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HomeMy WebLinkAboutDecember 4, 2012f TA CN66W © 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV ECONOMIC DEVELOPMENT AUTHORITY MEETING December 4, 2012 6:00 p.m. Conference Rooms A & B 1. Call to Order— 6:00 p.m. 2. Approval of Minutes (November 7, 2012 Regular; November 7, 2012 Closed) 3. Discuss /Approve Resolution Authorizing Termination of a Lease Agreement, and Authorizing Execution of an Escrow Agreement Relating to the Issuance by the City of Andover, © Minnesota, of its $17,400,000 Taxable General Obligation Abatement Bonds, Series 2012C 4. Discuss /Approve 2013 EDA Budget 5. Parkside at Andover Station Land Sale Discussion 6. Tax Forfeiture Property — 1049 Andover Boulevard NW 7. Consider 2013 CDBG Project Application 8. Entrance /Monument Sign Update 9. Other Business 10. Adjournment X Irlwc ..r.�. A ANDOVER ECONOMIC DEVELOPMENT A UTHORITY MEETING DECEMBER 4, 2012 - MINUTES A meeting of the Andover Economic Development Authority was called to order by President Mike Gamache, December 4, 2012, 6:03 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Sheri Bukkila (arrived at 6:06 pm), Tony Howard, Mike Knight, Julie Trude, and Joyce Twistol Absent: Commissioner Robert Nowak Also present: Community Development Director, David Carlberg Executive Director, Jim Dickinson APPROVAL OF MINUTES November 7, 2012, Regular Meeting: Correct as presented. Motion by Trude, Seconded by Howard, approval of the Minutes as presented. Motion carried unanimously. November 7, 2012, Closed Meeting: Correct as presented. Motion by Trude, Seconded by Howard, approval of the Minutes as presented. Motion carried unanimously. DISCUSS /APPR0VERESOLUTIONAUTHORIZING TERMINA TION OF A LEASE, AND AUTHORIZING EXECUTION OF AN ESCROWA GREEMENT RELATING TO THE ISSUANCE BY THE CITY OF ANDOVER, MINNESOTA, OF ITS $17,400,000 TAXABLE GENERAL OBLIGATIONABATEMENT BONDS, SERIES 2012C Mr. Dickinson stated the City is looking at a refinancing opportunity on the Community Center. He indicated staff will be recommending City Council accept the bond sale bids at tonight's meeting. The bids are favorable with a long term debt service savings of over 3.5 million. Mr. Dickinson indicated with the anticipation of the bids being awarded, the EDA is requested to terminate the lease agreement between the City and the EDA and authorize an escrow agreement. Andover Economic Development Authority Meeting Minutes —December 4, 2012 Page 2 Motion by Knight, Seconded by Trude, to approve resolution R004 -12 authorizing termination of a lease agreement and authorizing execution of an escrow agreement relating to the issuance by the City of Andover, Minnesota, of its $17,400,000 Taxable General Obligation Abatement Bonds, Series 2012C. Motion carried unanimously. DISCUSS /APPROVE 2013 EDA BUDGET Mr. Dickinson stated the EDA is requested to discuss and adopt the proposed 2013 EDA Special Revenue Fund budget with recommendation to the City Council for their budget. Mr. Dickinson reviewed the 2013 budget worksheet. TIF District 1 -1 expires the end of 2012, dropping the EDA revenue significantly. Commissioner Trude asked if the maintenance for the Andover Station medians is still in the 2013 budget. Mr. Dickinson answered yes it is. Commissioner Trude asked about the funds from Untied Properties. Mr. Dickinson indicated those funds are not in the budget they are in a separate escrow account. Motion by Trude, Seconded by Howard recommending to the City Council adoption of the 2013 EDA budget as presented. Motion carried unanimously. PARKSIDE AT ANDOVER STATION LAND SALE DISCUSSION Mr. Carlberg updated Capstone Homes has purchased 7 lots in Parkside at Andover Station. Capstone is ahead of the lot take down schedule. A two -story home will be constructed on the latest lot purchased. Mr. Dickinson indicated Capstone plans to take down another lot in January. Mr. Carlberg updated that staff and Cherrywood Advanced Living have agreed on a land purchase price. He indicated staff is working with Cherrywood on the architectural style and materials of the building to ensure the project fits into the surrounding neighborhood. Landscaping will be required with the project. TAX FORFEITURE PROPERTY -1049 ANDOVER BOULEVARD NW Mr. Carlberg indicated Anoka County contacted staff regarding the tax forfeiture property at 1049 Andover Boulevard. The parcel is 4.5 acres located west of the railroad tracks. The EDA is requested to discuss interest in acquiring the property. Mr. Dickinson stated the property has an outstanding assessment of $31,200. If the City has no interest in the property the County will market it, the sale of the property would allow for the City to recoup the outstanding assessment amount. Andover Economic Development Authority Meeting Minutes —December 4, 2012 Page 3 The property and surrounding area was discussed. President Gamache stated there is no benefit for the City to acquire the property. Commissioner Trade asked if staff had any thoughts. Mr. Carlberg replied the property was discussed at the last ARC meeting, ARC members indicated they were not interested in acquiring the property. The consensus of the EDA was to not acquire the property at 1049 Andover Boulevard. CONSIDER 2013 CDBG PROJECT APPLICATION Mr. Carlberg indicated the City needs to determine if it will submit applications for CDBG funding and is looking for input from the EDA in considering the 2013 application. Mr. Carlberg stated the City has a difficult time qualifying for the low to moderate income requirement to receive CDBG funds. Commissioner Trade suggested the Crosstown/Bunker redevelopment area and the 135`h Avenue and Poppy Street area. The 135`h /Poppy area does not have city water. Mr. Carlberg stated staff will evaluate both areas. The maximum grant amount is $300,000. ENTRANCEIMONUMENT SIGN UPDATE Mr. Carlberg indicated the monument sign on Round Lake Boulevard is constructed with the white background. Staff is currently working with Connexus Energy to provide power to the sign. The cost for Connexus to run power to the sign is $4,800 much higher than originally budgeted. Commissioner Trade suggested staff check with Demars Signs about installing solar lights. Mr. Carlberg indicated Aircon Electric provided electrical service to the sign and will be talking to Connexus on providing power to the electrical pedestal. Staff will explore the solar light option. Mr. Carlberg stated the beige panel will be switched to white on the electronic reader board on the Crosstown/Bunker sign next week, also the "welcome to" will be removed. The monument sign on Bunker Lake Boulevard east is marked and weather permitting the footings will be done next week. OTHER BUSINESS There was none. Andover Economic Development Authority Meeting Minutes —December 4, 2012 Page 4 ADJOURNMENT Motion by Bukkila, Seconded by Howard to adjourn. Motion carried unanimously. The meeting adjourned at 6:56 p.m. Respectfully submitted, Michelle Harmer, Recording Secretary