HomeMy WebLinkAbout1997/02/03 - ADMIN - Minutes - Economic Development Authority - RegularC ITY O F
ST. LOUIS
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MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
February 3, 1997
I . Call to order
President Ja cob s call ed the m eeting to order at 7:15 p.m ..
2. Roll call
T h e fo ll ow in g C omm issioners w ere present at roll cal l: Jeff Ja cobs, B everl y Fl an agan , Sue San ger, R on
L atz, R ob ert Y oun g an d Jim B ri m eyer. G ail D orfm an arri ved short ly thereaft er.
A lso present w ere th e E xecutive D irector (Mr . M eyer); C ity A tt orn ey (Mr . Fuchs); D irector of
C omm uni ty D ev elopm ent (M r. H arm eni ng); D eputy C ity M an ager (M s. K utzler); Econom ic
D ev elopm ent C oordin ator (M r. An derson); Finan ce D irector (M s. M cB ri de); C ity C lerk (M s. L ar sen).
3. Ap pro val of the minutes of January 2] meeting
Th ere bein g no corr ections/am endm ents to th e m inutes, they w ere appro v ed as presented.
5. A ppro val of agen da for February 3, 1997
] I w as m ov ed by C omm issioner S an ger, seconded by C ommi ssioner Y oun g, to appro ve th e agenda. Th e
) m otion pas sed un ani m ou sly .
6. Report s
a. Asbestos abatement and demolition project --- 4820 Excelsior Blvd. building
Resolution EDA 97-02
Mr. M eyer sai d thi s item w ou ld return to th e ED A fo r a vote on th e bids received .
It w as m ov ed by C ommi ssioner Latz , seconded by C omm issioner San ger, to adopt R esolution ED A 97-
02 entitled "R esolution authori zin g staff to solicit bids fo r abatem ent of as bestos an d dem olition of
bu ild in g located at 4820 E xcelsior B lvd."
T h e m otion pas sed un an im ously.
7. New business
a. EDA support for City Council General Obligation Tax Increment Bond Issue
Resolution EDA 97-03
_)
Mr . H arm enin g bri efl y explained w hat projects w ould benefit fr om th ese fun ds as w ell as severa l
different appro aches th at cou ld be tak en to ensur e that the TI F fun ds could be preserv ed fo r fu tur e use.
H e also bri efl y touched on potential legislation affecting T IF. C omm issioner B ri m eyer as ked about fun d
balan ces.
M r. Harm ening responded the bond issue being pro posed would only relate to fu ture TI revenues. This
bond issue does not preserv e the existing fun d balan ces, an d staff is studying ways in w hich those fu nds
can be preserv ed as w ell. It is expected legislation w ill im pact this.
Councilm em ber B rim eyer as ked if the resolution of support does not comm it the ED A from going
ahead w ith any expenses to get a bond issue ready or to do an offi cial statem ent or to engage an
un derwr iter, etc. That decision can be made at a later date.
M r. Harm ening said the resolution w ould allow th e A uth ority to pro ceed wi th prepar ation of the offi cial
statem ent an d un dert ak e prelim inary work. Staff w ould hold off on an y bond sale until it w as discussed
wi th the A uthori ty in more detail.
C omm issioner Brim eyer felt it w as un fo rtun ate the City had to do this, yet again. He had som e hesitan cy
until the steps in th e pro cess ar e clari fied. A lso, he thought that befo re actu ally issuing the bonds, the
A uthority bring back fo r discussion a fun ding policy w hi ch has previously been touched upon.
It w as m oved by C omm issioner Brim eyer, seconded by C omm issioner Fl an agan , to adopt Resolution
E D A 07-03 entitled "Resolution giving support to th e C ity Council of th e City of St. Louis Par k's
adoption of a resolution pro viding fo r the sale of up to $22,000,000 in General Obligation Tax Increm ent
B onds an d up to $12,000,000 fo rw ard comm itm ent General Obligation Revenue Bonds."
Th e m otion pas sed unani m ously.
8. Com m unications and bills
a. Vendor claims
It w as m oved by Com m issioner Dorfm an , seconded by C omm issioner Y oun g, to appro ve an d auth orize
paym ent. M otion pas sed un an im ously.
9. A djournm ent
It w as m oved by C omm issioner San ger, seconded by Co mm issioner Latz, to adjourn the m eeting.
M otion passed un an im ously. /