HomeMy WebLinkAbout2015/11/02 - ADMIN - Minutes - Economic Development Authority - Regular111st. Louis Park OFFICIAL MINUTES
M I N N E S O T A ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
NOVEMBER 2, 2015
1. Call to Order
President Mavity called the meeting to order at 7:29 p.m.
Commissioners present: President Anne Mavity, Tim Brausen, Steve Hallfin, Jeff Jacobs, Gregg
Lindberg, Susan Sanger, and Jake Spano.
Commissioners absent: None.
Staff present: Executive Director (Mr. Harmening), City Attorney (Mr. Mattick), Economic
Development Coordinator (Mr. Hunt), Deputy City Manager/Human Resources Director (Ms.
Deno), and Recording Secretary (Ms. Wirth).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes October 19, 2015
The EDA minutes were approved as presented.
4. Approval of Agenda
The EDA agenda was approved as presented.
5. Reports
5a. Approval of EDA Disbursements
It was moved by Commissioner Lindberg, seconded by Commissioner Spano, to approve
the Vendor Claims.
The motion passed 7-0.
6. Old Business - None
7. New Business
7a. First Amendment to the Shoreham Redevelopment Contract. Resolution No.
15-24.
Mr. Hunt presented the staff report and terms of the First Amendment to the Contract for
Private Redevelopment between the EDA and Shoreham Apartments LLC. If approved,
the First Amendment would clarify the County grant provisions and allow the EDA to
pay proceeds of the grant it administers directly to TCF Bank, the redeveloper's lender.
TCF will ensure that lien waivers are received prior to disbursing any funds for grant -
related activities.
Economic Development Authority -2- November 2, 2015
President Mavity noted this amendment involves cleanup of legal requirements.
Commissioner Sanger asked whether there are any financial implications to the EDA
with this transaction. Mr. Hunt indicated there is no fiscal implication on the EDA or
requirement for additional legal work.
It was moved by Commissioner Sanger, seconded by Commissioner Jacobs, to waive the
reading and adopt EDA Resolution No. 15-24 approving the First Amendment to the
Contract for Private Redevelopment between the EDA and Shoreham Apartments LLC
The motion passed 7-0.
7b. Assignment & Subordination Agreement with Shoreham Apartments LLC
and Assignment of Payments under TIF Note — The Shoreham. Resolution
No. 15-25.
Mr. Hunt presented the staff report and terms of the Assignment and Subordination
Agreement with Shoreham Apartments LLC and TCF Investment Management, It was
noted Shoreham Apartments, LLC (Bader Development) is in the process of financing its
Shoreham mixed-use project with TCF Investments Management as senior lender and
Bridgewater Bank as subordinate lender. As a result, TCF Investments Management has
requested that the EDA approve a new Assignment & Subordination Agreement. He
indicated staff has reviewed the terms and recommends approval.
Commissioner Hallfin asked if there are other options relative to how TIF payments are
disbursed. Mr. Hunt explained that TIF payments are typically disbursed to the
developer, but in this case, the developer has an arrangement with the lender to receive
the TIF payments.
It was moved by Commissioner Sanger, seconded by Commissioner Brausen, to waive the
reading and adopt EDA Resolution No. 25, approving the Assignment & Subordination
of Contract between the EDA, Shoreham Apartments, LLC and TCF Investments
Management and the Assignment of Payments Under Tax Increment Note between
Shoreham Apartments LLC and Bridgewater Bank consented to by the EDA relative to
The Shoreham redevelopment project.
The motion passed 7-0.
S. Communications - None
9. Adjournment
The meeting adjourned at 7:35 p.m.
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