HomeMy WebLinkAbout05/11/1995 ECONOMIC DEVELOPMENT AUTHORITY
1111 City of Apple Valley
Dakota County, Minnesota
May 11, 1995
Minutes of the special meeting of the Economic Development Authority of Apple
Valley, Dakota County, Minnesota, held May llth, 1995, at 9:30 o'clock p.m., at
Apple Valley City Hall.
PRESENT: President Branning; Commissioners Edgeton, Erickson, Goodwin, Humphrey,
Severson and Sterling.
ABSENT: None.
Staff members present were: Executive Director Gretz, Secretary Mueller, City
Attorney Sheldon, City Engineer Gordon, Administrative Intern Crewe, Community
Development Director Kelley, and Public Works Director Miranowski.
President Branning called the meeting to order at 10:15 p.m.
MOTION: of Erickson, seconded by Sterling, approving the agenda for APPROVE AGENDA
tonight's meeting as presented. Ayes - 7 - Nays - 0.
MOTION: of Goodwin, seconded by Erickson, approving the minutes of APR. 13, 1995
the special meeting of April 13, 1995, as written. Ayes - 7 MINUTES
• - Nays - 0.
Mr. Gretz reviewed the status of the Shervoss Company proposal to SHERVOSS
develop landmark corner with a hotel and restaurant. The purchase LANDMARK COR.
agreement and development assistance agreement have been executed and PROPOSAL
a check for the $5,000.00 earnest money has been received.
John Voss, Ken Sherman, Truman Howell, their architect; and Bob Dieke, their
attorney; were present. Mr. Sherman said they have a lease with Old Chicago for
the restaurant and banquet facility. He showed renderings of the proposed brick
building and said they will work with the EDA on actual design. The attached
3,000 square foot banquet facility will have a basement for storage.
Mr. Howell showed drawings of a proposed four -story Americlnn motel. It will
have 66 units, 15 of which will be suites. They have sketched 181 parking
spaces, but will meet the City's ordinance regarding parking. The building will
be brick with cedar siding trim at the top.
Mr. Voss said they intend to submit the proposal to the Planning Commission at
its June 7th meeting and then to the City Council at its June 8th meeting.
Mr. Sheldon reviewed the terms and conditions of the Purchase Agreement for the
site, prepared at the direction of the EDA from its April 13th meeting.
Jim O'Meara, the EDA's tax increment financing legal counsel, reviewed the
conditions of the Development Assistance Agreement. The property will not be
1110 transferred until specific plans are approved by the EDA and the developer has
provided assurance of financing. They must begin construction by August 15th.
The 85 percent tax increment financing will be paid from 1997 to 2007 provided
the developer continues to comply with the terms of the agreement.
ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley •
Dakota County, Minnesota
May 11, 1995
Page 2
MOTION: of Goodwin,_ seconded by Edgeton, approving a Purchase SHERVOSS
Agreement with Shervoss Company for the sale of landmark PURCHASE
corner, Lot 1, Block 1, Apple Valley Commercial Addition; AGREEMENT
for $200,000, for construction of a motel and restaurant
with a banquet /conference facility, subject to the terms of
the Development Assistance Agreement, and authorizing the
President and Secretary to sign the same. Ayes - 6 - Nays -
0 (Humphrey Abstained).
MOTION: of Severson, seconded by Goodwin, adopting Resolution No. RES. EDA -95 -5
EDA -95 -5 approving the Development Assistance Agreement with SHERVOSS TIF
Shervoss Company for development of landmark corner, Lot 1, AGREEMENT.
Block 1, Apple Valley Commercial Addition; providing for ten
years of 85 percent tax increment financing assistance; and
authorizing the President and Secretary to execute the
necessary documents. Ayes - 7 - Nays - 0.
MOTION: of Goodwin, seconded by Severson, to adjourn. Ayes - 7 - Nays - 0.
The meeting was adjourned at 10 :40 o'clock p.m.
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