HomeMy WebLinkAbout2002 05-28 EDAM Regular Session MINUTES OF THE PROCEEDINGS OF THE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF BROOKLYN CENTER
IN THE COUNTY OF HENNEPIN AND THE
STATE OF MINNESOTA
REGULAR SESSION
MAY 28, 2002
WEST FIRE STATION TRAINING ROOM
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in regular session and was
called to order at 8:02 p.m. by President Myrna Kragness.
2. ROLL CALL
President Myrna Kragness, Commissioners Kay Lasman, Ed Nelson, Bob Peppe, and Tim Ricker.
Also present: City Manager Michael McCauley, Assistant City Manager Jane Chambers, Planning
and Zoning Specialist Ron Warren, City Attorney Charlie LeFevere, and Deputy City Clerk Maria
Rosenbaum.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
A motion by Commissioner Nelson, seconded by Commissioner Peppe to approve the agenda and
consent agenda with the addition of 4b, Motion to Approve Extension for Real Estate Closing on 69
and Brooklyn Boulevard from May 31, 2002, to June 11, 2002. Motion passed unanimously.
3a. APPROVAL OF MINUTES
A motion by Commissioner Nelson, seconded by Commissioner Peppe to approve the May 13, 2002,
regular session minutes. Motion passed unanimously.
4. COMMISSION CONSIDERATION ITEMS
4a. RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT AND
APPROVING THE ASSIGNMENT OF DEVELOPERS'S RIGHTS TO
CERTAIN TAX INCREMENT PAYMENTS
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Executive Director Michael McCauley discussed that the EDA recently discussed an amendment to
the Twin Lakes Business Park agreement and that this resolution would approve and authorize
execution of a first amendment to the development agreement and approve the assignment of
developer's rights to certain tax increment payments. The amendment would reflect the original
amount of assistance that was contemplated before the tax law changes. The developer is paying the
estimated level of real estate taxes, but the available increment is much lower due to the State's
assumption of a portion of the real estate tax. The time frame for repayment of the notes would be
therefore extended to pay off the notes.
Councilmember Ricker questioned the first agreement and the timeframe for construction of Phase
Three. Mr. McCauley informed the Commission that the amendment to the agreement is to provide
financial stability of the project for Phase Three and suggested that Paul Hyde discuss the
construction.
Paul Hyde, Real Estate Recycling, addressed the Commission to discuss that things have just started
to pick up after being slowed down by the events on September 11, 2001, and that they are actively
marketing for their goal of yet this year to start construction.
The Commission discussed the two tax increment revenue notes and the tax float rate. Mr.
McCauley informed the Commission that any agreement can be amended and that there would be a
public hearing required if there is a tax float rate.
RESOLUTION NO. 2002-08
Commissioner Ricker introduced the following resolution and moved its adoption:
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A FIRST AMENDMENT
TO DEVELOPMENT AGREEMENT AND APPROVING THE ASSIGNMENT OF
DEVELOPERS'S RIGHTS TO CERTAIN TAX INCREMENT PAYMENTS
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Nelson. Motion passed unanimously.
4b. MOTION TO APPROVE EXTENSION FOR REAL ESTATE CLOSING ON
69" AND BROOKLYN BOULEVARD FROM MAY 31, 2002 TO JUNE 11,
2002
Mr. McCauley informed the Commission that it had been requested to change the closing date from
May 31, 2002, to June 11, 2002, since the Planning Commission and the City Council have not
approved the project. The developer has provided proof of financing; however, a contingency of the
bank is that the City has approved the project. There is no unseen reason for this item to not be
approved by the Planning Commission or the City Council and it is recommended to approve the
extension of closing to June 11, 2002.
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A motion by Commissioner Lasman, seconded by Commissioner Nelson to approve the extension
for real estate closing from May 31, 2002, to June 11, 2002. Motion passed unanimously.
5. ADJOURNMENT
A motion by Commissioner Lasman, seconded by Commissioner Ricker to adjourn the meeting at
8:13 p.m. Motion passed unanimously.
Presided
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