HomeMy WebLinkAbout2018/12/17 - ADMIN - Minutes - Economic Development Authority - Regular Official minutes
Economic development authority
St. Louis Park, Minnesota
December 17, 2018
1. Call to order
Vice President Tim Brausen called the meeting to order at 7:20 p.m.
Commissioners present: Vice President Tim Brausen, Rachel Harris, Anne Mavity, Thom Miller,
Margaret Rog, and Jake Spano.
Commissioners absent: President Steve Hallfin.
Staff present: Executive Director (Mr. Harmening), City Attorney (Mr. Mattick), Community
Development Director (Ms. Barton), Chief Financial Officer (Mr. Simon), and Recording
Secretary (Ms. Mullen).
2. Roll call
3. Approval of minutes
3a. EDA meeting minutes November 19, 2018
It was moved by Commissioner Mavity, seconded by Commissioner Spano, to approve
the EDA minutes as presented.
The motion passed 6-0 (President Hallfin absent).
3b. EDA meeting minutes December 3, 2018
It was moved by Commissioner Mavity, seconded by Commissioner Spano, to approve
the EDA minutes as presented.
The motion passed 6-0 (President Hallfin absent).
4. Approval of agenda and items on EDA consent calendar - none
The EDA agenda was approved as presented.
5. Reports - none
6. Old business - none
7. New business
7a. Master subordination agreement – PLACE E-Generation One, LLC. EDA
Resolution No. 18-19.
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Economic Development Authority -2- December 17, 2018
Ms. Barton reviewed the staff report. In May 2017, the Economic Development
Authority entered into a Purchase Redevelopment Contract with PLACE E-Generation
One, LLC for a project related to the Wooddale and Highway 7 Light Rail Station.
Ms. Barton noted PLACE E-Generation One has been working on securing their funding
for the project, including re-issuance of allocation bonds for the affordable housing
portion of the project and loan approval for the north parcel development, and
additional investment. PLACE is requesting that the EDA subordinate the mortgage,
which was planned for and included in the redevelopment contract.
Ms. Barton stated staff recommends EDA approval of the Master Subordination
Agreement with PLACE E-Generation One, LLC.
It was moved by Commissioner Mavity, seconded by Commissioner Harris, to waive the
reading and adopt EDA Resolution No. 18-19, approving a master subordination
agreement between the Authority (EDA), UMB Bank, N.A., Local Initiatives Support
Corporation (LISC), and PLACE E-Generation One, LLC.
The motion passed 6-0 (President Hallfin absent).
Ms. Barton stated pre-closing was tentatively scheduled for December 21, 2018 and
closing on December 27, 2018.
7b. 2019 final HRA levy certification and budget adoption . EDA Resolution No. 18-
20.
Mr. Simon stated City Staff is requesting EDA approval of the 2019 HRA Levy
certification and adoption of the 2019 budget.
It was moved by Commissioner Spano, seconded by Commissioner Miller, to waive the
reading and adopt EDA Resolution No. 18-20, authorizing the final levy of a special
benefit levy pursuant to Minnesota statutes, section 469.0033, subdivision 6, and
approval of a final budget for fiscal year 2019.
The motion passed 6-0 (President Hallfin absent).
8. Communications – none
9. Adjournment
The meeting adjourned at 7:26 p.m.
______________________________________ ______________________________________
Melissa Kennedy, Secretary Tim Brausen, Vice President
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