HomeMy WebLinkAbout2022-10-18 City Council Work Session MinutesADJOURNMENT
Mayor Hovland adjourned the meeting at 6:36pm.
Respectfully submitted,
Noel Mills, Deputy City Clerk
Minutes approved by the Edina City Council, November I, 20
am = ovland, Mayor
MINUTES
OF THE EDINA CITY COUNCIL
WORK SESSION
COMMUNITY ROOM, CITY HALL
TUESDAY, OCTOBER I8, 2022
5:30 P.M.
CALL TO ORDER
Mayor Hovland called the meeting to order at 5:35 pm
ROLL CALL
Answering roll call were Members Anderson, Jackson, Staunton; Mayor Hovland
Absent: Member Pierce (arrived at 6: I I pm)
Staff in attendance: Scott Neal, City Manager; Gillian Straub, City Management Fellow; Ryan Browning, I.T.
Director; Stephanie Hawkinson, Affordable Housing Development Manager
HOUSING IMPROVEMENT AREA POLICY AND FINANCING REVIEW
Stephanie Hawkinson, Affordable Housing Development Manager, presented on the concept of Housing
Improvement Areas. Nick Anhut, City Financial Advisor, Ehlers, presented on Housing Improvement Area
financing. Anhut described the differences between revenue bonds and general obligation bonds. He then
outlined the financing option of using internal funds. Anhut described risks of Housing Improvement Areas as
well as potential risk mitigation and reviewed the City's key debt credit ratios and scores. Hawkinson explained
that Housing Improvement Areas are a topic of conversation because many of the 66 townhome and condo
associations have aging housing infrastructure. Edina West has a $5 million project for which they may submit a
Housing Improvement Area application.
Hawkinson, Anhut, and Jay Lindgren, City's Legal Advisor, Dorsey & Whitney, answered questions from City
Council.