HomeMy WebLinkAbout2023/06/05 - ADMIN - Minutes - Economic Development Authority - Regular Official minutes
EDA meeting
St. Louis Park, Minnesota
June 5, 2023
1. Call to order
President Mohamed called the meeting to order at 6:16 p.m.
a. Roll call
Commissioners present: President Nadia Mohamed, Tim Brausen, Sue Budd, Lynette Dumalag,
Yolanda Farris, Margaret Rog, and Jake Spano
Commissioners absent: none
Staff present: City manager (Ms. Keller), executive director (Ms. Barton), city attorney (Mr.
Mattick), redevelopment administrator (Ms. Monson)
Guests: Will Anderson and Dylan O’Brien, Sherman Associates.
2. Approve agenda.
It was moved by Commissioner Brausen, seconded by Commissioner Dumalag, to approve the
EDA agenda as presented.
The motion passed 7-0.
3. Minutes.
a. EDA meeting minutes of May 15, 2023
It was moved by Commissioner Rog, seconded by Commissioner Brausen, to approve the EDA
meeting minutes of May 15, 2023, as presented.
The motion passed 7-0.
4. Consent items.
a. EDA Resolution No. 23-13 approving first amendment to the redevelopment contract
with PPL Union Park Community Limited Partnerships/Project for Pride in Living in
connection with the Union Park Flats development – ward 2
It was moved by Commissioner Dumalag, seconded by Commissioner Brausen, to approve consent
items on as presented.
The motion passed 7-0.
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Economic Development Authority -2- June 5, 2023
5. Public hearings
a. Sale of property to Sherman Associates, Inc – CANCELLED
b. Proposed business subsidy to Beltline Mixed Use LLC – CANCELLED
These public hearings were canceled. No comment or action was taken on these items.
6. Regular business
a. Consider resolution approving second amendment to purchase agreement, second
amendment to redevelopment contract and amendments to loan document for Beltline
Development LLC – ward 1
Mr. Anderson and Mr. O’Brien were available for questions.
Commissioner Rog asked what the hesitation is of the board of directors and what might cause
them to change their minds. Mr. Anderson stated they are currently in a very volatile market
position. He noted up until a week ago they did not even know about the debt ceiling and that
could have put them in a position that was open-ended, with significant risks and issues related
to equity.
Commissioner Rog asked if they anticipate asking the city for more financial assistance based on
new costs. Mr. Anderson stated no, they do not.
Commissioner Rog asked if there is a decision point where they may not approve the project. Mr.
Anderson stated they are firmly committed to this project and have full weekly engagement
meetings with financial entities, and they do not anticipate any issues with obtaining financing
moving forward, after this issue.
It was moved by Commissioner Spano, seconded by Commissioner Rog, to adopt EDA Resolution
No. 23-14 approving second amendment to purchase agreement, second amendment to
redevelopment contract and amendments to loan document for Beltline Development LLC.
The motion passed 7-0.
7. Communications and announcements – none.
8. Adjournment.
The meeting adjourned at 6:28 p.m.
______________________________________ ______________________________________
Melissa Kennedy, secretary Nadia Mohamed, president
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