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250 MINUTES OF THE JOINT mTMG OF THE <br />EDINA HOUSING AND REDEVELOPMENT AUTBORITY/CITY COUNCIL <br />HELD AT EDINA CITY HAIL <br />.JUNE 19, 1989 <br />A joint meeting of the Edina Housing and Redevelopment Authority and the City <br />Council was convened to consider concurrently: 1) Edina Homestead Development, and <br />2) Release of Reverter - Centennial Lakes Plaza. <br />Council as required and recorded. <br />R0I;LCBI;L Answering rollcall were Commissioners/Members Kelly, Paulus, Rice, Smith <br />and Richards. <br />IfIXUTES of the Joint HRA/CouncilMeeting of Hay 1, 1989 were approved as submitted <br />by motion of Commissionerflember Smith, seconded by Commissionerflember Paulus. <br />Action was taken by the HRA and <br />Ayes: Kelly, Paulus, Rice, Smith, Richards <br />Motion carried. <br />EDINA HOMESTEAD DEVELO- - RPI SERVICES - Motion was made by <br />Commissionerflember Smith, and seconded by Commissionerflember Kelly to continue <br />the public hearing on final rezoning, final plat and tax increment financing <br />assistance for Edina Homestead Development to the meeting of July 10, 1989. <br />Ayes: Kelly, Paulus, Rice, Smith, Richards <br />Motion carried. <br />RELEBSE OF REVERTEX - CENTENNIBL LAKES PLAZA AUTEIORIZED Executive Director <br />Hughes recalled that the Centennial Lakes Redevelopment Agreements include a <br />reverter clause on all private developments. <br />ownership of private properties reverts to the Edina ÔéČIRA in the event that private <br />development is not started, or if started, it does not proceed to completion. The <br />retail developer is now requesting that the reverter, as it relates to Centennial <br />Lakes Plaza, be released. <br />Staff believes that this request is reasonable, given the fact that construction <br />has started or will shortly start on all phases of the retail project. Therefore, <br />the likelihood that the reverter would be exercised at this stage of construction <br />is extremely remote. It is recommended that the reverter be released with respect <br />to the Centennial Lakes Plaza property upon issuance of the final building permit <br />for this pro j ect . <br />Pursuant to this provision, the <br />Commissioner Smith introduced the following resolution and moved adoption: <br />BE IT RESOLVED by the Housing and Redevelopment Authority of Edina, Minnesota, <br />that it hereby waives and releases the reverter clause included in the <br />redevelopment agreement for Centennial Lakes as it pertains to the Centennial <br />Lakes Plaza project. <br />Commissioner Rice. <br />RESOLUTION <br />Motion for adoption of the resolution was seconded by <br />Ayes: Kelly, Paulus, Rice, Smith, Richards <br />Resolution adopted. <br />There being no further business <br />Commissioner Rice vas seconded <br />Motion carried unanimously. <br />on the joint <br />by Commission