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HomeMy WebLinkAboutJune 6, 2017H 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 • (763) 755-5100 FAX (763) 755-8923 • WWW.ANDOVERMN.GOV ECONOMIC DEVELOPMENT AUTHORITY MEETING June 6, 2017 6:00 p.m. Conference Rooms A & B 1. Call to Order— 6:00 p.m. 2. Approval of Minutes (April 18, 2017 Regular) 3. Discuss Arbor Oaks Senior Living LLC Request -Administration 4. Discuss Presbyterian Homes Request -Administration ® 5. Review/Discuss Commercial Project Activity - Administration 6. Redevelopment Updates - (verbal) 7. Other Business 8. Adjournment �J �J ANDOVER ECONOMIC DEVELOPMENT AUTHORITYMEETING— JUNE 6, 2017 - MINUTES The Meeting of the Andover Economic Development Authority was called to order by President Julie Trude, June 6, 2017, 6:00 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Sheri Bukkila, James Goodrich, Valerie Holthus, Mike Knight, Timothy Cleven and Joyce Twistol Absent: None Also present: Executive Director, Jim Dickinson Community Development Director, Joe Janish APPROVAL OFMINUTES April 18, 2017, Regular Meeting: Correct as written. Motion by Twistol, Seconded by Knight, to approve the minutes as written. Motion carried unanimously. DISCUSS ARBOR OAKS SENIOR LIVING LLC REQUEST Mr. Dickinson indicated Arbor Oaks Senior Living LLC will be undertaking a HUD refinancing. He introduced Mr. Roger Fink representing Arbor Oaks Senior Living LLC. Mr. Fink explained the main objective is to introduce the concept of refinancing the current financing on Arbor Oaks Senior Living LLC. This would be a HUD insured loan, which gives the borrowers a favorable long term fixed interest rate. Mr. Fink continued they are seeking authorization from the EDA for Arbor Oaks to start dealing with the City's legal counsel. A $5,000 escrow will be provided to the City from Arbor Oaks to cover the cost of bond counsel and City staff. President Trude asked how long is left on the current TIF note. Mr. Dickinson answered there is 13 years left. © Mr. Fink reviewed the refinancing process. The EDA is supportive of the refinancing moving forward. Andover Economic Development Authority Meeting Minutes —June 6, 2017 Page 2 Mr. Fink indicated the lender would like to close in July. President Trude thanked Mr. Fink for coming in and directed staff to work with bond counsel on the assignments and consents requests. DISCUSS PRESBYTERIAN HOMES REQUEST Mr. Dickinson indicated Presbyterian Homes is requesting the City's consideration of a Low Income Rental Classification (LIRC) for their Farmstead Facility in Andover. Mr. Dickinson explained the classification would require 20% (28 units) of the Farmstead units to be available to low income residents. With the classification the City would allow Anoka County to reduce the taxes by 40% for the qualifying units. Mr. Dickinson stated staff is looking for direction from the EDA. A $5,000 escrow would be required from Presbyterian Homes to cover the cost of bond counsel and City staff. The EDA discussed the request. The consensus was for staff to further explore the request. Mr. Dickinson indicated staff would relay to Presbyterian Homes the comments related to the LIRC request. Mr. Dickinson will firm up numbers and bring the information back to a future EDA meeting. REVIEW/DISCUSS COMMERCIAL PROJECT ACTIVITY Mr. Janish reviewed the following: The Shops @ Andover, 13650 Hanson Boulevard- Dunkin Donuts, Natural Nails, and Joy Kitchen are open. Twin Cities Dental has a building permit ready for pick up, however they have not hired a contractor yet. Estates at Arbor Oaks/Trident Development, 1753 156th Lane — Carpet is being installed on the 2"d and 3`d floors. Mr. Roger Fink updated they anticipate the Certificate of Occupancy to be issued by the end of July, landscaping to be done shortly, and they are taking applications and deposits from potential tenants. Eight Unit Townhome Building, 1826-1840 139 h Avenue — Is completed and rented. Andover Cinema, 1836 Bunker Lake Boulevard — The seating project was completed May 4th Daycare Interest — City Staff has been working with a daycare facility, Mother Goose on their OCommercial Site Plan for the Clocktower Commons property. Another daycare facility has expressed interest in locating in Andover as well. Restaurants/Fast Food — Currently staff is aware of two restaurants looking for land to locate to © Andover Economic DevelopmentAuthority Meeting Minutes—June 6, 2017 Page 3 in Andover. Those restaurants are focusing on Bunker Lake Boulevard. Med Express — The Certificate of Occupancy is expected to be issued June 2"d. An event is scheduled for June 201h from noon to 2:00 p.m., with a ribbon cutting ceremony at 1:00 p.m. The EDA will be updated via email closer to the date. Upper Midwest Athletic Construction — City Council will review a CUP request for exterior storage at 3017 161St Avenue, the Hughes Industrial area. State Farm Insurance — has located next to Festival Foods. Former Andover Liquor Store — Staff was contacted by a possible manufacturer looking at the building last week. Overall Marketing — Staff continues to work with parties interested in investing in Andover. OTHER BUSINESS There was none. ADJOURNMENT Motion by Bukkila, by Knight to adjourn. Motion carried unanimously. The meeting adjourned at 6:50 p.m. Respectfully submitted, Michelle Harmer, Recording Secretary H