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HomeMy WebLinkAbout1990/03/19 - ADMIN - Minutes - Economic Development Authority - RegularMINUTES ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK, MINNESOTA March 19, 1990 MICROFILMED 1. Call to order The meeting was called to order by President Keith Meland at 7:00 p.m. 2. Roll call l ) = The following Commissioners were present at roll call: Bruce Battaglia, Allen Friedman, Lyle Hanks, Larry Mitchell, Jane Tschida and Keith Meland. Also present were the Executive Director, City Attorney and Director of Community Development. 3. Approval of minutes of March 5, 1990 meeting It was moved by Commissioner Battaglia, seconded by Commissioner Hanks, to approve the minutes as amended: Item 5, cleanup of the site, that it be a cooperative effort, not necessarily the Authority. The motion passed 6-0. 4. Approval of agenda for March 19, 1990 It was moved by Commissioner Hanks, seconded by Commissioner Tschida, to approve the agenda. The motion passed 6-0. 5. Public hearing Resolution EDA 90-4 Modification and expansion of development districts, redevelopment projects and tax increment districts l. Kent Richie, an attorney representing the underwriter Miller & Schroeder, Inc., who propose ultimately to be the issuer of the bonds, was present. A gentlemen representing Midwest Badge wondered how the proposal would affect their property at 3337 Republic Ave. The Di rector, in checking the map, determined that that property was slated for acquisition in the tax increment district modification. He said this property was within one of the areas in the City that the staff, Planning Commission and City Council had determined through a long-term study was in need of redevelop-rent. He could not give a target date as to when acquisition would take place. It was moved by Commissioner Battaglia, seconded by Commissioner Tschida, to adopt Resolution EDA 90-4 entitled "Resolution modifying the Hwy. 7 develop- ment district and modifying the development program for the Hwy. 7 development district, modifying the tax increment plan for tax increment financing District No. 85-1, modifying the Excelsior Blvd. redevelopment project and modifying \ EDA minutes Mar. 19, 1990 2. Excelsior Blvd. redevelopment pl an, adopting the tax increment financing plan for the Excdelsior Blvd. tax increment financing district, modifying the Oak Park Village redevelopment project and modifying the Oak Park Village redevelopment plan and adopting the tax increment financing plan for the Oak Park Village tax increment financing district." Commissioner Friedman asked for a roll call vote requesting to be called last so he could address the item. A roll call vote was held. Commissioner Friedman said he was not in favor of this matter. He had been in communication with Commissioner Haun who was out of town. Since the item requires six votes for passage, Commissioner Friedman could technically stop the project with a nay vote. However, he did not believe that to be in the best interests of democratic procedure that on a technicality one person can thwart the will of the majority. Because Commissioner Haun would vote in favor were he present, it would pass. He did not favor the proposal; however, based on the philsophy he just expressed, he did support the proposal. The motion passed 6-0. 6. Reports - None 7. Unfinished business - None 8. New business Resolution re sale of tax increment revenue bonds Kent Richie, attorney, representing Miller & Schroeder Financial was present to answer questions. Director Hagen said this item could not be addressed until after the City Council had taken action on the tax increment financing. district proposed expansion and modification. At Commissioner Tschida's request, Director Hagen went over the geographic boundaries of each of the districts. Commissioner Battaglia wanted it noted that there was no intent on the part of the Authority to undertake any projects at this point in time. What it does is offer the EDA the flexibility in the future to undertake specific projects using the funds from the district. Also that there was no commitment on the part of the Authority that they had to do anything in any district. It was moved by Commissioner Hanks, seconded by Commissioner Battaglia to recess until after the City Council has considered the tax increment district financing plan modifications. The motion passed 6-0. The meeting recessed~ Pre ident Executive Director