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HomeMy WebLinkAbout2003/03/17 - ADMIN - Minutes - Economic Development Authority - RegularAflh CITYOF ST. LOUIS PA R K OFFICIAL MINUTES ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK, MINNESOTA March 17, 2003 1. Call to Order President Brimeyer called the meeting to order at 7:15 p.m. 2. Roll Call. The following Commissioners were present at roll call: Jeff Jacobs, Paul Omodt, Susan Sanger, Sue Santa, Sally Velick, and President Jim Brimeyer. Commissioner Nelson arrived at 7:17 p.m. Also present were the Executive Director (Mr. Meyer); City Attorney (Mr. Scott); Director of Community Development (Mr. Harmening); Economic Development Coordinator (Mr. Hunt); and Recording Secretary (Ms. Samson). 3. Approval of Minutes 3a. Economic Development Authority Minutes of February 3, 2003 The minutes were approved as presented. 4. Approval of Agenda The agenda was approved as presented. (Note: see also, Item 8, Communications). 5. Reports Sa. Vendor Claims It was moved by Commissioner Jacobs, seconded by Commissioner Santa, to approve vendor claims. The motion passed 7-0. 6. Old Business: None 7. New Business 7a. Consideration of a Preliminary Development Agreement with Anderson Builders for the development of the EDA 's property at the northeast corner of Louisiana A venue and Walker Street Economic Development Coordinator Greg Hunt said Staff and legal counsel have completed negotiations with Anderson Builders and have agreed to the preliminary development agreement for the development of EDA property located at the northeast comer of Louisiana Avenue and Walker Street. EDA Meeting Minutes -2- March 17, 2003 It was moved by Commissioner Santa, seconded by Commissioner Omodt, to authorize the President and Executive Director to execute the Preliminary Development Agreement with Anderson Builders for the development of the EDA' s property at the northeast corner of Louisiana Avenue and Walker Street. The motion passed 6-0. (Commissioner Nelson was absent). 7a. Approval of a Mortgage Subordination Agreement with Citizens Independent Bank on property owned by Mary Jo Rossi at 3700 Colorado Avenue Mr. Hunt reported on the property owned by Mary Jo Rossi at 3700 Colorado A venue South and the EDA's interest in regard to that property. Ms. Rossi has asked, through her new lender, that the EDA's mortgage be subordinated to her new mortgage with Citizens Independent Bank. Ms. Rossi is seeking a lower interest rate on her mortgage and is not seeking to pull equity out of her existing loan. Staff is recommending approval of the subordination agreement with Citizens Independent Bank. Mr. Hunt said the terms of the original agreement remain unchanged. It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to authorize the President and Executive Director to execute the necessary documents which will subordinate the EDA' s mortgage to a first mortgage by Citizens Independent Bank for the Mary Jo Rossi property located at 3700 Colorado Avenue. Mr. Hunt said the EDA is retaining its second position of the mortgage but with a different institution. The motion passed 7-0. 8. Communications From Commissioner Nelson: Commissioner Nelson said that the minutes should reflect that the Chief City Official is the Executive Director and not the City Manager. 9. Adjournment President Brimeyer adjourned the meeting at 7:22 p.m.