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HomeMy WebLinkAbout11.01.10 Council Packet Table of Contents Agenda. . . . . . . . . . . . Response to Mr. Colin Garvey Response Memo . . . Response to Mr. Jerry Ristow Response Memo . . . Approve Council Minutes (10/18/10 Regular) Council Minutes . Explorer Post 9470 Memo. . . . . . Adopt Resolution - Approve Submittal of Waste Abatement Funding Application Memo. . . . . . . . . . . . . Resolution. . . . . . . . . . . Approve 2010 City Audit Engagement Audit Engagement. 2010 Audit. Approve Bills List of Bills. Approve Listing Agreement 431 Third Street Listing Agreement. . . . . . . . . . .2 .4 .6 .8 .21 .22 .23 .24 .25 .31 .53 1 City of Farmington 430 Third Street Farmington, MN 55024 Mission Statement Through teamwork and cooperation, the City of Farmington provides quality services that preserve our proud past and foster a promising future. FARMINGTON CITY COUNCIL Todd Larson, Mayor Terry Donnelly Julie May Christy Fogarty Steve Wilson AGENDA REGULAR CITY COUNCIL MEETING November 1,2010 7:00 P.M. CITY COUNCIL CHAMBERS Action Taken 1. CALL TO ORDER 7:00 P.M. 2. PLEDGE OF ALLEGIANCE - Boy Scout Troop 3. ROLL CALL 4. APPROVEAGENDA 5. ANNOUNCEMENTS/COMMENDATIONS a) Introduce Steve Arndt, Streets and Utilities Supervisor Introduced 6. CITIZEN COMMENTS / RESPONSES TO COMMENTS (This time is reservedfor citizen comments regarding non-agenda items. No official Council action can be taken on these items. Speakers are limited to fIVe minutes to address the Council during "Citizen Comment" time.) a) Response to Mr. Colin Garvey b) Response to Mr. Jerry Ristow Information Received Information.Received 7. CONSENT AGENDA a) Approve Council Minutes (10/18/1 0 Regular) b) Explorer Post 9470 - Fire Department c) Adopt Resolution - Approve Submittal of Waste Abatement Funding Application - Municipal Services d) Approve 2010 City Audit Engagement - Finance e) Approve Bills Approved Approved R6I-IO Approved Approved REGULAR AGENDA (The Council takes a separate action on each item on the Regular Agenda. If you wish to address the Council regarding any or all of the items on the Regular Agenda, please address the item when the item is discussed. Speakers will be given at least three minutes to speak per item. Additional time may be granted to speakers representing two or more persons.) 8. PUBLIC HEARINGS 9. AWARDOFCONTRACT 10. PETITIONS, REQUESTS AND COMMUNICATIONS 11. UNFINISHED BUSINESS 12. NEW BUSINESS a) Approve Listing Agreement 431 Third Street - Economic Development 13. COUNCIL ROUNDTABLE 14. ADJOURN Persons with a disability may request a reasonable accommodation by contacting the City Administrator's office at 651-280-6803. Request should be made 24 hours in advance or as early as possible to allow time to arrange accommodation. 0a~ City of Farmington 430 Third Street l;~lfluington, Minnesota. 651.280.6800. Fax 651.280.6899 www.ci.nlnllingttm.n1n.L1.... TO: Mayor and Councilmembers FROM: Peter J. Herlofsky, Jr. City Administrator SUBJECT: Response to Mr. Colin Garvey DATE: November 1,2010 Question: Mr. Garvey stated he was assessed for Pilot Knob along with others. He asked ifhe was over-assessed that much, that there is still money left over 12 years later? If the City is not over-assessing, over-bonding, or over-charging on projects, how can there possibly be money left over 12 years later on a project. Answer: No one was over assessed. Assessments were based on actual cost. Question: Mayor Larson asked staff to respond as to where the money came from in the road and bridge fund and what the money was used for. Answer: The money comes from Bond Issues, Special Assessments, State Aid, Dakota County, and Empire Township. It is used to fund projects related to Streets. Question: Regarding Vermillion River Crossing, Mr. Garvey stated at the budget meeting it was said there was $5.5 million in bonds to pay for that project. He recalled the project came in at $4.7 million to fmish it. Mr. Garvey reviewed the minutes from February 17, 2004, stating we received $995,000 for the Spruce Street bridge as a grant. He asked ifthat money was used. Staff stated it was. Mr. Garvey asked if we still had to bond $5.5 million? Staff replied yes. Mr. Garvey said that does not add up, if the project cost $4.7 million and we bonded $5.5 million and we received almost $1 million in grant money, the math does not work. He would like an answer. Answer: The City sold $5,500,000 G.O. Improvement Bonds in 2006 to fmance the construction of the Spruce Street extension and bridge project and the reconstruction ofthe infrastructure and utilities in the Hill Dee area. $3 million went to finance the Spruce Street extension and bridge and $2.5 million went to fmance the Hill Dee portion. The total cost ofthe Spruce Street project, according to our fmancial system, is $4,379,018. CmullerlHerlofsky/Council memos/Garvey Response 11-1-10 4 Bond proceeds $3,000,000 Met Council Grant 955,000 Storm Sewer Trunk Fund 267,000 Water Fund 150,000 Total Revenue $4,372,000 Question: Mr. Garvey mentioned at the budget workshop, it was stated the County's contribution to 195th Street is $4.5 million. Earlier in the year he asked about the County's contribution and was told it was $1.2 million and the City still bonded $12 million for that project. Now according to this information, the County's contribution is $4.5 million. He asked for the real number. Answer: The City did not bond $12 million for the 195th Street Project. The City sold $8,545,000 G.O. Improvement Bonds 2008B to fmance construction of 195th Street from Embers Avenue to Trunk Highway 3. The County's contributions for the project have been: Year Amount 2010 $1,523,722 2008 $1,538,253 2007 422,649 Total $3,484,624 We anticipate receiving a total of$4.1 million from the County for this project. This money has currently been receipted into the Road & Bridge fund and transferred to the Debt service fund to pay the bond payments. 5 0b City of Farmington 430 Third Street I;arlllington, Minnesota 651.280.6800. Fax 651.280.6899 wwW.ci.tlum;ngtllll.n1n.LL.I TO: Mayor and Councilmembers FROM: Peter J. Herlofsky, Jr. City Administrator SUBJECT: Response to Mr. Jerry Ristow DATE: November 1, 2010 Question: Mr. Ristow asked where will the money from water runofffees(storm water utility fees) and tax money go ifwe do not have a road and bridge fund? Right now the money is coming off our water runoff fees (storm water utility fees) every quarter that we pay through City services. Answer: Money from the water runoff fees (Storm Water Utility charge on City bills of $9/unit/quarter) goes into the City's Storm Water Utility fund. Question: Mr. Ristow's concern with not having a road and bridge fund, is that currently on a major road reconstruction the policy is 65/35. Will the residents pay 100% or will we not do anymore reconstruction? Answer: There is no intention to eliminate the road and bridge fund, even if franchise fees are adopted. Neither the existence of a road and bridge fund, nor the balance in that fund are directly related to the City's assessment policy. Historically, the revenue stream for most projects that are completed out of the road and bridge fund comes from proceeds from bonds that are sold to fmance the project. The residents of the City currently pay for 100% of the projects through either assessments or levies which are used for the repayment of the aforementioned bonds. If the question is related to whether we would assess 100% of the project costs to the benefIting properties, that would not appear feasible at this time as statutes dictate that only the portion that can be directly attributable to an increase in property value (or these days, attributable to less of a decrease in property value) can be assessed against the property. Question: Wouldn't the developer for 195th Street have paid 100% ofthe fees and why would any fees come out of the road and bridge fund? Mr. Ristow has talked to other developers and they paid 100% in the same situation. He asked for a clarification. Cmuller/Herlofsky/Council memos!Ristow Response 11-1-10 6 Answer: The developer would be required to pay for the access to the property. However, in the case of 195th Street, the developer would not have been required to construct the entire roadway out to TH-3 as you could have come from the west to access the property west of the railroad tracks, and you could have come offofTH-3 to access the property east of the tracks. Dakota County viewed this as an important east/west connection on the county road system, and was therefore willing to participate in the cost of extension of the road to TH-3. The developer was required to pay for the costs associated with that portion of the project that would have been necessary for access to the development. The developer also agreed to pick up the portion of the City's cost share (45% based on the County's cost share policy) for the bridge portion of the project that was over the cost of the minimal structure necessary to cross north creek. The money that will come out of the road and bridge fund for this project is money that waslis being collected as assessments to the Mystic Meadows development and was identified to pay for the benefIt to that development from the extension of 195th Street. Question: Mr. Ristow asked were all the projects that used up the road and bridge funds drawn properly. He wants to know if Council is comfortable with it. He would like to see a detailed list of where the money went in the last six years. Answer: In process. 7 "j Ie<- COUNCIL MINUTES REGULAR October 18,2010 1. CALL TO ORDER The meeting was called to order by Mayor Larson at 7:00 p.m. 2. PLEDGE OF ALLEGIANCE Mayor Larson led the audience and Council in the Pledge of Allegiance. 3. ROLL CALL Members Present: Members Absent: Also Present: Audience: Larson, Donnelly, Fogarty, May, Wilson None Joel Jamnik, City Attorney; Lisa Shadick, Administrative Services Director; Teresa Walters, Finance Director; Kevin Schorzman, City Engineer; Lee Smick, City Planner; Cynthia Muller, Executive Assistant Lacelle Cordes, Jerry Ristow, Colin Garvey, Clyde Hanson, Ruthe Batulis 4. APPROVE AGENDA Councilmember May pulled for discussion items 7 d) Appointment Recommendation Municipal Services, 7e) September 2010 Financial Report, 7i) Bills. Administrative Services Director Shadick noted the supplemental items 7e) September 2010 Financial Report, 10b) Approve Pay Estimate #2 Pilot Knob Trail Extension Project, and Ilb) Adopt Resolution Designation ofCR64. City Engineer Schorzman pulled item lla) Franchise Fee Discussion. MOTION by Wilson, second by Fogarty to approve the Agenda. APIF, MOTION CARRIED. 5. ANNOUNCEMENTS a) Proclaim Community Planning Month October is Community Planning Month. The Green Team will take the lead on the sustainability chapter for the 2030 Comprehensive Plan. The MPCA will be at the November 15, Council meeting to discuss the Green Step Program. Several of the commissions and the City Council, along with City staffwill be part of the sustainability chapter. Councilmember Wilson stated for him, the word "sustainability" is a code word for higher cost and things that we may not have to do. He wanted to understand if the chapter and the work staffwill be doing, make our planning efforts more efficient, less efficient, are we doing things that will make us less competitive with other communities as far as building and planning. City Planner Smick explained the program is a menu-type program where staff can choose what we 8 Council Minutes (Regular) October 18,2010 Page 2 want to do. The Green Steps Program was set by the Minnesota legislature. Much of the criteria shown, the City has already done. There should be minimal cost and more staff time than anything. The City's Green Team has been in existence for six years. Recently they have been picking up cigarette butts downtown which is a green step requirement. Councilmember Wilson noted the program sounded good until hearing staff time was spent picking up cigarette butts. Having staff picking up cigarette butts is not something he wants limited resources being dedicated to. He suggested partnering with school groups or community groups for this type of project. Whatever we do should advance our planning efforts as opposed to taking up lots of staff time that could be used in different endeavors. City Planner Smick clarified that has already been done and will not be done again. We are trying to limit that type of trash that goes into our storm sewers and eventually to our water system. This could be shown as a green step requirement that has already been met. MOTION by Wilson, second by Fogarty to proclaim October as Community Planning Month. APIF, MOTION CARRIED. 6. CITIZEN COMMENTS Ms. Lacelle Cordes, 1405 Lower Heritage Way, stated after watching the last few Council meetings and reading articles in the newspaper, she was here to say shame on all of you. As a former Councilmember she knows what it is like to take criticism. In fact, during her tenure she had to take more criticism than all of Council put together. She was a weekly staple in the Farmington Independent's cartoons. She built some thick skin, learned not to take anything personally, and still do her job as a Councilmember. She continued to listen to the citizens, she did not whine about the criticism, I did not tell the citizens they could e-mail me or call me instead of talking to me directly, I did not say I was going to throw in the towel. All of Council at one time or another, when running for office, stated you would listen to the residents. She felt the Mayor's statements are more censoring the residents than listening to them. Secondly, shame on all of you, including the City Administrator who is not here tonight, for putting the employees of this City through the wringer the last couple of months. Really, secret positions that are to be cut, and the naming ofthose individuals who may be cut, did any of you ever stop to think what that did to long term employee morale? No one likes to see a position cut, but unfortunately it seems it has come to this. Our City Administrator stated that you, the Council, should not interfere with the elimination of positions, and then he turns around and says that you should. Are you as confused as I am and the rest of the public? It is obvious that he is not capable of presenting a budget and necessary cuts to this Council that you are comfortable with. His saving paper clips are not the answer to Farmington's budget problems. Quit being wishy-washy and make the hard decisions you are elected to make. Shame on the Mayor for even being involved in the budget process, especially when it comes to cutting services and staff. His spouse is an employee of the City and has the ability to influence his position and his decisions. Ms. Cordes felt his decisions in this process are a huge conflict of interest. She requested the Council and City Attorney look into this matter. As someone who watches the meetings at home on a regular basis, 9 Council Minutes (Regular) October 18,2010 Page 3 something has to be done with this mic system. It is horrible, and th~re is nothing more frustrating than watching a meeting where you cannot hear half of it. Mr. Clyde Hanson, on behalf of the Patriotic Day Committee, invited the Council and staff to attend Patriotic Day activities on November 4, 2010, at the Farmington High School. The event is to salute the men and women who are serving in the United States Armed Forces. A dinner will be served, there will be a speaker, and music program. Elementary students have made over 500 patriotic placemats. The public is invited to attend. Mayor Larson asked that the flyer be placed on the website. b) Response to Mr. Jerry Ristow Mr. Ristow wanted to speak on the response he received regarding the road and bridge fund, and a budget item since the Mayor would not take public comment at the budget workshop. Mr. Ristow thanked the City Administrator for responding to his questions on the road and bridge fund depleting. He realized Council has been discussing going to franchise fees as a way to fund the seal coat projects. Mr. Ristow noted he did not receive any answers from Council regarding what fund the water runoff fees and a portion of the City tax will go to. The response he received was that it goes to several street projects. The City Administrator did say that the road and bridge fund from the water runoff fees and the City portion of the taxes did go to the road and bridge fund. Mr. Ristow asked where will that money go ifwe do not have a road and bridge fund? Right now the money is coming off our water runoff fees every quarter that we pay through City services. Mr. Ristow's concern with not having a road and bridge fund, on a major road reconstruction right now the policy is 65/35. Will the residents pay 100% or will we not do anymore reconstruction? Mr. Ristow noted the City Administrator did address the fact that the projects for Walnut Street, Elm Street, Ash Street, and 195th Street were paid for out of the road and bridge fund. Past practice has been, that for 195th Street there was a development fee and the road was done because ofa development. Wouldn't the developer have paid 100% of the fees and why would any fees come out of the road and bridge fund? Mr. Ristow has talked to other developers and they paid 100% in the same situation. He asked for a clarification. Mr. Ristow stated a comment was also made at a meeting regarding certain projects that can be drawn from the road and bridge fund. He asked were all the projects that used up these funds drawn properly. He wants to know if Council is comfortable with it. He would like to see a detailed list of where the money went in the last six years. This fund has been here for 25-30 years and there was a lot of money in there. He understood we do not get a lot of state funding anymore and we have a lot of development that paid water runoff fees, but it seems questionable. He noted the City Administrator had a response from one Councilmember, but it was somewhat what he was looking for, but way off base. The answer should involve more than one specific road project. He noted Councilmember Wilson provided the answer, but there was nothing from the rest of Council. 10 Council Minutes (Regular) October 18,2010 Page 4 Regarding the Deputy Registrar office, at the last workshop comments were made about hiring an employee for this service. Mr. Ristow did some research with the County. Council did support a resolution on June 7, 2010, to move forward with this. He understood that Senator Pariseau and Representative Garofalo had obtained this for the City and it had to be approved before the end of the year or the process had to start over. Mr. Ristow noted this will not be discussed until the November budget workshop. City Administrator Herlofsky had stated the estimated start-up costs are $186,673. Mr. Ristow talked to the County and they said they met with the City Administrator on May 25,2010. They gave him estimates and start-up costs to do this. It came to $150,000 plus equipment costs. The County estimated this type of business today would not make any money and they did not recommend the County or the City do it. What Mr. Ristow heard from the County was that they were not interested in doing this and neither should the City. Mr. Ristow checked with Rosemount and Lakeville who also have a Deputy Registrar office. Those offices are run by the County. He spoke with Rosemount's fmance staff and she indicated if you want to do it as a community service that is fme, but you will not make any money. Mr. Ristow stated we have a few funds that we subsidize heavily. With the budget concerns, do we need to subsidize anything else? He appreciated this will help some of the people in the community, but this can be done on the computer. By starting a business and keeping up with equipment, Mr. Ristow felt with the shortfall in the budget we should not add more to it. Councilmember Wilson wanted to be cautious of being too critical of someone who is not here, but he was very disappointed with the City Administrator in the response to Mr. Ristow. This is not a thorough response. With regard to the question on the road and bridge fund, those were Mr. Wilson's comments he made at the last meeting. This entire response is unacceptable in his opinion and he will be talking to the City Administrator about this. Mr. Ristow understood the protocol is to wait until the next meeting to answer questions, but he felt it was not appropriate to answer questions during Council Roundtable after a resident leaves. a) Response to Mr. Colin Garvey Mr. Garvey stated Council has been assuring him that the City is not misappropriating any funds, over bonding for projects, or over charging for anything. The comment made by the City Administrator at the last meeting, was that some of the assessment money used for the City's portion for the seal coating was left over from the Pilot Knob project. Finance Director Walters will look into that. Mr. Garvey stated he was assessed for Pilot Knob along with others. He asked ifhe was over-assessed that much, that there is still money left over 12 years later? If the City is not over-assessing, over-bonding, or over-charging on projects, how can there possibly be money left over 12 years later on a project. He would like an answer to that question. Mayor Larson asked staff to respond as to where the money came from in the road and bridge fund and what the money was used for. Councilmember May stated there was more than one source of 11 Council Minutes (Regular) October 18,2010 Page 5 funds. Mr. Garvey understood that, but residents were assessed and the money came from assessments so to have that much that there is money left 12 years later is the point. Mayor Larson stated we were told there was money left over from the Pilot Knob project that went into the road and bridge fund. Staffwill research this. Regarding Vermillion River Crossing, Mr. Garvey stated at the budget meeting it was said there was $5.5 million in bonds to pay for that project. He recalled the project came in at $4.7 million to finish it. Mr. Garvey reviewed the minutes from February 17, 2004, stating we received $995,000 for the Spruce Street bridge as a grant. He asked if that money was used. Staff stated it was. Mr. Garvey asked we still had to bond $5.5 million? Staff replied yes. Mr. Garvey said that does not add up, if the project cost $4.7 million and we bonded $5.5 million and we received almost $1 million in grant money, the math does not work. He would like an answer. Mr. Garvey mentioned at the budget workshop, it was stated the County's contribution to 195th Street is $4.5 million. Earlier in the year he asked about the County's contribution and was told it was $1.2 million and the City still bonded $12 million for that project. Now according to this information, the County's contribution is $4.5 million. He asked for the real number. Councilmember Wilson stated Mr. Garvey has come up for at least a year with this exact same question. Council does not respond from the dais, so Mr. Garvey should not expect an answer here, but for the same question to come up every two weeks and to not have an answer for him that is satisfactory, so he fully understands it, is a major concern. Councilmember Wilson did not understand how one individua~ a tax-paying resident, can come once a month and to not have the information. This is an issue for the City Administrator. It is very frustrating from a Council position that we have residents come up. with the same question. If they get the information and they want to challenge or question the information, that is one thing, but for them to come and ask the same questions and not get the information is very troubling. Councilmember Wilson does not know if there is a communication gap between 8:00 and 5:00 at City Hall, but it is very frustrating. c) Response to Mr. David PritzIaff Staff provided a response to his questions. 7. CONSENT AGENDA MOTION by Fogarty, second by Wilson to approve the Consent Agenda as follows: a) Approved Council Minutes (10/4110 Regular) (10/11110 Workshop) b) Received Information Third Quarter Building Permit Report - Building Inspections c) Approved School and Licensing - Building Inspections t) Received Information School and Conference - Police g) Set November 8, 2010, for a Special Council Meeting - Administration 12 Council Minutes (Regular) October 18,2010 Page 6 h) Approved Beer License Super America - Administration APIF, MOTION CARRIED. d) Appointment Recommendation Municipal Services - Human Resources Councilmember May did not have any comments specific to the individual selected for the position, but because we are in the middle of budget discussions which include possible staff reductions, and different levels of management can be included in that discussion or whether different layers of management are necessary, that can be looked at as a tool for budget cuts. She felt it was inappropriate timing to name someone to a supervisory position. Voluntary retirements could help with some ofthe budget issues. She felt this should be discussed at the budget workshop. This has nothing to do with the individual's qualifications, but this could be an opportunity to save some money. Councilmember Wilson added given we have not received detailed information on some items in the budget, he felt that was a reasonable idea and supported her suggestion. Administrative Services Director Shadick stated she was not involved in the selection process, but the City Administrator, Human Resources Director, and Municipal Services Director did discuss whether to replace this position. They did determine that it was a warranted position. Councilmember Fogarty stated at the last budget workshop one of the things Council discussed was staying at the policy level and to get away from doing the City Administrator's job for him. Council gave it back to him to make the cuts for $400,000 and $500,000 and to bring it back to Council. The City Administrator is not here, but he is aware of what went out in the agenda packet. That tells her this is not a position he is considering eliminating for 2011. Council has not seen that budget document yet, but Council made the decision to let the City Administrator decide on staff for 2011. Mayor Larson agreed with Councilmember Fogarty. Councilmember Donnelly stated we are not hiring someone from outside. This is a promotion from within. We are not hiring an additional person. Administrative Services Director Shadick stated Mr. Weierke, the Streets and Utilities Supervisor retired and staff conducted internal interviews with a number of applicants. MOTION by Fogarty, second by Donnelly to approve the appointment of Mr. Steven Arndt as Streets and Utilities Supervisor in the Municipal Services Department, effective October 19,2010. Voting for: Larson, Donnelly, Fogarty. Voting against: May, Wilson. MOTION CARRIED. e) September 2010 Financial Report - Finance Councilmember May noted this information was received today, and this can be one of the most important items especially with the budget process, so to receive it a little sooner would be appreciated. Her first comment was regarding building 13 Council Minutes (Regular) October 18,2010 Page 7 permits. She would like to keep the number the same for 2011. Most of what she is reading indicates a continued sluggish market and if we can exceed our budget number as it looks like we will today, that is a good thing. There are a number of other areas where we are not exceeding our revenue projections. Councilmember Fogarty noted these numbers are through the end of September. She asked City Engineer Schorzman what the percentage will be as a result of construction due to the tornado. Staff explained there was a spike in repair permits, but new home permits are already over 100% of the estimate for the entire year and have been for a month or more. New home permits are driving more of the revenue. Councilmember May stated regarding the EDA operations, she asked when the change will be made from the HRA to the EDA. Finance Director Walters anticipates doing this next month. Councilmember Fogarty asked that something be brought to the November EDA meeting. Councilmember May noted under park improvements, there is a comment that a developer of River bend 3rd Addition prepaid their development fees. She asked if that has been taken into account for the 2011 budget. Staffhas not included these fees in the 2011 budget. Councilmember May noted if this year is used as a guide for next year, the numbers are a little inflated because the fees are prepaid. Regarding the pool, Councilmember May assumed the transfers happened at the end of the year to balance the fund balances. She asked if transfers are made throughout the year. Finance Director Walters explained for the pool we make transfers for the three months the pool is open. Councilmember May stated a comment regarding the liquor stores says without the transfers, of which there was $30,000 in transfers to the pool, but without the transfers the liquor operations would have seen a profit. When she looks at the budget summary, she is not thinking the expenditures are pool transfers or any other type of transfers. She asked if there was a way to add a line for transfers, showing them separately. Staffwill do this. Councilmember May stated some of the months we are showing a deficit could be because of a transfer. This would be a good way to track where the money is going. This occurs in other funds as well. A separate line in all these funds would be helpful. Councilmember May asked if it was necessary to transfer during the year and why can't we transfer at the end of the year? Finance Director Walters stated we can do it at the end of the year, but we transfer throughout the year so we break up the entire budget amount for the transfer through the 12 months. Because the pool is open for three months out of the year, we transfer the entire amount within those three months. Councilmember May asked if it would be more helpful if Council could see how these different areas are actually operating whether with a deficit or surplus, and then at the end of the year make the transfer. If it is only done one time a year, it is very transparent and then we only have to trace it to one point to make it balance at the end of the year. Staff replied we could, but then the debt service 14 Council Minutes (Regular) October 18,2010 Page 8 funds would not have any money in them to pay the bills, other funds would not have anything to operate, they would continue to go negative, and it would be hard to see what the funds have in them and how they will end up at the end of the year. We would have to focus on transfers and try to remember what goes in the funds. Mayor Larson liked Councilmember May's idea and understood what staff was saying. He stated if there was a note saying this money was transferred from the liquor store to the pool on this date, then Council would know. Regarding the Rambling River Center renovation, Councilmember May noted there is a comment that the receipt of the block grant funds should help offset some of the cost. She asked if that will be received before year end and if the guarantee was in writing from the County. Finance Director Walters was aware staffhas applied for it and was sure it was guaranteed. Staff will follow-up on this. Councilmember May commented although the transfers have made it difficult to determine how the liquor store is doing, she still feels it is an area of concern. She recently read an article on the overall drop in liquor store sales and the economy. We have a fund balance there and she was sure we could fmd some good uses for that fund balance and would not like to see it all go away with losses. She felt we need to ramp up the discussion about what to do with the liquor stores. Ifour surrounding communities, particularly Apple Valley and Lakeville who have built municipal liquor stores on our borders, let's do something different and attract someone who may want to sell liquor on their own. She suggested looking at it while there was a positive fund balance. Mayor Larson understood, but he has been told that talking about the liquor stores at the dias is creating problems with sales because people think they are going out of business. Council has to be careful what we say up here. Like any other business, we need to look at the bottom line at the end of the year before we make any decisions. When it is not looking good, is when they are buying product and the numbers are skewed when Council sees them. Mayor Larson suggested Council be patient and wait until the end of the year and make comments and adjustments when we see the full story. Councilmember May mentioned the street light utility fee and did not understand how we are going to make up $25,000 ifwe did not bill for that amount of time. Either we will have to take the funds from somewhere else or look at a nominal increase to make that up. She did not understand how you can make up for two months of not billing. Finance Director Walters stated in December we bill for September, October, November. In January and February we are back billing as well. We are billing for three months each time. All of the revenues we are billing back to those other months will be included in 2010. Even though we are sending the bills out in 2011, that revenue will go back into 2010. Also, there will be expenditures, but not as much as revenue. In January and February we will receive additional revenue that may not cover that amount, but will come close. 15 Council~mes~egW~) October 18,2010 Page 9 " Mayor Larson stated December 31, we will be in the ho Ie, but after the next billing, we will be close. Finance Director Walters stated by the time we prepare the fmancial reports, we will have that revenue back dated to 2010. Councilmember Fogarty asked if that will break even. Staffreplied we hope it will break even. Councilmember Fogarty asked ifwe made the street light utility fee the right amount. By the end of the year it should break even, or we are not billing the proper amount. Finance Director Walters was hoping it will come close, but felt it will not break even. Councilmember Fogarty asked if there will be a bigger deficit for 2011 and do we need to open this up and discuss it further or is it too soon to tell. Staffreplied it is too soon to tell and it should be a smaller deficit than what it is now. Councilmember Donnelly stated on the budget summary it shows transfers out and asked if that is the transfers Council is referring to. Staff explained that is for the general fund only. Councilmember May had been talking about a transfer from the liquor store to the pool and that is not included. Councilmember Donnelly agreed with Councilmember May on the transfers. As far as the arena, and the pool he wants to know how much they cost. We have to pay the bills and it is hard to determine how much they cost. It is hard to know how much the liquor stores made, because we take money out and without transfers they made money. It all comes out the same in the end. We have to pay the bills. We will keep the arena and the pool open. We want to know how much they cost. It is hard to determine how much the arena and the pool cost to operate and how much the liquor store makes with this accounting system. Finance Director Walters stated the arena is not receiving any transfers and it is not transferring anything out. The liquor store transfers money to the pool. The pool without the transfer from the liquor store, could not survive. Councilmember Donnelly understood; the City will fund the pool. It is confusing to see what it actually costs. He would rather have it show as a negative. There will be revenue from somewhere else to use to pay that. He asked ifthere was an accounting rule that it has to be done this way. He would rather see the transfers more clearly than a note stating transfers each month. Councilmember Donnelly asked where we came up with the cost for the street light utility. City Engineer Schorzman stated we receive separate utility bills for the street lights. Councilmember Wilson stated every year we will run two or three months short with the street light utility because of the way it is billed. He asked if we are allowed to use funds that are billed for the previous year, but received in the upcoming year to account for the previous year. Staff confIrmed we can. MOTION by Fogarty, second by Wilson to approve the September 2010 Financial Report. APIF, MOTION CARRIED. 16 Council Minutes (Regular) October 18, 2010 Page 10 i) Approve Bills Councilmember May had various questions on the list of bills: There was a payment to Yale Mechanical for $4,000 for equipment repair at the arena. She assumed a lot of the equipment was new, so she asked what was repaired. Councilmember Fogarty recalled it might be the heating system. There was a payment to Hentges for the Walnut Street project. Councilmember May asked how many payments are remaining and wanted to make sure all issues are resolved before fmal payment is made. City Engineer Schorzman stated there will be at least two more payments. One for additional work this fall and there will be a final wear course next year. Regarding the mat and cleaning services, Councilmember May asked if staff was obtaining bids for these services for next year. Administrative Services Director Shadick replied as far as the mats, we have moved to monthly service versus weekly service in all buildings. As far as cleaning services, staff is obtaining quotes, but not all have been received. The current contract is ongoing. MOTION by Fogarty, second by Wilson to approve the bills. APIF, MOTION CARRIED. 8. PUBLIC HEARINGS a) Adopt Resolution - Delinquent Municipal Services Assessments - Finance Delinquent utility bills amount to $373,652.94. These may be paid by November 18,2010, to avoid certification to the taxes. Ms. Lacelle Cordes, 1405 Lower Heritage Way, noted the amount is $373,000. She was sure most of those have come in the form of home foreclosures. She asked if staff had a contingency plan to make up that money in the 2010 or 2011 budget. Finance Director Walters stated they will be certified to the taxes. When a property goes to foreclosure, the bank pays the taxes and the utility bills. There is a delay. MOTION by Fogarty, second by Wilson to close the public hearing. APIF, MOTION CARRIED. Councilmember May stated the plan to certify the bills to the taxes is not a plan. As a banker, there is certainly a delay. The bank will want to delay it until the property is sold and that can be quite a long time. She was very concerned about this number. She asked if staff had an estimate of the percentage of the number still outstanding. Staff estimated half of them would be certified. Councilmember May saw an article about uncollected taxes in addition to utility billings. Eagan has a 2% increase in their levy that is specifically used as an allowance for potential uncollected taxes from property value appeals and delinquencies which are on the rise. They call it a prudent and conservative thing to do to prepare for this likely contingency. Other cities are doing the same. If 17 Council Minutes (Regular) October 18,2010 Page 11 the funds are untapped, then the plan is to use the funds for capital expenditures or to buy down. As Farmington has one of the highest foreclosure rates, Councilmember May felt we need more of a concrete contingency plan. This can be added to the budget discussion. We cannot bury our heads, or we will be short. Councilmember Fogarty asked staff to provide the percentage of delinquent accounts for the last two years. For new residents, if they purchased a property and received a delinquency notice for the utility bill, they should contact their title company. MOTION by Wilson, second by May to adopt RESOLUTION R59-10 certifying the delinquent accounts as a special assessment to the 2011 taxes of the appropriate properties. APIF, MOTION CARRIED. 9. AWARD OF CONTRACT 10. PETITIONS, REQUESTS AND COMMUNICATIONS a) Adopt Ordinance - Relating to Floodplain Overlay District, Wetland Solutions, Shoreland Management Regulations and Storm Drainage - Planning The Vermillion River Watershed Joint Powers Organization has made some minor changes to the Watershed Standards. One change is that a property in the Federal Farm Program as to comply with the Wetland Conservation Act rather than be exempt from those regulations. The second is that land cover conditions existing in 2005 need to be the base line for existing conditions in a runoff calculation and the numerical flow standards within the Vermillion River Watershed Joint Powers Organization Hydrologic Model of2009. City Attorney Jamnik explained the Wetland Conservation Act was changed, the Vermillion River Watershed Joint Powers Organization adopted the changes, now the City is next in line. Mayor Larson asked if this will increase the cost of development in the commercial area. Staff stated when the Vermillion River Crossings project went through it met all the guidelines of the DNR. All the storm water and ponding was prepared under those guidelines. There should be no increase in costs. City Attorney Jamnik felt this should be revenue neutral. What drives the cost is the location of replacement wetlands. These changes are technical in nature and do not affect the location of wetlands. MOTION by Wilson, second by Fogarty to adopt ORDINANCE 010-629 amending Sections 10-5-25, 10-6-17, 10-6-18, and 11-4-7 relating to Floodplain Overlay District, Wetland Standards, Shoreland Management Regulations, and Storm Drainage. APIF, MOTION CARRIED. b) Approve Pay Estimate #2 Pilot Knob Trail Extension Project - Engineering This is an additional item for the list of bills. This is to avoid a delay in paying the contractor. The total amount is $134,478.82. The County will reimburse the 18 Council Minutes (Regular) October 18,2010 Page 12 City for their portion ofthe project. MOTION by Fogarty, second by Wilson to approve Pay Estimate #2 for the Pilot Knob Trail Extension Project in the amount of$134,478.82. APIF, MOTION CARRIED. 11. UNFINISHED BUSINESS b) Adopt Resolution - Designation of CR64 - Engineering Part of the Joint Powers Agreement between the City and the County for 19Stb Street indicated the County would take over jurisdiction of the road. The County needs a request from the City to do this. Councilmember Fogarty asked if speed limit signs will be installed once this is approved. Staffhas been requesting this. Councilmember Wilson asked who will have the authority for winter and ongoing maintenance. Staff stated on a County road, the City is responsible for trail maintenance. The remainder of the responsibility is the County's. MOTION by Fogarty, second by Donnelly to adopt RESOLUTION R60-10 requesting the County take over jurisdiction of 19Sih/190tb Street, and authorizing the necessary right-of-way transfers from the City to the County. APIF, MOTION CARRIED. 12. NEW BUSINESS 13. COUNCIL ROUNDTABLE Councilmemher Wilson: He took his Cub Scout group to a formal flag burning ceremony conducted by the Legion. He thanked the Legion for hosting this. Used flags can be taken to the Legion. Unless Council has any concerns, a year ago he brought up the idea that Rosemount has a Youth Commission. He will gather some information on this from the City of Rosemount. Councilmemher Fogarty: Her daughter, Ashley Fogarty, was crowned Miss Minnesota High School Teen Representative. She will represent Farmington High School and the entire State of Minnesota at a national scholarship competition. Councilmemher May: She was glad Ms. Cordes was still in attendance. She wanted to publicly say shame on me for the comment she made that she wanted to throw in the towel. It was more in frustration with the budget process, and an employee sitting here, and nerves. There were a lot of issues at that meeting. Ms. Cordes was right. When Councilmember May was elected, having some thick skin is part of the position. She is in it for at least two more years and will do what she can to represent the residents. She appreciated Ms. Cordes' comments. 19 Council Minutes (Regular) October 18,2010 Page 13 Mayor Larson: The Patriotic Day flyer will be posted on the City's website. There will be Warrior to Citizen dinners hosted by churches on the first Monday of each month. These will begin in November. Last Thursday he attended a wine tasting at Blondie's Tavern hosted by the Farmington Liquor Store. It was incredible and they learned about wines from France. As the holidays are approaching, he encouraged residents to talk to Liquor Store staff on wine selections. 14. ADJOURN MOTION by Fogarty, second by Wilson to adjourn at 8:34 p.m. APIF, MOTION CARRIED. Respectfully submitted, Cynthia Muller Executive Assistant 20 7/; City of Farmington 430 Third Street Farmington, Minnesota. 651.280.6800. Fax 651.280.6899 ww'w.ci. tarmingttl11.TIm.LL'i TO: Mayor, Council and City Administrator FROM: Tim Pietsch, Fire Chief SUBJECT: Explorer Post 9470 DATE: November 1, 2010 INTRODUCTION: We are in the process of opening an Explorer Post for the local youth. We have a Post Committee and Post Advisors. DISCUSSION: We have completed the re~uired training for Post Advisory staff. We will be holding our "First Nighter" on November 18 at 1800 hours at Station 1. We must maintain at least 5 members to retain the post. At the current time we have 8-10 members signed up. ACTION REQUESTED: Informational memo only. Respectfully submitted; Tim Pietsch, Farmington Fire Chief 21 7c City of Farmington 430 Third Street Farmington, .tr..finnesota. 651.280.6800. Fax 651.280.6899 wW\\'.ci.~,:irmingttll,.n1n.L1"'; TO: Mayor, Councilmembers, and City Administrator FROM: Lena Larson, Municipal Services Coordinator SUBJECT: Approving Submittal of an Application for Landfill Abatement Funds from Dakota County DATE: November 1,2010 INTRODUCTION & DISCUSSION Dakota County has provided landfill abatement funding assistance to communities in Dakota County since 1989. Dakota County Board Resolution No. 88-651 states that the County's portion of funding of recycling implementation and operating costs incurred by cities and townships will be through performance based funding. Communities over 5,000 in population are eligible to receive a $5,000 base per community plus $2.00 per household, based on 2008 Metropolitan Council household estimates. These funds assist the City in producing and distributing literature, promotional items, and programs and events that promote waste reduction and recycling programs in Farmington. The application also indicates that Farmington would be interested in hosting a Household Hazardous Waste Event Collection with Dakota County in 2011. BUDGET IMPACT The year 2011 reimbursement for Farmington is $18,700. RECOMMENDATION Approve the attached resolution approving submittal of a grant application to Dakota County. Respectfully Submitted, Lena Larson Municipal Services Coordinator 22 RESOLUTION NO. R -10 APPROVING AN APPLICATION FOR WASTE ABATEMENT FUNDING ASSISTANCE Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Farmington, Minnesota, was held in the Council Chambers of said City on the 1st day of November, 2010 at 7:00 p.m. Members present: Members absent: Member introduced and Member seconded the following resolution: WHEREAS, according to Dakota County Board Resolution No. 88-651, Dakota County presently provides funding assistance for landfill abatement activities based on performance based funding; and, WHEREAS, the City presently has an integrated resource recovery system of which curbside collection of yard waste and recyclables are major components, and would be eligible for funding under the County program. NOW THEREFORE, BE IT RESOLVED that the application for Dakota County Waste Abatement Funding Assistance, a copy of which is on file in the office of the City Clerk, is hereby approved. BE IT FURTHER RESOLVED that the City Administrator is hereby authorized and directed to execute and forward the 2010 Community Funding Application. This resolution adopted by recorded vote of the Farmington City Council in open session on the 1st day of November, 2010. Mayor Attested to the day of November, 2010. City Administrator SEAL 23 7c/ City of Farmington 430 Third Street hrmington, .l\.1innesota 651.280.6800. Fax 651.280.6899 www.ci.tarmingtoll.n1n.L.L.oI TO: Mayor, Councilmembers and City Administrator FROM: Teresa Walters, Finance Director SUBJECT: Audit Engagement - 2010 City Audit DATE: November 1,2010 Purpose: Approve the audit services of Kern DeW enter Viere, LTD. for the purpose of auditing the 2010 Financial Statements. Background Information: Attached for your review and approval is the Audit Engagement document, which defmes the specific activities of the 2010 City audit. Each year the City of Farmington retains the services ofa Certified Professional Accounting fIrm to complete the mandated requirements of the annual city fmancial and operational audit. The engagement letter defmes the procedures that will be followed to comply with audit standards necessary for the audit of the City-wide fmancial statements, which includes the development of the audit opinion. The fee for the 2010 audit is estimated at $32,300, the same as last year. As with previous years audit fees, if any additional or supplemental work is required during the course of the audit, these issues will be discussed with staff, and a billing amount will be determined base on the hours of research and work paper preparation required. Staff will rely on KDV to ensure accurate and effective implementation of new audit standards as required by GASB and reporting compliance with the Government Finance Officers Association (GFOA). With the assistance of KDV, the city applied for the Certificate of Achievement for Excellence in Financial Reporting for the first time last year. If we receive this award, it will be a source of pride for the City, as well as a positive indicator to the bond market when bond sales are undertaken. Preparing the fmancial statements to win this report required a significant amount of time and effort from both KDV staff and myself, the Finance Director. Since I am new to The City of Farmington, it would help me to maintain some consistency in our auditors for one more year. In 2011 we plan to send out requests for proposals for the 2011 audit. Budget Impact: The 2011 Budget has provided for audit costs in the General fund Finance Department as well as the enterprise funds, TIF Funds, and special revenue funds, dependent upon the auditing time needed to review and audit these funds. More audit time is generally spent on funds with higher revenue and expenditure balances (Major funds). Recommendation: Staff recommends approval of maintaining KDV for the audit services related to the 2010 audit. 24 -" ". ~DV October 18, 2010 CLIENT'S COpy The Honorable Mayor and Members of the City Council c/o Ms. Teresa Walters, Finanee Director City of Farmington 430 Third Street Farmington~ MN 55024 Dear Ms. Walters: We are pleased to confirm our understanding of the services we are to provide the City of Farmington, Minnesota~ (the "City") for the year ended December 31~ 2010. We will audit the fInancial statements of the governmental activities, the business-type activities~ each major fund, and the aggregate remaining fund information~ which collectively comprise the basic fmancial statements of the City as of and for the year ended December 31, 2010. Accounting standards generally accepted.in the United States provide for certain required supplementary information (RSI), such as management~s discussion and analysis (MD&A), to supplement the City~s basic fmancial statements. Sueh information~ although not a part of the basic fInancial statements, is ,required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. As part of our engagement, we will apply certain limited procedures to the City~s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding the methods of preparing the infonnation and eomparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We will not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited: 1. Management's Discussion and Analysis 2. Schedule of Funding Progress - Other Post Employment Benefits CimlJi"d l'II"lir Ai.ounhW/$ lV...alllJ AJdlk,g1.'mtllll I'I'l""US,mm Brtsi'n("$$ \illuUlU1IIS r,,1mo''''~' Sen."" TwIn CllIes 3800 Ameliall Boul",..,d W. Suite 1000 Bloominglnn. Mlnne&Ota 55431 25 Pbone: 952.56;t.6800 F..,~ 952.563.6801 St. Cloud 220 Park Avenue S. 1'.0. Oox 1304 51. Cloud. Minnesota 56302 Phone: 320.251.7010 F-.l.'" 320.251.1784 www.kdv.com Expert adl"".. Wilen l'ou need IL ~ 877.912.7696 TcchnolollY Help Ocslu 866.400.6426 Supplementary information other than RSI also accompanies the City's financial statements. We will subject the following supplementary information to the auditing procedures applied in our audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying,accounting and other records used to .:' prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America and will provide an opinion on it in relation to the fmancial statements as a whole: 1. Combining and Individual Fund Financial Statements and Schedules 2. Supplemental Schedules The following other information accompanying the fmancial statements will not be subjected to the auditing proeedures applied in our audit of the financial statements, and for which our auditor's report will not provide an opinion or any assurance. 1. Introductory Section of the Comprehensive Annual Financial Report 2. Statistical Section of the Comprehensive Annual Financial Report Audit Objective The objective of our audit is the expression of opinions as to whether your basic fmancial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the additional information referred to in the first paragraph when considered in relation to the basic financial statements taken as a whole. Our audit will be conducted in accordance with U.S. generally accepted auditing standards and will include tests of the accounting reeords and other procedures we consider necessary to enable us to express such opinions. If our opinions on the financial statements are other than unqualified, we will fully discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form' or have not formed opinions, we may decline to express opinions or to issue a report as a result of this engagement. Management Responsibilities Management is responsible for the basic financial statements and all accompanying information as well as all representations contained therein. You are also responsible for management decisions and functions; for designating an individual with suitable skill, knowledge or experience to oversee our financial statement preparation services and any other nonatlest services we provide; and for evaluating the adequacy and results of those services and accepting responsibility for them. Management is responsible for establishing and maintaining internal controls, including monitoring ongoing activities; for the selection and application of accounting principles and for the fair presentation in the financial statements of the respective finaneial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund and the aggregate remaining fund information of the City and the respective changes in financial position and where applicable, cash flows, in conformity with U.S. generally accepted accounting principles. 2 26 Management is responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. Management is responsible for adjusting the financial statements to correct material misstatements and for confirming to us in the representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud or illegal acts affecting the government involving (1) management, (2) employees who have significant roles in internal control and (3) others where the fraud or illegal acts could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, regulators or others. In addition, you are responsible for identifYing and ensuring that the entity complies with applicable laws and regulations. Audit Procedures - General An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriati9n of assets or (4) violations of laws or governmental regulations that are attributable to the entity or to acts by management or employees acting on behalf of the entity. Because an audit is designed to provide reasonable, but not absolute, assurance and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us. In addition, an audit is not designed to detect immaterial misstatements, or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. However, we will inform you of any material errors and any fraudulent fmancial reporting or misappropriation of assets that come to our attention. We will also inform you of any violations oflaws or governmental regulations that come to our attention, unless clearly inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does not extend to any later periods for which we are not engaged as auditors. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors and fmancial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will also require certain written representations from you about the finaneial statements and related matters. Audit Procedures - Internal Control Our audit will include obtaining an understanding of the entity and its environment, including internal control sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit proeedures. An audit is not designed to provide assurance on internal control or to identifY significant deficiencies. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under professional standards. 3 27 Audit Procedures - Compliance As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the City's compliance with applicable laws and regulations and the provisions of contracts and agreements. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion. Engagement Administration, Fees and Other We may from time-to-time, and depending on the circumstances, use third-party service providers in serving your account. We may share confidential information about you with these service providers, but remain committed to maintaining the confidentiality and security of your information. Accordingly, we maintain internal policies, procedures and safeguards to protect the confidentiality of your personal information. In addition, we will secure confidentiality agreements with all service providers to maintain the confidentiality of your information and we will take reasonable precautions to determine that they have appropriate procedures in place to prevent the unauthorized release of your confidential information to others. In the event that we are unable to secure an appropriate confidentiality agreement, you will be asked to provide your consent prior to the sharing of your confidential information with the third-party service provider. Furthermore, we will remain responsible for the work provided by any such third-party service providers. We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing. The audit documentation for this engagement is the property of Kern, DeWenter, Viere, Ltd~ and constitutes confidential information. However, we may be requested to make certain audit documentation available to oversight, regulatory or state agencies pursuant to authority given to it by law or regulation. If requested, access to such audit documentation will be provided under the supervision of Kern, DeW enter, Viere, Ltd' s personnel. Furthermore, upon request, we may provide photocopies of selected audit documentation to oversight, regulatory or state agencies. The oversight, regulatory or state agencies may intend, or decide, to distribute the photocopies or information contained therein to others, including other governmental agencies. This engagement letter includes your authorization for us to supply you with electronically formatted fmancial statements or drafts of financial statements, financially sensitive information, spreadsheets, trial balances or other financial data from our files, upon your request. The audit documentation for this engagement will be retained for a minimum offive years after the report release date or for any additional period requested by the oversight, regulatory or state agencies. Ifwe are aware that a federal awarding agency, pass-through entity or auditee is contesting an audit finding, we will contact the party (ies) contesting the audit finding for guidance prior to destroying the audit documentation. If you intend to publish or otherwise reproduce the fmancial statements and make reference to our Firm name, you agree to provide us with printers' proofs or masters for our review and approval before printing. You also agree to provide us with a copy of the final reproduced material for our approval before it is distributed. Additionally, if you include our report or a reference to our Firm name in an electronic format, you agree to provide the complete electronic communication using or referring to our name to us for our review and approval prior to distribution. 4 28 During the eourse of our engagement, we will request information, and explanations from management regarding the City's operations, internal controls, future plans, specific transactions and accounting systems and procedures. At the conclusion of our engagement we will require, as a precondition to the issuance of our report, that management provide certain representations in a written representation letter. The procedures we will perform in our engagement and the conclusions we reach as a basis for our report will be heavily influenced by the written and oral representations that we receive from management. Accordingly, false representations could cause us to expend unnecessary efforts or could cause a material error or a fraud to go undetected by our procedures. In view of the foregoing, you agree that we shall not be responsible for any misstatements in the City's financial statements that we may fail to detect as a result of false or misleading representations that are made to us by management. Matt Mayer is the engagement partner and is responsible for supervising the engagement and signing the reports or authorizing another individual to sign them. Our fees for these services will be $ 32,300. The fee estimate is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we" incur the additional costs. Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and will not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even ifwe have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket expenditures through the date oftermination. A service charge of 1 % per month, which is an annual rate of 12%, will be add~d to all accounts unpaid 30 days after billing date. If collection action is necessary, expenses and reasonable attorney's fees will be added to the amount due. Any disputes between us that arise under this agreement, or for a breach of this agreement or that arise out of any other services performed by us for you, must be submitted to nonbinding mediation before either of us can start a lawsuit against the other. To conduct mediation, each of us shall designate a representative with authority to fully resolve any and all disputes, and those representatives shall meet and attempt to negotiate a resolution of the dispute. If that effort fails, then a competent and impartial third party acceptable to each side shall be appointed to hold and conduct a nonbinding mediation proceeding. You and we will equally share in the expenses of the mediator and each ofus will pay for our own attorney's fees, ifany. No lawsuit or legal process shall be eommenced until at least 60 days after the mediator's first meeting with the parties. The nature of our engagement makes it inherently difficult, with the passage of time, to present evidence in a lawsuit that fully and fairly establishes the facts underlying any dispute that may arise between us. We both agree that notwithstanding any statute of limitation that might otherwise apply to a claim or dispute, including one arising out of this agreement or the services performed under this agreement, or for breach of contract, fraud or misrepresentation, a lawsuit must be commenced within twenty~four (24) months after the date of our report. This twenty- four (24) month period applies and starts to run on the date of each report, even if we continue to perform services in later periods and even if you or we have not become aware of the existence of a claim or the basis for a possible claim. In the event that a claim or dispute is not asserted at least sixty (60) days before the expiration of this twenty-four (24) month period, then the period oflimitation shall be extended by sixty (60) days, to allow the parties to conduct non-binding mediation. 29 5 Our role is strictly limited to the engagement described in this letter, and we offer no assurance as to the results or ultimate outcomes of this engagement or of any decisions that you may make based upon our communications with or our reports to you. Your City will be solely responsible for making all decisions concerning the contents of our communications and reports, for the adoption of any plans and for implementing any plans you may develop, including any that we may discuss with you. You agree that it is appropriate to limit the liability of KDV, Ltd. its shareholders, directors, officers, employees and agents and that this limitation of remedies provision is governed by the laws of Minnesota, without giving effect to choice of law principles. You further agree that you will not hold us liable for any claim, cost or damage, whether based . on warranty, tort, contract or other law, arising from or related to this agreement, the services provided under this agreement, the work product, or for any plans, actions or results of this engagement, except to the extent authorized by this agreement. In no event shall we be liable to you for any indirect, special, incidental, consequential, punitive or exemplary damages, or for loss of profits or loss of goodwill, costs or attorney's fees. The exclusive remedy available to you shall be the right to pursue claims for aetual damages that are directly caused by acts or omissions that are breaches by us of our duties under this agreement. We appreciate the opportunity to be of service to the City and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as deseribed in this letter, please sign the enclosed copy and'return.it to us. Sincerely, KERN, DEWENTER, VIERE, LTD. Matthew L. Mayer Certified Public Accountant RESPONSE: This letter correctly sets forth the understanding of the City of Farmington, Minnesota. By: Title: Date: 6 30 ~ .. .... C B I I co ~ i ~ ~ ~ ~ ~ ~ ~ o ~ ~ 5 8 ~ I '0 Ol {j .. lii r-I :I l> i o ~ Z .g o ! z ~ ~ is ~ I H i H 1) U c ~ S! o &J a u _ ~ 9 ~ ::l! ! ~ 0 ~ ~ O::Z. o r-I o N iSl !I 81 a 'R H o ::J III f j 'I .g III ~I gl all C') 0> .... 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UJ UJ UJ UJ en en en en (') ~ "! lO N cO to ~ ~ ~ m N .0:; 0> ri :g ~ ~ ~ ~ ~ N ~ S ~ 'i a1 J: U u:l a1 Ii J: Ii: ~ UJ UJ o ::l 0: LL ~ tu <( ~ s: LL a. a. UJ UJ en en :>t E-I p::; ..:e (2) o Ptl ~ z CI) H ~ o p::; III III ..:e z o CI) p::; ..:e H ('oj o ~. .... CD ,... "' ~ l- t: 8- Gl 0: )1 O\~ City of Farmington 430 Third Street Farmington, Minnesota 651.280.6800 . Fax 651.280.6899 www.ci.fannington.mn.us TO: Mayor, Councilmembers, and City Administrator FROM: Tina Hansmeier, Economic Development Specialist SUBJECT: Listing Agreement for City-Owned Property DATE: October 4,2010 INTRODUCTION The Farmington Economic Development Authority (EDA) directed staff to list the city-owned property located at 431 3rd Street with Ms. Becky Leebens ofKW Commercial at their October EDA meeting. DISCUSSION Ms. Leebens has been working with the EDA to assist in the sale of a number of ED A-owned properties since March of this year. The format of the listing agreement is similar to those agreements held between the EDA and KW Commercial. The major provisions of this agreement (Exhibit A) are as follows: Compensation: The City will pay Ms. Leebens 6 % of the selling price, but not less than $7,680 flat fee, which is 4% of list price. The flat fee is provided to allow for flexibility in the sale price and to fairly compensate Ms. Leebens. Exclusion List: No compensation will be owed to Ms. Leebens if property is sold to anyone identified on the exclusion list. W. Paul Otten, his assigns or a related entity has been identified. . Reimbursement: If property is sold to a person identified on the exclusion list during the term of this agreement, the City will reimburse Ms. Leebens $1,000 for marketing and time provided. Marl(eting: Placement of a "For Sale" sign on the property is required. Expiration: This agreement expires on April 30, 2011, unless otherwise terminated through the sale of the propelty. The extension of this agreement can be done by written agreement of both parties. Attached for your information is the Broker's Opinion of Value report (Exhibit B). ACTION REOUESTED Approve the Listing Agreement authorizing Becky Leebens with KW Commercial to assist the City of Farmington with the sale of the property located at 431 3rd Street. Respectfully submitted, Tina Hansmeier Economic Development Specialist 53 Listing Contract Page 1 of pages (count any addenda) THIS LISTING CONTRACT ("CONTRACT")[ALSO KNOWN AS "LISTING AGREEMENT"] HAS SIGNIFICANT LEGAL IMPORTANCE AND SHOULD BE REVIEWED BY A REAL ESTATE LAWYER PRIOR TO SIGNING. MINNESOTA LAW PROHIBITS BROKERS AND SALESPERSONS FROM GIVING LEGAL ADVICE OR OPINIONS CONCERNING LEGAL RIGHTS OR OBLIGATIONS OR THE LEGAL EFFECTS OF THIS CONTRACT. SEE IMPORTANT MINNESOTA STATUTE CONCERNING LISTING AGREEMENTS ON REVERSE SIDE OF THIS PAGE. DEFINITIONS This Contract involves the Property (together with improvements) located at: 431 3rd Street. "I" and "Me" mean: City of Farmington (SELLER). "You" means: Becky Leebens (SALESPERSON) acting on behalf of: KW Commercial Midwest (REAL ESTATE BROKER). TERMS You may offer the Property for sale until the date of expiration for cash or terms agreeable to Me. EXPIRATION This Contract expires at 11:59 p.m. on Apri130, 2011, unless otherwise terminated through sale ofthe Property. This Contract may be extended by written Agreement of the parties. Either You or I may terminate this Contract upon breach of this Contract by the other party, following a 7 day cure period commencing upon written notice of the breach to the breaching party. Early expiration shall not affect rights under a valid purchase agreement and shall not affect any compensation to be earned as a result of any such purchase agreement transaction being successfully closed. SELLER DUTIES I will give You all government notices, and any additional information You request, relevant to the sale ofthe Property. I will cooperate with You in selling the Property. I will perform obligations agreed to in the purchase agreement. I will provide and pay for any inspections and reports required by any governmental authority. If You sell the Property, You may notify the Multiple Listing Service and its members ofthe price and terms of the sale. I authorize You to obtain information about any existing financing on the Property. SALESPERSON I BROKER SERVICES AND DUTIES You will offer the Property for sale. You will use your best efforts to advertise, market, and show the Property at the best price and terms. You will represent my best interests at all times and place my 146950vl 1 54 Page 2 of pages (count any addenda) interests above all others, especially your own. You will give Me your undivided loyalty, and owe to Me ALL the duties that an agent owes his or her principal under the common law of agency exeept as modified by the mandatory disclosure requirements of the Department of Commerce Real Estate Broker Practice Regulation 2805.1400. Your duties and liabilities under this Contract are greater than those set forth in Minnesota licensing statutes. CAUTION: DUAL AGENCY WILL REDUCE SIGNIFICANTLY THE LEVEL OF SERVICES AND DUTIES LISTED ABOVE. MARKETING You will place a "For Sale" sign on the property identifying Becky Leebens with KW Commercial as the contact for sale inquiries. You may list other properties during the tel'm of this Contract. COMPENSATION NOTICE: THE COMMISSION RATE FOR THE SALE, LEASE, RENTAL OR MANAGEMENT OF REAL PROPERTY SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND ITS CLIENT. A. I will pay You compensation (subject to the conditions ofthis Contract) upon the successful closing 'ofthe sale of the Property as follows: 1. A commission of 6% of the selling price, but not less than $7,680 flat fee. B. In the following circumstances your compensation will be adjusted: 1. You agree to pay not less than 3 % of your compensation to a cooperating broker who finds a buyer who closes on the sale of the Property. I have the option of paying that broker at closing REFERRAL AND OTHER FEES You warrant and represent to Me and covenant that no fees, except as disclosed in this Contract, will be paid by You to, or received by You from, any broker, real estate salesperson, banker, closing services company, title insurance company, or any other person or entity, or pursuant to any controlled business arrangements EXCEPT (check as appropriate and complete for any exceptions): 1. _X NONE. 2. $ addresses) : or % of the selling price, to be paid by You to (names and 3. $ and addresses): or % of the selling price, to be received by You from (names 146950vl 55 Page 3 of pages (count any addenda) OVERRIDE CLAUSE AND PROTECTIVE LIST I will pay your compensation after the expiration of this Contract without a sale if within 180 days: 1. I successfully close a sale of the Property to a person who physically toured the Property with YoU; and 2. That person is properly on a protective list which You give Me within 72 hours after the expiration of this Contract; and 3. That person is not on my exclusion list. However, this Override Clause will not be effective, and I will not be obligated to pay You compensation if I have executed another valid listing agreement pursuant to which I am obligated to pay a fee or commission to another licensee for the sale, lease, or exchange of the Property. EXCLUSION LIST I : , : Except for the Reimbursement provided within this section, I will not owe You any compensation if I sell the Property to any of the following: 1. Persons named here: W. PAUL OTTEN, his assigns or a related entity Reimbursement. If the Property is sold to a person identified on the exclusion list dUling the term of this Agreement, I will pay You a Reimbursement, not to exceed $1,000, for marketing and time provided. CLOSING SERVICES I understand that You or your broker may own or be affIliated with a real estate closing agent. Identify any related or controlled real estate closing agents that might provide closing services on this sale. I understand that I must indicate in writing whether it is acceptable to have You arrange for closing services (initial one): _ I wish to have You arrange for the closing. ---1L I will ~UTange for the closing. You will identify all relationships with real estate closing agents: Patriot Title I understand that I might not have to incur costs for closing services. I understand that I may hire a lawyer to provide my closing services. You will provide me with three competitive estimates (including an estimate from the Buyer's or Lender's closer, if any) for my costs of closing services, if any. 146950vl 56 Page 4 of pages (count any addenda) ENFORCEMENT If You bring an action to enforce this Contract, You will not file a notice of lis pendens or cause any lien or other cloud to appear in the land records. NONDISCRIMINATION In the marketing and sale of the property, neither You nor I will discriminate on the basis of race, color, creed, religion, national origin, sex, sexual preference, marital status, status with regard to public assistance, disability, whether physical or mental, family status, or any other legally protected status. SELLER STATUS Citizen of the United States; manied. - - _ Partnership formed under the laws of: State of _ Estate or Trust: identify: _ Corporation formed under the laws: State of _ Other business entity fOlmed under the laws of: State of of entity: , type _ Foreign person. Country of citizenship: _ Business entity not formed under the laws of the United States. Country of business entity: 146950vl 157 Page 5 of pages (count any addenda) DUAL AGENCY DISCLOSURE I understand that I have the right to have you represent only me in this sale. I have no obligation to agree to a dual agency representation where you would also represent the buyer. I understand that Minnesota law does not require me to sign the Disclosure Statement in the box below or to make any decisions at this time about dual agency. I also understand that, "Dual agency requires the informed consent of all parties...". including me. (Minn. Stat. SS82.197, Subd. 4). If I do not sign the Disclosure Statement below, I am leaving the decision about dual agency to a later date when I may have information about my choices. I understand that leaving this unsigned will not prevent you from showing the property to your customers (prospective buyers). {The following statement is reprinted from Minnesota Statutes SS82.197, Subd. 2(8) (1996).} -_._-~---~----~.__._--~----<-~-----------------~-~-~_.----~-------~-- If a buyer represented by brokel' wishes to buy your propel1y, a dual agency will be created. This means that broker will represent both you and the buyer(s), and owe the same duties to the buyer(s) that broker owes to you. This conflict of interest will prohibit broker from advocating exclusively on your behalf, Dual agency will limit the level of representation broker can provide. If a dual agency should arise, you will need to agree that confidential information about pdce, terms, and motivation will still be kept confidential unless you instruct broker in wdting to disclose specific information about you, All other information will be shared. Broker cannot act as a dual agent unless both you and the buyer(s) agree to it. By agreeing to a possible dual agency, you will be giving up the right to exclusive representation in an in-house transaction. However, if you should decide not to agree to a possible dual agency, and you want broker to represent you, you may give up the opportunity to sell your property to buyers represented by broker. Seller's Instructions to Broker Having read and understood this information about dual agency, seller(s) now instructs broker as follows: Seller( s) will agree to a dual agency representation and will consider offers made by buyers represented by broker. _X_Seller will not agree to a dual agency representation and will not consider offers made by buyers represented by broker. By: Seller Broker Date: 146950vl S8 Page 6 of ADDmONALTERMS pages (count any addenda) 146950vl S9 " Page 7 of pages (count any addenda) IN WITNESS WHEREOF, the City of Farmington has caused this Agreement to be duly executed in its name and behalf, and the Salesperson has caused this Agreement to be duly executed in its name and behalf, on or as of the date first above written. City of Farmington BY~ ~C-- "4';",,.r>(.>C,:.. ,:...>," ,,,' ;.~, 'lI'>";;-"'"'' , l '....~:' .,. ", ":, . \ _. ''''1. "',_". REAL ESTATE BROKER: ,~ )/6 -...." By: STATE OF MINNESOTA ) )ss. COUNTY OF DAKOTA ) ", The foregoing ~ent was a~knowledged before me thiS41d day of .M~~0€-'h~d:~1"201O, by .:d1<lL;;;:;: v.k'0 and6-fA-; ~{j&-~e Mayor and City Administrator, respectively, of the City of Farmington, Minnesota, a public btrtfy corporate and politic under the laws of the State of Minnesota, on behalf of the public body corporate and politic. -- - -- - -- ----- C~/=c;i:~ 6'~ ~/,/~2&~:. ,~. .., _-~_."'~..., ~........,....--..~. ' N~t<,KryPu1Jlic\:." - -j- ,\'CYNTHIA A:'1V1ULLER ~ ; NOTARY PUBliC - Ml'NNESOTA ~ ~ 146950vl 7 " Page 8 of pages (count any addenda) STATE OF MINNESOTA ) )ss. COUNTY OF DAKOTA ) TI;e foregoin~ instrum~~t was acknowledged b~re me this.3( '/ "I, day of r&J.~-&./ .-17 l:Jc2t'_~#' ~, ~P<-::P , a iP4 el!Zv , :? ~.~~;~ O. ~-7'-G.C6ZJ N6tary Public ,2010, , f ~ l ~ CYNTHIA A. MULLER NOTARY PUBLIC - MINNESOTA My Commission Expires 01-31-2015 DRAFTED BY: CAMPBELL KNUTSON, P.A. 1380 Corporate Center Curve, Suite #317 Eagan, Minnesota 55121 Telephone: (651) 452-5000 .. '- ,'~.. .".. ','. t , ,t. ~,>J"~I"':,I;'., ,..",_>~~~...,.....Il'~,._.<'"'I;,"l..':t;-:~..."",,"""',""I.-t"<;~.', 146950vl 8 Page 9 of pages (count any addenda) MSA Sec. 82.195, Listing agreements MINNESOTA STATUTES ANNOTATED CHAPTER 82. REAL ESTATE BROKERS AND SALESPERSONS 82.195. Listing agreements Subdivision 1. Requirement. Licensees shall obtain a signed listing agreement or other signed written authorization from the owner of real property or from another person authorized to offer the property for sale or lease before advertising to the general public that the real property is available for sale or lease. For the purposes of this section "advertising" includes placing a sign on the owner's property that indicates that the property is being offered for sale or lease. Subd. 2. Contents. All listing agreements must be in writing and must include: (1) a definite expiration date; (2) a description of the real property involved; (3) the list price and any terms required by the seller; (4) the amount of any compensation or commission or the basis for computing the commission; (5) a clear statement explaining the events or conditions that will entitle a broker to a commission; (6) infOlmation regarding an ovenide clause, if applicable, including a statement to the effect that the override clause will not be effective unless the licensee supplies the seller with a protective list within 72 hours after the expiration of the listing agreement; (7) the following notice in not less than ten point boldface type immediately preceding any provision of the listing agreement relating to compensation of the licensee: "NOTICE: THE COMMISSION RATE FOR THE SALE, LEASE, RENTAL, OR MANAGEMENT OF REAL PROPERTY SHALL BE DETERMINED BETWEEN EACH INDIVIDUAL BROKER AND ITS CLIENT."; (8)For residential property listings, the following "dual agency" disclosure statement: If a buyer represented by broker wishes to buy your property, a dual agency will be created. This means that broker will represent both you and the buyer(s), and owe the same duties to the buyer(s) that broker owes to you. This conflict of interest will prohibit broker from advocating exclusively on your behalf. Dual agency will limit the level of representation broker can provide. If a dual agency should arise, you will need to agree that confidential information about price, telms, and motivation will still be kept confidential unless you instruct broker in writing to disclose specific information about you. All other information will be shared. Broker cannot act as a dual agent unless both you and 146950vl 82 Page 10 of pages (count any addenda) the buyer(s) agree to it. By agreeing to a possible dual agency, you will be giving up the right to exclusive representation in an in-house transaction. However, if you should decide not to agree to a possible dual agency, and you want broker to represent you, you may give up the OppOltunity to sell your property to buyers represented by broker. Seller's Instructions to Broker Having read and understood this information about dual agency, seller(s) now instructs broker as follows: Seller(s) will agree to a dual agency representation and will consider offers made by buyers represented by broker. Seller will not agree to a dual agency representation and will not consider offers made by buyers represented by broker. Seller Broker By: Seller Salesperson Date: (9) a notice requiring the seller to indicate in writing whether it is acceptable to the seller to have the licensee arrange for closing services or whether the seller wishes to alTange for others to conduct the closing. The notice must also include the disclosure of any controlled business arrangement, as the term is defined in United States Code, title 12, section 2602, between the licensee and the real estate closing agent through which the licensee proposes to arrange closing services; and (10) for residential listings, a notice stating that after the expiration of the listing agreement, the seller will not be obligated to pay the licensee a fee or commission if the seller has executed another valid listing agreement pursuant to which the seller is obligated to pay a fee or commission to another licensee for the sale, lease, or exchange of the real property in question. This notice may be used in the listing agreement for any other type of real estate. Subd. 3. Prohibited provisions. Except as otherwise provided in subdivision 4, paragraph (b), licensees shall not include in a listing agreement a holdover clause, automatic extension, or any similar provision, or an override clause the length of which is more than six months after the expiration of the listing agreement. Subd. 4. Override clauses. (a) Licensees shall not seek to enforce an ovelTide clause unless a protective list has been fumished to the seller within 72 hours after the expiration ofthe listing agreement. 146950vl W3 Page 11 of pages (count any addenda) (b) A listing agreement may contain an override clause of up to two years in length when used in conjunction with the purchase or sale of a business. The length of the override clause must be negotiable between the licensee and the seller of the business. The protective list provided in connection with the override clause must include the written acknowledgment of each party named on the protective list, that the business which is the subject of the listing agreement was presented to that party by the licensee. Subd. 5. Protective lists. A broker or salesperson has the burden of demonstrating that each person on the protective list has, during the period of the listing agreement, either made an affirmative showing of interest in the property by responding to an advertisement or by contacting the broker or salesperson involved or has been physically shown the property by the broker or salesperson. For the purpose of this section, the mere mailing or other distribution by a licensee of literature setting forth information about the property in question does not, of itself, constitute an affIrmative showing of interest in the property on the part of a subsequent purchaser. For listings of nonresidential real property which do not contain the notice described in subdivision 2, clause (10), the protective list must contain the following notice in boldface type: II "IF YOU RELIST WITH ANOTHER BROKER WITHIN THE OVERRIDE PERIOD AND THEN SELL YOUR PROPERTY TO ANYONE WHOSE NAME APPEARS ON THIS LIST, YOU COULD BE LIABLE FOR FULL COMMISSIONS TO BOTH BROKERS. IF TillS NOTICE IS NOT FULLY UNDERSTOOD, SEEK COMPETENT ADVICE." ; I 146950vl 164 COMMERCIAL SM B- ..)Rr .~O'.. ... KE.......r./- fllRr ), I _.~I!J _L _ _ J .1. __~r~ _ , OJPIINIOIN' O;Fi V A.LUE 431 Third St, Farmington, MN Preparedfor: Peter Herlofsky Jr Tina Hansmeier Farmington City Council Prepared by: KW Commercial- Midwest Becky Leebens, CCIM Pat Cropsey Keller Williams Midwest 3464 Washington Drive # 1 00 Eagan, MN 55122 Tel: (651) 262.1010 Fax: (651) 262.1011 65 431 Third Street, Farmington, MN T1a,b!le 011 C~ointentsl --..- ~. - - -- --- --~ - ~ ~ - -- "------ . . ----. --- ...- / Section I : Executive Summary Section ll: Property Overview · StrengthsIVVeaknesses · Marketing Time . Market Value Section m: Valuation . Current Market Value · Comparable Properties Section IV: Maps . Aerial Map · Location Map · Building Information . Plat Map Section V: Marketing Services Overview Section VI: Experience and Expertise KW Commercial Midwest :'-1 '~I [COMMBRCIALi 66 431 Third Street, FarmingtoD,MN SECTION I: EXECUTIVE SUMMARY KW Commercial is pleased to present to Peter Herlofsky Jr, Tina Hansmeier and the Farmington City Council, this Broker's Opinion of Value for the building located at 431 Third Street, Farmington, MN. Given the limited availability of buildings located in the downtown area of Farmington, this property offers an opportunity not easily found in today's user driven marketplace. Some likely buyers for this property include small business owners, local investors/owners, and developers. Current local retail economy: "With vacancies across all Twin Cities retail product types increasing as retailers struggle during this recession and close or downsize stores. A record-setting 10.1% or 6.8 million square feet is vacant. This downward trend is expected to continue into 2010 as consumers face economic uncertainty, unemployment remains high, and more retailers are forced to trim operations and delay expansion." (Taken fi'om Northmarq's Compass report) As much as Farmington is a small community and a little removed from the core of the Twin Cities area, the aforementioned retail report is still applicable. Because retailers in every community will continue to be cautious in their choice to open and/or expand until the market stabilizes. As a result retail expansion will be slow, so given the current market, redevelopment of this property will be challenging and is not likely to happen until the current existing retail product is substantially absorbed. However, the availability of low interest Small Business Administration financing for owner occupied property, where business owner's can purchase real estate for their business with minimal down payment, and carrying costs equivalent to current market rents may be an enticement for a small owner/operator. As you will see in this report, the market comparables justify a value of in the range of $32.00 per square foot, or $192,000. The maximum value for this property will be realized by a sale to an owner/user or developer who plans to capitalize on the benefits of this specific location. I would suggest an asking price for the property of $192,000 with a target sales price of between $180,000-190,000. However, because there is a substantial amount of work that should be done to this building (ie. mold remediation, possible roof/mechanical replacement, plumbing, etc.) a buyer would likely reduce his offering price by the amount of capital it would take to get this building tenant ready. This pricing assumes a sale to an owner/user, no improvements are required, and the property is free from any form of environmental remediation. KW Commercial Midwest I_I [COMMERCIAL I 67 431 Third Street, Fnmington, MN SECTION II: PROPERTY OVERVIEW The subject site consists of approximately 6,000 square feet in one building. This building, built in 1928, is one story. This building is situated on a 0.14 gross acre parcel. Existing zoning is B-2. Strengths: . Good access. . Downtown Farmington central business district location. . Lack of available land in the downtown area for development. Weaknesses: I) Recent slow down of ecqnomic conditions. . Age of the mechanicals/exterior/roof. . Possible environmental issues (ie. mold). . Its difficult to obtain financing for commercial properties right now. MARKETING TIME Based on comparable sales, market rents and current economic conditions, we project a marketing time of 6-18 months for this property. KW Commercial Midwest 1_1 lE:OMM~~E~ 68 431 Third Street, Farmington, MN SECTION ill: VALUATION CURRENT MARKET VALUE: Low End: 6,000 s.t: X $30.00= $180,000.00 High End: 6,000 s.t: X $33.00= $200,000.00 Net Land Area (.14 Acres) 6,000 s.t: (est.) Range of Values $180,000 CONCLUSIONS $200,000 The most recent sale comparables to this building size, type and location is 305 3rd Street, Farmington, which is a 3,686 sf building that is a pending sale scheduled to close in November for $120,000 ($32.55). This is the comparable that I used for the High End compo There is two other comparable buildings located downtown Farmington which I also took in to consideration. They are 331 3rd St, which sold for $215,000 01' $43.66 psf and 306-312 Oak St which sold for $340,000 01' $41.68. However, keep in mind that in 2007 values were a significantly higher as the economic crisis had not hit yet and financing was easier to obtain. The Low End comparable is the building at 401 Oak Street which sold for $275,000 01' $30.53 psf in September of 2009. This building is located on .47 acres. I have also included a building which is actively being marketed, it is: 1) 302 Oak Street, Farmington. This property is currently listed at $43.89/sfor $197,500. Based on the current market comparables, a value of $192,000 ($32.00/SF) is supported. However, because there is a substantial amount of work that would need to be done to this building (i.e. mold remediation, roof/mechanical replacement, plumbing) a buyer would likely reduce his offering price by the amount of capital it would take to get this building tenant ready. INVESTMENT VALUATION: If this building was sold to an investor based upon its rental income. Its approximate value would be $214,000, which is calculated using a projected annual net lease income of $30,000 and a market CAP rate of 14%. This net lease income does not take in to consideration the rent concessions, and building improvements expenses that are likely to be necessary in order to entice a new tenant. KW Commercial Midwest :.. I~I L<<=~!l._8~'-~J 69 431 Third Street, Farmington, MN SECTIONID: VALUATION COMPARABLE SALES Subject Property Address 431 third Street !Sold Propert/elI i ddress 30Hrd St 401 Oak St 109 Spruce st 409 3rd st 306-312 Oak 3313rd St 3203rd St 3413rd St 4273rd St ActJve Properties 302 Oak St Sale Date Price City Farmington Fann1ngton '=-at'J!Ilngton . ~am"ngton Farmington . FarmIngton Farmington Farmington Farmington Price Price/sf 3,686 Pending : $120,000.00 ' $ 32..55 9,llll' September 1, 211119 $275,000.00 $ 30.53 t.6~ Octo~r i, 2008 ~,~.oo '$ US.?3 1,196 June I, 2008: $143,000,00 $ 119.57 8,157 November I, 200t $340,000,00 $ 41.68 4,924 April1, 2007. $215,000.00 $ 43.66 3,108 April i, 2006' $ 90,000.00 $ 28.96 5,096 April 1, 2006 $~.OOO,OO $ 29,43 1,824 Mayl, 2006. $150,000.00 $ 82.24 Median: $150,000.00 $ 41~68 I See attached for detailed information on each property KW Commercial Midwest 70 84.43 29.71 10D.43 .80 aues of land 105.18 35.42 30.56 29.38 34.16 8L91 15.42 '.1 (COM/"BRCIALj 431 Third Street, Farmington, MN SECTION IV: AERIAL MAP " ...: ~.~'.... C:::. .. KW Commercial Midwest rill I~IM[R~ 71 431 Third Street, Farmington, MN LOCATION MAP I r_1 (I), I" n I - -, r''i~- - or" K', I 1st ~Qok~l . Spruce !Of WJlnuf SI , Lowst 5t I ~ !a ~' J I I, () ;/ !a.~ ,(/), J. ri l.l.. _ SUtl\'f.1Y r 1. ! 11 :: I': It' jll I I F r" !1,ln!)tC n I S1cak HI)u:'.e , . I Il ,',' IF I . - , }' I ~lOlIn!)tll" Y1- S f / " Bal,el)' Pr"""er .', 'ii)/ (.J R.lnk l,l /'"0. ,a) (~' ,~ ,/i Ir--l ,I r L----1 /' ,', - - ~~I Spnlco 51 , l,r Dilkol,l f" I ,I em....,ly ~r.WI Il, (f Jt I W""", 81 /'.',: I~; I lal ial ,I I en ~ (J) I ,I! j~1 i~1 II _l laJ ,sl tl 1 r JI U Sl ;~I II Wi1h1u(~1 'Dako~ Oak 51 (/), rl__ 1- - !(W Commercial Midwest ',a J F;umil1l1fon Pr__,I"'!1't. 'Cople,; '" I' I~! . Eri'.crop,,1 CI:ur(,h I J of lh.. Atl~ent Si I I~I I ElmS! _Splllce SI II ~'I 5. !!! 'I I I"" ::;:1 :(/) I- I : LO'"".8' I I 72 (~ I~I Ico~"~~'2;~J 431 Third Street, Farmington, MN BUILDING INFORMATION Site Address: 431 3rd St, Fannington Owner: EDA ofFannington PIN: 14-77000-080-20 Lot Area: .14 Acres Building Size: 6,000 sf County: Dakota KW Commercial Midwest ,~"",y I:\;'~" . - ''__ - " ~~ .,'.'., I , '." , ' , i ' ..~A lc:OMMSRC'AL 73 431 Third Street, Farmington, MN PLAT MAP Plat for 431 Third St, Farmington KW Commercial Midwest 74 ~_1 tCOMMERCIA.!:J