Ed072803.docCITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
EDA Minutes July 28, 2003
Regular Meeting City Hall
CALL TO ORDER
President Enck called the meeting of the Economic Development Authority to order
at 8:36 p.m.
ROLL CALL
Present: W. Peter Enck, President
Sharon Cassen, Commissioner
Don Collier, Commissioner
Mary Gwin-Lenth, Commissioner
Steve Sommer, Commissioner
APPROVE MINUTES
Motion was made by Commissioner Sommer, seconded by Commissioner Collier,
to approve the Regular Meeting Minutes of June 23, 2003
. All present voted in
favor. Motion carried.
BROADWAY LANEL President Enck introduced for discussion Item 4, Resolution relating to a
Item 4 redevelopment agreement with Broadway LaNel, a limited partnership; approving
termination of the redevelopment agreement and authorizing execution of various
documents.
President Enck noted in order for Broadway LaNel to refinance the refunding
bonds, it is obligated to pay the EDA the amount required under the formula of the
1985 Redevelopment Agreement which equates to $50,000 (40% of the first
$125,000 distributed to the partners in Broadway LaNel). President Enck
acknowledged LaNel Financial Group’s request to the EDA to waive the payment
requirement. The EDA chose to uphold section 4.08 of the redevelopment
agreement requiring payment of the 40%.
EDA RESOLUTION Commissioner Sommer introduced the following resolution and moved its adoption
03-06 “RESOLUTION RELATING TO A REDEVELOPMENT AGREEMENT
Item 4 WITH BROADWAY LANEL, A LIMITED PARTNERSHIP; APPROVING
TERMINATION OF THE REDEVELOPMENT AGREEMENT AND
AUTHORIZING EXECUTION OF VARIOUS DOCUMENTS.”
The motion
for the adoption of the foregoing resolution was seconded by Commissioner Collier,
and upon vote being taken thereon, the following voted in favor thereof: Enck,
Cassen, Collier, Gwin-Lenth, Sommer; and the following voted against the same:
None; Abstained: None; Absent: None; whereupon the resolution was declared duly
passed and adopted, signed by the president which was attested to by the executive
director.
ADJOURNMENT
Motion was made by Commissioner Collier, seconded by Commissioner Gwin-
to adjourn the meeting
Lenth, . All present voted in favor. Motion carried. The
New Hope EDA adjourned at 8:39 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
EDA Minutes July 28, 2003
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