HomeMy WebLinkAbout2016/08/15 - ADMIN - Minutes - Economic Development Authority - RegularIffSt. Louis Park OFFICIAL MINUTES
MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
AUGUST 15, 2016
1. Call to Order
President Mavity called the meeting to order at 7:25 p.m.
Commissioners present: President Anne Mavity, Tina Brausen, Gregg Lindberg, Susan Sanger,
and .lake Spano.
Commissioners absent: Steve Hallfin and Thorn Miller.
Staff present: Executive Director (Mr. IIarmening), and Recording Secretary (Ms. Pappas).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes July 18, 2016
It was moved by Commissioner Sanger, seconded by Commissioner Lindberg, to approve
the EDA minutes as presented.
The motion passed 5-0 (Commissioners Hallfin and Miller absent).
3b. Economic Development Authority Meeting Minutes August 1, 2016
It was moved by Commissioner Brausen, seconded by Commissioner Sanger, to approve
the EDA minutes as presented.
The motion passed 5-0 (Commissioners Hallfin and Miller absent).
4. Approval of Agenda
The EDA agenda -vas approved as presented.
S. Reports - None
6. Old Business - None
7. New Business
7a. Subordination Agreement with PNC Bank — Cedar Lake Rd Apartments
LLC. Resolution No. 1618
Mr. Locke presented the report. He noted that the EDA and city entered into a contract
for private redevelopment with Cedar Lake Road Apartments, LLC on July 1, 2014,
related to the redevelopment of 6800 and 6720 Cedar Lake Road (former Eliot School
property) and construction of the Eliot Park Apartments (now the Siena Apartments).
Economic Development Authority -2- August 15, 2016
Under the contract, the redeveloper agreed to construct two apartment buildings with a
total of 13 8 market rate units, as well as two single family homes. In order to make the
project financially feasible, the EDA agreed to reimburse the redeveloper up to
$1,100,000 from Tax Increment Financing, generated by the project for qualified public
redevelopment costs associated with the redevelopment of the former school property.
On July 18, the EDA approved the issuance of a TIF revenue note up to $1.1 million to
Cedar Lake Road Apartments LLC. Soon thereafter the redeveloper closed on its
permanent financing for the project with PNC Bank, National Association.
It was noted the proposed agreement has been reviewed by the EDA's legal counsel, who
recommends its approval.
1t was moved by Commissioner Brausen, seconded by Commissioner Spano, to waive the
reading and adopt EDA Resolution No. 16-18, approving the Subordination Agreement
with PNC Bank, National Association relative to the Redevelopment Contract with Cedar
Lake Road Apartments LLC.
The motion passed 5-0 (Commissioners Hallfm and Miller absent).
8. Communications - None
9. Adjournment
The m eting adjourned at 7:29 p.m.
Meliss Keened , Secretary Anne Mavity, President