HomeMy WebLinkAbout10/27/2016 MeetingECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
October 27, 2016
Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota
County, Minnesota, held October 27, 2016, at 6:00 p.m., at Apple Valley Municipal Center.
PRESENT: Commissioners Bergman, Goodwin, Grendahl, Hamann -Roland, Hooppaw and
Melander
ABSENT: Commissioner Maguire
City staff members present were: Executive Director Tom Lawell, Attorney Michael Dougherty,
Community Development Director Bruce Nordquist, Finance Director Ron Hedberg, Planner Kathy
Bodmer, Planner/Economic Development Specialist Alex Sharpe, and Department Assistant Joan
Murphy
Meeting was called to order at 6:01 p.m. by President Goodwin.
APPROVAL OF AGENDA
MOTION: of Hamann -Roland, seconded by Grendahl, approving the agenda. Ayes - 6 - Nays - 0.
CONSENT AGENDA
MOTION: of Hooppaw, seconded by Bergman, approving the minutes of the meeting of
September 22, 2016, as written. Ayes - 6 - Nays - 0.
MOTION: of Hooppaw, seconded by Bergman, adopting Resolution No. EDA 2016-09
certifying the benefit date for the Business Subsidy Agreement with Uponor, Inc. and
authorizing the execution of Exhibit B to the Business Subsidy Agreement. Ayes - 6
- Nays - 0.
PARKSIDE VILLAGE GALANTE
Planner Kathy Bodmer stated IMH Special Asset NT 175 -AVN, LLC received authorization to
construct the Parkside Village development on January 24, 2013. The project included two sites, the
196 -unit Parkside Village Gabella building north of Kelley Park and the 126 -unit Parkside Village
Galante building west of Kelley Park. Construction of the Parkside Village Gabella building was
completed with the final certificate of occupancy issued on May 31, 2016.
Bigos Management executed a purchase agreement with IMH to purchase the Galante property on
the southeast corner of Galaxie Avenue and 152nd Street. In connection with the purchase, Bigos
Management submitted an application requesting tax increment financing assistance to construct the
Parkside Village Galante building as previously approved by the City. The City's Financial
Consultant, Northland Securities, conducted a review of the Bigos Management company and
determined, based on information provided, that Bigos has the experience and capacity to complete
Economic Development Authority
City of Apple Valley
Dakota County, Minnesota
October 27, 2016
Page 2
the project. The consultant analyzed the pro forma for the project and determined the Galante
development may not occur with only private investment.
The overall development of the Galante building will be consistent with the previously approved
plans. The building footprint, parking lot and access points all remain the same. Bigos-Galante plans
to make minor modifications to the units, removing the three bedroom units to reflect market
demand. As a result, the number of units will increase from 126 to 134. An exterior pool is added to
provide an additional amenity for the residents. Other than these minor changes, the building
remains the same as approved January 2013. The revised building permit plans are scheduled to be
reviewed by the City Council at its November 10, 2016, meeting.
The Parkside Village development is subject to an approved Development Assistance Agreement
and Business Subsidy Agreement which requires the Apple Valley Economic Development
Authority (EDA) and City Council to review and consent to transfers of ownership and assignment
of documents.
Tammy Omdal, Northland Securities, provided additional information.
Discussion followed.
MOTION: of Hamann -Roland, seconded by Melander, adopting Resolution No. EDA 2016-10
Consenting to Partial Assignment of Development Agreements to Bigos-Galante
LLC. Ayes - 6 - Nays - 0.
MOTION: of Hamann -Roland, seconded by Hooppaw, adopting Resolution No. EDA 2016-11
approving Second Amendment to Amended and Restated Development Assistance
Agreement. Ayes - 6 - Nays - 0.
ADJOURNMENT
MOTION: of Hooppaw, seconded by Grendahl, to adjourn. Ayes - 6 - Nays - 0.
The meeting was adjourned at 6:26 p.m.
Respectfully Submitted,
an Murphy, Depart ent Asstant
Approved by the Apple Valley Eco
Development Authority on
Tom Goodwin, President