HomeMy WebLinkAbout5M - Ehlers & Assoc. - Blocks 2 & 4 Redevelopment
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
DISCUSSION:
ISSUES:
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
CITY COUNCIL AGENDA REPORT
DECEMBER 18,2006
5M
PAUL SNOOK, ECONOMIC DEVELOPMENT DIRECTOR
CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING THE MAYOR
AND CITY MANAGER TO EXECUTE THE CITY'S STANDARD
PROFESSIONAL SERVICES AGREEMENT WITH EHLERS & ASSOCIATES
TO PROVIDE REDEVELOPMENT AND FINANCIAL ADVISORY SERVICES
FOR REDEVELOPMENT OF BLOCKS 2 AND 4
Introduction
In accordance with the recommendation of the Economic Development
Authority, the City Council is asked to authorize the execution of the City's
Standard Professional Services Agreement with Ehlers & Associates, Inc. to
provide redevelopment and financial advisory services for redevelopment of
Block 2 and Block 4.
Historv
Redevelopment of the downtown area is a high priority in the 2030 Vision and
Strategic Plan. At its July 20th meeting, the Economic Development Advisory
Committee recommended that the EDA direct staff to engage a consultant to
provide redevelopment and financial advisory services for the redevelopment
of Blocks 2 and 4. Per the Economic Development Advisory Committee's
recommendation, the Economic Development Authority, at their September
2006 meeting, authorized staff to retain a consultant to provide these services
and prepare such recommendation for consideration by the City Council.
Current Circumstances and Conclusion
Staff solicited proposals from the two most prominent Twin Cities area firms
that provide redevelopment and financial advisory services, Ehlers &
Associates, Inc., and Springsted. Based upon the proposals received from
each, it is recommended that Ehlers & Associates, Inc. be retained. The City
has a great deal of experience working with Ehlers. Ehlers is experienced in
general project management and financial services, and coordination of key
project activities needed to complete redevelopment, including but not limited
to managing the request for proposal process, establishing a tax increment
financing district, selecting a master developer, developer negotiations, and
securing development agreements.
To facilitate downtown redevelopment in a coordinated fashion, a request for
proposal (RFP) would be prepared by the consultant for consideration by
developers. The redevelopment RFP will identify the City's expectations, the
City's desire to redevelop larger areas in a coordinated fashion, the type of
assistance the City may provide, and the legal considerations.
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(12 3%) Phone 952.447.4230 / Fax 952.447.4245
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FINANCIAL
IMPACT:
The cost of retaining Ehlers & Associates, Inc. to provide redevelopment and
financial advisory services is $15,000. Funds are available from the
professional services portion of the City's economic development budget.
ALTERNATIVES:
1. Approve the Resolution
2. Deny the resolution
3. Defer for a specific reason
RECOMMENDED
MOTION:
Alternative 1.
ATTACHMENTS I
EXHIBITS:
1. EDA Agenda Report making recommendation to City Council.
2. Resolution Authorizing the Mayor and City Manager to Execute the
City's Standard Professional Services Agreement with Ehlers &
Associates to provide redevelopment and financial advisory services for
redevelopment of Block 2 and Block 4.
3. Standard Agreement for Professional Services
R'v'\genda
(12-1 DOC
,teiTI
Con5uit S\iCS
RESOLUTION 06 - xx
A RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO
EXECUTE THE CITY'S STANDARD PROFESSIONAL SERVICES
AGREEMENT WITH EHLERS & ASSOCIATES, INC. TO PROVIDE
REDEVELOPMENT AND FINANCIAL ADVISORY SERVICES FOR THE
REDEVELOPMENT OF BLOCKS 2 AND 4 IN THE DOWNTOWN AREA
MOTION BY:
SECOND BY:
WHEREAS, pursuant to the Comprehensive Plan, Downtown Development
Guide, 2030 Vision and Strategic Plan, and Prior Lake Development Potential
market analysis, the City desires to facilitate progress and encourage the
redevelopment of the Downtown area; and
WHEREAS, as part of the redevelopment of the Downtown area, the City and its
Economic Development Authority (EDA) anticipates redevelopment of the
properties located on Block 2, bounded by Main Avenue, Pleasant Street,
Colorado Street and the City parking lot; and
WHEREAS, as part of the redevelopment of the Downtown area, the City and its
EDA anticipates redevelopment of the properties located on Block 4, bounded by
Main Avenue, County Highway 21, Dakota Street and Erie Street, excluding the
property at (address) Main Avenue and the City Library; and
WHEREAS, the redevelopment of these properties along with other
improvements in the Downtown area are essential to the improvement of the
health, safety and welfare of the Downtown and the City as a whole; and
WHEREAS, given the complex nature of redevelopment, it is necessary to retain
professional redevelopment and financial services in the redevelopment of
Blocks 2 and 4, and
WHEREAS, The City solicited proposals for professional redevelopment and
financial advisory services and received the following proposed fees:
Consultant
Ehlers & Associates
Springsted
Fee
$15,000 (not to exceed)
$10,500 (threshold; final amount TBD)
WHEREAS, Ehlers & Associates, Inc. is a qualified professional redevelopment
and financial services consultant and has provided a proposal to provide the
necessary services to redevelop Blocks 2 and 4.
R:lAgenda Reports\2006\December 18, 2006IAgenda Ite~esm~r@~@~oc
Phone 952.447.4230 / Fax 952.447.4245
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR
LAKE, MINNESOT A, as follows:
1. The recitals set forth above are incorporated herein.
2. The Mayor and City Manager are authorized to execute the Standard
Professional Services Agreement with Ehlers & Associates, Inc. for the
provision of redevelopment and financial advisory services.
3. The costs for retaining Ehlers & Associates redevelopment and financial
advisory services will be paid from the economic development fund balance.
PASSED AND ADOPTED THIS 18th DAY OF DECEMBER, 2006.
YES
NO
I LeMair
I Dornbush
Erickson
Haugen
Millar
LeMair
Dornbush
Erickson
Haugen
Millar
Frank Boyles, City Manager
R:lAgenda Reports\20061December 18, 2006IAgenda Item 5MIResolution Authorizing Ehlers.doc
STANDARD AGREEMENT FOR PROFESSIONAL SERVICES
THIS AGREEMENT is made on the day of , 20 , between the City of Prior
Lake, Minnesota (hereinafter "City"), whose business address is 4646 Dakota Street, Prior Lake, MN
55372-1714, and Ehlers & Associates, Inc... a Minnesota corporation (hereinafter "Consultant") whose
business address is 3060 Centre Pointe Drive, Roseville, MN 55113.
PRELIMINARY STATEMENT
The City has adopted a policy regarding the selection and hiring of consultants to provide a variety of
professional services for City projects. That policy requires that persons, firms or corporations providing
such services enter into written agreements with the City. The purpose of this agreement is to set forth
the terms and conditions for the provision of redevelopment and financial advisory professional services
by Consultant for Redevelopment of Blocks 2 and 4 hereinafter referred to as the "Work".
The City and Consultant agree as follows:
1. Scope of Work. The Consultant agrees to provide the professional services shown in
Exhibit "A" in connection with the Work. Exhibit A is attached hereto and incorporated herein as
if fully set forth.
2. Time for Performance of Services. The Consultant shall perform the services described in
Exhibit A within the following timeframe unless otherwise agreed upon in writing: 24 months.
3. Compensation for Services. City agrees to pay the Consultant an amount not to exceed
$15,000 for the services as described in Paragraph 1.
A. Any changes in the scope of the work which may result in the compensation due the
Consultant shall require prior written approval by an authorized representative of the City
or by the City Council. The City will not pay additional compensation for services that do
not have prior written authorization.
B. Special Consultants may be utilized by the Consultant when required by the complex or
specialized nature of the Project and when authorized in writing by the City.
C. City agrees to pay Consultant for extra services by the Consultant or Special Consultants
when authorized in writing by the City.
4. The City agrees to provide the Consultant with the complete information concerning the Scope of
the Work and to perform the following services:
A. Access to the Area. Depending on the nature of the Work, Consultant may from time to
time require access to public and private lands or property. As may be necessary the City
shall obtain access to and make all provisions for the Consultant to enter upon public and
private lands or property as required for the Consultant to perform such services
necessary to complete the Work.
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B. Consideration of the Consultant's Work. The City shall give thorough consideration to all
reports, sketches, estimates, drawings, and other documents presented by the Consultant,
and shall inform the Consultant of all decisions required of City within a reasonable time so
as not to delay the work of the Consultant.
C. Standards. The City shall furnish the Consultant with a copy of any standard of criteria,
including but not limited to, design and construction standards they may require in the
preparation of the report for the Project.
D. Owner's Reoresentative. A person shall be appointed to act as the City's representative
with respect to the work to be performed under this Agreement. He or she shall have
complete authority to transmit instructions, receive information, interpret, and define the
City's policy and decisions with respect to the services provided or materials, equipment,
elements and systems pertinent to the work covered by this Agreement.
5. Method of Payment. The Consultant shall submit to the City, on a monthly basis, itemized bills
for professional services performed under Section 4 of this Agreement. Bills submitted shall be
paid in the same manner as other claims made to the City.
A. Proaress Pavment. For work reimbursed on an hourly basis, the Consultant shall indicate
for each employee, his or her name, job title, the number of hours worked, rate of pay for
each employee, a computation of amounts due for each employee, and the total amount
due for each project task. Consultant shall verify all statements submitted for payment in
compliance with Minnesota Statutes Sections 471.38 and 471.391. For reimbursable
expenses, if permitted in Exhibit A, the Consultant shall provide such documentation as
reasonably required by the City.
B. Abandoned or Susoended Work. If any work performed by the Consultant is abandoned
or suspended in whole or in part by the City, the Consultant shall be paid for any services
performed on account of it prior to receipt of written notice from the City of such
abandonment or suspension, all as shown on Exhibit A attached hereto and incorporated
herein by reference.
C. Pavments for the Consultant's Reimbursable Costs. The Consultant shall be reimbursed
for the work of special consultants, as described in Section 3B, and for other items when
authorized in writing by the City. Such items shall include: transportation of principals and
employees on special trips to the Project or to other locations, materials and supplies, and
AutoCAD as required to expedite the work, and reproduction of reports.
7. Project Manager and Staffing. The Consultant has designated Rebecca Kurtz and Sid Inman to
serve on the Project. They shall be assisted by other staff members as necessary to facilitate the
completion of the Project in accordance with the terms established herein. Consultant may not
remove or replace Rebecca Kurtz or Sid Inman from the Project without the approval of the City.
8. Standard of Care. All Work performed pursuant to this Agreement shall be in accordance with
the standard of care in Scott County, Minnesota for professional services of the like kind.
9. Audit Disclosure. The Consultant shall allow the City or its duly authorized agents reasonable
access to such of the Consultant's books and records as are pertinent to all services provided
under this Agreement. Any reports, information, data, etc. given to, or prepared or assembled by,
the Consultant under this Agreement which the City requests to be kept confidential shall not be
o~ PRlo",
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made available to any individual or organization without the City's prior written approval. All
finished or unfinished documents, data, studies, surveys, drawings, maps, models, photographs,
and reports prepared by the Consultant shall become the property of the City upon termination of
this Agreement, but Consultant may retain copies of such documents as records of the services
provided.
10. Term. The term of this Agreement shall be from December 18, 2006 through December 18, 2008
the date of signature by the parties notwithstanding. This Agreement may be extended upon the
written mutual consent of the parties for such additional period as they deem appropriate, and
upon the terms and conditions as herein stated.
11. Termination. This Agreement may be terminated by either party by seven (7) days' written notice
delivered to the other party at the address written above. Upon termination under this provision if
there is no fault of the Consultant, the Consultant shall be paid for services rendered and
reimbursable expenses until the effective date of termination. If however, the City terminates the
Agreement because of the Consultant has failed to perform in accordance with this Agreement,
no further payment shall be made to the Consultant, and the City may retain another contractor to
undertake or complete the work identified in Paragraph 1. If as a result, the City incurs total costs
for the work (including payments to both the present contractor and a future contractor) which
exceed a maximum Agreement amount, if any, specified under Paragraph 3, then the Consultant
shall be responsible for the difference between the cost actually incurred and the Agreement
amount.
12. Subcontractor. The Consultant shall not enter into subcontracts for services provided under this
Agreement except as noted in the Scope of Work, without the express written consent of the City.
The Consultant shall pay any subcontractor involved in the performance of this Agreement within
the ten (10) days of the Consultant's receipt of payment by the City for undisputed services
provided by the subcontractor. If the Consultant fails within that time to pay the subcontractor any
undisputed amount for which the Consultant has received payment by the City, the Consultant
shall pay interest to the subcontractor on the unpaid amount at the rate of 1.5 percent per month
or any part of a month. The minimum monthly interest penalty payment for an unpaid balance of
$100 or more is $10. For an unpaid balance of less than $100, the Consultant shall pay the actual
interest penalty due to the subcontractor. A subcontractor who prevails in a civil action to collect
interest penalties from the Consultant shall be awarded its costs and disbursements, including
attorney's fees, incurred in bringing the action.
13. Independent Consultant. At all times and for all purposes herein, the Consultant is an
independent contractor and not an employee of the City. No statement herein shall be construed
so as to find the Consultant an employee of the City.
14. Non-Discrimination. During the performance of this Agreement, the Consultant shall not
discriminate against any employee or applicants for employment because of race, color, creed,
religion, national origin, sex, marital status, status with regard to public assistance, disability, or
age. The Consultant shall post in places available to employees and applicants for employment,
notices setting forth the provision of this non-discrimination clause and stating that all qualified
applicants will receive consideration for employment. The Consultant shall incorporate the
foregoing requirements of this paragraph in all of its subcontracts for program work, and will
require all of its subcontractors for such work to incorporate such requirements in all subcontracts
for program work.
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15. Assignment. Neither party shall assign this Agreement, nor any interest arising herein, without
the written consent of the other party.
16. Services Not Provided For. No claim for services furnished by the Consultant not specifically
provided for herein shall be honored by the City.
17. Severability. The provisions of this Agreement are severable. If any portion hereof is, for any
reason, held by a court of competent jurisdiction to be contrary to law, such decision shall not
affect the remaining provisions of this Agreement.
18. Entire Agreement. The entire agreement of the parties is contained herein. This Agreement
supersedes all oral agreements and negotiations between the parties relating to the subject
matter hereof as well as any previous agreements presently in effect between the parties relating
to the subject matter hereof. Any alterations, amendments, deletions, or waivers of the provisions
of this Agreement shall be valid only when expressed in writing and duly signed by the parties,
unless otherwise provided herein.
19. Compliance with Laws and Regulations. In providing services hereunder, the Consultant shall
abide by all statutes, ordinances, rules and regulations pertaining to the provisions of services to
be provided. The Consultant and City, together with their respective agents and employees, agree
to abide by the provisions of the Minnesota Data Practices Act, Minnesota Statutes Section 13, as
amended, and Minnesota Rules promulgated pursuant to Chapter 13. Any violation of statutes,
ordinances, rules and regulations pertaining to the services to be provided shall constitute a
material breach of this Agreement and entitle the City to immediately terminate this Agreement.
20. Waiver. Any waiver by either party of a breach of any provisions of this Agreement shall not
affect, in any respect, the validity of the remainder of this Agreement.
21. Indemnification. Consultant agrees to defend, indemnify and hold the City, its officers, and
employees harmless from any liability, claims, damages, costs, judgments, or expenses, including
reasonable attorney's fees, resulting directly or indirectly from a negligent act or omission
(including without limitation professional errors or omissions) of the Consultant, its agents,
employees, or subcontractors in the performance of the services provided by this Agreement and
against all losses by reason of the failure of said Consultant fully to perform, in any respect, all
obligations under this Agreement.
22. Insurance.
A. General Liabilitv. During the term of this Agreement, Consultant shall maintain a general
liability insurance policy with limits of at least $600,000 for each person, and each
occurrence, for both personal injury and property damage. This policy shall name the City
as an additional insured for the services provided under this Agreement and shall provide
that the Consultant's coverage shall be the primary coverage in the event of a loss. The
policy shall also insure the indemnification obligation contained in Paragraph No. 21. A
certificate of insurance on the City's approved form which verifies the existence of this
insurance coverage must be provided to the City before work under this Agreement is
begun.
B. Worker's Comoensation. The Consultant shall secure and maintain such insurance as will
protect Consultant from claims under the Worker's Compensation Acts and from claims for
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bodily injury, death, or property damage which may arise from the performance of
Consultant's services under this Agreement.
C. Professional Liabilitv Insurance. The Consultant agrees to provide to the City a certificate
evidencing that they have in effect, with an insurance company in good standing and
authorized to do business in Minnesota, a professional liability insurance policy. Said
policy shall insure payment of damage for legal liability arising out of the performance of
professional services for the City, in the insured's capacity as the Consultant, if such legal
liability is caused by an error, omission, or negligent act of the insured or any person or
organization for whom the insured is legally liable. Said policy shall provide an aggregate
limit of $1,000,000.
23. Records Access. The Consultant shall provide the City access to any books, documents,
papers, and records which are directly pertinent to the specific contract, for the purpose of making
audit, examination, excerpts, and transcriptions, for three years after final payments and all other
pending matters related to this contract are closed.
24. Ownership of Documents. All plans, diagrams, analyses, reports and information generated in
connection with the performance of the Agreement ("Information") shall become the property of
the City. The City may use the Information for its purposes and the Contractor also may use the
Information for its purposes. Reuse of the Information for the purposes of the project
contemplated by this Agreement ("Project") does not relieve any liability on the part of the
Contractor, but any reuse of the Information by the City or the Contractor beyond the scope of the
Project is without liability to the other, and the party reusing the Information agrees to defend and
indemnify the other from any claims or liability resulting therefrom.
25. Governing Law. This Agreement shall be controlled by the laws of the State of Minnesota.
Executed as of the day and year first written above.
Reviewed for form:
CITY OF PRIOR LAKE
City Attorney
Mayor
City Manager
EHLERS & ASSOCIATES, INC.
By:
Its:
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EXHIBIT A
As excerpted from the attached document "A Proposal to the City of Prior Lake for Financial Advisory
Services", dated July 31, 2006, Ehlers & Associates, Inc. will provide the City of Prior Lake and Prior
Lake Economic Development Authority with Redevelopment Management Services for the
redevelopment of Blocks 2 and 4 in Downtown Prior Lake, from project inception through implementation.
Services will be comprised of general project management and financial services, and coordination of
key project activities needed to complete redevelopment, including but not limited to managing the
request for proposal process, establishing a tax increment financing district, selecting a master
developer, developer negotiations, and securing development agreements.
Manaaement
· Establish a project management team and a strategy to implement redevelopment of Blocks 2
& 4 in Downtown Prior Lake
· Coordination of property acquisition by developer
· Develop and manage the public participation process through effective public involvement and
communications.
· Implement use of Ehlers' website product to enable staff, consultants and developers to share
data and schedules over the Internet
· Coordinate project communications and marketing with City's communications staff and
developer '
· Work with City and VFW in incorporating a new VFW facility into the redevelopment project
· Preparation of master development agreement
· Assistance with special legislation if appropriate
ReauestforProDosalProcess
· Manage the Request for Proposals process:
- Development of Request for Proposals, to include developer as acquirer of the necessary
properties
- Issuance of Request for Proposals
6
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- Selection of Developer
TIF I Proiect Financinq
· Preparation of project budget
· Project financial feasibility analysis
· Development proforma analysis
· Determine the appropriate returns for the developer
· Determine the appropriate level of assistance, and assure maintenance of that level through the
process
· Creation and modification of tax increment financing district(s)
· TIF qualification
· TIF process coordination
· Conduct and evaluate the "but for test"
DeveloDer Neaotiations
· Development negotiations with selected developer
· Assist with the development agreement
7
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A Proposal to the
City of Prior Lake
for
Financial Advisory Services
July 31, 2006
Firm Name and Address PrimarY Contact
Ehlers & Associates, Inc. Rebecca Kurtz
3060 Centre Pointe Drive 651/697-8516
Roseville, MN 55113 Rkurtz@ehlers-inc.com
PrimarY Contact
Sid Inman
651/697 -8507
Sid@ehlers-inc.com
.
EHLERS
& ASSOCIATES INC
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31,2006
-1-
TABLE OF CONTENTS
1. Ehlers' General Company Profile...... ................................. ......... 3
2. Experience Working With Communities That Have
Comparable Characteristics to the City of Prior Lake... . . . . . . . . . . . . . . . . . . ... . . 5
3. Experience in Providing Development Services........................... 8
4. Experience in Providing Economic Development and Housing Financing
Services... ... ... ... ... ... ... ... ... '" ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .... 9
5. Experience in Tax Increment Financing (TIF) Compliance and Document
Preparation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
6. Professional Staff Assigned to Work With City Staff, Including Lead
Representative... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .... 12
6. Five (5) References of Contact Persons... ... ... ... ......... ... ...... ...... ... .... 15
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-2-
1. Ehlers' General Company Profile
Introduction
Ehlers & Associates, Inc. provides local governments with a wide range of financial services. We
specialize in comprehensive services relating to bond issuance and debt management, financial
planning, and community economic development and redevelopment. Our full service approach
provides unique financial solutions including strategic planning, negotiating development
agreements, proforma analysis, rate/fee studies, legislative research and support, impact analysis,
referendum support, annexation/merger plans and school enrollment and projections.
We are proud of our long-term relationships with our clients. We don't just do "deals" -- we help
build communities. Ehlers has the experience and resources to help you through the maze of
financial options, offering practical and creative solutions to help you build a better community.
History
Ehlers service to local government begins in 1955. History is more than a statistic. Almost 50
years of continuous service means:
Stability--Ehlers will be there when you need us. Our employee turnover is very low and our
corporate structure is designed for the long-term.
Adaptability--We have adapted to the multitude of changes in state law, federal regulation, market
conditions, local government finance, and pressing local issues.
Perspective---We bring the results of the lessons learned from 50 years of service to local
government in the upper Midwest.
In 1997, Ehlers built and occupied new home offices in Roseville, Minnesota, and expanded the
space in 2003. This building was designed specifically to meet our current and future needs and the
location provides easy access to our clients.
Ehlers maintains a fully staffed 14-person office in Brookfield, Wisconsin and an eight person office
in Lisle, Illinois.
Ehlers' service capacity has grown remarkably in the past decade as the firm has more than
doubled in size. Today, we have a total of 64 employees in our three offices, with over 40 in
Roseville alone. These talented people enable the firm to add clients and offer new services while
continuing to meet the needs of existing clients.
We believe that financial advisory services must be based on a clear understanding of local
government. In the Minnesota office, 15 of Ehlers' financial advisors have worked in government
for a combined total experience of 164 years in direct public service. Ehlers staff has worked in city
management, county administration, city financial management, school district administration,
redevelopment agency management, HRA executive director, regional planning, state agency
services, and state legislature support. This first-hand experience helps to make Ehlers a financial
advisor and not just a bond consultant. While debt financing is the majority of our work, over 30%
of our revenue is derived from general, non-bond financial consulting.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31,2006
-3-
Independent
The term independent is a hallmark of our firm. Our policy has been to always remain independent
of any underwriting or investment banking interest in any financial service provided. This means
that our only interest is representing your interests in non-bond financial consulting or in the
financial markets. Ehlers & Associates is a charter member of the National Association of
Independent Public Finance Advisors.
Employee-Owned
When a firm claims to be employee owned - know what that means. Does it mean one employee
owner or a small group of employee owners? At Ehlers, it means that all employees have
ownership through an employee's stock ownership trust (ESOT). Ehlers is unique in this regard.
Ownership sets the tone for the operation of the firm and the nature of the services you receive. All
employee ownership at Ehlers means:
· Every Ehlers employee has a vested interest in providing the best possible service.
· Our focus is on the long-term success of the firm and its clients, not solely on short-term
profit and return on investment.
· A horizontal corporate structure which gives individuals autonomy in decision making.
· A quality control process that requires third party reviews of every tax increment financing
plan and every proposed bond issue.
Technology
Making effective use of technology is essential. Ehlers is committed to keeping pace with
constantly changing computer technology. However, technology for its own sake, misses the
target. Technology must be applied to provide better service to our clients. Ehlers does this by:
· Leading the way onto the Internet with the first public finance website for local government
in Minnesota and Wisconsin. Our website brings you information on Ehlers, bond sales,
local government finance, and legislation.
. Internet bidding available at no charge on bonds for all clients.
. Using e-mail to expand access to Ehlers' staff and to exchange data in new ways.
. Creating individual web sites for public participation in significant projects.
. Interactive web sites for citizens to calculate the property tax impact of referenda and other
significant projects.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31,2006
-4-
2. Experience Working With Communities That
Have Comparable Characteristics to the City of
Prior Lake
Ehlers & Associates knows what it takes to convert financing plans into reality. This knowledge
comes from helping cities face the challenges of limited resources and multiple demands. The
following case studies highlight Ehlers' experience with cities that have comparable characteristics
to Prior Lake.
Richfield, MN
Richfield has faced a number of challenges of a first ring suburb. Ehlers has assisted the City
with proving that redevelopment is a powerful force. In recent years, significant redevelopment
successes can be seen in:
· Shops at Lyndale
· Richfield Rediscovered
· Airport expansion
· Best Buy
Ehlers played an extensive role in the redevelopment of Richfield. Our staff has played an active
role in creating and implementing the finance plans that were keys to each of these projects.
Ehlers is currently involved with the Cedar Avenue Redevelopment Area (CARA). CARA is a
redevelopment project, which was necessitated by the expansion of adjacent Minneapolis - St. Paul
airport. The 300-plus acre residential area will be redeveloped to airport compatible uses including
retail, office, hospitality and specially insulated replacement housing. Ehlers provides project
management services including:
· Preparation of master development agreement
· Development proforma analysis
· Preparation of project budget
· TIF qualification
· Assistance with special legislation
· TIF process coordination
· Coordination of acquisition, communications, project marketing
· Developer negotiations
· Project financial feasibility analysis
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-5-
Hopkins, MN
The Downtown area is the heart of Hopkins, and Ehlers has played an extensive role in its
redevelopment. The City's most recent achievement is the construction of Market Place Lofts, a
mixed-use development consisting of 42 condos and 17,000 sq/ft of retail. Other downtown
projects include the construction of the Hopkins Center for the Arts and a restaurant/theater
complex. Ehlers evaluated options and assisted the City in the implementation of the facilities
finance plan, as well as completed proforma analysis and negotiations of the development
agreement.
Since housing is an important part of the vitality of downtown Hopkins, Ehlers assisted the City with
the redevelopment of a mobile home park into 66 town homes. This redevelopment had been a City
goal for more than 15 years and was realized in 1996. The financing for the development included
a complex mixture of five series of revenue bonds, general obligation tax increment bonds, and
pay-as-you-go notes. Our first objective was to protect the City's long-term financial interests while
at the same time providing an incentive to the developer of the project to build quality town homes
and stay on budget for the project. Attesting to the success of the project are the sale of all housing
units and the retirement of two of the bond issues.
County Road 3 Corridor Study. Ehlers' staff served on a multi-firm team that created a
comprehensive plan for the reconstruction of County Road 3 and the redevelopment of the adjacent
land uses. Ehlers conducted financial analysis to determine the feasibility of project alternatives.
The finance plan created through the Corridor Study will allow the City to finance its share of the
project without a complicated application of special assessments. In 1997, Ehlers implemented
phase one of the plan with the issuance of General Obligation Tax Increment Bonds.
Eagan, MN
Eagan, Minnesota is a vibrant community of about 66,000 people located in the southeastern
portion of the Twin Cities Metropolitan area. Eagan's once vital Cedar Grove gateway area has
experienced a lack of new investment due to changes in retail marketing trends and other
development in the southern part of the metropolitan area.
In an effort to revitalize the area, the Cedar/Highway 13 Taskforce was formed in 1998 and began
implementing their vision to "once again make the area a strong vibrant gateway to the City of
Eagan by creating a viable mixed-use area that utilizes its highway visibility and accessibility, while
maintaining compatible land use relationships with surrounding uses." The Taskforce also
developed five goals for the redevelopment:
. Revitalize Cedar Grove Area as a gateway/landmark of the community.
. Improve traffic access and circulation to and through the area.
· Encourage a mixture of market-supportable land uses compatible with one another and with
the surrounding area.
· Incorporate new urban development expectations by incorporating a pedestrian focus,
transit opportunities, mixed residential and commercial uses, uniform and cohesive design
elements, structured parking and public green space.
· Protect long-term vitality of residential areas adjacent to commercial areas and consider the
needs of existing businesses in redevelopment or relocation efforts.
Implementation of the plan moved slowly because of a variety of complex issues.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-6-
In 2004, the City completed a second Request for Proposal process and partnered with Schafer
Richardson to complete a multi-phased, mix-use redevelopment project. The Schafer Richardson
development plans include over 900 housing units with a mix of town homes, apartments and flats,
as well as over 250,000 square feet of retail space. The plans also include a transit station and the
possibly of future access to bus rapid transit. The first phase of construction is expected to begin
later in 2006, and like all large redevelopment projects, the project will take several years to
complete.
Additional redevelopment has been spurred in the area and includes a 126-unit senior living
facility, a 230-unit townhome and condominium project, as well as additional housing and
warehouse projects.
The City of Eagan retained Ehlers' financial and project management services to assist with the
project and coordination of activities. Ehlers staff worked with the City to establish a project
management team and a strategy to implement the redevelopment of the Cedar Grove area, as
well as to assist with managing and implementing other redevelopment projects in the community.
The plan identified key activities needed to complete the redevelopment, such as establishing the
tax increment financing district, selecting a master developer, and securing development
agreements.
A project team that includes key staff met weekly to monitor the project's status, set project
deadlines and resolve any redevelop
Elk River, MN
Elk River is very much like many small historic communities. Its historic downtown was experiencing
pressure from large retailers on the edge of town, and was in need of revitalization. But like many
communities, Elk River had a number of failed proposals and efforts to begin redevelopment.
Elk River began working with Ehlers & Associates as its redevelopment consultant in 2001. In
September 2001, Elk River's Housing & Redevelopment Authority developed a problem statement,
identified the core business district as the focus of the redevelopment, and developed a primary
goal for redevelopment.
In February 2002, the HRA held an open house for the community on design objectives, concepts
and development strategies. In March, the HRA issued a request for proposals from developers
and received five submittals.
Developer MetroPlains has received approval for the project which will encompass two blocks -
Bluff and Jackson - and construction is scheduled to begin in 2005. The project will include 20,000
square feet of commercial development and both for-sale and rental housing units, along with a
riverwalk connection to a city park to be built among the river.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31,2006
-7-
3. Experience in Providing Development Services
Creation of New Financing Tools
Ehlers is truly a leader in creating new financing tools to assist our clients in meeting their
development and redevelopment goals. We have been instrumental in assisting cities structure
new legislation for needed tools, as well as providing fiscal impacts analysis and testifying. In
addition we have assisted several cities in creating new redevelopment loan programs.
Our roles as active members of several trade organizations also offer opportunity to expand tools
on a general legislation basis, such as the new city capital improvement bond authority.
Alternative Financing Options
A good example of finding new ways to finance projects is the City of Elk River lease revenue bond
project. For a major building project, the City Council had artificially capped the total debt amount
at a specific dollar amount. We had originally expected to structure the financing as a lease
revenue bond to be sold by the City's EDA. When construction costs exceeded budget, we were
able to keep the bond issue the same size by convincing MBIA to insure the bond issue and to
supplant a bond funded debt service reserve with a surety bond. The surety bond, given current
investment rates, also saved the City tens of thousands of dollars in negative arbitrage.
Revenue Bond Financing
Ehlers is serving as financial advisor to Anoka County on the Vikings stadium and has been
involved in planning for the County's potential $215,000,000 sales tax revenue bonds for the
project. Ehlers has also issued RFP's for underwriting services on revenue bond projects as
diverse as a $19,000,000 CitylYMCA combined community center in Andover; and $6,000,000
telecommunications financing to install fiber optics in every home in a Minnesota city.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-8-
4. Experience in Providing Economic Development
and Housing Financing Services
Ehlers has a 16 person team that is dedicated to assisting cities meet their development and
redevelopment objectives. The majority of the team members have worked for local, county or
State government and understand the development goals from the City's perspective. Our
redevelopment experience is best described by the results achieved by our clients. A few recent
examples of successful projects, include the Apache Plaza redevelopment in St. Anthony, the
Heart of the City in Burnsville, the Excelsior and Grand project in St. Louis Park, the
Snelling/Larpenteur Redevelopment in Falcon Heights, the Gateway Redevelopment in St. Paul,
and the K-Mart Redevelopment in Columbia Heights. We also understand the value of smaller
redevelopment projects for larger and smaller cities. Examples of smaller redevelopment efforts
include the Richfield Rediscovered project, which replaced blighted homes with new homes on a
parcel-by-parcel basis; small mixed-use developments in Little Canada; and downtown
redevelopment planning in Rosemount.
Other details of redevelopment include comprehensive communications strategies for any new
redevelopment projects and project management for cities short on community development staff.
For long-term redevelopment we have a new website product which enables staff, consultants and
developers to share data and schedules over the Internet.
In our work evaluating the "but for test" through proforma analysis, we are able to measure what
are appropriate returns for the developer and initiated the concept of a "Look Back" provision within
development agreements. In addition our knowledge on development costs, private financing
requirements and returns required by commercial, industrial, for sale housing and rental developers
is unsurpassed by our competitors and assures our client that the appropriate level of assistance is
provided.
Ehlers is a full service advisory firm. While the bonding process and economic development are a
major emphasis of our business, our goal is to help communities grow and be a viable contributor
to the general economy of the area. In many cases, communities need to undertake short and
long-range planning for capital and budgetary needs, undertake user rate studies and delivery
systems and be able to provide adequate timely and accurate information to the general public.
Our staff specializes in these areas and will work with you to identify the need for any special
project work. We will not recommend the undertaking of a project just because we have the
expertise. Rather, we will provide the necessary personnel and resources to accomplish your goals
and needs.
Request for Development Proposal Services
Ehlers' experience is that the management of the Request for Proposal process is labor intensive
during the initial phase of the process and decreases after selection of the developer. The real
expense is in the on-going project management and development negotiations with selected
developer. Ehlers has assisted numerous communities with their efforts in selecting a developer for
a project. These communities include Eagan, Elk River, North Branch, Richfield and St. Anthony.
The request for proposal should include detailed explanations of what outcomes the City is looking
for to ensure that the developers' responses meet the City's expectations. While our experience
says that many developers do not want to spend a lot of money on the report, the RFP should list
specific items that the developers must address. For example, if tax increment is involved, the
developer should be required to discuss values, phasing and perceived gaps in financing.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31,2006
-9-
Development Management Services
Ehlers provides the most extensive set of Redevelopment and Development Management Services
available to cities embarking on redevelopment projects. We have assisted communities at a wide
range of points in the redevelopment/economic development process on projects ranging from
$500,000 to $170 million with an aggregate value of $1.7 billion. These services have included
working with community-based task forces, development and coordination of RFP's, developer
selection, grant writing and project management from project inception through implementation.
Service Club Relocation
Service clubs, such as VFWs and American Legions are the fabric of our communities, and many
downtown redevelopment projects include incorporating a new facility into the redevelopment or
relocating the service club. Ehlers is familiar with the special relationships that service clubs have
and has been successful in addressing these issues in other cities. Ehlers has worked with several
communities, including Richfield, Rosemount and Sauk Rapids, in the relocation of their service
club as a part of a downtown redevelopment.
Developer NegoUaUons
Ehlers has extensive experience in developer negotiations; negotiating development agreements
with an aggregate value of $1 billion for clients on public-private development projects that include
wide range of commercial, residential and mixed used developments. But just as critical as
experience in this area, is the need for a financial advisor that is independent. Ehlers works only for
public sector clients and will not work for developers, ensuring that you can avoid even a perception
of any conflict of interest.
Pro Forma Analysis
One of the biggest challenges communities face when working with developers is determining what
is the appropriate level of assistance. Ehlers financial advisors regularly conduct Pro Forma
Analysis for communities pursuing redevelopment, to help assess the appropriate level of need and
developer assistance.
Referendum Planning and Public Participation Process
It is becoming more and more difficult for communities to gain support for redevelopment, for
community investments (public facilities and infrastructure) and for budget measures that raise
revenue and reduce services. The public expects to be involved earlier in the process. Ehlers has
developed a public participation process that is helping communities achieve results through
effective public involvement and communications.
Grant Writing
Ehlers has extensive knowledge in grants that are available to communities for planning,
development and redevelopment projects. Ehlers routinely writes grants proposals for clients that
are undertaking these types of projects, but do not have the staff available or staff time to prepare
them.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-10-
5. Experience in Tax Increment Financing (TIF)
Compliance and Document Preparation
Financial advisors are often viewed as "bond consultants", but debt is only one part of municipal
finance. Ehlers & Associates provides services geared to meet the wide range of financial issues
facing local government.
Local financial resources often play a role in economic development. Ehlers' staff brings the
experience gained from participation in hundreds of development projects. This experience covers
all forms of development and all types of public participation. Ehlers helps you assemble the pieces
of the puzzle determining need, assessing risk, evaluating options, and making it happen.
Tax increment financing (TIF) serves as the primary development finance tool for many cities. No
one knows TIF better than Ehlers! Ehlers & Associates has more experience in the use of tax
increment financing than any other financial advisory firm. Ehlers' TIF qualifications include:
. Ehlers' staff has participated in more than 800 projects requiring the creation, modification
and use of tax increment financing districts
. 16-person TIF team focusing on the use of tax increment financing
. Two full-time TIF process coordinators
. Preparing of annual state auditor reports and the development of TIF reporting software
. Presenting annual Ehlers & Associates Seminar on tax increment financing
. Performing TIF compliance reviews to allow cities to be proactive in identifying issues and
problems before they are uncovered by the Office of the State Auditor (OSA)
. Making recommendations for systems to accommodate the requirements of the OSA, and
assisting communities in responses to questions and/or non-compliance issues
We also understand the importance of taking care of the details. One area of expertise is our
practice in the new laws extending terms of TIF districts, deficit pooling and changes to tax rates
necessary for meeting G.O. TIF Bonds as well as internal loans and revenue bonds. The laws
provide a great amount of flexibility, especially for cities that may have a large amount of non- TIF
resources in TIF accounts.
We have a great working relationship with the Office of the State Auditor (OSA) and we are asked
by the OSA to participate in their seminars, for opinions on interpretation of TIF statutes and they
are pleased with the standard we have set in proforma analysis and look back provisions for
meeting the required "But-For" findings. This relationship is further distinguished by the mutual
respect two of our employees (a CPA and a former county TIF employee) who are responsible for
completing OSA TIF reporting forms and responding to OSA inquiries and audits have with the
OSA staff.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-11-
6. Professional Staff Assigned to Work with City
Staff, Including Lead Representative
Staffing is a critical element of this proposal. The people who provide the service have a direct
effect on the quality of the service. Ehlers & Associates uses a team approach. One financial
advisor will have primary responsibility for our work with Prior Lake and will be assisted by several
other financial advisors and research analysts. This approach fixes responsibility and assures
continuity of service for the client from the time of the proposal through any follow-up work on a
bond issue. Additionally, it allows a better match of Ehlers' staff expertise and experience to the
particular needs of the City. Prior Lake may find after a period of time that another financial advisor
within our firm is better suited to serve the particular needs of the project. We encourage this type
of flexibility and interchange.
Ehlers & Associates offers a group of individuals with an exceptional combination of expertise and
experience to act as the financial advisory team for Prior Lake. We propose that Rebecca Kurtz
and Sid Inman serve as the lead advisors for the City. All members of the team are located in our
Roseville office.
Rebecca Kurtz would serve as the primary contact on all matters related to tax increment, economic
development projects and redevelopment projects. Rebecca has over 11 years of experience in
the area of public finance and redevelopment. She has extensive experience in tax increment
financing, abatement, project management, proforma analysis, communications strategies, and
program development.
Sid Inman would serve as the primary contact on all matters related developer negotiations and
proforma analysis. Sid has over 26 years of experience in the area of public finance and
redevelopment. Sid has extensive experience and is an industry leader in tax increment, developer
negotiations, proforma analysis and bond work.
Rebecca and Sid are partners for several other major Minnesota clients including Eagan, Richfield,
Hopkins and Elk River.
Complete Resumes to follow.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
- 12-
Rebecca Kurtz, CIPFA
Financial
Advisor
Bachelor of
Science
(Business
Economics and
Journalism --
Advertising),
South Dakota
State
University
Certified
Independent
Public Finance
Advisor
EXPERIENCE
· Over 11 years of experience in economic development, housing, and
redevelopment.
· Served as Business and Community Development Representative for the
Minnesota Department of Trade and Economic Development.
· Expertise in the creation of Tax Increment Financing (TIF) Districts, rules
and regulations.
· Development of short and long-term plans, policies, procedure and priorities
for Economic Development and Redevelopment.
· Extensive knowledge and experience in redevelopment and project
management.
. Negotiation of major development and redevelopment agreements.
· Experience with issuing various types of general obligation and lease
revenue bonds and refundings.
SPECIAL EXPERTISE
. Tax Increment Financing
. Tax Abatement
· Redevelopment Project Management, including coordination of planning,
public involvement, development recruitment, financing options, financial
analysis, project budget, and communications.
PROFESSIONAL MEMBERSHIPS
· Economic Development Association of Minnesota - President
. National Association of Independent Public Financial Advisors
. National Association of Housing and Redevelopment Organizations
. Minnesota Government Finance Officers Association
. Minnesota City Clerks Association
. Mid-America Economic Development Council
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-13-
Sid Inman, CIPFA
Senior Financial
Advisor
EXPERIENCE
Master in Public
Administration,
Universities of
Northern
Colorado and
Alaska
. Actively involved in local government finance since 1978.
. Served as financial advisor to cities in this region.
. Served as Financial Analyst for Minnesota Public Schools.
. Served as Finance Director for the City of Fridley.
. Participated in over 200 different development projects covering all
forms of local participation in the development process.
. Participated in public finance projects involving all forms of borrowing
including general obligation municipal bonds, revenue bonds, current
and advance refundings, lease purchases and economic development
issues.
Bachelor of Arts
(Business
Administration)
University of
Northern Iowa
SPECIAL EXPERTISE
Three years of
advanced
doctoral studies
University of
Minnesota
. Recognized leader in field of tax increment financing in the State of
Minnesota, involved in the creation of more than 200 tax increment
financing districts.
. Significant experience in conducting financial feasibility and pro-forma
analysis of development projects.
Certified
Independent
Public Finance
Advisor
PROFESSIONAL MEMBERSHIPS
. National Association of Independent Public Financial Advisors
. National Association of Housing and Redevelopment Organizations
. Economic Development Association of Minnesota
. Minnesota Government Finance Officers Association
. Minnesota City Clerks Association
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-14-
6. References of Contact Persons
We have tried to provide a list of Minnesota cities, which are served directly by members of the City
of Prior Lake team:
City of Hopkins: 952/935-8474
Jim Kerrigan, Economic Development Authority Director
City of Richfield: 612/861-9700
Steve Devich, City Manager
Chris Regis, Finance Director
City of Elk River: 763/635-1000
Scott Clark, Community Development Director
City of Eagan: 651/675-5000
Jon Hohenstein, Community Development Director
Fees
At Ehlers & Associates, our general philosophy on billing is if a client is not happy with the service,
we ask them not to pay the bill. We often do not operate with a contract and are retained on an as-
needed basis. The majority of our non-bond work is an estimate of a not-to-exceed at the outset of
the project, and a monthly bill based upon actual time spent thereafter.
Our experience with the management of the Request for Proposal process is that it is labor
intensive in the short-term, and decreases in the long-term. The real expense is in the on-going
project management and negotiations with the selected developer.
For example, in the City of Elk River it was two years before the development negotiations and
agreement were approved and construction was commenced. The process for the City of Eagan
has also been lengthy. It has been about three years to complete the development negotiations and
signed agreement, and recently the developer has requested the City to renegotiate the contract.
Because the fees are based on the complexity of a project, Ehlers usually bills projects at an hourly
rate with a not to exceed amount. Ehlers proposes that fee for the Redevelopment of Block 2 and
Block 4 in the City of Prior Lake not exceed $15,000. At the time the not to exceed amount if
reached, Ehlers meets with the clients to review the services to determine if you choose to continue
with the services.
We urge you to talk to the clients that we have worked with to receive feedback on this approach:
City of Hopkins: 952/935-8474
Jim Kerrigan, Economic Development Authority Director
City of Richfield: 612/861-9700
Bruce Palmborg, Housing and Redevelopment Authority Director
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31,2006
-15 -
City of Elk River: 763/635-1031
Scott Clark, Community Development Director
City of Eagan: 651/675-5000
Jon Hohenstein, Community Development Director
Unless otherwise agreed to by the City and Ehlers, additional services will be charged on an hourly
basis according to the following fee schedule and are subject to annual adjustments.
Financial Advisor
$175/hour
$135/hour
$65/hour
Financial Analyst
I Clerical Support
We do not charge for mileage or regular business expenses except for messenger and overnight
services. We reserve the right to annually review the fees and adjust them to account for inflation.
The establishment of a tax increment district includes all necessary resolutions and documents at a
flat fee of $7,500 to $15,000 depending upon the type of district and the number of parcels.
Ehlers is willing to negotiate a final fee schedule as part of each assignment, and we are also able
to provide written estimates of costs for individual assignments.
Proposal for Financial Advisory Services from Ehlers & Associates, Inc.
For the City of Prior Lake, Minnesota
July 31, 2006
-16-