042406 EDA
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
EDA Minutes April 24, 2006
Regular Meeting City Hall
CALL TO ORDER
President Opem called the meeting of the Economic Development Authority
to order at 10:03 p.m.
ROLL CALL
Present: Martin Opem Sr., President
Mary Gwin-Lenth, Commissioner
Andy Hoffe, Commissioner
Karen Nolte, Commissioner
Steve Sommer, Commissioner
Staff Present: Dan Donahue, City Manager
Kim Green, Community Development Assistant
Curtis Jacobsen, Community Development Specialist
Guy Johnson, Director of Public Works
Valerie Leone, City Clerk
Kirk McDonald, Director of Community Development
Steve Sondrall, City Attorney
Vince VanderTop, Assistant City Engineer
APPROVE MINUTES
Motion was made by Commissioner Gwin-Lenth, seconded by Commissioner
Hoffe, to approve the Regular Meeting Minutes of March 27, 2006. All
present voted in favor. Motion carried.
IMP. PROJECT 795
President Opem introduced for discussion Item 4, Resolution authorizing the
Item 4
second extension of the interim agreement with PariPassu/Trio Development
for the redevelopment of the Bass Lake Road Apartments site (8400 and 8420
Bass Lake Road and 8401, 8411, and 8421 58 Avenue) (improvement project
th
no. 795).
Ms. Kim Green, community development assistant, explained that on March
27, 2006, the EDA authorized the extension of the agreement from March 28,
2006, to April 30, 2006. She stated staff has been meeting with the
development team to discuss possible approaches to improving the pro-forma
for the project. Ms. Green explained that in order to continue negotiations
with PariPassu/Trio Development, staff recommends extending the agreement
to June 30, 2006.
President Opem commented that the extension should allow more than
adequate time for the developer to finalize the financial data.
EDA Meeting
Page 1April 24, 2006
Mr. Dan Donahue, city manager, informed the EDA that he is arranging a
meeting between the county commissioner, Mayor Opem, and himself. He
stated his intentions of discussing the city’s needs as it relates to the Transit
Oriented Development (TOD) grant which will be reviewed for the first time
by the County HRA on May 9, 2006.
Commissioner Sommer stated the city expects fair market price for the
property and grant funds will be used by the city to reduce the amount of tax
increment financing. He emphasized that grant funds will not be given
directly to the developer to improve the project cash flow.
President Opem commented that at the last meeting with the developer there
was an $800,000 gap. He stated the developer has been asked to modify the
project proposal to allow for a reduced financial contribution from the city. He
pointed out that there are intrinsic benefits of redeveloping the property. He
noted the city is much closer to a viable project than it was two years ago.
EDA RESOLUTION
Commissioner Nolte introduced the following resolution and moved its
06-03 adoption: “RESOLUTION AUTHORIZING THE SECOND EXTENSION
Item 4 OF THE INTERIM AGREEMENT WITH PARIPASSU/TRIO
DEVELOPMENT FOR THE REDEVELOPMENT OF THE BASS LAKE
ROAD APARTMENTS SITE (8400 AND 8420 BASS LAKE ROAD AND
8401, 8411, AND 8421 58 AVENUE) (IMPROVEMENT PROJECT NO.
TH
795).” 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: Opem, Gwin-Lenth, Hoffe, Nolte, 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 Nolte, seconded by Commissioner Hoffe,
to adjourn the meeting. All present voted in favor. Motion carried. The
New Hope EDA adjourned at 10:15 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
EDA Meeting
Page 2April 24, 2006