HomeMy WebLinkAbout2004/03/22 - ADMIN - Minutes - Economic Development Authority - RegularA~CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
SPECIAL ME ETING
ECONOMIC DEVELOPMENT AUTHORITY
March 22, 2004
1. Call to Order
The meeting was called to order at 9:34 p.m.
Present at the meeting were Commissioners John Basill, Jeff Jacobs, Paul Omodt, Susan Sanger,
Sally Velick, and President Sue Santa.
Staff present: Executive Director (Mr. Harmening), Economic Development Coordinator (Mr.
Hunt), and City Clerk (Ms. Reichert).
It was motioned by Commissioner Velick, seconded by Commissioner Jacobs, to approve the
agenda.
Motion passed 6-0.
2. Use of Eminent Domain Tool - 5920 Oxford Street
)
Mr. Hunt reported that this was a request of the property owner. He stated that staff recommends
a letter about the threat of condemnation be sent to the property owner.
It was motioned by Commissioner Basill, seconded by Commissioner Sanger, to grant the EDA
Executive Director authorization to prepare a letter which threatens the use of condemnation for
the purchase of 5920 Oxford Street.
Motion passed 6-0.
3. Subordination Agreement - Oak Hill 3501 LLC
Mr. Hunt reported that under the redevelopment agreement for Oak Hill, the EDA had agreed to
subordinate its rights under that contract to those of the lender for the purchase of the property as
well as construction of the minimum improvements.
It was motioned by Commissioner Jacobs, seconded by Commissioner Sanger, to approve the
Subordination Agreement between TierOne Bank and the St. Louis Park Economic Development
Authority, and Oak Hill 3501 LLC relating to the sale of the EDA's property at 3501 Louisiana
Ave. South.
Motion passed 6-0.
4. Adjournment
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President
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