HomeMy WebLinkAbout2012-03-27 Sp Mtng MINUTES
OF THE SPECIAL MEETING OF THE
EDINA CITY COUNCIL
HELD AT CITY HALL
MARCH 27,2012
4:08 P.M.
Mayor Hovland called the meeting to order at 4:08 p.m. in the Council Chambers of City Hall.Answering rollcall
were Members Bennett, Brindle, Swenson, Sprague and Mayor Hovland.
Staff attending the meeting included: Scott Neal, City Manager; Karen Kurt, Assistant City Manager; John
Wallin, Finance Director; Bob Wilson, City Assessor and Debra Mangen, City Clerk. Consultants in attendance
were: Mark Ruff and Jessica Cook of Ehlers and Associates and Jay Lindgren of Dorsey&Whitney LLP.
Mayor Hovland said the purpose of the special meeting was to receive an update of the proposed
development agreement with Simon Properties.
Manager Neal reviewed the potential development agreement with Simon Properties for the Mayor and
Council. It was noted that the City would provide a $5,000,000 no interest loan to be paid back over a period
of eight years. Simon Properties would have the Tax Increment generated by the new development district
available to utilize for repayment of the loan, but would be responsible for repayment regardless of whether
any TIF were generated. In addition, the City would receive a permanent easement for the water treatment
facility and a transit easement. For receipt of the public transit easement, $250,000 of the loan would be
forgiven. In order for Simon to receive the loan, they must begin construction by July 1, 2012. In addition,
Simon must spend at least$14,000,000 on common area improvements to Southdale (not finishes to leasehold
or tenant improvements) before December 31, 2012 in order to receive the loan.
The Mayor and Council discussed their areas of concern and gave direction to staff. The Development
Agreement will be acted upon at the Council's April 17, 2012 meeting.
Mayor Hovland adjourned the meeting at 5:35 p.m.
Respectfully submitted, J �.
Debra Ma gen, i Clerk
Minutes approved by Edina City Council,April 3, 2012
James B. Hovland, Mayor