HomeMy WebLinkAboutItem 03l ta:keville
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Memorandum
City of Lakeville
Community & Economic Development
To: Mayor and City Council Members
Steven Mielke, City Administrator
From: David L. Olson, Community and Economic Development Director
Copy: Shannon VanDyke, Menasha Packaging Co. LLC
Mikaela Huot, Springsted Inc.
Date: March 21, 2014
Subject: Menasha Packaging co. Tax Increment Financing Request
Menasha Packaging contacted the City in late 2013 to review plans for a proposed 123,000 square foot
expansion of their 238,000 square foot manufacturing facility located at 8085 220` Street West.
Menasha is experiencing considerable growth and needs to add additional warehouse,
manufacturing, and office space at their Lakeville facility. The company has submitted a request for
Tax Increment Financing (TIF) to assist in the $1.3 million TIF eligible site development costs
associated with the project.
Menasha Packaging has operated in Airlake since 1970 as a packaging manufacturing facility and
currently has 221 employees with an annual payroll of approximately $15.2 million. In addition to
retaining the existing 221 jobs in Lakeville, the proposed expansion will create an additional 15 jobs
within the next two years. The wage rates for the new jobs will range from $15 - $20 per hour for the
10 warehouse jobs and from $48,000 to $80,000 for the five salaried positions. Menasha employees
also receive 401 K, vacation, health insurance educational opportunities and other benefits.
One of the requirements of the TIF statutes is that the City prepare a Tax Increment Financing Plan.
Attached is a copy of the TIF Financing Projections for the Menasha Project as prepared by Springsted
Inc. and dated March 19, 2014. The City designated most of Airlake Industrial Park as a redevelopment
project area in 1984 and has approved a number of TIF Districts for various projects over the years.
The primary purpose of designating this redevelopment project area was to provide the impetus for
private development, maintain and increase employment, and to increase the tax base for the City.
The last new TIF District in the industrial park was created in 1998 for the DHY project (now owned by
Midwest Veterinary Supply).
The proposed Menasha expansion will involve a 123,000 square foot expansion to the west of their
existing manufacturing facility. The current total Estimated Market Value of the Menasha property
taxes payable in 2014 is $4,477,700. The plans for the proposed expansion were provided to the
County Assessor's Office and it was determined that the Estimated Market Value of the Menasha site
upon completed of the expansion project will be $8 -8.75 million. Based on this range of market
values, the amount of available tax increment that would be available to assist the project using 95%
of available captured increment is estimated to between $527,000 and $626,000 over the next 11
years. This proposed level of financial assistance is considered appropriate given the total investment
being made by the company and the number of new jobs along the number of existing jobs that will
be retained.
Staff's analysis of this proposed project also indicates that it is consistent with the City's Business
Subsidy and TIF policies, and thus recommends approval of the proposed level of financial assistance
for the proposed Menasha Packaging Co. LLC expansion. Representatives of Menasha will be in
attendance at the Work Session to answer questions specific to their business growth and expansion
plans and Mikaela Huot from Springsted will be in attendance to answer questions regarding the TIF
process.
The EDC is scheduled to review this proposed project at their March 25t meeting and the City Council
has scheduled a public hearing for this proposed TIF Project for Monday, April 7th
ACTION REQUESTED
Provide any questions or comments on the proposed tax increment financing assistance proposed for
the Menasha Packaging Co. expansion.
Exhibit I -8
Map of Boundaries of Proposed Tax Increment Financing
(Economic Development) District No. 18
Menasha Padcaging Company Location
SPRINGSTED Page 18
Disclaimer. Map and parcel data are believed to be accurate, but accuracy is not guaranteed. This is not a Map Scale
legal document and should not be substituted for a title search,appraisal, survey, or for zoning 1 inch = 388 Feet
verification. Dakota County assumes no legal responsibility for the information contained in this data.
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Exhibit I -A
Map of Tax Increment Financing (Economic Development) District No. 18
within Airlake Redevelopment Project No.1
SPRINGSTED Page 17
IVI%.1 IVJ11c. 1 %AV FMAy...y
Springsted Incorporated
380 Jackson Street, Suite 300
Saint Paul, MN 55101 -2887
Springsted Tel: 651 - 223 -3000
Fax: 651 - 223 -3002
www.springsted.com
DRAFT MEMORANDUM
TO: David Olson, Community & Economic Development Director
FROM: Mikaela Huot, Vice President/Consultant
Julian Bradshaw, Analyst
DATE: March 19, 2014
SUBJECT: Financing Projections for Menasha Packaging Company Project
The purpose of this memo is to outline the financial components of a proposed economic development tax increment
financing (TIF) district in the City of Lakeville. The City has asked Springsted to evaluate the tax increment financing
(TIF) request submitted by the developer, Menasha Packaging Company, LLC., for its proposed development of an
approximately 123,000 square foot industrial warehousing facility expansion adjacent to the existing building located
within the City. The project would be constructed on land currently owned by the developer. In order to estimate
potential tax increment revenues, we have made assumptions based on the information that is currently known. We
have assumed the developer would be reimbursed for certain eligible costs associated with the project through pay -
as- you -go financing. We have also assumed that the proposed project would qualify under the Tax Increment statute
as an economic development district.
Tax Increment Financing (TIF) District — Economic Development
Tax Increment Financing (TIF) uses the increased property taxes generated by new real estate development within a
tax increment financing district to pay for certain eligible costs associated with the development. The value that is
"captured" (i.e., the increase in value over the year the TIF district was established) generates property taxes. These
"incremental" taxes go to the development authority or the city authority rather than to the city, county, school district,
or other taxing jurisdictions that normally share in the total property tax bill.
Economic development districts are a type of tax increment financing district which consist of any project, or portions
of a project, which the City finds to be in the public interest because:
• It will discourage commerce, industry, or manufacturing from moving their operations to another state
• It will result in increased employment
• It will result in preservation and enhancement of the tax base
City of Lakeville, Minnesota
Menasha Packaging Company TIF Project
March 19, 2014
Page 2
Revenue derived from tax increment from an economic development district may not be used to provide
improvements, loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting
of buildings and ancillary facilities, if more than 15 percent of the buildings and facilities (determined on the basis of
square footage) are used for a purpose other than:
• the manufacturing or production of tangible personal property, including processing resulting in the change
in condition of the property;
• warehousing, storage, and distribution of tangible personal property, excluding retail sales;
• research and development related to the activities listed in bullets (1) or (2);
• telemarketing if that activity is the exclusive use of the property;
• tourism facilities;
• qualified border retail facilities; or
• space necessary for and related to the activities listed in bullets (1) to (6).
Tax Increment Assumptions
To estimate the amount of TIF revenues generated by the proposed development, certain assumptions were made
based on the value of the project, construction schedule, and anticipated financing terms.
• Maximum TIF District term — 9 years
o 5% withheld for administrative expenses
• Existing value of property (calculated as 'base')
o PID:22- 11100 -03 -050
o Total Estimated Market Value: $4,477,700
■ Estimated Land Value: $2,652,400
■ Estimated Building Value: $1,825,300
• Estimated total market value (provided by Dakota County)
o Existing value of property plus new building value upon construction completion
■ Scenario 1: $8,000,000
■ Scenario 2: $8,750,000
• Construction commences in 2014
o Construction 100% complete by December 31, 2014
o 100% assessed in January of 2015 for taxes payable in 2016
• Proposed 2014 tax rates remain constant through term (Rates Provided by Dakota County)
• City: 41.255%
• County: 31.832%
• School: 33.006%
o Other: 5.536%
Total 111.629%
City of Lakeville, Minnesota
Menasha Packaging Company TIF Project
March 19, 2014
Page 3
• Class rates remain constant through term
o Commercial- industrial
o 1.5% first $150,000 and 2.0% value above $150,000
• Proposed 2014 fiscal disparities contribution of 39.0392%
o Must betaken from property within Economic Development District
• 3% annual market value inflator assumed
• Present Value Assumptions
o 4% Discount Rate
o Dated Date of June 30, 2014
Menasha Packaging Company, LLC
Scenario 1:
EMV $8 Million
Scenario 2:
EMV $8.75 Million
Anticipated Term
9 years
9 years
Estimated Gross Revenue
$555,639
$658,967
5% withheld for admin.
$27,781
$32,949
Estimated Net Revenue
$527,858
$626,018
The above table illustrates the projected net revenues (and present value) that an Economic Development TIF district
is estimated to generate over the course of nine years (the maximum term), assuming an estimated taxable market
value between $8 million and $8.75 million at completion. It is important to note that the proposed pay 2014 tax rates
were used to produce these estimates. Depending on the difference between the proposed and final tax rates the
projected revenues could increase or decrease by some unknown amount. The estimated taxable market values
were provided by the Dakota County Assessing department. Any changes to the estimated value of the project or
changes to the proposed tax rates could have an impact on the revenue estimates. As such, the above estimates are
subject to change as new information becomes available or the current information is refined.
All revenues derived from a tax increment district shall be used in accordance with a tax increment financing plan.
Typical eligible costs of economic development tax increment districts include acquisition, demolition, site
preparation, public improvements including utilities such as water, storm water, and sewer, streets and sidewalks,
foundations and footings, parking and related administrative expenses.
Thank you for the opportunity to be of assistance to the City of Lakeville. Please let us know how we can best assist
you as this project moves forward and should you have any questions please feel free to contact us.
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