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4.1. EDSR 02-23-2016 C 4): ElRequest for Action River- To Item Number Economic Development Authority Finance Committee 4.1 Agenda Section Meeting Date Prepared by General Business February 23,2016 Amanda Othoudt, EDD Item Description Reviewed by Cornerstone Elk River,1.1 C Property Tax Cal Portner, City Administrator Abatement review Reviewed by Action Requested Consider and recommend the EDA deny a property tax abatement for Cornerstone Elk River, EEC. Background/Discussion The city received an application for property tax abatement assistance for Cornerstone Elk River, LLC requesting a 15-year pay-as-you-go property tax abatement from the city in the amount of$134,037. Cornerstone of Elk River is a family-owned business that is over 50 years old. The company was founded in the early 1960's when Oran Powell built Brookdale Ford, in Brooklyn Center, the largest Ford dealership in Minnesota for more than 35 years. The Powel's acquired Elk River Ford in 1972 and is their longest continuously operating store. Scott Powell, Oran's son, became owner and operator in 1983. They expanded in Elk River with a Chrysler and Dodge franchise in 1989, followed by Jeep in 1998, and filially KIA in 2009 with an expansion to the KIA dealership in 2015. They are the only new car dealer within eight miles of Elk River. Since 2010, Cornerstone has added a pre-owned location in Plymouth and a Chevrolet store in Monticello. A third generation of Powell's is now continuing the family legacy of automobile dealership management. Cornerstone of Elk River is proposing a 28,861 square foot expansion of three separate areas of their building. In the northwest corner they are proposing a new 8,136 square feet of office and showroom space for Chrysler and Ford. In the Northeast corner of their building, they are proposing 4,281 square feet of parts and service space including a new locker room for additional service technicians. In addition, they propose an 11,444 square feet expansion to their service island and a new Oil Express wing in the southwest corner of their building which will increase their ability to conduct oil changes, expedite service and free up five hoists in their main shop to perform major auto repair services. Cornerstone currently employs 108 full- and 44 part-time employees. With the expansion, they propose to hire at least 50 additional employees at a weighted average of all new hires of$25.83/hr. Their application indicates that they will commit to 20 new positions within the first year. The estimated market value of Cornerstone as of January 2, 2015, for taxes payable in 2016 is $2,824,900 which is assumed to be the base value. The estimated market value after construction is $3,799,800 as provided by the county assessor. The incremental value of$974,900 would be abated. The estimated total IFIEI NATURE annual taxes generated from the expansion payable in 2018 is estimated at$20,638 assuming that only the partial value will be collected for the first year after completion of the project, and$27,517 for years 2019- 2032 representing the full market value. The applicant is requesting abatement of 100% of the city portion of the taxes in the amount of$6,815 in year one (2018) reflecting the partial value and 9,087 for years 2-14 reflecting the full estimated market value of the project for a total property tax abatement request of$134,037 over 15 years. Tax Abatement The attached memo from Springsted summarizes the analysis completed to date. The project scored 30 out of 45 total possible points,indicating a moderate project desirability rating. The property tax abatement policy indicates that the developer shall demonstrate that the project is not financially feasible but-for the use of Tax Abatement.The policy indicates that the city will consider the use of Tax Abatement assistance for projects that may not meet the hu/-forand job creation criteria, but rather would be considered a location incentive. These projects may result in other public benefits such as significant tax base increase, the creation of higher paying jobs (at least twice the minimum hourly rate stated in the City's Business Subsidy Policy), and is likely to assist in the marketing and attraction of additional desired developments. This project does not need a location incentive and shows no evidence of attracting additional desired developments. Springsted's but-for analysis indicates the project has other means in which to reduce a potential financing gap and could proceed without public assistance. Based on past workshop discussions, staff has highlighted the recent use of financing tools such as property tax abatement and tax increment financing,and discussed reserving this type of assistance strictly for project gap financing or to assist in extraordinary site mitigation costs associated with project development. Financial Impact The property tax abatement request would result in the abatement of$134,037 in city property taxes over the next 15 years. Attachments • Property Tax Abatement Application • Tax Abatement Score Sheet • Springsted Analysis (February 19, 2016) • Cornerstone Auto, 1.1 C Project Plans ELS * Pn A6. — to %* t j I ton wi 140 February 1,2016 City of Elk River Amanda Othoudt Economic Development Department 13065 Orono Parkway Elk River, MN 55330 Cornerstone Elk River is committed to doing the expansion project described in our Tax Abatement application in the time frame outlined and create the jobs listed. This is our pledge. Sincerely, ( - ..,/ c, Robert Powell.,Vice President Cornerstone Auto 17219 Highway I 0 NW Elk River, Minnesota 55330 (763)441-2300 WeHs Fargo Dealer Sex vit.es MAC N9141-030 670 Mantgltt Road Not t Susie 301 Sm NA MN 55119 itaV Tel 651 205 8590 la 66 1 205 8508 January 28,2016 Mr.Scott Powell President Cornerstone Auto Group 17094 Vance St.NW Elk River, MN 55330 Dear Scott, We are pleased to announce that Wells Fargo Is in the process of underwriting and due diligence to approve a mortgage loan on behalf of Cornerstone Elk River,LLC(Cornerstone Ford and Cornerstone Chrysler). The following are the suggested terms of the loan: Mortgage Loan Borrower: Cornerstone Elk River,LIC Amount: $4,800,000 Interest Rater 1 month LIBOR+2.25%floating(2.67%currently) Payback Period: 5 Year term/20 Year amortization Prepayment Penalties: 2%of amount prepaid for the first 3 years after origination Approximate annual principal payment: $240,000 Guarantors: Scott Powell and other Cornerstone entities Collateral: Mortgage on the Cornerstone Elk River,tic property If you have any questions on this approval please contact me at your convenience. Sincerely, ( ( William P.Schinechel Vice President cy,far •. Cityof ( ..,,, Elk Riv Tax Abatement Policy & Application Amended:February 2014 Amended:May 2006 Amended,August 2002 Adopted: April 10,2000 City of Elk RP+tr 1 Olaomic Derek:pm fir D111,1, 1 13065()rono Parkm.,o, LI.Rircr,MN, 55330 763 635 104') Table of Contents I. Policy Purpose 3 II. Difference Between Tax Abatement & Tax Increment Financing 3 III. Objectives of Tax Abatement 3 IV. Policies for the Use of Tax Abatement 4 V. Project Qualifications 5 VI. Subsidy Agreement & Reporting Requirements 6 VII. Application Process for Tax Abatement 7 City of Elk River 7 Application to Other jurisdictions 7 VIII. Application for Tax Abatement 8 Applicant Information 8 Project Information 9 Public Purpose 9 Sources & Uses 10 Additional Documentation and Checklist 11 IX. Sample But-For Analysis 12 X. Application Review Worksheet 13 Xl. City of Elk River Business Subsidy Policy 15 ot 14 NATURE I. POLICY PURPOSE For the pireposei o/thei doriemen4 the leen -00"thall include the Elk River Citi Coun,i4 Economic Development firdlir,nty,and 1-iorin,k and Redevelopmen/Antheaity. The purpose of this policy is to establish the City of Elk River's position relating to the use of Tax Abatement for private development above and beyond the requirements and limitations set forth by State Law. This policy shall be used as a guide in the processing and review of applications requesting Tax Abatement assistance. The fundamental purpose of providing Tax Abatement in Elk River is to encourage desirable development or redevelopment that void not otherwise occur bid-/or the assistance provided through the Tax Abatement. The City of Elk River is granted the power to utilize Tax Abatement by Minnesota Statutes,Sections 469.1812 to 469.1815 (the "Minnesota Tax Abatement Act"), as amended, It is the intent of the City to provide the minimum amount of Tax Abatement,as well as other incentives, at the shortest term required for the project to proceed. Preference is given to projects in which the total amount of Tax Abatement request includes participation from the county. The City reserves the right to approve or reject projects on a case by case basis, taking into consideration established policies, project criteria,and demand on city services in relation to the potential benefits from the project. Meeting policy criteria does not guarantee the award of Tax Abatement to the project. Approval or denial of one project is not intended to set precedent for approval or denial of another project. II. DIFFERENCE BETWEEN TAX ABATEMENT AND TAX INCREMENT FINANCING The primary difference between Tax Abatement and Tax Increment Financing (TIF) is the way in which the dollars are awarded to the project, When TIF is awarded to a project by the cit-y,the other taxing jurisdictions (the school district and the county) arc required to contribute their portion of the increased taxes to the project.Conversely, when Tax Abatement is requested, each political subdivision has the option of granting its portion of the increased taxes to the project. Subsequently, the dollars generated for the project with Tax Abatement are generally less than the dollars generated with TIP. III. OBJECTIVES OF TAX ABATEMENT As a matter of adopted policy, the City will consider using Tax Abatement to assist private development projects to achieve one or more of the following objectives: O To retain local jobs and/or increase the number and diversity of jobs that offer stable employment and/or attractive wages and benefits as defined in the City's Business Subsidy Policy O To enhance and diversify the City of Elk River's economic base. O To encourage additional unsubsidized private development in the area, either directly or indirectly through "spin off" development. 1,2go 3 of 14 .F 1E1E10 111 . ;NATURE. C To facilitate the development process and to achieve development on sites which would not be developed without Tax Abatement assistance. • To remove blight and/or encourage redevelopment of commercial and industrial areas in the cih: that result in high quality redevelopment and private reinvestment. • To offset increased costs of redevelopment (i.e. contaminated site clean up) over and above the costs normally incurred in development, • To create opportunities for affordable housing. • To contribute to the implementation of other public policies,as adopted by the city from time to time, such as the promotion of quality urban or architectural design,energy conservation, and decreasing capital and/or operating costs of local government. • To significantly increase the City of Elk River's tax base. IV. POLICIES FOR THE USE OF TAX ABATEMENT a. Tax Abatement assistance will be provided to the developer upon receipt of taxes by the City,otherwise referred to as thepaf-asjou-go method. Requests for up front financing will be considered on a case-by-case basis. L. Any developer receiving Tax Abatement assistance shall provide a minimum of ten percent (1(Pcl:0) owner cash equity investment in the project. c. Tax Abatement will not be used in circumstances where land and/or property price is in excess of fair market value. d. Developer shall be able to demonstrate a market demand for a proposed project. e. Tax Abatement will not be utilized in cases where it would create an unfair and significant competitive financial advantage over other projects in the area. Tax Abatement shall not be used for projects that would place extraordinary demands on city services or for projects that would generate significant environmental impacts. g. The developer must provide adequate financial guarantees to ensure completion of the project,including_ but not limited to: minimum assessment agreements,letters of credit, personal guaranties,and etcetera h. The developer shall adequately demonstrate, to the City's sole satisfaction,art ability to complete the proposed project based on past development Paw. ill 4 NATURE experience,general reputation, and credit history, among other factors, including the size and scope of the proposed project. i. For the purposes of underwriting the proposal, the developer shall provide any requested market, financial, environmental, construction plans or other data requested by the City or its consultants. j. Tax Abatement proposals shall not be used to support speculative office projects. Speculative projects are defined as those projects which have pre leasing agreements or letters of intent for less than 50% of the available space. In addition,leasable office projects must meet the following guidelines: 1. Evidence of the 50°A,occupancy must be reported to the Director of Economic Development six months following an issued Certificate of Occupanc). 2. Of the occupants certified at the six month period, 50%of the jobs must be considered "new" jobs to the City of Elk River, meaning jobs not located in the City at any time prior to occupying space in the project. 3. Business retention jobs will be considered on a one-for-one match to job creation only in cases where job loss is specific and demonstrable in accordance with the Minnesota Business Subsidy Law. Evidence may include documentation that the company will have to close involuntarily, or the company has received an attractive offer to move to another state or community. k. Al] Tax Abatement proposals shall optimize the private development potential of a site. V. PROJECT QUALIFICATIONS All Tax Abatement projects considered by the City of Elk River must meet each of the following requirements: a, The project shall meet at least one of the objectives set forth in Section Ill of this document. b The use of Tax Abatement will be limited to: • Industrial development,expansion,redevelopment, or rehabilitation; or • Commercial redevelopment or rehabilitation;or • Research and development facilities that satisfy Business Park zoning requirements; or • Office facilities with a minimum new construction of 25,000 square feet; or • Residential development and redevelopment may be eligible for Tax Abatement under a separate set of policies and only with the recommendation ofthe HRA. Paw,' 5 of 14 *P0111110 I I; 'NATURE c. The developer shall demonstrate that the project is not financially feasible but:*the use of Tax Abatement. Evaluation of the project's financial feasibility without Tax Abatement shall be provided by the City's financial advisor on all requests of over S25,000 total public investment. d The City will consider the use of Tax Abatement assistance for projects that may not meet the bid*and job creation critena, hut rather would be considered as a "location incentive". These projects may result in other public benefits such as a significant tax base increase, the creation of higher paying jobs (at least twice the minimum hourly rate stated in the City's Business Subsidy Policy), and is likely to assist in the marketing and attraction of additional desired developments. e. The project shall comply with all provisions set forth in the Minnesota Tax Abatement Law,Minnesota gfit•ie Statutes 469.1812 to 469.1815,as amended. I The project must be consistent with the City's Comprehensive Plan,Land llse Plan,arid Zoning Ordinances. g. The project shall serve at least two of the following public purposes: • job creation or job retention. • Significantly increase the tax base. • Enhancement or diversification of the city's economic base. • Development or redevelopment that will spur additional private investment in the arca, • Fulfillment of defined city objectives,such as those identified in the Economic Development Strategic Plan or the City's Comprehensive Plan, among others. • Removal of blight or the rehabilitation of a high profile or priority site. VI. SUBSIDY AGREEMENT & REPORTING REQUIRMENTS All developers/businesses receiving Tax Abatement assistance from the City of Elk River shall be subject to the provisions and requirements set forth by the City's Business Subsidy Policy,and Minnesota Statutes Sections 1161993 to 1163,995 (the "Minnesota Business Subsidy Law"). Paw:6 4 14 .111E1810t NATURE VII. APPLICATION PROCESS FOR TAX ABATEMENT A. CITY OF ELK RIVER Applicant submits the completed application along with a $5,000 application deposit,to be refunded for any portions not utilized if the tax increment project does not proceed. The application deposit will be used toward the cost of services provided in the evaluation of financial feasibility and preparation of legal documents and agreements. Projects that demand professional services in excess of the initial deposit shall be required to reimburse the City for the additional expenses. 2. Cin-staff reviews the application and completes the Application Review Worksheet. 3. Results of the Worksheet are submitted to the appropriate governing authorities (EDA or HRA for recommendation to the City Council of approval or denial of the request. 4. If preliminary approval is granted,all necessary notices, resolutions and agreements are prepared by City staff and/or consultants. 5. Public hearing(s) on the proposed request are held. 6. The City Council grants final approval or denial of the request. B. APPLICATIONS TO OTHER JURISDICTIONS It is recommended that applicants intending to seek Tax Abatement from Sherburne County and/or School District 728 make their applications to those bodies concurrent with their application to the City of Elk River. For more information on applying for Tax Abatement through Sherburne County and/or School District 728,contact: Sherburne County Administrator 763-241-2701 School District 728 Superintendent 763-241-3400 7 ol 14 11117telt 01 NATURE VIII. APPLICATION FOR TAX ABATEMENT A. APPLICANT INFORMATION Name of Corporation/Partnership Address Primary Contact Address Phone has Email Brief description of the corporation/partnership's business,including history,principal product or service: Brief description of the proposed project: Attorney Name Address Phone Fax Email Accountant Name Address Phone Fax Email Contractor Name Address Phone Fax Email Engineer Name Address Phone lax Email Architect Name Address Phonc Fax Email Pagi 8 of 14 l' 1111111 El NATURE B. PROJECT INFORMATION 1 The project will be: Industrial: __New Construction Expansion Redevelopment / Rehab, Office/research facility that conforms to Business Park zoning standards Commercial Redevelopment/Rehabilitation Other 2. In addition to the City of Elk Rivet,applicant is requesting Tax Abatement from: Sherburne County School District 728 3, The project will be: Owner Occupied Leased Space 4: Project Address Parcel Identification Number(s) 5. Site Plan and Construction Plans Attached: Yes No G. Total Amount of lax Abatement Requested: $ over years. City Portion: Annual $ Total S County Portion; A no nal $ Total S 1SD 728 Portion: Annual S Total 7. Current Real Estate Taxes on Project Site: $ Estimated Real Estate'faxes upon Completion: Phase I $ Phase 11 $ 8. Construction Start Date: Construction Completion Date: If Phased Project: Year . °ft!Completed Year (y0 Completed C. PUBLIC PURPOSE It is the policy of the City of Elk River that the use of'lax Abatement should result in a benefit to the public. Please indicate how this project will serve a public pur)ose. Job Creation/Retention Number of existing jobs Number of jobs created by project Average hourly %'age of jobs created/retained New industrial development which will result in additional private investment in the area. Enhancement and/or diversification of the City of Elk River's economic base. The project contributes to the fulfillment of the City's Economic Development Strategic Plan. Removal of blight. _Rehabilitation of a high profile or priori!) sitc. Significantly increase the City's tax base. Page 9 14 NATURE D. SOURCES & USES SOURCES NAME AMOUNT Bank Loan Other Private Funds Owner Cash Equity Fed Grant/Loan State Grant/limn EDA Micro I.oan Tax Abatement ID Bonds TOTAL USES AMOUNT Land Acquisition Site Development Construction Machinery& Equipment Architectural& Engineering Fees Legal Fees Interest During Construction Debt Service Reserve Contingencies TOTAL P:tgc of 1.1 ri.0 vfc i iNATURE! VIII.APPLICATION FOR TAX ABATEMENT A.APPLICANT INFORMATION Name of Corporation/Partnership: Cornerstone Elk River, LLC Address: 17219 Highway 10, Elk River, MN 55330 Primary Contact: StephenRoh|f Address: 17219 Highway 10 NW Elk River, MN 55330 Phone: (763)234-0177 Fax Email: srohlf@cornerstoneauto.com Brief description of the corporation/partnership's business, including history, principal product or service: Brief description of the proposed project: Mr.Scott Powell is the sole owner of Cornerstone Elk River. This building has been in his family ownership since 1972We sell new Fords and Chryslers and all makes of used vehicles. We also service all makes of vehicles. We will be expanding three separate areas of our building. The total expansion is 28,861 square feet. In the northwest corner we are proposing a new 8,136 square feet section of office/showroom (4,799 square feet of showroom and 3,337 square feet of office). The new showroom will be for Chrysler and the exiting showroom will be expanded and used for Ford. In the Northeast corner of our building we are proposing 4'281 square feet of parts area and heavy truck service (1,705 square feet of parts and 2,576 square feet of service). The service expansion includes a new larger locker room so additional service technicians may be hired. The last area is an 11,444 square feet expansion of our service lane and a new Oil Express wing in the southwest corner of our building. The Oil Express area will not only increase our ability to do more and faster oil changes, it will also free up five hoists in our main shop for more major auto repair. The expansion of our service lane will lessen traffic confusion at our facility and allow us to have indoor delivery of vehicles, which is especially important during bad weather conditions. Attorney Name: Winston Law Office (John Winston) Address: 815 Wayzata Blvd. East Suite No. 104 Wayzata, MN 56391 Phone:(612) 341'9800 Fax: [muU:luhnPw/ioston|owoffice.com Accountant Name: Lawrence Parkhurst Address: 319 Barry Ave. S. Suite 201 Wayzata, MN 55391 Phone: (952)475-9970 Fax: EmoiLIpwrkhurst0»parkhuotcpu.com Contractor Name: Stephen Rohif Address: 17219 Highway 10 NW Elk River, MN 55330 Phune:1763) Z34'O177Fax: Email: srohlf@cornerstoneauto,com Engineer Name: Bogart Pederson–Civil Engineer(Jon Bogart) Address: 13O76l^Street, Becker, MN 55308 phone:(703) Z67'8DZlFax: Emai|jbowartPbomart'pedenon.com Architect Name: K4a|minAoch)tects. Inc. (Larry yWa|min) Address: Z3UUl'Berkshire Lane NPlymouth, &8N 55441 Phone:/763> 577'9lUOFax: [mai|: |ma|m{n@vaaenm.omm Page 9 of 14 B. PROJECT INFORMATION 1.The project will be: Industrial: New Construction Expansion Redevelopment/Rehab Office/research facility thaconforms to Business Park zoning standards X Commercial Redevelopment/Rehabilitation Other 2. In addition to the City of Elk River, applicant is requesting Tax Abatement from: —Sherburne County–School District 728 3.The project will be: X Owner Occupied Leased Space 4, Project Address: 17219 Highway 10 NW Elk River, MN 55330 Parcel Identification Number(s) Lot 1, Block 1,Jabez 75-821-0105 5.Site Plan and Construction Plans Attached: X yes___ No 6.Total Amount of Tax Abatement Requested: $1]6`3U5l0over l5years. City Portion: Annual$9,U87.0OTotal $136'3U5.O0 County Portion:Annual$Total $ SD 728 Portion:Annual$Total $ 7. Current Real Estate Taxes on Project Site: $112.078.00 Estimated Real Estate Taxes upon Completion: Phase I$151,250.00(Dan Weber Sherburne County Assessors' Office) Phase 11$ D. Construction Start Date:Spring 2016 Con$,ucdnn[omp(ebonDate:vVinte,/Sprin«2027 If Phased Project: Year %Completed Year Completed C. PUBLIC PURPOSE It is the policy of the City of Elk River that the use of Tax Abatement should result in a benefit to the public. Please indicate how this project will serve a public purpose. 20 Job Creation/Retention Number of existing jobs: Number of jobs created by project: 20 Average hourly wage of jobs created/retained: 7—Auto Technicians(average salary$57,016/year) 6—Sales Associates (starting salary range$65,000/year) Note The high salary o`Elk River for this position/`,oS2ro.o00/vm,and the average/svuy.na/ye:,} ] —Service Advisor(average salary$60J000/year) 1 —Parts Employees(average salary$47,000/year) l —Warranty Clerk(average salary$3,'S0O/ypar) 1 —Title Clerk(average salary$32,240/year) 1—Commercial Service Employee (average salary$42,000/year) 2- Internet Sales Employees(average salary$33'280/yea,) Note;New Department Weighted average of jobs created =$53'721/yea,of$25J03/huur. Note: Cornerstone Ford/Chrysler currently has 108 full time employees and 44 part time employees and we have an immediate need of additional personal. In all of our locations, we've added more than 70 jobs in the past year. Most of these positions were in Elk River. We are looking to hire at least an additional 50 employees. At our Elk River location,we can't wait for the expansion to be finished before filling many of these positions, but we also wouldn't be able to hire them without the anticipated expansion. Our building is overcrowded now. We will commit to hiring 20 positions in Elk River, after Tax Abatement is approved. However,all future positions created at our Elk River location will either be jobs created or jobs retain because of the expansion. New industrial development which will result in additional private Investment in the area. X Enhancement and/or diversification of the City of Elk River's economic base. X The project contributes to the fulfillment of the City's Economic Development Strategic Plan. Removal of blight. _X Rehabilitation of a high profile or priority site. X Significantly increase the City's tax base. Page 10 of 14 D. SOURCES & USES Name Amount SOURCES NAME AMOUNT Bank Loan Wells Fargo Bank $4'800.000 Other Private Funds Equipment Loan $730.000 Owner Cash Equity Cornerstone Elk River $l.SUO'UOO Fed Grant/Loan $0 StateGmnt/Loao so EDA Micro Loan $Q Tax Abatement City/County/School District $136,000 ID Bonds $0 TOTAL $7,166,000 USES AMOUNT Land Acquisition $0 Site Development$ Construction $9'523,000 Machinery& Equipment s730.000 Architectural& Engineering Fees $320'000 Legal Fees $3.000 Interest During Construction $80 008 Debt Service Reserve $70,000 Contingencies $440'000 TOTAL $7,166,000 Page 11 of 14 E.ADDITIONAL DOCUMENTATION AND CHECKLIST Applicants will also be required to provide the following documentation: A)Written business plan, including a description of the business, owne[ship/manaQement,date established, products and services,and future plans B) Financial Statement5 for Past Two Years X Profit& Loss Statement X Balance Sheet C)Current Financial Statements X Profit& Loss Statement to Date X Balance Sheet to Date D)Two Year Financial Projections E) Personal Financial Statements of all Major Shareholders X Profit& Loss X Current Tax Return F) Letter of Commitment from Applicant Pledging to Complete During the Proposed Project Duration G) Letter of Commitment from the Other Sources of Financing, Stating Terms and Conditions of their Participation in the Project H) Non-refundable Application deposit of$5,000, with any unused portion to be refunded if project does not proceed I)Construction Plans and Itemized Project Construction Statement J)Attach the following documentation as Exhibits _Exhibit A—Corporation/Partnership Description _Exhibit B—Description of Project _ExhibitC—Ustof Shareholders/Partners Exhibit D—But-For Analysis _Exhibit E—List of Prospective Lessees _Exhibit F—Legal Description and PID Number(s) Note: All Major shareholders will be required to sign personal guarantees and a minimum assessment agreement if up front financing of the project is required. The undersigned certifies that all information provided in this application is true and correct to the best of the undersigned's knowledge.The undersigned authorizes the City of Elk River to check credit references,verify financial and other information,and share this information with other political subdivisions as needed.The undersigned also agrees to provide any additional information as may be requested by the City after the filing of this application. Applicant Name: Cornerstone Elk River Date: February l`^' 2016 Page 12 of 14 ExhibhA—Corporabon/PartneohipDescription Cornerstone Elk RiverLLC a Minnesota Limited Liability Company Exhibit B—Description of Project Three separate areas of our current facility will be added onto. First,a new Chrysler showroom of 4,799 square foot will be added and 672 square feet of office will be remodeled to enlarge are existing showroom, which will now be exclusively Ford's. Our Ford and Chrysler franchises prefer to have separate showrooms,which we currently do not have. With the larger showrooms our sales staff will be able to be increased. In addition,3,337 square feet of office area will be added,which will house sales managers,public bathrooms, employee break room and our new internet sales department.This new office space will also make room in our existing facility for additional business office staff. Second,we are enlarging our Part's Department by 1,705 square feet to meet the increased demand for these products in a growing territory. Parts staff will be added. This area of our expansion will also include 2,576 square feet of new space for heavy truck repair and allow us to increase our commercial sales and service,which is rapidly growing. This space also includes a new locker room that will enable us to increase our number of vehicle mechanics. Lastly, 11,444 square feet of our expansion will be a new Oil Express area and an enlarged service lane. The Oil Express area will free up hoists in our existing shop, which will allow us to hire additional regular mechanics to keep up to increase demand for this service. The enlarged service lane, besides allowing for in-door delivery of vehicle, will allow us the space to increase our staff of service writers. AU'to'gother,our expansion is 23.861 square feet. It also includes a face lift for the rest of our aging facility. Exhibit C—List of Shareholders/Partners Mr.Scott Powell is the sole owner of Cornerstone Elk River, LLC, Elk River Ford, Inc., and parcial owner of Elk River Chrysler, Inc. along with his children Exhibit D—But-For Analysis Exhibit E—List of Prospective Lessees Elk River Ford, Inc. Elk River Chrysler, Inc. Exhibit F—Legal Description and PID Number(s) Exhibit D IX.SAMPLE BUT-FOR ANALYSIS WITH NO WITH TAX ABATEMENT TAX ABATEMENT SOURCES AND USES SOURCES AND USES SOURCES SOURCES Mortgage $5,666,000 $5,530,000 Equity $1,500,000 $1,500,000 Tax Abatement 0 $136,000 TOTAL SOURCES $7,166,000 $7,166,000 USES USES Land 0 0 Site Work $390,000 $390,000 Soil Correction $0 $0 Demolition $100,000 $100,000 Relocation $0 $0 Subtotal Land Costs $490,000 $490,000 Construction $3,930,000 $3,930,000 Finish Manufacturing $0 $0 (Equipment) $730,000 $730,000 Subtotal Construction Costs $5,150,000 $5,150,000 Soft Costs $323,000 $323,000 Taxes $9,000 $9,000 Finance Fees $150,000 $150/000 Project Manager $1'100,000 $1'200/000 Developer Fee $0 $0 Contingency $434'000 $470'000 Subtotal Soft Costs $2'016'000 $2'016'000 TOTAL USES $7'166'000 $7.166,000 Income Statement Income Statement Sq. Ft. Per Sq. Ft. Sq. Ft. Per Sq. Ft. Rent-Space 1 4,799 $22.00 $105'E78 4,799 $22.00 $105'678 (Ford/Chrysler Sales) Rent-Space 2 14'020 $22.00 $308'440 14'020 $22.00 $308,440 (Ford/Chrysler Service) Rent-Space 3 1,705 $32.00 $37'510 1'705 $22.00 $37'510 (Ford/Chrysler Parts) Other 0 $0.00 0 0 $0.08 0 $451'528 $463,538 Mortgage 20 Term $428'550 20 Term $418'560 4.5% Interest 4.5%Interest 5,666,000 Principal 5,530,000 Principal Net Income $22,978 33.978 E. ADDITIONAL DOCUMENTATION AND CHECKLIST Applicants Nvill also be required to provide the following documentation: A) Written business plan, including a description of the business, ownership/management,date established,products and services,and future plans Financial Statements for Past Two Years Profit & Loss Statement Balance Sheet C) Current Financial Statements Profit &Loss Statement to Date Balance Sheet to Date D) Two Year Financial Projections E) Personal Financial Statements of all Major Shareholders Profit&Loss Current Tax Return 1r) Letter of Commitment from Applicant Pledging to Complete During the Proposed Project Duration (;) Letter of-Commitment from the Other Sources of Financing, Stating Terms and Conditions of their Participation in the Project II) N-eni—refertitifrbk Application deposit of 5.5,000,with any unused portion to be refunded if project does not proceed 1) Construction Plans and Itemized Project Construction Statement .1) Attach the following documentation as Exhibits Exhibit A —Corporation/Partnership Description Exhibit 13 — Description of Project Exhibit C — list of Shareholders/Partners Exhibit — 80-1;or Analysis Exhibit Ii — List of Prospective 1.essees Exhibit F— Legal Description and PlD Number(s) Note: All Major shareholders will be required to sign personal guarantees and a minimum assessment agreement if up front financing of the project is required. The undersigned certifies that all information provided in this application is true and correct to the best of the undersigned's knowledge. The undersigned authorizes the City of Elk River to check credit references,verify financial and other information,and share this information with other poiltical.-Adivisions as needed. The undersigned also agrees to provide any additional inf rrrrnon as ir• nested by the City after the filing of this application. Date Applicant Name %. Page ito1I4 II NATURE X. TAX ABATEMENT APPLICATION REVIEW WORKSHEET TO BE COMPLETED BY CITY STAFF 1 The project meets the criteria set forth in Section V of the Tax Abatement policy. :L Meets at least one of the objectives in Section III ---'' b;., Demonstrates need fur Tax Abatement with the /;//I/or analysi . ‘ L., c/: COnSi5rent with all city plans and ordinances. :;...,""iii Serves at least Iwo public purposes as defined in Section V(g). 2. Ratio of Private to All Public Investment in Project: Points: —' S ii(Hz;:k)() Private Investment 5:1 3 $ /3te i OW Public Investment 4:1 4 Ratio Private: Public Financing 3:1 3 2:1 2_ I.ess than 2:1 1 3)(713 Creation in the City of Elk River: Points: cr.) 1 Number of new lobs as a result of the prolect. 25,' 5 Number of existing/retained jobs 2(i- 4 L7 ,;( Total 15 t 3 , VH .7) Less than .lo 1 LT, 4. Ratio of Public Investment to Job Creation: Points: -- S/ 3Cf:J C)0() Public Investment S8,0011 or less 5 :2-0 Number of nett,jobs created/retained SIO,f POO or less 4 $ (cS-6) '0 of Public Investment per new job s j 7.),om or less 3 S15,1a) or less 2 ()ver SI:5,0(i(j 1 5. Wage Level of new jobs created/retained Points: --'' Minimum hourly wage Over 521,/ hour 5 of jobs created/retained: cl-' .) S18-21 / hour 4 SI 4-17 / hour 3 Slii-13 / hour 2 I. S11) i hour 1 6. Project size: Points: --'5 l'hc project will/cesult in the construction 4t 1,00u-i- 5 of square feet ''':-1 I ::.(1 I 3iyloo-, 4 3 lopuo-t- 1 10,1011 or less 1 P;igt 13 of 14 F01111110 It NATURE 7. Market Value/Tax Base Generation: Points: I '1 he project will result in a per spare loot Industrial Commercial o:driciated market value land and building) S8(1/s1-I- SI 1 U/'.1 3 of S7( -4 S611/4+. $90/sf+ 3 S5t1/s1-i S8(l/s14 540/sf+ S7(//sf+ 8. Type of Project: Points: II Owner )ccuped Mix Owner Occupied & Investment Investment Property 3 9. Use: Points: Industrial or Business Park Project Commercial Rehabilitation/Redevelopment ( 10. Likelihood that the project will result in Points: unsubsidized, spin-off development. .I ligh 5 \1oderare 3 1 rSub -Total Points: 30 of a possible 45 points. 11. Bonus Points Bonus Points: the project will he 1011";: P.p-,pyillff,'lax ,1balement 3 points The project contributes to the goals of!;/frq) Cit). _ points • Pr,duct pc.mv,t,!:.seilIble ,..nergy., • 13rJleNr utilizessiiiiftcini vnergl efficient,14.,‘sign II-WW1-13k 111 C.11-1,q1A1C11..11 Total Points: rall project desirability: I hgh 45-38 points 'Moderate 37-19-pAints- • TAW 28'-20 points Not Eligible it) 0 points 14 ,f 1.4 PEI I I11 NATURE. Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul,MN 55101-2887 Springsted Tel: 651-223-3000 Fax: 651-223-3002 www.springsted.com DRAFT MEMORANDUM TO: Members of the EDA Finance Committee Meeting Amanda Othoudt, Economic Development Director FROM: Mikaela Huot,Vice President/Consultant DATE: February 18, 2016 SUBJECT: Cornerstone Ford Business Expansion: Request for Tax Abatement Assistance The City of Elk River has asked Springsted to evaluate a tax abatement request for assistance submitted by the applicant, Cornerstone Ford, LLC. The applicant proposes to build an expansion on its existing facility (dealership) located within the City to facilitate business growth for sales, service and parts. The total estimated square feet for the expansion is approximately 23,861. The company currently employs 108 full time employees and 44 part time employees and has indicated in the application an immediate need for additional personnel. The company is anticipating the hiring of an additional 50 employees and with the proposed expansion, the company will commit to the creation of an additional 20 new FTE by the end of 2017 with the weighted average wage of those jobs equaling $53,721/year or$25.83/hour. According to the applicant, the tax abatement assistance will be used as annual cash flow to support debt service and equity investment on the approximate $7.1 M project to be financed with a combination of debt and equity. The purpose of this memo is to summarize the analysis that Springsted prepared, including the estimate of tax abatement revenues for the project and to assist with determining whether the project as proposed is likely to proceed "but for" the requested tax abatement assistance. The analysis is based on our review of the project components and financials and general rationale for assistance as submitted by the applicant. There are several methods available to determine if a project would proceed "but for" the assistance. An analysis comparing the rates of return(return on equity and/or internal rate of return)with and without assistance is a common method used to analyze the "but for" test. In some cases, a review of the project's sources and uses of funds and operating cash flow performance is done to determine if an operating gap exists or if the project performance is not expected to meet minimum financing requirements and return thresholds to assist with determining that a project meets the"but for"test. If,following the review, it is determined that the project has a shortage of debt,cash, and/or equity based on the projected value of the project upon completion and net operating income available to support debt service, it can be determined that the project as proposed may not proceed "but forr the assistance. It is also important to analyze what other options may be available to close any financing gap that may not require public assistance. It is important to note that tax abatement does not statutorily require a"but for" analysis to determine if Public Sector Advisors City of Elk River,Minnesota Cornerstone Ford LLC Tax Abatement Project February 19,2016 Page 2 the project would proceed without assistance, however it must be determined that the project is in the public interest and that the benefits outweigh the costs. The City's current tax abatement policy requires this finding be made. Tax Abatement Assumptions Springsted made certain assumptions to calculate the estimated amount of tax abatement revenue generated by the proposed new project. Those assumptions include the following: • City of Elk River proposed tax abatement o City only participation • Abate incremental new value o PID:75-821-0105 o EMV as of Jan.2,2015 for taxes payable 2016 is$2,824,900 o Assumed to be'base'value of abatement • Estimated new value after construction is$3,799,800 o Value estimate provided by County Assessor o Incremental value of$974,900 would be abated o Partial value for payable 2018(75%total value) o Full value for payable 2019(100%total value) • Abatement term and participation o Request for City assistance for 15 years • Anticipated First Year of Abatement o Taxes payable 2018(based on partial value) o Construction commences in 2016 and complete by December 31,2017 • 2016 tax rates remain constant through term(Rates Provided by Sherburne County) o City: 46.606% o County: 50,522% o School: 39.233% o Other: 4.767% o Total 141.128% • Class rates remain constant through term o 1,5%first$150,000 market value and 2%value above$150,000 • 0%annual market value inflator assumed Cornerstone Ford LLC Proposed Tax Abatement Based on Applicant Request Participation and Number of Years City only for 15 years Estimated Annual Abatement Revenue(upon full buildout for taxes payable 2019) $9,087 Total Estimated Abatement Revenues $134,037 City of Elk River, Minnesota Cornerstone Ford LLC Tax Abatement Project February 19,2016 Page 3 The above table illustrates the projected net revenues that the tax abatement project could generate based on the applicant request. The application for abatement assistance includes a proposed term of 15 years from the City only with an estimated total abatement revenue amount as requested from the City of $136,000. Based on assumed partial value collected for the first year (taxes payable 2018) the total estimated available amount over 15 years would be$134,037. The maximum abatement term for the City is up to 20 years if only 1 or 2 entities participate in the abatement or the City receives written denial of participation from one of the other taxing entities (County or School District). Revenues captured through tax abatement and provided as reimbursement to the property owner for certain costs must be used only for those properties that benefit from the tax abatement. Applicant Request for Tax Abatement Assistance The applicant submitted a request for tax abatement assistance from the City of Elk River to assist with financing the proposed $7.1 million expansion project on an existing facility currently located within the City. The applicant has requested approximately $136,000 in abatement assistance over 15 years from the City, which equates to approximately 1.90%of the total project costs. The applicant's submittal includes a preliminary total project budget of $7,166,000 as shown in the table below. Project Costs Total Cost Sources of Funds Total Sources Site Development $490,000 Bank Loan $4,800,000 Building Construction 5,033,000 Equipment Loan 730,000 Machinery&Equipment 730,000 Equity 1,500,000 Architectural&Engineering 320,000 Tax abatement(City) 136,000 Legal 3,000 Construction interest 80,000 Debt Service Reserve 70,000 Contingency 440,000 Total $7,166,000 Total $7,166,000 Project Financing There are generally two ways in which assistance can be provided for most projects, either upfront or on a pay-as you go basis. With upfront financing, the City would finance a portion of the applicant's initial project costs through the issuance of bonds or as an internal loan. Future revenues would be collected by the City and used to pay debt service on the bonds or repayment of the internal loan.With pay-as-you-go financing,the applicant would finance all project costs upfront and would be reimbursed over time for a portion of those costs as revenues are available. Pay- as-you-go-financing is generally more acceptable than upfront financing for the City because it shifts the nsk for repayment to the applicant. If revenues are less than onginally projected, the applicant receives less and therefore bears the risk of not being reimbursed the full amount of their financing. However, in some cases pay as you go financing may not be financially feasible. With bonds, the City would still need to make debt service payments and City of Elk River,Minnesota Cornerstone Ford LLC Tax Abatement Project February 19,2016 Page 4 would have to use other sources to fill any shortfall of revenues. With internal financing,the City reimburses the loan with future revenue collections and may risk not repaying itself in full if revenues are not sufficient. The form of financial assistance proposed in this case would be pay as you go financing whereby the applicant would incur all project costs upfront and be reimbursed annually as tax abatement revenues are generated. The applicant has illustrated in the sources of revenue that the project would be financed with a combination of debt financing, equity and City tax abatement. The applicant would be responsible to provide financing for the full project cost amount upfront, including any portion that would be reimbursed by the City, through additional debt or equity that would be subject to project feasibility and market, Should the tax abatement be approved, the City would collect the annual abatement revenues from the proposed project and provide as reimbursement to the applicant. No interest component would be incorporated. Applicant Proforma"But For"Analysis In approving an abatement project,the Elk River EDA has requested that a finding be made that the proposed project as proposed would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future. The applicant has provided a"but-for"argument stating that the financial assistance from the City is necessary to provide sufficient project cash flow and market returns to the investor that will achieve project feasibility, through an increase in estimated total return on equity upon project completion. The applicant plans to lease the space to the current tenants (Elk River Ford and Elk River Chrysler) and use the rental income to support annual debt service payments on the expansion mortgage with any tax abatement assistance providing additional cash flow. In the application the applicant states it cannot wait for the expansion to be completed prior to filling many of the estimated additional positions; however it would not be able to hire the needed employees without the anticipated expansion. Our analysis of the financial information provided by the applicant indicates that the tax abatement has a positive impact on the projected returns and cash flow of the proposed project. Due to the size of the estimated tax abatement amount and request in relationship to total estimated project costs, the projected impact could be viewed as relatively small. As stated tax abatement does not statutorily require a "but for" analysis to determine if the project would proceed without assistance; however a city, county or school district may grant a tax abatement, by contract or otherwise, of the taxes imposed by the city on a parcel of property, which may include personal property and machinery, or defer the payments of the taxes and abate the interest and penalty that otherwise would apply,if: • it expects the benefits to the city of the proposed abatement agreement to at least equal the costs to the city of the proposed agreement or intends the abatement to phase-in a property tax increase, as provided in clause(2)(vii); and • it finds that doing so is in the public interest because it will: o increase or preserve tax base; o provide employment opportunities in the political subdivision; o provide or help acquire or construct public facilities; City of Elk River,Minnesota Cornerstone Ford LLC Tax Abatement Project February 19,2016 Page 5 o help redevelop or renew blighted areas; o help provide access to services for residents of the political subdivision; o finance or provide public infrastructure; o phase-in a property tax increase on the parcel resulting from an increase of 50 percent or more in one year on the estimated market value of the parcel, other than increase attributable to improvement of the parcel;or o stabilize the tax base through equalization of property tax revenues for a specified period of time with respect to a taxpayer whose real and personal property is subject to valuation under Minnesota Rules,chapter 8100. The applicant has stated the project would increase the City's tax base and provide additional employment opportunities. The applicant's submittal includes a projected sources and uses of funds, project description, anticipated number of jobs created, 2014 and 2015 financial statements for the tenants of the expansion (Elk River Ford and Elk River Chrysler) and a one year cash flow of the proposed expansion. The one year cash flow includes the annual rental income (rent per square foot and leasable square feet) from the proposed expansion only and estimated debt service payments on the building and equipment loans. There are two scenarios, one with assistance and one without, with a projected return on equity calculation for each. As stated previously, the tax abatement would provide additional annual cash flow to the project to assist with increasing the projected return on equity for the owner, as well as assisting with meeting the required debt coverage ratios. Based on our analysis of the annual cash flow, additional annual revenues through an increase in rental incomes or other funding source(or a reduction in debt service payments through reduced mortgage amount) beyond the tax abatement would be needed to meet the minimum coverage requirements. Conclusion The applicant has requested tax abatement assistance from the City to assist with financing a portion of the project costs associated with construction of an approximate 23,861 square foot expansion to the existing facility. The applicant has indicated that the project requires tax abatement assistance to provide sufficient returns and cash flow upon project completion. As discussed, there are several methods to determine if a project would proceed "but for" the assistance. When making a but-for determination, it is also necessary to understand what components may impact the likelihood that a project would proceed as proposed with or without public assistance. An increase in revenues (through public assistance or owner investor equity or increased lease rates and all subject to market and feasibility)and/or decrease in project costs may assist with reducing a potential gap and increase the likelihood that a project would proceed as proposed, and without public assistance. The applicant has stated that the project will facilitate a minimum of 20 new jobs in the expanded facility with weighted average wages of $53,721/year or $25.83/hour in the City of Elk River. Thank you for the opportunity to be of assistance to the City of Elk River. Please contact me at 651-223-3036 or mhuot@springsted.com with any questions or to discuss. ul CD P- P- P- r- P- r- P- r- r- P- P- N- L._ -E-' n- op OD 00 c0 CO OD c0 c0 CO OD c0 OD 00 00 c) 0 a) oD CD CD CD CD CD CD CD CD CD CD CD CD CD CD CD 14 . _ . _ •- 1-13.. X E -,;", cri 6 cri oi cri cri oi 6' co cn co 6 cn cn co A > lo 1_• . n, ..—. 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J V 3r1,`x 1'.17 Prototype Ford Details-Brand Wall d ) Details A((ty}}14 •na,+>$4.. a u.[u;x fat/K..0.4Y 040.4.•.4.1444C04.0.01,4•1[4044.04 CW .roww..'n 4.44b..w144 «.; •...n a...wn.,....<..1+e.... 8 1 C 1---1 MN" S 1—. 1"4 -' -......,T-..,.., .,....--- i -----.____.._.----,------- Al e,,,,,,,,,,,i' .*Ii<,. ,;1 i• „)' ,„•,,,*•••. •••.- • The Facility must meet or adhere to Chrysler Facility Requirements outlined within the Millennium Branding System, AC , 7,":-.' ,,,*•,-,-,',1 .;:: ) i J 1,,,,_!-.1,t'ARf' k.,.',-, „5..,:, ''''',.,-fr, 'f, .:k,..._ ; Facility Color must be Benjamin Moore, ... „-• Pelican Gray 1612 or Eits Color -Oyster 21612 B 1-- A c , j lia A litipii. 5. 4 ' I WALL BADGES 16 7/16" 7'.-0" 9.58 ., 8 3/4" 7.-0" 5.1 ' • ,• 23 1/2" 4-10 3/4" 19 1/2" 9.6 22" 7'-0" 9" 7.0 21 1/16" 8'-101/2" 15:5 1.,'"•„.,1:-i'.• ., 11 1/8" 8'- 101/2" 8.2 28 5/8" 5'-11 1/2" 23 1/2' 14.2 27" 8'-101/2' 111/8" 10.1 ' ..., 28 3/16" , 12'-0" 28.1 15" 12-0 15.0 • 40 7/8" 8.-5 3/8" 34 1/4" 28,8 38" 12.-0" 15" 20,5 /39 11/16', 17.-0" 56.2 , • i 213/8" 17.-0" 30.3 58' 12'-1" 47 5/8" 58.4 52 3/4" 17.-0" 21 3/8" 40.7 ..Z„.,-z.,,,,-,,,,,..',.:,-.'• ,•-• •„, , . 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Panels have consistent StiSt(wilt)consistent reveals)allOWL'Ig 404 easy replacement if darr'a9eci 1.. Ak. frr f 1 - i A St,panels are concealed at the rear and easily accessible iFilt / , A kick panel is installed at the base of mthearell to conceal the tett-fit:101ton and can be field adjusted per lnotvitival leveling requirements I ' •— . , I. — . ,, .._ ..—. Arcri prices ate estimated based onuasirncfai usingon' darronosdtions mayrztesCustomreciustzered s ar:tetanal chargesad(ustments to a standard lower and/of nonstand Additional charges veil apo le to areas with high wind load requirements 18`-8" x 16'.0" 28'-O" x 24s-0" The Arch tread .f111 match the coluoiri legs in materials and Clepth and will Mi C' I It w e fm Ihe entry and tront/fool The top 0/Ihe arcr''5 designed 1°.t'-i.e a ric.arcih'aart'6ay 'O 'T gotteted to internal down spouts that ifitatel tifattIS lo ltit...encis to te t 2231''--°4''''xx1280.1'..°-0'''' 332°''-'48''''xx 2286!..4)-°'' wilf carry the water away from thclePhoilrirrtg fling frit:am the txliarind 25,.8., x 22'-o" 351.0'1 x 30'-O'' the arch is desigried to be cariooy i ,,,(4 (2)Halo altcectenstainigfits mount undef the oisfue radius tcrilltenfriate the entry ., • 1-'tnieti managed 'istirstart to finish rc,,,,,, ,,ar;i,;)y,ado It:Ilii Mu'e,)Iiii.on firarldfog Systern (;',IStOiller ACCOkillt Martagerf to' details 1 ascta ritt,si meet cu-r i-nt Ch'ysier siseclficatiorts i ,,,,,p a„, ,r, his is sirblect to Chrysief approva ' ' MILI_ ENNILJM DEAJ . 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