HomeMy WebLinkAbout2016/12/19 - ADMIN - Minutes - Economic Development Authority - Regularff-1 St. Louis Park
MINNESOTA
1. Call to Order
OFFICIAL MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
DECEMBER 19, 2016
President Mavity called the meeting to order at 7:25 p.m.
Commissioners present: President Anne Mavity, Tim Brausen, Steve Hallfin, Gregg Lindberg,
Thorn Miller, Susan Sanger, and rake Spano.
Commissioners absent: None.
Staff present: Executive Director (Mr. Harmening), Community Development Director (Mr.
Locke), Communications Manager (Ms. Larsen), City Attorney (Mr. Mattick), Deputy City
Manager/Human Resources Director (Ms. Deno), Planning/Zoning Supervisor (Ms.
McMonigal), Senior Planner (Mr. Walther), and Recording Secretary (Ms. Pappas).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes December 5, 2016
It was moved by Commissioner Lindberg, seconded by Commissioner Brausen, to
approve the EDA minutes as presented.
The motion passed 7-0.
4. Approval of Agenda
It u)as moved by Commissioner Lindberg, 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. 2017 Final HRA Levy Certification and Budget Adoption. Resolution No.
1623
Mr. Simon presented the staff report. He noted the HRA levy was originally implemented
r in St. Louis Park due to legislative changes in 2001 which reduced future tax increment
revenues. The City Council elected at that time to use the levy proceeds for future
infrastructure improvements in redevelopment areas. These funds may also be used :for
other housing and redevelopment purposes; however, they are committed to repaying the
development fund via an interfund loan for Highway 7 and Louisiana until 2019 or 2019
Economic Development Authority -2- December 19, 2016
based on the current Long Range Financial Management Plan. Mr. Simon continued that
given the significant infrastructure needs facing the city in the future, staff recommends
the HRA Levy continue at maximum allowed by law for the 2017 budget year.
It was moved by Commissioner Lindberg, seconded by Commissioner Brausen, to waive
the reading and adopt EDA Resolution No. 16-23, authorizing the proposed levy of a
special benefit levy pursuant to Minnesota Statutes Section 469.033, Subdivision 6, and
approval of the 2017 Final HRA Levy and Budget for fiscal Year 2017.
The motion passed 7-0.
7b. Subordination Agreement with U.S. Bank National Association – 4900
Excelsior, LLC. Resolution No. 16-24.
Mr. Locke presented the staff report, He noted under the present agreement, the EDA
agreed to subordinate its rights to the holder of any mortgage securing construction or
permanent financing, so long as the subordination is in substantially for form provided in
the contract. The redeveloper has requested the EDA subordinate its rights under the
Contract to U.S. Bank National Association which is providing the construction financing
for the now 4800 Excelsior project. The proposed agreement has been reviewed by the
FDA's legal counsel who recommends approval. Mr. Locke stated the agreement has no
financial impact on the city, and merely helps to keep the project going.
It was moved by Commissioner Brausen, seconded by Commissioner Halym, to waive the
reading and adopt EDA Resolution No. 16-24, approving the Subordination Agreement
with U.S. Bank National Association relative to the Purchase and Redevelopment
Contract with 4900 Excelsior, LLC.
The motion passed 7-0.
8. Communications - None
9. Adjournment
The meeting adjourned at 7:30 p.m.
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Meliss I Kennel , Secretary Anne Mavity, President