HomeMy WebLinkAbout2023-01-05 HRA Regular Meeting PacketAg enda
E dina H ousing and R edevelopm ent Author ity
City of E dina, Minnesota
City Hall, Council Chambers
Thursday, January 5, 2023
7:30 AM
Watch the m eeting on cable TV or at EdinaMN.gov/LiveMeeting s or
Facebook.com /EdinaMN.
To Participate in Comm unity Comm ent
Call 786-496-5601
E nter Conference PIN 2553326#
Press *1 on your telephone keypad when you would like to get in the queue to speak.
An operator will introduce you when it is your turn.
I.Call to Ord er
II.Roll Call
III.Pledge of Allegia n ce
IV.Ap p roval of Meetin g Agen d a
V.Com m unity Com m en t
Du ring "Com m unity Com m en t," th e Edin a Housing and Redevelop m ent
Au thority (HRA) will in vite resid ents to sh are new issues or con cern s tha t
h aven't been con sid ered in th e p ast 30 da y s b y th e HRA or w h ich a ren't
slated for fu ture consideration . Individ u als m u st lim it their com m ents to
three m inutes. Th e Ch air m a y lim it the num ber of sp ea kers on th e sa m e
issue in th e interest of tim e a n d topic. Gen era lly sp ea king, item s tha t are
elsewhere on tod ay's a genda m a y not b e addressed d u ring Com m unity
Com m en t. In d ividua ls sh ould not expect th e Ch air or Com m issioners to
resp ond to th eir com m en ts toda y . Instead the Com m issioners m ight refer the
m atter to sta. for consideration a t a fu ture m eeting.
A.E xecu tive Director's Resp onse to Com m u n ity Com m ents
VI.Ad option of Con sen t Agenda
All a genda item s listed on the consent a genda a re con sid ered rou tin e and
will be en acted by one m otion. There will be no sepa rate d iscussion of such
item s unless requested to be rem oved from the Con sen t Agenda by a
Com m ission er of the HRA. In su ch ca ses the item w ill b e rem oved from th e
Consent Agen d a and con sid ered im m ediately follow ing the a d option of th e
Consent Agen d a. (Fa vorable rollcall vote of m a jority of Com m issioners
p resent to approve.)
A.Dra ft Min u tes of the Special Meetin g Decem b er 6, 2022
B.Dra ft Min u tes of the Regu la r Meetin g Decem b er 8, 2022
C.Dra ft Min u tes of the Special Meetin g Decem b er 20, 2022
D.E lection of O7 cers
E.Appointm ent of th e Executive Director of the HRA
F.Resolution No. 2023-01: Designa tin g O7 cial Newsp aper
G.Resolution No. 2023-02: Designa tin g O7 cial Dep ositories
VII.Reports/Recom m enda tions: (Favora b le vote of m ajority of Com m ission ers
p resent to approve excep t where n oted)
A.2022 Year in Review
B.In trod u ction to HRA, Econom ic Develop m ent a n d A.orda b le Hou sin g
C.Forecast of 2023 HRA Activities
VIII.Executive Director's Com m ents
A.By-La w Review
IX.HRA Com m issioners' Com m en ts
X.Ad jou rn m ent
Th e E d ina Housing a n d Redevelop m ent Au thority wa n ts all pa rticip ants to be
com fortable b ein g pa rt of th e p u b lic p rocess. If y ou n ee d a ssista n ce in the w a y of
h ea ring am pli@ca tion, a n in terp reter, large-p rint docum en ts or som ethin g else,
p lease ca ll 952-927-8861 72 hou rs in advance of the m eeting.
Date: January 5, 2023 Agenda Item #: V.A.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
O ther
F rom:Liz O ls on, Administrative S upport S pecialist
Item Activity:
Subject:Exec utive Director's R espons e to C ommunity
C omments
Information
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
None.
I N TR O D U C TI O N:
No questions were asked at the previous H R A meeting for E xecutive D irector Neal to respond to.
Date: January 5, 2023 Agenda Item #: VI.A.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
Minutes
F rom:Liz O ls on, Administrative S upport S pecialist
Item Activity:
Subject:Draft Minutes of the S pec ial Meeting December 6,
2022
Action
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
Approve the draft minutes of the special H R A meeting December 6, 2022.
I N TR O D U C TI O N:
Date: January 5, 2023 Agenda Item #: VI.B.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
Minutes
F rom:Liz O ls on, Administrative S upport S pecialist
Item Activity:
Subject:Draft Minutes of the R egular Meeting Dec ember 8,
2022
Ac tion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
Approve the draft minutes of the regular H R A meeting D ecember 8, 2022.
I N TR O D U C TI O N:
AT TAC HME N T S:
Description
2022-12-08 DRAFT HRA Regular Minutes
Page 1
MINUTES
OF THE REGULAR MEETING OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
DECEMBER 8, 2022
7:30 A.M.
I. CALL TO ORDER
Vice Chair Anderson called the meeting to order at 7:34 a.m. then explained the processes created
for public comment.
II. ROLLCALL
Answering rollcall were Commissioners Jackson, Pierce, Staunton, and Vice Chair Anderson.
Absent: Chair Hovland.
III. PLEDGE OF ALLEGIANCE
IV. MEETING AGENDA APPROVED - AS PRESENTED
Motion by Commissioner Pierce, seconded by Commissioner Jackson, approving the
meeting agenda as presented.
Roll call:
Ayes: Anderson, Jackson, Pierce, and Staunton
Motion carried.
V. COMMUNITY COMMENT
No one appeared.
VI. CONSENT AGENDA ADOPTED - AS PRESENTED
Member Jackson made a motion, seconded by Member Staunton, approving the
consent agenda as presented:
V.A. Approve Draft Minutes of the Regular Meeting of November 17, 2022
V.B. Approve 2023 Calendar of Meeting and Religious Observance Dates
V.C. Approve Entering into a Master Services Agreement with The Financial Services
Consulting Group
V.D. Request for Purchase, Change Order #1 Eden Avenue Landscaping, awarding
the bid to the recommended low bidder, Peterson Companies, to change
substantial completion date to June 1, 2023
V.E. Request for Purchase, Change Order #1 Eden Avenue Improvements, awarding
the bid to the recommended low bidder, S.M. Hentges and Sons, to change
substantial completion date to June 1, 2023
V.F. Request for Purchase, Change Order #1 Grandview Pedestrian Bridge, awarding
the bid to the recommended low bidder, Pember Companies, to change
substantial completion date to July 28, 2023
Rollcall:
Ayes: Anderson, Jackson, Pierce, and Staunton
Motion carried.
VII. REPORTS AND RECOMMENDATIONS
VII.A. REDEVELOPMENT AGREEMENT FOR MULTIFAMILY HOUSING AT 4620 WEST
77TH STREET – APPROVED
Affordable Housing Development Manager Hawkinson said this item pertained to the use of public
financing to partially fund private redevelopment at 4620 West 77th Street. She shared comments
made by the Federal Reserve Bank of Minneapolis regarding the increasing cost of housing and its
impact to the Twin Cities economy then requested the Commission consider approval of the
Minutes/HRA/December 8, 2022
Page 2
redevelopment agreement for up to $9,351,000 in gap finance for 4620 West 77th Street. She said
the source of the loan would be Pentagon Park pooled TIF funds and SPARC. She reviewed the
current conditions of the site adjacent to the Fred Richards Park and the project that would include
276 new housing units with 28 units affordable at 50% AMI and an additional 110 units not to exceed
120% AMI. She shared more about the project that would include a public road, pedestrian and bike
baths to Fred Richards Park, then outlined the proposed funding, loan terms, public benefit of the
project, and proposed agreement in detail.
The HRA asked questions and provided feedback.
Motion by Commissioner Pierce, seconded by Commissioner Jackson, to approve the
Redevelopment Agreement for Multifamily Housing at 4620 West 77th Street as
presented.
Roll call:
Ayes: Anderson, Jackson, Pierce, and Staunton
Motion carried.
VII.B. AMENDMENTS TO NEW MULTIFAMILY AFFORDABLE HOUSING POLICY –
APPROVED
Ms. Hawkinson stated that based on the ever-changing housing market and after reviewing recent
housing proposals, staff proposed three changes to the New Multi-Family Affordable Housing Policy:
increase the Buy-in from $125,000 per unit to $175,000 per unit; require the inclusion of affordable
units if the top half of the density range is requested; and require cooperation with the City
designated compliance officer. She said the policy was initially approved in 2015 with changes that
had occurred over time which included rents and incomes adjusted annually, then reviewed the
proposed changes in detail.
Executive Director Neal shared background regarding being the first city in Minnesota to require a
buy-in amount and how over time developers were receptive to the amount and that $175,000 was
appropriate.
The HRA asked questions and provided feedback.
Motion by Commissioner Jackson, seconded by Commissioner Pierce, to approve the
proposed amendments to the new Multifamily Affordable Housing Policy as presented.
Roll call:
Ayes: Anderson, Jackson, Pierce, and Staunton
Motion carried.
VIII. EXECUTIVE DIRECTOR’S COMMENTS – Received
IX. HRA COMMISSIONER COMMENTS – Received
X. ADJOURNMENT
Motion made by Commissioner Jackson, seconded by Commissioner Pierce, to adjourn
the meeting at 8:34 a.m.
Roll call:
Ayes: Anderson, Jackson, Pierce, and Staunton
Motion carried.
Respectfully submitted,
Scott Neal, Executive Director
Date: January 5, 2023 Agenda Item #: VI.C .
To:C hair & C ommis s ioners of the Edina HR A Item Type:
Minutes
F rom:Liz O ls on, Administrative S upport S pecialist
Item Activity:
Subject:Draft Minutes of the S pec ial Meeting December 20,
2022
Action
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
Approve the draft minutes of the special H R A meeting December 20, 2022.
I N TR O D U C TI O N:
AT TAC HME N T S:
Description
Draft Minutes of the Special Meeting December 20, 2022
Page 1
MINUTES
OF THE SPECIAL MEETING OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
DECEMBER 20, 2022
IMMEDIATELY FOLLOWING THE REGULAR MEETING
I. CALL TO ORDER
Chair Hovland called the meeting to order at 8:55 p.m. then explained the processes created for
public comment.
II. ROLLCALL
Answering rollcall were Chair Hovland, Commissioners Anderson, Jackson, Pierce, and Staunton.
Absent: None.
III. MEETING AGENDA APPROVED – AS PRESENTED
Motion by Commissioner Jackson, seconded by Commissioner Pierce, approving the
meeting agenda as presented.
Roll call:
Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland
Motion carried.
IV. COMMUNITY COMMENT
No one appeared.
V. CONSENT AGENDA ADOPTED – AS PRESENTED
Motion by Commissioner Jackson, seconded by Commissioner Staunton, approving
the consent agenda as presented:
V.A. Approve Tax Increment Financing Policy
Rollcall:
Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland
Motion carried.
VI. REPORTS AND RECOMMENDATIONS
VI.A. RESOLUTION NO. 2022-11, SETTING 2023 TAX LEVY AND ADOPTING 2023
OPERATING BUDGET – ADOPTED
Executive Director Neal said the HRA was a separate taxing authority formed by the City Council
in 1974. The purpose of the levy was to pay a portion of the administrative expenses and other
economic initiatives that were necessary to operate the HRA including the City's renewed efforts
to create affordable housing. Historically those expenses had been paid using TIF funds. He said
continuing with the plan to reduce the reliance on TIF funds, the levy proposed for 2023 was an
increase from $237,300 in 2022 to $244,400, which was the same as the preliminary amount
approved by the HRA on September 15. He noted a public hearing on December 6 with no
comments and that staff recommended approval.
Commissioner Jackson introduced and moved adoption of Resolution 2022-11,
adopting the budget and setting the tax levy payable in 2023. Commissioner Staunton
seconded the motion
Roll call:
Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland
Motion carried.
VII. EXECUTIVE DIRECTOR’S COMMENTS – Received
Minutes/HRA/December 20, 2022
Page 2
VIII. HRA COMMISSIONER COMMENTS – Received
IX. ADJOURNMENT
Motion by Commissioner Jackson, seconded by Commissioner Anderson, to adjourn
the meeting at 9:05 p.m.
Roll call:
Ayes: Anderson, Jackson, Pierce, Staunton, and Hovland
Motion carried.
Respectfully submitted,
Scott Neal, Executive Director
Date: January 5, 2023 Agenda Item #: VI.D.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:S cott H. Neal, C ity Manager
Item Activity:
Subject:Election of O fficers Ac tion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
M otion to approve the election of officers as stated with, M ayor as C hair, J ackson as Vice, P ierce as Secretary of
the H R A.
I N TR O D U C TI O N:
T he by-laws of the H R A provide for the designation of officers. T he Chair presides at the meetings and executes
all contracts. T he Vice C hair steps in during times when the C hair is unavailable. T he S ecretary co-signs all
contracts.
Date: January 5, 2023 Agenda Item #: VI.E.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:S cott H. Neal, C ity Manager
Item Activity:
Subject:Appointment of the Executive Direc tor of the HR A Ac tion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
M otion to appoint City Manager S cott N eal as Executive Director of the H R A.
I N TR O D U C TI O N:
T he City Council previously designated me as Executive Director of the H R A. I request the C ouncil affirm this
designation with the requested motion. T he proposed term of this appointment will be concurrent with my
employment as C ity M anager.
Date: January 5, 2023 Agenda Item #: VI.F.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:Liz O ls on, Administrative S upport S pecialist
Item Activity:
Subject:R es olution No. 2023-01: Designating O fficial
Newspaper
Ac tion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
Adopt R esolution No. 2023-01 designating the E dina S un-Current as the official newspaper for the Housing and
R edevelopment Authority (H R A) for 2023.
I N TR O D U C TI O N:
S taff recommends C ouncil designate the E dina S un C urrent as the official newspaper of the H R A for 2023.
T he Sun-C urrent rates for public notices for 2023 are the same as 2022.
All published public notices are posted on the Sun-C urrent's website www.current.mnsun.com, at no additional
charge.
AT TAC HME N T S:
Description
Resolution No. 2023-01: Designating Official Newspaper
RESOLUTION NO. 2023-01
DESIGNATING OFFICIAL NEWSPAPER
BE IT RESOLVED by the Edina Housing & Redevelopment Authority of the City of Edina, Minnesota, that the
Edina Sun-Current is hereby designated as the Official Newspaper for the Edina Housing & Redevelopment
Authority for the year 2023.
Passed and adopted this 5th day of January 2023.
Attest:
James Pierce, 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 & Redevelopment
Authority do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina Housing
& Redevelopment Authority at its Regular Meeting of January 5, 2023, and as recorded in the Minutes of said
Regular Meeting.
WITNESS my hand and seal of said City this ______________ day of ___________________,
____________.
Executive Director
Date: January 5, 2023 Agenda Item #: VI.G .
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:Liz O ls on, Administrative S upport S pecialist
Item Activity:
Subject:R es olution No. 2023-02: Designating O fficial
Depos itories
Ac tion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
Adopt R esolution No. 2023-02 designating official depositories for the H ousing and Redevelopment Authority
(H R A) for 2023.
I N TR O D U C TI O N:
S ee R esolution No. 2023-02 designating official depositories for 2023.
AT TAC HME N T S:
Description
HRA Res 2023-02 Des ignating Official Depositories
RESOLUTION NO. 2023-02
DESIGNATING OFFICIAL DEPOSITORIES
BE IT RESOLVED that U.S. Bank, Crown Bank and Tradition Capital Bank, are hereby authorized
to do banking business in Minnesota, be and are hereby designated as Official Depositories for the Public
Funds of the Edina Housing and Redevelopment Authority, City of Edina, County of Hennepin, Minnesota
until January 1, 2024.
Dated: January 5, 2023
Attest:
James Pierce, 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 was duly adopted by the Edina
Housing and Redevelopment Authority at its Regular Meeting of January 5, 2023, and as recorded in the
Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this ______________ day of ___________________,
____________.
Executive Director
Date: January 5, 2023 Agenda Item #: VI I.A.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:2022 Year in R eview Disc ussion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
No action required; for informational and discussion purposes only.
I N TR O D U C TI O N:
Each year, the City staff creates a Year in R eview report that summarizes the recent work of the H R A and
includes a year end status update of H R A programs.
S taff will summarize the Year in Review report and be available to answer questions.
No formal action is required.
AT TAC HME N T S:
Description
HRA Year in Review 2022
HOUSING AND REDEVELOPMENT AUTHORITY
2022 - YEAR IN REVIEW
OVERVIEW
The Edina Housing and Redevelopment Authority (HRA) was established in 1974 for the purpose of undertaking
urban redevelopment projects and assisting with the development of affordable housing. The members of the Edina
City Council serve as Commissions of the Board of the HRA. The Edina City Manager serves as Executive Director
of the HRA. From time to time, additional services are provided to the HRA by City staff as part of their regular
job duties.
The HRA also uses third-party professionals to provide expertise matters of interest including the preparation of
legal and financial agreements and to provide required monitoring and reporting oversight.
This report has been prepared by City of Edina staff to highlight activities and accomplishments in the past year.
This report also contains updated project information that may shape upcoming activities and programs of the HRA.
2022 HRA COMMISSIONERS
The members of the Edina City Council also serve as the Board of Commissioners of the HRA.
• James Hovland, Chair
• Ron Anderson, Vice Chair
• Carolyn Jackson
• James Pierce, Secretary
• Kevin Staunton
2022 ACCOMPLISHMENTS
• Negotiated TIF Redevelopment Agreement with Mortenson Development and Orion Investment to
redevelop an aging commercial property at 7001 France Avenue in a manner that transforms the site into
four smaller parcels as envisioned in the Greater Southdale Plan. This redevelopment project includes
$254 million in private investment, creates new housing, new commercial space and provides new public
parking and new public realm areas.
• Negotiated TIF Redevelopment Agreement with Solhem Companies to transform a vacant office parcel at
4620 W. 77th Street into new mixed-income housing with multiple new public real connections to Fred
Richards Park.
2022 Edina HRA – Year in Review Page 2
• Executed financing agreements and started construction of Cornelia View Senior Apartments by Edina
Housing Foundation / Lupe Development / Ecumen / Frana Construction. This project is located at 4040
W. 70th St. and includes 118 new units of age restricted affordable housing.
• Completed the construction of 70 new affordable housing units at 4100 W. 76th Street by Aeon (The
Sound on 76th).
• Executed grant and loan agreements with the property owner and tenant to renovate and re-open the
vacant Edina Theater on W. 50th Street. The theater re-opened to the public on October 1, 2022.
• Executed loan agreement with the Edina Chamber of Commerce to construct new facilities for the Edina
Innovation Lab at 7201 Metro Blvd.
• Updated the City’s policy regarding the use of Tax Increment Financing
• Updated the City’s policy regarding New Multifamily Affordable Housing
• Executed sales contracts with United Properties and Jester Concepts to redevelop portions of the vacant
property at 5146 Eden Avenue.
• Secured preliminary rezoning and site plan approvals for the new Grandview Yard redevelopment at 5146
Eden Avenue to include new for-sale senior housing, new restaurant with indoor/outdoor dining and new
public park/green space in the center of the Grandview District.
• Completed the roadway and intersection improvements funded by the Grandview 2 TIF District with
additional elements anticipated to be completed in 2023.
• Continued the Emergency Rental Assistance Program using ARPA funds in 2022
• Closed on 16 “Come Home 2 Edina” second mortgages (a program of Edina Housing Foundation) of
which 5 also used Edina’s First Generation homebuying mortgage program.
• Completed rehabilitation projects at 20 houses using Edina’s Housing Rehabilitation Program.
• Assisted Homes Within Reach (a West Hennepin Affordable Housing Land Trust program) in acquiring an
additional five houses to be rehabilitated and placed into a 99-year ground lease. Five homes using this
program were sold to end-buyers. The remaining three homes are in the process of being rehabbed and
are anticipated to be sold in 2023.
• Assisted Metropolitan Council’s HRA with the acquisition of three additional Edina homes to be placed in
their Family Affordable Housing Program.
2022 Edina HRA – Year in Review Page 3
CITY STAFF SUPPORT
The HRA does not directly employ any staff. Administrative support for the HRA is carried out by members of
the City staff. These HRA duties are in addition to the other duties carried out by City staff. City staff includes:
• Scott Neal, City Manager and HRA Executive
Director
• Stephanie Hawkinson, Affordable Housing
Development Manager
• Addison, Lewis, Community Development
Coordinator
• Bill Neuendorf, Economic Development Manager
• Chad Milner, City Engineer
• Alisha McAndrews, Finance Director
• Liz Olson, Administrative Support Specialist
• Pa Thao, Assistant Finance Director
• Cary Teague, Community Development Director
External Support, as needed
• Affordable Housing Connections – affordable housing compliance advisors
• Campbell Knutson – general legal advisors
• Dorsey & Whitney – redevelopment legal advisors
• Edina Housing Foundation – affordable housing policy advisor and manager of mortgage programs
• Ehlers Associates – financial advisors
OVERVIEW OF REDEVELOPMENT ACTIVITY
As the national and local economy emerged from the COVID-19 pandemic, , new construction and
redevelopment efforts continued in 2022. New rental housing continued to be desirable in the marketplace with
new apartments at a wide variety of price points being constructed, leased and in various stages of the
development pipeline. Retail leasing also continues with low vacancy rates noted at 50th & France and many local
shopping centers. Retail leasing continues to lag at Southdale Center.
Most redevelopment in Edina occurs on properties that were originally developed 50 or more years ago. The
aging structures on these properties typically have not kept pace with the needs or expectations of the current
marketplace.
Most redevelopment in Edina is privately funded. The HRA does participate in project financing when the project
is determined to be unfeasible without local public intervention and when the proposed project delivers long-term
community benefits. Most of the 60+ major redevelopment projects constructed since the recovery from the
Great Recession have been privately funded.
TAX INCREMENT FINANCING DISTRICTS
As of year-end 2022, Edina has eleven active TIF districts. One new TIF Districts was established this year. The
Southdale 2 TIF District was de-certified at year end 2021 and is no longer active. Key details of Edina’s active TIF
districts are summarized below:
2022 Edina HRA – Year in Review Page 4
Name Type Size
(acres)
Year
Established
First
Collection
Expiration
Year
4040 W. 70th Street Special Housing, 20-years 1.58 2021 2025 2045
44th and France 2 Renewal, 15-years 1.0 2018 2021 2036
50th and France 2 Redevelopment, 25-years 2.8 2017 2020 2045
70th and France Renewal, 15-years 5.8 2022 2026 2041
72nd and France Special Housing, 20-years 5.2 2019 2023 2043
Amundson Avenue Special Housing, 20-years 1.2 2019 2022 2042
Eden Willson Redevelopment, 25-years 11.9 2021 2025 2050
Grandview 2 Redevelopment, 25-years 10.8 2016 2020 2045
66 West Housing – 25 years 0.9 2016 2019 2044
West 76th Street Special Housing, 20-years 2.0 2018 2022 2042
Pentagon Park Redevelopment, 25-years 47 2014 2018 2043
In general, Edina uses TIF to a lesser extent than neighboring communities. For property taxes paid in 2022, only
1.1% of the Edina’s property tax base was included in a TIF District. This is a decrease from the 5.0% in 2021, due
to the de-certification of the Southdale 2 District. Maps and graphs to illustrate the use of TIF in Edina are
attached as Exhibits A and B.
More detailed information regarding each TIF District is contained in the Annual Report submitted to Minnesota’s
Office of the State Auditor in July. Those reports are available upon request.
INCREMENTAL PROPERTY TAX COLLECTIONS
Incremental property taxes are being collected in 6 of the 11 TIF Districts. This amount is calculated by Hennepin
County. The amount collected in each District is summarized below. The 2022 estimates are based on the most
recent information available from Hennepin County. These figures may adjust slightly if Hennepin County provides
a final distribution.
It should be noted that these “incremental” taxes do not include the base property taxes that are distributed to
each of the taxing districts like the County, City and School Districts. Similarly, the amounts shown below do not
include other taxes paid by commercial and industrial property owners that are distributed to the State of
Minnesota and contributed into the fiscal disparity pool that is shared with other municipalities in the Twin Cities
metro region.
TIF District Name & Number 2019 2020 2021 2022
Southdale 2 INACTIVE (#1208-1209-1210) $6,104,336 $5,751,287 $6,670,723 NA
Pentagon Park (#1211) $445,174 $380,452 $529,365 $534,592
Grandview 2 (#1212-1213) $77,768 $183,889 $534,481 $576,949
66 West (#1214) $610 $2,736 $15,813 $7,982
50th & France 2 (#1215) NA $59,476 $496,140 $607,283
44th & France 2 (#1216) NA NA $38,786 $219,440
2022 Edina HRA – Year in Review Page 5
TIF District Name & Number 2019 2020 2021 2022
70th & France (#TBD) NA NA NA NA
72nd & France (#1218) NA NA NA NA
West 76th St (#1217) NA NA NA NA
Amundson (#1219) NA NA NA $22,698
4040 W. 70th Street (# TBD) NA NA NA NA
Eden Willson (# TBD) NA NA NA NA
Source: Hennepin County Tax Increment Finance Settlement statements dated 11-20-2022
POOLED INCREMENT AVAILABLE FOR AFFORDABLE HOUSING
PROJECTS & RELATED EXPENSES
Minnesota statutes allow a portion of the incremental taxes to be pooled within or outside the boundaries of the
TIF District to support other qualified expenses. Edina’s TIF policy recommends that incremental taxes not
needed to pay debt obligations be pooled to support affordable housing in Edina. The following table summarize
the monies currently available to pool.
TIF District Name & Number 2022
Southdale 2 INACTIVE (#1208-1209-1210) NA
66 West (#1214) $0 *
72nd & France (#1218) NA
West 76th St (#1217) NA
Amundson (#1219) $22,698
4040 W. 70th Street (#TBD) NA
* Increment anticipated to be used to repay outstanding debt to Southdale 2 rather than pooled to new
affordable housing expenses
HRA INTERFUND LOANS
From time-to-time, funds from one HRA account are loaned to another account. Current interfund loans are
identified below.
Borrowed
From
Loaned
to Purpose and Date Principal
Amount Interest Status
Centennial
Lakes Fund
Southdale
2 Fund
Loan to Simon Properties,
4-17-2012 $5,100,000 4.0 % HRA Res. 2012-07; Loan
repaid in full 12/31/2021
Centennial
Lakes Fund
Grandview
2 Fund
Redevelopment planning,
7-17-2018 $500,000 4.0 % Res. 2018-64; Active
Centennial
Lakes Fund
Pentagon
Park Fund
Start up funding , 7-21-
2015 $100,000 0.0 % Res. 2015-75; repaid in full
in 2020
Centennial
Lakes Fund
50th &
France 2
Fund
Building demolition and
expansion of North
Parking Ramp, 10-17-2017
$4,150,000 4.0 % HRA Res. 2017-08; Active
2022 Edina HRA – Year in Review Page 6
Borrowed
From
Loaned
to Purpose and Date Principal
Amount Interest Status
Centennial
Lakes Fund
Eden
Willson
Engineering design for
upcoming roadway
improvements, 9-7-2022
$500,000 4.0 % HRA Res. 2022-09; Active
Southdale 2
Fund
66 West
Fund
Loan to support
construction of affordable
housing at 3330 W. 66th
Street
$275,000 0.0 %
HRA RDA 4-5-2016; Active;
Repaid $10,000 in 2021 and
will make similar payment
for 2022
TIF NOTES ISSUED TO PRIVATE DEVELOPERS
When Edina uses Tax Increment Financing for privately owned projects, TIF Notes are usually pledged. The Notes
are payable only after successful completion of the project. This method retains the financial risk with the real
estate developer. If the project is not successfully completed, the City/HRA are not responsible for payments on
the Note. The status of current TIF Notes issued to private developers is summarized in the following table.
TIF
District
Private
Developer &
Date of
Agreement
Total
Private
Investment
Description
of Pledge
(Principal &
Interest Rate)
Status of TIF Pledge
Completion
Certificate
Issued
Note
Issued
Interest
Bearing
Paya
ble
Pentagon
Park
Solomon Real Estate
/ Hillcrest
Development dba
Pentagon Village
LLC (10-16-2018)
Approx
$20 M as of
2019 (not
including new
housing by
other
developer)
Note A: $9.0
M; 6.0% 7-9-19 7-12-19
Yes
beginning
8-1-2020
Yes
Note B:
$5.4M; 6.0% 7-9-19 7-12-19
Yes
beginning
8-1-2020
Yes
Note C: $3.7
M; 6.0% 7-9-19 7-12-19 No No
Solhem Companies
dba 4620 LLC (12-
20-2022)
$84.9 M est. $7.35 M; 6.0%
PENDING Pending Pending No No
Grand
view 2 NONE NA NA NA NA NA NA
66 West
Beacon Interfaith
Housing
Collaborative (4-5-
2016)
$10.5 M $550,000* 6-6-2017 NA NA NA
50th &
France 2
Buhl Investors and
Saturday Properties
dba Edina Market
Street, LLC (6-27-17)
$78.5 M $10.1 M; 6.0% 1-31-2021 1-11-
2018
Yes
Beginning
1-31-2021
Yes
2022 Edina HRA – Year in Review Page 7
TIF
District
Private
Developer &
Date of
Agreement
Total
Private
Investment
Description
of Pledge
(Principal &
Interest Rate)
Status of TIF Pledge
Completion
Certificate
Issued
Note
Issued
Interest
Bearing
Paya
ble
44th &
France 2
Orion Investments
and United
Properties dba
Orion 4500 France,
LLC (12-18-2018)
$30.5 M $2.295 M;
5.0% 5-10-2021 5-10-
2021
Yes
beginning
5-10-2021
Yes
70th &
France
Site A: MDI France
Avenue, LLC aka
Mortenson
Development (6-30-
2022)
$138.7 M
est.
NTE $5.0 M;
4.25%
PENDING
Pending Pending No No
Sites B & C: MDI
France Avenue, LLC
aka Mortenson
Development
and/or Orion
Investments (6-30-
2022)
$115.3 M
est.
NTE $17.0 M;
4.25%
PENDING
Pending Pending No No
72nd &
France
France Equities,
France Equities II
and CPEC Exchange
39560 & 39561 LLC
(4-16-2019)
$0
In default
NTE $ 12 M;
NTE 5.5% In default In
default No No
West 76th
St
AEON dba The
Sound on 76th
Limited Partnership
(1-14-2021)
$23.7 M $798,000;
4.25%
Anticipated
2023
Anticipated
2023 No No
Amund-
son NONE NA NA NA NA NA NA
4040 W.
70th Street
Lupe / Ecumen dba
4040 West 70th
Street Apartments
(4-7-2022)
$32.97 M
est
$1.503 M;
4.0%
Pending
Pending Anticipated
2024 No No
Eden
Willson
Reuter Walton dba
Eden Avenue
Group, LLC (11-3-
2021)
$84 M
est
NTE $5.1 M;
NTE 4.0%
Anticipated
2024
Anticipated
2024 No No
* Agreement with Beacon Interfaith was for two payments upon closing and upon completion of building shell of affordable
housing development
2022 Edina HRA – Year in Review Page 8
PAYMENTS MADE ON TIF NOTES
After a project is successfully completed and the project begins to pay incremental property taxes, the applicable
TIF Note becomes payable. Payments are typically made twice annually to reflect the property tax payment
structure in Hennepin County. The following table summarizes recent payments on current TIF Notes.
TIF
District Private Developer
Principal and
Interest Rate of
TIF Note
TIF Payments Made
Previous
(2020-21) 2022 Cumulative
Pentagon
Park
Solomon Real Estate /
Hillcrest Development dba
Pentagon Village LLC
$9.0 M; 6.0% $0 $199,677.73 $199,677.73
$5.4 M; 6.0% $0 $80,010.00 $80,010.00
$3.7 M; 6.0% $0 $0 $0
Solhem Cos dba 4620 LLC $7.35M; 6.0%
PENDING $0 $0 $0
Grandview
2 NONE NA NA NA NA
66 West Beacon Interfaith Housing
Collaborative NA NA NA NA
50th &
France 2
Buhl Investors and
Saturday Properties dba
Edina Market Street, LLC
$10.1 M; 6.0% $276,791.67 $273,277.39 $550,069.06
44th &
France 2
Orion Investments and
United Properties dba
Orion 4500 France, LLC
$2.295 M; 5.0% $17,453.57 $197,496.09 $214,949.66
70th &
France
Site A: MDI France, LLC
NTE $5.0 M;
4.25%
PENDING
NA NA NA
Site B & C: MDI France,
LLC
NTE $17.0 M;
4.25%
PENDING
NA NA NA
72nd &
France
France Equities, France
Equities II and CPEC
Exchange 39560 & 39561
LLC
None – In default NA NA NA
West 76th
St
AEON dba The Sound on
76th Limited Partnership $798,000; 4.25% $0 $0 $0
Amundson NONE NONE NA NA NA
4040 W.
70th Street
Lupe / Ecumen dba 4040
W 70th St Apartments LP
$1.503 M; 4.0%
PENDING $0 $0 $0
Eden
Willson
Reuter Walton dba Eden
Avenue Group, LLC
NTE $5.1 M with
interest NTE
4.0%
$0 $0 $0
* Per each TIF Redevelopment Agreement, payments are only due IF the property generates sufficient growth in property
taxes to make Note payments. If the property does not generate sufficient incremental property taxes, no payments are due.
2022 Edina HRA – Year in Review Page 9
OTHER INVESTMENTS MADE WITH TIF FUNDS
From time to time, the City/HRA provides financial support using special funding sources. These sources have
several restrictions based on the applicable Minnesota Statute(s). Two types of special sources include: Tax
Increment that has been “pooled” from one site or District to another; and SPARC funds which were originally
unallocated tax increment collected in Pentagon Park, Southdale 2 and 70th Cahill /Wooddale Valleyview.
These funds are also committed to advance community goals within the scope of the HRA. The recent and
anticipated payment obligations for these special funds are summarized in the following table.
Source
of Funds
Private Party
(Date of
Agreement)
Location and General
Description of Project and
Funding
Amount
and type Status
Southdale
2
(pooled)
AEON dba Villa
Nova Preservation
Joint Venture
(4-25-2019)
7008 Sandell – preservation of
11 units of affordable housing
$350,000
grant Completed in 2019.
MWF Properties
dba Amundson
Flats LP
(6-11-2020)
7075 Amundson Ave -
redevelopment of vacant
commercial site with 62 units
of mixed income affordable
housing; site was acquired by
HRA and resold at lower price
to make the project viable
$700,000
land write
down
Completed in 2021.
Edina Housing
Foundation
4040 W. 70th St – acquisition of
outdated office building for
redevelopment as permanent
affordable housing
$3,650,000
forgivable
loan
Acquisition completed in
2021. Construction in
progress
Lupe / Ecumen dba
4040 W 70th St
Apartments LP
4040 W. 70th St – development
of 118 units of affordable
senior housing
$1,336,901
deferred
mortgage
(40-years)
Project is under
construction in 2022.
AEON dba The
Sound on 76th LP
4100 W. 76th St –
redevelopment with 70 units of
mixed-income affordable
housing
$2,400,000
deferred
mortgage
(40-years)
Completed in 2022.
Metropolitan
Council HRA
(8-12-2021)
Funding for Family Affordable
Housing Program –acquisition
and rehabilitation of houses in
Edina which are leased at
affordable rates
$2,000,000
forgivable
loan (25-
years)
In progress.
66 West NA NA NA NA
Amund-
son NA NA NA NA
2022 Edina HRA – Year in Review Page 10
DEBT AND MAJOR CONSTRUCTION CONTRACTS ISSUED
From time to time, the City/HRA issues public debt and/or construction contracts related to redevelopment
efforts in TIF Districts. Depending on the scope of work, contracts for professional services like engineering,
architecture and construction administration are also awarded. The recent and anticipated payment obligations of
the TIF Districts are summarized in the following table. No such obligations have been made from the Southdale
2, Pentagon Park, 66 West, 50th & France 2, 44th & France 2, 70th & France, 72nd & France, West 76th Street,
Amundson and 4040 W. 70th Street TIF Districts.
Source
of Funds
Private Party
(Date of
Agreement)
Location and General
Description of Project and
Funding
Amount
and type Status
SPARC
Fund
(Unalloc-
ated TIF)
Mann Theatres dba
Brainerd
Entertainment aka
Edina Theaters
(9-7-2022)
3911 W. 50th St –$2.5M privately
financed complete renovation of
vacant theater including historic
sign; HRA funds forgivable after
Mann initiates the lease renewal
option; partially forgivable if lease
terminated earlier
$351,000
forgivable
loan
Project complete; theater
reopened 10-1-2022; Loan
funds issued Dec 2022
Edina Chamber of
Commerce aka
Edina Innovation
Lab (11-17-2022)
7201 Metro Blvd – Up to $800k
for construction build-out of
vacant office space; partially
forgivable if private fundraising and
MBE / WBE goals achieved
$800,000
loan with up
to $250k
forgivable
Lease executed 12-22-
2022; construction
scheduled to begin January
2023 with occupancy
anticipated by June 2023
Solhem Companies
dba 4620 LLC
(12-20-2022)
4620 W. 77th St – Redevelopment
of vacant office building with new
276 unit apartment project priced
for mixed-incomes. Site work
includes construction of a new
public roadway that connects W
77th St to the rear parking area
and to Fred Richards Park
$2.0 M
forgivable
loan as
needed for
construction
of public
roadway
Construction anticipated
to begin in 2023.
TIF
District
Private
Contractor (Name
& City)
Description of Work Contract
Amount
Date of
Contract Status
Grandview
2
S.M. Hentges &
Sons, Inc. (Jordan,
MN)
Roadway Improvements, including
Eden Ave, Brookside Ave. and
Eden/Arcadia intersection –
Completed 2022
$4,193,499 5-12-
2021
Work
partially
completed;
full
completion
expected in
2023
Restoration and
Construction
Services (Clearwater,
MN)
Parking wayfinding, Parking Structure
Improvements – Completed 2022 $523,575 5-12-
2021
2022 Edina HRA – Year in Review Page 11
TIF SPENDING – BUDGET VERSUS ACTUAL
When a TIF District is established, a budget is created based on the purpose and objectives of the individual TIF
District. The budget categories are established by the State of Minnesota. The budget amounts for each line item
are estimates only. The actual amount spent can be shifted among these line items provided that the total
cumulative expenditures do not exceed the total amount of the approved budget. The budgets of the active TIF
Districts are summarized in the following table. Three of the TIF Districts (70th and France, Eden/Willson and
4040 W. 70th St) have not begun to collect increment and have not incurred Project Costs per the OSA reporting
methodology. Details can be found in the TIF Reports submitted to the Minnesota Office of the State Auditor
(OSA) each summer.
TIF
District
(Approved
Date)
Approved TIF Plan Budget Cumulative
Project
Costs
(July 2021 OSA
report, Line
21)
TIF
Project
Costs
(Sub-Total)
Spending Categories for Project
Costs
Interest
Cost
Maximum
Total
Costs
Southdale
2 Inactive
(4-17-2012 to
9-9-2021)
32,448,409
Land/Building Acquisition; Site
Improvements / Preparation; Affordable
Housing; Utilities; Other Qualifying
Improvements; Administrative Costs 1,500,000 33,948,409 $7,452,059
(22% of Max)
Pentagon
Park
(2-18-2014)
90,545,791
Land/Building Acquisition; Site
Improvements / Preparation; Utilities;
Other Qualifying Improvements;
Administrative Costs 80,032,553 170,578,344 $18,280,919
(11% of Max)
Pember Companies
(Menomonie, WI) with
subcontractors
Pedestrian Bridge and sidewalk
between Parking Structure and
Arcadia Ave
$2,783,609 6-24-
2021
Eden
Willson
TBD Eden Ave improvements TBD TBD Anticipated
2023-25
TBD Grange Rd improvements TBD TBD Anticipated
2023-25
TBD 50th Street improvements TBD TBD Anticipated
2023-25
2022 Edina HRA – Year in Review Page 12
TIF
District
(Approved
Date)
Approved TIF Plan Budget Cumulative
Project
Costs
(July 2021 OSA
report, Line
21)
TIF
Project
Costs
(Sub-Total)
Spending Categories for Project
Costs
Interest
Cost
Maximum
Total
Costs
Grandview
2
(3-2-2016)
21,170.290
Land/Building Acquisition; Site
Improvements / Preparation; Utilities;
Other Qualifying Improvements;
Administrative Costs 14,556,934 35,727,224 $3,087,952
(9% of Max)
66 West
(4-5-2016) 597,575
Site Improvements / Preparation; Other
Qualifying Improvements; Administrative
Costs
0 597,575 $280,307
(47% of Max)
50th &
France 2
(6-20-2017)
16,692,088
Land/Building Acquisition; Site
Improvements / Preparation; Utilities;
Other Qualifying Improvements (public
parking); Administrative Costs
14,679,657 31,371,745 $14,624,151
(47% of Max)
44th &
France 2
(10-16-2018
2,884,407
Site Improvements / Preparation;
Affordable Housing; Utilities; Other
Qualifying Improvements (public
parking); Administrative Costs
1,200,366 4,084,773 $2,301,409
(56% of Max)
70th &
France 28,957,256
Land/Building Acquisition; Site
Improvements / Preparation; Utilities;
Other Qualifying Improvements (public
parking); Administrative Costs
10,604,929 39,562,185 NA
72nd &
France
(3-19-2019)
17,675,232
Land/Building Acquisition; Site
Improvements / Preparation; Affordable
Housing; Utilities; Other Qualifying
Improvements; Administrative Costs
10,734,901 28,410,133 $0
West 76th
Street
(11-20-2018)
1,400,626
Affordable Housing; Administrative
Costs 759,752 2,160,378 $518
Amundson
(12-17-2019) 1,153,434 Affordable Housing; Administrative
Costs 549,767 1,703,200 $534
4040 W.
70th Street
(8-4-2021)
3,392,149 Affordable Housing; Administrative
Costs 0 3,392,149 NA
Eden
Willson
(11-3-2021)
14,934,231
Land/Building Acquisition; Site
Improvements / Preparation; Affordable
Housing; Utilities; Other Qualifying
Improvements; Administrative Costs
7,801,038 22,735,269 NA
2022 Edina HRA – Year in Review Page 13
PUBLIC BENEFITS DERIVED WITH TIF REDEVELOPMENT
Edina’s TIF policy does not intend to use TIF merely to encourage private investment. Instead, TIF is considered
when the completed project can deliver measurable long-term benefits to the general public in Edina. The table
below summarizes some of key public benefits delivered with TIF.
X = Complete P = Pending
TIF District
Name
Type of Public Benefits Delivered Increase Property Tax Base Stimulate reinvestment in other properties Remove substandard buildings Environmental Remediation Job Creation Affordable Housing Public Parking Public Roadway Improvements Utility Improvements Streetscape Improvements Bike / Ped Improvements Other Roadway Improvements Plaza or Green Space Public Art Other Southdale 2
(Inactive) X X X
Pentagon Park P P X X P X X X X X
Grandview 2 X X X X X X X X X
66 West X X X
50th & France 2 X X X X X X X X X X X X
44th & France 2 X X X X X X X X X
70th & France P P P P P P P P P P P P
72nd & France P P P P P P P P P P P
West 76th St P X X X
Amundson X X X X X
4040 W. 70th
Street P P P
Eden Willson P P P P P P P P P P P
2022 Edina HRA – Year in Review Page 14
TIF FUND BALANCE
Edina creates a separate account or “fund” to accurately monitor the revenues and expenses of each TIF District.
After TIF Districts are decertified, remaining funds (if any) are returned to Hennepin County for redistribution to
the City, School District and County. For some older TIF Districts (Centennial Lakes and 70th & Cahill),
Minnesota Statutes allow the fund balance to remain in the TIF Fund to support additional redevelopment efforts.
In 2021, new Minnesota legislation allowed fund balances to be retained for future expenditures that follow the
adopted Spending Plan. The most recent and previous years audited fund balances are shown below.
TIF District Name
& Number
12/31/2019
Balance
(audited)
12/31/2020
Balance
(audited)
12/31/2021
Balance
(audited)
Notes
Centennial Lakes
(#1203) Inactive $7,341,231 $7,346,662 $7,348,337 Decertified in 2014; older district allowed to retain
balance for other improvements
70th & Cahill /
Wooddale Valleyview
(#1207) Inactive
$352,410 $344,479 $342,892 Decertified in 1999; older district allowed to retain
balance for other improvements
Southdale 2 (#1208-
1209-1210) Inactive $11,792,881 $16,328,679 $24,234,205
Decertified 12/31/2021; MN legislation allows balance
to be used for affordable housing and other
improvements
Pentagon Park (#1211) $422,998 $696,099 $1,203,637
Grandview 2 (#1212-
1213) $418,992 $498,072 $7,178,912 Includes revenue issued with 2021 bond
66 West (#1214) $20,235 $23,808 $25,844
50th & France 2
(#1215) $0 $52,088 $254,042
44th & France 2 NA NA $16,207
70th & France NA NA NA First collection anticipated in 2025
72nd & France NA NA NA First collection anticipated in 2023
West 76th St (#1217) -$517 $11,093 $10 First collection anticipated in 2022
Amundson NA $0 $0 First collection anticipated in 2022
4040 W. 70th Street NA NA NA First collection anticipated in 2025
Eden Willson NA NA NA First collection anticipated in 2025
Sources: City of Edina 2019 CAFR (page 104); 2020 CAFR (page 105); 2021 CAFR (page 106)
2022 Edina HRA – Year in Review Page 15
AFFORDABLE HOUSING TRUST FUND
In 2019 the City Council approved the Affordable Housing Trust Fund Ordinance. This formally designated that
the buy-In funds from the Affordable Housing Policy be used exclusively to support affordable housing efforts to
serve low and moderate income renters and homeowners in Edina. As of the end of 2022, $8,460,000 was
contributed to the Trust Fund through buy-in contributions from five multi-family developments. About 70% of
these funds have been invested or allocated to a variety of programs described below. These programs and
developments support the creation and preservation of affordable housing in Edina. A map of the general locations
of affordable housing is included in Exhibit C.
Buy-In Funds
Received Funds Awarded
REVENUE
The Loden Apartments - 2018 $2,000,000
The Lorient Apartments – 2019 $160,000
The Bower Apartments – 2021 $1,900,000
4425 Valley View Apartments - 2021 $300,000
The Fred Apartments (4660 W. 77th St) - 2022 $4,100,000
Beginning Balance = $ 8,460,000
EXPENSES
Nolan Mains affordable unit loan - 2019 ($750,000)
Property Tax 4d NOAH* Pilot Program - 2018 ($160,000)
Property Tax 4d Modified NOAH* Pilot Program -2019 ($50,000)
Single Family Ownership Program - 2020 ($840,000)
Home Rehabilitation Program (Pilot) ($250,000)
Acquisition of Single Family House at 425 Jefferson ($152,717)
Single Family Ownership Program - 2021 ($1,500,000)
Home Rehabilitation Program - 2021 ($750,000)
LISC Single Family Program – allocated in 2022 but unspent ($1,260,000)
Home Rehabilitation Program – 2022 ($500,000)
First Generation Mortgage Program (EHF) – 2022 ($150,000)
Ending Balance = $ 2,402,717
* Naturally Occurring Affordable Housing (NOAH) apartments
2022 Edina HRA – Year in Review Page 16
AFFORDABLE HOUSING UNITS DELIVERED
(with Direct or Indirect HRA Involvement 2012 to Present)
TIF
District Project Name & Address
No.
Market
Units
No.
Affordable
Units
Notes
Southdale
2
Aria Edina
(3200 Southdale Circle) 184 8
5% are affordable at 60% AMI. These were
agreed to prior to a formal policy. Project
was privately funded with no TIF.
Aurora on France
(6500 France) 182 10
5.5% are affordable at 30% AMI. These were
agreed to prior to a formal policy. Project
was privately funded with no TIF.
The Millennium
(3250 W. 66th St) 216 11
4.9% are affordable at 60% AMI. These were
agreed to prior to a formal policy. Project
was privately funded with no TIF.
Pentagon
Park
Rise Apartments
(4911 W. 77th)
180
Pending 20 10% affordable at 50% AMI for 20-years.
Project was privately funded with no TIF.
The Fred Apartments
(4660 W. 77th St) 408 0
A buy-in contribution was made in lieu of
providing affordable units in the building.
Project was privately funded with no TIF.
Solhem Apartments
(4620 W. 77th St)
248
Pending
28
Pending
10% are affordable at 50% AMI. An additional
40% will be targeted with rents not to exceed
120% AMI for 20-years. The remaining 50% of
units should have rent limited to 120% AMI
but could increase in response to increasing
expenditures
Grand-
view 2
Avidor Apartments
(5220 Eden Ave) 147 18 11% affordable at 60% of AMI. Project was
privately funded with no TIF.
Applewood Pointe Senior
Cooperative (5146 Eden Ave)
78
Pending
9
Pending
10% of the units will be priced at the
affordable home-ownership rate. Details are
TBD
66 West 66 West Apartments
(3330 W. 66th St) 0 39 100% of units are affordable.
50th &
France 2
Nolan Mains Apartments
(3945 Market St) 90 10 15-year term
44th &
France 2
Lorient Apartments
(3901 Sunnyside Rd) 44 3 20-year term.
70th &
France
Unnamed Apartments
(7001-7025 France)
TBD
Pending 0 A buy-in contribution is expected in lieu of
providing affordable units in the building.
72nd &
France
Unnamed Apartments
(7200-7250 France)
249
Pending
62
Pending
This project is in default and unlikely to be
built
West 76th
St
The Sound on 76th
(4100 W. 76th St) 0 70
100% of units are affordable for 40-years or
more.
Amund-
son
Amundson Flats
(7075 Amundson Ave) 0 62 100% affordable for 40-years or more78.
2022 Edina HRA – Year in Review Page 17
TIF
District Project Name & Address
No.
Market
Units
No.
Affordable
Units
Notes
4040 W.
70th Street
Cornelia View Senior
Apartments
(4040 W. 70th St)
0 118
Pending
100% affordable for 99-years. Construction
commenced in 2022; completion anticipated
2023-2024.
Eden
Wilson
Maison Green Apartments
(4917 Eden Ave.)
176
Pending
20
Pending
Priced at 50% AMI households; 21-year term;
Completion anticipated 2023-2024
REDEVELOPMENT PROJECTS – YEAR END STATUS
1) 4500 France Avenue – The Lorient Apartments
The HRA entered into a Redevelopment Agreement in 2018 and issued a $2.295 million TIF Note after
the $30.5 million redevelopment project was completed. The new four-story building includes 45
apartments (of which three are affordable to households with incomes at or below 60 percent of AMI)
with approximately 7,000 square feet of commercial space on the first floor. The project also delivered
several infrastructure improvements in the commercial node: public plaza, public parking, public art,
removal of overhead power lines and new public sidewalks with streetscape improvements.
The TIF Certificate of Completion was delivered in Spring 2021. Payments toward the TIF Note were
made in 2021 and 2022.
2) 3940 Market Street – North Ramp
This project was completed in Fall 2018 at a total estimated cost of $12 million. Real estate proceeds and
monies from the Centennial Lakes TIF fund were used to fund the capital investment. The final project
includes 546 public parking stalls as well as 10,000 square feet of commercial space. The commercial space
is fully leased in 2022.
3) 3945 Market Street – Nolan Mains / Center Ramp
This property was sold to a private developer in 2018 for construction of 100 rental apartments, 27,000
square feet of commercial space and reconstruction of the new Center Parking Ramp at a total cost of
$74 million. The building is configured around a series of public walkways and plazas to create a vibrant
pedestrian experience that engages the adjacent commercial properties. The project also includes shared
trash rooms for use by adjacent businesses and extensive utility improvements that benefit surrounding
properties.
The TIF Certificate of Completion was issued in 2020. The HRA issued a $10.1 million TIF Note upon
completion. Payments toward the TIF Note were made in 2021 and 2022. With the support of the Edina
Housing Foundation, the HRA also provided a low-interest loan to support 10 affordable rental units in
the facility for a period of at least 15 years.
2022 Edina HRA – Year in Review Page 18
The commercial spaces and residential leases were fully occupied in 2022. A full schedule of business and
community events were held in the public plaza in 2022.
4) 5146 Eden Avenue – former Public Works site
This long vacant site is under contract to be redeveloped and sold. Site plan approval was secured in 2022
for a three-phase redevelopment project. United Properties intends to construct a new senior housing
cooperative with about 90 units along Eden Ave. Most units will be market-rate while 10% will be priced
at affordable rates. The developer began receiving reservations for units in Fall 2022. In order to qualify
for HUD financing, at least 65% of the units should be pre-sold. The developer anticipates groundbreaking
in mid- to late 2023.
Additionally, Jester Concepts intends to build a new three level restaurant with indoor and outdoor
dining facilities. The restaurant construction will begin midway through the senior housing construction
with the intention of finishing about the same time.
The final element on the site is a new public park/green space that is intended to serve as the heart of the
public realm space in the Grandview District. Sales proceeds from the private development is anticipated
to fund the construction of this new public space. Upon completion, the public space will be turned over
to Edina’s Parks and Recreation Department for operations and maintenance.
5) Southdale Center Mall
Major renovations and improvements to the Southdale Center Mall were the impetus for the Southdale 2
TIF District. That TIF District was de-certified in 2021.
The former Herberger site (originally Donaldson’s) remains vacant since the department store was closed
in 2018. Simon Properties, the property owner continues to explore several possibilities for re-use of this
portion of the mall and a formal announcement is likely in 2023.
Additionally, Lifetime remains interested in constructing a third facility on the property – a top-of-market
highly amenitized luxury residential building. The developer continues to revise their initial concept to
address concerns identified in the Sketch Plan review process. The developer also continues to work with
Metro Transit to reconstruct the Southdale Transit Center on the north side of the mall property.
6) 7001 France Avenue – US Bank site
Orion Investment and Mortenson Development secured entitlements to redevelop the 5.7-acre site with
a mixture of commercial and residential uses, including a modern facility for US Bank.
Due to the increasing construction costs and extensive public realm improvements, the HRA agreed to
provide TIF financing upon completion of each phase of the project. A 15-year TIF District was created
and two TIF Redevelopment Agreements were executed in 2022.
In 2022, the bank facility is under construction and anticipated to be completed and occupied in early
2023. The developer continues to refine the development budget and assemble the private funding
necessary to begin construction of the housing and office phasees.
2022 Edina HRA – Year in Review Page 19
Depending on market and financing conditions, the HRA may have to consider amendments to the TIF
Agreements in 2023.
7) 7200 - 7250 France Avenue
In 2019, the City & HRA established the 72nd & France Housing TIF District and entered into a
Redevelopment Agreement with the developer to support a mixed-use multi-phase development with
both affordable and market rate housing. That developer was unable to secure private financing and has
sold the property to new owners.
The new developer has secured preliminary rezoning for the site for a new combination of uses. In 2022,
the HRA recognized the blighted condition of the two vacant office buildings. Late in the year, the new
owners demolished the vacant buildings.
It is possible that the new developer will request TIF for portions of the new public realm spaces included
on the new site plan. Additional information is anticipated to emerge in 2023.
8) Cornelia View Senior Apartments - 4040 West 70th Street
The Edina Housing Foundation acquired this site and selected Lupe Development Partners and Ecumen
through a competitive RFQ process to build affordable senior housing. The HRA provided a $3.65M
forgivable loan provided that the site is used for affordable housing for 99-years. The HRA also provided
TIF Note and gap financing for this project.
Full funding was achieved in 2022 and the project is under construction. Completion and occupancy is
anticipated in late 2023.
9) 4100 West 76th Street – The Sound on 76
The HRA acquired the vacant property in August 2019 and sold it to Aeon in 2021. The HRA also
executed a TIF Redevelopment Agreement and gap financing loan to support the construction of new
affordable housing on the site. The project was completed in Spring 2022 and is fully leased. Payments on
the TIF Note are anticipated to begin in 2023.
10) Pentagon Village - W. 77th St. and Computer Ave. (aka Pentagon South)
The HRA executed a Redevelopment Agreement with the developer to support complete redevelopment of
the 12-acre property. The infrastructure (roadways, structured parking and plaza) and retail buildings were
completed in 2019 and three TIF notes were issued with a total principal amount of $18.1 million. Interest
began to accrue on the first Note in 2020. The first payments on the TIF Notes were made in 2022.
In 2022, ground was broken on a new 200 unit mixed-income apartment complex on Lot 3 (SE corner).
Construction is anticipated to be completed in 2023.
The developer of the dual-brand hotel renewed the entitlements for Lot 2 and anticipates groundbreaking
in 2023.
2022 Edina HRA – Year in Review Page 20
A site plan was approved for Lot 4 to accommodate a new bank facility. The developer continues to
pursue an office or similar commercial user for Lot 5.
11) The Fred Apartments - 4660 W. 77th St (aka Pentagon North)
Construction is underway for the Fred Apartments. located at 4660 W. 77th Street. This project
redevelops two vacant office buildings with a new 408 unit apartment building.
While this property is located within the Pentagon Park TIF District, this project was privately financed
with no HRA participation.
12) Solhem Apartments - 4620 W. 77th St (aka Pentagon North)
Solhem Companies has secured entitlements and HRA financing commitments for this 276-unit apartment
building. 50 percent of the apartments are income restricted at either 50% or 120% AMI. The remaining
units will begin at 120% AMI but may increase if necessitated by increased expenses. Groundbreaking is
anticipated to occur in 2023. The site plan includes several connections from W. 77th Street to the
adjacent Fred Richards Park. The HRA agreed to provide a total of $9.35 million to make this $85 million
mixed-use project feasible.
13) Edina Theater – 3911 W. 50th St.
In 2021, City staff assisted the owner to identify a new operator of the vacant facility after the previous
tenant departed. The City and HRA pledged up to $500,000 in total support to the owner and operator
in order to renovate the facility to meet the expectations of customers in a post-pandemic economy.
The new operator invested $2.5 million to fully restore the facility and bring it up to modern standards.
The facility reopened to the public on October 1, 2022. The HRA issued the $351,000 Forgivable Loan to
the operator in December 2022.
14) Maison Green Apartments – 4917 Eden Ave.
The HRA entered into a TIF Redevelopment Agreement with Reuter Walton to assist redevelopment of a
commercial building and to deliver improvements to the surrounding roadways. After the $85 million
dollar project is completed, the HRA intends to issue a $5.1 million TIF Note that is payable over 15
years from a portion of the incremental taxes generated by the completed project. The additional
incremental taxes are intended to fund public improvements to Eden Ave, Grange Road,
Willson/Grange/Eden intersection and W. 50th Street.
This project broke ground in 2022 and is actively under construction.
2022 Edina HRA – Year in Review Page 21
OTHER HRA-RELATED ACTIVITIES
15) Special Projects and Redevelopment Capital (SPARC) Fund
In 2021, a new economic development program was created to attract new private investment, renew
underperforming properties and create jobs in Edina. This program is funded from $9.3 million of
incremental property taxes that were previously collected in the Southdale 2, Pentagon Park and 70th &
Cahill TIF Districts. No additional tax levy is required to fund this program. Staff will oversee the
administration of this program.
In accordance with Minnesota statute, these funds can be used to support new private investment that
creates permanent or temporary jobs during the construction of a new building or renovation of an
existing building. All funds are intended to be allocated or invested no later than December 31, 2025.
In 2022, three projects were funded with SPARC. Staff will prepare an accelerated strategy for HRA
consideration that will establish new programs to invest the remainder of these funds to satisfy the 2025
deadline.
16) Edina Small Business TAP
The Small Business Technical Assistance Program (Edina TAP) was created in 2022. A total of $200,000
was pledged from ARPA funds to provide support for small businesses that continue on the road to
recovery. Digital marketing services are provided directly to eligible businesses by two private companies
– Creative Arcade and Davison Consulting Group. The scope of work is about 80% complete at year end.
The remaining work will be completed in early 2023. No additional funding is anticipated for this program
at this time.
17) Open to Business Program
The HRA continues to partner with Hennepin County and the Metropolitan Consortium of Community
Developers (MCCD) to provide free business consulting services for start-up businesses or expanding
businesses located within Edina. These services are also provided to Edina residents regardless of where
the business may eventually be located. The $5,000 annual contribution from the HRA supplements
funding provided from Hennepin County.
18) Emergency Rental Assistance Program
The HRA created an Emergency Rental Assistance Program in 2020 to protect residents faced with job
loss or other hardship due to the COVID-19 pandemic. This program is administered by VEAP.
In 2022, additional ARPA funds were allocated to continue this program.
19) Come Home to Edina Second Mortgage Program
The Come Home 2 Edina program is sponsored and managed by the Edina Housing Foundation. In 2022,
this program closed on 16 loans, up from 9 loans issued in 2021.
2022 Edina HRA – Year in Review Page 22
20) NOAH 4d Preservation Program
This program was created to incentivize owners of existing naturally occurring affordable rental housing
(NOAH) to preserve the affordability of the units. Owners are offered a reduced property tax
classification (4d) if they partner with Edina’s Energy Efficiency Program to make improvements to the
property intended to save energy and reduce operating costs. This is the second iteration of this program.
To date, no property owners have applied to participate in this program.
21) First Generation Mortgage Program
In 2021, the Edina Housing Foundation launched a new program to assist households who have not
benefitted from growing up in owner occupied homes. Funded with monies from the Affordable Housing
Trust Fund and the Foundation, the First Generation homebuying program provides an additional $15,000 in
a forgivable loan to first generation homebuyers. This program served an additional five borrowers in 2022.
22) Community Land Trust program - WHAHLT
In 2021 the HRA approved an addition $2M (for a total of $3.3 Million) line of credit with the West
Hennepin Affordable Housing Land Trust (WHAHLT). A portion of this will be returned to the City, and
a portion will remain with the property. With these funds, WHAHLT acquired ten houses in Edina ,
seven of which have been sold to income eligible homebuyers.
23) Affordable Single Family Homes – Metro HRA
In 2021 the HRA entered into a forgivable loan agreement with Metropolitan Council’s HRA for $2
Million for the Metro HRA to acquire, rehabilitate and place houses into their Family Affordable Housing
program. Through this program, this program acquired and rehabilitated four homes and leased them to
income qualified families. At this time, the available funds have been invested.
Prepared December 30, 2022
2022 Edina HRA – Year in Review Page 23
Exhibit A – Map of Active TIF Districts
2022 Edina HRA – Year in Review Page 24
Exhibit B – Use of TIF in Edina
2022 Edina HRA – Year in Review Page 25
Exhibit C – Map of Affordable Housing Locations
Date: January 5, 2023 Agenda Item #: VI I.B.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:Introduction to HR A, Economic Development and
Affordable Hous ing
Disc ussion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
No action required, for discussion purposes only.
I N TR O D U C TI O N:
S taff will provide an introduction and overview of the functions of the Edina H ousing and Redevelopment
Authority. No action is required.
AT TAC HME N T S:
Description
Intro to Edina HRA
The CITYofEDINAThe CITYofEDINAEdina Housing and Redevelopment AuthorityIntroduction and OverviewPresentation to HRA BoardJanuary 5, 2023___________________________Housing & Redevelopment Authority
The CITYofEDINAOverviewEdinaMN.gov2•What is an HRA?•History of Edina HRA•Scope and Authority of HRA•Management and Implementation•Accomplishments•Community Goals•Current Programs___________________________Housing & Redevelopment Authority
The CITYofEDINAWhat is a “HRA”?EdinaMN.gov3… public agency enabled by City government that has statutory power to undertake certain types of housing and redevelopment or renewal activities-Refer to League of MN Cities 2021 Handbook, Chapter 14The HRA’s role is best described as “developer” or “funder” or “partner”. The HRA is NOT a regulatory body. The City provides regulatory oversight.___________________________Housing & Redevelopment Authority
The CITYofEDINAHistory of Edina HRAEdinaMN.gov4•Established in 1974•To promote redevelopment at 50th& France•Intentionally aligned with City Council to provide new powers without creating agency with conflicting objectives___________________________Housing & Redevelopment Authority
The CITYofEDINAGeographic ScopeEdinaMN.gov5___________________________Housing & Redevelopment Authority
The CITYofEDINAHRA ActivitiesEdinaMN.gov6•To buy, own, lease, hold, improve, sell or dispose of real or personal property•Undertake and provide for the construction, reconstruction, improvement, extension, alteration or repair of any project•Implement renewal or redevelopment programs using Tax Increment Financing•Assist the financing of the construction, rehabilitation or purchase of low-income or moderate-income housing•To develop rehabilitation and code enforcement techniques•To designate substandard, slum or deteriorating areas needing redevelopment and to designate unsafe, unsanitary and overcrowded housing___________________________Housing & Redevelopment AuthorityReal EstateFocused on general re-development & housing for low-moderate income householdsFinanceandConstructionPlanning
The CITYofEDINAHRA Powers and ToolsEdinaMN.gov7•Can employ staff and Executive Director•Can hire consultants, advisors and others•Incur traditional debt and/or issue bonds•Levy property taxes•Charge fees•Use state and federal financial assistance programs •Apply Tax Increment Financing•Make necessary expenditures•Ability to sue (or be sued)•Power to use eminent domain if necessary ___________________________Housing & Redevelopment AuthorityOtherDebt, Revenue & ExpendituresStaffing
The CITYofEDINAManagement and Implementation in EdinaEdinaMN.gov8•City staff also serves as staff for HRA projects•HRA frequently works through issues and makes policy recommendations to City Council•Professionals in real estate, public finance and legal matters engaged as needed•HRA involvement limited to projects that are capable of delivering benefits to the general public that would not otherwise be achieved ___________________________Housing & Redevelopment AuthorityExamples of Public Benefits• Transformational change• Multi-modal networks• Public realm• Public parking• Public utilities• Stormwater• Remove blight• Preserve historic resources• Remediate contamination• Affordable Housing• Jobs
The CITYofEDINAInput and OversightEdinaMN.gov9___________________________Housing & Redevelopment Authority
The CITYofEDINAHRA AccomplishmentsEdinaMN.gov10___________________________Housing & Redevelopment AuthorityBenefits Delivered to General PublicGrowth in tax baseNew jobsNew goods and servicesNew mixed-use developmentNew infrastructureNew mixed-income and long-term affordable housingNew public parks and plazasNew public parkingImproved public realm streetscape
The CITYofEDINAPursuit of Community GoalsEdinaMN.gov11___________________________Housing & Redevelopment Authority
The CITYofEDINACurrent HRA ProgramsEdinaMN.gov12HRA oversees several programs to strategically achieve community goals when conditions allow___________________________Housing & Redevelopment AuthorityRedevelopment• Tax Increment Financing• SPARC• Maintenance Districts• Business SupportHousing• Housing Preservation• Housing Rehabilitation• NOAH Preservation• New Affordable Multifamily Development
The CITYofEDINA13Tax Increment Financing in EdinaPast TIF Districts 1970s to 2022 (decertified)___________________________Housing & Redevelopment Authority
The CITYofEDINA14___________________________Housing & Redevelopment AuthorityTax Increment Financing in Edina
The CITYofEDINA15$1.9 M$4 M$12.3 M___________________________Housing & Redevelopment AuthorityTax Increment Financing in Edina
The CITYofEDINASpecial Projects & Redevelopment Capital FundEdinaMN.gov16___________________________Housing & Redevelopment AuthorityThe 2021 state legislation that enabled the $9.6 million SPARC program allows the HRA to support private investment that creates jobs in several ways:by providing improvements to the private development, loans or interest rate subsidies to private development,assistance in any form to the private development; or by making an equity or similar investment in a corporation, partnership, or limited liability company
The CITYofEDINASpecial Maintenance Districts in EdinaEdinaMN.gov17•Grandview and 50th& France Districts•Provide additional services to benefit commercial property owners•- snow removal •- maintenance of parking facilities•- landscape maintenance•- public realm maintenance•Assess costs to commercial property owners within the boundaries___________________________Housing & Redevelopment Authority
The CITYofEDINAProjects Funded:•Market Street Gap Financing•4d NOAH Preservation Program•Housing Preservation Program•Housing Rehabilitation Program•First Generation Mortgage program•Property Acquisition•Funded primarily with developer “Buy-In” funds in lieu of including affordable units.•Use to support affordable housing development, preservation, and programs.•Total collected = $8,460,000Affordable Housing Trust FundEdinaMN.gov18
The CITYofEDINAHousing Preservation ProgramEdinaMN.gov19•Preserves homeownership opportunities for low-to-moderate income households •Retains community and homeowner wealth •Enhances residential stability •Preserves long-term housing affordability•Serves households with incomes 60% to 80% AMI (< $82,720)___________________________Housing & Redevelopment Authority
The CITYofEDINAHousing Rehab ProgramEdinaMN.gov20•Serves Households with incomes up to 125% AMI ($103,500 HH of 2)•Address Health, Safety, Code, and energy issues. Include accessibility modifications.•Loan to Value: 110%•Maximum Loan: $30,000, deferred•2% non-compounding simple interest, deferred•Forgiven if House sold to HRA for housing preservation program.___________________________Housing & Redevelopment AuthorityWhy fully deferred?Does not affect monthly cash flow.If full amount borrowed for full term, interest will be $18,000. House will likely increase in value by more than $48,000 over 30-years.Program intended for borrower who prefers the forgiveness option,Market interest rates are low for borrower not seeking to convey property to HRA,
The CITYofEDINANOAH 4d Preservation ProgramEdinaMN.gov21•Develop enhanced program to encourage preservation of NOAH properties.•Preserve and enhance affordable housing, especially near bus service, to prevent displacement of vulnerable populations.•Partner with established Energy Efficiency Program to accomplish significant residential energy efficiency improvements, including reduced participation costs for low-income households. Goal: 460 households annually; 15% of buildings by 2030 achieving a 20% efficiency increase per location.___________________________Housing & Redevelopment Authority
The CITYofEDINAMultifamily Affordable HousingEdinaMN.gov22•Partner with private real estate developers to secure land, financing, and assure long-term affordability at a variety of income levels___________________________Housing & Redevelopment Authority
The CITYofEDINAPotential Future ProgramsEdinaMN.gov23•The HRA has limited ability to support general economic development activities. In the future, the HRA/City should discuss whether an Economic Development Authority (EDA) should be established to provide additional services to enhance the business community in Edina.___________________________Housing & Redevelopment Authority
The CITYofEDINAQuestions and Discussionwww.EdinaMN.gov24___________________________Housing & Redevelopment Authority
Date: January 5, 2023 Agenda Item #: VI I.C .
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:F orecast of 2023 HR A Activities Disc ussion
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
No action required; for information and discussion purposes only.
I N TR O D U C TI O N:
S taff will present a forecast of possible projects that may require involvement of the Housing and R edevelopment
Authority.
Date: January 5, 2023 Agenda Item #: VI I I.A.
To:C hair & C ommis s ioners of the Edina HR A Item Type:
R eport / R ecommendation
F rom:S cott H. Neal, C ity Manager
Item Activity:
Subject:By-Law R eview Information
Edina Housing and Redevelopment
Authority
Established 1974
C ITY O F E D IN A
HO US I NG & R EDEVELO P MENT
AUT HO R I T Y
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
A C TI O N R EQ U ES TED:
None.
I N TR O D U C TI O N:
T he B y-L aws of the H ousing and Redevelopment Authority are reviewed on an annual basis. Staff recommends
no amendments to the by-laws at this time.