HomeMy WebLinkAbout2022/06/20 - ADMIN - Minutes - Economic Development Authority - Regular Official minutes
EDA meeting
St. Louis Park, Minnesota
June 20, 2022
1. Call to order
President Rog called the meeting to order at 6:20 p.m.
1a. Roll call
Commissioners present: President Rog, Tim Brausen, Sue Budd, Lynette Dumalag, Larry Kraft,
and Jake Spano
Commissioners absent: Nadia Mohamed
Staff present: City Manager (Ms. Keller), Finance Director (Ms. Schmitt), Economic
Development Manager (Mr. Hunt), Executive Director/Community Development Director (Ms.
Barton), City Attorney (Mr. Mattick)
2. Approval of agenda
It was moved by Commissioner Brausen, seconded by Commissioner Dumalag, to approve the
EDA agenda as presented.
The motion passed 6-0 (Commissioner Mohamed absent).
3. Approval of agenda and items on consent calendar
3a. Motion to adopt EDA Resolution No. 2022-31 approving a loan agreement with
STEP to enable the acquisition and construction of an expansion to its current
location so that it can expand its operations and programming
It was moved by Commissioner Spano, seconded by Commissioner Brausen, to approve
the items on the consent calendar.
The motion passed 6-0 (Commissioner Mohamed absent).
4. Approval of EDA minutes - none.
5. Unfinished business – none.
6. New business
6a. Public Hearing – Purchase agreement with Sherman Associates – Beltline
Boulevard Station Development – Ward 1. EDA Resolution No. 2022-32
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Mr. Hunt presented the report.
President Rog opened the public hearing.
Chris Sherman, Sherman Associates, thanked the EDA for supporting Sherman’s vision
related to the site, adding they plan to deliver sustainable long -term housing that will be
energy efficient for the long term, and a development of which the city can be proud of.
President Rog closed the public hearing.
Commissioner Brausen noted this has been worked on for years and he thanked staff
and the community for their comments and support for the project. He stated he is
excited to see this project come to life, and the light rail station.
Commissioner Spano thanked residents for their feedback on the project, adding this
area is a very popular place and he is excited to see this project come to life.
Commissioner Dumalag added this project has been long in the making, and she hopes
to see the light rail coming through soon. She stated she and Commissioner Mohamed
had discussed the DEI related to this project, noting she is particularly interested in the
work being done, and she looks forward to a debrief and lessons learned on the project
so as to help others.
President Rog stated this is a big deal and a project long in the making. She thanked staff
for their foresight on this project and looks forward to this landmark development.
It was moved by Commissioner Spano, seconded by Commissioner Brausen, to adopt
EDA Resolution No. 22-32 approving the Purchase Agreement between the EDA and
Beltline Station LLC (an affiliate of Sherman Associates, Inc.).
The motion passed 6-0 (Commissioner Mohamed absent).
6b. Contract for Private Redevelopment with Sherman Associates (Beltline Blvd
Station 1 – affordable housing component). EDA Resolution No. 2022-33
Mr. Hunt presented the report.
Commissioner Brausen noted the $1.4 million in TIF needed for the affordable housing
component of the project, adding $14 million in TIF would be needed for the overall
Beltline Station development. He noted 384 housing units will be built on the site as w ell
as a parking ramp required by Met Council contract. He stated this is great use of TIF in
his view as future tax revenues will be paid back to the development. He added the
project is the perfect example of how to leverage this type of financing tool to bring
development that fits the city’s vision, to the community. He also noted it exceeds the
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green building policy requirements in place, and the redevelopment team has promised
to implement equity and inclusion goals in their hiring process and building and he is
happy to support this project.
President Rog noted there is lots of construction in this area currently. She asked how
the city is being pre-emptive around the construction there now and in the future years.
Mr. Hunt stated there is substantial infrastructure work being constructed in this area
now and as soon as the developer closes on financing, additional infrastructure work
will begin in earnest. He added the city has invested in SWLRT, local and regional trails,
road improvements and expanded stormwater infrastructure in the area. He stated
many utilities within the site area will need to be moved and replaced adding there is an
incredible amount of infrastructure being built in and around the area, and there will be
on-going construction for the next several years.
President Rog stated she wanted residents to be aware of the on -going construction in
the area in the next few years. She added the number of family size apartments is
thrilling to her and she thanked staff and the developer for this. She stated she hopes
there is synergy between the grocery store and those living in the apartments, for a live-
work situation at the site.
President Rog opened the public hearing.
There were no speakers.
President Rog closed the public hearing.
It was moved by Commissioner Brausen, seconded by Commissioner Dumalag, to adopt
EDA Resolution No. 22-3 approving the Contract for Private Development and certain
related documents between the EDA and Beltline Station Limited Partnership (an affiliate
of Sherman Associates) related to affordable housing component of the Beltline Station
Development.
The motion passed 6-0 (Commissioner Mohamed absent).
7. Communications – none.
8. Adjournment
The meeting adjourned at 6:40 p.m.
______________________________________ ______________________________________
Melissa Kennedy, secretary Margaret Rog, president
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