Loading...
HomeMy WebLinkAbout1975/10/20 - ADMIN - Minutes - City Council - RegularMINUTES SPECIAL CITY COUNCIL MEETING ST. LOUIS PARK, MINNESOTA October 20, 1975 The meeting was called to order at 7:12 p.m. by Mayor Frank Fleetham. The following Councilmen were present. Rose -Mary Griak Lyle Hanks Keith Meland Councilman Thiel arrived at 7:20 p.m. and Councilman Graves at 7:30 p.m. City Manager, Finance Director, Planning Director, Director Also present were the of Public Works, City Assessor, City Attorney and the following members of the Housing and Redevelopment Authority: Joel Glotter, Chairman Jane Tschida Thomas Williams Dudley Moylan or ave a brief background of the Oak Park Vnolage uaranteeNeighborhood The Planning Direct g with g Davelopment. Program, stating that it is an annual Program • The a proximate annual interest rate iosuafetheYproj�000 additional funding. p ear, The total c with present notes due at cts the end of the yets,ar* sewer, lights, etc.) will be including improvements (street improv explained the tax increment method of. financing; He then explained s approximately $3.5 million. captured • He stated that the estimated numu��tofth� dwelling un�.-� the completion of the project. e value of $20,000 per ©�, year With an average approximately $438t000 [� Y to be constructed is 80e1d a tax revenue increase of app assessed value would y Planning Director then stated that .1uswould and or $6.5 million over 15 years. The project with the Department of feasible for the City to close out , theand Kedevelopment Authority to finance the Urban Development and for the Housing project with tax increment bonds' in Director Stated that ixi.the ��olynGQcod�at. the plane 8 In response to Councilman Thiel, fans, it would take apPro to proceed with the tax increment boto� finance the projects 80 days to sell the bonds necessary ra resentat o v" OF �,;tn�l�=rrcl in contact with P endc�ivorn . 11()w£�vor, had been financing ia.�tac� Councilman Thiel stated that he en tax increment Councilman '1'h1 o.l spoken highly had sp in MOderat' him that bcJ-ort1 l l y oy and Poors, and such programs should be used they felt thatsatives of Standard to eXam.ine the prolOct; thorouP'I'l,y• commented that the representrobablY wish would rate such bonds, they would P 305 S ecial Council Meeting Minutes, P October 209 1975 �' s the Planning Director stated that the approxi- ( excluding the land dedicated in response to Councilman Hank Village property per unit. There value of the Oak Park roximately $15000 p mate resale 1 million, or app could decrease the cost for open space) would be $ • ion relative to whether the City Planning nirector stated was then open discuss ers. and in order to attract mo believed he believed that it was not the of the 1 . that from his communications thehland, rather the interest rates and unavaila- front end cost of purchasing ro osals . The Planning Director funding, that limited the numbeit necessary the cost of the land could bol of deemed ° stated treat in the event thant1impact to the overall financial stability of the be lowered with no sign ific project . • � s uestion relative to .the consequences ect otheconversion Planning -in answer to Jane Tschida q P Program to an HRA administered with HUDwas out,, the HRA may from the ND g Director stated that once the NDP contract wit The Planning Director e sub'ect to less specific guidelines and review. then b believes that the HRA would be held to the general plans stated, however, that he plans would be permitted reviously set forth. Minor changes in the development p p fined within urban renewal guidelines and would not need if such changes remained specific HUD approval. had There jas then discu ssion relative to the current proposed development for the site. The Planning Director explained that toebellocated in Oak Park village received one proposal for 170 apartment and townhouse unitsosed development the northeast section of the site. He stated that the prop •i on the developer procuring Section S and Minnesota Housing wa.c.contingent p Finance Agency funding* the steps thastatedwould that In response to Councilman Thiel's question regarding P necessary to initiate the tax increment project, the City Manager been there were a number of administrative steps, some of which had already completed, that were necessaryIby both the HRA and the City Coun a tax increment plan could be implemented. HRA At this time it was the consensus of the City Council that the staff andsale should proceed with the necessary actions to prepare for the sale o increment bonds to finance the Oak Park Village project. There being no further business, the meeting adjourned at 7:55 p.m. M Mark S, Acting her ,ecretary 306 ��_.