HomeMy WebLinkAbout2018/04/16 - ADMIN - Minutes - Economic Development Authority - RegularSt. Louis Park OFFICIAL MINUTES
M I N N E S O T A ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARD, MINNESOTA
APRIL 16, 2018
1. Call to Order
President Hallfin called the meeting to order at 7:28 p.m.
Commissioners present: President Steve Hallfin, Tim Brausen, Rachel Harris, Anne Mavity,
Thom Miller, Margaret Rog, and Jake Spann.
Commissioners absent: None.
Staff present: Executive Director (Mr. Harmening), City Attorney (Mr. Mattick), Deputy City
Manager/Human Resources Director (Ms. Deno), Community Development Director (Ms.
Barton), Economic Development Coordinator (Mr. Hunt), Community Development Director
(Mr. Locke), and Recording Secretary (Ms. Wirth).
2. Roll Call
3. Approval of Minutes
3a. Economic Development Authority Meeting Minutes April 2, 2018
It was moved by Commissioner Spano, seconded by Commissioner Brausen, to approve
the EDA minutes as presented.
The motion passed 7-0.
4. Approval of Agenda
It was moved by Commissioner Mavity, 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. Fifth Amendment to Central Park West Redevelopment Contract.
Resolution No. 18-02. Resolution No. 18-03.
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Mr. Hunt presented the staff report, noting developers responsible for constructing the
Central Park West office buildings (CPW Phases IV and V) have requested to extend the
required construction schedule for these phases by 2 years to allow additional time to
prelease the buildings and attract equity investors. Additionally, the developer for CPW
Phase II has requested a 2%2 year extension to construct the second apartment building.
Under the proposed Fifth Amendment to the redevelopment contract, the required project
commencement and completion dates for Phases II, IV, and V would be modified as
follows:
Phase II — Commencement date extended from October 2, 2017 to April 1, 2020;
required completion date extended from March 4, 2019 to April 1, 2022
Phase IV — Commencement date extended from April 1, 2018 to April 1, 2020; required
completion date extended from September 30, 2019 to September 30, 2021
Phase V — Commencement date extended from April 1, 2021 to April 1, 2023; required
completion date extended from September 30, 2022 to September 30, 2024
Mr. Hunt explained the proposed modification to the minimum assessment agreement
extends implementation of the minimum assessment agreement for the CPW Phase II
property. Staff and legal counsel support approval.
It was moved by Commissioner Brausen, seconded by Commissioner Mavity, to waive the
reading and adopt EDA Resolution No. 18-02, approving the Fifth Amendment to the
Contract for Private Redevelopment with Central Park West, LLC and adopt EDA
Resolution No. 18-03, approving the modification to the CPW Phase II Assessment
Agreement.
Commissioner Brausen noted there has been substantial discussion on this matter in study
session and this recommendation reflects current market conditions so he supports the
resolution. He would like work to move forward on the linear park because some phase I
and phase II residents were drawn there by the idea of having a park.
The motion passed 7-0.
7b. Public Hearing — Purchase and Redevelopment Contract with SLP Park
Ventures, LLC.
Mr. Hunt explained that SLP Park Ventures LLC is not yet ready to have the EDA
proceed with approval of the purchase redevelopment contract. But, since a public
hearing has been posted for this evening and in the event someone is in attendance for
that public hearing, staff recommends holding the public hearing tonight, closing the
public hearing after public testimony, then withholding action until a later date.
President Hallfm opened the public hearing. No speakers were present. President Hallfin
closed the public hearing.
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It was moved by Commissioner Brausen, seconded by Commissioner Harris, to table
consideration of the Purchase and Redevelopment Contract between the EDA and SLP
Park Ventures, LLC, to a future meeting.
The motion passed 7-0.
8. Communications — None
9. Adjournment