HomeMy WebLinkAboutEDA December 4, 2007
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168.5 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
December 4, 2007
6:00 p.m.
Conference Rooms A & B
AGENDA
1. Call to Order - 6:00 p.m.
2. Approval of Minutes (1l/20/07Regular Mtg.)
3. Update on Economic Development Activities
0 4. Approve Revised Promissory Note
5. Discuss Redevelopment Opportunities - Verbal
6. Other Business
7. Adjourn
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0 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
TO: Economic Development Authority '--
CC: Jim Dickinson, Executive Director
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FROM: Vicki V olk, City Clerk
SUBJECT: Approval of Minutes
DATE: December 4, 2007
INTRODUCTION
The following minutes were provided by staff for approval by the ED A:
November 20, 2007 Regular Meeting
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DISCUSSION
Attached are copies of the minutes for your review.
ACTION REOUIRED
The EDA is requested to approve the above minutes.
Respectfully submitted,
IlL [)v/b
Vicki V olk
City Clerk
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6 ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING
7 NOVEMBER 20, 2007 - MINUTES
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10 A Meeting of the Andover Economic Development Authority was called to order by Vice President
11 Julie Trude, November 20, 2007, 6:04 p.m., at the Andover City Hall, 1685 Crosstown Boulevard
12 NW, Andover, Minnesota.
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14 Present: President Mike Gamache (arrived at 6:05 p.m.) Commissioners
15 Don Jacobson, Mike Knight, Ken Orttel, and Voting resident
16 members Joyce Twistol and Robert Nowak
17 Absent: None
18 Also present: Executive Director, Jim Dickinson
19 Others
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22 APPROVAL OF MINUTES
023 October 16, 2007 Regular Meeting: Correct as written.
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26 October 16, 2007 Closed Meeting: Correct as written.
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28 Motion by Jacobson, Seconded by Knight, approval of the Minutes as written. Motion carried
29 unanimously.
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32 UPDATE ON ECONOMIC DEVELOPMENT ACTIVITIES
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34 Mr. Dickinson gave updates on the following:
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36 Rudnicki's Retail Building- Mr. Rudnicki is not interested in buying the land to the south to
37 expand his retail center. At this time most of his retail space is leased.
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39 Bruggeman Homes- Mr. ScWink contacted Mr. Dickinson with a request regarding a principal
40 payment that is due on December 31,2007. Mr. ScWink would like the EDA to authorize the
41 deferment of the principal payment for one year. The EDA indicated an interest payment would
42 need to be paid.
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044 MOTION by Trude, Seconded by Knight, to defer the principal payment on the land being
45 purchased from the EDA due December 31, 2007 for one year and requiring an interest payment
46 be paid. Motion carried unanimously.
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48 Mr. Dickinson will modifY the note.
0 Andover Economic Development Authority Meeting
Minutes - November 20, 2007
Page 2
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2 Funeral Home-Interior work has been started.
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4 Office/Day Care Site-Mr. Nagwani is still quite interested in the property. He is preparing a
5 counter offer, which he hopes to submit the first week of December.
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7 MVP Baseball (John Larkin)-Mr. Larkin would like to close on the property early December.
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9 Dynamic Sealing Technologies-A commercial site plan has been submitted.
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11 Northstar Partners- They continue to market the property. Market is very tough at this time.
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13 Tasty Pizza- Mr. Dickinson stated Mr. Brenk is willing to release the EDA from the purchase
14 agreement so the property can go back on the market.
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16 DISCUSS BUNKER LAKE BOULEVARD MEDIAN CONCEPTS/07-30
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18 Mr. Dickinson stated the median clean up has been completed. Will Neumeister has been in
019 contact with Mickman Brothers and Prairie Restorations regarding recommendations on native
20 grasses.
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22 Commissioner Trude suggested Ms. Twistol work with Mr. Neumeister on picking some wild
23 flowers to be added in the medians.
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26 2008 BUDGET REVIEW
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28 Mr. Dickinson stated there is not a lot of increase in the overall expenditure budget. The focus
29 has been on economic development.
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31 Commissioner Jacobson questioned the increase in labor and benefits. Mr. Dickinson explained
32 the increase is time charged from the Administrator, Community Development Director, Finance
33 Manager and Administration support.
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35 Commission Trude asked how they charge for the maintenance of the medians. Mr. Dickinson
36 stated the money is allocated to an account and then billed to the associations.
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38 APPROVE LMCIT LIABILITY COVERAGE
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01~ Motion by Jacobson, Seconded by Trude, to not waive the monetary limits on tort liability
established by Minnesota Statutes 466.04. Motion carried unanimously.
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0 Andover Economic Development Authority Meeting
Minutes - November 20, 2007
Page 3
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2 OTHER BUSINESS
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4 Commissioner Knight requested an update on the Hughs Industrial Park.
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6 Mr. Dickinson stated there are definitely zoning code violations in the industrial park. The
7 businesses have agreed to do some clean up in the area.
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10 Motion by Jacobson, Seconded by Orttel, to adjourn. Motion carried unanimously. The meeting
11 adjourned at 6:56 p.m.
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13 Respectfully submitted,
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16 Michelle Hartner, Recording Secretary
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0 1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
TO: EDA President and Board
CC: Jim Dickinson, Executive Directo
FROM: Will Neumeister, Community Development Director f{JL
SUBJECT: Update on Economic Development Activities
DATE: December 4, 2007
INTRODUCTION
This memo is provided as a status update for all the economic development activities related to
Andover Station North that the City staff have recently been engaged in. The following is the
update on activities:
Retail Building - Staff has had contact with a realtor that may have a client interested in buying
the land to expand the retail building towards Bunker. The agent was told to offer a minimum of
$8 per square foot.
0 Bruggeman Homes Townhomes - They wanted to pay only the interest payment that is due and
the EDA will review this at the meeting.
Funeral Home - They're working on getting the structure built and expect to occupy by January
1 st.
Office/Day Care Site - There haven't been any new developments.
MVP Baseball (John Larkin) - John Larkin has submitted for a building permit and the bank is
now evaluating the loan to him. Mr. Larkin has until the end ofthe year to complete the purchase.
Light Industrial Building (Dynamic Sealing Technologies) - They've submitted a Commercial
Site Plan review and it is in process.
Office Development (Northstar Partners) - Our real estate agents continue to market the site for
both office and light industrial uses.
Tasty Pizza (Sara & Darren Brenk) - We have informed them that we have suspended all
negotiations and indicated that we are no longer interested in selling them the land. We will work
with them however they will not have an exclusive agreement with the City and we can begin to
market to other interested parties.
0 ACTION REQUESTED
This is an informational update, no action is needed.
Respectfully submitted, Will Neumeister u1-
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1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755.5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
TO: President and Commissioners
FROM: Jim Dickinson, Executive Director
SUBJECT: Approve Revised Promissory Note
DATE: November 20,2007
INTRODUCTION
At the November 20th EDA meeting, the EDA agreed to defer the principal payment on land
being purchased by Bruggeman Homes from the EDA due December 31,2007 for one year and
requiring an interest payment to be paid by December 31, 2007.
Attached is the revised promissory note.
ACTION REOUESTED
0 The EDA is requested to approve the revised promissory note.
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0 PROMISSORY NOTE
$119,000 Andover, Minnesota
Due: December 31, 2007 Date: December 15, 2006
FOR VALUE RECEIVED Bruggeman Properties, LLC, a Minnesota limited
liability company, ("Borrower") promises to pay to the order of Andover Economic
Development Authority ("Lender"), at a place designated by Lender in Minnesota, the
sum of $119,000, with interest on the unpaid principal balance commencing on the date
hereof, at the simple rate of 6% per annum.
The entire principal balance of this Note, together with all accrued interest, shall
be due on December 31, 2007.
This Note may be prepaid in whole or in part at any time or times without
premium or penalty. Any prepayments shall be applied first against accrued interest, then
against the principal balance owed.
If Borrower defaults in the due and punctual payment of any installment of either
principal or interest due hereunder within 10 days after written notice of such default by
Lender, or Borrower defaults in the performance of the terms of the mortgage described
0 below and such default remains uncured after 30 days written notice of such default by
Lender, then and upon the happening of any such event, Lender may, at its option, (i)
declare all indebtedness outstanding on this Note and any other notes evidencing
indebtedness of Borrower to Lender to be immediately due and payable and thereupon
the same shall become immediately due and payable together with accrued interest
thereon, and (ii) take whatever action in law or equity may appear necessary or
appropriate to collect the amounts then due or thereafter to become due.
This Note is secured by the Mortgage dated the same date as this Note granted by
Borrower in favor of Lender covering certain real property in Anoka County, Minnesota.
Presentment and demand for payment, notice of dishonor, protest and notice of
protest are hereby waived. In the event of default, as set forth above, Borrower agrees to
pay costs of collection and reasonable attorneys' fees.
Borrower hereby submits itself to the jurisdiction of the courts of the State of
Minnesota and the federal courts of the United States located in Minnesota in respect of
all actions arising out of or in connection with the interpretation or enforcement of this
Note.
Bruggeman Properties, LLC
0 By:
Paul Bruggeman, its President