HomeMy WebLinkAbout2018/05/07 - ADMIN - Minutes - Economic Development Authority - RegularfffSt. Louis Park Official minutes
M I N N E S O T A Economic development authority
GnPcr'ian�� LIFE I�, Iho F3rl. St. Louis Park, Minnesota
May 7, 2018
1. Call to Order
President Hallfin called the meeting to order at 7:20 p.m.
Commissioners present: President Steve Hallfin, Tim Brausen, Rachel Harris, Anne Mavity,
Thom Miller, Margaret Rog, 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), Senior Planner (Mr. Walther), Community Development Director (Ms. Barton),
Communications Manager (Ms. Larson), and Recording Secretary (Ms. Pappas).
2. Roll Call
3. Approval of Minutes - None
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.
S. Reports
5a. Approval of EDA Disbursements
It was moved by Commissioner Brausen, seconded by Commissioner Rog, to approve the
EDA Disbursements.
The motion passed 7-0.
6. Old Business - None
7. New Business
7a. Call for Public Hearing to Consider Establishment of Bridgewater Bank TIF
District. Resolution No. 18-04.
Mr. Hunt presented the staff report. He noted the cost to construct the proposed
project is approximately $36 million. He explained assistance will be necessary to offset
a portion of the project's $2.4 million in extraordinary site preparation costs.
Mr. Hunt noted this is a pay as you go TIF generated by the project over an
approximately 12 -year term. This would offset enough of the extraordinary site costs to
allow the project to achieve a rate of return sufficient to proceed. He stated a public
hearing will be held and formal consideration brought to the EDA on July 2nd.
Economic Development Authority -2- May 7, 2018
*Note: City council and the economic development authority subsequently decided to
cancel and reschedule the hearing for July 16, 2018.
It was moved by Commissioner Miller, seconded by Commissioner Brausen, to waive the
reading and adopt EDA Resolution No. 18-04, approving the establishment of the
Bridgewater Bank Tax Increment Financing District within Redevelopment Project No. 1.
The motion passed 6-0-1. (Commissioner Mavity abstained)
7b. Authorization of Sale of Vacated Right -Of -Way Adjacent to 9808 & 9920
Wayzata Blvd.
Mr. Hunt presented the staff report, He stated presently the EDA, staff and the
redeveloper are working toward a definitive contract for this project, which will be
presented to the EDA at a future meeting. In order to meet the 30 day deadline for an
EDA decision on whether land sale is advisable, the EDA legal counsel and staff
recommend the EDA authorize sale of the vacated ROW, subject to a mutually
acceptable purchase and redevelopment contract, that will be presented to the EDA
subsequently.
It was moved by Commissioner Brausen, seconded by Commissioner Harris, to waive the
reading and approve authorizing the sale of vacated ROW adjacent to 9808 and 9920
Wayzata Blvd. subject to a mutually acceptable Purchase and Redevelopment Contract.
The motion passed 7-0.
7c. Third Amendment to Purchase and Redevelopment Contract with PLACE E -
Generation One, LLC. Resolution No. 18-05.
Mr. Hunt presented the staff report. He noted PLACE encountered unavoidable delays in
meeting the April 30th closing requirement for purchasing the North and South Parcels,
due to delays in closing on financing. Consequently, PLACE requested the property
closing dates for Via Sol (north parcels) and Via Luna (south parcels) be extended.
It was moved by Commissioner Mavity, seconded by Commissioner Brausen, to waive the
reading and adopt EDA Resolution No. 18-05, approving the third amendment to
purchase and redevelopment contract with PLACE E -Generation One, LLC,
8. Communications - None
9. Adjournment
The eting adjo a at :31 p.m.
Melissa nnedy, Secretary President