HomeMy WebLinkAbout1999/12/06 - ADMIN - Minutes - Economic Development Authority - Regular;3
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AU/;,CITY OF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT
ST. LOUIS PARK, MINNESOTA
December 6, 1999
1. Call to Order
President Young called the meeting to order at 7:00 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); Director of Finance (Ms. McGann);
Economic Development Coordinator (Mr . Kleve); and Recording Secretary (Ms. Olson).
3. Approval of Minutes
a. Approval of minutes of November 15, 1999 meeting
The minutes were approved as presented.
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4. Approval of Agenda
4a. Approval of agenda of November 15, 1999 meeting
It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to approve the
agenda. The motion passed 7-0.
5. Reports
Sa. Vendor Claim Report
It was moved by Commissioner Nelson, seconded by Commissioner Santa, to accept the report
for filing. The motion passed 7-0.
6. Old Business - None
7. New Business
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7a. Annual Election of Economic Development Authority Officers
It was moved by Commissioner Jacobs, seconded by Commissioner Santa, to nominate and elect
Robert Young as President, Sue Sanger as Vice President, Chris Nelson as Treasurer, Charlie
Meyer as Executive Director/ Assistant Treasurer and Cindy Larsen as Secretary. The motion
passed 4-0-3 with Councilmembers Jacobs, Latz, Nelson and Santa voting in favor and Young,
Sanger and Nelson abstaining.
EDA Minutes -2- December 6, 1999
7b. Approval of 2000 budget and Revisions to 1999
Mr. Kleve, Economic Development Coordinator presented a staff report and recommended
appro val.
C ou ncilmember asked a question about the debt payment calculation.
Ms. McGann explained the analysis of the fund balance within the debt service accounts that was
done.
M r. M eyer, E x ecutiv e D irector stated that we were trying to reduce the rate at which the City
w as putt ing m o ney into the debt serv ice fu nd because w e w ere concern ed that if w e had an
excess of m oney in the debt service funds, there would be some concerns relative to the status of
that money, but none of this has impacted the actual amounts of principal and interest payments
that w e m ak e.
It w as m ov ed by C o m m ission er Ja cobs, seconded by C o m m ission er B rim eyer, to appro v e the
pro posed 20 00 and revised 19 99 bu dgets. T he m otion passed 7-0.
7c. 1999 Annual Referendum Levy Payment to ISD #283
M r. K lev e, E conom ic D evelop m ent C oordin ator briefl y com m ented on the staff repo rt .
It w as m oved by C o m m issio n er Ja cob s, seconded by C o m m issio ner S anger, to app ro v e paym ent
of $44 0,9 62 to IS D #2 83 representing tax increm ent pro ceeds coll ected in 19 99 in the E xcelsior
B ou lev ard and O ak Park V ill age T ax In crem ent F inancing D istricts attribu table to the increase in
the tax capacity ra te as a resu lt of the School D istrict's R efe rendu m L ev y. T h e m otio n passed 7-
0.
7c. Avalon Bay Preliminary Development Agreement
M r. K lev e, E conom ic D evelop m ent C oordin ator presented a staff report and recom m ended
appro v al.
C o m m issio ner L atz ask ed if the dev eloper had any rights w ith reg ard to the assig nm ent of their
po rt ion of this agreem ent or w as there a pro visio n in the agreem ent saying that it w as not
assig nable by them to any other dev eloper.
M r. K leve explain ed that the assig nm ent had m ore to do w ith the E D A assig ning it out and not
the dev elo per assig nin g it out. H e stated that the E D A has the excl u siv e rig ht to assig n it if fo r
som e reason w e cou ld not reach a fi nal contra ct w ith the develo per.
C om m issio ner Sanger ask ed if it w as realistic to think that the E D A w as going to have a sig ned
prelim in ary develo pm ent agreem ent by the end of F ebru ary and if w e do n 't w hat are the
consequ ences to the develop er.
EDA Minutes -3-
" ANSEL
December 6, 1999
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Mr. Kleve stated that this preliminary development agreement would be signed after meeting if
EDA approved the agreement and this would allow the City to have letter of intent and make
changes as outlined in the staff report and he hoped to have final development agreement signed
by February 1, 2000. If the final development agreement was not complete by February 1, 2000
there was no default clause as far as what kind of consequence the EDA would put on them., but
the hope is that everybody is going to continue to work in good faith to move forward.
Mr. Meyer, Executive Director noted that the ultimate penalty to the developer if the preliminary
development agreement expired and was not extended by the EDA, was that the developer could
ultimately lose the development deal.
Commissioner Brimeyer stated that he had several questions related to the project that he would
like to discuss at the next City Council Study Session.
Mr. Meyer, Executive Director indicated that the overall reason why the developer has not met
several items yet, was because the developer is attempting to market a project in the commercial
and retail sector that is a new kind of project that has not been done before and they are running
into questions, lack of information, and resistance at times and are in the process of making
revisions to the plan to accommodate the feedback they are receiving. He stated that staff has
been satisfied that they are doing a very realistic job of trying to move ahead on the project.
Commissioner Nelson stated that he believed that both sides were moving forward in good faith
and progress was being made.
It was moved by Commissioner Nelson, seconded by Commissioner Brimeyer, to approve the
first Amendment to the Amended and Restated Preliminary Development Agreement with
Avalon Bay relating to Phase I of the Park Commons redevelopment project. The motion passed
7-0.
8. Communications and Bills - None
9. Adjournment
It was moved by Commissioner Jacobs, seconded by Commissioner Santa, to adjourn the
meeting at 7:20 p.m. The motion passed 7-0.
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