061404 EDA
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
EDA Minutes June 14, 2004
Regular Meeting City Hall
CALL TO ORDER
President Collier called the meeting of the Economic Development Authority to
order at 7:41 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 Andersen, seconded by Commissioner Gwin-
to approve the Regular Meeting Minutes of May 24, 2004.
Lenth, All present
voted in favor. Motion carried.
IMP. PROJECT 724 President Collier introduced for discussion Item 4, Resolution modifying the
Item 4 restated redevelopment plan for redevelopment project no. 1 and the tax increment
financing plans for tax increment financing districts nos. 80-2, 81-1, 82-1, 85-1, 85-
2, 86-1, 02-1, 03-1 (special law) and 04-1 (special law) (improvement project no.
724).
Mr. Kirk McDonald, director of community development, stated the EDA needs to
approve the resolution making recommendations to the city council prior to the
public hearing at the city council meeting.
Mr. McDonald stated the modification to the East Winnetka Tax Increment
Financing District will allow inclusion of the CVS Pharmacy redevelopment
project. He noted that CVS/Bear Creek Capital have not requested any financial
assistance from the city for the project. The purpose of creating the district is to
allow excess revenues generated from this project to be “pooled” and utilized on
other redevelopment projects in the area, including the Ryland Home development.
He stated the excess TIF revenues could also be used for public improvements at the
CVS site such as a new public sidewalk and the burial of overhead utilities.
Mr. McDonald explained that upon completion of the CVS Pharmacy
redevelopment, it is anticipated that the city’s tax base will increase by
approximately $1,400,000.
EDA RESOLUTION Commissioner Sommer introduced the following resolution and moved its adoption
04-22 “RESOLUTION MODIFYING THE RESTATED REDEVELOPMENT
Item 4 PLAN FOR REDEVELOPMENT PROJECT NO. 1 AND THE TAX
INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICTS NOS. 80-2, 81-1, 82-1, 85-1, 85-2, 86-1, 02-1, 03-1 (SPECIAL
LAW) AND 04-1 (SPECIAL LAW) (IMPROVEMENT PROJECT NO. 724).”
The motion for the adoption of the foregoing resolution was seconded by
Commissioner Cassen, 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.
EDA Meeting June 14, 2004
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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 7:45 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
EDA Meeting June 14, 2004
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