HomeMy WebLinkAbout01-25-11City of Lakeville
Economic Development Commission
Regular Meeting
Agenda
Tuesday, January 25, 2011, 4:30 p.m.
City Hall, 20195 Holyoke Avenue
Lakeville, MN
1. Call meeting to order
2. Approve November 23, 2010 meeting minutes
3. Election of Officers
4. Discussion of Office Park (OP) Zoning District Uses — Daryl Morey,
Planning Director
5. Presentation of a Summary of Existing and Previous Tax Increment
Financing Districts in the City of Lakeville — Dennis Feller, Finance
Director
6. Update on Marketing Plan Initiative
7. Presentation on Proposal from WebQA
8. Discussion of Spotlight on Business and Other Business Retention Efforts
9. Director's Report
10. Adjourn
Attachments:
December, 2010 Building Permit Report
December 2010 Foreclosure Update
Senior Housing Boom Minneapolis StarTribune.com, January 20, 2011
Governor Dayton Puts Strong Leadership Behind Job Growth Strategy Press Release
from the Office of Governor Mark Dayton, January 19, 2011
Economic Development Commission 2011 Meeting Schedule
City of Lakeville
Economic Development Commission
Meeting Minutes
November 23, 2010
Marion Conference Room, City Hall
Members Present: Comms. Matasosky, Brantly, Longie, Tushie, Vlasak, Schubert,
Emond, Starfield, Smith, Ex- officio member Mayor Holly Dahl, Ex- officio member City
Administrator Steve Mielke.
Members Absent: Ex- officio member Chamber of Commerce Executive Director Todd
Bornhauser.
Others Present: David Olson, Community & Economic Development Director; Adam
Kienberger, Economic Development Specialist.
1. Call Meeting to Order
Chair Matasosky called the meeting to order at 4 :30 p.m. in the Marion Conference
Room of City Hall, 20195 Holyoke Avenue, Lakeville, Minnesota.
2. Approve September 28, 2010 Meeting Minutes
Motion 10.10 Comms. Tushie /Smith
September 28, 2010
unanimously.
moved to approve the minutes of the
meeting as presented. Motion carried
Prior to agenda item number three, the EDC discussed the option of eliminating the
position of EDC Alternate since former Alternate Jerry Erickson passed away last
July. Commissioner Erickson was originally a full member of the EDC prior to
transitioning to the position of Alternate several years ago. The EDC discussed the
merits of advertising and having the City Council appoint an alternate who may be
only needed a couple of times at most a year.
Motion 10.11 Comms. Emond/Tushie moved to preserve the Economic
Development Commission Alternate position of the EDC, but not fill
it at this time. Motion carried unanimously.
3. Final Review and Recommendation of 2011 -2013 Strategic Plan for Economic
Development
Dave Olson reviewed the draft 2011 -2013 Strategic Plan for Economic Development
and the discussion that took place at the joint City Council work session on October
25th
Economic Development Commission
Meeting Minutes
November 23, 2010
Comm. Longie asked about funding opportunities for the marketing plan study
outlined in the draft Strategic Plan.
Mr. Olson responded that staff has explored funding a portion of a marketing plan
study with Community Development Block Grant (CDBG) dollars that will become
available in July of 2011.
Chair Matasosky added that the EDC should identify what a marketing plan study
would entail before outlining a budget for it.
Mr. Olson noted that it has been mentioned in the past that a subcommittee of the
EDC be formed to help develop goals and objectives of a marketing plan study. The
subcommittee could identify the scope of what a study would look like and the
estimated budget then bring it to the full EDC for discussion.
Chair Matasosky asked for three volunteers from the EDC to be on a Marketing
Subcommittee of the EDC. It was also suggested that a fourth volunteer be a
Lakeville resident solicited from outside of the EDC with some marketing experience.
Comms. Brantly, Longie, and Matasosky volunteered to comprise the EDC
Marketing Subcommittee and solicit a fourth volunteer from outside of the EDC.
Motion 10.12 Comms. Tushie / Emond moved to recommend the City Council
approve the 2011 -2013 Strategic Plan for Economic Development
as presented. Motion carried unanimously.
4. Review and Recommendation of 2011 CDBG Application
Mr. Olson reviewed the EDC memo outlining the 2011 CDBG funding application
that will be submitted to the Dakota County CDA by December 15, 2010.
Comm. Longie asked if examples of recent marketing studies from other cities that
could be reviewed to help the EDC prepare a scope for its marketing plan study. It
was also noted that marketing will be an upcoming emphasis of the Lakeville Area
Chamber of Commerce and that possible collaborations could be explored.
Steve Mielke suggested that the EDC identify their own goals and scope of a
marketing plan study prior to identifying strategies and potential partnerships.
Adam Kienberger responded that he has been in contact with several cities which
have undertaken marketing studies in the past couple of years and will be collecting
information and examples to share with the EDC /Marketing Subcommittee.
Comm. Emond asked if the City has identified any aging retail centers that could be
potential candidates for rehabilitation money from the CDBG program.
2
Economic Development Commission
Meeting Minutes
November 23, 2010
Mr. Olson responded that rehabilitation dollars from the CDBG program have
historically been focused on the Downtown Lakeville area as this is the oldest area
of the City. Additional aging retail areas of the City could be analyzed for possible
future rehabilitation projects.
Comm. Starfield asked if CDBG wasn't used for the recommended programs would
general fund money be used to fund these programs instead. Could this be a way to
demonstrate a cost savings to the tax payers?
Mr. Mielke responded that CDBG can be used for limited programs as an alternative
to general fund tax dollars, but without CDBG, many of these programs would
probably not be available in the City.
Motion 10.13 Comms. SmithNlasak moved to recommend the City Council
approve the 2011 Community Development Block Grant application
as presented. Motion carried unanimously.
5. Director's Report
Mr. Olson reviewed the Director's Report.
Mr. Olson noted that directly following the EDC meeting, the Downtown Lakeville
Business Association will be holding its annual Holiday Lighting Ceremony at
Pioneer Plaza in Downtown Lakeville.
6. Adjourn
Chair Matasosky adjourned the meeting at 5:25 p.m.
Respectfully submitted by:
Adam Kienberger,
Economic Development Specialist
Attested to:
R. T. Brantly, Secretary
3
- No.
00 City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copy: Steven Mielke, City Administrator
David L. Olson, Community & Economic Development Director
Date: January 25, 2011
Subject: Election of Officers
The February 22, 1994 Resolution Confirming and Defining the Purpose,
Responsibilities and Terms of Office for the Economic Development Commission
state that "at the first meeting of the year, the Commission shall elect a
Chairperson, Vice Chairperson and Secretary from amongst its appointed members
to serve for a term of one year."
EDC members elected Jack Matasosky as Chair, Gary Tushie as Vice Chair and Bob
Brantly as Secretary for 2010.
Commissioners are asked to elect officers to serve the 2011 year.
: ;W1 I
Ti i-�
La�i(1e
Memorandum
To: Economic Development Commission
From: Daryl Morey, Planning Director
Copy: Steve Mielke, City Administrator
City of Lakeville
Planning Department
David Olson, Community and Economic Development Director
Date: January 21, 2011
Subject: Packet Material for January 25, 2011 EDC Meeting
Agenda Item: OP, Office Park District Uses
On May 17, 2010 the City Council approved amendments to the zoning and subdivision
ordinances and the zoning map. The amendments were approved following a 16 month
review process that included discussions at several Planning Commission and City Council
work sessions and Economic Development Commission meetings, as well as presentation
at a public open house. The amendments were processed as a follow -up to the City's
Comprehensive Plan amendment approved in December, 2008. The City updates its
Comprehensive Plan, and subsequently its zoning and subdivision ordinances, every 10
years as required by State law.
New Morning Windows, which is located in the Fairfield Business Campus, was recently
listed for sale. An issue has been raised that the zoning of the Fairfield Business Campus
no longer allows manufacturing as a conditional use. Fairfield Business Campus is zoned
OP, Office Park District.
The 2010 Zoning Ordinance update combined the CC, Corporate Campus and C -W,
Commercial - Warehousing districts and renamed the district OP, Office Park. In addition,
land along CR 70 east of 1 -35 and south of Fairfield Business Campus was rezoned to OP.
Manufacturing was removed as an allowed conditional use in the OP District and several
new uses were added to the district including research and development facilities, trade and
post secondary schools, hotels, hospitals, fitness centers and health clubs, and commercial
recreation facilities. The OP District continues to allow compounding, assembly and
packaging of products and materials by conditional use permit and manufacturing remains
an allowed use in both the 1 -1 and 1 -2 districts.
The decision to remove manufacturing by conditional use permit in the OP District was
based upon the premise that manufacturing should occur in the industrial districts which
tend to be more removed from residential uses. The original concept for Fairfield Business
Campus was corporate offices and less industrial uses. An exception to that is New
Morning Windows, which was the first business to locate in the Fairfield Business Campus
and was allowed to operate a manufacturing use by conditional use permit.
Because New Morning Windows is a manufacturing use it was positioned such that it would
not adversely impact the adjacent single family lots to the north. In fact a conservation
easement was established over the north 155 feet of the New Morning Windows lot in order
to ensure that any expansion of that manufacturing use would occur to the south, away from
the single family lots.
The New Morning Windows conditional use permit runs with the land meaning that any
purchaser of their property can also manufacture on the site under the same conditional use
permit. In addition, the manufacturing use can be expanded on the New Morning Windows
property with an amendment to the conditional use permit.
Action Requested Concerns have been expressed by an EDC member that the change
concerning manufacturing uses was not specifically discussed during the review of the
Zoning Ordinance Update. Staff is requesting feedback on this issue from the EDC.
(misc - edcmemo)
2
� City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community & Economic Development Director,''
Copy: Steven Mielke, City Administrator
Dennis Feller, Finance Director
Adam Kienberger, Economic Development Specialist
Date: January 21, 2011
Subject: City of Lakeville Tax Increment Financing Summary Report
The intent of this report is to provide the EDC with background on how tax
increment financing has been utilized in Lakeville in the past and that hopefully this
information will provide a background base of knowledge for discussions on how this
financing tool could possibly be used in the future. The attached draft report has
been prepared jointly by Dennis Feller, Adam Kienberger and myself. It provides an
overview of tax increment as a financing tool and a history of how this tool has been
utilized in Lakeville and the impact the developments that were assisted have had
on the community. Mr. Feller will be in attendance at the meeting to provide an
overview and answer questions regarding the City's use of tax increment that
occurred prior to my tenure with the City.
The City Council has also heard from a Lakeville resident at a recent City Council
Meeting during Citizen Comments who expressed concerns regarding the City's past
use of tax increment financing to assist businesses that have located in the Fairfield
Business Campus. The attached letter to the editor that appeared in the January
14 edition of ThisWeek Newspaper was from the same resident and contains the
same type of concerns that were expressed at the Council meeting.
The City Council has also requested that staff prepare a response to these
comments by providing an overview of the City's past use of tax increment financing
in the Fairfield Business Campus as well as other projects in the City.
Action Requested: No action is being requested. This is intended to provide the
EDC with background information on the use of tax increment financing in Lakeville.
City of Lakeville
Tax Increment Financing Summary Report
January, 2011
Table of Contents
1. Executive Summary
2. Introduction to Tax Increment Financing
3. Tax Increment Summary.
4. Overview of City Tax Increment Projects — Current
a. Senior Citizen Center
b. DKM Professional Building
c. Argonne Plaza
d. Southfork Apartments
e. Farifield Business Park
f. Di -Hed Yokes
2
Executive Summary
Tax increment financing is a funding technique that takes advantage of increases in tax
capacity and property taxes from development or redevelopment to pay upfront public
development or redevelopment costs.
The difference in the tax capacity and the tax revenues the property generates after new
construction has occurred, compared with the tax capacity and tax revenues it generated
before the construction, is the captured value. The taxes paid on the captured value are
called the "increments ". Increments go to the development authority and are used to
repay public indebtedness or current costs the city incurred in acquiring the property,
removing existing structures or installing public services.
The main objective of tax increment financing is to encourage certain types of
development or redevelopment that would not normally occur without the use of tax
increment financing. The type of development or redevelopment that is assisted through
tax increment financing must serve a public purpose. The public purposes for which tax
increment financing revenues can be expended include, but not limited to
(i) expanding the property tax base
(ii) providing employment opportunities,
(iii) redeveloping blighted areas,
(iv) remediating polluted soils and
(v) Constructing low- and moderate — income housing.
Once the terms of the project have been met, the tax increment financing district is
decertified and the property value of tax increment district is returned to the tax rolls, thus
increasing the tax base of the municipality, school districts, and county. Local
governmental services are primarily financed through property taxes generated with the
local jurisdiction. By increasing the property tax base, local governments are better able
to encourage redevelopment.
3
The City has seven tax increment districts which have expired. The tax increment
projects resulted in the construction of roads, bridges and other public improvements. In
addition blighted properties were improved and Fire Station #1 was built. The result has
been a $40 million increase in the tax base as well as approximately 900 jobs. A
summary of tax increment projects which have been decertified is as follows:
TIF District
Common Name Type
Despatch Industries Redevelopment
Fleet Farm
TORO
Economic
Economic
McStop
Economic
Imperial Plastics Economic
Century Refming Economic
Alcorn Beverage (CH
Carpenter, American Renewal and
renovation
Ductile Iron Pipe Co.
2011
Market
Purpose Value Employment
Construction public
$ 1,834,000 300
improvements and fire station
Construction of roads
Economic development
Public infrastructure
Economic development
Economic development
$ 9,525,000
$ 6,230,000
$ 13,560,000
$ 2,741,000
$ 1,193,000
180
200
115
280
0
Construction of roads
$ 5,295,000
34
Lakeville currently has six active tax increment districts. A discussion of each of the
districts is contained within this report. A succinct summary of the projects is as follows:
0
Tax Increment Financing Projects - 2011
The Dakota County Community Development Agency (CDA) has also utilized tax
increment financing in Lakeville to provide affordable senior, workforce rental housing
and funding for first time homebuyer programs. The largest of the CDA's TIF Districts
expired in 2010 resulting in a 1.7% increase in the tax base. The CDA still has a TIF
District in place for a privately owned affordable rental townhome project along Dodd
Blvd. just south of County Road 50.
5
Senior
Argonne
Southfork
Fairfield
Di Hed
Center
DKM
Plaza
Apartments
Bus. Park
Yokes
TIF Type
Housing
Redevelopment
Redevelopment
Redevelopment
Redevelopment
Renewal and
Created
1984
1987
1988
1987
1989
1997
Decertification
2011
2014
2014
2014
2022
2013
Assessors Estimated
Market Value
Current - 2011
1,105,100
18,194,900
1,649,000
15,288,000
19,977,900
5,782,000
Original
32,500
378,227
758,100
112,000
795,700
463,900
Increased
$ 1,072,600
$ 17,816,673
$ 890,900
$ 15,176,000
$ 19,182,200
$ 5,318,100
The Dakota County Community Development Agency (CDA) has also utilized tax
increment financing in Lakeville to provide affordable senior, workforce rental housing
and funding for first time homebuyer programs. The largest of the CDA's TIF Districts
expired in 2010 resulting in a 1.7% increase in the tax base. The CDA still has a TIF
District in place for a privately owned affordable rental townhome project along Dodd
Blvd. just south of County Road 50.
5
Tax Increment Districts - defined
The types, terms, authority and limitations of a City or Housing and Redevelopment
Authority resides in Minnesota statutes. The following is a succinct overview of the
various tax increment types.
Types
Purpose
Statute
Duration
To remove blighted buildings or
25 years from first
Redevelopment
improve marginal land to encourage
469.174 subd 10
reciept or 20 years if
redevelopment.
reciept deferred
Similar to that of a redevelopment
district except the degree of
15 years from first
Renewal and renovation
redevelopment may be less with the
469.174 subd 10 a
activity more closely related to
reciept
inappropriate or obsolete land use.
Assist in the redevelopment oif property
Soils condition
which is not developable due to the
469.174 subd 19
20 years from first
existence fo hazzrdous substances,
reciept
pollution or contaminants.
Encourage the development of housing
25 years from first
Housing
fo rlow -and noderte- income individuals
469.174 subd 11
reciept or 20 years if
and families.
reciept deferred
(i) discourages commerce, industry or
manufacturing from moving their
9 years from first
Economic Development
operations to another city or state, or
469.174 subd 12
reciept or 11 years
(ii) increase employement or
from approval
(iii)preserve and enhance the tax base.
Hazardous substance
Contains parcels containging pollution
25 years from first
subdistricts
or contamination.
469.174 subd 23
reciept or 20 years if
reciept deferred
n
Overview of Existing City of Lakeville Tax Increment Projects
Project: Redevelopment Project #1
Tax Increment Financing District #2
Lakeville Senior Citizen Center
District: The tax increments from the Fairfield Apartments, located at the southeast
quadrant of Holt and 207 Street, provided the financing.
Purpose: Redevelopment. Provide for land acquisition and site preparation to
enable construction of Fairfield Apartments and the Senior Center.
Housing. The Fairfield Apartments provides housing for low and
moderate income senior citizens.
District type: Housing
Date Created: 1984
Decertification: 2011
Tax Increments: 2010
District Prope Value
Tax Capacity Value
Base Value
Captured Tax Capacity Value
Tax Increment revenues
Assessors Estimated Market value: $ 1,105,100
7
Total
9,376
243
$ 9,133
$ 8,822
Statement of Financial Position
As of December 31, 2009
Revenues
Total
Tax Increment revenue
299,336
Investment earnings
31,965
Bond proceeds
355,000
Advalorem taxes
67,361
State aid (HACA)
22,910
Real estate sales
20,000
Total revenues
796,572
Expenditures
Land/building acquisition
194,566
Bond principal payments
355,000
Bond interest payments
174,030
Loan/note interest
40,541
Administrative expenses
9,839
Debt expenses
10,992
Other
11,649
Total expenditures
796,617
Net
(45
E
Overview of Existing City of Lakeville Tax Increment Projects
Project: Redevelopment Project #1
Tax Increment Financing District #3
DKM Professional Building
District: Tax increments are primarily derived from the Holyoke Professional
Building (previously know as DKM Professional Building) which is
currently leased by ISD #194 for Community Education and is located at
8755 Upper 208 Street.
Purpose: Redevelopment. The original purpose of the project was to facilitate land
acquisition for the Winsor Plaza Senior Housing Project located at 20827
Howland Avenue.
Public improvements. Project also included land acquisition, site
preparation, public improvements such as sidewalks and construction of a
parking lot.
Economic development. Project also includes a pay -as- you -go land
write -down for Heritage Commons. Heritage Commons commercial
center has an estimated market value of $16.3 million
District type:
Date Created:
Decertification:
Tax Increments:
Redevelopment
1987
2014
2010
Total
District PropeM Value
Tax Capacity Value 221,655
Base Value 3,951
Captured Tax Capacity Value $ 217,704
Tax Increment revenues $ 210,286
Assessors Estimated Market Value: $18,194,900
9
Statement of Financial Position
As of December 31, 2009
Total
Revenues
Tax Increment revenue
Market Value Homestead Credit
Investment earnings
Total revenues
Expenditures
Land/building acquisiton
Installation of public utilities
Administrative expenses
Public improvements
Total expenditures
Net
$ 1,982,451
141,015
22.013
$ 2,145,479
$ 1,654,074
106,271
46,500
331,010
2, 137,855
7,624
10
Overview of Existing City of Lakeville Tax Increment Projects
Project: I -35 Redevelopment Project No. 1
Tax Increment Financing District #9
Argonne Plaza
District: The tax increments are derived from the Super America at 175 and
County Road 50.
Purpose: Public improvements. The original purpose of Tax Increment Financing
project was for land acquisition, site preparation and public improvements
of four residential parcels in a commercial zoning district adjacent to 175
Street east of County Road 50. The project, however, did not proceed as
originally envisioned; the Project was modified in later years to enable the
tax increment proceeds to be re- appropriated for construction of public
improvements at 175 and County Road 50.
District type: Redevelopment
Date Created: 1988
Decertification: 2014
Tax Increments: 2010
Total
District Property Value
Tax Capacity Value 35,274
Base Value 14,412
Captured Tax Capacity Value $ 20,862
Tax Increment revenues $ 20,033
Assessors Estimated Market Value: $ 1,649,000
11
Statement of Financial Position
As of December 31, 2009
Revenues
Tax Increment revenue
Investment earnings
Total revenues
Expenditures
Installation of public utilities
Administrative expenses
Total expenditures
Net
Total
$ 361,352
34,199
$ 395,551
364,542
26,325
$ 390,867
$ 4,684
12
Overview of Existing City of Lakeville Tax Increment Projects
Project: I -35 Redevelopment Project No. 1
Tax Increment Financing District #8
Southfork Apartments
District: The financing is provided from the tax increments derived from the
Southfork Apartment complex.
Purpose: Housing. The purpose of Tax Increment Financing District #8 was to
implement interest rate reduction programs and housing development
projects in order to assist in providing housing for persons of low and
moderate income at prices or rents within their means.
Redevelopment. Modifications to the District provided for land
acquisition, site preparation and public improvements in and around the
current Main Street Manor Senior Project; land acquisition and site
preparation for the Meadows North Project (current Lakeview Elementary
site); land write -down for the Miller Hartwig project; land acquisition, site
preparation and public improvements for the "Old Station" and grain
elevator site; land acquisition, site preparation and public improvements
for the expansion of Winsor Apartments.
Public improvements. Modifications to the District also provided for the
acquisition and renovations of property for an Arts Center.
District type: Redevelopment
Date Created: 1987
Decertification: 2014
Tax Increments: 2010
Total
District Property Value
Tax Capacity Value
Base Value
Captured Tax Capacity Value
Tax Increment revenues
Assessors Estimated Market Value: $15,288,000
210,395
1,401
$ 208,994
$ 200,692
13
Statement of Financial Position
As of December 31, 2009
Revenues
Tax Increment revenue
Investment earnings
Bond proceeds
Grants
Other
Advalorem taxes
Sale of land
Donation
Fiscal disparities
State aid (HACA)
Interest Rate Reduction
Bond Premium
Other
Total revenues
Expenditures
Land/building acquisition
Site improvements /preparation costs
Installation of public utilities
Social, recreation or conference facilities
Interest reduction payments
Bond principal payments
Bond interest payments
Loan principal payments
Administrative expenses
Other
Total expenditures
Net
Total
$ 4,757,619
255,175
3,505,000
128,021
134,187
518,744
1,000
13,976
452
500,000
24,148
377,260
$ 10,215,582
$ 2,249,964
120,608
273,930
1,972,228
1,486,282
1,545,000
1,026,233
228,417
67,440
69,013
$ 9,039,115
$ 1,176,467
14
Overview of Existing City of Lakeville Tax Increment Projects
Project: I -35 Redevelopment Project No. 2
Tax Increment Financing District #10
Fairfield Business Campus
District: The tax increments from the parcels within the Fairfield Business Campus
are appropriated to the debt service which financed the improvements.
Purpose: Public improvements: The purpose of Tax Increment Financing District
#10 was to provide public utilities and road improvements for the Fairfield
Business Campus.
Economic development. The District was also intended to create an
impetus for private development, maintain and increase employment and
to increase the tax base for the taxing jurisdiction.
District type: Redevelopment
Date Created: 1989
Decertification: 2022
Tax Increments - 2010
Total
District Property Value
Tax Capacity Value 414,879
Base Value 10,588
Captured Tax Capacity Value $ 404,291
Tax Increment revenues $ 390,521
Assessors Estimated Market Value: $ 19,977,900
District employment: 600
Other: The City of Lakeville was the owner of the Fairfield Business Campus at
time of development. As the parcels were sold, Development Agreements
were executed. A summary of the terms and conditions of the Agreements
is as follows:
15
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Statement of Financial Position
As of December 31, 2009
Total
Revenues
Tax Increment revenue
Investment earnings
Bond proceeds
Sales /lease proceeds
Advalorem taxes
Bond premium
Other
Total revenues
Expenditures
Land/building acquisition
Site improvements /preparation costs
Installation of public utilities
Bond principal payments
Bond interest payments
Administrative expenses
Bond issuance costs
Total expenditures
Net
$ 3,240,527
382,291
6,995,000
436,530
275,000
3,192
116,450
$ 11,448,990
$ 808,099
1,072,536
1,800,972
4,165,000
2,886,664
152,496
74,824
$ 10,960,591
$ 488,399
16
Overview of Existing City of Lakeville Tax Increment Projects
Project: Airlake Redevelopment Project No.1
Tax Increment Financing District #17
Di Hed Yokes (DHY)
District: The tax increment financing is provided from the property located within
the District located at the northwest corner of County Road 70 and
Holyoke Avenue.
Purpose: Renewal and renovation. The project involved remediation of
contaminated soils and site preparation. The property located at the
northwest corner of County Road 70 and Holyoke Avenue was acquired
and contaminants were removed. The property was reconvened to Di Hed
Yokes to provide an impetus for increased employment and tax base.
Economic Development. The purpose of Tax Increment Financing
District #17 was to provide an impetus for private development, maintain
and increase employment and to increase the tax base for the taxing
jurisdiction.
District type: Renewal and Renovation
Date Created: 1997
Decertification: 2013
Tax Increments: 2010
Total
District Property Value
Tax Capacity Value 118,080
Base Value 7,944
Captured Tax Capacity Value $ 110,136
Tax Increment revenues $ 106,385
District Assessors Estimated Market Value: $ 5,782,000
Other: DHY went out of business in 2009 and the property is currently owned by
Associated Bank and is being marketed for sale.
17
Statement of Financial Position
As of December 31, 2009
Total
Revenues
Tax Increment revenue $ 483,294
Investment earnings 22,536
Loan proceeds 530,000
Other 38,030
Total revenues $ 1,073,860
Expenditures
Landibuilding acquisition
$ 437,340
Loan principal payments
275,000
Loan/note interest
335,470
Administrative expenses
21,508
Total expenditures
$ 1,069,318
Net
$ 4,542
v
City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copy: Steven Mielke, City Administrator
David L. Olson, Community & Economic Development Director
Date: January 25, 2011
Subject: Update on Marketing Plan Initiative
On Wednesday, January 19 the EDC's Marketing Subcommittee (Matasosky, Brantly,
Longie) met for the first time to discuss how to pursue the first goal of the 2011-
2013 Strategic Plan for Economic Development:
1. Create a marketing plan that has a clear message, is flexible, adequately
funded, creative, aggressive, and targeted that communicates Lakeville's values,
is broad and sector specific based on good information.
a. Year 1 — broad plan
b. Year 2 — sector - specific plan
As approved by the EDC at the November meeting, a fourth "at- large" member of
the subcommittee was recommended for appointment by the EDC and a possible
nomination may be discussed at the EDC meeting.
Community Development Block Grant (CDBG) dollars have been identified as a
viable funding source for the completion of a marketing plan study. $38,250 will be
available in late February to secure a marketing firm to work with the subcommittee
and EDC. An additional $27,680 of CDBG dollars will likely be approved and
available if needed sometime in July.
Initial ideas were discussed related to the target audiences of a marketing campaign
(e.g. 'decision makers "), media that could be used to convey a marketing /branding
message, and public involvement in the development of a message.
It was suggested that upon appointment of a fourth member to the subcommittee,
work will be done to outline key points to be included in an RFP to hire a marketing
firm to help guide and compile a marketing plan. At some point in the process a
draft set of ideas will be presented to key stakeholders in the community consisting
of residents, retail business owners, and major employers in the City. Eventual
implementation of a plan will require the support of the residents, Chamber of
Commerce, and community as a whole.
Much of the work done with the recently approved Strategic Plan will be utilized to
help the Subcommittee identify key community assets and opportunities to be
included in a plan.
Action Requested: None. This memo is provided as an update to the EDC on the
activities of the Marketing Subcommittee.
City of Lakeville
WtJU
11 _40,�aw Community and Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copy: Steven Mielke, City Administrator
David L. Olson, Community & Economic Development Director
Date: January 25, 2011
Subject: WebQA Proposal
In December the City was contacted by an Illinois -based company called WebQA
who produces web -based customer relationship management (CRM) services and
platforms for municipalities. One of the products offered by the company is a "Shop
Local /Lakeville" business directory service to help cities partner with local businesses
by allowing them to promote their business on the City's website. Currently the City
of Lakeville does not maintain or publish a business directory on the City's website.
The company is proposing to work with the City to market to the Lakeville business
community an opportunity for the businesses to create a business listing in the new
Lakeville business directory. The business has the option to include a description of
their business, coupons, information and directions and several other categories if
selected. This would provide the opportunity for businesses within Lakeville to have
a presence on the City's web page at no cost.
WebQA has proposed offering this service to the City for free for at least three years
as a way to help them grow their business and test a new web -based advertising
revenue model. The company would sell advertising space to Lakeville businesses
to be displayed on the directory's main pages (i.e. featured business) not unlike
other directory-based websites. In exchange WebQA will host and maintain the
Lakeville business directory, help market the benefit to businesses, offer training to
businesses on how to create their own listing /micro site, and share 10% of the
advertising revenues with the City of Lakeville.
Cottage Grove and Buffalo are two cities in Minnesota that currently pay for this
service (without the online advertising model being offered to Lakeville at no cost).
Information on the company is attached, and a couple examples of the product will
be shown at the EDC meeting.
Action Requested: Staff is seeking input from the EDC as to whether or not the
City should pursue this opportunity. EDC members Longie and Bornhauser recently
participated in a webinar on this program and can provide their opinions at the
meeting.
ShopsOA Micro - websites:
Business Setup and Management
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Upbad new file:
Micro- websites grow local business Des<rwt_
sales by providing a vibrant and
interactive communication vehicle
between business and residents.
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• Local Businesses receive a simple setup and management page to control their content and
optionally manage their customers. The page consists of easy, intuitive tools and collapsible
sections that let each local business load operation information, documents, questions &
answers, coupons and other relevant data. As an option, local businesses can manage and
track customers from their setup portal.
• For Assistance, Local businesses can review one -to -two minute video tutorials, join a live
webinar or use the directory knowledgebase of instructions to lookup information or ask
questions.
• Updating a site is simply a matter of logging into the Micro -site via secure identification and
changing information. After saving, updates can go to the City for review or immediately take
place. When an update occurs, those residents that have registered to follow that section of
the business micro -site immediately receive notifications of the new information.
For more information, please contact WebQA, Inc. at 630- 985 -1300
August 2010
Web,24Q% 7 IRF
ShopsQA
Almost 50% of small businesses do not have a website
95% of all purchases made within a five mile radius of home
The ShopsQA program from WebQA offers
local businesses an interactive micro - website
that grows sales by improving communication
with city residents.
Cities receive a Shop Directory that:
• Looks and acts like their website.
• Gives each business an interactive micro - website
• Lets residents ask and follow information
• Allows the city to highlight special businesses (such
as those affiliated with the Chamber of Commerce)
Local Businesses register online with the City
and, when accepted, receive:
• Their micro - website
• Ability to post any information:
photos, documents, coupons, info, links, etc.
• Complete webinar and video training
• Ability to update information at any time
• Possible City review of updates before going live
Bob Cat Company
? Ask Us a Question
West Fargo, ND 58078
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Mention that you saw us at the Show for special savingsl
50% off plans for the remainder of 2010. Download our coupon
Residents use the city directory to search
local businesses by name, category or
keyword and find them on a city map. For
each business, residents can:
• Review information,
• Download documents and coupons,
• Join mailing lists
• Follow updates,
• Ask questions, and
• Request to schedule meetings
Woodridge, IL 60517
City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: Adam Kienberger, Economic Development Specialist
Copy: Steven Mielke, City Administrator
David L. Olson, Community & Economic Development Director
Date: January 25, 2011
Subject: Spotlight on Business Program /Business Retention Efforts
The Spotlight on Business program has been a business retention and expansion
(BR &E) tool the City has utilized since it was established in 2002 to publicly
recognize businesses' contributions to the community. Historically the program has
targeted many of the top employers in Lakeville and then featured them at City
Council meetings to publicly praise them for being a part of the Lakeville business
community.
Supplementary BR &E programs have been developed alongside of the Spotlight
program in the past several years to add and help maintain a constant contact with
the Lakeville business community:
Business Visits — targeted at major employers to engage them in meaningful
conversation with a representative of the EDC to help identify potential issues
and establish a formal relationship with the City of Lakeville.
Focus on Business /Out & About — Lakeville Government Channel 16 program
highlighting a new or unique business in Lakeville along with a general
development update for viewers.
Manufacturers Luncheon /Manufacturers Appreciation Reception — Annual
appreciation event to thank the manufacturing community for having their
business in Lakeville. Held in conjunction with Minnesota Manufacturers Week
every October.
Chamber of Commerce monthly lunches /networking events — staff network and
meet with Lakeville Chamber of Commerce members to build and foster new and
ongoing relationships.
Lakeville Business Bullets — monthly newsletter designed to keep the business
community informed on development information, meetings, and other timely
information.
Action Requested: Staff is seeking input on the types of businesses that should
be targeted for future Spotlights and Business Visits. Should large businesses who
have been featured in the past be highlighted /visited more than once? Should the
focus be shifted towards other business segments?
VII Hu.
City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Steve Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: January 21, 2010
Subject: January Director's Report
The following is the Director's Report for January, 2011.
Building Permit Report
The City issued building permits with a total valuation of $54,308,186 in 2010. This
compares to a total valuation of $72,782,473 in 2009. The City issued commercial
and industrial permits with a total valuation of $3,742,000 in 2010 which compares
to a total valuation of $7,339,500 in 2009.
The City also issued permits for 129 single family homes in 2010 with a total
valuation of $35,553,000. This compares to 126 single family home permits in 2009
with a total valuation of $34,844,000. The City issued permits for 11 detached
townhomes, twin homes and townhomes in 2010 with a total valuation of
$3,165,000. The City issued permits for 55 permits for detached townhomes, twin
homes, and townhomes in 2009 with a total valuation of $6,166,000.
According to a recent press release from the Builders Association of the Twin Cities
(BATC), Lakeville was fifth in the Twin Cities metro area in terms of the number of
new residential permits in 2010 behind Maple Grove, Blaine, Woodbury, and
Shakopee.
Development Update
The City is currently reviewing the following development proposals that are in
various stages of review.
Senior Housing Projects: City staff is currently reviewing two fairly large senior
housing projects that were first reported to the EDC in October. Kingsley Shores is
101 unit senior housing project that is proposed adjacent to the Chart House
Restaurant. The other is a 93 unit senior housing project that would be constructed
to be connected to Hosanna! Church. Both projects have hosted neighborhood
meetings and are scheduled to be reviewed by the Planning Commission on
February 17 Both projects are seeking housing revenue bond financing from the
Dakota County CDA. The total project cost for both projects is approximately $40
million. Attached is an article that appeared in the StarTribune on January 19 that
discussed a number of the housing projects being development in the Twin Cities.
Airlake 70 Development: As was reported to the EDC in November, city staff is
currently reviewing a draft Environmental Assessment Worksheet (EAW) for the
proposed 60 acre industrial development being proposed by Airlake Development
east of Cedar Avenue and south of Co. Rd. 70. Staff is also working on a DEED
grant application that could possibly provide partial funding for the extension of Co.
Rd. 70 east of Cedar Avenue. It is anticipated that this grant application would be
reviewed by the EDC at the February meeting.
Proposed Walmart Store: City staff recently met with representatives of Walmart
that confirmed that Walmart has entered into a purchase agreement for the site in
Lakeville Commerce Center in front of the Muller Family Lakeville Theatre between
Harry's Cafe and the office building located at 205 Street and Keokuk. Walmart's
representatives are currently working with the City and other agencies to address
the proposed impacts to wetlands on site. Walmart is proposing a 150,000 square
foot store and would like to be under construction later this year.
Malt -O -Meal Expansion: Malt -O -Meal has made a formal application to vacate
the conservation easement on the 4.5 acres of land the purchased from New
Morning Windows. The City Council has referred this issue to the Planning
Commission and they will be reviewing it at their February 17 meeting. Malt-0-
Meal hosted a neighborhood meeting on this issue with adjacent residents on
November 23 and again on January 19 th .
Foreclosure Update
Attached is a copy of the December Foreclosure Update from the Dakota County
CDA. There were 12 Sheriff Sales in Lakeville during the month of December which
is down from the 24 in both November and October. There were a total of 317
Sheriff's Sales in Lakeville in 2010. This compares to the 257 Sheriffs Sales in 2009.
The number of Sheriff's Sales in 2010 represented 1.71% of the total households in
the City and compares to 1.43% for the number of Sheriffs Sales in 2009. The City
is currently monitoring 97 vacant and /or damage homes in the City.
Appointment of the Commissioner of the Department of Employment and
Economic Development (DEED)
Attached is a press release that was issued by Governor Dayton's office on his
recent appointment of a new DEED Commissioner.
0�
Think n through
To the editor:
In reference to the Jan. 7
edition of the Thisweek news-
paper article about the new
Lakeville mayor and council
members and their inclina-
tion toward being "business
and development friendly," it
will be interesting how they
translate that phrase into spe-
cific actions to benefit Lakev-
ille as a whole.
As decisions are made,
each Lakeville city project
and expenditure should be
evaluated based on aligning
with the vision of Lakeville
as both a desirable residential
place to live and a location
where businesses can thrive
and desire to locate. Financial
decisions should be evaluated
with regards to expenses ver-
sus revenues but also align-
ment with a desirable place to
live and work and the overall
definition of what Lakeville
wants to be known for.
Decisions such as sell-
ing a city -owned piece of
land in 2009 assessed at over
$627,000 to Image Trend for
one -third (about $209,000)
of its assessed value must be
evaluated on the financial
merits to the city of Lakev-
ille. How, long will it take for
the city nd taxpayers to re-
coup the $418,000 discount,
and what profit -loss financial
evaluation was performed to
justify this giveaway?
Another example is the
budget line item for almost
$192,000 each year through
2014 for "DKM tax incre-
ment financing rebate" for
the DKM professional build-
ing. This district was created
in 1988, 22 years ago. Why is
the city providing a four -year
rebate of almost $760,000,
and how is this recurring re-
bate expense benefiting the
community and taxpayers?
Another historical exam-
ple was the sale of the 14.4
acres of property to New
Morning Windows for $1.
The property is now worth
approximately $2.1 million
(land only) 15 years - later.
Just as corporate boards
of directors make decisions
for commercial corporations,
the city should evaluate finan-
cial implications of each de-
cision to determirte the future
revenue to be derived from a
project as compared to the
expenditure. And it should
review other alternatives that
provide tangible benefits to
the city of Lakeville and all
of its residents.
JIM REITTER
Lakeville
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CDA Dakota County
Community Development Agency
O • • • • • • • • • • • • • • • • • • • • •
To: Dakota County Cities
From: Dan Rogness, Director of Community Revitalization
Date: January 19, 2011
Re: Foreclosure Update
OWNERS
pw&GOK"
The following charts show a quarterly comparison from 2009 to 2010 of Sheriff Sale and Notice
of Pendency numbers in Dakota County.
Sheriff Sales
Quarter
# of Sales 2009
# of Sales 2010
Percent Change
January -March
402
545
+36%
April -June
448
519
+ 16%
July- September
499
621
+24%
October - December
511
462
- 10
Total
1,860
2,147
+ 15
Notices of Pendency
Quarter
# of NOPs 2009
# of NOPs 2010
Percent Change
January -March
934
942
+.9
April -June
1,051
991
-6%
July- September
986
1,016
+3%
October - December
915
665
1 -27%
Total
3,886
3,614
1 -7
Overall, Sheriff Sales increased by 15 percent from 2009 to 2010. However, Notices of
Pendency decreased by 7 percent. 2010 saw a record number of Sheriff Sales for Dakota
County. Previously the highest yearly total of sales occurred in 2008, with 2,063 sales. The 2010
total increased 4 percent compared to 2008.
The five cities with the highest percent of Sheriff Sales per household are listed below. The
2009 percents are also listed for comparison. The overall county percent was 1.40 compared to
1.23 percent in 2009. Household estimates from the Met Council were used for 2009 (411108) and
for 2010 (41112009).
2009
2010
I. Farmington
= 2.60%
1.
Farmington =
2.95%
2. South St. Paul
= 1.63%
2.
South St. Paul =
2.02%
3. Hastings
= 1.56%
3.
Lakeville =
1.71
4. Lakeville
= 1.43%
4.
Apple Valley =
1.64%
5. Rosemount
= 1.42%
5.
Burnsville =
1.46%
HiO M E
Dakota County OWNER S H I P
Community Development Agency
The five cities with the highest percent of Notices of Pendency (NOP) per household are listed
below. The 2009 percents are also listed for comparison. NOPs are official notification that the
foreclosure process has begun, and not all notices result in a Sheriff Sale. The overall county
percent was 2.36 for 2010 compared to 2.57 percent for 2009.
"ZIIIE
I. Farmington
= 5.44%
2. South St. Paul
= 3.58%
3. . Lakeville
= 3.30%
4. Rosemount
= 3.07%
5. AV /Hastings
= 2.62%
2010
1. Farmington
= 4.96%
2. South St. Paul
= 3.12%
3. Lakeville
= 3.00%
4. Apple Valley
= 2.61
5. Hastings =
2.56%
Dakota County Stats — December 2010
• # of Sheriff Sales in December — 144 (compared to 156 in December 2009)
• Total Sheriff Sales for 2010 — 2,147 (compared to 1,860 in Jan.- December, 2009)
• # of Notices of Pendency Filed in December — 197
• Total Notices of Pendency Filed for 2010 — 3,614
A Notice of Pendency is filed by a mortgage company's attorney as official notification that the
foreclosure process has begun. Not all of these result in Sheriff Sales.
Mapping Using Dakota County GIS
http: / /gis.co.dakota .mn.us /website /dakotanetgis/
The Dakota County Office of GIS is updating the 2010 Foreclosures and Notice of Pendency
layers on a monthly basis. If you need assistance using this Web page, please call Randy Knippel
or Mary Hagerman with the Office of GIS at (952) 891 -7081.
In The News
Provided in this PDF file are a few notable foreclosure articles that were published in the last
month. Among the points of interest:
• Nationally, the number of foreclosures dropped to the lowest level in 18 months in
November, likely due in part to foreclosure freezes that were implemented by several
banks following allegations that proceedings were handled improperly.
• Many American homeowners are starting to see "walking away" as viable option for
their mortgage situations.
If you have any concerns, please call me at (651) 675 -4464 or send me an email at
drogness dakotacda.state.mn.us
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Format Dynamics:: C1eanPrint :: http:// www. msnbc. msn. com /id/40693891 /ns/business -r... Page 1 of 3
t msnbc.c+om
Foreclosures fall to lowest level in 18 months
But total for year still expected to break 1 million
By ALEX VEIGA
Associated Press
But even with the decline, it was enough to
push the total number of repossessions so far
this year to more than 980,000 — the highest a
nnual tally of properties lost to foreclosure
on RealtyTrac's records dating back to 2005.
"It's almost impossible to imagine that we
won't break a million" for the year, said Rick
Sharga, a senior vice president at RealtyTrac.
"Unfortunately, it's a record that we'll probably
break again next year."
Banks had been on pace to take back up to 1.2
million homes this year before problems with
foreclosure documents surfaced in late
September.
updated 1 hour 45 minutes ago
LOS ANGELES— The number of U.S. homes
taken back by lenders dropped to the lowest
level in 18 months in November, the result of
foreclosure freezes enacted by several banks
following allegations that evictions were
handled improperly.
Home repossessions dropped 28 percent
from October and 12 percent from November
last year, foreclosure listing firm RealtyTrac
Inc. said Thursday.
The 67,428 homes lenders took back last
month were the fewest since May 2009.
'Rapid acceleration'
Several lenders responded to heightened
Dynamics
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Fo-etl Saron • Ap
A "bank owned" sign is seen on a home that is listed as a foreclosure on a HUD
website, in Hawthorne, Calif, in this file photo taken July 21, 2010
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msnbc.com
scrutiny over the foreclosure process by
temporarily ceasing taking action against
borrowers severely behind in payments while
they checked to see if their employees made
errors in loan documents needed to complete
foreclosures.
Some banks later announced plans to resume
foreclosures, though at a more measured
pace, in an attempt to ensure there aren't any
flaws in the process.
Lenders' initial freeze and slow ramp -up in
foreclosure activity likely caused the sharp
decline in foreclosure - related notices sent to
households last month. And it's likely to cause
another drop in December, Sharga said.
mortgages that are at least two months past
due, and many of them have yet to even enter
the foreclosure process.
Meanwhile, millions of homeowners owe more
on their mortgage than their home is worth,
which makes it more likely they will default on
their loan.
10.8 million homes under water
About 10.8 million households, or 22.5
percent of all homes with a mortgage, were
under water in the July- September quarter,
according to housing data firm CoreLogic.
The figure is down from 23 percent in the
second quarter, mainly because more homes
fell into foreclosure and not because home
But activity will likely pick up with in the new
year.
"In the first quarter, we really anticipate seeing
a pretty rapid acceleration of foreclosure
proceedings as everybody catches up," Sharga
said.
Banks' foreclosure document problems aside,
many of the factors that have contributed to
the foreclosure crisis are likely to be present
next year and should continue to drive
foreclosures.
Among them: high unemployment, a weak
housing market, flat -to- falling home values
and tighter lending standards making it
tougher for buyers to qualify for financing.
In addition, there are some 5 million
prices increased.
In all, 262,339 U.S. homes received at least
one foreclosure - related notice in November,
or one in every 492 households.
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• i
The notices were down 21 percent from
October and down 14 percent from November
last year, RealtyTrac said.
One in every 221 households in Utah received
a foreclosure - related notice in November,
more than twice the national average.
The firm tracks notices for defaults, scheduled
home auctions and home repossessions —
warnings that can lead up to a home eventually
being lost to foreclosure.
The decline in foreclosure activity was most
pronounced in the more than 20 states that
require foreclosures to be approved by judges
and where many of the documentation errors
came to light.
Initial notices sent to homeowners in those
states who fell behind on their mortgage were
off 43 percent from last year, while
foreclosure auctions were down 38 percent,
RealtyTrac said.
California posted the third - highest
foreclosure rate despite a nearly 14 percent
drop in foreclosure activity.
Rounding out the top 10 states with the
highest foreclosure rate in November were:
Arizona, Florida, Georgia, Michigan, Idaho,
Illinois and Colorado.
Coprrtght 2010 The Associated Press All rights resen ed
This material mar not be published, broadcast, rewritten or
redistributed.
Some 37 states recorded a drop in home
repossessions from October to November.
Nevada No. 1
The number of foreclosure- related notices
sent to homes in Nevada fell 20 percent from
October, but the state still registered the
highest foreclosure rate in the U.S. last month,
with one in every 99 households receiving a
foreclosure notice. That's nearly 5 times the
national average.
Utah leapfrogged several states to the No. 2
spot, mostly because of sharp monthly drops
in foreclosure activity in California, Florida,
Arizona and Michigan.
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% . 1 % CY1 t' bc.Com
More see walking on mortgage as a viable plan
'Strategic default' losing stigma as homes go deeper underwater
By Jane Hodges
msnbc.com contributor
and -a -half bath home on the market before
finalizing their divorce in the spring of 2009
but had no luck luring move -up buyers to the
$600,000 home even after price markdowns.
Kelly wound up living there solo, struggling to
make the mortgage payments. But as she kept
writing checks, and worrying, she became
aware that she'd have to make a hard choice:
Leave the house while she still had decent
savings, or pay until she'd emptied out all her
accounts and then enter foreclosure.
In the latter scenario, she'd have to look for a
lease with no money left for a deposit. Either
way, she'd lose the home, whose value had
dropped underwater -- below what the couple
owed on it.
2 hours 38 minutes ago
More Americans than ever are showing a
willingness to walk away from their
underwater homes, according to a recent
survey. Chris Kelly is a perfect example of
someone who never thought she would send
the bank "jingle mail" — mailing the keys back.
But she did.
Until last year Kelly, a 46- year -old
administrative assistant, was living in a 3,000 -
square -foot home she owned with her ex-
husband in the Seattle suburbs.
The duo had put the three - bedroom, three-
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Chns Kelly, shown in her apartment in Austin, Texas says she is much happier after downsizing
and walking away hom a 3,000 - square -foot Seattle house
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N% msnbc-com
"It was a pretty clear decision," says Kelly,
who now lives in Austin, Texas. "I knew I had
to walk away. The longer I stayed there, the
worse my credit would be and the harder time
I'd have finding a rental."
So a year ago she walked way, joining the
growing number of Americans willing to turn
their backs on homes they can neither sell nor
afford to keep. The real estate industry calls
this "strategic default," referring to people who
choose to walk away even when they can
technically afford to continue paying their
mortgage.
Just six months ago, a similar survey indicated
that only 41 percent of consumers would
consider walking if they were underwater on
their mortgages.
"It's a phenomenon we haven't seen before in
the housing market," said Rick Sharga, senior
vice president of RealtyTrac. "The mindset of
why people purchase a home has changed
over the past decade."
In the early 2000s, as home prices rose
sharply and steadily, many buyers saw their
home as an investment. But in the wake of the
housing bust, it's clear that a home has
become far more of a "utility" — a form of
shelter — than an investment.
Over the next year, hundreds of thousands of
homeowners will face the question of whether t
o walk away as their mortgage payments
spike.
Nearly half, 48 percent, of homeowners with
a mortgage said they would consider walking
away from their home if they owed more on it
than it was worth, according to a Harris
Interactive survey released this month. The
survey was conducted in November for real
estate listings site Trulia and foreclosure
research firm RealtyTrac.
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Sharga said that $300 billion worth of
adjustable rate mortgages are expected to
reset upward over the next 12 to 15 months,
adding on average $1,000 to monthly
mortgage payments on homes that already are
worth 30 percent to 50 percent less than their
original sale price.
Roughly 23.2 percent of all single- family
homeowners who have a mortgage are
underwater on their property, according to
third - quarter data from Zillow. (Zillow
estimates that 40 percent of single - family
homes are owned, with the rest mortgaged.)
In addition, the impacts to credit from a
foreclosure are typically less damaging than
those from a bankruptcy, which hits more
lines of credit and loans than just the home
loan. According to Barry Paperno, consumer
operations manager at myFico.com, the
consumer site for Minneapolis -based credit
scoring company Fair Isaac Corp., a personal
bankruptcy can shave 130 to 240 points off a
person's credit score, while a foreclosure
typically reduces a score by 85 to 160 points.
(FICO scores range from 350 to 850, with
higher scores better.)
"It's serious, and it certainly complicate future
Major banks, including Bank of America and purchases," Paperno says. "Compared to a
Wells Fargo, are preparing to work with these bankruptcy, though, the score impact can be
owners through modification programs that surprisingly different."
may include principal reduction or temporary i
nterest -only loan payments until markets The latest Harris survey also revealed some
improve and refinancing is possible, Sharga interesting gender differences in attitudes
says. about strategic default: Men were nearly 50
percent more likely than women to consider
But clearly, many homeowners may have
motivation to walk. They'll see their mortgage
payments spike at a time when their home
value is underwater the deepest.
American homeowners lost $1.7 trillion in
home value during 2010, a far higher loss of
equity than the $1 trillion lost during 2009,
according to Zillow data released earlier this
month. Zillow also reported on a blog that less
than one - fourth of the 129 metro areas it
tracks showed home value gains in 2010.
Story: Have down payment, but stuck in
appraisal hell
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o msnbc.com
walking away from an underwater loan, with
57 percent indicating willingness, vs. 40
percent of women.
Story: Where home prices are falling
dan;_�erously
Pete Flint, CEO of Trulia, said that this may
indicate men take a more investment- minded
approach to homeownership and evaluate
when to walk as a financial decision, while
women may view their property as a home and
have a harder time with the concept of leaving
it even under fiscal duress.
Kelly embodies both approaches. She says she
was torn about the decision, but couldn't let
sentiment overtake what, ultimately, was a
move toward self - preservation.
"I never thought that this was something that
would happen," she says. "I loved that house."
Jane Hodges ( x wi /anebndges net) is a writer in Seattle
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;;::: 11111
� k MH
Senior housing boom
Ebenezer Management Services and Hosanna
Lutheran in Lakeville are joining forces to build a 9
3 -unit senior project next to the church.
With baby boomers getting ready to
retire, housing for the elderly is
going up across Dakota County and
beyond.
By JIM ADAMS Star Tribune
Last update: January 18, 2011 - 7:46 PM
Despite the lagging construction market,
senior housing projects are sprouting in the
Twin Cities, especially in Dakota County.
Two projects are underway in Apple Valley
and South St. Paul, and five more are being
planned in Dakota County, according to the
county's Community Development Agency
(CDA). The five include two continuum -of-
care projects in relatively young Lakeville,
and a similar assisted - living center in
Burnsville.
At least five of the Dakota projects will offer
memor -care units to serve the growing
number of seniors expected to have
Alzheimer's or other forms of dementia.
"A boomlet is underway for senior housing,"
said Mark Ulfers, CDA executive director. "It
is clear that baby boomers are moving into
their retirement years and seniors are living
considerably longer. That combination has
created a significant increase in demand for
all types of senior housing."
Senior projects in other counties include the
76 -unit York Gardens, opening in Edina in
April, and a 48 -unit project underway in
Mahtomedi. The Anoka City Council this
month approved a 221 -unit project by
Volunteers of America, which plans to break
ground this spring, said city planner Erik
Thorvig.
Two more projects for lower income seniors
are underway in Forest Lake (70 units) and
Oakdale (39 units), said Barbara Dacy,
executive director of the Washington County
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Dynamics
01/19/2011
Pope Archetects
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kjIt
Sta rTr i b u n e x0a miatmi
Housing and Redevelopment Authority.
Ulfers said his agency, which manages 23
senior apartment buildings with 1,337 units,
has for the first time entered an agreement to
build senior housing that includes memory
care and other assisted - living units. The $21
million Valley Ridge project was approved in
December by the Burnsville City Council.
Presbyterian Homes will operate 40 assisted -
living and 20 memory -care apartments in the
140 -unit building. The CDA estimates the
project will cost more than $21 million,
including demolition of the Valley Ridge
shopping center.
Lakeville, which has more kids per
household than most suburbs, is reviewing
plans for two senior housing projects that
the city hopes will provide almost 200 units
by mid -2012.
One is an unusual partnership between
Ebenezer Management Services, a Lutheran -
related non - profit, and Hosanna, a Lutheran
church in Lakeville. The church is providing
four acres next to its large worship center on
163rd Street for a 93 -unit senior project,
estimated to cost more than $21 million.
The 7,000- member congregation will provide
about $350,000 toward a covered drop -off
entryway and enclosed walkway connecting
the senior building to the 2,500 -seat worship
center, said the Rev. Bill Bohline.
"Our focus is intergenerational," said church
executive director Mary Carroll, noting the
church has weekly programs for about 1,500
grade school kids. The church plans to send
its youth through the enclosed walkway to
visit seniors next door and expects some
seniors will respond by joining the church's
many volunteer -run activities, she said.
"Seniors can get isolated in a facility where
they don't interact with the community,"
Carroll said.
Ebenezer Management Services will finance,
build and run the three -floor senior building,
said vice president Susan Farr. She noted a
Hosanna membership survey in 2009 that
found about 25 percent would like to place
family members at the proposed senior
center. A few members have already reserved
units, Farr said. "It's all about family
connections," she said.
Ebenezer is also building assisted - living
centers in Edina and Mahtomedi, Farr said.
Bohline said he knew of only one other
church with a senior center connected to its
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: Dyna rlics
01/19/2011
building: Shepherd of the Lake Lutheran in
Prior Lake, which partnered with
Presbyterian Homes. He said Hosanna plans
to borrow an idea from the Prior Lake
church, whose members adopt seniors and
walk with them to the church for worship
and activities.
"It fits perfectly with our mission: Advancing
God's kingdom everywhere, one person at a
time," Bohline said. He said Hosanna aims to
emulate the old country churches that guided
members from cradle to grave.
Lakeville officials are reviewing Hosanna's
proposal as well as the 101 -unit Kingsley
Shores on a lake near the Chart House
restaurant on Klamath Trail.
"We are excited about both projects," said
city planning director Daryl Morey.
Ulfers said both projects have applied to the
CDA for tax - exempt revenue bonds, as has a
120 -unit project near Interstate 35E in
Lilydale. All three projects plan to start
building this spring.
Another CDA -owned apartment building, the
60 -unit Cobblestone, opened in Apple Valley
last summer. Other senior projects include:
• Thompson Heights, a 60 -unit independent -
living apartment building being constructed
in South St. Paul by the CDA.
• Seasons at Apple Valley, a 134 -unit
market -rate building by Ecumen, due to open
this spring.
• Vermillion Crossings, a 66 -unit
independent - living rental project in
Farmington. The CDA plans to break ground
this spring.
Dakota County began plaiming for the "age
wave" about five years ago, said Jane
Vanderpoel, a county management analyst.
"We will have more seniors than school
children by 2025," she noted.
The number of county residents over age 65
is expected to double to 14 percent from
2000 to 2020, and reach 20 percent by 2030.
Jim Adams • 952- 707 -9996
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Dynamics
01/19/2011
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State of Minnesota ;V'
Office of Governor Mark Dayton
FOR IMMEDIATE RELEASE
January 19, 2011
Contact: Katharine Tinucci
(0) 651- 201 -3441
katharine.tinucci(a-,state.mn.us
Governor Dayton Puts Strong Leadership Behind Job Growth Strategy
Phillips, Edman, Tunheim will bring experienced, private sector leadership to DEED, Explore
Minnesota, and statewide job creation efforts
St. Paul, MN — Governor Mark Dayton underscored his commitment to put jobs and economic growth at the
forefront of his agenda, today announcing a strong team to lead the efforts. He appointed Mark Phillips, a
private sector business development professional, as the Commissioner of the Department of Employment
and Economic Development (DEED), the anchor agency of the Administration's job creation efforts. The
Governor re- appointed John Edman as Director of Explore Minnesota, continuing efforts to boost tourism – a
key engine of economic and job growth statewide. Governor Dayton also announced that Kathy Tunheim will
serve as a Senior Advisor to the Governor for Job Creation, a volunteer position that will drive outreach efforts
to spur jobs growth.
"The best solutions to Minnesota's chronic budget deficits are jobs and economic growth," said Governor
Dayton. "They will be my top priorities, and these three outstanding leaders will be tremendous partners in
putting these words into action. I will work closely with this strong team of Kathy Tunheim, Mark Phillips, and
John Edman to encourage Minnesota's economic growth and help put Minnesotans back to work."
DEED Commissioner Mark Phillips brings over twenty -five years of demonstrated leadership in development
and finance, including launching new and creative programs for community and economic development, real
estate development and business financing. Currently, he serves as Director of Business Development for
Kraus - Anderson Construction. Phillips' career bridges public and private industry in both metro and greater
Minnesota, having served as Director of Community and Economic Development at the Iron Range Resources
and Rehabilitation Board (IRRRB) under Gov. Perpich, as Director of Development for Minnesota Power, and
as Vice President of Northeast Ventures Corporation. He is a recipient of the Economic Development
Association of Minnesota's Career Achievement Award.
"It is an honor to be chosen to lead this agency that's so important to our state's economy," said Phillips.
"Governor Dayton has made it clear that jobs are his number one priority, and I am ready to get to work to
enhance Minnesota's economic environment and support the Governor in his mission to get Minnesotans
working again."
Governor Dayton also reappointed John Edman to lead Minnesota's tourism office, Explore Minnesota. Since
taking the helm as Director in 2000, Edman has earned the widespread respect of the tourism industry. Edman
previously held leadership positions in prominent public and private travel organizations, including serving as
Director of Marketing for Carlson Destination Marketing Services.
Tourism remains a key economic driver in Minnesota, generating $11 billion in gross sales, $3.9 billion in
wages, and $699 million in state sales taxes, according to Explore Minnesota's most recent Economic Impact
study. Because tourism represents not only a large sector of our economy but also a tremendous opportunity
for growth, Governor Dayton and Mr. Edman will travel to Brainerd to meet with the local tourism industry and
participate in one of the state's major ice fishing events, in recognition of the importance of tourism to the
area.
To further his commitment to job creation and building a foundation for economic growth, Dayton today
announced that Kathy Tunheim would serve as a Senior Advisor to the Governor for Job Creation. Tunheim's
role will be to bring together the best thinking, advice, counsel and expertise on how to grow private sector
jobs and Minnesota's economy. The focus will be on three specific areas: what do facts and analysis say about
what will drive job growth and economic vitality in Minnesota; what kinds of jobs should Minnesota focus on
creating and where is our competitive advantage; and what are the specific opportunities before us and how
do we seize them.
"I am especially grateful to Kathy Tunheim for undertaking this key role in a volunteer capacity" said Governor
Dayton. She brings priceless experience and exceptional working relationships with many of Minnesota's
business and other civic leaders. She will help me to develop those relationships and, despite the painful task
of balancing the state's budget, reach out to Minnesota's job providers to find out what we can do to
encourage their continued success and growth in our state."
"Governor Dayton has asked all Minnesotans who are able to serve, and I'm honored to be asked to serve in
this capacity," said Tunheim. "Minnesota has a diverse and complicated economy, and we will focus on pulling
all the different threads together and evaluating the best policy options to ensure Minnesota is an economic
leader for years to come."
Kathy Tunheim is founder of Tunheim Partners and President of IPREX Worldwide. Tunheim has spent a
lifetime in leadership in both the public and private sectors, including Honeywell and in the office of Wendell
Anderson as both Senator and Governor. While she has served on the boards of such prestigious groups as the
Bush Foundation and the University of Minnesota Foundation, she will be resigning from her non - profit and
advocacy board positions in order to dedicate her efforts to the charge given to her by the Governor.
Tunheim will report to the Governor, and will work directly with DEED. Tunheim's work, alongside the many
efforts of DEED, will be key pieces of Dayton's effort to engage the private sector to work in greater partnership
with the state to create jobs and prosperity for all Minnesotans.
Economic Development Commission
2011 Meeting Schedule
Month
Date
January
Tuesday, January 25, 2011
February
Tuesday, February 22, 2011
March
Tuesday, March 22, 2011
April
Tuesday, April 26, 2011
May
Tuesday, May 24, 2011
June
Tuesday, June 28, 2011
July
No Meeting
August
Tuesday, August 23, 2011
September
Tuesday, September 27, 2011
October
Tuesday, October 25, 2011
November
Tuesday, November 22, 2011
December
No Meeting
• All meetings begin at 4:30 p.m. in the Lake
Marion Conference Room at City Hall unless
otherwise noted on the meeting schedule.
* All meetings are held on the fourth Tuesday of
the month unless otherwise noted.