HomeMy WebLinkAbout2017/05/15 - ADMIN - Minutes - Economic Development Authority - RegularAllSt. Louis Park OFFICIAL MINUTES
MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
MAY 15, 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), City Attorney (Mr. Mattick), Economic
Development Coordinator (Mr. Hunt), IIuman Resources Director (Ms. Deno), Community
Development Director (Mr. Locke), Assistant Zoning Administrator (Mr. Morrison), and
Recording Secretary (Ms. Pappas).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes May 1, 2017
It was moved by Commissioner Spano, 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 Miller, seconded by Commissioner Brausen, to approve
the EDA agenda as presented.
The motion passed 7-0.
5. Reports - None
6. Old Business None
7. New Business
7a. Establishment of The Elmwood Apartments Tax Increment Financing
District. Resolution No. 17-15and Resolution No. 17-16
Mr. Hunt presented the staff report. He noted that 36"' Street LLC's application for Tax
Increment Financing assistance in connection with its proposed redevelopment at 5605
W. 36th Street was reviewed at the March 27, 2017, study session, where it received
consensus support. He stated constructing The Elmwood project is not financially feasible
but for the use of the proposed Tax Increment Financing assistance. At its April 3, 2017,
meeting, the council set a public hearing date of May 15, 2017, for the consideration of
Economic Development Authority -2- May 15, 2017
the redevelopment TIF district. Mr. Hunt stated that establishing the TIF district does not
commit the EDA to any financial assistance but creates the funding vehicle for the
provision of TIF. He added that staff recommends approval.
It was moved by Commissioner Brausen, seconded by Commissioner Lindberg, to adopt
EDA Resolution No. 17-15, approving the establishment of The Elmwood Apartments
Tax Increment Financing District within Redevelopment Project No. I (a redevelopment
district).
The motion passed 6-1 (Commissioner Miller opposed).
It was moved by Commissioner Brausen, seconded by Commissioner Spano, to adopt
EDA Resolution No. 1716, authorizing an Interfund Loan for the advance of certain
costs in connection with the administration of The Elmwood Apartments TIF District.
The motion passed 6-1 (Commissioner Miller opposed).
7b. Redevelopment Contract with 36t' Street LLC. Resolution No. 17-17
Mr. Hunt presented the staff report. He stated that the redeveloper proposed to demolish
the structurally substandard building located at 5605 W.36 1h Street and construct a 6 -
story, mixed-use, senior housing building called The Elmwood. The project will have 85
residential units, restricted to residents age 55+, of which 17 (or 20%) will be affordable
at 60% of the area median income, In addition, it will have approximately 4,920 square
feet of commercial space.
Mr. Hunt added that the estimated total cost of the project is over $20 million, and based
on analysis from the FDA's financial consultant, The Elmwood is not financially feasible
without Tax Increment Financing assistance. He added that the project will bring
vibrancy to the area and meets all of the minimum and desired qualifications within the
city's TIF Policy. The staff recommends support of the project, noting the assistance is
for redevelopment purposes only.
It was moved by Commissioner Brausen, seconded by Commissioner Malffin, to adopt
EDA Resolution No. 1717, approving the Redevelopment Contract between the EDA
and 36'h Street LLC.
The motion passed 6-1 (Commissioner Miller opposed).
8. Communications - None
9. Adjournment
The meeting adjourned at 7:30 p.m.
5Z
Melissa Kennedy, Secretary Anne Mavity, President