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Ed111003.docCITY OF NEW HOPE 4401 XYLON AVENUE NORTH NEW HOPE, MINNESOTA 55428 EDA Minutes November 10, 2003 Regular Meeting City Hall CALL TO ORDER President Enck called the meeting of the Economic Development Authority to order at 9:01 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 Collier, seconded by Commissioner Gwin- to approve the Regular Meeting Minutes of October 27, 2003 Lenth, . All present voted in favor. Motion carried. IMP. PROJECT 665 President Enck introduced for discussion Item 4, Resolution calling for public nd Item 4 hearing to approve sale of city owned property at 7500-7528 42 Avenue North to JCS Development Inc. and Frey Development Inc. (improvement project no. 665). Mr. Ken Doresky, Community Development Specialist, stated adoption of the resolution will establish a public hearing to be held November 24 for the sale of the city-owned property. He stated purchase agreements have been obtained from both Culver’s Restaurant and Frey Development for the office condominiums. EDA RESOLUTION Commissioner Collier introduced the following resolution and moved its adoption 03-09 “RESOLUTION CALLING FOR PUBLIC HEARING TO APPROVE SALE ND Item 4 OF CITY OWNED PROPERTY AT 7500-7528 42 AVENUE NORTH TO JCS DEVELOPMENT INC. AND FREY DEVELOPMENT INC. (IMPROVEMENT PROJECT NO. 665).” The motion for the adoption of the foregoing resolution was seconded by Commissioner Gwin-Lenth, 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. IMP. PROJECT 733 President Enck introduced for discussion Item 5, Update on potential redevelopment Item 5 of Frank’s Nursery site at 5620 Winnetka Avenue North and motion authorizing tax increment financing analysis (improvement project no. 733). Mr. Kirk McDonald, Director of Community Development, stated the developer has submitted the appropriate fees to the city to cover the cost of the tax increment financing (TIF) analysis of the proposed project. Staff recommends that the study be completed by Krass Monroe, the city’s redevelopment financial consultant. The EDA expressed support for the TIF analysis. Mr. McDonald also updated the EDA on other matters relating to the site. He stated Frank’s Nursery is interested in relocating to the vacant Lyndale Garden site, and staff has provided a letter authorizing Frank’s to utilize the same outdoor storage areas that were previously approved for Lyndale without securing additional planning approvals by the city. He also reported that staff has been notified that the pre-development grant submitted to the Metropolitan Council for this project is recommended for partial funding. The intent is that the funds would be utilized by New Hope EDA November 10, 2003 both the city and developer to help “write down” some of the up front development Page 1 costs on this project. recommended for partial funding. The intent is that the funds would be utilized by both the city and developer to help “write down” some of the up front development costs on this project. Mr. Doug Hoskin, Armory Development II, was recognized. He stated the unit prices will range from $170,000 to $195,000. He stated a similar development was built in Richfield and was well received. Mr. McDonald indicated the special legislation created a project area and this parcel is included in it. The city can also create separate tax increment districts. He stated the proposed number of townhomes ranges from 45 to 56. Mr. Hoskin noted in order to construct an attractive development, the project requires adequate green space and this may impact the final number of units. He stated a closing is tentatively planned for late January with ground breaking to occur in the spring. MOTION Motion was made by Commissioner Sommer, seconded by Commissioner Cassen, authorizing the tax increment financing analysis Item 5 . All present voted in favor. Motion carried. to ADJOURNMENT Motion was made by Commissioner Cassen, seconded by Commissioner Collier, adjourn the meeting . All present voted in favor. Motion carried. The New Hope EDA adjourned at 9:15 p.m. Respectfully submitted, Valerie Leone City Clerk New Hope EDA November 10, 2003 Page 2