HomeMy WebLinkAbout19890619_joint250 MINUTES OF THE JOINT mTMG OF THE
EDINA HOUSING AND REDEVELOPMENT AUTBORITY/CITY COUNCIL
HELD AT EDINA CITY HAIL
.JUNE 19, 1989
A joint meeting of the Edina Housing and Redevelopment Authority and the City
Council was convened to consider concurrently: 1) Edina Homestead Development, and
2) Release of Reverter - Centennial Lakes Plaza.
Council as required and recorded.
R0I;LCBI;L Answering rollcall were Commissioners/Members Kelly, Paulus, Rice, Smith
and Richards.
IfIXUTES of the Joint HRA/CouncilMeeting of Hay 1, 1989 were approved as submitted
by motion of Commissionerflember Smith, seconded by Commissionerflember Paulus.
Action was taken by the HRA and
Ayes: Kelly, Paulus, Rice, Smith, Richards
Motion carried.
EDINA HOMESTEAD DEVELO- - RPI SERVICES - Motion was made by
Commissionerflember Smith, and seconded by Commissionerflember Kelly to continue
the public hearing on final rezoning, final plat and tax increment financing
assistance for Edina Homestead Development to the meeting of July 10, 1989.
Ayes: Kelly, Paulus, Rice, Smith, Richards
Motion carried.
RELEBSE OF REVERTEX - CENTENNIBL LAKES PLAZA AUTEIORIZED Executive Director
Hughes recalled that the Centennial Lakes Redevelopment Agreements include a
reverter clause on all private developments.
ownership of private properties reverts to the Edina €IRA in the event that private
development is not started, or if started, it does not proceed to completion. The
retail developer is now requesting that the reverter, as it relates to Centennial
Lakes Plaza, be released.
Staff believes that this request is reasonable, given the fact that construction
has started or will shortly start on all phases of the retail project. Therefore,
the likelihood that the reverter would be exercised at this stage of construction
is extremely remote. It is recommended that the reverter be released with respect
to the Centennial Lakes Plaza property upon issuance of the final building permit
for this pro j ect .
Pursuant to this provision, the
Commissioner Smith introduced the following resolution and moved adoption:
BE IT RESOLVED by the Housing and Redevelopment Authority of Edina, Minnesota,
that it hereby waives and releases the reverter clause included in the
redevelopment agreement for Centennial Lakes as it pertains to the Centennial
Lakes Plaza project.
Commissioner Rice.
RESOLUTION
Motion for adoption of the resolution was seconded by
Ayes: Kelly, Paulus, Rice, Smith, Richards
Resolution adopted.
There being no further business
Commissioner Rice vas seconded
Motion carried unanimously.
on the joint
by Commission