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HomeMy WebLinkAboutMinutes for May 14, 2026MINUTES OF THE REGULAR MEETING OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY MAY 14, 2026 7:30 A.M. CALL TO ORDER Chair Hovland called the meeting to order at 7:30 a.m. and then explained the processes created for public comment. II. 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 that 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 APRIL /6, 2026 VI.B. FIRST AMENDMENT TO THE ED/NA HOME PRESERVATION LINE OF CREDIT PROGRAM AGREEMENT Ayes: Agnew, Jackson, Pierce, Risser, and Hovland Motion carried. VIL REPORTS AND RECOMMENDATIONS VILA, SPARC FUNDING PROPOSAL FOR 4925 EDEN AVENUE — PRESENTED Economic Development Manager Neuendorf said this item pertained to the potential use of SPARC monies to support the growth of an existing restaurant. Mr. Neuendorf gave a presentation that included information on the background of the site, existing conditions site plan, potential parking lot expansion, proposed financing strategy, and additional Page 1 Minutes/HRA/May 14, 2026 steps. He stated that he recommends a combination of forgivable and traditional loans, similar to financing strategies applied to other projects in Edina. The Board asked questions regarding the deadline of the SPARC funds, the balance of the SPARC funds, the construction of the proposed lot, alternative options considered, the timeline, and job creation. Mr. Neuendorf noted that the SPARC funds have a deadline; work must be finished, projects must be paid and delivered by the end of this year. He also noted that they have around $ I million left in the SPARC fund. Brent Frederick, owner of Jester Concepts, summarized other options that had been considered since they recognized the parking problem. He noted that they have tried valet parking, parking along adjacent streets, parking at City Hall, parking internally in the private resident parking garage, and leasing an adjacent privately-owned parking lot. He stated that each of this options were explored but were not effective or successful. He mentioned that the adjacent property owner required a monthly lease amount higher than typically paid for more expensive areas in the North Loop where he has other restaurants. He also stated that the representatives from the adjacent property are not motivated to cooperate and have terminated negotiations. He mentioned that neighbors originally had concerns about street parking but that those concerns are mostly resolved. He concluded that customers do not seem willing to walk that far to reach the restaurant entrance. Thus expansion of the surface lot seems to be the most viable option. Mr. Frederick noted that the restaurant was about 60% more full during their first year before the extensive road and bridge construction. With easier customer parking, he is hopeful that customers will return and they can hire and retain more staff when they are busier. The Board expressed concern for the ongoing success of the restaurant operations. They noted concerns regarding inefficiencies with surface parking lots and stressed the importance of finishing the expansion before the end of the year funding deadline. The Board discussed whether it was possible to encourage customers to walk, bike or take transit instead of driving to the restaurant. VILB. CENTENNIAL LAKES TIF FUND - PROJECT UPDATE — PRESENTED Economic Development Manager Neuendorf began by stating that this item pertained to an overview of the funds invested from the de-certified Centennial Lakes TIF District. He stated that the Minnesota statutes that govern this older TIF District are different than current statutes. He also stated that a balance remained when this District was decertified and that the balance has effectively been expended to further a variety of goals of the HRA. Mr. Neuendorf gave a presentation that included information on the background of the Centennial Lakes TIF District including many successful outcomes and eligible uses of the initial TIF balance. He summarized many public improvements that were funded with Centennial Lakes TIF monies, Page 2 Scott Neal, xecutive Di ector Minutes/HRA/May 14, 2026 redevelopment studies funded with the Centennial Lakes TIF, and additional public improvements in progress. He noted that the use of these TIF funds allowed the HRA & City to complete public projects with no or limited impact to the general tax levy. He also summarized the HRAs past direction to restore fund balance using interfund loans. Three such interfund loans currently remain. The Board asked questions regarding the use of the traffic model that was created with these monies. They also inquired about the growth of market value of properties in the original Centennial Lakes TIF District, as compared to the tax capacity of those properties. The Board also asked whether a detailed spending records and chart that compares TIF monies expended vs. historic interest rates and other external financial situations was available. Mr. Neuendorf noted that the TIF District dates back to 1988 and it would be unlikely that the City has compiled details over this period of time. He noted that a summary of available information will be provided to the HRA in the future. EXECUTIVE DIRECTOR COMMENTS — Received IX. HRA MEMBER COMMENTS — Received IX. ADJOURNMENT Motion made by Commissioner Jackson, seconded by Commissioner Agnew, to adjourn the meeting at 8:59 a.m. Ayes: Agnew, Jackson, Pierce, Risser, and Hovland Motion carried. Respectfully submitted, Page 3