06-13-11 WSITEM 2
Memo
To: City Council
From: Gary Groen
Date: June 8, 2011
Re: 2010 Audited Financial Statements and Management Report
Attached with this memo are the audited financial statements and management
report for the year ended December 31, 2010. The management report is a
summary that includes the financial information in a much more summarized format.
believe the management report will be the basis of the auditor's presentation at the
workshop on Monday night.
The financial report includes all funds of the City in more detail with the balance
sheets of each fund together with the statements of revenue, expenditures and
changes in fund balance or statements of income and cash flows as applicable. The
financial report includes several sections including the 1) Management Discussion
and Analysis, 2) the basic financial statements and notes to the financial statements,
and 3) the supplementary information including the combining statements of the non -
major governmental funds and other required reports.
There is ONE major change in the financial report format from prior years. In 2009
and prior years, the water and sewer connection fees were reported in a separate
debt service fund. In 2010 the water and sewer connection fees collected and set
aside are reported as part of the water and sewer operating funds. While this change
has been made for external financial reporting purposes, the internal accounting
structure for the city has not changed.
If you have any questions as you review the audited financial statements and
management report, please do not hesitate to contact me.
0 Page 1
3601 Thurston Avenue N, Suite 100
Anoka, MN 55303
Phone: 763.231 .5840
Facsimile: 763.427.0520
TPCTPC@FlanningCo.com
MEMORANDUM
TO: Otsego Mayor and City Council
FROM: Daniel Licht, AICP
DATE: 9 June 2011
RE: Otsego — Kittredge Crossings
TPC FILE: 101.02 — 10.14
BACKGROUND
Shelard Capital Investment Inc. assumed ownership of the majority of undeveloped
property in Kittredge Crossings after foreclosing on Darrel A. Farr Development. City
staff has met a number of times with Shelard Capital Investment Inc. to discuss possible
projects for the development.
One of the ideas discussed is construction of two multiple family housing buildings at
the northeast corner of the development on either side of Kalland Avenue. The PUD
Development Stage Plan for Kittredge Crossings designates these parcels for senior
housing buildings. Shelard Capital Investment Inc. had prepared preliminary sketch
plans in cooperation with the Sands Company for the proposed buildings, which would
be market rate rent and possibly some subsidized units depending on requirements of
the project lenders or Federal or State assistance. Shelard Capital Investment Inc. had
also asked about the potential for City financial assistance on the project including
possible use of Tax Increment Financing. City staff stated that the City Council's
position is not to provide financial assistance for residential projects and that it is
opposed to any use of Tax Increment Financing.
Shelard Capital Investment Inc. contacted Mayor Jessica Stockamp to schedule a
meeting with her and City staff to discuss the proposed apartment project and also the
opportunity for City financial assistance. This meeting was held on 2 June 2011. City
staff restated the City Council's position on assistance for residential projects and TIF in
general. Mayor Stockamp also said that the issue would be brought to the full City
Council at a future work session for any additional comments.
Exhibits:
A. Kittredge Crossings Development Plan
RECOMMENDATION
This item is on the agenda for the work shop on 13 June 2011 for discussion.
POSSIBLE ACTIONS
No action is required at this time.
C. Tami Loff, City Clerk
Gary Groen, Finance Director
Andy MacArthur, City Attorney
1►.
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--- ---------
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---------------
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O 50 100 200 400
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Associates, Inc.
IJOSO 7AY M5 4VP• 10 -At 43147.35.17
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f -MO,. ,nANnan-
Client
Darrel A. Farr
Development Corp.
Minneapolis, MN
Project
Kittredge Crossing
Otsego, MN
Sheet Title
P.U.D. Master
Guide Plan
Parcel Uses, Area,
Density, Building Cover
I ley 4W61y IAoI In's poA..Rs P14PW40 by
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Revisions
Sheet Revision
4/9 A
MFRA FILE NO.: 14157
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SITE SUMMARY
AREA
ACRES
PERCENT
®
M:14 11 KSI DENnAL
DE"'SU RESI
7.6 ACRES
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CLUSTER
TOM HOPES
12.1 ACRES
9.7x
SINGLE FAMILY
DETACHED TOM HOMES
6.0 ACRES
4.8%
ROW TO- HOMES
IDA ACRES
8.1x
®
SENIDR/YARKET RATE
COND01AwNY5/APARTMENTS
3.7 ACRES
3.0%
4NOLE FAMILY LOTS
7.0 ACRES
5.6x
®
OWN HOMES
2.6 ACRES
2.1x
®
m LIFESTYLE
To
TOWN HOMES
7.8 ACRES
®
OfTICE.OSHOWROOM.
WAREHUSE USES
5.1 ACRES
4.1x
MLILTI-T
WAREHOENANT aFla.
WAREHOUSE• SHOWROOM,
ASSEMBLY, PROCESSING
10.0 ACRES
flux
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TECHNOLOGIES. PROFESSONAL
10.1 ACRES
fl1x
OFEICE CDNDDMINIVMS
RETAIL USES
1.6 ACRES
I.Sx
an NEIGHBORHOOD PARK/
ci Y PARK PRESERVE
7.5 ACRES
6.02
WETLANDS
15.1 ACRES
I-
ROW
16.8 ACRES
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PONDS
1.2 ACRES
1.Ox
TOTAL SITE
3124.3 ACRES
100%
---------------
rroRTH
O 50 100 200 400
Engineninq Plonninq Surroy+ng
FRA
McCombs Frank Roos
Associates, Inc.
IJOSO 7AY M5 4VP• 10 -At 43147.35.17
P+a•. x3/•n-nolo • a. 7u/•n-
f -MO,. ,nANnan-
Client
Darrel A. Farr
Development Corp.
Minneapolis, MN
Project
Kittredge Crossing
Otsego, MN
Sheet Title
P.U.D. Master
Guide Plan
Parcel Uses, Area,
Density, Building Cover
I ley 4W61y IAoI In's poA..Rs P14PW40 by
uO o M`- LCWwd IAoi4uon4l E I aI
04r ItN IM of IM SIo4 0l YwOM010.
5onelwe
Nont Do.Y A NON
D.I. 4/1/03 Lc- / 21676
044 40 MJG Chub DA
D- JIG AW -1 MK.
Dole 4/1/01
Revisions
Sheet Revision
4/9 A
MFRA FILE NO.: 14157
K\Sdskproj\(AR14157\eag\04PUDdoCunent.dwg 05/08/2003 09'4808 AM CDT
Mobile Command Post
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The Wright County Mobile Command Post is a 2009 LDV self contained 30' walk-in van. The mobile
command post is equipped with the following:
• Mobile transmitting and receiving capabilities, 800MHz, for all of the emergency services involved
with EOC operation.
• 120/240 vac electrical system
• 12 kw liquid cooled gasoline generator
Heat and Air conditioning
• Telescoping remote angle light pole /c 500 watt light
Emergency lighting /c green command strobe
One Samsung 19" LCD HDTV
One Sony progressive scan DVD/VCR recorder and player combo
• .74 meter mobile internet satellite system
• Direct TV D 11
One HD non-locking telescoping pneumatic mast
• One Pelco 22" outdoor camera mounted on pole.
• 4 -point auto leveling
Three land line inputs
• One land line input dedicated to fax machine
Seven phone jacks
• Nine computer network jacks
One office jet pro all -in -one printer, fax, copier and scanner
• One LED clock
The mobile command post can be requested through Wright County Communications Center.
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