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ST. LOUIS
PARK
SCANNED
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
NOVEMBER 20, 2000
1. Call to Order
President Young called the meeting to order at 7 :00 p.m.
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2. Roll Call
The following Commissioners were present at roll call: Jeff Jacobs, Ron Latz, Chris Nelson,
Susan Sanger, Sue Santa, and President Robert Young.
Also present were the City Manager (Mr. Meyer); Economic Development Coordinator (Mr.
Kleve); Finance Director (Ms. McGann); Director of Community Development (Mr.
Harmening); and Recording Secretary (Ms. Olson).
3. Approval of Minutes
a. Approval of Economic Development Authority minutes of November 6, 2000
meeting
The minutes were approved with the following correction. Item 7b Change to "7c.
Purchase of Railroad Property"
b. EDA Executive Session Minutes of November 6, 2000
The minutes were approved as presented.
4. Approval of Agenda
4a. Approval of agenda of November 20, 2000 meeting
It was moved by Commissioner Jacobs, seconded by Commissioner Sanger, to approve
the agenda. The motion passed 6-0.
5. Reports
Sa. Vendor Claims
It was moved by Commissioner Latz, seconded by Commissioner Jacobs, to accept the
all reports for filing. The motion passed 6-0.
Sb. Financial Report
It was moved by Commissioner Latz, seconded by Commissioner Nelson, to accept the
reports for filing. The motion passed 6-0.
EDA M inutes -2- November 20, 2000
6. Old Business - None
7. New Business
7a. MSP Real Estate Subordination and Consent
Mr . Kleve, Economic Development Coordinator presented a staff report and
recomm ended approval.
Com mi ssioner N elson was concerned about a shortfall and asked what the approximate
value of the pro pert y would be once the project is completed.
M r. K leve stated that it would be over 20 mi lli on. H e stated that the E D A was not
securing anything because it was a pay as you go note and if there were a defa ult there
would be no obligation to continue paying on the TIF note.
Commi ssioner N elson asked there was any other financial interest being secured.
Mr . Kl eve stated there were no other financial interest other than the T IF note.
It was m oved by Councilm em ber Santa, seconded by C ouncilm em ber L atz, to authorize
execution of the consent letter and the Real E state M ort gage Subordination Agreem ent.
T he m otion passed 6-0.
7b. Park Commons TIF District. EDA Resolution No. 00-17
Mr . K leve, Economi c D evelopm ent C oordinator presented a staff report and
recomm ended appro val.
T he C om m ission discussed the public hearing set fo r January 2, 2000 m eeting and
determ ined that there m ay not be a quoru m present at the m eeting and Commi ssioner
N elson would be unable to attend.
M r. K leve stated that the date fo r the public heari ng could be m odified to
Ja nuary 16, 2000.
T he C omm ission also discussed m oving the item up on the D ecem ber 18, 2000 m eeting
agenda and perhaps beginning the m eeting early because of the m ap am endm ent item
and ensuri ng that residents receive adequate notice.
Mr . H arm ening, Comm unity D evelopm ent Coordinator explained the tim e schedule fo r
the project and the upcomi ng pro cess in order to m eet that tim e schedule.
Comm issioner N elson was concern ed his availability to part icipate in the upcom ing
m eetings in D ecem ber about the prelimi nary developm ent agreem ent.
EDA Minutes -3-
SCANNED
November 20, 2000
The EDA recommended starting the meeting on December 18, 2000 at an earlier time
and that the new time be publicized.
It was moved by Councilmember Nelson, seconded by Councilmember Latz, to adopt
EDA Resolution No. 00-17 requesting the City Council to call for a public hearing on
the establishment of the Park Commons Tax Increment Financing District (A
Redevelopment District) with the adjusted date of the public hearing to January 16,
2000. The motion passed 6-0.
7c. Amendment to the Preliminary Development Agreement between the EDA, the
City, and TO L D D evelopm ent Com pany
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8.
9.
Mr. Kleve, Economic Development Coordinator presented a staff report and
recommended approval with the adjusted date of January 16, 2000 for the public
hearing.
A representative of TOLD Development Company was present to answer questions.
It was moved by Councilmember Nelson, seconded by Councilmember Jacobs, to
approve the Third Amendment to the Amended and Restated Preliminary Development
Agreement between Meridian Properties Real Estate Development LLC, the City, and
the EDA relating to the Park Commons East redevelopment project with the adjusted
dates. The motion passed 6-0.
Com m unications and Bill s - N one
Adjournm ent
President Young adjourned the meeting at 7:22 p.m.
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