121106 EDA
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
EDA Minutes December 11, 2006
Regular Meeting City Hall
CALL TO ORDER
President Opem called the meeting of the Economic Development Authority
to order at 9:15 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
Curtis Jacobsen, Community Development Specialist
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 Nolte, seconded by Commissioner
Sommer, to approve the Regular Meeting Minutes of October 23, 2006.
Voting in favor: Opem, Hoffe, Nolte, Sommer; Voting Against: None;
Abstained: Gwin-Lenth; Absent: None. Motion carried.
IMP. PROJECT 811
President Opem introduced for discussion Item 4, Update regarding the
Item 4
potential redevelopment of the city-owned parcels at 7601, 7621, and 7641 62
nd
Avenue North and motion approving First Amendment to Interim Agreement
(improvement project no. 811).
Mr. Curtis Jacobsen, community development specialist, updated the EDA on
the developer’s progress related to the proposed redevelopment project at
62 Avenue North. He stated on October 23 the EDA asked the developer to
ndrd
obtain a professional market study and to work toward the purchase of the El
Dorado Apartments as well as the adjacent 4-plex.
Mr. Jacobsen reported that the developer has met with two marketing firms
and has reached agreement with the McComb Group, Ltd. to conduct a site
specific market study for the site on 62nd Avenue. He commented that
McComb Group had conducted the market study for the WoodBridge project.
Mr. Jacobsen indicated the developer has met with the owner of El Dorado
Apartments and the owner of the four-plex regarding acquisition of their
properties and both have expressed a willingness to sell their properties if
offered a fair price. He stated while some of the steps outlined in the interim
EDA Meeting
Page 1December 11, 2006
agreement are taking longer than anticipated to accomplish, the developer is
following through on his commitments, and staff recommends that the city
continue to work with the developer.
Mr. Jacobsen described the next steps and corresponding deadlines for the
developer and the city. He stated no funds have been expended yet for Krass
Monroe on the financial analysis. He explained that staff will likely present
the results of the market study in February of 2007. He recommended that the
City Council approve the “First Amendment” to the Interim Agreement that
extends certain deadlines. He stated the developer is present to answer any
questions from the EDA.
The EDA inquired regarding the financial aspects, relayed concerns regarding
density, and pointed out the demand for one-level living space for seniors.
Mr. Jacobsen explained that the market study and the proforma will be
reviewed by city staff as well as Krass Monroe and will likely be presented to
the EDA in March of 2007. He stated the terms to split the financial consultant
fees remain unchanged. Mr. Jacobsen stated he will remind the developer of
the density issues and senior housing needs.
MOTION
Motion was made by Council Member Sommer, seconded by Council
Item 4 Member Nolte, to approve the First Amendment to the Interim Agreement.
All present voted in favor. Motion carried.
ADJOURNMENT
Motion was made by Commissioner Nolte, seconded by Commissioner Gwin-
Lenth, to adjourn the meeting. All present voted in favor. Motion carried.
The New Hope EDA adjourned at 9:32 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
EDA Meeting
Page 2December 11, 2006