HomeMy WebLinkAboutHRA Resolution No. 2016-007 Name Buhl/Saturday as Preferred Partner West 49 1/2 Street AIHOUSING AND REDEVELOPMENT AUTHORITY
OF THE
CITY OF EDINA, MINNESOTA
RESOLUTION NO. 2016-07
NAMING BUHL INVESTORS/SATURDAY PROPERTIES AS PREFERRED
DEVELOPMENT PARTNER FOR 3930 WEST 49-1/2 STREET AND ADJACENT
PARCELS
WHEREAS, the Edina Housing and Redevelopment Authority ("Authority") owns property
at various locations in the 50th and France commercial district which has been acquired for the
purpose of providing public parking for the shared use of employees and customers.
WHEREAS, on August 17, 2016, the Authority issued a Request for Proposals to acquire
and redevelop certain land in the 50" and France commercial district, specifically including the
vacant parcel at 3930 West 49" Street, and
WHEREAS, the Authority received four responses to the Request for Proposals; and
WHEREAS, three of the four development teams accepted invitations and presented their
proposals for mixed-use redevelopment at the November 14, 2016 Authority Work Session;
and
WHEREAS, the team led by Buhl Investors and Saturday Properties presented a proposal
consisting of additional public parking, with new commercial space on the street level and
apartments on the upper levels as well as extensive new public plazas to enhance the
pedestrian-friendly shopping and dining experience at 50th and France; and
WHEREAS, after considering the potential outcomes of the proposals, pursuit of new
mixed use development on West 49-1/2 Street is a desirable goal to achieve further
improvements to the 50' and France commercial district; and
WHEREAS, based on the strength of the concept and team, staff recommends that the
development team led by Buhl Investors and Saturday Properties be named as the preferred
development partner for this project; and
WHEREAS, it is necessary to identify the business terms of a real estate transaction so that
the Authority can give its full review and consideration; and
WHEREAS, the parties will each be responsible for their own costs incurred during the
negotiations and the development partner will be responsible for costs incurred related to any
public ince nrivP regLesxM. And
CITY OF EDINA
4801 West 50th Street-Edina,Minnesota 55424
www.EdinaMN.gov-952-927-8861 - Fax 952-826-0390
WHEREAS, it is understood that any required land use approvals would be subject to
review and approval through the City of Edina's standard processes, including public meetings
and public hearings with the Planning Commission and City Council.
NOW, THEREFORE, BE IT RESOLVED, the Housing and Redevelopment Authority directs
the following actions:
1) The team led by Buhl Investors and Saturday Properties is named as the preferred
development partner. This designation shall expire in 120 days if a Term Sheet has not
been completed.
2) The preferred development partner is authorized to prepare and present concept plans
showing potential redevelopment on the Authority's property.
3) Staff is directed to negotiate a detailed term sheet based on the concept submitted by
Buhl Investors and Saturday Properties for further consideration by the Authority.
4) Staff is authorized to engage legal and public finance advisors, as necessary to prepare
the term sheet.
5) Staff is further authorized to conduct a preliminary traffic study to investigate the
potential impact of redeveloping parcels owned by the Authori'ty.
Dated: December 20, 2016
Attest: L�,� /
Ann Swenson, Secretary James B. Hovland, Chair
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS
CITY OF EDINA )
CERTIFICATE OF EXECUTIVE DIRECTOR
I, the undersigned duly appointed and acting Executive Director for the Edina Housing and Redevelopment
Authority do hereby certify that the attached and foregoing Resolution is a true and correct copy of the Resolution
duly adopted by the Edina Housing and Redevelopment Authority at its Regular Meeting of December 20, 2016,
and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City thisday of �D
4E if cot -IF
Sc , Executive Director