HomeMy WebLinkAbout1992/05/11 - ADMIN - Minutes - Economic Development Authority - RegularCR O F IL M E D
MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
May 11, 1992
1. Call to order
The meeting was called to order at 6:35 p.m. by President Meland
2. Ro 11 call
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The following Commissioners were present at roll call: Jeff Jacobs, George
Haun, Allen Friedman, Lyle Hanks, Larry Mitchell, Gail Dorfman and Keith
Meland.
Staff present were Executive Director, Director of Community Development
and EDA attorney.
G & P Properties proposal
Mike Gould of G & P Properties was present to discuss the proposed 90-unit
assisted living facility that would be located adjacent to Parkshore Place.
Gould stated that individuals would not have to leave the assisted living
facility for a nursing home and indicated that to some extent the extended
care facility would replace the need for a nursing home. He mentioned
the possibility of improving the parking situation in the area as part
of the development of the assisted living facility.
Gould stated that his partners were enthused about the project and will
likely make a request to the EDA for a subsidy in the range of $800,000.
In that context, the Authority requested an updated pro forma from the
developer.
Nancy Rasmussen from Norwest Bank was present and described for the Authority
the space and customer crunch being experienced by the bank. While supportive
of Gould's proposal, Ms. Rasmussen indicated that she perceived some potential
difficulties with development of the project at the site being considered.
After discussion, Commissioner Friedman moved and Commissioner Hanks seconded
that staff work with the developer and return to the EDA with an updated
proforma. The motion passed 7-0.
The meeting adjourned at 7:05 p.m.
5MI '0 in
Recording Secretary