HomeMy WebLinkAbout2020 02-24 EDAM02/24/20 -1-
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
FEBRUARY 24, 2020
CITY HALL – COUNCIL CHAMBERS
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to
order by President Mike Elliott at 9:42 p.m.
2. ROLL CALL
President Mike Elliott and Commissioners Marquita Butler, April Graves, Kris Lawrence-
Anderson, and Dan Ryan. Also present were Executive Director Curt Boganey, Deputy City
Manager Dr. Reggie Edwards, Economic Development Coordinator Jimmy Lloyd, City Clerk
Barb Suciu, and City Attorney Troy Gilchrist.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
Commissioner Butler moved and Commissioner Ryan seconded to approve the Agenda and
Consent Agenda, and the following items were approved:
3a. APPROVAL OF MINUTES
• January 13, 2020 – Regular Session
3b. RESOLUTION NO. 2020-04 APPROVING A TIF DEVELOPMENT
AGREEMENT FOR THE REE XERXES AVENUE SENIOR HOUSING
PROJECT
3c. RESOLUTION NO. 2020-05 ADOPTING A POLICY AND CRITERIA
FOR GRANTING BUSINESS SUBSIDIES
Motion passed unanimously.
4. COMMISSION CONSIDERATION ITEMS
4a. RESOLUTION NO. 2020-06 ADOPTING A PRELIMINARY DEVELOPMENT
AGREEMENT BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY
OF BROOKLYN CENTER AND JO PROPERTIES
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Economic Development Coordinator Jimmy Lloyd reviewed a proposed Preliminary
Development Agreement with JO Properties. He added a concept review was brought to the
EDA meeting on January 27, 2020, and the City Council was open to the concept. He noted the
agreement is non-binding for the developer and the City.
Mr. Lloyd stated the development agreement relates to a vacant, City-owned parcel at the
intersection of 61st Avenue and Brooklyn Boulevard, located with a TIF district. He added the
proposal is for a 4-story, 83-88-unit multi-family housing development with a unique mix of
52% 3-bedroom units, and affordable at 50-60% AMI. He noted the total project cost is $22,
522,655, and grant proposals would be submitted to Hennepin County. Low-income housing tax
credits would apply, as well as a TIF subsidy.
Mr. Lloyd stated City Staff recommends approval of the Preliminary Development Agreement,
giving the developer one year to do due diligence, line up financing, and do an environmental
analysis and community engagement.
Commissioner Graves asked what other amenities would be included in the proposed
development besides a community garden, and whether other amenities would be considered
affordable or luxury amenities.
Mr. Lloyd stated the developer has identified other amenities like in-unit washer/dryers,
community rooms for residents, a business center with computers and internet access; and the
opportunity for a fitness center. He added this development would bring a high-quality product
to Brooklyn Center’s housing market, with nice amenities but still within affordability limits.
President Elliott stated this proposal uses the term “market rate”, which equates to $1,500 for a
1-bedroom apartment. He added he is not opposed to high-end amenities or luxury apartments,
but he has a problem with subsidizing them.
Commissioner Graves stated this project will require public subsidy, but also offers high quality,
or what some might consider luxury, amenities. She added they are not exclusive concepts. She
noted the City Council is considering approval or denial of this proposal, just like with any other
proposal.
Commissioner Graves moved and Commissioner Ryan seconded to adopt RESOLUTION NO.
2020-06 Adopting a Preliminary Development Agreement Between the Economic Development
Authority of Brooklyn Center and JO Properties.
President Elliott stated there might be additional questions.
President Elliott asked, with regard to unit rents, what the qualification is for a 1-bedroom unit at
50% AMI with a monthly rent of $937. Mr. Lloyd stated the pro forma was completed based on
Hennepin County rent AMIs.
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Commissioner Graves stated it is past 10:00 p.m., which was agreed upon by the City Council as
the time beyond which meetings would not extend.
President Elliott moved and Commissioner Butler seconded to extend the EDA meeting past
10:00 p.m.
Motion to extend passed unanimously.
Mr. Lloyd stated 50% AMI for a family of 4 would be $50,000. President Elliott asked what that
number would be for an individual.
The developer stated the pro form was based on Hennepin County guidelines.
Mr. Lloyd stated it is important to keep in mind that it is safe to assume that affordability will
change based on current market information. He added 50% AMI for 1 person would be
$35,000.
Original motion passed unanimously.
5. ADJOURNMENT
Commissioner Ryan moved and Commissioner Lawrence-Anderson seconded adjournment of
the Economic Development Authority meeting at 10:07 p.m.
Motion passed unanimously.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) ss. Certification of Minutes
CITY OF BROOKLYN CENTER)
The undersigned, being the duly qualified and appointed City Clerk of the City of Brooklyn
Center, Minnesota, certifies:
1. That attached hereto is a full, true, and complete transcript of the minutes of an Economic
Development Authority Session of the City Council of the City of Brooklyn Center held
on February 24, 2020.
2. That said meeting was held pursuant to due call and notice thereof and was duly held at
Brooklyn Center City Hall.
3. That the City Council adopted said minutes at its March 9, 2020, EDA Regular Session.
President
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