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I <br />64 MINUTES <br />OF THE REGULAR MEETING OF THE <br />EDINA CITY COUNCIL HELD AT CITY HALL <br />NOVEMBER 16, 1987 <br />Answering rollcall were Members Kelly, Richards, Smith, Turner and Mayor Courtney. <br />CONSENT AGENDA ITEMS ADOPTED. Motion of Member Kelly was seconded by Member Smith <br />to approve and adopt the consent agenda items as presented, with the exception of <br />the removal of item VI1.A. <br />Rollcall : <br />Ayes: Kelly, Richards, Smith, Turner, Courtney <br />*MINUTES OF THE SPECIAL MEETING OF OCTOBER 12 AND REGULAR MEETING OF OCTOBER 19, <br />1987 APPROVED. Motion of Member Kelly was seconded by Member Smith for approval <br />of the minutes of the Special Meeting of October 12 and Regular Meeting of <br />October 19,. 1987. <br />Motion carried on rollcall vote, five ayes. <br />Mayor Courtney convened a joint HRA/Council meeting for the public hearing on the <br />Parking Ramp Addition - West 51st Street (Agenda item 1II.A). <br />PUBLIC HEARING CONDUCTED ON PARKING RAMP ADDITION (WEST 5iST STREET): PROJECT <br />AUTHORIZED (IMPROVEMENT NO. P-PlB). Affidavits of Notice were presented by Clerk, <br />approved and ordered placed on file: Gordon Hughes, Assistant Manager, recalled <br />that on September 14, 1987 the Council approved the Final Development Plan of <br />Cineplex Corporation for expansion of the Edina Theatre at 3911 West 50th Street. <br />The approval was conditioned on the expansion of the 51st Street parking ramp by <br />way of the addition of a third parking level containing 111 spaces. <br />portion of the cost of the expansion may be financed by special assessments a <br />project hearing was scheduled and notices were sent to all property owners in the <br />50th and France commercial area who potentially could be assessed for the ramp <br />cost. <br />Associates, the City's ramp consultants. Staff also requested the consultants to <br />estimate the cost of upgrading the easterly and southerly facade of the new level <br />as well as the existing levels of the ramp. <br />sides is estimated to cost $78,000 which would increase the overall project cost <br />to $760,000. Staff recommended the inclusion of the facade upgrading as part of <br />the project. As requested by the Council on September 14, 1987, staff has put. <br />together several alternatives for the potential assessment which are the most <br />feasible. <br />assessment equal to 20% of ramp expansion costs. This is consistent with the <br />original 50th & France assessment percentage as well as the policy followed <br />recently with the Grandview ramp: Cineplex Assessment - $152,000, Tax Increment <br />Financing $608,000, Total $760,000. <br />special assessment with its expected parking demand. <br />Barton-Aschman's parking analysis the theatre expansion will demand 33 additional <br />In that a <br />The estimated cost for the ramp expansion is $682,000 according to Walker & <br />Adding a brick facade to these two <br />Alternative #1 - Based upon Cineplex Odeon's offer to accept a special <br />Alternative #2 - Attempts to tie Cineplex's <br />According to <br />1 <br />I I <br />! I <br />I <br />I <br />. r. parking spaces during matinees which occur coincidentally with peak commercial <br />district parking demand. Thirty-three spaces equal 30% of the'ramp expansion. <br />Therefore, Cineplex should bear 30% of the expansion cost: Cineplex Assessment - <br />-' <br />$228 000, Tax Increment Financing $532,000, Total $760,000. <br />ProvlGes that all commercial district properties should bear a portion of the ramp <br />expansion costs. <br />cost, the following alternatives are possible: <br />Alternative #3 -. - <br />Assuming that these properties should be assessed 20% of the <br />- A B <br />Cineplex (20%) $152,000 Cineplex (30%)- $228,000 <br />Commercial Area (20%) 152,000 Commercial Area (20%) 152,000 <br />Tax Increment 456.000 Tax Increment 380.000 <br />$760,000 $760,000 <br />Alternative #4 - Based on the concept that sufficient tax increments are now and <br />will be generated to finance the parking ramp expansion in its entirety. <br />tax increment financing cannot be used for maintenance purposes. <br />presently budgets approximately $45,000 annually for ramp maintenance and <br />electricity expenses at 50th & France. Under this alternative, the special <br />assessment against Cineplex would be applied against the City's maintenance <br />expenses rather than against the HRA's ramp construction costs. <br />of assessment could still be based on the amounts suggested in Alternatives #1 and <br />#2. <br />stable revenue source for maintenance purposes. <br />rate would result in the following annual payments: <br />However, <br />The City <br />The total amount <br />However, the term of the assessment could be lengthened to provide a more <br />A 20-year term and 9% interest <br />Assessment Amount Annual Pavment <br />$152,000 $16,651.60 <br />228,000 24,977.00 <br />Staff recommendation is that Alternative #4 be selected based upon a total <br />Cineplex assessment of $228,000 and that the project be approved, subject to an <br />executed agreement from Cineplex Odeon Corporation consenting to the assessment <br />and waiving right of appeal. In conclusion, Mr. Hughes noted that Peter Kofman, <br />representing Cineplex Odeon Corporation, and Perry Anderson, representing the 50th <br />and France Business & Professional Association, were present to answer questions. <br />Commissioner/Member Kelly asked if the tax increment money would be needed for any <br />other project in the district and if so could the district support both at the <br />I <br />i <br />It