HomeMy WebLinkAbout2018/10/15 - ADMIN - Minutes - Economic Development Authority - Regularoff St. Louis Park
MINNESOTA
F Pcrianw WFE in tha Park.
1. Call to order
Official minutes
Economic development authority
St. Louis Park, Minnesota
Vice President Brausen called the meeting to order at 7:20 p.m.
October 15, 2018
Commissioners present: Tim Brausen, Rachel Harris, Anne Mavity, Thom Miller, Margaret Rog,
and Jake Spano.
Commissioners absent: President Steve Hallfin
Staff present: Executive Director (Mr. Harmening), City Attorney (Mr. Mattick), Economic
Development Coordinator (Mr. Hunt), Management Assistant (Ms. Carrillo Perez), and
Recording Secretary (Ms. Pappas).
2. Roll call
Approval of minutes — None
4. Approval of agenda and items on EDA consent calendar — None
Reports - None
6. Old Business - None
7. New Business
7a. Revised Purchase and Redevelopment Contract with SLP Park Ventures, LLC.
Resolution No. 18-16.
Mr. Hunt presented the staff report. He noted the redeveloper has informed staff that
closing on the project financing will not occur until next year, and not necessarily at the
same time for the two components of the project. He added the redeveloper has
requested revisions to the contract, which are included in the staff report.
Vice President Brausen asked if staff feels that the option for the developer to submit a
binding commitment letter instead of closing on final financing will be sufficient to
ensure that the project will be fully funded and completed. Mr. Hunt stated yes, staff is
comfortable allowing the developer the option of providing a commitment letter from
its lender as it is substantially the same as if the developer actually closes on the
construction loan prior to closing.
Vice President Brausen added he represents Ward 4, where the project is taking place,
at the former Santorini site, and he will personally support the revised contract, noting
these projects require flexibility.
Economic Development Authority -2- October 15, 2018
It was moved by Commissioner Spano seconded by Commissioner Mavity, to waive the
reading and adopt EDA Resolution No. 18-16, approving the revised Purchase and
Redevelopment Contract between the EDA and SLP Park Ventures, LLC.
The motion passed 6-0.
8. Communications - None
9. Adjournment
Vice President Brausen