AGENDA CITY OF MONONA COMMUNITY DEVELOPMENT AUTHORITY Monona City Hall Large Conference Room Tuesday, March 24, 2015 *6:30 p.m.*

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1 1. Call to Order 2. Roll Call AGENDA CITY OF MONONA COMMUNITY DEVELOPMENT AUTHORITY Monona City Hall Large Conference Room Tuesday, March 24, 2015 *6:30 p.m.* 3. Approval of CDA Meeting Minutes of 4. Appearances 5. Old Business - None 6. New Business A. Discussion and Action on TID #9 Boundaries. B. Authorization to Proceed with TID #9 Project Plan. C. Riverfront Development Project Update. 7. Reports of Staff and Authority Members A. Update on Existing and Proposed Developments Sonja Reichertz, City Planner and Assistant Economic Development Director B. CDA Questions and Requests for Information Concerning Commercial/Residential Development Projects/Proposals Staff 8. Upcoming CDA Meetings April 28 th & May 26th 9. Adjournment Note: Upon reasonable notice, the City of Monona will accommodate the needs of disabled individuals through auxiliary aids or services. For additional information or to request this service, contact Joan Andrusz at (608) (not a TDD telephone number), FAX (608) , or through the City Police Department TDD telephone number The public is notified that any final action taken at a previous meeting may be reconsidered pursuant to the City of Monona ordinances. A suspension of the rules may allow for final action to be taken on an item of New Business.

2 It is possible that members of and a possible quorum of members of other governmental bodies of the municipality may be in attendance at the above stated meeting to gather information or speak about a subject, over which they have decision-making responsibility. Any governmental body at the above stated meeting will take no action other than the governmental body specifically referred to above in this notice.

3 Community Development Authority Minutes Draft Minutes Subject to Approval Minutes Community Development Authority Meeting Chair Stolper called the Community Development Authority (CDA) meeting to order at 6:30 pm. Present: Absent: Chair Tom Stolper, Aldm. Doug Wood, Mr. Scott Kelly, Mr. Andrew Homburg, Mr. John Surdyk Mr. Jason Scott, Aldm. Kathy Thomas Also Present: Mayor Bob Miller, City Administrator Pat Marsh, City Planner Sonja Reichertz. MINUTES A motion by Mr. Homburg, seconded by Aldm. Wood, to approve the minutes of the November 18, 2014 meeting was carried with no changes. APPEARANCES There were no appearances. OLD BUSINESS There was no old business. NEW BUSINESS 6.A. Tax Increment District (TID) Report Gary Becker, Consultant, Vierbicher Associates, reviewed the City s Tax Increment District performance for the year Overall, Monona saw $12 million in growth which was a 3.5% increase in the City s equalized value. The City now has 10.9% of its equalized in value in TIDs. The limit is 12%. Overall, he said Monona s TIDs have been successful and none of the districts are showing negative values. TID #7 for example, went from a negative value in 2013 to an increment value of $4.8 million in 2014 due to the construction of Fairway Glen. TID #8 went into the positive values even before construction began for Tresyta on the Water. TID #6 increased by 7.1% over last year, and TID #4 increased by 17.3%. Chair Stolper asked about the decrease shown in TID #5. Mr. Becker explained the Department of Revenue corrected for an over projection in the previous year. Mr. Becker reviewed the status of outstanding debt in each TID. Mr. Homburg confirmed the City s long-term outstanding debt of all TIDs is roughly $25 million. Administrator Marsh said our long term debt is also reviewed by the City s Financial Advisor and the City is in good standing. 1

4 Community Development Authority Minutes Draft Minutes Subject to Approval Mr. Homburg asked about use of increment value within a half mile of TID boundaries. Mr. Becker said the TID project plans need to be amended to include use of value within a half mile. He added that the rule to allow use of value for housing improvements in the City for one year after a TID is closed does not count towards the 12% limit and does not have to be within the half mile boundary. Mr. Homburg asked for Mr. Becker s opinion on future use of TIF. He said the Great Recession negatively impacted a lot of communities TIDs and he wondered if there is anything signaling we should be cautious. Mr. Becker said it is a great time to invest with TIF. Mr. Becker summarized proposed 2015 legislation that could impact TIF laws. The items regarding decrement TIDs and the sunset law for distressed TIDs do not apply to Monona. An increase is proposed for the amount of a community s equalized value that can be included in TIDs from 12% to 15%. The fourth item is proposing to allow municipalities to extend the life of a TIF district if the district is negatively impacted by statutory changes, such as Act 145, the recent legislation buying down the technical college tax rate. 6.B. Discussion of Progress and Next Steps with Bridge Road/Broadway Redevelopment Project Administrator Marsh provided an update on the waterfront redevelopment project at Bridge Road and Broadway. He said the consultant Vandewalle & Associates is recommending that we being the process to create a new TIF district in the area. The CDA will likely begin this process at the February meeting in order to adopt the TID before August Regarding developer solicitation, he said there is currently no development agreement in place. The agreement with Gorman & Company was not renewed as Gorman was not ready to sign an agreement for development at this time but may still have an interest in the development of the property. He said the work group continues to talk to other developers. He also said that the work group has met with the Yacht Club to discuss the project s status. Mr. Homburg asked for information on the easement access road along Broadway, the geotechnical soil analysis, the Phase I Environmental Site Assessment, discussions of access alternatives to Broadway, and the MMSD sewer main. Staff responded that the easement road is owned by the two adjoining properties (802 and 900 W Broadway) which the City currently owns. The Phase I ESA was done for the entire site and the report recommended further investigation in two locations, one on the former dry-cleaner property and one near the Inland Boat Works property on the River where tanks were buried underground. The summary of the geo-technical analysis was favorable to development with few areas that may limit excavation near the water table. Staff explained that meetings were held with Dane County, Madison Traffic Engineering, and an engineering consultant regarding the access changes to Broadway. Staff believes 3 out of the 4 turning movements (left turn out of the site would not be possible) could be accommodated, but the engineer is currently studying this. Staff said discussions were held with MMSD and they are open to moving the sewer line, however, after further investigation, the grade may not be favorable because it is a gravity line and after looking into the cost of relocating it, it will likely be more cost effective to work around it. 2

5 Community Development Authority Minutes Draft Minutes Subject to Approval REPORTS OF STAFF AND COMMUNITY DEVELOPMENT AUTHORITY MEMBERS 7.A. Update on Existing and Proposed Developments City Planner Reichertz provided an update on projects recently approved or under construction including Treysta on the Water, the Lake Edge Apartments, and the recently approved multitenant restaurant building in front of the AmericInn hotel. Mayor Bob Miller notified the CDA that it is possible the San Damiano property at 4123 Monona Drive could be sold in the near future. 7.B. CDA Questions and Requests for Information Mr. Surdyk asked about the status of the development of the Whitehorse properties. City Planner Reichertz said the applicants are addressing concerns and are not currently scheduled on a committee agenda for review, though they intend to return to the Plan Commission in the future. 8. Upcoming CDA Meetings Administrator Marsh said the next regularly scheduled CDA meetings are 2/24/15 and 3/24/15. ADJOURNMENT A motion by Mr. Surdyk, seconded by Aldm.Wood to adjourn was carried. (8:00 pm) Sonja Reichertz City Planner 3

6 h equa Winn City of Monona TID #9 Proposed Boundary Rd 1 po Metro s Ct ood aw non Wau Rd els Bart n Br idg e 3 litan L St Madison Monona St Lake Po int Dr l ge En 2 W Broadway W Broadway W Broadway Frontage Rd TID # 9 TID # 2 Municipal Boundaries VANDEWALLE & ASSOCIATES INC. Shaping places, shaping change Date: 3/17/2015 Sources: Dane Co. LIO, City of Monona, City of Madison 200 Feet

7 City of Monona Proposed TIF District #9 March 17, 2015 Map ID # In TID #2 Parcel Number Property Owner Property Address Use Year-end 2014 Year-end 2014Year-end 2014 Land Improv't Total Value Value Value 1 No MADISON METROPOLITAN SEWERAGE DISTRICT 6300 METROPOLITAN LN MMSD Pump Station $0 $0 $0 19, No MONONA-BRIDGE ROAD LLC 6406 BRIDGE RD Former EDS $382,600 $817,400 $1,200,000 89, No FOUR LAKES YACHT CLUB INC 6312 METROPOLITAN LN Yacht Club Buildings $171,600 $915,800 $1,087,400 41, No FOUR LAKES YACHT CLUB INC 6312 METROPOLITAN LN Yacht Club Boat Yard $88,000 $0 $88,000 6, Yes NOLTNER BRIDGE PROPERTIES LLC 6416 BRIDGE RD Reptile Rapture $100,000 $212,200 $312,200 22, Yes NOLTNER BRIDGE PROPERTIES LLC 6414 BRIDGE RD Bridge Lounge $100,000 $212,200 $312,200 22, Yes INLAND LAKES LAND COMPANY LLC 6321 METROPOLITAN LN Inland Repair Shop $62,600 $74,700 $137,300 17, Yes INLAND LAKES LAND COMPANY LLC 6320 METROPOLITAN LN Inland Store $132,000 $299,600 $431,600 32, No MONONA, CITY OF Street $0 $0 $0 1, No MONONA, CITY OF Street $0 $0 $0 1, Yes MONONA, CITY OF Street $0 $0 $0 4, Yes BEATRICE M HAYDEN & EVR IV LLC 6418 BRIDGE RD Former Dry Cleaner $48,000 $176,500 $224,500 9, Yes MSB BUILDING LLC 6426 BRIDGE RD Monona State Bank $0 $0 $0 13, Yes MSB BUILDING LLC 6430 BRIDGE RD Monona State Bank $271,700 $3,128,700 $3,400,400 42, Yes MONONA DRIVE PROPERTIES LLC 900 W BROADWAY Former Ruby's $324,700 $175,300 $500,000 43, No MONONA DRIVE PROPERTIES LLC 802 W BROADWAY Chase Bank Building $753,700 $903, $1,656,900 97, No MONONA DRIVE PROPERTIES LLC Chase Access Easement $48,200 $0 $48,200 11, No SEMOVSKI & ZYTEJA LLC 6501 BRIDGE RD Monona Garden Rest. $228,000 $471,800 $699,800 40, No ALFORD REV LIVING TR, DONALD G & DOLORES R 6500 BRIDGE RD La Petite Academy $263,600 $336, $600,000 39, No JOSEPH S DIMAGGIO JR 901 W BROADWAY Goodyear Store $179,700 $420,600 $600,300 33, Total $3,154,400 $8,144,400 $11,298, , Total City Equalized Value $1,096,677,100 12% of Total City Equalized Value $131,601,252 Value Increment of All Existing TID's $120,143,200 Remaining TIF Capacity Under 12% Test* $11,458,052 Total Value of Parcels in TID #9 Not in TID #2 $5,980,600 Proposed % Total TID Value to Total City Equalized Value 11.50% Remaining TIF Capacity Following Creation of TID #9 $5,477,452 * Total allowable value of parcels that can be added to an existing TID and/or a new TID. Parcel Sq Ft