HomeMy WebLinkAbout2017/03/20 - ADMIN - Minutes - Economic Development Authority - RegularIOlSt. Louis Park OFFICIAL MINUTES
MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
MARCH 20, 2017
1. Call to Order
President Mavity called the meeting to order at 7:20 p.m.
Commissioners present: President Anne Mavity, Tim Brausen, Steve Hallfin, Gregg Lindberg,
Thom Miller, Susan Sanger, and Jake Spano.
Commissioners absent: None.
Staff present: Executive Director (Mr. Harmening), Economic Development Coordinator (Mr.
Hunt), Community Development Director (Mr. Locke), City Attorney (Mr. Mattick), Chief
Financial Officer (Mr. Simon), Deputy City Manager/Human Resources Director (Ms. Deno),
Fire Chief (Mr. Koering), Senior Planner (Mr. Walther), and Recording Secretary (Ms. Pappas).
Guests: Tom Tracy, Senior VP, Excelsior Group.
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes March 6, 2017
It was moved by Commissioner Sanger, seconded by Commissioner Hallfin, to approve
the EDA minutes as presented.
The motion passed 7-0.
4. Approval of Agenda
It was moved by Commissioner Brausen, seconded by Commissioner Spano, to approve
the EDA agenda as presented.
The motion passed 7-0.
5. Reports — None
6. Old Business — None
7. New Business
7a. Fourth Amendment to Central Park West Redevelopment Contract.
Resolution No. 17-03.
Mr. Hunt presented the staff report. He explained that the developer of Central Park West
has requested a one-year extension under the Contract for Private Redevelopment with
Central Park West, LLC, to allow their development team sufficient time to reach their
pre -leasing threshold for the required buildings. Under the proposed Fourth Amendment
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to the redevelopment contract, the required commencement and completion dates for
Phases 4 and 5 would be modified to dates noted in the report.
Commissioner Brausen stated he is supportive of this, adding he would encourage the
developer, as they look for an anchor tenant, to seek out companies that offer more space
to their employees' work stations and not just provide 10 x 10 cubicles.
Commissioner Sanger stated she understands why Phase 4 was postponed because of the
lack of an anchor tenant but asked why Phase 5 is being stalled.
Mr. Tracy, Senior VP, Excelsior Group, stated they would like to break ground on both
Phase 4 and 5; however, it is taking some time to Pill the space. He noted they are now
working with Ryan Companies; have hired Transwestein for marketing the space; and are
moving along in the process and getting prospects. He stated they are working very hard
to lease the space but need more time.
Commissioner Sanger stated this explains the delay with Phase 4, but not Phase 5. She
stated she is tired of approving extensions and would like to have the whole development
up and running.
Commissioner Spano asked if the duration of the project will be changed, if the TIF
amount will then be different, as well. Mr. Hunt stated the construction delay will delay
the generation of tax increment but the term of the TIF district, 26 years, remains the
same.
It was moved by Commissioner Brausen, seconded by Commissioner Lindberg, to adopt
EDA Resolution No. 17-03, approving the Fourth Amendment to the Contract for Private
Redevelopment with Central Park West, LLC.
The motion passed 7-0.
7b. Call for Public Hearing to Consider Establishment of the Wooddale Station
TIF District. Resolution No. 17-04.
Mr. Hunt presented the staff report. He noted the project's final pro forma exhibits a
financial gap which precludes the project from proceeding. Accordingly, the developer
submitted an application for TIF assistance. PLACE's revised project plans and initial
TIF request were reviewed at the February 13, 2017, Study Session, where they received
favorable support. The EDA also received a more in-depth staff report on the application
at the March 13, 2017, Study Session.
Mr. Hunt stated the TIF program is administered by the EDA; however, in order to create
a TIF district, city councils are statutorily required to hold a public hearing to establish
them. To start the TIF district process, the EDA must formally request the city council to
set a date and hold a public hearing. Calling for the public hearing is the first step in the
formal creation of the Wooddale Station Tax Increment Financing District. The public
hearing is scheduled for May 1st.
Commissioner Brausen asked if there will be a separate TIF district for the PLACE
development later on. Mr. Hunt stated the Wooddale Station TIF District would be
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created to accommodate the PLACE project. Commissioner Brausen asked if this will be
separate from the proposed Elmwood TIF district also being discussed. Mr. Hunt stated
they will be two entirely separate TIF districts.
Commission Sanger stated she is voting no, and is not in favor of the PLACE project.
It was moved by Commissioner Brausen, seconded by Commissioner Lindberg, to adopt
EDA Resolution No. 17-04, requesting the city council to call for a public hearing
relative to the establishment of the Wooddale Station Tax Increment Financing District
within Redevelopment Project No 1.
The motion passed 6-1. (Commissioner Sanger opposed).
8. Communications — None
9. Adjournment
The meeting adjourned at 7:33 p.m.
Melissa ennedy, Secretary Anne Mavity, President