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HomeMy WebLinkAboutMay 1, 2012I T Y O F 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV ECONOMIC DEVELOPMENT AUTHORITY MEETING May 1, 2012 6:00 p.m. Conference Rooms A & B 1. Call to Order— 6:00 p.m. 2. Approval of Minutes (April 17, 2012 Regular) 3. Consider Modification to the Development Program for Development District No. 1 and the establishment of Tax Increment Financing District No. 1 -5. © 4. Consider Development Agreement — Arbor Oaks Senior Living, LLC 5. Discuss Bunker Lake Boulevard Redevelopment Options 6. Other Business 7. Adjournment Eft ANLb 6 W PIaY 1.rw ANDOVER ECONOMICDEVELOPMENT AUTHORITYMEETING MAY 1, 2012 - MINUTES A Meeting of the Andover Economic Development Authority was called to order by President Mike Gamache, May 1, 2012, 6:01 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Sheri Bukkila, Tony Howard, Mike Knight, Julie Trude, Joyce Twistol, and Robert Nowak Absent: None Also present: Community Development Director, David Carlberg Executive Director, Jim Dickinson 4) APPROVAL OF MINUTES April 17, 2012, Regular Meeting: Correct as presented. Motion by Trude, Seconded by Knight, approval of the Minutes as presented. Motion carried unanimously. CONSIDER MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 1 -5 Mr. Carlberg indicated staff has been working to create TIF District 1 -5, which is being created for the Arbor Oaks senior housing project located on Hanson Boulevard and 1551h Lane. He stated by creating a TIF District 20% of the units will be affordable housing for seniors during the term of the district. Mr. Carlberg stated the Planning and Zoning Commission reviewed the modification and compared for consistencies with the Comprehensive Plan. The Planning Commission adopted a resolution in support of the plan. Mr. Carlberg indicated by adopting the resolution the EDA is stating the plan meets the goals of the City. Commissioner Trude asked if the valuation of the property has been agreed upon. Mr. Dickinson © Andover Economic Development Authority Meeting Minutes — May 1, 2012 Page 2 replied the proposed subsidy agreement is in the development contract. Motion by Trude, Seconded by Knight approving the resolution adopting the modification to the development program for development District No. 1, establishing Tax Increment Financing District No. 1 -5. Motion carried unanimously. CONSIDER DEVELOPMENT AGREEMENT — ARBOR OAKS SENIOR LIVING, LLC Mr. Carlberg indicated the agreement is the legal document between the City and Arbor Oaks Senior Living, LLC. He stated the developer Roger Fink would like more time to review the agreement; the document will be pulled from the City Council's meeting agenda for May 1, 2012. Mr. Dickinson stated the agreement is between the City and the developer. Staff is looking for any comments from the EDA. The agreement will be brought to the City Council for approval at the May 15, 2012 meeting. DISCUSS BUNKER LAKE BOULEVARD REDEVELOPMENT OPTIONS © Mr. Dickinson reviewed a map of the redevelopment area. He suggested trying to acquire the property on Bunker Lake Boulevard first. President Gamache indicated he would like to see a report from the Sheriff's Office with the police calls in the area. Mr. Dickinson reviewed the area parcel by parcel. He estimated the value of the area at almost $7 million. He stated focusing just on the 4 -plex parcels the estimated cost of the property, relocation fees and demolition is about $1.8 million. Commissioner Knight asked if any developers are interested in the area for commercial retail. Mr. Dickinson replied not at this time. Mr. Carlberg stated with the limited access on Bunker Lake Boulevard he sees the area with commercial office buildings not retail. Mr. Dickinson stated 4 -5 parcels would be enough land to build a 74 unit apartment building and the rest of the area could be mixed use residential or office use. Commissioner Nowak asked how much funds is available for this project. Mr. Dickinson indicated between $1.4 and $1.8 million. He stated future sales of property developed with TIF funds, such as Andover Station North adds to the available funds for this project. The TIF plan © budget does allow for the use of those funds for acquisition in this redevelopment area. Mr. Dickinson stated the cost to redevelopment the entire area could be approximately 8.8 million. © Andover Economic Development Authority Meeting Minutes — May 1, 2012 Page 3 The consensus of the EDA is to move forward with acquiring parcels in the Bunker Lake Boulevard redevelopment area. OTHER BUSINESS There was none. ADJOURNMENT Motion by Twistol, Seconded by Nowak to adjourn. Motion carried unanimously. The meeting adjourned at 7:00 p.m. Respectfully submitted, Michelle Hartner, Recording Secretary C EAD