HomeMy WebLinkAbout2000/04/03 - ADMIN - Minutes - Economic Development Authority - RegularAUh CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
April 3, 2000
1. Call to Order
President Young called the meeting to order at 7:20 p.m.
2. Roll Call
The following Commissioners were present at roll call: Jim Brimeyer, Jeff Jacobs, Ron Latz,
Chris Nelson, Susan Sanger, Sue Santa and President Robert Young.
Also present were the Executive Director (Mr. Meyer); Economic Development Coordinator
(Mr. Kleve); and Recording Secretary (Ms. Olson).
3. Approval of Minutes
a. Approval of Economic Development Authority minutes of the March 20,
2000 meeting
The minutes were approved as presented.
4. Approval of Agenda
) 4a. Approval of agenda of April 3, 2000 meeting
It was moved by Commissioner Nelson, seconded by Commissioner Sanger, to approve the
agenda. The motion passed 7-0.
5. Reports
Sa. Vendor Claim Report
It was moved by Commissioner Jacobs, seconded by Commissioner Nelson, to accept the report
for filing. The motion passed 7-0.
6. Old Business - None
7. New Business
7a. MSP Real Estate Development Agreement
Mr. Kleve, Economic Development Coordinator presented a staff report. He stated that as part
of the adoption of the Development agreement, the EDA is authorizing the issuance of a TIF
Note. This note is presented as Schedule C in the development agreement. Since this is an
authorizing resolution, the EDA will have to make a separate motion to adopt this resolution.
This is a pay as you go TIF Note and is only secured by the Available Tax Increment generated
from the project. He indicated that Steve Bubul and Milo Pinkerton of MSP were present for
questions.
EDA M inutes -2- April 3, 2000
Commissioner Nelson asked if the only security on the TIF note was that the note was payable
solely from the tax increment generated from the development.
Mr . Kleve indicated that this was the only security on the note and was strictly paid out of tax
increment revenues.
Commissioner Nelson asked how this was accomplished.
Steve Bubul stated that the note was actually held by the developer and that the obligation to pay
the tax increment was structured as a note to facilitate their financing because the developer was
most likely to pledge this as collateral to their lender.
Commissioner Sanger stated that as much as she would like to see more housing and really
appreciates the need to clean up this site, she was opposed to this proposal because she does not
think there is anywhere near adequate open space on this parcel to support an apartment complex
of 200 people and was not in compliance with the City's requirements.
It was moved by Commissioner Jacobs, seconded by Commissioner Brimeyer, to adopt the EDA
Resolution No. 00-07 approving the Contract for Private Redevelopment among the St. Louis
Park EDA, the City of St. Louis Park and MSP SLP Apartments, LLC relating to its
development of a 200 unit apartment building in the Mill City Tax Increment Financing District.
The motion passed 6-1. Commissioner Sanger was opposed.
It was moved by Commissioner Jacobs, seconded by Commissioner Brimeyer, to approve the
EDA Resolution No. 00-08 awarding the sale of, and approving the form, terms, covenants and
directions for the issuance of its $3,242,477 Tax Increment Revenue Note, Series 2000. The
motion passed 6-1. Councilmember Sanger was opposed.
8. Communications and Bills - None
9. Adjournment
It was moved by Commissioner Jacobs, seconded by Commissioner Brimeyer, to adjourn the
meeting at 7:30 p.m. The motion passed 7-0.
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