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HomeMy WebLinkAbout1994/03/07 - ADMIN - Minutes - Economic Development Authority - Regularl ) J MINUTES ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK, MINNESOTA March 7, 1994 MICROFILMED 1. Call to order President Hanks called the meeting to order at 7:00 p.m. 2. Roll call The following commissioners were present at roll call: Jeff Jacobs, George Haun, Allen Friedman, Ron Latz, Robert Young, Gail Dorfman and Lyle Hanks. Also present were the Executive Director (Mr. Meyer); EDA Attorney {Mr. Steilen); Director of Public Works (Mr. Grube); Director of Community Development (Mr. Hagen); and Finance Director (Mrs. McBride). 3. Approval of minutes of Feb. 22, 1994 meeting It was moved by Commissioner Jacobs, seconded by Commissioner Dorfman, to approve the minutes. The motion passed 5-0-2 (Commissioners Hanks and Haun abstained). 4. Approval of agenda It was moved by Commissioner Jacobs, seconded by Commissioner Haun to approve the agenda. The motion passed 7-0. 5. Park Nicollet/Frauenshuh Redevelopment project a. Approval of fast food restaurant -- Use and construction plans Mr. Steilen brought the Authority up to date with regard to the memorandum before it tonight. Financing for McDonald's and Minnesota Steak House is in place as well as a letter of credit. The movie theater/retail site has experienced a setback in negotiations due to the death of one of the principals in the Mann organization. The issue before the Authority was whether or not to let the McDonald's site go ahead contingent upon getting financing for both that site and Minnesota Steak House. Mr. Meyer suggested adding a contingency, i.e. that the McDonald sign be in conformance with the zoning ordinance. Commissioner Latz referenced staff's report and the comment that the use of the site for fast food possibly affecting the marketability of a portion of the site retained by the EDA. He asked for staff comment. Mr. Meyer said initially there was concern that the property not end up with just a fast food restaurant. Assurances had to be JAJI ]II NAJI»lllee included that this not happen. Staff was now convinced based on the assurances that the sit-down restaurant (MN Steakhouse) will be simultaneously developed and the letter of credit that that situation will not occur. Mr. Steilen referenced the tax assessment that has been agreed to will have to be paid regardless of the status of the development and the first six years of it is personally guaranteed by David Frauenshuh. In the event he defaulted (highly unlikely), Park Nicollet Medical Center would be responsible. He felt there were sufficient safety nets in place that the EDA should feel comfortable. Commissioner Haun asked about the movie theater situation. Mr. Wicka of Frauenshuh said the Mann family had given them a 30-day period in which to get everything in order. It was moved by Commissioner Jacobs, seconded by Commissioner Young to approve the fast food restaurant use and construction plans for the site contingent on Frauenshuh agreeing to an amendment to the contract that would not require conveyance of the fast food site until financing evidence satisfactory to the EDA has been provided and also that the McDonald's sign be in conformance with the zoning ordinance. The motion passed 7-0. b. Approval of Amendment to agreement with Frauenshuh Mr. Steilen said he had reviewed the Amendment and briefly walked the Authority through the changes. It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to approve and authorize execution by President and Executive Director. The motion passed 7-0. c. Update: Tower Place site preparation activities It was moved by Commissioner Dorfman, seconded by Commissioner Jacobs, to receive the report for filing. The motion passed 7-0. d. Update on Excelsior Blvd. and streetscape process Mr. Meyer said staff is going to limit as much as possible the portions of the work related to the major development project as they relate to streetscape so more time can be taken to do better planning and get more input from the businesses and residential neighborhoods relative to the total streetscape plan. Commissioner Dorfman had some concern about putting in a sidewalk now, the design/material of which might change in the future; also she was concerned about any delay which would escalate the costs. Mr. Meyer said two elements which would affect the costs would be M''"'R- •. 'oI ·(l«MEE additional time and meetings for getting participation. The schematic design really looked bigger than what staff had envisioned. So staff wants to take time to look at that. The sidewalk issue is not finalized. Mr. Hagen said right now it is not the intent to install temporary asphalt or bituminous but to put in concrete sidewalk with a texture staff feels would work in the rest of the corridor. ZDA Minu+es 3-7-94 It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to receive the report for filing. The motion passed 7-0. 6. New business 7. Unfinished business 8. Other business None None None 9. Communications and bills a. Monthly financial statement Commissioner Friedman noted the Authority was only at 18% of its revenues at this point. He asked if projections had been made to the end of the year. Mrs. McBride responded that the tax increment district's primary source of revenue is through tax increments which are received in July and December. Projections through the end of the year should be very close to the mark. In the interim, the TIF districts have sufficient fund balances for cash flow. It was moved by Commissioner Jacobs, seconded by Commissioner Friedman, to receive for filing. The motion passed 7-0. b. Vendor claims It was moved by Commissioner Haun, seconded by Commissioner Latz, to approve the vendor claims. The motion passed 7-0. 10. Adjournment The meeting adjourned at 7:25 p.m.