
their official seal, if any, to be affixed hereto, all as of the day and year first above written.
THE SCOTT COUNTY HOUSING AND
REDEVELOPMENT AUTHORITY
By
Its Chair
(Seal)
By
Its Executive Director
2308529vl S-l
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CITY OF SHAKOPEE, 11INNESOT A
By
Its
(Seal)
By
Its
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ECONOMIC DEVELOP11ENT AUTHORITY OF
THE CITY OF SHAKOPEE
By
Its
(Seal)
By
Its
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NORTHRIDGE COURT HOUSING F AClLITY
Preliminary Structuring Memo
The Scott County Housing and Redevelopment Authority (the "HRA"), in cooperation with the City of
Shakopee (the "City") and the Economic Development Authority of the City of Shakopee (the "EDA")
proposes to undertake a housing development project for occupancy by seniors in the City of Shakopee
on land currently owned by the City, near the BRA's existing River City Centre project. The following
is a preliminary summary of the financing terms.
1. Preliminary Development Costs. The BRA will finance preliminary development costs as
provided in a pr~liminary joint powers agreement between the BRA, City and EDA.
2. Ground Lease. The City will lease the land to the lIRA pursuant to a ground lease (the "Ground
Lease"). The Ground Lease will have a term of 50 years and a total rent payment of $1. The Ground
Lease will be a net lease to the City, with the HRA obligated to pay all expenses. At the end of the term
of the Ground Lease, the property, including all improvements, reverts to and will be owned by the City.
3. ProjeCt Construction and Financing. Pursuant to Minnesota Statutes, Section 469.017 and
469.012, Subd. 1(7), the HRA will ,build a housing development project (the "Project"), containing
approximately 57 units of multifamily rental housing for seniors, and related facilities. The construction
of the Project will be fmanced with proceeds of the housing bonds described below.
4. Bonds. The Project will be financed by the issuance by the BRA of its housing development
revenue bonds (the "Bonds"). Security for the Bonds will include:
a. a lien on net revenues of the Project;
b. an operating reserve fund;
c. a debt service reserve fund equal to 6 months maximum annual debt service;
d. if necessary, a pledge by the HRA of a portion of its special benefits tax levy, annually;
e. if necessary, an annual appropriation pledge by the City made pursuant to Minnesota
Statutes, Section 469.041; and
f. the full faith and credit of the City.
Any funds generated by the Project in any year in excess of what is necessary to pay expenses and debt
service and fund necessary reserves will be the property of the lIRA, used for housing or commercial
development.
5. p Related Matters. ill connection with the development of the Project, the BRA will work with
the City to identify resources to open the Fuller Street intersection and accessible parking in the
immediate downtown vicinity.
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