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I ArthCITYOF
ST. LOUIS
PARK
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
August 16, 1999
1. Call to Order
President Young called the meeting to order at 7: 15 p.m.
2. Roll Call
The following Commissioners were present at roll call: Jeff Jacobs, Chris Nelson, Susan Sanger,
Ron Latz, Sue Santa, Jim Brimeyer and President Robert Young.
Al so present were the Executive Director (Mr . Meyer); Director of Community Development
(Mr. Harmening); Economic Development Coordinator (Mr. An derson); Planning Manager (M s.
Jeremiah); and Recording Secretary (M s. Ol son).
3. Approval of Minutes
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a. Approval of Economic Development Authority minutes of August 2, 1999
meeting
It was moved by Commissioner Latz, seconded by Commissioner Jacobs, to approve the minutes
as presented. The motion passed 7-0.
4. Approval of Agenda
4a. Approval of agenda of August 2, 1999 meeting
It was moved by Commissioner Santa, seconded by Commissioner Jacobs, to approve the agenda.
The motion passed 7-0.
5. Reports
5a. Vendor Claim Report
It was moved by Commissioner Jacobs, seconded by Commissioner Sanger, to accept the report
for filing. The motion passed 7-0.
6. Old Business - None
7. New Business
EDA Minutes -2- August 16, 1999
7a. Amended and Restated Preliminary Development Agreement (PDA) with
AvalonBay Communities, Inc. for Phase I of Park Commons
Mr. An derson, Economic Development Coordinator gave a brief overview of the items in the
restated amended preliminary development Agreement (PDA) with AvalonB ay Communities, Inc.
for Phase I of Park Commons.
Commission Brimeyer asked if there was a time frame for AvalonBay to accept or reject this upon
EDA approval.
Mr. Anderson indicated that the developer had until August 31, 1999 to execute the agreement.
It was moved by Commissioner Nelson, seconded by Commissioner Jacobs, to authorize the
President and Executive Director to enter into the amended and restated preliminary development
agreement with AvalonBay Communities Inc. relating to Phase I of Park Commons. The motion
passed 7-0.
7b. Park Commons Phase I Project
Resolutions #99-9, 99-10, 99-11
Mr. Anderson, Economic Development Coordinator presented a staff report and distributed an
attachment which referred to the exhibit to the declaration of the substandard buildings and may
have not been in the Council packet.
Commissioner Sanger asked a question about the boundaries of the proposed Tax Increment
Financing District for Phase I.
Mr. An derson indicated that the intention was to create Phase I as its own TIF District and
recommended that Council make suggestions to staff in terms of additional property to be added.
Commissioner Nelson asked staff to explain why the City had to and what it meant to designate
buildings as structurally substandard.
Mr. Anderson indicated that to create a redevelopment district, it was required by state statute to
undergo an investigation of the buildings which finds that 50% of the buildings in the District to
be substandard based on a state building code formula.
It was moved by Commissioner Nelson, seconded by Commissioner Sanger, to approve a
Resolution requesting the City Council of the City of St. Louis Park call for a public hearing on
the establishment of the Park Commons Phase I Tax Increment Financing District (a
redevelopment district). The motion passed 7-0.
It was moved by Commissioner Nelson, seconded by Commissioner Latz, to approve a
Resolution designating Certain Buildings as Structurally Substandard with Redevelopment Project
No. 1. The motion passed 7-0.
E D A M inutes -3- August 16, 1999
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It w as m ov ed by C om mi ssioner N elson, seconded by C om m issioner Santa, to appro ve a
R esolution D ecl aring the offi cial intent of the St. L ouis Park E conom ic D evelopm ent Authority to
reim burse cert ain expenditur es fr om the pro ceeds of bonds to be issued by the Author ity. The
m otion passed 7-0.
7c. P urchase of C om m erci al Property at 4530 Excelsior Boulevard (H ockert
P roperty).
M s. S anger asked staff to pro vide a com parison on w hat w as the appra ised value of the pro pert y
and w hat had been the assessed evaluation.
M r. An derson, E conom ic D evelopm ent C oordinator indicated that the appra ised and assessed
value of the pro pert y w ere very cl ose.
It w as m oved by C om m issioner N elson, seconded by C om m issioner Ja cobs, to authorize the
President and E xecutive D irector to enter into a pur chase agreem ent, execute the pur chase of the
pro pert y and enter into leases w ith tenants fo r the pro pert y at 4530 Excelsior Boulevard. The
m otion passed 7-0.
8. C om m unications and B ills - N one
9. A djo urn m ent
j
It w as m oved by C om m issioner N elson, seconded by C om m issioner Sanger, to adjourn the
m eeting at 7:37 p.m. T he m otion passed 7-0.
Seetary