HomeMy WebLinkAbout1992/02/18 - ADMIN - Minutes - Economic Development Authority - RegularMICROFILMED
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MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
February 18, 1992
l. Call to order
President Meland called the meeting to order at 9:41 p.m.
2. Roll call
Commissioners present: Jeff Jacobs, Allen Friedman, Larry Mitchell, Gail
Dorfman and Keith Meland
3. Approval of minutes of February 4, 1992 meetings (2)
It was moved by Commissioner Jacobs, seconded by Commissioner Dorfman, to
approve the minutes. The motion passed 4-0-1 (President Meland abstained).
4. Public hearing Suburban Plumbing Redevelopment
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The Executive Di rector said staff's recommendation is fo r a continuance to
March 2, 1992.
Commissioner Friedman asked if staff's report showed the payback over the
years.
The Director of Communit y Development said the increment level of $125,000
will pay back the $600,000 of basic assistance plus the $350,000 the EDA
has put into the project through increments collected over a period of 16
years.
Counci lmember Friedman asked the Cit y Attorn ey to comment on how the Authority
can make sure that there is no problem securing the funds backing the lett er
of credit so that arbitration is not necessary.
The City Attorney said it was entirely dependent upon who is issuing the
letter of credit . He said the Authorit y would have to insist the letter of
credit come fr om a First Bank or Norwest, an instit ution in which the Authorit y
has confidence in its financial stability. He said the letter of credit is a
promise of the instit ution issuing it that it will pay the letter of credit
upon being presented with a written statement that a developer is in default.
Councilmember Friedman felt it wise for staff to work with the developers
to see if there isn't some creative way in which the Authorit y can be more
protected than it has been in the past
It was moved by Commissioner Mitchell, seconded by Commissioner Jacobs, to
continue the hearing to March 2, 1992.
5. Other business - None. ~
6. Adjournment · The meeting adjourned at 10:05 p.m.~
ha1 Pres ident
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