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HomeMy WebLinkAbout2021/07/06 - ADMIN - Minutes - Economic Development Authority - Regular Official minutes EDA meeting St. Louis Park, Minnesota July 6, 2021 1. Call to order President Brausen called the meeting to order at 6:27 p.m. 2. Roll call Commissioners present: President Brausen, Lynette Dumalag, Larry Kraft, Margaret Rog, and Jake Spano Commissioners absent: Nadia Mohamed and Rachel Harris Staff present: Executive Director (Mr. Harmening), CFO (Ms. Schmitt), Economic Development Coordinator (Mr. Hunt), City Attorney (Mr. Mattick), Interim Human Resources Officer (Ms. Timpone), Engineering Director (Ms. Heiser), Office Assistant (Mr. Peterson-Etem) 3. Approval of minutes - none 4. Approval of agenda and items on EDA consent calendar 4a. Accept for filing EDA disbursement claims for the period of May 29 - June 25, 2021. 4b. Adopt EDA Resolution No. 21-11 approving the preliminary development agreement between the EDA and Greater Metropolitan Housing Corporation. It was moved by Commissioner Spano, seconded by Commissioner Rog, to approve the EDA agenda as presented and the items on the consent calendar. The motion passed 5-0 (Commissioners Mohamed and Harris absent). 5. Reports - none 6. Old business - none 7. New business 7a. Resolution of support for tax increment financing assistance – Rise On 7. EDA Resolution No. 21-12 Mr. Hunt presented the staff report. DocuSign Envelope ID: B92D92C8-6420-458A-92BD-CCB73CC6D1B1 Economic Development Authority -2- July 6, 2021 Commissioner Dumalag asked if any of the TIF assistance proceeds would go for improvements for the daycare space. Mr. Hunt stated the TIF would be for the housing portion of the development only. Commissioner Rog stated she shared her concerns about TIF and making sure ROI is realized. She noted council just approved $2.9 million in TIF assistance for 20 affordable units at TexaTonka and will soon be asked to approve a $8.7 million in TIF at the Beltline Boulevard station that will yield 82 affordable units. She added given how important affordable housing is currently in St. Louis Park, she believes this is a great deal with a potential $1.2 million TIF request, that will yield 120 units for folks at the lowest income levels, along with the daycare. She continued that this showcases working with non- profits whenever possible to create affordable housing, adding she is in support of this. Commissioner Kraft stated 120 units and $1.2 million in TIF assistance for 25 years, seems like a great use of funding and he is also supportive. Commissioner Spano agreed adding he is also supportive. It was moved by Commissioner Dumalag, seconded by Commissioner Rog, to adopt EDA Resolution No. 21-12, approving the provision of tax increment financing assistance for CommonBond Communities’ proposed Rise on 7 development should it subsequently be proven necessary. The motion passed 5-0 (Commissioners Mohamed and Harris absent). 8. Communications – none 9. Adjournment The meeting adjourned at 6:40 p.m. ______________________________________ ______________________________________ Melissa Kennedy, secretary Tim Brausen, president DocuSign Envelope ID: B92D92C8-6420-458A-92BD-CCB73CC6D1B1