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HomeMy WebLinkAbout1989-06-19 HRA Regular Meeting MINUTES OF THE JOINT MEETING OF THE EDINA HOUSING AND REDEVELOPMENT AIITHORITY/CITY COUNCIL HELD AT EDINA CITY HALL JUNE 19, 1989 A joint meeting of the Edina Housing and Redevelopment Authority and the City Council was convened to consider concurrently: 1) Edina Homestead Development, and 2) Release of Reverter - Centennial Lakes Plaza. Action was taken by the HRA and Council as required and recorded. ROLLCALL Answering rollcall were Commissioners/Members Kelly, Paulus, Rice, Smith and Richards. MINUTES of the Joint HRA/Council Meeting of May 1, 1989 were approved as submitted by motion of Commissioner/Member Smith, seconded by Commissioner/Member Paulus. Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. EDINA HOMESTEAD DEVELOPMENT - RPI SERVICES - Motion was made by Commissioner/Member Smith, and seconded by Commissioner/Member Kelly to continue the public hearing on final rezoning, final plat and tax increment financing assistance for Edina Homestead Development to the meeting of July 10, 1989. Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. RELEASE OF REVERTER - CENTENNIAL LAKES PLAZA AUTHORIZED Executive Director Hughes recalled that the Centennial Lakes Redevelopment Agreements include a reverter clause on all private developments. Pursuant to this provision, the ownership of private properties reverts to the Edina HRA in the event that private development is not started, or if started, it does not proceed to completion. The retail developer is now requesting that the reverter, as it relates to Centennial Lakes Plaza, be released. Staff believes that this request is reasonable, given the fact that construction has started or will shortly start on all phases of the retail project. Therefore, the likelihood that the reverter would be exercised at this stage of construction is extremely remote. It is recommended that the reverter be released with respect to the Centennial Lakes Plaza property upon issuance of the final building permit for this project. Commissioner Smith introduced the following resolution and moved adoption: RESOLUTION BE IT RESOLVED by the Housing and Redevelopment Authority of Edina, Minnesota, that it hereby waives and releases the reverter clause included in the redevelopment agreement for Centennial Lakes as it pertains to the Centennial Lakes Plaza project. Motion for adoption of the resolution was seconded by Commissioner Rice. Ayes: Kelly, Paulus, Rice, Smith, Richards Resolution adopted. There being no further business on the joint HRA/Council agenda, motion of Commissioner Rice was seconded by Commissioner Smith for adjournme of the HRA. Motion carried unanimously. x t' Director Acting ity Clerk