HomeMy WebLinkAbout2023-05-08 EDA Meeting Packet-Special MeetingAGENDA
MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY
SPECIAL MEETING
6:00 P.M. Monday, May 08, 2023
City Hall, Council Chambers
A. CALL TO ORDER
B. ROLL CALL
C. APPROVAL OF AGENDA
D. APPROVAL OF MINUTES
1. April 10, 2023 Economic Development Authority Meeting Minutes
E. PUBLIC HEARING
None
F. UNFINISHED BUSINESS
None
G. NEW BUSINESS
1. Term Sheet for Reuter Walton Redevelopment of 1136/1160 Frost Avenue East
2. Call for a Special Meeting of the EDA on June 26, 2023 Regarding the Reuter
Walton Project, 1136/1160 Frost Avenue East, and Other Potential Projects
H. ADJOURNMENT
RULES OF CIVILITY FOR THE CITY COUNCIL, BOARDS, COMMISSIONS AND OUR COMMUNITY
Following are rules of civility the City of Maplewood expects of everyone appearing at the Meetings - elected
officials, staff and citizens. It is hoped that by following these simple rules, everyone's opinions can be heard
and understood in a reasonable manner. We appreciate the fact that when appearing at Council meetings, it is
understood that everyone will follow these principles:
Speak only for yourself, not for other council members or citizens - unless specifically tasked by your
colleagues to speak for the group or for citizens in the form of a petition.
Show respect during comments and/or discussions, listen actively and do not interrupt or talk amongst each
other.
Be respectful of the process, keeping order and decorum. Do not be critical of council members, staff or others
in public.
Be respectful of each other's time keeping remarks brief, to the point and non -repetitive.
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D1
MEETING MINUTES
MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY
6:45 P.M. Monday, April 10, 2023
City Hall, Council Chambers
A. CALL TO ORDER
A meeting of the Maplewood Economic Development Authority (EDA) was held in the
City Hall Council Chambers and was called to order at 6:45 p.m. by President Abrams.
B. ROLL CALL
Marylee Abrams, President
Present
Rebecca Cave, Commissioner
Present
Kathleen Juenemann, Commissioner
Present
Chonburi Lee, Commissioner
Present
Nikki Villavicencio, Commissioner
Present
C. APPROVAL OF AGENDA
Commissioner Juenemann moved to approve the agenda as submitted.
Seconded by Commissioner Lee Ayes — All
The motion passed.
D. APPROVAL OF MINUTES
1. January 09, 2023 Economic Development Authority Meeting Minutes
Commissioner Juenemann moved to approve the January 09, 2023 Economic
Development Authority Meeting Minutes as submitted.
Seconded by Commissioner Lee Ayes — All
The motion passed.
E. PUBLIC HEARING
None
F. UNFINISHED BUSINESS
None.
G. NEW BUSINESS
1. Call for a Special Meeting of the EDA on May 8, 2023 Regarding the Reuter
Walton Project, 1136/1160 Frost Avenue East
Community Development Director Parr gave background information on the request for
the special meeting.
April 10, 2023
Maplewood Economic Development Authority Minutes
1
EDA Packet Page Number 1 of 12
D1
Commissioner Juenemann moved to call a special meeting of the EDA on May 8, 2023 at
6:00pm in the City Hall Council Chambers for the purpose of reviewing an updated term
sheet for the Reuter Walton project, 1136/1160 Frost Avenue East.
Seconded by Commissioner Villavicencio Ayes — All
The motion passed.
H. ADJOURNMENT
President Abrams adjourned the meeting at 6:49 p.m.
April 10, 2023
Maplewood Economic Development Authority Minutes
2
EDA Packet Page Number 2 of 12
G1
MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY STAFF REPORT
Meeting Date May 8, 2023
REPORT TO: Melinda Coleman, Executive Director
REPORT FROM: Danette Parr, Assistant Executive Director
PRESENTER: Danette Parr, Assistant Executive Director
AGENDA ITEM: Term Sheet with Reuter Walton Development for Redevelopment of
1136/1160 Frost Avenue East
Action Requested: ✓ Motion ❑ Discussion ❑ Public Hearing
Form of Action: ❑ Resolution ❑ Ordinance ❑ Contract/Agreement ❑ Proclamation
Policy Issue:
The property at 1136 Frost Avenue East is the site of the former Maplewood Marine building and
was recently purchased by Reuter Walton Development. The property at 1160 Frost Avenue East is
city -owned and currently vacant. Reuter Walton Development intends to redevelop the properties
into a five -story, 150-unit multi -family building. Reuter Walton Development has applied for Tax
Increment Financing (TIF). On December 12, 2022 the Maplewood Economic Development
Authority (EDA) considered and approved a Term Sheet for the project. Due to delays with the
project and a change in market conditions, Reuter Walton Development is asking that the Term
Sheet be revised to reflect the changes.
Recommended Action:
Motion to approve the revised Term Sheet with Reuter Walton Development.
Fiscal Impact:
Is There a Fiscal Impact? ✓ No ❑ Yes, the true or estimated cost is $0
Financing source(s): ❑ Adopted Budget ❑ Budget Modification ❑ New Revenue Source
❑ Use of Reserves ✓ Other: The Term Sheet itself will not bind the
EDA to commit financial resources to this project. If a TIF request is ultimately approved a tax
increment revenue note would be issued to the developer, paying a portion of the tax increment
generated by the private improvements being constructed by the developer.
Strategic Plan Relevance:
❑ Community Inclusiveness ✓ Financial & Asset Mgmt ❑ Environmental Stewardship
❑ Integrated Communication ❑ Operational Effectiveness ✓ Targeted Redevelopment
The City has been supporting development projects as part of its Gladstone Neighborhood
redevelopment strategy. The 1160 Frost Avenue property is located in the Gladstone neighborhood.
The city owns this property as part of its land acquisition and assembly strategy to facilitate
redevelopment consistent with the Gladstone Neighborhood Redevelopment Plan.
EDA Packet Page Number 3 of 12
G1
Background:
Project Overview
Reuter Walton Development has received land use approvals for the redevelopment of properties
located at 1136 and 1160 Frost Avenue East. The project would include the demolition of the
former Maplewood Marine building at 1136 Frost Avenue which would be combined with the vacant
property at 1160 Frost Avenue in order to redevelop the site into a market -rate apartment building.
The building would be five stories of above -ground wood -framed construction; and a floor of
underground parking. The entire building will be approximately 237,993 gross total square feet, with
an approximately 39,044 square foot footprint.
The 150-unit market -rate building includes the following approximate unit mix: 13 percent studios/
alcoves, 33 percent one -bedrooms, 15 percent one -bedrooms with a den, 28 percent two -
bedrooms, and 11 percent three -bedrooms. Parking is programmed at 1.62 stalls per unit overall —
of which, at least one stall per unit will be provided within a secured parking garage.
The proposed building will be constructed with contrasting light and dark fiber cement lap siding and
wood -look lap siding accent boards. A brick fagade will be used on lower levels, and cementitious
trim boards will be used throughout the building. Amenities include clubroom, fitness room, roof
deck, outdoor pool, pickleball court, and dog run.
Financial Request
The Maplewood EDA received a financial assistance request from Reuter Walton Development
seeking TIF for the proposed redevelopment of the Frost Avenue properties. Construction would
commence later this year and is anticipated to cost approximately $45.38 million or $302,540 per
unit (previously estimated at $44.85 million or $299,000 per unit). On December 12, 2022, the
Maplewood EDA approved a Term Sheet that reflected up to $4.22 million of TIF over a maximum
of 12 years. Since the December approval, construction costs, interest rates, equity requirements,
and further refinement of the plan for compliance with the applicable building codes have resulted in
additional financial costs, not previously anticipated for the project. For that reason, the developer
has requested an additional $280,000.
After further evaluation of the project budget, proforma, and TIF projections, the proposed
development would require a Pay -As -You -Go (PAYGO) TIF Note in the amount of $4.5 million to
achieve a Yield -on -Cost of six percent. The PAYGO TIF Note is paid from TIF generated by the
project itself. If at the end of the 14 years, the note is not repaid, the City does not make up the
shortfall. Please see the attached memo from Ehlers, the city's financial consultant, for more
analysis of this request and the proposed Term Sheet.
Attachments:
1. Location Map
2. Ehlers Memo
3. Term Sheet
EDA Packet Page Number 4 of 12
1136/1160 Frost Avenue East - Overview Map G1, Attachment 1
City of Maplewood August 24, 2022
EDA Packet Page Number 5 of 12
G1, Attachment 2
MEMORANDUM
TO: Danette Parr - Community Development Director
FROM: Jason Aarsvold and Schane Rudlang - Ehlers
DATE: April 27, 2023
SUBJECT: Reuter Walton - Frost Ave Development in Maplewood
Analysis of Financial Request - Updated
In August 2022, the Maplewood EDA received a financial assistance request from Reuter Walton
(the "Developer") seeking 15 years of tax increment financing (TIF) for the proposed redevelopment
of 1136 and 1160 Frost Ave East. The Developer proposed to construct a 150-unit market rate multi-
family apartment consisting of studio, 1, 2, and 3-bedroom units. On December 12, 2022, the
Maplewood EDA approved a term sheet outlining financial assistance for the project. This term
sheet provide up to $4.22 million of TIF over a maximum of 12 years. Since December, construction
costs, interest rates, equity requirements, and further refinement of the plan for compliance with
the applicable building codes have provided financial challenges for the project. The developer has
requested an additional $280,000 to keep the project investment returns at market rates.
This memo updates our prior memorandum dated December 2, 2022 and reviews the current need
for TIF based on our analysis of the Developer's updated project budget and financial projections,
known as a proforma. We have reviewed the project based on industry standards for construction,
land, and project costs, market rate rents, operating expenses, developer fees, underwriting and
financing criteria, and return on investment (Yield -on -Cost).
Amount Pct. Per Unit
First Mortgage 34,035,790 75% 226,905
Equity 11,345,263 25% 75,635
TOTAL SOURCES 45,381,053 100% 302,540
Amount
Pct.
Per Unit
Acquisition Costs
818,671
2%
5,458
Construction Costs
37,962,161
84%
253,081
Environmental Abatement/Soil Correction
100,000
0%
667
Professional Services
2,871,432
6%
19,143
Financing Costs
2,267,357
5%fl
15,116
Developer Fee
1,361,432
3%
9,076
TOTAL USES
45,381,053
100%
302,540
EDA Packet Page Number 6 of 12
G1, Attachment 2
Proforma Analysis
The total development costs are $45,381,053 or $302,540 per unit. For market rate rental
projects like this one, we would anticipate total development costs would range between
$275,000 and $350,000 per unit. Based on our review, we conclude the projected total
development cost for this project is within an acceptable range.
The Developer proposes to finance the project with a mortgage in the amount of $34
million, which is 75% of the total development costs. Of this total amount, we have
assumed $4.5 million is supported by a 14-year commitment of tax increment. The
Developer is proposing to bring $11.3 million in equity, which is 25% of total project costs.
The proposed financing meets expectations for a project of this nature.
The Development Fee of $1.36 million is 3% of total development costs. The proposed
budget also includes a line item for Developer Overhead at 1.5% of total development costs.
Some developers included this in the Development Fee itself. Combining the Development
Fee and Developer Overhead yields a total of 4.5%. For projects such as this, we would
expect to see a developer fee between 3% and 5%. The proposed Development Fee is
acceptable.
Proposed rents range between $1,364 per month for a studio unit, to $2,833 per month for
a 3-bedroom unit. On a per square foot basis, rents range between $1.92 to $2.34, and the
weighted average is $2.00. Projected weighted average rents for recent suburban market
rate rental projects are ranging between $1.80 and $2.25 per square foot depending on
location, unit size, and amenities. The proposed rents are within the normal range of other
suburban rental projects.
The Developer's total projected operating expenses (before management fees, property
taxes, and replacement reserves) are $651,527 per year. This equates to approximately
$4,344 per housing unit per year. For a project of this nature, we would expect operating
costs to range between $3,500 and $4,500 per unit per year. The proposed operating
costs for the project are within industry standards.
• The proposed management fee is 4.00% of effective gross income (EGI) and reasonable for
the product type. The typical range is between 3% to 5% of EGI. Replacement reserves are
$206 per unit, which is slightly low since the typical range of $250 to $500 per unit per
year.
Return on Investment Analysis:
As part of a proforma analysis, we also want to ensure that any public assistance in a development
does not result in a return on investment greater than what is typical within the industry. Developers
use different return on investment metrics, based on the requirements of the type of debt and equity
and the requirements sought by those investors. This developer is using Yield -on -Cost, which is
common in the industry. Yield -on -Cost is calculated by dividing the project's net operating income
by the total development costs. Reuter Walton is targeting a minimum Yield -on -Cost return of 6.0%.
EDA Packet Page Number 7 of 12
G1, Attachment 2
Based on the Developer's budget, proforma, and tax increment projections, the proposed
development would require a Pay -As -You -Go (PAYGO) TIF Note in the amount of $4.5 million to
achieve a Yield -on -Cost of 6%. We estimate this note could be repaid within 14 years assuming 95%
of the available tax increment is paid on the note with an interest rate of 5.25%. The PAYGO TIF
Note is not a general obligation of the city, it's paid from TIF generated by the project itself. If, at
the end of 14 years, the note is not repaid, the City does not make up the shortfall.
Recommendation:
Based on our review of the Developer's proforma and under current market conditions, the
proposed development may not reasonably be expected to occur solely through private investment
within the near future. We conclude public assistance in the amount of $4.5 million in the form of a
PAYGO TIF Note is supported for this development.
We also recommend including a provision in the development agreement providing for a review
the project's financials once construction is complete. This is commonly referred to as a "look -
back" provision. Inclusion of a look -back provision will allow the City to reconcile the actual
construction costs against the original estimates and adjust its TIF assistance as necessary. This
ensures the final amount of City assistance is based on actual costs of the project, rather than
relying solely on estimates and projections.
Please contact either of us at 651-697-8500 with any questions.
EDA Packet Page Number 8 of 12
G1, Attachment 3
Term Sheet - Revised
This Term Sheet is executed as of this day of , 2023 by and between the
Developer and the Maplewood Economic Development Authority (the "EDA") and revises and
replaces the term sheet executed on December 12, 2022. It is intended to set forth the general
terms upon which the parties hereto may be willing to enter into a Development Agreement.
Except for Section 10 below (which shall be binding upon the Developer), this Term Sheet shall
not be deemed conclusive or legally binding upon either party and neither party shall have any
obligations regarding the property defined below unless and until a definitive Development
Agreement is approved by the EDA and executed by both parties.
1. Developer: Reuter Walton
2. Property: 1136 FROST AVE E (PID: 162922420003)
1160 FROST AVE E (PID: 162922420112)
0 Phalen Place N (PID: 162922420004)
Intervening Edward St N Right of Way
3. Key Business Terms — Developer:
a. Execution of Development Agreement
b. Acquisition of Property —
a. 1160 Frost Ave — Is owned by the City of Maplewood and is subject to an
executed Purchase Agreement with the developer executed July 8, 2021, and
amended on November 17, 2022, December 12, 2022, and March 27, 2023.
b. 1136 Frost Ave — Developer acquired the property on March 31, 2023.
C. Preparation and Submittal of Construction Plans compliant with the City's Green
Building Code, and receipt of Building Permit
d. Obtain all land use approvals, permits necessary to construct the project, and
payment of customary City fees including park dedication fees estimated at
$54,684
4. Key Business Terms — EDA:
a. Creation of a new Tax Increment Financing District for the project, subject to
qualification as a redevelopment Tax Increment District
b. Drafting and execution of Development Agreement
5. Minimum Improvements: Construction of a 5-story building with approximately 150 units
of market rate rental housing and related amenities
6. Schedule: Acquisition of the Property shall be complete by June 30, 2023, construction
shall Commence by December 31, 2023, and construction shall be Complete by December
31, 2025. For the purpose hereof, "Commence" shall mean beginning of physical
improvement to the Property, including demolition, grading, excavation, or other physical
site preparation work. "Complete" shall mean that the Minimum Improvements are
substantially complete and the issuance of a Certificate of Occupancy.
EDA Packet Page Number 9 of 12
G1, Attachment 3
7. Public Assistance: Subject to all terms and conditions of the Development Agreement,
the EDA will reimburse the Developer through Available Tax Increment for up to a total
of approximately $4.5 million (Present Value at 2% inflation) of Qualified Costs related to
the Minimum Improvements. "Qualified Costs" shall mean acquisition, demolition,
remediation, site improvement and infrastructure costs incurred in connection with the
construction of the Minimum Improvements. Payments will be made through a TIF Note
issued on a pay-as-you-go basis over a MAXIMUM of 14 years at a rate the lesser of 5.25%
per annum or the rate of the Developer's first mortgage lien.
8. Lookback: The Public Assistance will be subject to a lookback upon construction
completion of the Minimum Improvements. If the amount of total development costs
actually incurred is less than the amount of estimated total development costs, the Public
Assistance will be reduced by 50% of such deficiency and the principal amount of the TIF
Note will be adjusted accordingly.
9. Building Value: The buildings to be constructed upon the Property are anticipated to have
an assessed value of approximately $34,500,000.
10. Fees: The City acknowledges the Developer made an escrow deposit of $6,760 for
reasonable out-of-pocket expenses for legal and financial consultant services related to
TIF district creation, drafting the Development Agreement, analysis, and administrative
fees associated with this transaction. This includes costs related to the above incurred to
date as well as future expenditures.
The Developer shall deposit an additional $10,000 and any additional funds if the initial
deposits are fully drawn. Any funds deposited by Developer and not expended by the City
for its legal, financial advisor, or other consultant fees on or before the date of execution
of the Development Agreement will be returned to the Developer without interest. The
Developer shall pay all other normal and customary City fees and expenses, unless
otherwise specified in the Development Agreement, for the approval and construction of
the Minimum Improvements.
11. Miscellaneous:
a. No transfer of Property or Development Agreement without EDA consent before
certificate of occupancy
b. Developer covenants to pay property taxes and maintain customary insurance.
IN WITNESS WHEREOF, the parties have executed this Term Sheet as of the date first set
forth above.
REUTER WALTON DEVELOPMENT, LLC
By:
Its:
MAPLEWOOD ECONOMC DEVELOPMENT AUTHORITY
By:
Its:
EDA Packet Page Number 10 of 12
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G2
MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY STAFF REPORT
Meeting Date May 8, 2023
REPORT TO: Melinda Coleman, Executive Director
REPORT FROM: Danette Parr, Assistant Executive Director
PRESENTER: Danette Parr, Assistant Executive Director
AGENDA ITEM: Call for a Special Meeting of the EDA on June 26, 2023 Regarding the
Reuter Walton Project, 1136/1160 Frost Avenue East, and Other Potential
Projects
Action Requested: ✓ Motion ❑ Discussion ❑ Public Hearing
Form of Action: ❑ Resolution ❑ Ordinance ❑ Contract/Agreement ❑ Proclamation
Policy Issue:
At the beginning of the year, the Economic Development Authority (EDA) established its regular
meeting schedule for 2023, which generally meets quarterly. The EDA has the ability to cancel or
add meetings as needed as agenda items arise.
Recommended Action:
Motion to call a special meeting of the EDA on June 26, 2023 at 6:OOpm in the City Hall Council
Chambers for the purpose of reviewing Tax Increment Financing material related to the Reuter
Walton redevelopment project and other projects as needed.
Fiscal Impact:
Is There a Fiscal Impact? ✓ No ❑ Yes, the true or estimated cost is $0.00
Financing source(s): ❑ Adopted Budget ❑ Budget Modification ❑ New Revenue Source
❑ Use of Reserves ✓ Other: N/A
Strategic Plan Relevance:
❑ Community Inclusiveness ❑ Financial & Asset Mgmt ❑ Environmental Stewardship
❑ Integrated Communication ❑ Operational Effectiveness ❑ Targeted Redevelopment
N/A
Background:
Staff recommends that the EDA call a special meeting on June 26, 2023. The tentative agenda for
the meeting includes the review of the Tax Increment Financing related to the redevelopment of
Maplewood Marine at 1136 and 1146 Frost Avenue and potentially other projects as needed.
EDA Packet Page Number 11 of 12
G2
Attachments:
None
EDA Packet Page Number 12 of 12