DDA March 11 Agenda Packet
Downtown Grand Rapids Prosperous Livable Walkable Inclusive Green Connected Distinctive
o o o
o
o o o o o
o o o o o
Agenda Item 3. March 11, 2015 DDA Meeting DATE:
March 5, 2015
TO:
Brian Harris Chairman
FROM:
Jana M. Wallace Downtown Development Authority Treasurer
SUBJECT: FY2015 Financial Statements Through February 28, 2015
Attached are the financial statements for the first eight months of the fiscal year ending June 30, 2015. These statements include: Statement A: Statement B: Statement C: Statement D:
Balance Sheet Comparison of FY2015 Budget vs Actual Results Statement of Project Expenditures Schedule of February, 2015 Expenditures
The Authority received $15,400 in reimbursements from businesses and organizations that commissioned ice sculptures for the ValentICE event. The funds will be used to pay the ice sculpture artists. Trend data for Local Tax Increment FY2015 Administration expenditures are improving. Several months ago trends were predicting a year-end negative variance in the amount of $250,000. As of February 28, the estimated negative variance will be $100,000. Kris Larson, Mary Sierawski, and I will continue to review costs, work with the City to adjust charges for services, and consider options to isolate project administration costs from general administration costs. The Authority continues to have sufficient cash to support budgeted expenditures. Please contact me at 616-456-4514 or [email protected] if you have any questions. Attachments
STATEMENT A DOWNTOWN DEVELOPMENT AUTHORITY Balance Sheet February 28, 2015
Non-Tax Funds
Debt Increment
Local Tax Increment
TOTAL
$ 5,423,147 8,795 723,848 14,736 $ 6,170,526
$ 9,026,785 5,400,768 31,877,460 $ 46,305,013
$
5,195,658 500 89,511,580 183,750 $ 94,891,488
$ 19,645,590 500 5,400,768 8,795 723,848 14,736 89,511,580 32,061,210 $ 147,367,027
$
$
$
$
ASSETS Pooled Cash and Investments Petty Cash Debt Service Reserve Fund Accounts Receivable Loan Receivable - Project Developer Loan Receivable - Special Assessments General Fixed Assets Future Tax Increment Revenues Anticipated TOTAL ASSETS
LIABILITIES AND FUND EQUITY Liabilities Current Liabilities Parking Revenue Payable Project Increment Due to Developers Due to Other Governmental Units Debt Increment Reimbursement Payable Deposit - Area 1 and Area 5 Options to Buy
71,646 5,565 122,903
Deposit - Movies in the Park Vendors
300
Net Retiree Health Care Obligation 1 Prior Year Property Tax Appeals
-
3,774,319 2,050,734 -
40,277 -
-
-
42,528
(5,667) 22,139
71,646 5,565 40,277 3,774,319 2,050,734 122,903 300 (5,667) 64,667
Deferred Revenue - Developer Loan Contract Payable Bonds Payable TOTAL LIABILITIES
723,848 924,262
31,877,460 37,745,041
183,750 240,499
723,848 183,750 31,877,460 38,909,802
Fund Balance / Equity: Investments in General Fixed Assets Non-Tax Increment Reserve Reserve for Authorized Projects Reserve for Brownfield Series 2012A Bonds Reserve for Compensated Absences Reserve for Eligible Obligations Reserve for Encumbrances TOTAL FUND EQUITY
4,658,397 514,748 73,119 5,246,264
8,559,972 8,559,972
89,511,580 4,743,529 6,897 388,983 94,650,989
89,511,580 4,658,397 4,743,529 514,748 6,897 8,559,972 462,102 108,457,225
$ 6,170,526
$ 46,305,013
$ 94,891,488
$ 147,367,027
TOTAL LIABILITIES & FUND EQUITY
Note 1: This line is the accumulated amounts of the actuarially determined Annual Required Contributions (ARC) for pre-65 year old retiree health insurance in excess of the "pay as you go" charges disbursed from the Retiree Health Insurance Fund plus interest on the unpaid portion of the prior year liability. The trust fund is currently over-funded which is why the account has a negative balance. ddastmts-feb15.xls jmw 0305201
STATEMENT B DOWNTOWN DEVELOPMENT AUTHORITY Comparison of FY2015 Budget vs Actual Results July 1, 2014 - February 28, 2015
Non-Tax Funds Budget Actual
Debt Tax Increment Budget Actual
Local Tax Increment Budget Actual
1,289 36,443 (28,853) 183,221 1,250 33,800 175,000 15,400 $ 417,550
$ 7,529,127 $ 7,542,368 (200,000) (12,109) 10,000 1 (10,000) $ 7,329,127 $ 7,530,260
$ 4,237,009 $ 4,338,852 385,681 385,681 (100,000) (3,060) (278,682) 21,973 23,200 50,644 93,018 (95,793) 3,816 81,679 10,000 1,075 145,089 $ 4,471,714 $ 4,828,468
$
$
-
$ 1,085,000 125,000 350,000
$
-
890,000 $ 2,450,000
352,031 $ 1,614,082
700,000
127,175
REVENUES Property Tax Increment - General $ Property Tax Increment - Transit Millage Property Tax Increment - Prior Year Appeals Property Tax Increment - Rebates to City / ITP Special Assessments - Areaway 15,000 Brownfield Authority - Grandville Avenue Interest on Investments - General 18,747 Interest on Investments - Multi-Year Accrual Reversal 1 Interest on Investments - The Gallery Note 40,167 Property Rental - DASH Parking Lots 336,925 Property Rentals - Movies in the Park Vendors Property Rentals - Winter Avenue Building 9,000 Property Rentals - YMCA Customer Parking 52,000 Early Principal Repayment - The Gallery Note Reimbursement - GR Public Schools for GR Forward Reimbursement - Monroe Ctr Ph 3 / Monument Park Reimbursement - Miscellaneous 500 From / (To) Fund Balance 3,127,112 TOTAL REVENUES $ 3,599,451
$
EXPENDITURES Investment - Planning and Infrastructure Development Incentive Programs Transit Projects - Transit Millage Funded Planning Public Infrastructure
$
35,000
2,051,451 Investment Total $ 2,086,451
$
13,507 13,507
$
-
$
$
938,652 31,250 292,149
Livability - Residents / Workers / Neighborhood
605,000
239,433
-
-
Vibrancy - Attracting Visitors
808,000
338,795
-
-
-
-
Miscellaneous
100,000
18,176
-
-
-
-
Total Alliance Projects $ 3,599,451
$ 609,911
$
-
Administration
-
963
Debt Service for Bond Issues
-
-
5,479,525
Estimated Capture to be Returned
-
-
1,849,602
TOTAL EXPENDITURES $ 3,599,451 EXCESS / (DEFICIT)
$
-
$
-
-
$ 3,150,000
$ 1,741,257
-
862,863
601,137
458,851
339,918
742,262 -
$ 610,874
$ 7,329,127
$
$ (193,324)
$
$ 6,787,998
-
742,262
-
-
$ 4,471,714
$ 2,682,312
$
$ 2,146,156
-
Note 1: For efficiency reasons, the City Treasurer does not record interest revenue when earned from multiple year investments. Instead, revenues associated with multiple year investments are accumulated annually, accrued, & then reversed in the following fiscal year. ddastmts-feb15.xls jmw 03052015
STATEMENT C DOWNTOWN DEVELOPMENT AUTHORITY Statement of Current Project Expenditures As of February 28, 2015
Investment - Development Incentives Sub-Total
Project Budgets % Cost $ 35,000 250,000 750,000 50,000 9.86% $ 1,085,000
Amtrak Station Relocation DASH North Shuttle Services Investment - Transit Millage Funded Sub-Total
800,000 150,000 950,000
2
487,500 487,500
2
2
45.93%
230,809 225,000 125,000 232,435 886,673 300,000 165,000 725,000 330,000 450,000 100,000 885,000 400,000 $ 5,054,917
1, 3
0.32%
35,000 35,000
10,000 401,000 30,000 200,000 56,730 532,574 326,496 310,000 $ 1,866,800
1, 2
Project Title Areaway Fill Program (ARIP) Building Re-use Incentive Program (BRIP) Development Project Guidance Development Project Reimbursements Streetscape Improvement Incentive Program
Downtown Plan Investment - Planning Sub-Total Arena South Implementation Bostwick Avenue - Lyon St to Crescent St Bridge Street Streetscape Improvs Grand River Activation Ionia Ave 9 - Buckley St to Wealthy St Michigan / Ottawa Gateway Monroe Ave Resurfacing - Louis to I-196 Monroe Center-Phase 3 / Monument Park Ottawa Avenue Public Improvements State Street - Jefferson to Lafayette Veterans Park Improvements Wealthy Street - US 131 to Division Ave Weston Street - Sheldon to LaGrave Ave Investment - Public Infrastructure Sub-Total Downtown Speakers Series Investment - Non-Tax Supported Sub-Total Accessibility and Mobility Repairs Bicycle Friendly Improvements Downtown Census Monroe Ave Phase 3 Services Public Realm Improvements Seward Ave Non-Motorized Facility Snowmelt System Repairs / Investigation Urban Recreation Plan Wayfinding System Improvements Livability - Local Tax Supported Sub-Total Division Ave Task Force Implemntn Downtown Ambassadors Educational Partnerships Initiatives Project and Fixed Asset Maintenance Recreational Walk / Tour Signage Riverwalk Maintenance Stakeholder Engagement Program Street Trees Maintenance Program Transportation Demand Mnmt Prog Winter Avenue Building Lease Livability - Non-Tax Supported Sub-Total Bridge Lighting Operations DGRI Event Production Diversity/Inclusion Programming Downtown Marketing Downtown Workforce Program Go-Site Visitor Center at GRAM Holiday Décor Program Major Event Sponsorship Public Space Activation Rosa Parks Circle Skating Operations Special Events - Grants Special Events - Office of Special Events - Training Program State of Dntn Event & Annual Reports Ticketed Events - Police Services Wayfinding Sign Maintenance Vibrancy Support Sub-Total
8.63%
4.43%
16.96%
5.63%
7.33%
Experience - Miscellaneous Monroe Ave Phase 3 Services Misc - Non-Tax Supported Sub-Total
0.91%
TOTAL
100.00%
Note 1: Current year (FY2015) budget only. Note 2: Paid from local tax increment. Note 3: Paid from non-tax funds.
$ $
$
$
5,000 300,000 10,000 100,000 40,000 60,000 5,000 5,000 92,500 2,500 620,000
$
10,000 45,000 10,000 225,000 15,000 30,000 60,000 82,000 30,000 42,000 50,000 100,000 5,000 22,500 80,000 806,500
$
100,000 100,000
$11,005,717
1, 2
EXPENDITURES Fiscal Year $ 70 245,511 22,103 42,184 650,957 22,173 $ 938,652
Month $ -
1, 2 1, 2 1, 2 1, 2
$
$
-
$
31,250 31,250
$
45,738 45,738
$
$
30,402 1,966 32,368
$
9,379 9,379
$
12,451 2,757 15,208
$
72,867 338 19,714 92,919
$
5,174 27,108 2,434 240 6,028 40,984
$
4,669 5,407 10,076
$
268,845
2
2 2 2 2 2 2 2 2 2 2 2 2
2 1, 2 1, 2 2 2 2 2 2
1, 3 1, 3 1, 3 1, 3 3 1, 3 1, 3 1, 3 1, 3 1, 3
1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3
1, 3 1, 3
All Years
Available Budget $ 35,000 4,489 (42,184) 99,043 50,000 $ 146,348
$
746,164 93,750 839,914
$
53,836 56,250 110,086
292,149 292,149
$
451,124 451,124
$
36,376 36,376
$
672 3,837 75,419 88,594 183,509 352,031
34,696 132,435 686,526 75,419 1,256,839 183,509 $ 2,369,424
$
13,507 13,507
$
10,000 23 45,298 14,570 32,753 981 23,550 127,175
$
170,167 2,528 9,715 4,325 5,000 47,698 239,433
$
42,604 3,250 51,931 2,434 62,536 65,240 1,174 504 45,586 24,778 150 34,617 3,991 338,795
$
6,864 11,312 18,176
$ 2,351,168
196,113 225,000 125,000 100,000 200,147 300,000 89,581 (531,839) 146,491 450,000 100,000 885,000 400,000 $ 2,685,493 $
121,556
$
45,298 29,864 415,327 52,477 23,550 688,072
21,493 21,493
279,444 30,000 (23) 154,702 26,866 117,247 274,019 286,450 $ 1,168,705
$
5,000 129,833 10,000 97,472 30,285 60,000 675 44,802 2,500 380,567
$
10,000 2,396 6,750 173,069 12,566 30,000 (2,536) 16,760 28,826 41,496 4,414 75,222 5,000 22,350 45,383 (3,991) 467,705
$
93,136 (11,312) 81,824
9,715
$ 5,098,597
ddastmts-feb15.xls jmw 0305201
STATEMENT D DOWNTOWN DEVELOPMENT AUTHORITY Schedule of Expenditures February, 2015 Source Local Local Local Non Tax Non Tax Non Tax Non Tax Local Non Tax Non Tax Non Tax Local Non Tax Local Local Local Local Non Tax Local Non Tax Non Tax Local Local Non Tax Local Local Local Local Non Tax Non Tax Non Tax Local Local Non Tax Local Local Local Local Non Tax Local Non Tax Non Tax Non Tax Local Non Tax Local Local Non Tax Non Tax Non Tax Non Tax Non Tax Local Local Non Tax Non Tax Non Tax Local Local
Vendor Paychex Interface Studio, LLC City Treasurer - Engineering Dept Quarterly Payroll Re-Allocation Entry Mydatt Services dba Block by Block Mydatt Services dba Block by Block Mydatt Services dba Block by Block Quarterly Payroll Re-Allocation Entry Quarterly Payroll Re-Allocation Entry Quarterly Payroll Re-Allocation Entry Jennifer Keesmaat Geotech Inc. Consumers Energy City Treasurer - Budget Office Federal Square Building Co #1 LLC Geotech Inc. Geotech Inc. Human Momentum, LLC Valley City Sign Company Fifth Third Bank - Procurement Card Fusion IT LLC Geotech Inc. City of Grand Rapids MGR Consulting, Inc. Dickinson Wright PLLC City Treasurer - Risk Management City Treasurer - Parking Services Dickinson Wright PLLC Sharp Studios Co. DBA TapSnap Fifth Third Bank - Procurement Card Breck Graphics dba Allegra Dickinson Wright PLLC Dickinson Wright PLLC Revue Holding Company, Inc. Michigan Dept of Transportation Dickinson Wright PLLC Geotech Inc. Fishbeck, Thompson, Carr & Huber Dickinson Wright PLLC City Treasurer - Parking Services Sextant Marketing Group Adrian Butler Fusion IT LLC Dickinson Wright PLLC Swift Printing & Communications Eric Pratt Professional Maint of Michigan, Inc. Fifth Third Bank - Procurement Card GRCAC dba Comm Media Center Fifth Third Bank - Procurement Card Swift Printing & Communications Swift Printing & Communications Wondergem Consulting Inc Federal Square Building Co #1 LLC Fifth Third Bank - Procurement Card Staples Contract & Commercial Inc Swift Printing & Communications Fifth Third Bank - Procurement Card TDS Metrocom
Purpose / Project Administration Downtown Plan Monroe Ave Resurfacing - Louis to I-196 Downtown Marketing Downtown Ambassadors Downtown Ambassadors Downtown Ambassadors Development Project Guidance Transportation Demand Mnmt Prog Special Events - Office of Downtown Speakers Series Snowmelt System Repairs / Investigation Monroe Ave Phase 3 Services Administration Administration Snowmelt System Repairs / Investigation Snowmelt System Repairs / Investigation Downtown Speakers Series Wayfinding System Improvements DGRI Event Production Experience - Miscellaneous Monroe Center-Phase 3 / Monument Park Administration Experience - Miscellaneous Administration Administration Administration Administration Downtown Workforce Program Downtown Workforce Program DGRI Event Production Administration Development Project Guidance DGRI Event Production Monroe Ave Resurfacing - Louis to I-196 Administration Snowmelt System Repairs / Investigation Monroe Ave Resurfacing - Louis to I-196 Downtown Ambassadors Administration Downtown Speakers Series Downtown Workforce Program Experience - Miscellaneous Administration DGRI Event Production Administration Administration Downtown Speakers Series Downtown Marketing Stakeholder Engagement Program DGRI Event Production DGRI Event Production Administration Administration Major Event Sponsorship DGRI Event Production Downtown Workforce Program Downtown Plan Administration
Description DGRI payroll, taxes, 401(k), FSA - February, 2015 Share of services - December 2014 Engineering services - inception through July 2014 DGRI staff payroll allocation - 09/21-12/27/2014 Monthly services - January 2015 Monthly services - November 2014 Monthly services - December 2014 DGRI staff payroll allocation - 09/21-12/27/2014 DGRI staff payroll allocation - 09/21-12/27/2014 DGRI staff payroll allocation - 09/21-12/27/2014 Speaker Jennifer Keesmaast fee and travel Share of snowmelt system repairs January 2015 Electricity - Monroe Center Ph 3 12/20/14-01/23/15 Support services allocation - February 2015 Share of February, 2015 office lease Share of snowmelt system repairs January 2015 Share of snowmelt system repairs February 2015 Speaker Theresa Reno-Weber fee and travel Wayfinding sign maintenance 09/17-12/22/2014 ValentICE event supplies A. Guy laptop purchase / workstation setup Engineering services 11/01-11/30/2014 Staff services - February 2015 Share of GR Forward retreat - consulting services Legal services - Beene Garter agreement Dec 2014 General insurance - February 2015 Parking - DGRI staff- February 2015 Legal services - share of TIF legislation Dec 2014 ValentICE/80s on Ice - photo booth ValentICE/80s on Ice - broomball supplies Movies in the Park - Impact Report booklets Legal services - misc matters December 2014 Legal services - Waters Building December 2014 ValentICE - Revue/Recoil advert February 2015 Resurfacing work thru January 2015 Legal services - Arena Place project Dec 2014 Share of snowmelt system repairs February 2015 Engineering services - January 2015 Legal services - Downtown Ambassadors 12/11-12/14 Parking validations - February 2015 "Love Where You Live" books by Peter Kageyama DJ Services for "80s on Ice" event IT services - setup A. Guy workstation Legal services - sale of Area 5 December 2014 ValentICE tri-fold brochures Professional development - MDA Board travel Share of janitorial services January 2015 Theresa Reno-Weber event - refreshments ValentICE and Movies in the Park - website design Gift card & table sponsorship - Newsmakers event ValentICE - poster prints ValentICE - tri-fold brochures Share of public relations - 01/01-01/31/2015 Share of 29 Pearl St. NW electricity - 01/08-02/06/15 LaughFest - event sponsorship Supplies - DGRI events ValentICE/80s on Ice - poster prints and hand bills GR Forward Facebook advertising Share of 29 Pearl St NW telephone svc - Feb 2015
Amount $ 64,934.09 45,466.83 29,064.40 26,942.85 24,510.78 23,567.85 23,567.85 21,392.98 19,645.41 6,028.05 5,602.05 5,441.00 5,407.32 5,196.50 4,959.49 3,184.00 3,140.50 2,877.11 2,757.00 2,175.46 2,138.93 1,966.00 1,901.12 1,831.06 1,183.00 1,068.00 1,055.00 982.80 760.50 748.20 733.43 709.80 709.80 705.75 694.94 691.60 686.00 642.83 600.60 535.00 515.00 500.00 480.48 455.00 440.00 393.30 389.60 351.38 336.00 320.00 299.98 263.15 261.22 244.42 240.00 234.02 225.02 221.17 219.41
continued on the next page
STATEMENT D - continued DOWNTOWN DEVELOPMENT AUTHORITY Schedule of Expenditures February, 2015 Source Vendor continued from previous page Local Fusion IT LLC Non Tax Fusion IT LLC Non Tax Fifth Third Bank - Procurement Card PCS Gophers Ltd Local Local Fifth Third Bank - Procurement Card Local Paychex Non Tax Dickinson Wright PLLC Non Tax Swift Printing & Communications Local Paychex Fifth Third Bank - Procurement Card Local Non Tax City Treasurer - Parking Services Non Tax JKG Inc dba FastSigns of GR Local Comcast Non Tax Alysha Shah dba Luna Gitana Hoops Non Tax Alysha Shah dba Luna Gitana Hoops Local Staples Contract & Commercial Inc Local DDA Petty Cash Local DDA Petty Cash Non Tax DDA Petty Cash Local Staples Contract & Commercial Inc Local Staples Contract & Commercial Inc Non Tax Fifth Third Bank - Procurement Card Local Fifth Third Bank - Procurement Card Local Staples Contract & Commercial Inc Local JPMorganChase Local Staples Contract & Commercial Inc Local Michigan Downtown Association Non Tax DDA Petty Cash Local Professional Maint of Michigan Inc Non Tax DDA Petty Cash Local Model Coverall Service, Inc. Local Model Coverall Service, Inc. Non Tax DDA Petty Cash Local DDA Petty Cash Non Tax DDA Petty Cash Local Fusion IT LLC Non Tax Fifth Third Bank - Procurement Card Staples Contract & Commercial Inc Local Local Staples Contract & Commercial Inc Non Tax DDA Petty Cash Non Tax DDA Petty Cash Local Quarterly Payroll Re-Allocation Entry Local - local tax increment funds Non-tax - non-tax funds
Page 2
Purpose / Project Administration Experience - Miscellaneous Downtown Marketing Administration Administration Administration Downtown Ambassadors DGRI Event Production Administration Administration Downtown Ambassadors DGRI Event Production Administration Downtown Workforce Program Downtown Workforce Program Administration Administration Building Re-use Incentive Program (BRIP) Transportation Demand Mnmt Prog Administration Administration DGRI Event Production Downtown Plan Administration Administration Administration Administration Downtown Speakers Series Administration Administration Administration Administration Experience - Miscellaneous Administration Stakeholder Engagement Program Administration Administration Administration Administration Downtown Ambassadors Experience - Miscellaneous Administration
Description
Amount
Share of domain name 2 yr renewal & other svcs $ 215.21 190.00 IT services - setup A. Guy workstation 165.00 Website database services Interoffice courier and mail services 156.81 SurveyMonkey for DGRI staff annual reviews 151.39 Payroll processing fees - February, 2015 149.94 Legal services - Downtown Ambassadors 12/05/2014 145.60 145.00 ValentICE - stickers 135.00 HRS processing fees - February, 2015 Prof develop - books & webinars for staff & volunteers 131.69 Melvin Eledge parking card - February 2015 127.00 36' x 72" banner for DGRI events 120.96 Share of high speed internet - February 2015 109.35 Event performance - February 2015 100.00 100.00 Event performance - January 2015 Share of office supplies 95.98 DDA Board meeting agenda package - postage 77.00 Recording services - Kent County Registrar of Deeds 70.00 Chicago TDM trip - supplies/expense reimbursement 68.39 Share of office supplies 66.47 Share of office supplies 61.26 Facebook advertising 56.60 GR Forward giveaway - Leo's Gift Card 50.00 Share of office supplies 43.28 Payroll account bank fees - February, 2015 40.47 Share of office supplies 36.36 E. Pratt MDA registration fee - Lansing Day 35.00 Speakers Series - supplies/refreshments 33.57 Share of supplies - hand soap & liners 31.17 K. Larson & M. Sierawski - coffee meetings 29.51 Share of - floor mats - DGRI Offices 01/07/2015 27.09 Share of - floor mats - DGRI Offices 01/21/2015 27.09 21.20 Intern - thank you flowers DDA Board meeting - supplies 20.13 UIX Trip - refreshments 18.42 Share of - IT services - email bouncebacks 17.62 17.00 K. Larson - coffee meetings Share of office supplies 13.34 Share of office supplies 12.83 Postage - Block by Block agreement 11.41 29 Pearl St. key - A. Guy 7.60 DGRI payroll allocation - 09/21-12/27/2014 (115,796.72) FEBRUARY, 2015 EXPENDITURES $ 239,930.05
DATE:
March 5, 2015
TO:
Kristopher Larson, AICP Downtown Development Authority Executive Director
FROM:
Mark A. De Clercq, P.E., City Engineer
SUBJECT:
Reconstruction of State Street from Jefferson Avenue to Lafayette Avenue and Reconstruction of Bostwick Avenue from Lyon Street to Crescent Street
The Downtown Development Authority (DDA) considered this project at its February 11, 2015 meeting (DDA estimated share of $675,000). Certain concerns were expressed by DDA board members and a request was made that City staff review alternatives to the proposed design. The concerns focused on State Street. The original proposed reconstruction section for State Street included parking on the north side, bike lanes on both sides of the street and two 12’ travel lanes. The street currently is asphalt and would have been reconstructed with hot mix asphalt, bicycle lanes, landscaping and other features. At the DDA’s request, staff has reviewed requested alternatives and discussed possible changes with the Michigan Department of Transportation (MDOT). Based on input from the DDA, discussion with MDOT, and consultation with DGRI staff, the proposed design for State Street was revised to feature the following elements: •
Porous pavement in the parking lane on the north side.
•
Concrete bike lanes on both sides of the street.
•
Brick 12’ travel lanes.
•
All other features including low impact design for stormwater in the parkway, historic street lighting, telecommunication improvements, salvaging and reuse of historic medina stone curb, streetscape enhancements including new street trees, new water main, storm sewers and sanitary sewers, and American Disabilities Act (ADA) sidewalk and ramp improvements in the project would remain the same.
A color rendering of the proposed State Street portion of the project is attached.
It should be noted that the brick section will not carry through the Jefferson Avenue/State Street or the Lafayette Avenue/State Street intersections as these intersections were reconstructed in the last few years. Also, it should be noted that the proposed materials and configuration limits any future changes to the roadway geometry. The brick and porous pavement as proposed are not eligible for the Surface Transportation Program – Urban grant. It is recommended that the additional cost for the brick pavement and concrete bike lanes estimated at $261,000 be funded by the DDA and the cost of the porous pavement under the parking lane be funded by the City's Vital Streets Fund. The Bostwick portion of the project would remain as previously presented. The project was anticipated to be bid by MDOT on March 6, 2015. The City has requested that the project be withdrawn from that bid letting. Reconstruction of both streets was initially scheduled to be completed yet this year. The new schedule for bidding and award of the project makes it is unlikely that both streets will be completed this year because of the amount of work and the constraints to complete the work on Bostwick Avenue during the Grand Rapids Community College summer session. The revised engineer’s estimate is $1,543,530. The revised estimated total expenditures required for this project equal a not to exceed amount of $ 2,085,340, which includes the construction contract, traffic safety and street lighting force account work, testing/permits, engineering/inspection/administration, and an approximate twelve percent allowance for local contingencies and ten percent allowance for MDOT contingencies. This project is being financed by a combination of MDOT grant funds, Sewer System Fund, Water System Fund, Vital Streets Capital Fund and the DDA. The DDA’s share of costs is for a portion of the local and non-participating project cost. The work includes streetscape enhancements including new street trees, low impact design for stormwater control, the recommended brick and concrete pavement on State Street, brickscape improvements, telecommunications improvements in both State Street and Bostwick Avenue, and new historic lighting in State Street. It is recommended that the DDA approve its revised share of costs in the amount of $936,000, contingent upon approval of the revised project scope by the State Historic Preservation Office (SHPO), the Grand Rapids Historic Preservation Commission (HPC) and approval of the final project bid package by the MDOT. If the DDA approves its share of costs and the City receives SHPO, HPC and MDOT approval, the project will be bid at the earliest possible date at which time the City Commission will be requested to approve an agreement with MDOT and authorize the total expenditures for the project. MAD/RDV/BWS/em cc:
Greg Sundstrom Wayne Jernberg Suzanne Schulz Chris Zull
T:\CD15\DDA\State and Bostwick 2 031115 #14013
Eric DeLong Mike Lunn Rhonda Baker
Joellen Thompson Chuck Schroeder James Hurt
SUMMARY OF ESTIMATED COSTS for Reconstruction of State Street from Jefferson Avenue to Lafayette Avenue and Reconstruction of Bostwick Avenue from Lyon Street to Crescent Street
Project Funding Source(s) Currently Approved Federal Grant Share (MDOT) Sewer System Fund Water System Fund Vital Streets Capital Fund Downtown Development Authority Total Project Sources
$471,300 300,000 493,000 0 675,000 $1,939,300
Budget Request(s) $0 49,551 (257,993) 93,482 261,000 $146,040
Revised Project Estimate $471,300 349,551 235,007 93,482 936,000 $2,085,340
Breakdown of Project Uses Construction Contract Traffic Safety and Street Lighting Force Account Work Testing/Permits Engineering/Inspection/Administration
$1,543,530 12,500
Sub-Total
$1,874,091
Contingencies (12%) MDOT Contingencies (10%) Total Project Uses
T:\CD15\DDA\State and Bostwick 2 031115 #14013
29,900 288,161
168,404 42,845 $2,085,340
1),JTA
Warner Norcross&JuddLLP
JOHN V. BYL
ATTORNEYS
AT
LAW
FAx
616.752.2149 616.222.2149 [email protected]
February 19, 2015
VIA E-MAIL
Mr. Kristopher Larson Downtown Grand Rapids, Inc. 29 Pearl, N.W., Suite 1 Grand Rapids, Michigan 49503 Re: Venue Tower Project Adjacent to the BOB
Dear Kris: I am writing on behalf of Venue Tower Development Co., LLC ("Venue Tower") to request that the Grand Rapids Downtown Development Authority provide tax increment financing support for its proposed project adjacent to the BOB at 33 Ottawa Ave., N.W. This exciting new project involves the construction of a new 14-story tower (114,374 sf) that will house approximately 90 market rate apartments (studios, one and two-bedroom units) and associated resident amenities such as a fitness facility, club room, and common space. This project is expected to generate approximately 2-5 full-time jobs with estimated wages ranging from $8.15 to $1 5/hour. The total capital investment is estimated at $22 million. Venue Tower has partnered with 20 Monroe Building Company, which is constructing a flex space venue adjacent to the proposed tower. A portion of the venue will extend beneath the proposed residential tower. Venue Tower hereby requests 75% of available tax increment revenue from the project for a period of 15 years for reimbursement of the items listed in the attachment, which are public infrastructure items and costs that are necessary to comply with the requirements of the Michigan Construction Code to satisfy the requirements of the Americans with Disabilities Act. This project has several reasons that warrant the capture of 75% of the tax increment revenue for a 15-year period. The project will include a pedestrian walkway between the tower and the parking garage on Ottawa Avenue at a cost of nearly $1 million. In addition, Venue Tower is willing to work with the DDA to allocate three of the residential units for reduced rent, to be made available to lower income tenants.
WARNER NORCROSS & JuDD LLP ATTORNEYS AT LAW 900 Firni THIRD CENTER • 111 LYON STREET, N.W. GRAND RAPIDS, MICHIGAN 49503-2487 • WWW.WNJ.COM
Mr. Kristopher Larson February 19, 2015 Page 2
Venue Tower appreciates the DDA's willingness to support this downtown project. Please let me know if you have any questions.
Very truly yours,
J JVB:lmt Enclosure Mr. John Wheeler c: Mr. Gary Postma Mr. Roger Rehkopf Mr. Richard Wendt Mr. Jared Belka 12407277-1
V.Byl
Venue Tower Grand Rapids Downtown Development Authority Development Support Tax Increment Financing Costs Items necessary to comply with the requirements of the Michigan Construction Code to satisfy the requirements of the Americans with Disabilities Act: Total Elevator Concrete Masonry Carpentry Thermal and Moisture Doors Cab Flooring Specialties Equipment Mechanical Electrical Total Elevator
$
145,000.00 10,000.00 8,900.00 3,400.00 1,200.00 1,500.00 800.00 325,000.00 18,000.00 112,500.00 626,300.00
Infrastructure Snowmelt
$
50,000.00
$ $ $ $ $ $ $
7,000.00 6,000.00 375,000.00 32,500.00 110,954.20 5,625.00 5,000.00 542,079.20
Barrier Free Items Barrier Free Restrooms Barrier Free Drinking fountains Incremental Costs to Make 5 Residential Units Barrier Free Automatic Entry Doors - Multi-Family ADA Hardware Multi-Family Units ADA Hardware Multi-Family Common Area Ramping (Interior / Exterior) Total Barrier Free Items Total Subcontractor Cost Construction Management (5%) Sub-Total Permits and Fees General Conditions Contingency (15%) A/E Fees TOTAL
$ $ $ $ $ $ $ $ $ $
$
$ 1,218,379.20
$ $ $ $
$ $ $
73,102.75 1,291,481.95 11,623.34 85,286.54 193,722.29 90,403.74 11)672,517.86
o o o
o
o o o o o
o o o o o
Agenda Item 3. March 11, 2015 DDA Meeting DATE:
March 5, 2015
TO:
Brian Harris Chairman
FROM:
Jana M. Wallace Downtown Development Authority Treasurer
SUBJECT: FY2015 Financial Statements Through February 28, 2015
Attached are the financial statements for the first eight months of the fiscal year ending June 30, 2015. These statements include: Statement A: Statement B: Statement C: Statement D:
Balance Sheet Comparison of FY2015 Budget vs Actual Results Statement of Project Expenditures Schedule of February, 2015 Expenditures
The Authority received $15,400 in reimbursements from businesses and organizations that commissioned ice sculptures for the ValentICE event. The funds will be used to pay the ice sculpture artists. Trend data for Local Tax Increment FY2015 Administration expenditures are improving. Several months ago trends were predicting a year-end negative variance in the amount of $250,000. As of February 28, the estimated negative variance will be $100,000. Kris Larson, Mary Sierawski, and I will continue to review costs, work with the City to adjust charges for services, and consider options to isolate project administration costs from general administration costs. The Authority continues to have sufficient cash to support budgeted expenditures. Please contact me at 616-456-4514 or [email protected] if you have any questions. Attachments
STATEMENT A DOWNTOWN DEVELOPMENT AUTHORITY Balance Sheet February 28, 2015
Non-Tax Funds
Debt Increment
Local Tax Increment
TOTAL
$ 5,423,147 8,795 723,848 14,736 $ 6,170,526
$ 9,026,785 5,400,768 31,877,460 $ 46,305,013
$
5,195,658 500 89,511,580 183,750 $ 94,891,488
$ 19,645,590 500 5,400,768 8,795 723,848 14,736 89,511,580 32,061,210 $ 147,367,027
$
$
$
$
ASSETS Pooled Cash and Investments Petty Cash Debt Service Reserve Fund Accounts Receivable Loan Receivable - Project Developer Loan Receivable - Special Assessments General Fixed Assets Future Tax Increment Revenues Anticipated TOTAL ASSETS
LIABILITIES AND FUND EQUITY Liabilities Current Liabilities Parking Revenue Payable Project Increment Due to Developers Due to Other Governmental Units Debt Increment Reimbursement Payable Deposit - Area 1 and Area 5 Options to Buy
71,646 5,565 122,903
Deposit - Movies in the Park Vendors
300
Net Retiree Health Care Obligation 1 Prior Year Property Tax Appeals
-
3,774,319 2,050,734 -
40,277 -
-
-
42,528
(5,667) 22,139
71,646 5,565 40,277 3,774,319 2,050,734 122,903 300 (5,667) 64,667
Deferred Revenue - Developer Loan Contract Payable Bonds Payable TOTAL LIABILITIES
723,848 924,262
31,877,460 37,745,041
183,750 240,499
723,848 183,750 31,877,460 38,909,802
Fund Balance / Equity: Investments in General Fixed Assets Non-Tax Increment Reserve Reserve for Authorized Projects Reserve for Brownfield Series 2012A Bonds Reserve for Compensated Absences Reserve for Eligible Obligations Reserve for Encumbrances TOTAL FUND EQUITY
4,658,397 514,748 73,119 5,246,264
8,559,972 8,559,972
89,511,580 4,743,529 6,897 388,983 94,650,989
89,511,580 4,658,397 4,743,529 514,748 6,897 8,559,972 462,102 108,457,225
$ 6,170,526
$ 46,305,013
$ 94,891,488
$ 147,367,027
TOTAL LIABILITIES & FUND EQUITY
Note 1: This line is the accumulated amounts of the actuarially determined Annual Required Contributions (ARC) for pre-65 year old retiree health insurance in excess of the "pay as you go" charges disbursed from the Retiree Health Insurance Fund plus interest on the unpaid portion of the prior year liability. The trust fund is currently over-funded which is why the account has a negative balance. ddastmts-feb15.xls jmw 0305201
STATEMENT B DOWNTOWN DEVELOPMENT AUTHORITY Comparison of FY2015 Budget vs Actual Results July 1, 2014 - February 28, 2015
Non-Tax Funds Budget Actual
Debt Tax Increment Budget Actual
Local Tax Increment Budget Actual
1,289 36,443 (28,853) 183,221 1,250 33,800 175,000 15,400 $ 417,550
$ 7,529,127 $ 7,542,368 (200,000) (12,109) 10,000 1 (10,000) $ 7,329,127 $ 7,530,260
$ 4,237,009 $ 4,338,852 385,681 385,681 (100,000) (3,060) (278,682) 21,973 23,200 50,644 93,018 (95,793) 3,816 81,679 10,000 1,075 145,089 $ 4,471,714 $ 4,828,468
$
$
-
$ 1,085,000 125,000 350,000
$
-
890,000 $ 2,450,000
352,031 $ 1,614,082
700,000
127,175
REVENUES Property Tax Increment - General $ Property Tax Increment - Transit Millage Property Tax Increment - Prior Year Appeals Property Tax Increment - Rebates to City / ITP Special Assessments - Areaway 15,000 Brownfield Authority - Grandville Avenue Interest on Investments - General 18,747 Interest on Investments - Multi-Year Accrual Reversal 1 Interest on Investments - The Gallery Note 40,167 Property Rental - DASH Parking Lots 336,925 Property Rentals - Movies in the Park Vendors Property Rentals - Winter Avenue Building 9,000 Property Rentals - YMCA Customer Parking 52,000 Early Principal Repayment - The Gallery Note Reimbursement - GR Public Schools for GR Forward Reimbursement - Monroe Ctr Ph 3 / Monument Park Reimbursement - Miscellaneous 500 From / (To) Fund Balance 3,127,112 TOTAL REVENUES $ 3,599,451
$
EXPENDITURES Investment - Planning and Infrastructure Development Incentive Programs Transit Projects - Transit Millage Funded Planning Public Infrastructure
$
35,000
2,051,451 Investment Total $ 2,086,451
$
13,507 13,507
$
-
$
$
938,652 31,250 292,149
Livability - Residents / Workers / Neighborhood
605,000
239,433
-
-
Vibrancy - Attracting Visitors
808,000
338,795
-
-
-
-
Miscellaneous
100,000
18,176
-
-
-
-
Total Alliance Projects $ 3,599,451
$ 609,911
$
-
Administration
-
963
Debt Service for Bond Issues
-
-
5,479,525
Estimated Capture to be Returned
-
-
1,849,602
TOTAL EXPENDITURES $ 3,599,451 EXCESS / (DEFICIT)
$
-
$
-
-
$ 3,150,000
$ 1,741,257
-
862,863
601,137
458,851
339,918
742,262 -
$ 610,874
$ 7,329,127
$
$ (193,324)
$
$ 6,787,998
-
742,262
-
-
$ 4,471,714
$ 2,682,312
$
$ 2,146,156
-
Note 1: For efficiency reasons, the City Treasurer does not record interest revenue when earned from multiple year investments. Instead, revenues associated with multiple year investments are accumulated annually, accrued, & then reversed in the following fiscal year. ddastmts-feb15.xls jmw 03052015
STATEMENT C DOWNTOWN DEVELOPMENT AUTHORITY Statement of Current Project Expenditures As of February 28, 2015
Investment - Development Incentives Sub-Total
Project Budgets % Cost $ 35,000 250,000 750,000 50,000 9.86% $ 1,085,000
Amtrak Station Relocation DASH North Shuttle Services Investment - Transit Millage Funded Sub-Total
800,000 150,000 950,000
2
487,500 487,500
2
2
45.93%
230,809 225,000 125,000 232,435 886,673 300,000 165,000 725,000 330,000 450,000 100,000 885,000 400,000 $ 5,054,917
1, 3
0.32%
35,000 35,000
10,000 401,000 30,000 200,000 56,730 532,574 326,496 310,000 $ 1,866,800
1, 2
Project Title Areaway Fill Program (ARIP) Building Re-use Incentive Program (BRIP) Development Project Guidance Development Project Reimbursements Streetscape Improvement Incentive Program
Downtown Plan Investment - Planning Sub-Total Arena South Implementation Bostwick Avenue - Lyon St to Crescent St Bridge Street Streetscape Improvs Grand River Activation Ionia Ave 9 - Buckley St to Wealthy St Michigan / Ottawa Gateway Monroe Ave Resurfacing - Louis to I-196 Monroe Center-Phase 3 / Monument Park Ottawa Avenue Public Improvements State Street - Jefferson to Lafayette Veterans Park Improvements Wealthy Street - US 131 to Division Ave Weston Street - Sheldon to LaGrave Ave Investment - Public Infrastructure Sub-Total Downtown Speakers Series Investment - Non-Tax Supported Sub-Total Accessibility and Mobility Repairs Bicycle Friendly Improvements Downtown Census Monroe Ave Phase 3 Services Public Realm Improvements Seward Ave Non-Motorized Facility Snowmelt System Repairs / Investigation Urban Recreation Plan Wayfinding System Improvements Livability - Local Tax Supported Sub-Total Division Ave Task Force Implemntn Downtown Ambassadors Educational Partnerships Initiatives Project and Fixed Asset Maintenance Recreational Walk / Tour Signage Riverwalk Maintenance Stakeholder Engagement Program Street Trees Maintenance Program Transportation Demand Mnmt Prog Winter Avenue Building Lease Livability - Non-Tax Supported Sub-Total Bridge Lighting Operations DGRI Event Production Diversity/Inclusion Programming Downtown Marketing Downtown Workforce Program Go-Site Visitor Center at GRAM Holiday Décor Program Major Event Sponsorship Public Space Activation Rosa Parks Circle Skating Operations Special Events - Grants Special Events - Office of Special Events - Training Program State of Dntn Event & Annual Reports Ticketed Events - Police Services Wayfinding Sign Maintenance Vibrancy Support Sub-Total
8.63%
4.43%
16.96%
5.63%
7.33%
Experience - Miscellaneous Monroe Ave Phase 3 Services Misc - Non-Tax Supported Sub-Total
0.91%
TOTAL
100.00%
Note 1: Current year (FY2015) budget only. Note 2: Paid from local tax increment. Note 3: Paid from non-tax funds.
$ $
$
$
5,000 300,000 10,000 100,000 40,000 60,000 5,000 5,000 92,500 2,500 620,000
$
10,000 45,000 10,000 225,000 15,000 30,000 60,000 82,000 30,000 42,000 50,000 100,000 5,000 22,500 80,000 806,500
$
100,000 100,000
$11,005,717
1, 2
EXPENDITURES Fiscal Year $ 70 245,511 22,103 42,184 650,957 22,173 $ 938,652
Month $ -
1, 2 1, 2 1, 2 1, 2
$
$
-
$
31,250 31,250
$
45,738 45,738
$
$
30,402 1,966 32,368
$
9,379 9,379
$
12,451 2,757 15,208
$
72,867 338 19,714 92,919
$
5,174 27,108 2,434 240 6,028 40,984
$
4,669 5,407 10,076
$
268,845
2
2 2 2 2 2 2 2 2 2 2 2 2
2 1, 2 1, 2 2 2 2 2 2
1, 3 1, 3 1, 3 1, 3 3 1, 3 1, 3 1, 3 1, 3 1, 3
1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3 1, 3
1, 3 1, 3
All Years
Available Budget $ 35,000 4,489 (42,184) 99,043 50,000 $ 146,348
$
746,164 93,750 839,914
$
53,836 56,250 110,086
292,149 292,149
$
451,124 451,124
$
36,376 36,376
$
672 3,837 75,419 88,594 183,509 352,031
34,696 132,435 686,526 75,419 1,256,839 183,509 $ 2,369,424
$
13,507 13,507
$
10,000 23 45,298 14,570 32,753 981 23,550 127,175
$
170,167 2,528 9,715 4,325 5,000 47,698 239,433
$
42,604 3,250 51,931 2,434 62,536 65,240 1,174 504 45,586 24,778 150 34,617 3,991 338,795
$
6,864 11,312 18,176
$ 2,351,168
196,113 225,000 125,000 100,000 200,147 300,000 89,581 (531,839) 146,491 450,000 100,000 885,000 400,000 $ 2,685,493 $
121,556
$
45,298 29,864 415,327 52,477 23,550 688,072
21,493 21,493
279,444 30,000 (23) 154,702 26,866 117,247 274,019 286,450 $ 1,168,705
$
5,000 129,833 10,000 97,472 30,285 60,000 675 44,802 2,500 380,567
$
10,000 2,396 6,750 173,069 12,566 30,000 (2,536) 16,760 28,826 41,496 4,414 75,222 5,000 22,350 45,383 (3,991) 467,705
$
93,136 (11,312) 81,824
9,715
$ 5,098,597
ddastmts-feb15.xls jmw 0305201
STATEMENT D DOWNTOWN DEVELOPMENT AUTHORITY Schedule of Expenditures February, 2015 Source Local Local Local Non Tax Non Tax Non Tax Non Tax Local Non Tax Non Tax Non Tax Local Non Tax Local Local Local Local Non Tax Local Non Tax Non Tax Local Local Non Tax Local Local Local Local Non Tax Non Tax Non Tax Local Local Non Tax Local Local Local Local Non Tax Local Non Tax Non Tax Non Tax Local Non Tax Local Local Non Tax Non Tax Non Tax Non Tax Non Tax Local Local Non Tax Non Tax Non Tax Local Local
Vendor Paychex Interface Studio, LLC City Treasurer - Engineering Dept Quarterly Payroll Re-Allocation Entry Mydatt Services dba Block by Block Mydatt Services dba Block by Block Mydatt Services dba Block by Block Quarterly Payroll Re-Allocation Entry Quarterly Payroll Re-Allocation Entry Quarterly Payroll Re-Allocation Entry Jennifer Keesmaat Geotech Inc. Consumers Energy City Treasurer - Budget Office Federal Square Building Co #1 LLC Geotech Inc. Geotech Inc. Human Momentum, LLC Valley City Sign Company Fifth Third Bank - Procurement Card Fusion IT LLC Geotech Inc. City of Grand Rapids MGR Consulting, Inc. Dickinson Wright PLLC City Treasurer - Risk Management City Treasurer - Parking Services Dickinson Wright PLLC Sharp Studios Co. DBA TapSnap Fifth Third Bank - Procurement Card Breck Graphics dba Allegra Dickinson Wright PLLC Dickinson Wright PLLC Revue Holding Company, Inc. Michigan Dept of Transportation Dickinson Wright PLLC Geotech Inc. Fishbeck, Thompson, Carr & Huber Dickinson Wright PLLC City Treasurer - Parking Services Sextant Marketing Group Adrian Butler Fusion IT LLC Dickinson Wright PLLC Swift Printing & Communications Eric Pratt Professional Maint of Michigan, Inc. Fifth Third Bank - Procurement Card GRCAC dba Comm Media Center Fifth Third Bank - Procurement Card Swift Printing & Communications Swift Printing & Communications Wondergem Consulting Inc Federal Square Building Co #1 LLC Fifth Third Bank - Procurement Card Staples Contract & Commercial Inc Swift Printing & Communications Fifth Third Bank - Procurement Card TDS Metrocom
Purpose / Project Administration Downtown Plan Monroe Ave Resurfacing - Louis to I-196 Downtown Marketing Downtown Ambassadors Downtown Ambassadors Downtown Ambassadors Development Project Guidance Transportation Demand Mnmt Prog Special Events - Office of Downtown Speakers Series Snowmelt System Repairs / Investigation Monroe Ave Phase 3 Services Administration Administration Snowmelt System Repairs / Investigation Snowmelt System Repairs / Investigation Downtown Speakers Series Wayfinding System Improvements DGRI Event Production Experience - Miscellaneous Monroe Center-Phase 3 / Monument Park Administration Experience - Miscellaneous Administration Administration Administration Administration Downtown Workforce Program Downtown Workforce Program DGRI Event Production Administration Development Project Guidance DGRI Event Production Monroe Ave Resurfacing - Louis to I-196 Administration Snowmelt System Repairs / Investigation Monroe Ave Resurfacing - Louis to I-196 Downtown Ambassadors Administration Downtown Speakers Series Downtown Workforce Program Experience - Miscellaneous Administration DGRI Event Production Administration Administration Downtown Speakers Series Downtown Marketing Stakeholder Engagement Program DGRI Event Production DGRI Event Production Administration Administration Major Event Sponsorship DGRI Event Production Downtown Workforce Program Downtown Plan Administration
Description DGRI payroll, taxes, 401(k), FSA - February, 2015 Share of services - December 2014 Engineering services - inception through July 2014 DGRI staff payroll allocation - 09/21-12/27/2014 Monthly services - January 2015 Monthly services - November 2014 Monthly services - December 2014 DGRI staff payroll allocation - 09/21-12/27/2014 DGRI staff payroll allocation - 09/21-12/27/2014 DGRI staff payroll allocation - 09/21-12/27/2014 Speaker Jennifer Keesmaast fee and travel Share of snowmelt system repairs January 2015 Electricity - Monroe Center Ph 3 12/20/14-01/23/15 Support services allocation - February 2015 Share of February, 2015 office lease Share of snowmelt system repairs January 2015 Share of snowmelt system repairs February 2015 Speaker Theresa Reno-Weber fee and travel Wayfinding sign maintenance 09/17-12/22/2014 ValentICE event supplies A. Guy laptop purchase / workstation setup Engineering services 11/01-11/30/2014 Staff services - February 2015 Share of GR Forward retreat - consulting services Legal services - Beene Garter agreement Dec 2014 General insurance - February 2015 Parking - DGRI staff- February 2015 Legal services - share of TIF legislation Dec 2014 ValentICE/80s on Ice - photo booth ValentICE/80s on Ice - broomball supplies Movies in the Park - Impact Report booklets Legal services - misc matters December 2014 Legal services - Waters Building December 2014 ValentICE - Revue/Recoil advert February 2015 Resurfacing work thru January 2015 Legal services - Arena Place project Dec 2014 Share of snowmelt system repairs February 2015 Engineering services - January 2015 Legal services - Downtown Ambassadors 12/11-12/14 Parking validations - February 2015 "Love Where You Live" books by Peter Kageyama DJ Services for "80s on Ice" event IT services - setup A. Guy workstation Legal services - sale of Area 5 December 2014 ValentICE tri-fold brochures Professional development - MDA Board travel Share of janitorial services January 2015 Theresa Reno-Weber event - refreshments ValentICE and Movies in the Park - website design Gift card & table sponsorship - Newsmakers event ValentICE - poster prints ValentICE - tri-fold brochures Share of public relations - 01/01-01/31/2015 Share of 29 Pearl St. NW electricity - 01/08-02/06/15 LaughFest - event sponsorship Supplies - DGRI events ValentICE/80s on Ice - poster prints and hand bills GR Forward Facebook advertising Share of 29 Pearl St NW telephone svc - Feb 2015
Amount $ 64,934.09 45,466.83 29,064.40 26,942.85 24,510.78 23,567.85 23,567.85 21,392.98 19,645.41 6,028.05 5,602.05 5,441.00 5,407.32 5,196.50 4,959.49 3,184.00 3,140.50 2,877.11 2,757.00 2,175.46 2,138.93 1,966.00 1,901.12 1,831.06 1,183.00 1,068.00 1,055.00 982.80 760.50 748.20 733.43 709.80 709.80 705.75 694.94 691.60 686.00 642.83 600.60 535.00 515.00 500.00 480.48 455.00 440.00 393.30 389.60 351.38 336.00 320.00 299.98 263.15 261.22 244.42 240.00 234.02 225.02 221.17 219.41
continued on the next page
STATEMENT D - continued DOWNTOWN DEVELOPMENT AUTHORITY Schedule of Expenditures February, 2015 Source Vendor continued from previous page Local Fusion IT LLC Non Tax Fusion IT LLC Non Tax Fifth Third Bank - Procurement Card PCS Gophers Ltd Local Local Fifth Third Bank - Procurement Card Local Paychex Non Tax Dickinson Wright PLLC Non Tax Swift Printing & Communications Local Paychex Fifth Third Bank - Procurement Card Local Non Tax City Treasurer - Parking Services Non Tax JKG Inc dba FastSigns of GR Local Comcast Non Tax Alysha Shah dba Luna Gitana Hoops Non Tax Alysha Shah dba Luna Gitana Hoops Local Staples Contract & Commercial Inc Local DDA Petty Cash Local DDA Petty Cash Non Tax DDA Petty Cash Local Staples Contract & Commercial Inc Local Staples Contract & Commercial Inc Non Tax Fifth Third Bank - Procurement Card Local Fifth Third Bank - Procurement Card Local Staples Contract & Commercial Inc Local JPMorganChase Local Staples Contract & Commercial Inc Local Michigan Downtown Association Non Tax DDA Petty Cash Local Professional Maint of Michigan Inc Non Tax DDA Petty Cash Local Model Coverall Service, Inc. Local Model Coverall Service, Inc. Non Tax DDA Petty Cash Local DDA Petty Cash Non Tax DDA Petty Cash Local Fusion IT LLC Non Tax Fifth Third Bank - Procurement Card Staples Contract & Commercial Inc Local Local Staples Contract & Commercial Inc Non Tax DDA Petty Cash Non Tax DDA Petty Cash Local Quarterly Payroll Re-Allocation Entry Local - local tax increment funds Non-tax - non-tax funds
Page 2
Purpose / Project Administration Experience - Miscellaneous Downtown Marketing Administration Administration Administration Downtown Ambassadors DGRI Event Production Administration Administration Downtown Ambassadors DGRI Event Production Administration Downtown Workforce Program Downtown Workforce Program Administration Administration Building Re-use Incentive Program (BRIP) Transportation Demand Mnmt Prog Administration Administration DGRI Event Production Downtown Plan Administration Administration Administration Administration Downtown Speakers Series Administration Administration Administration Administration Experience - Miscellaneous Administration Stakeholder Engagement Program Administration Administration Administration Administration Downtown Ambassadors Experience - Miscellaneous Administration
Description
Amount
Share of domain name 2 yr renewal & other svcs $ 215.21 190.00 IT services - setup A. Guy workstation 165.00 Website database services Interoffice courier and mail services 156.81 SurveyMonkey for DGRI staff annual reviews 151.39 Payroll processing fees - February, 2015 149.94 Legal services - Downtown Ambassadors 12/05/2014 145.60 145.00 ValentICE - stickers 135.00 HRS processing fees - February, 2015 Prof develop - books & webinars for staff & volunteers 131.69 Melvin Eledge parking card - February 2015 127.00 36' x 72" banner for DGRI events 120.96 Share of high speed internet - February 2015 109.35 Event performance - February 2015 100.00 100.00 Event performance - January 2015 Share of office supplies 95.98 DDA Board meeting agenda package - postage 77.00 Recording services - Kent County Registrar of Deeds 70.00 Chicago TDM trip - supplies/expense reimbursement 68.39 Share of office supplies 66.47 Share of office supplies 61.26 Facebook advertising 56.60 GR Forward giveaway - Leo's Gift Card 50.00 Share of office supplies 43.28 Payroll account bank fees - February, 2015 40.47 Share of office supplies 36.36 E. Pratt MDA registration fee - Lansing Day 35.00 Speakers Series - supplies/refreshments 33.57 Share of supplies - hand soap & liners 31.17 K. Larson & M. Sierawski - coffee meetings 29.51 Share of - floor mats - DGRI Offices 01/07/2015 27.09 Share of - floor mats - DGRI Offices 01/21/2015 27.09 21.20 Intern - thank you flowers DDA Board meeting - supplies 20.13 UIX Trip - refreshments 18.42 Share of - IT services - email bouncebacks 17.62 17.00 K. Larson - coffee meetings Share of office supplies 13.34 Share of office supplies 12.83 Postage - Block by Block agreement 11.41 29 Pearl St. key - A. Guy 7.60 DGRI payroll allocation - 09/21-12/27/2014 (115,796.72) FEBRUARY, 2015 EXPENDITURES $ 239,930.05
DATE:
March 5, 2015
TO:
Kristopher Larson, AICP Downtown Development Authority Executive Director
FROM:
Mark A. De Clercq, P.E., City Engineer
SUBJECT:
Reconstruction of State Street from Jefferson Avenue to Lafayette Avenue and Reconstruction of Bostwick Avenue from Lyon Street to Crescent Street
The Downtown Development Authority (DDA) considered this project at its February 11, 2015 meeting (DDA estimated share of $675,000). Certain concerns were expressed by DDA board members and a request was made that City staff review alternatives to the proposed design. The concerns focused on State Street. The original proposed reconstruction section for State Street included parking on the north side, bike lanes on both sides of the street and two 12’ travel lanes. The street currently is asphalt and would have been reconstructed with hot mix asphalt, bicycle lanes, landscaping and other features. At the DDA’s request, staff has reviewed requested alternatives and discussed possible changes with the Michigan Department of Transportation (MDOT). Based on input from the DDA, discussion with MDOT, and consultation with DGRI staff, the proposed design for State Street was revised to feature the following elements: •
Porous pavement in the parking lane on the north side.
•
Concrete bike lanes on both sides of the street.
•
Brick 12’ travel lanes.
•
All other features including low impact design for stormwater in the parkway, historic street lighting, telecommunication improvements, salvaging and reuse of historic medina stone curb, streetscape enhancements including new street trees, new water main, storm sewers and sanitary sewers, and American Disabilities Act (ADA) sidewalk and ramp improvements in the project would remain the same.
A color rendering of the proposed State Street portion of the project is attached.
It should be noted that the brick section will not carry through the Jefferson Avenue/State Street or the Lafayette Avenue/State Street intersections as these intersections were reconstructed in the last few years. Also, it should be noted that the proposed materials and configuration limits any future changes to the roadway geometry. The brick and porous pavement as proposed are not eligible for the Surface Transportation Program – Urban grant. It is recommended that the additional cost for the brick pavement and concrete bike lanes estimated at $261,000 be funded by the DDA and the cost of the porous pavement under the parking lane be funded by the City's Vital Streets Fund. The Bostwick portion of the project would remain as previously presented. The project was anticipated to be bid by MDOT on March 6, 2015. The City has requested that the project be withdrawn from that bid letting. Reconstruction of both streets was initially scheduled to be completed yet this year. The new schedule for bidding and award of the project makes it is unlikely that both streets will be completed this year because of the amount of work and the constraints to complete the work on Bostwick Avenue during the Grand Rapids Community College summer session. The revised engineer’s estimate is $1,543,530. The revised estimated total expenditures required for this project equal a not to exceed amount of $ 2,085,340, which includes the construction contract, traffic safety and street lighting force account work, testing/permits, engineering/inspection/administration, and an approximate twelve percent allowance for local contingencies and ten percent allowance for MDOT contingencies. This project is being financed by a combination of MDOT grant funds, Sewer System Fund, Water System Fund, Vital Streets Capital Fund and the DDA. The DDA’s share of costs is for a portion of the local and non-participating project cost. The work includes streetscape enhancements including new street trees, low impact design for stormwater control, the recommended brick and concrete pavement on State Street, brickscape improvements, telecommunications improvements in both State Street and Bostwick Avenue, and new historic lighting in State Street. It is recommended that the DDA approve its revised share of costs in the amount of $936,000, contingent upon approval of the revised project scope by the State Historic Preservation Office (SHPO), the Grand Rapids Historic Preservation Commission (HPC) and approval of the final project bid package by the MDOT. If the DDA approves its share of costs and the City receives SHPO, HPC and MDOT approval, the project will be bid at the earliest possible date at which time the City Commission will be requested to approve an agreement with MDOT and authorize the total expenditures for the project. MAD/RDV/BWS/em cc:
Greg Sundstrom Wayne Jernberg Suzanne Schulz Chris Zull
T:\CD15\DDA\State and Bostwick 2 031115 #14013
Eric DeLong Mike Lunn Rhonda Baker
Joellen Thompson Chuck Schroeder James Hurt
SUMMARY OF ESTIMATED COSTS for Reconstruction of State Street from Jefferson Avenue to Lafayette Avenue and Reconstruction of Bostwick Avenue from Lyon Street to Crescent Street
Project Funding Source(s) Currently Approved Federal Grant Share (MDOT) Sewer System Fund Water System Fund Vital Streets Capital Fund Downtown Development Authority Total Project Sources
$471,300 300,000 493,000 0 675,000 $1,939,300
Budget Request(s) $0 49,551 (257,993) 93,482 261,000 $146,040
Revised Project Estimate $471,300 349,551 235,007 93,482 936,000 $2,085,340
Breakdown of Project Uses Construction Contract Traffic Safety and Street Lighting Force Account Work Testing/Permits Engineering/Inspection/Administration
$1,543,530 12,500
Sub-Total
$1,874,091
Contingencies (12%) MDOT Contingencies (10%) Total Project Uses
T:\CD15\DDA\State and Bostwick 2 031115 #14013
29,900 288,161
168,404 42,845 $2,085,340
1),JTA
Warner Norcross&JuddLLP
JOHN V. BYL
ATTORNEYS
AT
LAW
FAx
616.752.2149 616.222.2149 [email protected]
February 19, 2015
VIA E-MAIL
Mr. Kristopher Larson Downtown Grand Rapids, Inc. 29 Pearl, N.W., Suite 1 Grand Rapids, Michigan 49503 Re: Venue Tower Project Adjacent to the BOB
Dear Kris: I am writing on behalf of Venue Tower Development Co., LLC ("Venue Tower") to request that the Grand Rapids Downtown Development Authority provide tax increment financing support for its proposed project adjacent to the BOB at 33 Ottawa Ave., N.W. This exciting new project involves the construction of a new 14-story tower (114,374 sf) that will house approximately 90 market rate apartments (studios, one and two-bedroom units) and associated resident amenities such as a fitness facility, club room, and common space. This project is expected to generate approximately 2-5 full-time jobs with estimated wages ranging from $8.15 to $1 5/hour. The total capital investment is estimated at $22 million. Venue Tower has partnered with 20 Monroe Building Company, which is constructing a flex space venue adjacent to the proposed tower. A portion of the venue will extend beneath the proposed residential tower. Venue Tower hereby requests 75% of available tax increment revenue from the project for a period of 15 years for reimbursement of the items listed in the attachment, which are public infrastructure items and costs that are necessary to comply with the requirements of the Michigan Construction Code to satisfy the requirements of the Americans with Disabilities Act. This project has several reasons that warrant the capture of 75% of the tax increment revenue for a 15-year period. The project will include a pedestrian walkway between the tower and the parking garage on Ottawa Avenue at a cost of nearly $1 million. In addition, Venue Tower is willing to work with the DDA to allocate three of the residential units for reduced rent, to be made available to lower income tenants.
WARNER NORCROSS & JuDD LLP ATTORNEYS AT LAW 900 Firni THIRD CENTER • 111 LYON STREET, N.W. GRAND RAPIDS, MICHIGAN 49503-2487 • WWW.WNJ.COM
Mr. Kristopher Larson February 19, 2015 Page 2
Venue Tower appreciates the DDA's willingness to support this downtown project. Please let me know if you have any questions.
Very truly yours,
J JVB:lmt Enclosure Mr. John Wheeler c: Mr. Gary Postma Mr. Roger Rehkopf Mr. Richard Wendt Mr. Jared Belka 12407277-1
V.Byl
Venue Tower Grand Rapids Downtown Development Authority Development Support Tax Increment Financing Costs Items necessary to comply with the requirements of the Michigan Construction Code to satisfy the requirements of the Americans with Disabilities Act: Total Elevator Concrete Masonry Carpentry Thermal and Moisture Doors Cab Flooring Specialties Equipment Mechanical Electrical Total Elevator
$
145,000.00 10,000.00 8,900.00 3,400.00 1,200.00 1,500.00 800.00 325,000.00 18,000.00 112,500.00 626,300.00
Infrastructure Snowmelt
$
50,000.00
$ $ $ $ $ $ $
7,000.00 6,000.00 375,000.00 32,500.00 110,954.20 5,625.00 5,000.00 542,079.20
Barrier Free Items Barrier Free Restrooms Barrier Free Drinking fountains Incremental Costs to Make 5 Residential Units Barrier Free Automatic Entry Doors - Multi-Family ADA Hardware Multi-Family Units ADA Hardware Multi-Family Common Area Ramping (Interior / Exterior) Total Barrier Free Items Total Subcontractor Cost Construction Management (5%) Sub-Total Permits and Fees General Conditions Contingency (15%) A/E Fees TOTAL
$ $ $ $ $ $ $ $ $ $
$
$ 1,218,379.20
$ $ $ $
$ $ $
73,102.75 1,291,481.95 11,623.34 85,286.54 193,722.29 90,403.74 11)672,517.86
