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HomeMy WebLinkAbout2001/01/16 - ADMIN - Minutes - Economic Development Authority - RegularArthCITYOF ST. LOUIS PARK 5CANNED OFFICIAL M INUTES ECONOMIC DEVELOPME NT AUTHORITY ST. LOUIS PARK, M INNE SOTA JANUARY 16, 2001 1. Call to Order President Young called the meeting to order at 7 :03 p.m. 2. Roll Call The following Commissioners were present at roll call: Jeff Jacobs, Ron Latz, Chris Nelson, Susan Sanger, and President Robert Young. Also present were the City Manager (Mr. Meyer); EDA Attorney (Mr. Bubul); Economi c Development Coordinator (Mr. Kleve); Director of Comm unity Development (Mr. Harmening); and Recording Secretary (M s. Olson). 3. Approval of M inutes a. Approval of Economic Development Authority minutes of December 18, 2000 The mi nutes were approved as presented. 4. ) Approval of Agenda 4a. Approval of agenda of January 16, 2001 meeting It was moved by Commi ssioner Jacobs, seconded by Commi ssioner Sanger, to approve the agenda. The motion passed 5-0. 5. Reports Sa. Vendor Claims It was moved by Commissioner Nelson, seconded by Commi ssioner Jacobs, to accept the report for filing. The motion passed 5-0. 6. Old Business - None 7. New Business 7a. TOLD Development Agreement. EDA Resolution No. 01-01 Mr. Kleve, Economic Development Coordinator, presented a staff report. He reviewed the phases of the project and the proposed financing. He stated that there was a provision within the resolution that indicates approval is subject to modifications that do not alter the substance of the agreement. He recomm ended approval. EDA Minutes -2- January 16, 2001 Steve Bubul, EDA Attorney, briefly explained some recent changes. He stated that one of the requirements in the contract is that TOLD provide 200 stalls on the site that would be available free of charge for public use during nights and weekends. If TOLD failed to meet this requirement by the very end of the last possible required date for Phase IV that would be an event of default that would authorize the EDA to stop making TIF payments from any of the other property as well. He stated that this creates problems for TOLD's lenders due to the possibility that they would pledge a note as collateral on a loan and then later the TIF flow may have to be stopped because of a difficulty that may be something that was unrelated to that phase. He recomm ended an agreement to reduce the condition that at least 120 of the public units are available at the time that they have completed the first phase and then at the end if they still have not provided the rest of the parking spaces, the EDA has an option to acquire the Bally's Parcel which would provide an easement for parking on that site. The other change was a plan to split the cost of intersection improvements at Monterey Drive with the TOLD. He recommended approval with these changes. Commissioner Sanger stated that she had making an assumption that all the proposed public parking would be free. Mr. Bulbul stated that is was required that there be 200 parking stalls that would be available to the general parking on nights and weekends and 75 stalls during the daytime between 11:00 a.m. and 3:00 p.m., but would not be required to be designated as such in one place that says that this is free public parking, but the developer has to demonstrate that this parking was available on the site. There was a provision that if they ever do propose to charge for parking, it would only be with EDA approval and the possibility of sharing in the revenue. Commi ssioner Sanger stated that she felt that this would be a real obstacle to getting full maximum use. Mayor Jacobs stated that he was uncomfortable with this provision to charge for parking. Bob Cunningham, TOLD Development stated that the intention was that the 200 parking stalls were for Rec Center or the Wolfe Park overflow parking. He stated that TOLD does not have any intention of charging for any of the public parking in the project. Commissioner Sanger recommended that this be written in contract to ensure that is upheld over time. Mr. Kleve stated that staff would propose to add this provision. Commission Nelson questioned how future traffic studies would be financed. E D A M in u tes -3- 3CANNED January 16, 2001 Mr. M eyer, C ity M anager indicated that the ED A or C ity could set fu nds aside fo r a subsequent fo llow -up tra ffi c study, but he didn't kn ow if there was any basis to put this back on the developer as long as the developer m et all of the term s of the agreem ent. H e stated that the E D A w ould have adequate fu nds available in the Developm ent Fund. Mr. Kl eve indicated that as part of the T IF D istrict there was a 3% Admi nistra tive Fee that am ounts to $70,000 a year that could be utilized fo r this purp ose. C om mi ssion N elson stated that E D A should also consider the cost of fu tur e mi tigation eff orts. Mr. H arm ening, D irector of C omm unity D evelopm ent explained the possible mi tigation m easur es fo r intersection im pro vem ents at M onterey D rive and tra ffi c signal pro posed fo r N atchez and indicated that they w ere already financed. How ever, there was no budget for the possibility of calmi ng m easures along 38 Street from Excelsior B o ulevard to Fra nce A venue. C omm issioner L atz believed the E D A w ould have an obligation to do a fo llow -up study to see w hat projections have com e into play and to see what else needs to be done in term s of mi tigation. ) C ommi ssioner N elson stated that he appreciated the com mi tm ent of the C ity Council to continue to exam ine the tra ff ic issue and if it does becom e a pro blem to take action that w as reasonable and necessary. It w as m oved by C om m issioner N elson, seconded by C om mi ssioner Latz, to adopt EDA Resolution No. 01-01 approving a C ontra ct fo r Private Redevelopm ent between the St. L ouis Park E conomi c D evelopm ent A uthority, the C ity of St. Louis Park, and M eridian Pro perties R eal E state D evelopm ent L L C w ith the additional pro visions discussed and subject to the m atters that don't alter the agreem ent. T he m otion passed 5-0. 7b. Park Commons Tax Increment Financing (TIF) District. EDA Resolution No. 01-02 Mr. K leve, E conom ic D evelopm ent C oordinator, presented a staff report . He reviewed w hat parcels w ere being rem oved fr om the E xcelsior Boulevard TIF District and recom m ended appro val. It w as m oved by C ommi ssioner N elson seconded by Commi ssioner Ja cobs, to adopt EDA Resolution No. 01-02 m odifying the Redevelopm ent Plan fo r Redevelopm ent Project N o. 1 and the T IF Plan fo r the E xcelsior B oulevard TIF District and establishing the Park C om m ons T ax Increm ent Financing D istrict (w ith Redevelopm ent Project No. 1) and adopting its T IF Plan. T he m otion passed 5-0. 7c. Exercise of Option on Jenning's Properties (4608 &4630 Excelsior Boulevard) Mr. K leve, E conom ic D evelopm ent C oordinator presented a staff report and recom m ended appro val. E D A M in u te s .4 . Ja n u a ry 16 , 2 0 0 1 It was moved by Commissioner Nelson seconded by Commissioner Jacobs, to exercise the EDA's option to purchase Gippers/O'Tooles and the Liquor Store pursuant to the EDA's Option Agreement dated July 11, 2000. The motion passed 5-0. 8. Communications and Bills - None 9. Adjournment President Young adjourned the meeting at 7:39 p.m.