Professional Documents
Culture Documents
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City of Troy
1.
Provide a recommendation to Council regarding authorizing the Director of Public Service and
Safety to enter into a professional services agreement with MSA Sport of Cincinnati, Ohio for the
design of the Hobart Arena Expansion and Renovation Project portion of the Riverfront
Development Project at a cost not to exceed $700,000. This design agreement has been
recommended by the Recreation Board.
Finance Committee
1.
1. Provide a recommendation to Council regarding authorizing the Director of Public Service and
Safety to bid and contract for the construction of the Treasure Island Park based on previously
discussed enhancements as noted and at a cost not to exceed $1,723,000. This has been
recommended by the Board of Park Commissioners.
11-9-2014
cc :
Council
Mayor
Mr. Titterington
Mr. Livingston
Mr. Stickel
Department Heads
Chamber of Commerce
Board of Education
BUILDINGS
COMMITTEE
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TROY OHIO
Patrick E. J. Titterington
MEMORANDUM
TO:
FROM:
Patrick E. J. Titterington
DATE:
November 6, 2014
SUBJECT:
--(17[)
REQUESTED ACTION:
That Council authorizes the Director of Public Service and Safety to enter into a professional services
agreement with the architectural engineering firm of MSA Sport of Cincinnati, Ohio for the design of the
Hobart Arena portion of the Riverfront Development Project at a cost not to exceed $700,000.
BACKGROUND:
The Reappropriation Ordinance approved by Council included the funds related to the design of the
Hobart Arena portion of the Riverfront Development Project. City staff solicited RFPs from qualified firms
to perform the design, provide bidding documents, and perform construction management during the
construction phase. Six proposals were submitted, and four firms selected to be interviewed.
The
interviews involved Recreation Board President Marty Hobart, Recreation Director Ken Siler, Assistant
Recreation Director Carrie Slater, City Engineer Deborah Swan, Assistant City Engineer Jillion Rhoades,
and Engineering Project Manager Stan Kegley. Staff has recommended that the firm of MSA Sport of
Cincinnati, Ohio be selected, as that firm that most meets the scope of services and has experience in
the renovation of Arena type facilities.
This recommendation was presented to the Troy Recreation Board on November 4, 2014, and that
Board provided a unanimous recommendation that Troy City Council authorize a professional services
agreement with MSA Sport, of Cincinnati, Ohio for design and construction administration for the Hobart
Arena Expansion and Renovation Project portion of the Riverfront Development Project, contingent
upon successful negotiation in an amount not to exceed $720,000.
The final not to exceed amount worked out between City staff and MSA Sport is $700,000.
If this agreement is approved by Council, it is currently estimated that the design phase will take
approximately seven months, which would have the bidding process done in late summer 2015.
REQUESTED ACTION:
It would be appreciated if you would assign to a Committee of Council
authorizing the Director of Public Service and Safety to enter into a professional services agreement with
MSA Sport of Cincinnati, Ohio for design elements outlined herein for the Hobart Arena Expansion and
Renovation Project portion of the Riverfront Development Project at a cost not to exceed $700,000.
Cc:
Mayor Beamish
Ken Siler
FINANCE
COMMITTEE
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-E. J. Titterington
City of Troy
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MEMORANDUM
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TO:
FROM:
Patrick E. J. Titterington
DATE:
November 6, 2014
SUBJECT:
DOWNTOWN BUILDING REPAIR REVOLVING LOAN- 9-11 E. MAIN STREET FOR RYAN &
SARAH McNEILL
RECOMMENDATION:
That an $180,765 loan is approved by Council from the Downtown Building Repair Revolving Loan Fund
(DBR) to Ryan and Sarah McNeill for the purchase of the building at 9-11 East Main Street.
BACKGROUND:
Mr. and Mrs. McNeill submitted an application for a DBR loan for $180,765 for the purchase of the
property located at 9-11 East Main Street (aka Wasserman Building). The Downtown Loan Committee
(DLC) met on November 6, 2014 to review the following application:
The first floor of the property is currently occupied. The DLC review included the public purpose to be
served by the approval of the loan. The upper story floors have been vacant for decades, and the
McNeills have a vision to get the upper story floor occupied with office and residential uses. This
additional capital investment made with private dollars will both greatly strengthen the building as well
as positively influence this block of buildings on the National Register.
The DLC is recommending to Council that a loan be approved to Ryan and Sarah McNeill for the purchase
of the building at 9 - 11 East Main Street based on the following terms:
Page Two
The DLC noted that this loan structure departs from the adopted DBR Guidelines in that the loan amount
exceeds $100,000. With a fund balance in excess of $600,000 the loan fund can accommodate this loan.
Information provided from the DLC meeting is attached.
The goal of this loan program is to provide loans to qualified applicants to improve buildings in the
downtown. As loans are repaid, those monies are then available for other applicants.
REQUESTED ACTION:
It would be appreciated if you would assign to a Committee of Council:
Consideration of a loan in the amount of $180,765 from the DBR Revolving Loan Fund to provide
funding assistance for the applicant to purchase the property at 9-11 East Main Street based on
the terms as recommended by the Downtown Loan Committee. We also ask for consideration of
emergency legislation so that the loan can be closed in a timely manner.
That legislation includes deviating from the DBR Guidelines of a loan amount exceeding $100,000.
encl.
cc:
Mayor Beamish
Mr. Dando
Mr. Harris
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City of Troy
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The loan structure does depart from the adopted DBR Guidelines of exceeding $100,000
Borrower: Ryan and Sarah McNeill
Co-Borrower: Tom & Ruth Ann McNeill
Loan amount: $180,765
Interest rate: 3.0% simple annual interest
Repayment term: 20 years
Collateral: 1st position lien on building with additional liens in order to meet 100%
collateralization of loan - certified building appraisal pending
Second floor must be ready for occupancy within 24 months and the third floor within 36
months.
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City of Troy
City Hall
1oo South Market Street
Troy, Ohio 45373
wvvw.troyohio.gov
To:
Members of Downtown Loan Committee
From: Gregg Harris
RE:
Ryan & Sarah McNeill
G-H
Ryan and Sarah McNeill provided an application requesting $175,500 to purchase the property located at 9-11 E.
Main Street.
Built by John Wasserman in 1880, the building known as the "Wasserman Building" is a strong contributor to
Downtown Historic Troy and listed on the National Register of Historic Places. Previously held by a trust, the
building had been severely neglected and determined by the insurance adjuster to cotne down in 2007 due to
extensive damage from a roof collapse. However, with the cmnbined effort of Planning Commission, the city staff
and a local private developer, the building was saved. Over the last six years, ownership has changed twice.
Through privately invested dollars the building has been stabilized with a new roof, 1st floor improvements, and has
viable businesses.
The building was recently put on the real estate market by owner Mike Atnold, who has signed a purchase
agreement with the McNeill's. Originally listed at $209,000, the agreed purchase price is at $195,000. The
McNeill's will provide cash equity of $19,500, which equals the 10% DBR equity match requirements. With the
two business tenants (Sweeney Todd Salon and HER Realtors), the building cash flows positive at $2,850 a month,
more than enough to pay for the approximate $975 monthly debt service over a 240 month period.
The DBR program funds are for eliminating the influence of blight and to encourage revitalization in Downtown
Historic Troy. As stated in their attached letter, the McNeill's have a vision for the historic building including
upper floor occupancy that will be a combination of office and residential. Additional capital investment often goes
into a building when there is a change of ownership, reducing the overall deteriorating effects downtown. The DBR
program has been a catalyst in the revitalization process, providing a critical public tool in attracting new owners to
invest in downtown.
Ryan McNeill has also requested that the 3% closing fee ($5,265) be rolled into the loan for a total of$180,765.
I recommend the DLC recom1nend to City Council approval of the loan with the following terms:
Borrower: Ryan and Sarah McNeill
Co-Bm1ower: Tom & Ruth Ann McNeill
Loan ammmt: $180,765
Interest rate: 3.0% simple annual interest
Repayment term: 20 years
Collateral: first mortgage
This loan structure departs from the adopted DBR Guidelines in that the loan amount exceeds $100,000. However,
the DBR loan fund currently has an uncommitted balance over $600,000 and can accommodate this loan.
In order to cmnplete the purchase before the end of November, Ryan McNeill also requests emergency legislative
action so the loan can be closed in a timely manner.
~1CNEILL
HER Realtors and Sweeney Todd Salon. Combined gross monthly income from these
leases is currently at $2850/mo with 2 years remaining on each of their leases. Both
businesses have expressed interest in additional commercial space on the 2nd floor, which
is a positive sign for the health of these businesses and gives us, as developers,
408 Chautauqua Ave. Norman, OK 73069
(323) 206-0998
confidence that renovations to the upper floors will result in an even greater return on our
investment.
We are seeking a loan of 90% of the purchase price of $195 1 000, or $175 1 500. We plan to
put down a downpayment of $19 1 500 in cash, or 10% of the purchase price. Ideally, we
would love to lock in a 20-year loan at a fixed rate of 3%. We are aware that this loan has a
3% closing fee, which we would ask to be wrapped back into the loan. This would bring
the total loan to $181,350. At an estimated monthly payment of $1,006 on a 3% I 20-year
fixed, we are confident in our ability to make this loan payment from our rental income.
My parents have also agreed to be co-signers on this loan. They bring with them over 50
years of experience in real estate ownership and development in Oklahoma.
My work schedule in the coming weeks is quite busy with a lot of travel. I would ask,
therefore, that should this loan application come before a committee, I could have our
local real estate agent, Lisa Stetzel, appear on our behalf. If my work permits me to be
there in person, I certainly will.
Thank you for considering us for your loan program. We would be thrilled to contribute to
the economic development of Downtown Troy!
Sincerely yours 1
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Ryan McNeill
CITY OF TROY
APPLICANT/BORROWER
CO-APPLICANT/CO-BORROWER
BIN# ________________
BIN#
LOAN INFORMATION
Source of Funds for Repayment $2850/mo in gross rents from Sweeney Todd Salon ($1350) and HER Realtors ($1500)
Proposed Collateral/Security for Loan _9_-1_1_E_._M_a_in_St_.- - - - - - - - - - - - - - - - - - - - - - - - Estimated Equity Value of Collateral/Security ~$_19_5_.!..,-=-00:....:0~----------------------Source(s) of Other Funds
BUSINESS INFORMATION
Name
ofBJl~i-~~~s - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Address
of.Bifs,~t:e~.s - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
City/State/Zip Code _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Fax _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Telephone _ __ _ _ _ _ _ _ _ _ __
E-Mail (optional) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Corporation _ _ __
Other ( s t a t e ) - - - - - - - - - - - -
Years in Operation _ _ _ _ _ _ _ _ __
Business Borrowing Resolution Required?
_ _ _ No
Other
Equity
Fa9ade Improvements
Interior Rehab of Code Violations
Interior Rehab (Non-code Violations)*
Acquisition of Real Estate
$175,500 .
$19,500 (cash).
TOTALS:
$175,500
$19,500
REAL ESTATE OWNED (principal residence and any other real estate)
Address
Market Value
Mortgage Balance
$2,100,000
$250,000
$215,000
$155,000
_W~ill~p=r~~~i~~~-----------------~
Policy#
Amount of C o v e r a g e - - - - - - - - - - - - - - - -
ATTACHMENTS
Please check those that are attached and/or provide an explanation or status of attachment:
Cost Estimates/Contracts
Construction Plans/Drawings
n/a
n/a
n/a
Property Deed
Lease Agreement
Borrower's &
Co~Borrower's
forthcoming
X
Other (List)
Borrower's Recent Tax Returns
.. .:
CERTIFICATION OF APPLICANT(S) :
Please read the following statement. If you do not understand any part of it or have any questions about
what you are being asked to:sign, please ask someone from Troy Main Street or the City of Troy's Planning
and Development Department to help you. Each applicant must sign below. Should any information on
this application be found to be false or incomplete, such findings may be grounds for denial of the .
requested assistance.
I (we) certify that all information.in this. application is tn1e and complete to the best of my (our) lmowledge and
belief. I (we) understand this'iriformation is subject to verification.
I (we) understand that the personal financial information contained in this application is necessary for evaluation
of my (our) application for assistance. This information, however, will remain confidential and will not be
disclosed to the news media or other third parties. I (we) further understand that my (our) name, address, and
total amount of assistance will be subject to public disclosure since public funds are being utilized to assist in the
improvement of my (om) property.
PENALTY FOR FALSE OR FRAUDuLENT STATEMENT: U.S.C. Title 18, Section 1001, provides:
"Whoever, in any matter withih the jurisdiction of any department or agency of the United States lmowingly and
willfully falsifies, conceals or .covers up a material fact, or makes any false, fictitious or fraudulent statements or
representations, or makes or uses any.false writing or documents, knowing the same to contain any false, fictitious
or fraudulent statement or entry, shall be fmed not more than $10,000 or imprisoned not more than five years, or
both."
10/20/2014
Date
Applicant
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10/20/2614
Date
Co-Applicant
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TROY OHIO
Patrick E. J. Titterington
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MEMORANDUM
TO:
FROM:
Patrick E. J. Titterington
DATE:
November 7, 2014
SUBJECT:
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REQUESTED ACTION:
That legislation is approved by Council authorizing the Director of Public Service and Safety to
advertise for bids and enter into a contract for the construction of the Treasure Island Park at a
cost not to exceed $1 ,723,000
BACKGROUND:
As indicated in the attached communication from the City Engineer, the final design plans for
the Treasure Island Park portion of the Riverfront Development Project
are nearing
completion. The project will include an amphitheater, pavilion, and gazebo as well as a
walking trail, landscaping, parking lot reconstruction, entrance way enhancements, and other
amenities for the park consistent with previous presentations and discussions. From the total
estimated $1,800,000 project cost, construction is estimated to not exceed $1,723,000.
Attached is a draft rendition of the project.
On November 7, the Board of Park Commissioners met and reviewed this information. By
unanimous vote, the Board of Park Commissioners approved a motion to recommend that
Troy City Council authorize the bidding and contracting for the construction of the Treasure
Island Park based on previously discussed enhancements as noted and at a cost not to
exceed $1 ,723,000.
REQUESTED ACTION:
It would be appreciated if you would assign to a Committee of Council authorizing the
Director of Public Service and Safety to advertise for bids and enter into a contract for the
construction of the Treasure Island Park at a cost not to exceed $1 ,723,000.
Encl.
Cc:
Mayor Beamish
City of Troy
Engineering Department
TO:
FROM:
SUBJECT:
Authorization to Bid
Treasure Island Park
DATE:
November 5, 2014
Staff met last week and we are in the process of finishing the design for Treasure Island
Park and are getting ready to get the project ready to bid. The project will include an
amphitheater, pavilion, and gazebo as well as a walking trail, landscaping, parking,
entrance way enhancements, and other amenities for the park.
Funds for this project are expected to be available in the 2015 budget, as the bidding
process will take us into next year before we are ready to award the project.
Staff is requesting authorization to bid Treasure Island Park at a cost not to exceed
$1,723,000. Staff is not requesting an emergency for this process.
Please let me know if you have any questions on this project.
! !!
TROY, OHI045373
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