HomeMy WebLinkAboutCity Council - 12/21/1999 - HRA APPROVED AIINUTES
HOUSING AND REDEVELOPMENT AUTHORITY
TUESDAY,DECEMBER 21, 1999 7:00 PM, CITY CENTER
Council Chamber
8080 Mitchell Road
CITY COUNCIL: Mayor Jean Harris, Sherry Butcher,
Ronald Case,Ross Thorfinnson,Jr.,
Nancy Tyra-Lukens,
CITY COUNCIL STAFF: City Manager Chris Enger,Parks &
Recreation Services Director Bob Lambert,
Public Safety Director Jim Clark, Public
Works Services Director Eugene Dietz,
Community Development and Financial
Services Director Don Uram,Management
Services Director Natalie Swaggert, City
Attorney Roger Pauly and Council
Recorder Peggy Rasmussen
• I. ROL CALL/CALL THE HO FSING AND REDEVELOPMENT AUTHORITY
MEETING TO ORDER
Mayor Harris called the meeting to order at 7:03 p.m.
II. APPROVAL OF AGENDA AND OTHER ITEMS OF BUSINESS
MOTION: Tyra-Lukens moved, seconded by Case,to approve the agenda as published.
Motion carried 5-0.
III. ADOPT RESOLUTION APPROVING THE CONTRACT FOR REDEVELOP-
MENT WITH THE HOUSING AND REDEVELOPMENT AUTHORITY AND
THE EDEN PRAIRIE MALL,LLC.
Enger said representatives from General Growth are present to answer questions about an
amendment to the contract between the Housing and Redevelopment Authority for the
City of Eden Prairie and the Eden Prairie Mall L.L.C. Eden Prairie Mall L.L.C. is
requesting that the City issue a $10 million tax increment revenue note to provide
financing for the redevelopment of the Eden Prairie Shopping Center. Repayment of the
"pay as you go" note is expected to take 17 years. If it has not been repaid by this time,
increments can be collected for up to 25 years, which is the maximum length of the TIF
district. The City does not have any financial obligation to repay this note.
Because the scope of redevelopment has changed significantly, the City's TIF
contribution has been reduced from $15 million to $10 million. All other terms of the
HOUSING AND REDEVELOPMENT AUTHORITY MINUTES
December 21, 1999
Page 2
note remain the same. One significant change in the component was the elimination of
the skating rink, which General Growth decided would not be financially viable. This
resulted in a reduction in the amount of public space involved and a corresponding
reduction in commitment by the City.
MOTION: Case moved, seconded by Butcher, to adopt HRA Resolution approving
Contract for the Private Redevelopment by and between the Housing and Redevelopment
Authority for the City of Eden Prairie and Eden Prairie Mall L.L.C. Motion carried 5-0.
VI. ADJOURNMENT
MOTION: Tyra-Lukens moved adjournment. Mayor Harris adjourned the meeting at
7:10 p.m.
•
Approval of Minutes—December 21, 1999
(Please Initial)
j Mayor Jean Harris
Sherry Butcher-00019(
Ronald Case
TU Nanc
Ross Thorfinnsoen,Jr.
y Tyra-Lukens