HomeMy WebLinkAbout2015/12/07 - ADMIN - Minutes - Economic Development Authority - RegularIOfSt. Louis Park OFFICIAL MINUTES
MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
E
DECEMBER 7, 2015
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 (arrived at
7:22 p.m.), Jeff Jacobs, Gregg Lindberg, Susan Sanger, and Jake Spano.
Commissioners absent: None
Staff present: Executive Director (Mr. Harmening), Economic Development Coordinator (Mr.
Hunt), Community Development Director (Mr. Locke), Engineer Director (Ms. Heiser),
City Clerk (Ms. Kennedy), Fire Chief (Mr. Koering), City Attorney (Mr. Mattick), Controller
(Mr. Swanson), Operations and Recreation Director (Ms. Walsh), Senior Planner (Mr. Walther),
Communications Specialist (Ms. Pribbenow), and Recording Secretary (Ms. Batra).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes November 16, 2015
The EDA minutes were approved as presented.
4. Approval of Agenda
It was moved by Commissioner Jacobs, seconded by Commissioner Brausen, to approve
the EDA minutes as presented
The motion passed 6-0. (Commissioner Rallfrn absent.)
S. Reports
Sa. Approval of EDA Disbursements
It was moved by Commissioner Jacobs, seconded by Commissioner Brausen, to approve
the EDA Disbursements.
The motion passed 6-0. (Commissioner 7"Iallfrn absent.)
6. Old Business - None
7. New Business
7a. Purchase and Redevelopment Contract with 4900 Excelsior Apartments,
LLC. Resolution No. 15-32.
Economic Development Authority -2-
December 7, 2015
Mr. Hunt presented the staff report. As discussed at the November 23, 2015, study
session, Oppidan Investment Company (Oppidan) would like to transfer its ownership
interests in the proposed project, 4900 Excelsior Apartments, LLC, to Weidner
Apartment Homes (Weidner), Weidner would assume the project's redeveloper role.
Commissioner Hallfm arrived at 7:22 p.m.
Mr. Hunt explained, given that Weidner is considering reducing the number of
apartments from 176 to 164 and the prior Purchase and Redevelopment Contract signed
on November 16, 2015, has not been executed, legal counsel is suggesting the EDA and
Weidner enter into a new Purchase and Redevelopment Contract under the name 4900
Excelsior Apartments, LLC.
Mr. Hunt stated the new proposed contract is essentially the same as the contract with
Oppidan. The minor proposed revisions to the contract include the change in the name of
the redeveloper, the change in the total number of apartments in the project, and a
clarification within the lookback section.
Mr. Hunt explained, in order for the project to achieve financial feasibility, the EDA
agrees to reimburse Weidner for certain qualified site preparation costs up to $2.8 million
in pay-as-you-go tax increment generated by the project for a term of approximately 7
years. If the apartments in the project are reduced to 164, the Note would be increased to
approximately 7.5 years.
Mr. Hunt stated staff is recommending approval of the proposed resolution for the
Purchase and Redevelopment Contract between the EDA and 4900 Excelsior
Apartments, LLC related to the proposed 4900 Excelsior project.
It was moved by Commissioner Spano, seconded by Commissioner Jacobs, to adopt EDA
Resolution No. 15-32, approving the Purchase and Redevelopment Contract with 4900
Excelsior Apartments, LLC. — Please double-check the Commissioners that made the
motion and second.
Commissioner Brausen stated he supports the proposed resolution.
Commissioner Sanger stated she does not object to the transfer to Weidner; however, she
will vote no on the proposed resolution because she does not agree with the proposed
project.
The motion passed 6-1. (Commissioner Sanger opposed.)
8. Communications - None
9. Adjournment
President