HomeMy WebLinkAbout2004 08-23 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
AUGUST 23, 2004
CITY HALL CITY COUNCIL
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in Regular Session and was
called to order at 7:43 p.m. by President Myrna Kragness.
2. ROLL CALL
President Myrna Kragness, Commissioners Kathleen Carmody, Kay Lasman, Diane Niesen, and Bob
Peppe. Also present: Executive Director Michael McCauley, Public Works Director /City Engineer
Todd Blomstrom, Community Development Director Brad Hoffman, City Attorney Charlie
LeFevere, and Deputy City Clerk Maria Rosenbaum.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
A motion by Commissioner Lasman, seconded by Commissioner Carmody to approve the agenda
and consent agenda. Motion passed unanimously.
3a. APPROVAL OF MINUTES
A motion by Commissioner Lasman, seconded by Commissioner Carmody to approve the April 12,
2004, and August 9, 2004, regular session minutes. Motion passed unanimously.
4. COMMISSION CONSIDERATION ITEMS
4a. PUBLIC HEARING ON A BUSINESS SUBSIDY AND THE DISPOSITION
OF PROPERTY
RESOLUTION AUTHORIZING EXECUTION OF A DEVELOPMENT
AGREEMENT
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Executive Director Michael McCauley discussed the proposed development agreement would call for
the construction of a 200 room hotel of which a least 10 percent of the rooms must be suites and also a
minimum 25,000 square foot water park. The development will also include a minimum 150 -seat
restaurant and will be a Radisson or other flag acceptable to the EDA; and will include an enclosed,
climate controlled link between the hotel and the Earle Brown Heritage Center.
Under the terms of the agreement, the EDA will sell its 6 plus acre site located immediately west of the
Earle Brown Heritage Center to the developer for $2,165,000. Payment of the land is deferred for up to 20
years or at such time as the properly is refinanced or sold. The EDA acquired the property in November
of 2000 for $1,075,000. Construction must commence by May 1, 2005, and all plans and architectural
design is subject to the approval of the EDA. The EDA will pay the developer up to $1,000,000 for the
design and construction of the EDA portion of the physical link. The current cost estimate for this project
is slightly more than $31,000,000. The developer would receive the Tax Increment Financing (TIF)
generated by this project for the remainder of the district's life. The district terminates with 2009 pay
2010 taxes.
A motion by Commissioner Carmody, seconded by Commissioner Lasman to open the Public Hearing.
Motion passed unanimously.
No one wished to address the Commission.
A motion by Commissioner Lasman, seconded by Commissioner Carmody to close the Public Hearing.
Motion passed unanimously.
RESOLUTION NO. 2004-06
Commissioner Lasman introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Carmody. Motion passed unanimously.
5. ADJOURNMENT
A motion by Commissioner Lasman, seconded by Commissioner Carmody to adjourn the meeting at
7:46 p.m. Motion passed unanimously.
President
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