042604 EDA
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
EDA Minutes April 26, 2004
Regular Meeting City Hall
CALL TO ORDER
President Collier called the meeting of the Economic Development Authority to
order at 8:34 p.m.
ROLL CALL
Present: Don Collier, President
Doug Andersen, Commissioner
Sharon Cassen, Commissioner
Mary Gwin-Lenth, Commissioner
Steve Sommer, Commissioner
APPROVE MINUTES
Motion was made by Commissioner Gwin-Lenth, seconded by Commissioner
to approve the Regular Meeting Minutes of March 22, 2004.
Sommer, All
present voted in favor. Motion carried.
IMP. PROJECT 733 President Collier introduced for discussion Item 4, Resolution modifying the
Item 4 restated redevelopment plan and tax increment financing plans for redevelopment
project no. 1 and tax increment financing districts nos. 80-2, 81-1, 82-1, 85-1, 85-2,
86-1, 02-1, and 03-1 (special law); creating tax increment financing district no. 04-1
(special law) and adopting a tax increment financing plan relating thereto
(improvement project no. 733).
Mr. Kirk McDonald, director of community development, stated staff and
consultants are recommending that the EDA adopt the resolution to modify the
redevelopment plan and create tax increment financing district 04-1 for the 5620
Winnetka Avenue property. He stated EDA item 5 relates to the private
redevelopment of this site by Armory Development II, LLC. Mr. McDonald noted
that the project will generate additional revenue for the city through increased
property taxes.
Mr. Jim Casserly, Krass Monroe, was recognized. Mr. Casserly explained the
resolution before the EDA. He noted the project is straight forward because it
involves only one property and the developer has site control. The proposed
development by Armory Development II, LLC includes the construction of 44
townhomes in 2004 and 2005 with an average selling price of $225,000 each. Upon
completion of the project it is anticipated that the project will increase the city’s tax
base by approximately $9 million. Due to extensive land acquisition costs, site
improvement and preparation costs, sidewalk and street improvements and the
installation of utilities, the redeveloper is requesting tax increment financing
assistance. Without such assistance, the project would not be economically feasible.
He stated the EDA is recommending that the city council establish TIF district 04-1.
He clarified that the public hearing is being held by the city council rather than the
EDA body.
EDA RESOLUTION Commissioner Sommer introduced the following resolution and moved its adoption
04-15 “RESOLUTION MODIFYING THE RESTATED REDEVELOPMENT
Item 4 PLAN AND TAX INCREMENT FINANCING PLANS FOR
REDEVELOPMENT PROJECT NO. 1 AND TAX INCREMENT
FINANCING DISTRICTS NOS. 80-2, 81-1, 82-1, 85-1, 85-2, 86-1, 02-1, AND
EDA Meeting April 26, 2004
Page 1
03-1 (SPECIAL LAW); CREATING TAX INCREMENT FINANCING
DISTRICT NO. 04-1 (SPECIAL LAW) AND ADOPTING A TAX
INCREMENT FINANCING PLAN RELATING THERETO
(IMPROVEMENT PROJECT NO. 733).”
The motion for the adoption of the
foregoing resolution was seconded by Commissioner Andersen, and upon vote
being taken thereon, the following voted in favor thereof: Collier, Andersen,
Cassen, 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.
The EDA meeting was suspended at 8:44 p.m. to conclude city council Item 7.2.
The EDA meeting reconvened at 8:48 p.m.
IMP PROJECT 733 President Collier introduced for discussion Item 5, Resolution authorizing execution
Item 5 and delivery of a contract for private redevelopment by and between the New Hope
Economic Development Authority and Armory Development II, LLC for the
redevelopment of the former Frank’s Nursery property, 5620 Winnetka
(improvement project no. 733).
Mr. Jim Casserly introduced Gay Greiter and stated she is the attorney at Krass
Monroe who was instrumental in drafting the development agreement. The EDA
thanked Mr. Casserly and Ms. Greiter for their assistance.
EDA RESOLUTION Commissioner Sommer introduced the following resolution and moved its adoption
04-16 “RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A
Item 5 CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN
THE NEW HOPE ECONOMIC DEVELOPMENT AUTHORITY AND
ARMORY DEVELOPMENT II, LLC FOR THE REDEVELOPMENT OF
THE FORMER FRANK’S NURSERY PROPERTY (IMPROVEMENT
PROJECT NO. 733).”
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: Collier, Andersen, Cassen, 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 Gwin-Lenth, seconded by Commissioner
to adjourn the meeting
Andersen, . All present voted in favor. Motion carried. The
New Hope EDA adjourned at 8:50 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
EDA Meeting April 26, 2004
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