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ECONOMIC DEVELOPMENT AUTHORITY
MEETING
November 17, 2015
6:00 p.m.
Conference Rooms A & B
1. Call to Order— 6:00 p.m.
2. Approval of Minutes (10/6/15 Regular; 10/6/15 Closed)
3. Presentation —Presbyterian Homes —Extension of Note for TIF District 1 -3
4. Approve LMCIT Liability Coverage -Administration
• 5. Purchase Agreement Updates
6. Redevelopment Updates (verbal)
7. Other Business
8. Closed Session (Bunker /Crosstown Redevelopment Property Acquisition/Sell Negotiations)
9. Adjournment
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ANDOVER ECONOMICDEVELOPMENTAUTHORITYMEETINCr-
NOVEMBER 17, 2015 - MINUTES
The Meeting of the Andover Economic Development Authority was called to order by President
Julie Trade, November 17, 2015, 6:00 p.m., at the Andover City Hall, 1685 Crosstown
Boulevard NW, Andover, Minnesota.
Present: Commissioners Sheri Bukkila, Valerie Holthus, James Goodrich,
Mike Knight, and Joyce Twistol
Absent: Commissioner Timothy Cleven
Also present: Executive Director, Jim Dickinson
Community Development Director, Dave Carlberg
• APPROVAL OFMINUTES
October 6, 2015, Regular Meeting: Correct as presented.
October 6 2015, Closed Meeting: Correct as presented.
Motion by Twistol, Seconded by Bukkila, to approve the minutes as presented. Motion carried 5
ayes, 0 nays and 1 present (Knight).
PRESENTATION — PRESBYTERIAN HOMES — EXTENSION OF NOTE FOR TIF
DISTRICT 1 -3
Mr. Carlberg indicated some EDA Commissioners toured Presbyterian Homes (The Farmstead).
During the tour a number of questions came up for Presbyterian Home's representatives, the
representatives have asked that their presentation be tabled in order for them to address those
questions in their presentation.
President Trade requested any questions the EDA Commissioners may have to email them to
Mr. Carlberg and he will forward them on to the representatives.
Mr. Dickinson reviewed TIF District 1 -3. He explained the TIF District has a certification life of
25 years. In the case of the Farmstead project a `pay as you go" revenue note of 15 years was
issued. The 15 years has expired, Presbyterian Homes is looking for a 10 year extension of the
note to match the life of the TIF District.
Commissioner Holthus asked what if the note is not extended. Mr. Dickinson answered
• Andover Economic Development Authority Meeting
Minutes — November 17, 2015
Page 2
Presbyterian Homes obligation of providing 20% of its units as affordable housing would expire.
Mr. Dickinson explained generally for a TIF allocation, Presbyterian Homes would be required
to do some related improvements, such as parking improvements, as qualifying reimbursable
costs.
Mr. Dickinson indicated Presbyterian Homes will give their presentation to the EDA at a
December meeting.
APPROVE LMCIT LIABILITY COVERAGE —EDA
Mr. Dickinson stated the League of Minnesota Cities Insurance Trust (LMCIT) has requested
that participating entities annually decide whether or not to waive the statutory tort liability limits
established by Minnesota Statutes 466.04. Currently the City of Andover EDA Does Not Waive
the monetary limits on municipal tort liability established by Minnesota Statutes 466.04. It is his
recommendation to continue with past practices.
Motion by Twistol, Seconded by Bukkila, to approve the LMCIT Liability Coverage and to not
• waive the monetary limits on tort liability established by Minnesota Statutes 466.04. Motion
carried unanimously.
PURCHASE AGREEMENT UPDATES
Mr. Cadberg updated on the following:
Inventure Properties, LLC— December 1, 2015 is the scheduled closing date for the 1.75 acre
Stop -N -Shop site, 13725 Crosstown Drive. Staff is currently working with Boser Construction,
Inc. on preliminary site drawings. City Council approved a purchase agreement for a small
triangular piece of property east of the site. A March 1, 2016 closing date was established.
Leon Properties Uno, LLC— Construction has begun on the Acapulco Restaurant. Staff is
working on an issue at the site where the electrical installed for a sign on Bunker Lake Boulevard
was installed very shallow. Staff is working with Connexus Energy to place a small transformer
and meter by the sign.
REDEVELOPMENT UPDATEBUNKER LAKE BOULEVARD /CROSSTOWN DRIVE
Mr. Dickinson reviewed the area. Staff had contacted a property owner regarding the sale of the
property. Mr. Dickinson indicated at this time there is no reason to continue to try and negotiate
since the property owner's price is much more than the current value.
• President Trade stated the goal is to get a quantity of property for the possible construction of
quality rental housing buildings.
Staff will continue to monitor the area.
. Andover Economic Development Authority Meeting
Minutes — November 17, 2015
Page 3
OTHER BUSINESS
There was none.
ADJOURNMENT
Motion by Bukkila, Seconded by Twistol, to adjourn. Motion carried unanimously. The meeting
adjourned at 6:56 p.m.
Respectfully submitted,
Michelle Harmer, Recording Secretary
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