HomeMy WebLinkAbout2001/10/03 - ADMIN - Minutes - Economic Development Authority - RegularAUh CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
October 3, 2001
7:25 p.m.
1. Call to Order
President Young called the meeting to order at 7:25 p.m.
2. Roll Call
The following Commissioners were present at roll call: Jeff Jacobs, Jim Brimeyer, Susan
Sanger, Sue Santa, and President Robert Young.
Commissioners Ron Latz and Chris Nelson were absent.
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Also present were the City Manager (Mr. Meyer); City Attorney (Mr. Scott);Director of
Community Development (Mr. Harmening); Director of Public Works (Mr. Rardin); City
Engineer (Ms. Hagen); Planning and Zoning Supervisor (Ms. Jeremiah); and Recording
Secretary (Ms. Samson).
3. Approval of Minutes
a. Approval of Economic Development Authority minutes of September 4, 2001
The minutes were approved as presented.
4. Approval of Agenda
4a. Approval of agenda of October 3, 2001 meeting
It was moved by Commissioner Jacobs, seconded by Commissioner Sanger, to approve
the agenda.
The motion passed 5-0.
5. Reports
Sa. Vendor Claims
It was moved by Commissioner Santa, seconded by Commissioner Jacobs, to approve
vendor claims.
The motion passed 5-0.
6. Old Business-None
EDA Mi nutes -2- October 3, 2001
7. New Business
Mr. Bob Cunningham of TOLD Development Company reported on the status of activity
regarding Park Commons. Mr. Cunningham said approvals with the City are in place to
commence construction. There are some setbacks due to the events of September 11, 2001
and market uncertainty hinders two remaining variables-loan amount and interest rate.
The plan is to fix the loan amount and fix the interest rate during the week of October 8 in
order to commence mobilization and construction immediately. TOLD has the early start
agreement in place with the City, as well as a letter of credit. Mobilization is anticipated for
the week of October 8, and construction commencement perhaps next week and more likely
the week after. Mr. Cunningham reported being in the ground in October as opposed to
August effects delivery of tenants' spaces; June turnovers will have to be changed to
September turnovers of 2002, and a 90-120 day build-out period is associated with that,
therefore, most tenants will open in the Christmas period which is generally a blackout date
for retailers. Mr. Cunningham said he will keep Staff informed.
8. Communications and Bills--None
9. Adjournment
President Young adjourned the meeting at 7:31 p.m.
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