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A~CITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
November 15, 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); Community Development Director (Mr.
Harmening); Economic Development Coordinator (Mr. Kleve); and Recording Secretary (Ms.
Olson).
3. Approval of Minutes
a. Approval of Economic Development Authority minutes of November 1, 1999
meeting
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) 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 Jacobs, to accept the report
for filing. The motion passed 7-0.
6. Old Business - None
7. New Business
7a. CSM/Rottlund Preliminary Development Agreement
Mr. Kleve, Economic Development Coordinator presented a staff report and recommended
approval.
EDA Minutes -2- November 15, 1999
Commissioner Latz asked what was meant in the staff report by the statement "the developer has
had two of their purchase agreements countered."
Mr. Kleve stated that the developer had purchase agreements out on all of the residential
properties in the area and at this point two of them have been countered back with secondary
offers.
Commissioner Latz asked if any purchase agreements signed on the homes in the area.
Mr. Kleve stated that there were none that he was aware of
Richard Palmer ofRottlund Homes stated that there were purchase agreements out on all the
properties and two of them have been signed by two of the homeowners at a higher price counter
offer and those have been returned to us. He indicated that he has not accepted these offers and
has not chosen to recounter on those, but will wait for other purchase agreements to come in.
Commissioner Brimeyer asked if the price of the townhomes had been determined yet.
Mr. Palmer stated that this was a new housing type for his company and they have yet to actually
price out the building cost and are working through that goal right now and will have that fairly
soon. Initially his company had $150,000 as an average price.
It was moved by Commissioner Sanger, seconded by Commissioner Santa, to authorize the
President and Executive Director to enter into a Preliminary Development Agreement with CSM
and Rottlund for the development of a Marriott Springhill Suites, a TownePlace Suites, and 82
owner occupies townhomes at Zarthan and 16th Street. The motion passed 7-0.
7b. Amendment to Redevelopment Agreement with Park Land Company
Mr. Kleve, Economic Development Coordinator presented a staff report and recommended
approval of the extension.
President Young asked if any remediation had been done on the property.
Mr. Kleve stated that it was his understanding that no work has begun on the project due to the
financing concerns.
It was moved by Commissioner Nelson, seconded by Commissioner Brimeyer, to approve the
amendment of the EDA contract with Park Land Company changing the required date for the
commencement of Minimum Improvements from November 1, 1999 to December 15, 1999.
The motion passed 6-0-1. Councilmember Jacobs abstained.
7c. Stipulation of Settlement - 4800-4816 Excelsior Boulevard
Mr. Harmening, Community Development Director presented a staff report and recommended
approval. He stated that the attached Stipulation of Settlement provides for total compensation
of $1.6 million to the owner of the subject property. However, the stipulation also includes
language associated with a monetary hold-back by the EDA to insure that the claims from all
previous tenants of the building are satisfied. Based upon the language within the stipulation,
payment of any successful claims by tenants would come out of the $1. 6 million settlement.
EDA M inutes -3- November 15, 1999
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It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to authorize the
President and Executive Director to execute the Stipulation of Settlement relating to eminent
domain proceedings associated with 4800-4816 Excelsior Boulevard. The motion passed 7-0.
8. Communications and Bills - None
9. Adjournment
It was moved by Commissioner Jacobs, seconded by Commissioner Brimeyer, to adjourn the
meeting at 7: 15 p.m. The motion passed 7-0.
Sr-aso 3.
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