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HomeMy WebLinkAbout2024-11-14 Regular HRA Meeting MinutesMINUTES OF THE REGULAR MEETING OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY NOVEMBER 14, 2024 7:3© Q.M. 1. CALL TO ORDER Chair Hovland called the meeting to order at 7:33 a.m. then explained the processes created for public comment. It. ROLLCALL Answering rollcall were Chair Hovland, Commissioners Agnew and Jackson. Absent: Commissioners Pierce and Risser. 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, 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. V1. ADOPTION OF CONSENT AGENDA AS PRESENTED Motion by Commissioner Jackson, seconded by Commissioner Agnew, approving the consent agenda as presented: VI.A. REQUEST FOR PURCHASE: CHANGE ORDER #1: 50714 STREET AND GRANGE ROAD IMPROVEMENTS VI.B. DRAFT MINUTES OF REGULAR MEETING OF OCTOBER 24, 2024 Ayes: Agnew, Jackson, and Hovland Motion carried. VII. PUBLIC HEARINGS None. VII1, REPORTS AND RECOMMENDATIONS VIII.A.. REDEYLOPMENT AGREEMENTS WITH ENCLAVE EDINA, LLC AND LIFESTYLE COMMUNITIES, LLC —APPROVED Economic Development Manager Neuendorf presented the final redevelopment agreements for the 7235 France Avenue site. He presented information regarding the request for public financial participation, request for TIF financial participation, sequence to consider TIF to achieve HRA & City objectives, public benefits incorporated into proposal, economic benefits, public realm benefits, alternative scenarios, project evaluation, recommended terms, and SPARC (Special Projects and Redevelopment Capital Fund). The Board asked questions and provided feedback regarding the equity interest the City will receive, other projects that could use SPARC funds, forgivable loans and TIF for the potential underpass. Page 1 Min utes/HRAIN ovember 14, 2024 Nick Anhut, Ehlers & Associates, gave information regarding the restrictions of tax increment dollars and how they are to be used and reported, repayment on loans, and what that money can be used for. Economic Development Manager Neuendorf stated that there will not need to be an additional TIF district created if the underpass is approved. He also stated that the 25% increment captured by the City could be used for public infrastructure or improvements in the immediate vicinity or support funding for a different affordable housing project in the community. Patrick Brama, Enclave Companies, stated that they have discussed options for building more public accessibility and their intent to potentially add conference rooms. The Board asked if there is a possibility of contractually including a public area in the document that draws people into the site, such as a comedy club or theatre. Motion by Commissioner Jackon, seconded by Commissioner Agnew, approving Redevelopment Agreements with Enclave Edina, LLC and Lifestyle Communities, LLC. Ayes: Agnew, Jackson, and Hovland Motion carried. VIII.B. RESOLUTION NO. 2024-07. ESTABLISH 721'D & FRANCE #3 TAX INCREMENT FINANCING DISTRICT— ADOPTED Member Jackson introduced and moved adoption of HRA Resolution No. 2024-07, Establish 72"d & France #3 Tax Increment Financing District. Seconded by Member Agnew. Ayes: Agnew, Jackson, and Hovland Motion carried. VIII.C. FINANCIAL SUPPORT FOR 7200 FRANCE AVENUE SOUTH —APPROVED Affordable Housing Development Manager Hawkinson presented the development process, site. location, background information, public realm benefits, 7200 France Avenue proposal, plan compliance, affordable housing scorecard, budget proforma, cost drivers, impact on tax base, redevelopment agreement amendment, history of SPARC, requirements of SPARC, and recommended loan term. The Board asked questions and provided feedback regarding the affordable housing at this site, other investments across the community, and ensuring permanent units through sale of the property. Affordable Housing Development Manager Hawkinson stated that the affordable housing declaration remains on title even if the property is sold. Nick Anhut, Ehlers & Associates, stated that the HRA has pledged $7.5 million worth of funding for the 7250 France Avenue site and the public realm improvements that have been negotiated. He also discussed options for the SPARC funds and TIF funds for the development. He also proposed that the HRA reduce the amount of increment pledged from 90% to 80%. Motion by Commissioner Jackson, seconded by Commissioner Agnew, authorizing Staff to work with City advisors in drafting a Loan Agreement and associated documents for 7200 France using SPARC funds, including a deviation of the affordable housing policy in exchange for permanent affordability, and authorize staff to prepare a First Amendment to the 7200-7250 Redevelopment Agreement reducing the percentage of increment pledge. Ayes: Agnew, Jackson, and Hovland Page 2 Min utes/HRAINovember 14, 2024 Motion carried, IX. EXECUTIVE DIRECTOR COMMENTS — Received IX.A. FRANCE AVENUE PEDESTRIAN CROSSING FEASIBILITY REPORT X. HRA MEMBER COMMENTS — Received Xi. ADJOURNMENT Motion made by Commissioner Agnew, seconded by Commissioner Jackson, to adjourn the meeting at 9:15 a.m. Ayes: Agnew, Jackson, and Hovland Motion carried. Respectfully submitted, - ---- ------------ ----------- ----- ....................... Scott Neal, Executive Dir ctor Page 3