HomeMy WebLinkAbout2003/07/07 - ADMIN - Minutes - Economic Development Authority - RegularA(fh CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
July 7, 2003
1. Call to Order
President Brimeyer called the meeting to order at 6:59 p.m.
2. Roll Call.
The following Commissioners were present at roll call: John Basill, Jeff Jacobs, Susan
Sanger, Sue Santa, Sally V elick, and President Jim Brimeyer.
Commissioner Paul Omodt arrived at 7:01 p.m.
3. Approval of Minutes
3a. Economic Development Authority Minutes of June 2, 2003
The minutes were approved as presented.
4. Approval of Agenda
The agenda was approved as presented.
5. Reports
Sa. Motion to accept and file vendor claim report
It was moved by Commissioner Velick, seconded by Commissioner Santa, to approve
vendor claims.
The motion passed 6-0.
6. Old Business: None
7. New Business
7a. Re-election of Economic Development Authority Officers
It was moved by Commissioner Velick, seconded by Commissioner Sanger, to appoint
Sue Santa as Vice President.
The motion passed 6-0.
It was moved by Commissioner Sanger, seconded by Commissioner Santa, to appoint
Sally Velick as Treasurer.
The motion passed 6-0.
Commissioner Omodt arrived at 7:01 p.m.
EDA M eeting M inutes -2- July 7, 2003
7b. Wolfe Lake Commercial Tax Increment Finance District
EDA Resolution No. 03-06
Economic Development Coordinator Greg Hunt reported on establishing the Wolfe Lake
Commercial Tax Increment Financing District (a redevelopment district) within
Redevelopment Project No. 1. Mr. Hunt said Belt Line Industrial Park is requesting
$996,000 in TIF assistance for a period not to exceed 18 years, whichever comes first.
Mr. Hunt said due to architectural changes requested by the City to the Commercial West
building, the developer has incurred an additional cost of about $40,000, therefore, the
developer has requested additional TIF assistance. Staff thinks the developer's request
has merit, and Staff is suggesting splitting the additional costs evenly with the developer.
Mr. Hunt said the result of adding an additional $20,000 ofTIF would likely add no more
than one-half year to the payback schedule of the proposed 18-year maximum term.
Mr. Hunt reported that a physical site analysis was undertaken and certified as required
by Minnesota statutes. Staff is recommending approval of the resolution.
President Brimeyer wants to make it clear that TIF monies are not being used for
architectural enhancement; TIF is being used up to the amount allowed for site costs.
It was moved by Commissioner Jacobs, seconded by Commissioner Velick, to adopt EDA
Resolution No. 03-06 modifying Redevelopment Project No. 1 and establishing the Wolfe
Lake Commercial Tax Increment Financing District and adopting a Tax Increment
Financing Plan therefor.
The motion passed 7-0.
(For City Council action on this item, see the Council minutes of July 7, 2003, item 6a).
7c. Public Hearing - Belt Line Industrial Park Inc. Business Subsidy
Agreement/Contract for Private Redevelopment
EDA Resolution No. 03-07
For the record, Mr. Hunt reported on a letter (Clerk's File No. 07), dated June 25, 2003,
received by the City from the Hennepin County Taxpayer Services Department regarding
St. Louis Park Wolfe Lake Commercial Redevelopment TIF District, and attached to the
letter was a Hennepin County memo, dated June 25, 2003, regarding the same, and
reflecting the county's position on this proposal.
Mr. Hunt discussed some of the business points of the Redevelopment Agreement. Mr.
Hunt said the developer has agreed not to allow sexually-oriented businesses, pawn
shops, check cashing businesses, or tattoo businesses to occupy or use any portion of the
redevelopment property. Councilmember Sanger has requested that gun shops be
prohibited, and the developer has agreed. Mr. Hunt said Staff is recommending approval
of the resolution.
President Brimeyer opened the public hearing.
Developer John McCain said "everything is in agreement."
EDA M eeting M inutes .3- July 7, 2003
President Brimeyer closed the public hearing.
It was moved by Commissioner Jacobs, seconded by Commissioner Santa, to adopt EDA
Resolution No. 03-07 approving a Contract for Private Redevelopment by and between
the St. Louis Park Economic Development Authority and Belt Line Industrial Park Inc.
and the related Business Subsidy Agreement contained therein.
The motion passed 7-0.
(For City Council action on this item, see the Council minutes of July 7, 2003, item 6b).
8. Communications: None
9. Adjournment
President Brimeyer adjourned the meeting at 7:18 p.m.
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