HomeMy WebLinkAbout2019/04/01 - ADMIN - Minutes - Economic Development Authority - Regular Official minutes
Economic development authority
St. Louis Park, Minnesota
April 1, 2019
1. Call to order
President Hallfin called the meeting to order at 7:25 p.m.
Commissioners present: President Steve Hallfin, Rachel Harris, Anne Mavity, Thom Miller,
Margaret Rog, and Jake Spano.
Commissioners absent: Tim Brausen
Staff present: Executive Director (Mr. Harmening), City Attorney (Mr. Knutson),
Communications Manager (Ms. Smith), Engineering Director (Ms. Heiser), Management
Assistant (Ms. Carrillo Perez), and Recording Secretary (Ms. Pappas).
2. Roll call
3. Approval of minutes
3a. EDA meeting minutes of March 4, 2019
It was moved by Commissioner Spano, seconded by Commissioner Mavity, to approve
the March 4, 2019 meeting minutes as presented.
The motion passed 6-0.
4. Approval of agenda and items on EDA consent calendar
4a. Accept for filing EDA disbursement claims for the period of February 23 –
March 22, 2019.
It was moved by Commissioner Mavity, seconded by Commissioner Miller, to approve the
agenda and EDA consent calendar as presented.
The motion passed 6-0.
4b. Adopt EDA Resolution No. 19-03 approving the loan agreement between the
EDA and Sherman Associates to finance a portion of the acquisition cost of
4725 Hwy. 7.
Adopt EDA Resolution No. 19-04 authorizing an interfund loan for advance of
certain costs in connection with proposed Beltline Blvd . Station Tax Increment
Financing District.
Commissioner Mavity recused herself.
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Economic Development Authority -2- April 1, 2019
Mr. Harmening stated the property at Highway 7 was discussed at the March 18, 2019
special study session. He noted developer Sherman Associates has a purchase
agreement to acquire property at 4725 Hwy. 7 for $3.6 million. Mr. Harmening added
the Met Council has proceeded with a condemnation on the property, in order to obtain
a transit easement for parking at the light rail station. Mr. Harmening stated staff is
proposing to provide to Sherman Associates, a short-term bridge loan of approximately
$3.1 million so they can acquire the property and then deal with Met Council, in order
to dispose of delays on redeveloping the area.
Mr. Harmening noted the bridge loan will come from the city’s development fund, while
the Met Council will pay Sherman Associates at least $2.1 million for the transit
easement. Sherman Associates would send the money from Met Council to the EDA as
partial payment for the loan, and the remaining $1 million would be paid from tax
increment financing when the development happens.
It was moved by Commissioner Spano, seconded by Commissioner Miller, to approve the
EDA agenda as presented and the items on the consent calendar.
The motion passed 5-0-1. (Commissioner Mavity abstained)
5. Reports – None
6. Old business – None
7. New business – None
8. Communications – None
9. Adjournment
The meeting adjourned at 7:30 p.m.
______________________________________ ______________________________________
Melissa Kennedy, Secretary President Hallfin
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