HomeMy WebLinkAbout2004/11/01 - ADMIN - Minutes - Economic Development Authority - RegularAUh CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPME NT AUTHORITY
ST. LOUIS PARK, MINNESOTA
November 1, 2004
1. Call to Order
P resid ent S anta call ed the m eeting to order at 7: 17 pm.
2. Roll Call.
Commi ssioners present: Sue Santa, John Basill, Jeff Jacobs, Phil Finkelstein, Paul Omodt, Susan
Sanger, and Sally Velick.
Staff present: City Manager (Mr. Harm ening), Community Development Director (Mr. Locke)
and Economic Development Coordinator (Mr. Hunt).
3. Approval of Minutes
3a. Economic Authority Minutes of October 18, 2004
It was moved by Commissioner Finkelstein, seconded by Commissioner Omodt to
approve the minutes as presented.
4. Approval of Agenda
) 5. Reports
Sa. Motion to accept and file vendor claim report
It was moved by Commissioner Sanger, seconded by Commissioner Jacobs to accept the
vendor claims for filing.
The motion passed 7-0.
6. Old Business
7. New Business
7a. Consideration of a Fourth Amendment to Redevelopment Contract with
Meridian Properties (TOLD Development Company).
Mr. Hunt presented the staff report.
President Santa asked if the square footage of commercial space changed? Mr. Hunt replied it
changed a little. Within the mixed use building there was a combination of comm ercial and
office space and it was minimally to be 45,000 square feet. Under Phase E, they were saying
that the total square footage of the commercial space would be over 14,000 square feet.
It was moved by Commissioner Basill, seconded by Commissioner Jacobs, approve the
Fourth Amendment to the Amended and Restated Contract for Private Redevelopment By
and Between St. Louis Park Economic Development Authority and City of St. Louis Park
and Meridian Properties Real Estate Development LLC dated July 23, 2001.
The motion passed 6-0-1, with Commissioner Finkelstein abstaining.
EDA Meeting Minutes -2- November 1, 2004
7b. Public Hearing to consider a resolution approving conveyance of land by the
St. Louis Park Economic Development Authority to Excelsior & Grand IV LLC.
Mr. Hunt presented the staff report.
President Santa opened the public hearing. With no one wishing to speak, President
Santa closed the public hearing.
It was moved by Commissioner Basill, seconded by Commissioner Jacobs, to adopt a
Resolution approving conveyance of Lot 1, Block 1 Park Commons East 3rd Addition by
the St. Louis Park Economic Development Authority to Excelsior & Grand IV LLC.
The motion passed 6-0-1, with Commissioner Finkelstein abstaining.
7c. Subordination Agreement-Excelsior & Grand Phase E
Mr. Hunt presented the staff report.
It was moved by Commissioner Basill, seconded by Commissioner Jacobs, to approve
the Subordination Agreement between U.S. Bank National Association, the City of St.
Louis Park, and the St. Louis Park Economic Development Authority and Excelsior &
Grand IV LLC relative to the Excelsior and Grand Phase E Project.
The motion passed 6-0-1, with Commissioner Finkelstein abstaining.
7d. Consideration of an Early Start Agreement with Excelsior & Grand IV LLC
(TOLD Development Company) for Phase E of the Excelsior & Grand
redevelopment project.
Mr. Hunt presented the staff report.
It was noted that Commissioner Finkelstein abstained because he owned property here.
It was moved by Commissioner Basill, seconded by Commissioner Jacobs, to approve
the Early Start Agreement with Excelsior & Grand IV LLC (TOLD Development
Company) for Phase E of the Excelsior & Grand redevelopment project.
The motion passed 6-0-1, with Commissioner Finkelstein abstaining.
Commissioner Sanger stated that this meant that another building was starting
construction for condominiums and retail soon.
Commissioner Basill further clarified that it was not a building that the neighborhood
wasn't aware of, they were just beginning to commence construction as part of the Phases
that the neighborhood had been familiar with.
8. Communications: None
9. Adjournment
The meeting adjourned at 7:29 p.m.
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Secretary President