HomeMy WebLinkAboutMay 15, 1995 Special
City of Prior Lake Economic Development Authority
Special Meeting
May 15, 1995 7:35 P.M.
Fire Station No. 1
1. Call Meeting to Order
2. Consider Approval of Minutes of October 17, 1994 Meeting
3. New Business
a) Consider Approval of Resolution Number 95-01 EDA Conveying Title of
Waterfront Passage Business Park Property From the City of Prior Lake
EDA to the City of Prior Lake.
4. Other Business
5. Adjourn
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1620u Eagle Creek Ave., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
Minutes of the Economic Development Authority - May 15, 1995
MINUTES OF THE CITY OF PRIOR LAKE
ECONOMIC DEVELOPMENT AUTHORITY
MAY 15, 1995
Chair of the EDA, Jeannie Robbins called the EDA meeting to order a 7:37 p.m.
Members present were: Lee Andren, Allen Greenfield, Pete Schenck, Carol Scott
and Jeannie Robbins. Vice Chair Tom Vonhofwas absent.
The first order of business was to approve the October 10, 1994 minutes. There
being no additions or corrections, the minutes were approved.
The next order of business was to consider approval of Resolution 95-01 EDA
conveying title of Waterfront Passage Business Park Property from the Economic
Development Authority to the City of Prior Lake. Staff Liaison, Bonnie Carlson,
discussed details of the transfer.
MOTION BY ANDREN, SECOND BY SCOTT, TO APPROVE
RESOLUTION 95-01 EDA CONVEYING TITLE OF WATERFRONT
PASSAGE BUSINESS P ARK PROPERTY FROM THE ECONOMIC
DEVELOPMENT AUTHORITY TO THE CITY OF PRIOR LAKE.
Upon a vote taken, ayes by Andren, Greenfield, Robbins, Schenck and Scott the
motion carried.
MOTION BY GREENFIELD, SECOND BY SCHENCK, TO ADJOURN
THE MEETING.
Upon a vote taken, ayes by Andren, Greenfield, Robbins, Schenck and Scott the
motion carried.
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Recording Secretary
EDAMIN 1
16200 Eagle Creek Ave., Prior Lake, Minnesota 55372-1714 /Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
AGENDA #:
PREPARED BY:
SUBJECT:
DATE:
BACKGROUND:
DISCUSSION:
3A.
BONITA CARLSON, ASSISTANT CITY MANAGER
CONSIDER APPROVAL OF RESOLUTION NUMBER
95-01 EDA, CONVEYING TITLE OF WATERFRONT
PASSAGE BUSINESS PARK PROPERTY FROM THE
CITY OF PRIOR LAKE EDA TO THE CITY OF PRIOR
LAKE.
MAY 15,1995
The City of Prior Lake Economic Development Authority
(EDA) purchased approximately 30 acres from Anthony
Adelmann, Conservatee, on August 16, 1993 in order to
develop what now is known as Waterfront Passage
Business Park. Infrastructure improvements have been
completed and the City is now actively marketing the
property.
Although the EDA is the title holder to the property, the
City of Prior Lake has been the agency that creates the tax
increment financing district, approves the tax increment
financing plan and enters into the purchase and developers
agreements for the property. Therefore, when property is
sold to a developer, the EDA must first convey title to the
City of Prior Lake before the City of Prior Lake can sell the
property to the developer.
This conveyance, while straight forward in concept, is
complicated by the fact that the exact legal description is
not known at the time the purchase agreement is executed
because Waterfront Passage Business Park is platted in
large outlots. Individual lots are parceled off in the size
determined by the developer as best meeting their needs. In
most cases, the exact size and location of the property is
determined after the purchase and development agreements
have been executed.
As a result, a purchase agreement could be executed by the
City and Developer when the property is technically owned
by the EDA. Since the EDA is comprised of the five
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1620u cagle Creek Ave., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
members of the City Council plus the chair of the Planning
Commission and Business Development Committee, it is
assumed that the EDA would concur with the purchase
agreement, but this process could result in an ambiguous
trail. The EDA's conveyance of the remaining land in the
Waterfront Passage Business Park to the City of Prior Lake
would allow for a cleaner process when the property is
ultimately sold to a developer.
Both Glenn Kessel, City Attorney and Roger Guenette,
Advanced Resources have reviewed this transfer issue and
have found no reasons for the EDA maintaining ownership
and concur with this proposed action.
AL TERNA TIVES: The EDA has the following alternatives:
1. Adopt Resolution 95-01 EDA conveying the title of the
Waterfront Passage Business Park property to the City
of Prior Lake
2. Retain ownership of the Waterfront Passage Business
Office Park
RECOMMENDATION: Staff recommends Alternative number 1.
ACTION REQUIRED: Motion and second to adopt Resolution 95-01 EDA
conveying the Waterfront Passage Business Park
property to the City of Prior Lake.
Reviewed by:
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EDA5_I5.DOC