HomeMy WebLinkAbout12/08/2016 MeetingECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
December 8, 2016
Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota
County, Minnesota, held December 8, 2016, at 6:30 p.m., at Apple Valley Municipal Center.
PRESENT: Commissioners Bergman, Goodwin, Grendahl, Hamann -Roland, Hooppaw, Maguire
and Melander
ABSENT: none
City staff members present were: Executive Director Tom Lawell, Attorney Sharon Hills,
Community Development Director Bruce Nordquist, Finance Director Ron Hedberg, Planner Kathy
Bodmer, and Department Assistant Joan Murphy
Meeting was called to order at 6:39 p.m. by President Goodwin.
APPROVAL OF AGENDA
MOTION: of Hamann -Roland, seconded by Grendahl, approving the agenda. Ayes - 7 - Nays - 0.
CONSENT AGENDA
MOTION: of Hooppaw, seconded by Maguire, approving the minutes of the meeting of October
27, 2016, as written. Ayes - 7 - Nays - 0.
PARKSIDE VILLAGE GABELLA
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
198 -unit Parkside Village Gabella building north of Kelley Park and the 128 -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 198 -unit Gabella
apartment building north of Kelley Park at 6820 Gabella Street. In connection with the purchase,
Bigos Management submitted an application requesting tax increment financing assistance to own
and operate the Parkside Village Gabella building as previously approved by the City. The City's
Financial Consultant, Northland Securities, conducted a review of the project financing.
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, assignment of
documents and mortgages.
Economic Development Authority
City of Apple Valley
Dakota County, Minnesota
December 8, 2016
Page 2
MOTION: of Hamann -Roland, seconded by Melander, adopting Resolution No. EDA 2016-12
Consenting to Transfer of Parkside Village Gabella from IMH Gabella LLC to Bigos-
Gabella, LLC by Consenting to Partial Assignment of Development Agreements and
Assignment of Tax Increment Revenue Note. Ayes - 7 - Nays - 0.
ADJOURNMENT
MOTION: of Melander, seconded by Grendahl, to adjourn. Ayes - 7 - Nays - 0.
The meeting was adjourned at 6:47 p.m.
Respectfully Submitted,
Joh Murphy, Depart nt Sstant
Approved by the Apple Valley con
Development Authority on 1 2
mic
Tom Goodwin, President