HomeMy WebLinkAbout2002/06/17 - ADMIN - Minutes - Economic Development Authority - RegularAUh CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
June 17, 2002
1. Call to Order
President Sanger called the meeting to order at 7:16 p.m.
2. Roll Call
The following Commissioners were present at roll call: Jim Brimeyer, Jeff Jacobs, Ron
Latz, Chris Nelson, Sue Santa, Sally Velick, and President Susan Sanger.
Also present were the City Manager (Mr. Meyer); City Attorney (Mr. Scott); Director of
Community Development (Mr. Harmening); Director of Finance (Ms. McGann); and
Recording Secretary (Ms. Samson).
3. Approval of Minutes
3a. Economic Development Authority Minutes of May 20, 2002
The minutes were approved at presented.
) 4. Approval of Agenda
4a. Agenda
It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to approve the
agenda.
The motion passed 7-0.
5. Reports
Sa. Vendor Claims
It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to approve
vendor claims.
The motion passed 7-0.
6. Old Business--None
7. New Business
7a. Update on Excelsior and Grand Project Phasing
EDA Meeting Minutes -2- June 17, 2002
Bob Cunningham of TOLD Development presented an update on the Excelsior and Grand
project phasing.
Commi ssioner Latz stated he encourages more owner-occupied housing be made available
if TOLD can do so.
Mr. Cunningham introduced TOLD's new managing partner, Mike Arneson.
Tom Harm ening, Directory of Community Development, made a clarification regarding the
development contract. Mr. Harm ening said given the time schedule, and to prevent a
default, there will be a need to amend the development contract to reflect the new TOLD
proposal.
7b. Authorize use of Development Fund for Public Art
The EDA is being asked to authorize the use of the Development Fund for a public art
initiative in the Park Commons East/E xcelsior and Grand Redevelopment Project.
It was moved by Commissioner Nelson, seconded by Commissioner Brimeyer, to authorize
the use of approximately $I75,000--$200,000 from the Development Fund to pay for the
Allegory of Excelsior public art work in the Park Commons East/Excelsior and Grand
project.
The motion passed 7-0.
7c. 1994 General Obligation Tax Increment Bond Refunding
Jean McGann, Director of Finance, addressed the refunding of the 1994 General Obligation
Tax Increment Bonds, stating the EDA is being requested to enter into a pledge agreement
for the tax increment received from the three tax increment districts for the payment of the
debt on the 1994 refunding issue.
In response to Commi ssioner Nelson's question regarding savings after issuance costs, M s.
McGann said the present value savings is $355,000.
It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to approve
EDA Resolution 02-01 authorizing execution of a tax increment pledge agreement with the
City of St. Louis Park and motion to approve tax increment pledge agreement.
The motion passed 7-0.
8. Communications and Bills--None
9. Adjournment
President Sanger adjourned the meeting at 7:35 p.m.
A. A
thia Reichert, Secretary Sue Sanger, President