HomeMy WebLinkAbout2018-06-18 HRA Special Meeting MinutesMINUTES
OF REGULAR MEETING
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
JUNE 18, 2018
7:30 A.M.
1. CALL TO ORDER
Chair Hovland called the HRA meeting to order at 7:37 a.m.
II. ROLLCALL
Answering rollcall were Chair Hovland, Commissioners Brindle, Fischer, Staunton, and Stewart.
III. APPROVAL OF MEETING AGENDA
Motion made by Commissioner Brindle seconded by Commissioner Stewart approving the
Meeting Agenda.
Ayes: Brindle, Fischer, Hovland, Staunton, Stewart
Motion carried.
IV. COMMUNITY COMMENT — None.
V. REPORTS/RECOMMENDATIONS — (Favorable vote of majority of HRA Board Members
present to approve except where noted).
V.A. 5146 EDEN AVENUE — REDEVELOPMENT UPDATE
Economic Development Manager Bill Neuendorf explained staff was not requesting action of the HRA but was
instead updating them on redevelopment progress and, staff, legal advisors and the developer were available to
answer questions.
Dean Dovolis, DJR Architecture, presented a rendering that included the combined market rate and affordable
housing residential apartments, civic center and green space. Mr. Dovolis stated the affordable units would be
priced at 50 percent of Area Median Income (AMI).
Mr. Neuendorf gave an overview of the public/private arrangement that included sale of the land, ownership
structure, construction responsibility, maintenance responsibility, operations/management responsibility; and a
financial overview that included purchase price and term, anticipated financial uses, anticipated financial sources
for the developer, City/HRA loan for affordable housing to the developer, tax increment financing, and funding
strategy for future civic building.
Mr. Neuendorf stated the City's portion was $18.6 million for the civic building, green space, parking and the
Woonerf which would use all incremental taxes generated from the two sites in the TIF district and would
create a shortfall for other area public improvements unless other monies were identified. Mr. Neuendorf stated
the TIF district was small and had few tax generating properties. Mr. Anhut added the HRA could modify the
district boundary or pool monies from other districts.
Mr. Neuendorf listed nine concerns that staff had with the current redevelopment concept. The HRA discussion
regarding staff's concerns included the following:
I. Allocation of space for public/private elements does not need to be a 60/40 split, for example, the green
space should be proportionally sized to make it usable and functional. Concerns were expressed that
the green space did not look like a public space.
2. District parking was not adequate; consider adding a lower level in the parking ramp.
3. HRA and developer agreed that gap created by selling TIF notes at a discount was a risk to be borne by
all parties.
4. Other public improvements were important to get residents to their neighborhoods and visitors to the
area.
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Minutes/HRA/June 18, 2018
Mr. Neuendorf and Finance Director Uram said the developer and the HRA were making sizable investments.
They added the investment in the pad above the District parking would be at risk if the civic building was not
built and if sold, most likely would be at a loss. Mr. Uram expressed concerns that this project, plus others in
the CIP could negatively impact the City's credit rating.
The HRA directed staff to proceed with current scope and prepare Sale and Redevelopment Agreement.
V.B. MARKET STREET REDEVELOPMENT CONSTRUCTION MITIGATION UPDATE
Mr. Neuendorf updated the HRA on construction mitigation, closures and openings of several businesses in the
50th & France area, and requests for concessions.
VI. HRA COMMISSIONERS' COMMENTS — None.
VII. EXECUTIVE DIRECTOR'S COMMENTS
VIII. ADJOURNMENT
There being no further business on the HRA Agenda, Chair Hovland declared the meeting adjourned at 9:02
a.m.
Respectfully submitted,
Scoitt Neal ecUtive Director
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