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Home My WebLink About1996/08/05 - ADMIN - Minutes - Economic Development Authority - RegularMINUTE S ECONOMIC DEVELOPMENT AUTHORITY ST. LOUIS PARK, MINNESOTA August S, 1996 1. Call to order President Jacobs called the meeting to order at 7:00 p.m. 2. Roll call ) ) J The following Commissioners were present at roll call: Jeff Jacobs, Jeff Appelquist, Sue Sanger, Robert Young, Gail Dorfman, run Brimeyer. Ron Latz arrived at 7: 10. Also present were the Executive Director (Mr. Meyer); Deputy City Manager (Ms. Kutzler); City Attorney (Mr. Steilen); Director of Community Development (Mr. Harmening); Economic Development Coordinator (Mr. Anderson). 3. Approval of agenda for August 5 It was moved by Commissioner Dorfman, seconded by Commissioner Sanger, to approve the agenda. The motion passed 6-0. 5.Reports a. Monthly financial report It was moved by Commissioner Appelquist, seconded by Commissioner Dorfman, to approve and receive for filing. The motion passed 6-0. 6. Unfinished business None 7. New business l -O a. Victoria Ponds redevelopment agreement Resolution EDA 96-05 Mr. Anderson addressed this item. He noted that previously Redevelopment Project #1 was modified and the Victoria Ponds Tax Increment Financing District established and a modified Redevelopment Plan and Tax Increment Financing Plan adopted. The Redevelopment Agreement and provision for tax increment financing assistance between the EDA and SVK. was before Council this evening. He noted the project remains a 72-unit townhome development, twin-home, owner-occupied development. The Authority will be required to approve the construction plans at a subsequent meeting. S C AN N E ? ) I Economic Development Authority min utes August 5, 1996 - Page 2 It was moved by Commi ssioner Latz, seconded by Commi ssioner Young, to adopt Resolution ED A 96-05 entitled "Victoria Ponds Redevelopment Agreement." Th e motion passed 7-0. To. Revised business points - Assisted Living Project (Gould); Request for creation of Housing Tax Increment Financing District Resolution EDA 96-06 Mr. An derson gave a brief update on this item. He noted a revised resolution had been distributed requestin g the Authority set a public hearin g on the creation of a Housing Tax Increment Finan cin g District in addition to considerin g the revised business points for the assisted living project. He noted the origin al plan had chan ged considerab ly in that it is now broken down into two phases which has req uired a reappraisal as to how the City will provide assistance. Th e option being presented by staff is the creating of a Housing Tax Increment Financing District. Commi ssioner Appelquist noted that the settin g of a public hearin g or creation of a Distri ct does ) not in any way obligate the City at any point to assist the development necessaril y. } J Mr. An derson said that was correct, that this was a plannin g acti on which would put the Authority in the position of continuin g its work an d neg otiations on this project . Commi ssioner Dorfm an assum ed if the Authority moved forw ard with this action for Phase I, it is in no way makin g a commi tm ent of any kin d to Phases II an d ill. Mr. An derson said that was correct an d is curr ently being looked at as a Phase I development. Th e developer is aware that a great deal of work remains to be accomplished from a site plannin g, zonin g an d Comprehensive Plan perspectives before finan cin g assistan ce can be discussed. Commi ssioner Dorfm an asked under the Housing TIF how many of the proposed 45 uni ts would have to be lower rent. Mr. An derson responded a form ula has been created by the Legislatur e which gives the developer 3 options: 20% of the uni ts meet 50% of the County's medi an income; or that 40% of the uni ts would meet 60% of the median income; or that 50% of the units meet 80% of the area median income. 1 J Commi ssioner Sanger was concerned that this was the first the Authority had seen of the proposed substantial revisions to this project. She didn't find anythin g in the report that comes close to the criteria as established by the Council for provision of finan cial aid to developers. ) I ED A m eetin g min utes Au gu st 5, 19 96 - Page 3 F or that reason, she w as un wi llin g to set a public hearin g date at thi s poin t fo r possible TIF finan cin g un til there has bee n an opportuni ty at a stu dy session to go over in detail what thi s su bst an tiall y revi sed project is. She as ked th at thi s item be deferr ed until aft er th e item is di scu ssed at a stu dy session. C ommi ssio ner B rim eyer as ked if thi s di d not bec om e a TIF wi thin a TIF . Mr . An derson sai d th e property now is in th e Excelsior B lvd. TIF D ist ri ct . Th e Authority w ould ha ve to rem ove those par cels out of the previ ous D istri ct w hi ch can be done by the adoption of th e new D istri ct . C o mmi ssion B rim eyer believed the m ec hani cs of goin g thr ough thi s w ere achi evable; th e questi on is, is thi s w hat the Authori ty w ants in term s of th e V ision St. L ouis Par k statem ent an d in term s of provi din g hou sin g opti ons w hi ch, w oul d in turn, have the domin o effect of m akin g thi s avail able to th ose people th e C ity is concern ed ab out in pro vi din g housin g options. H e believed it to be a goo d idea an d vari ou s detail s can be w orked out. H e w oul d have to be persuaded that it w as not w orkable. C o mmi ssioner S an ger sai d her concern w as how much finan cin g shoul d th e C ity underwri te an d su bsidiz e. Th e Auth ority w as previ ously as ked to do tha t in the sam e w ay it is now bein g asked. 1 J Mr . M eyer sai d previ ous ED A acti on w as on a 90 or so uni t project an d thi s is a 90 uni t project in tw o phas es. T he ED A ha d in di cated its su pport fo r an $800,000 ai d packa ge in a red evelopm ent project an d the fin an cin g m ec hani sm w as different. E ssentiall y w hat has been done now is the dev elo per has split th e developm ent into tw o pieces fr om that w hi ch w as ori ginall y act ed on. It w as m ov ed by C ommi ssioner, seconded by C ommi ssioner A ppelqui st, to adopt R esolution ED A 96-06 enti tl ed "R evi sed bu sin ess points: G &P Pro perti es - R eq uest fo r H ousin g Tax In cr em ent Finan ce D istri ct ." Th e item will al so be placed on th e upcomin g stu dy session agenda fo r furth er cons iderati on. I =J Th e m oti on pas sed 6-1 (C ommi ssioner San ger opposed ). 7c. Modification of the Redevelopment Plan for Redevelopment Project No. 1 and modification of the Excelsior, Oak Park Village and Highway 7 Tax Increment Financing Districts Mr . An derson explain ed thi s w as a request to set a public hearin g on th e referenced m odifi cations to th e thr ee T ax In crem ent Finan cin g D istri cts in light of several upcomin g project s in cl udin g the Rec C enter R enai ssan ce, E xcelsior B lvd. Str eets cape, activi ties related to potential Town C enter developm ent an d comm ercial redevelopm ent on Hwy ./L oui sian a Ave. It was moved by Commissioner Appelquist, seconded by Commissioner Dorfinan, to adopt EDA meeting minutes August 5, 1996 - Page 4 · Resolution EDA 96-07 entitled "Modification of redevelopment plan for Redevelopment Project 1, Excelsior Blvd./Oak Park Village/Hwy. 7 Tax Increment Districts. The motion passed 7-0. 8. Communications and bills a. Vendor claims It was moved by Commissioner Dorfman, seconded by Commissioner Sanger, to approve and authorize payment. The motion passed 7-0. 9. Adjournment The meeting adjourned at 7:30 p.m. 1 ) J l -/