HomeMy WebLinkAbout2024-06-13 Regular HRA Meeting MinutesMINUTES
OF THE REGULAR MEETING OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
JUNE 13, 2024
7:30 A.M.
1. CALL TO ORDER
Chair Hovland called the meeting to order at 7:36 a.m. then explained the processes created for
public comment.
11. ROLLCALL
Answering rollcall were Chair Hovland, Commissioners Agnew, Jackson, Pierce, and Risser.
Absent: None.
III. PLEDGE OF ALLEGIANCE
IV. MEETING AGENDA APPROVED - AS PRESENTED
Motion by Commissioner Jackson, seconded by Commissioner Agnew, approving the
meeting agenda as presented.
Ayes: Agnew, Jackson, Pierce, Risser, and Hovland
Motion carried.
V. COMMUNITY COMMENT
No one appeared.
V.A. EXECUTIVE DIRECTOR'S RESPONSE TO COMMUNITY COMMENTS
Executive Director Neal responded there were no past Community Comments.
VI. ADOPTION OF CONSENT AGENDA AS PRESENTED
Motion by Commissioner Jackson, seconded by Commissioner Agnew, approving the
consent agenda as presented:
VI.A. DRAFT MINUTES OF REGULAR MEETING OF MAY 16, 2024
Ayes: Agnew, Jackson, Pierce, Risser, and Hovland
Motion carried.
VII. REPORTS AND RECOMMENDATIONS
VII.A. RESOLUTION NO. 2024-03, SUPPORT THE PRESERVATION OF AFFORDABLE
HOUSING AT 3400 PARKLAWN AVENUE SOUTH AND 5010 SUMMIT AVENUE —
ADOPTED
Affordable Housing Development Manager Hawkinson stated CommonBond Communities was
seeking a $850,000 deferred loan for the refinancing and renovation of South Haven and Summit
Point. These two properties provided affordable housing to 129 extremely low-income seniors and
individuals with disabilities. CommonBond acquired the properties in 2005,and completed a
moderate renovation at that time. CommonBond needed to refinance their first mortgage on both
properties and financing to address physical and operational needs. As both properties had been
serving very low-income households, there was insufficient cash flow to address major mechanical
upgrades or aesthetic improvements. CommonBond was also pursuing bond financing together with
4% tax credits from Minnesota Housing and financial assistance from Hennepin County.
The Board asked questions and provided feedback regarding the key terms and conditions of the
loan, aesthetic changes, seeking out tax credits for energy efficiency, occupants for the housing, and
security for financing.
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Member Jackson introduced and moved adoption of HRA Resolution No. 2024-03,
Supporting the Preservation of Affordable Housing at 3400 Parklawn Avenue South
and 5010 Summit Avenue. Seconded by Member Pierce.
Ayes: Agnew, Jackson, Pierce, Risser, and Hovland
Motion carried.
VII.B. RESOLUTION NO. 2024-05; MODIFYING THE EDEN WILLSON TAX INCREMENT
FINANCING DISTRICT AND ASSOCIATED PLAN - ADOPTED
Economic Development Manager Neuendorf said this item pertained to the boundaries of the Eden
Willson TIF District. This District was established in 2021 and during the certification process, the
County raised concerns with the original Registered Land Survey of City Hall and Tupa Park. The
concerns have been addressed. In order to expedite the certification of this TIF District, staff and
the HRA's financial and legal advisors recommend that the boundaries be adjusted to remove Tupa
Park from the TIF District. This boundary change would have no impact to the current or anticipated
obligations of this TIF District and staff recommended that Resolution 2024-05 be approved.
The Board asked questions and provided feedback regarding interference with work on fixing the
interchange between 50th and I00th, invalidations of the original District, and funding.
Member Jackson introduced and moved adoption of HRA Resolution No. 2024-05,
Modifying the Tax Increment Financing Plan for the Eden Willson Redevelopment Tax
Increment Financing District at the Southeast Edina Redevelopment Project Area.
Seconded by Member Agnew.
Ayes: Agnew, Jackson, Pierce, and Hovland
Abstain: Risser
Motion carried.
VII.C. RESOLUTION 2024-04; AUTHORIZING TAX INCREMENT PLEDGE AGREEMENT
— ADOPTED
Mr. Neuendorf shared that on June 4, 2024, the City Council approved Resolution 2024-37 which
provided for the issuance of up to $32,730,000 General Obligation Bonds. The bonds were
anticipated to be issued and sold in July 2024. Approximately $5.4 million of the bond proceeds
were anticipated to provide long-term financing for two transportation improvement projects that
were identified and recommended in the East Grandview Transportation Study. The Eden Grange
roundabout project was constructed in 2023 and completed in Spring 2024. The cost of this project
was approximately $2 million. The 50th Street (Grange to Dale) project was under construction in
2024 with a cost of approximately $3.2 million. Both of these roadway improvement projects were
part of the redevelopment strategy for the Eden Willson TIF District. Incremental property taxes
were intended to be used to repay portions of the bond. A resolution was being presented to
authorize incremental taxes to be used to repay a portion of the General Obligation bonds and staff
recommended that Resolution 2024-04 be approved.
Member Pierce introduced and moved adoption of HRA Resolution No. 2024-04,
Authorizing Execution of Tax Increment Pledge Agreement for the Eden Willson Tax
Increment Financing District. Seconded by Member Jackson.
Ayes: Agnew, Jackson, Pierce, Risser, and Hovland
Motion carried.
Vlll. HRA COMMISSIONER COMMENTS — Received
IX. ADJOURNMENT
Motion made by Commissioner Jackson, seconded by Commissioner Agnew, to adjourn
the meeting at 8:27 a.m.
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Ayes: Agnew, Jackson, Pierce, Risser, and Hovland
Motion carried.
Respectfully submitted,
Scot eal, x cutive Di for
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