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HomeMy WebLinkAboutAgenda & Minutes 16200 Eagle Creek Avenue S.E. Prior Lake, MN 55372-1714 Economic Development Authority Agenda Regular Meeting March 21, 2005, 6:45 p.m. Prior Lake Fire Station I I. Call to Order. · I1. Approval of Minutes for February 22, 2005, Meeting. II1. Consider Approval of a Resolution to Adopt Redevelopment Plan. IV. Adjourn. www.cityofpriorlake.com Phone 952.447.4230 / Fax 952.447.4245 16200 Eagle Creek Avenuel S.E. Prior Lake, MN 55372-1714 PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES Monday, February 22, 2005 6:45 p.m. Fire Station City Council Chambers DRAFT Call to Order Present were Chair Zieska and Commissioners Haugen, Fleming, Petersen, and LeMair, Executive Director Boyles, EDA Attorney Pace, Assistant Treasurer Teschner, Communications Coordinator Oster, Assistant to the City Manager Meyer and Secretary Green. The meeting was called to order at 6:50 p.m. New Business Consider Approval of a Resolution Initiating a Process of Adoption of a Redevelopment Plan. Finance Director Teschner presented the above resolution and recommended its adoption. Motion by Petersen, seconded by LeMair to approve Resolution 05-01EDA. VOTE: Ayes by Haugen, Fleming, Petersen, Zieska and LeMair, the motion carried. Adjourn A motion was made by Haugen, seconded by Fleming to adjourn the meeting. adjourned at 6:58 p.m. The meeting Frank Boyles, City Manager Charlotte Green, Recording Secretary www.cityofpriorlake.com Phone 952.447.4230 / Fax 952.447.4245 H:XBONDSLA_genda - EDA Redevelopment Plan Approval.doc , 16200 Eagle Creek Avenue S.E. Prior Lake, MN 55372-1714 PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: MARCH 21, 2005 III RALPH TESCHNER, FINANCE DIRECTOR CONSIDER APPROVAL OF A RESOLUTION APPROVING REDEVELOPMENT PROJECT AREA AND PLAN INTRODUCTION: This is the 4th step in the Redevelopment Plan l~rocess that will 1.) Continue to encourage private development and redevelopment of the downtown and 2.) Assure ~the construction of a new city hall and police station within the Redevelopment Area. On March 14th the Planning Commission adopted a resolution stating that the Plan is consistent with the City's Comprehensive Plan and the Commission recommends approval of the Plan to the Prior Lake City Council. The · required action of the Prior Lake Economic Development Authority is to approve a similar resolution that would approve both the redevelopment project area and plan. DISCUSSION: The attached Redevelopment Plan includes specific objectives within the overall Redevelopment Plan, establishes the redevelopment activities that will occur and lays out the financing plan of the Municipal Project (acquisition of property and construction of a new city hall and police station). Also a redevelopment project area is identified which includes the site of the Municipal Project. The Redevelopment Project Area encompasses a larger area than just the project site as identified by the attached map entitled Exhibit A. In the remainder of the Redevelopment Area the EDA would propose to facilitate, as appropriate, private development by negotiated sale of city owned property or acquiring land and preparing it for private development and by constructing public infrastructure improvements. Under the Redevelopment Plan the City would lease both the city hall and police buildings from the EDA pursuant to a lease with option to purchase agreement..Revenue bonds in the principal amount of $10,000,000 are proposed to be sold by the EDA to finance the redevelopment costs. ALTERNATIVES: The following alternatives are available to the Prior Lake Economic Development Authority: 1. Approve a Resolution Approving Redevelopment Project Area and Plan. www. cityofpriorlake, com Phone 952.447.4230 / Fax 952.447.4245 H:\BONDS~Agenda - EDA Redevelopment Plan Approval.doc RECOMMENDED MOTION: REVIEWED BY: Attachments: 2. Defer action if additional information is required. Alternative #1. Staff would recommend that the Prior Lake Economic Development Authority approve a Resolution Approving Redevelopment Project Area and Plan. The next step will be for the City Council to conduct a !~blic hearing on the Redevelopment Plan that ha~,~day' April 4th'. 1. Resolutio~ Aj~rovi~fgRedevelopment Project Area and Plan 2. "Redevelopment Plan" 3. Exhibit A "Redevelopment Area Boundary Map"