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HomeMy WebLinkAbout1992/09/08 - ADMIN - Minutes - Economic Development Authority - RegularJ R O F IL M E D MINUTES ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK, MINNESOTA September 8, 1992 1. Call to order The meeting was called to order by Vice-president Friedman at 6:30 p.m. 2. Ro 11 ca 11 l ) J Present at roll call were Commissioners George Haun, Gail Dorfman, Lyle Hanks and Allen Friedman. Commissioner Jeff Jacobs arrived at 7:00 p.m. Staff present were the Executive Director, City Attorney, Director of Community Development and Director of Public Works. 3. Approval of August 3, 1992 minutes It was moved by Commissioner Hanks, seconded by Commissioner Dorfman, to approve the minutes. The motion passed 4-0. 4. Approval of September 8 agenda It was moved by Commissioner Haun, seconded by. Commissioner Hanks, to approve the agenda. The motion passed 4-0. 5. Reports None. 6. Unfinished business a. Continuance of public hearing on conveyance of property: Tower Place The Executive Director presented a brief update. Staff was suggesting a special EDA meeting on Sept. 21, 1992 at 6:45 to continue the public hearing and to consider conveyance of the property. It was moved by Commissioner Hanks, seconded by Commissioner Dorfman, to continue the public hearing to Sept. 21, 1922 at 6:45 p.m. The motion passed 4-0. 6b. Park Shore Place assisted living proposal Mike Gould, G & P Properties, addressed the Authority. Mr. Gould said the partnership would like to move forward at this time on the original loan agreement, posting a letter of credit, and the City would fund $250,000. Upon completion of the development agreement and groundbreaking, the letter of credit would expire and the $800,000 minus the $250,000 would be funded and they would proceed to closing and commence construction. To clarify a comment frop the Executive Director, Mr. Gould stated that $100,000 of the $250,0077or Parkshore and the remainder used for front end expenses including architectural and legal fees and various miscellaneous \ ED A minutes Sept. 8, 1992 - Pg. 2 expenses incurred as the project gets into high gear. Also they have to clo se on the corner piece of property by the end of the year as the current t enants have secured other property on which to relocate. It was moved by Commissio ner Haun, seconded by Commissio ner Hanks, to move fo rward with a redevelopment agreement with G & P Properties. The motion passed 4-0. 7. New business a. Resolution EDA 92-3: Resolution approving Chapter 511, Article 9, Section 29 of State Taw relative to creation of a special hazardous substance tax increment financing sub-district at the Tower PTace site. It was moved by Commissioner Hanks, seconded by Commissioner Haun, to adopt the resolution. " Commissioner Hanks asked what this action did to the Authority's other tax increment financing districts. The City Attorney responded that this resolution approves the enabling legislation that the State legislature passed in 1992. It does not approve setting up the district. Commissioner Haun asked who would determine the boundaries of such a subdistrict. Mr. Hagen said under this special legislation the size of any district is limited to 20 acres in size. In order to increase the size over 20 acres, the Authority would have to seek an amendment to this legislation. Mr. Steilen said he was not aware of any provision which would prevent the Authority from setting up a hazard substance subdistrict in other TIF districts. He said he would research an answer to Commissioner Haun1s question. The motion passed 4-0. b. Initial review of revised of revised 1992 and proposed 1993 EDA budget The Executive Director said no formal action was required on budget items. Vice-president Friedman noted this budget is not part of the City budget; rather, it covers a special taxing district which provides the funds, is fully self-funding with no ad valorem levy. In answer to a question from Commissioner Haun, Mr. Hagen said property maintenance was for taxes and maintenance of the Tower Place site -- 90% or more going for taxes. c. Status report: Theros This matter was considered in closed session. J ED A m i n u t e s S e p t . 8 , 1 9 9 2 - P g . 3 r I 7d. Consultant selection - Wilkins site preparation It was moved by Commissioner Hanks, seconded by Commissioner Haun, to solicit a proposal from STS Consultants for site preparation of the Wilkins site. The motion passed 4-0. 8. Communications and bills a. August 1992 financial statement. It was moved by Commissioner Hanks, seconded by Commissioner Dorfman, to receive for filing. The motion passed 4-0. 8b. Claims It was moved by Commissioner Hanks, seconded by Commissioner Haun, to approve the claims and authorize payment. The motion passed 4-0. 9. Other business 1 ) J None. The Authority moved into closed session. Commissioner Jacobs arrived. Upon its return to chambers, it was moved by Commissioner Hanks, seconded by Commissioner Jacobs, to approve the settlement of pending litigation as outlined by the City Attorney. The motion passed 5-0. 10. Adjournment It was moved by Commissioner adjourn the meeting at 7:15 p.m. Jacobs, seconded by Commissioner Haun, to The motion passed 5-0. Executive Director