HomeMy WebLinkAbout2003/06/02 - ADMIN - Minutes - Economic Development Authority - RegularA{fhCITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
June 2, 2003
1. Call to Order
President Brimeyer called the meeting to order at 7:25 p.m.
2. Roll Call.
The following Comm issioners were present at roll call: Jeff Jacobs, Chris Nelson, Paul
Omodt, Susan Sanger, Sue Santa, Sally V elick, and President Jim Brimeyer.
Also present were the City Manager (Mr. Meyer); Director of Comm unity Development
(Mr. Harmening); Economic Development Coordinator (Mr. Hunt); and Recording
Secretary (Ms. Samson).
3. Approval of Minutes
3a. Economic Development Authority Minutes of May 19, 2003
The minutes were approved as presented.
4. Approval of Agenda
It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to approve
the agenda as presented.
The motion passed 7-0.
5. Reports
Sa. Motion to accept and file vendor claim report
It was moved by Commissioner Nelson, seconded by Commissioner Omodt, to approve
vendor claims.
The motion passed 7-0.
6. Old Business--None
7. New Business
7a. Tax Increment Financing (TIF) Pay As You Go Note to Excelsior & Grand
LLC for Park Commons East (Excelsior & Grand)- Phase 1
EDA Resolution No. 03-05
Economic Development Coordinator Greg Hunt reported on a resolution to authorize the
issuance of a Tax Increment Financing (Pay-As-You-Go) Note to Excelsior & Grand
E D A M e e tin g M in u te s -2- June 2, 2003
LLC for Park Commons East - Phase 1 within the Park Commons Tax Increment
Financing District (a redevelopment district) within Redevelopment Project No. 1, which
is related only to Phase 1 and is subordinate to the 1997 A Bonds. Mr. Hunt stated that
the resolution would authorize a Note amount ofup to $3.5 million depending on the
exact amount of supportable, qualified Public Redevelopment costs provided by the
redeveloper. The interest rate is 8.5% per annum.
It was m oved by Com m issioner Nelson, seconded by Com m issioner Sanger, to approve
EDA Resolution No. 03-05 awarding the sale of, and providing the form, terms,
covenants and directions for the issuance of a Taxable Tax Increm ent Revenue Note,
Series 2003A ofup to $3,500,000 for Phase I of the Park Com m ons East (Excelsior &
Grand) project.
The motion passed 7-0.
8. Communications--None
9. Adjournment
President Brimeyer adjourned the meeting at 7:27 p.m .
•
S cretary