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Home My WebLink About03/28/2019 EDA Meeting••• •••• Apple II Valley Meeting Location: Municipal Center 7100 147th Street West Apple Valley, Minnesota 55124 March 28, 2019 ECONOMIC DEVELOPMENT AUTHORITY REGULAR MEETING TENTATIVE AGENDA 6:15 PM 1. Call to Order 2. Approve Agenda 3. Approve Consent Agenda Items Consent Agenda Items are considered routine and will be enacted with a single motion, without discussion, unless a commissioner or citizen requests to have any item separately considered. It will then be moved to the regular agenda for consideration. A. Approve Minutes of October 25, 2018, Regular Meeting 4. Regular Agenda Items A. Approve 2019 Meeting Calendar B. Adopt Resolution Approving 2019 Board Officers C. Convene into Closed Session to Discuss the Potential of Acquiring Property Located at 5751 - 150th Street West 5. Staff Updates 6. Adjourn Regular meetings are broadcast, live, on Charter Communications Cable Channel 180 and on the City's website at www.cityofapplevalley.org l App Valil ley ITEM: EDA MEETI NG DATE: SECTION: 3.A. March 28, 2019 Consent Agenda Description: Approve Minutes of October 25, 2018, Regular Meeting Staff Contact: Joan Murphy, Department Assistant Department / Division: Community Development Department ACTION REQUESTED: Approve minutes of regular meeting of October 25, 2018. SUMMARY: The minutes of the regular Economic Development Authority meeting are attached for your review and approval. BACKGROUND: State statute requires the creation and preservation of meeting minutes which document the official actions and proceedings of public governing bodies. BUDGET IMPACT: N/A ATTACHMENTS: Minutes ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota October 25, 2018 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held October 25, 2018, at 6:30 p.m., at Apple Valley Municipal Center. PRESENT: Commissioners Bergman, Goodwin, Grendahl, Hamann -Roland, Hooppaw and Johnson ABSENT: Commissioner Melander City staff members present were: Executive Director Tom Lawell, City Attorney Mike Dougherty, Community Development Director Bruce Nordquist, Finance Director Ron Hedberg, Planner Kathy Bodmer and Assistant Joan Murphy. Meeting was called to order at 6:30 p.m. by President Hooppaw. APPROVAL OF AGENDA MOTION: of Hamann -Roland, seconded by Goodwin, approving the agenda. Ayes - 6 - Nays - 0. CONSENT AGENDA MOTION: of Goodwin, seconded by Bergman, approving the minutes of the meeting of July 26, 2018, as written. Ayes - 6 - Nays - 0. BIGOS-GALANTE, LLC Finance Director Ron Hedberg stated in 2016, the Apple Valley Economic Development Authority (EDA) entered into a number of agreements to accomplish the development of the Parkside Galante building. Now the Galante building is substantially complete and the developer has completed the required minimum improvements. It is appropriate for the EDA to confirm the completion of the minimum improvements and to issue the tax increment financing note and cancel the forgivable note. He explained on November 14, 2016, the City of Apple Valley entered into an Amended and Restated Development Assistance Agreement with Bigos Galante, LLC, to provide financial support in the amount of up to $2,666,000 for substantial site improvements involved in the construction of the Parkside Galante Apartments. The support provided comes in the form of "Pay as You Go" Tax Increment Financing (TIF) in addition to returning of penalties and interest that had accrued on delinquent special assessments through 2012 and providing upfront assistance of $574,000. The Development Assistance Agreement included a "Pay as You Go" TIF financing provision where the developer could be reimbursed for eligible development costs related to the construction of Parkside Galante Apartments in the second phase of the TIF 15 Parkside District. A remaining condition of the tax increment district is that 20% of the available units be rented to, or held out for, Economic Development Authority City of Apple Valley Dakota County, Minnesota October 25, 2018 Page 2 households that are under 50% of the median household income for Dakota County. The "Pay as You Go" financing calls for repayment from the annual tax increment collected from the project and is dependent on the property owner making the annual property tax payments. The development assistance will be recovered in the future by retaining 30% of any available tax increment generated by this property. Discussion followed. MOTION: of Hamann -Roland, seconded by Goodwin, adopting Resolution EDA 2018-05 authorizing the execution of a tax increment revenue note for the Parkside — Galante project. Ayes - 6 - Nays - 0. MOTION: of Bergman, seconded by Goodwin, adopting Resolution EDA 2018-06 certifying the benefit date for the Business Subsidy Agreement with Bigos-Galante, LLC and authorizing the execution of the Loan Forgiveness Agreement. Ayes - 6 - Nays - 0. ADJOURNMENT MOTION: of Goodwin, seconded by Grendahl, to adjourn. Ayes - 6 - Nays - 0. The meeting was adjourned at 6:37 p.m. Respectfully Submitted, /s/ Joan Murphy Joan Murphy, Department Assistant Approved by the Apple Valley Economic Development Authority on Clint Hooppaw, President ... .... ..... Apple ppl all Valley ITEM: EDA MEETI NG DATE: SECTION: 4.A. March 28, 2019 Regular Agenda Description: Approve 2019 Meeting Calendar Staff Contact: Joan Murphy, Department Assistant Department / Division: Community Development Department ACTION REQUESTED: Motion to approve the 2019 meeting calendar. SUMMARY: Meetings are held on the fourth Thursday of every other month at 6:00 p.m. at the Apple Valley Municipal Center, 7100 - 147th Street West. Thursday, March 28, 2019 Thursday, May 23, 2019 Thursday, July 25, 2019 Thursday, September 26, 2019 Thursday, December 26, 2019 Thursday, January 23, 2020 BACKGROUND: N/A BUDGET IMPACT: N/A l App Valil ley ITEM: EDA MEETING DATE: SECTION: 4.B. March 28, 2019 Regular Agenda Description: Adopt Resolution Approving 2019 Board Officers Staff Contact: Joan Murphy, Department Assistant Department / Division: Community Development Department ACTION REQUESTED: Motion adopting the resolution appointing 2019 officers of the Economic Development Authority. SUMMARY: The resolution organizing the Economic Development Authority provides that the offices of President, Treasurer, and Secretary be elected annually. The appointments remain in effect until the Board elects new officers. At the meeting of the Economic Development Authority held January 25, 2018, the following officers were appointed: President Clint Hooppaw Vice -President Thomas Melander Secretary Pamela J. Gackstetter Treasurer John Bergman Assistant Treasurer Pamela J. Gackstetter A draft resolution is attached, with blanks to be completed, that can be adopted to appoint the 2019 officers. BACKGROUND: N/A BUDGET IMPACT: N/A ATTACHMENTS: Resolution APPLE VALLEY ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. EDA -19- A RESOLUTION APPOINTING 2019 OFFICERS FOR THE APPLE VALLEY ECONOMIC DEVELOPMENT AUTHORITY WHEREAS, the Board of the Commissioners of the Apple Valley Economic Development Authority has heretofore adopted Resolution No. EDA -90-1 which provided for initial organization of the Board and adoption of Bylaws; and WHEREAS, said Resolution specifies that the offices of President, Treasurer, and Secretary shall be elected annually, as required by law; and. WHEREAS, said officers were appointed on March 28, 2019; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Apple Valley Economic Development Authority that it hereby appoints and approves the following officers of the EDA for 2019: President Vice -President Secretary Treasurer Assistant Treasurer ADOPTED this 28th day of March, 2019. ATTEST: Pamela J. Gackstetter, Secretary Pamela J. Gackstetter Pamela J. Gackstetter , President ... .... ..... Apple ppl all Valley ITEM: EDA MEETI NG DATE: SECTION: 4.C. March 28, 2019 Regular Agenda Description: Convene into Closed Session to Discuss the Potential of Acquiring Property Located at 5751 - 150th Street West Staff Contact: Bruce Nordquist, Community Development Director Department/ Division: Community Development Department ACTION REQUESTED: Convene into Closed Session to Discuss the Potential of Acquiring Property Located at 5751 - 150th Street West. SUMMARY: A closed session with the EDA is scheduled. BACKGROUND: N/A BUDGET IMPACT: N/A