HomeMy WebLinkAbout1998/02/17 - ADMIN - Minutes - Economic Development Authority - RegularAUhCITYOF
ST. LOUIS
PARK
M IN UTES
ECONOM IC DEVE LOPMENT AUTHORI TY
ST. LOUIS PARK , MIN NESOTA
Febru ary 17, 1998
1. Call to Order
President Jeff Jacobs called the meeting to order at 7:20 p.m.
2. Roll Call
The following Commi ssioners were present at roll call: Jeff Jacobs, Chri s Nelson, Sue Sanger,
Ron Latz, Robert Young, Jim Brimeyer, and Mayor Gail Dorfm an.
Al so present were the Executive Director (Mr . Meyer); Deputy City Manager (M s. Kutzler) and
Economi c Development Coordinator (Mr . An derson).
3. Approval of minutes of February 2, 1998 meeting
The mi nutes were approved as presented.
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4. Approval of agenda of February 17, 1998
It was moved by Commissioner Latz, seconded by Commi ssioner Young, to approve the agenda.
The motion passed 7-0.
5. Reports_- None
6. Old Business - None
7. New Business
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a. Modifications to the Commercial Rehabilitation Loan Program (CRL P)
Mr . An derson, Economi c Development Coordinator, made a brief presentation. He comm ented
on how the Park Comm ons area was to be treated relative to providing loan s within that area. He
stated that the proposal which exempted the Phase I area of Park Comm ons from receiving loans
from the Comm ercial Rehabilitation Loan Program would allow loans wi thin the non-exempt area
to the extent that businesses would be doing interior and exterior im provements, renovation typ e
projects, and equipment upgrades. It would not allow for expan sion of the floor area or size of
the building. Mr . An derson reviewed the 1998 budget pending the approval of the EDA Board.
Commi ssioner Sanger asked if the unused 1997 budget could be rolled over and used in addition
to the 1998 budget.
M r. An derson stated that the amount could not be rolled over, but rather rebudgeted for 1998.
H e stated that it doesn't serve in a revolving loan fund capacity at this time, but this option may
be co nsidered at a future time.
Commi ssioner Sanger questioned the reason for increasing the budget to $350,000 when the 1997
bu dg et of $2 50 ,0 00 w as not used. She w as in fa vo r of keeping the amount of the current
allo catio n of $2 50 ,0 00.
C o m m issio ner Y oung stated that a $10 0 ,000 increase is ju stifi ed by the fact that the prog ram
target area had been greatly expanded .
C o mm issio ner B rim eyer concur red w ith C o mm issio ner Y oung and asked staff if there w as any
known interest in this pro gram since the pro gra m target area w as bro adened substantially .
Mr . An derso n stated that he had received indicatio ns fr om bu sinesses ou tside of the initial
bu siness area.
C o m mi ssio ner L atz asked staff if there w as any m axi m um loan am ount allow ed .
Mr . An derson stated that the m axi m um loan per the gu idel ines w ould be $10 0,0 00 (E D A port io n
of $50 ,0 0 0).
C o m mi ssio n L atz asked w hy any of the bu sinesses in the Park C omm ons area w ould be allow ed
to use the C RL P pro gra m .
Mr . An derso n stated that thi s questio n w as exami ned at the study session and because a num ber
of bu sinesses in that area indicated an interest in w an ting to upgra de or upk eep their pro p ert ies, it
w as fe lt that som e of tho se typ es of investm ents m ay be short payoff type of investm ents w hi ch
m ay not necessari ly m atch the tim e fr am e fo r redeveloping som e of tho se pro pert ies outside of the
P h ase I.
It w as m ov ed by C ommi ssioner L atz, seconded by C o mmi ssioner Y oung to appro v e the pro po sed
m o difi cations to the C omm ercial R ehabilitation L o an P ro gra m . T he m otio n passed 7-0
8. C o m m uni catio ns and B ill s
a. Vendor Claims
It w as m oved by C ommi ssioner D o rfm an, seconded by C ommi ssioner N elson, to appro v e an d
authori ze paym ent of the vendor cl aim s. T he m otion passed 7-0,
9. A djo u rn m ent
It w as m ov ed by C ommi ssioner L atz, secon ded by C ommi ssio ner
at 7:29 p.m . T he m otion passed 7-0. (
the m eeting