HomeMy WebLinkAbout2004/10/04 - ADMIN - Minutes - Economic Development Authority - RegularAUh CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
October 4, 2004
1. Call to Order
President Santa called the meeting to order at 7:16 pm.
2. Roll Call.
Commissioners present: Sue Santa, John Basill, Jeff Jacobs, Phil Finkelstein, Susan Sanger and
Sally Velick.
Staff present: City Manager (Mr. Harmening), Community Development Director (Mr. Locke)
and Economic Development Coordinator (Mr. Hunt).
3. Approval of Minutes - None (will be presented at next EDA meeting)
4. Approval of Agenda
)
It was motioned by Commissioner Jacobs, seconded by Commissioner Velick to approve
the agenda.
The motion passed 6-0, Commissioner Omodt absent.
5. Reports
Sa. Motion to accept and file vendor claim report
It was motioned by Commissioner Finkelstein, seconded by Commissioner Jacobs to
accept the vendor claims for filing.
The motion passed 6-0, Commissioner Omodt absent.
6. Old Business
7. New Business
7a. Contract for Private Redevelopment with Aquila Senior, LLC
Resolution No. 04-10 & 04-11
Mr. Hunt presented the staff report. He noted an error in the look-back provision contained
in section 3.4(b) of the contract. The rate of return should have read 8% as opposed to the
7.14%. Staff recommended that amendment be included in the contract. A suggestion was
made at the September 27" study session that some kind of escalator be included in the co-
op buyers asset cap of $500,000. Subsequently, section 4.5 in the contract had been further
clarified to account for the inflation so the cap could be adjusted every five years by the
cumulative Metro area CPI. Questions were also raised at the study session regarding the
long-term affordability and maintenance provisions within the contract. The building
maintenance requirements run 30 years after the term of the agreement. There were
EDA Minutes -2- October 4, 2004
additional affordability and maintenance provisions required under the HU D 213 loan
program to which the developer would be applying for financing.
It was motioned by Commissioner Finkelstein, seconded by Commissioner Jacobs, to
adopt EDA Resolution No. 04-10 approving a Contract for Private Redevelopment by
and between the St. Louis Park Economic Development Authority and Aquila Senior,
LLC, with an amendment to section 3.4(b) reflecting an interest rate of 8%.
The motion passed 5-1, with Commissioner Sanger opposed and Commissioner Omodt absent.
It was motioned by Commissioner Finkelstein, seconded by Commissioner Jacobs, to adopt
EDA Resolution No. 04-11 awarding the sale of, and providing the form, terms, covenants and
directions for the issuance of its $1,050,000 TAX INCREMENT REVENUE NOTE, SERIES
2004.
The motion passed 5-1, with Commissioner Sanger opposed and Commissioner Omodt absent.
8. Communications: None
9. Adjournment
The meeting adjourned at 7:25 p.m.
President