HomeMy WebLinkAboutResolution No. 2017-086 Grant Application HC TOD Program 3925 Market Street r
RESOLUTION NO. 2017-86
CITY OF EDINA, MINNESOTA
AUTHORIZING GRANT APPLICATION TO HENNEPIN COUNTY TOD PROGRAM
FOR MIXED-USE REDEVELOPMENT AT 3925 MARKET STREET
WHEREAS the City of Edina is a municipality located in Hennepin County; and
WHEREAS, in August 2016, the Edina Housing and Redevelopment Authority issued a Request for
Proposal seeking creative proposals for mixed-use development of vacant and underutilized parcels on
Market Street; and
WHEREAS, the site is located within the Southeast Edina Redevelopment Project Area; and
WHEREAS, the site is located within one block of Metro Transit routes 6 and 46; and
WHEREAS, in December 2016, the Market Street, LLC team consisting of Buhl Investors and Saturday
Properties was selected as the preferred development partner after interviewing three different teams;
and
WHEREAS, on June 20, 2017, the City of Edina granted planning and zoning approvals to the mixed-use
project proposed by Market Street, LLC which generally consists of approximately 110 apartments,
approximately 25,000 square feet of commercial space centered around a public plaza with several
pedestrian connections through the site and shared underground parking for residents and the general
public; and
WHEREAS, after review of the pro forma, the Edina Housing and Redevelopment Authority determined
that multiple outside funding sources would be necessary to supplement the private funding provided for
the project; and
WHEREAS on June 27, 2017, the City of Edina's Housing and Redevelopment Authority entered into a
Redevelopment Agreement with Market Street LLC to bring about mixed-use redevelopment on
multiple parcels located on Market Street; and
WHEREAS, the Redevelopment Agree anticipates construction of the mixed-use building to begin on or
about April 1, 2018 and be completed on or about September 2019; and
CITY OF EDINA
4801 West 50th Street•Edina,Minnesota 55424
www.EdinaMN.gov•952-927-8861 • Fax 952-826-0390
WHEREAS, the City acknowledges that the Hennepin County TOD Grant Program is intended for
projects that : exemplify high quality TOD in both urban and suburban contexts, have a high likelihood
of beginning construction no later than June 2018, and demonstrate potential to catalyze additional TOD
in their respective locations and;
WHEREAS, should the project secure grant funding, the City acknowledges its intention to enter into a
sub-recipient grant agreement with Market Street, LLC to mutually satisfy the commitments made in the
grant application.
NOW THEREFORE BE IT RESOLVED that the City of Edina has determined that in its opinion, the
project satisfies the requirements of the Hennepin County TOD Grant program.
BE IT FURTHER RESOLVED that the City of Edina authorizes the application for grant funding for
mixed-use redevelopment at 3925 Market Street to satisfy the September 14, 2017 deadline.
BE IT FURTHER RESOLVED that the City of Edina is willing to enter into a multi-jurisdictional
agreement with Hennepin County for any project receiving a grant.
NOW, THEREFORE BE IT FINALLY RESOLVED that the Mayor and City Manager are hereby
authorized to execute such agreements as are necessary to implement the grant application and award.
Adopted by the Edina City Council this 6th day of September, 2017
Attest: L I Lla cll�a ad�-
Debra A. Mangen, City Cl4k V James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA ) CERTIFICATE OF CITY CLERK
1, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached
and foregoing City Council Minutes is a true and correct copy of the Resolution duly adopted by the Edina City
Council at its regular meeting of September 6`h, 2017, and as recorded in the Minutes of said regular meeting.
WITNESS, my hand and seal of said City this day of 2017.
Debra A.Mangen,City Clerk