HomeMy WebLinkAbout10 10 2022 EDA MINUTES
Phone 952.447.9800 / priorlakemn.gov
4646 Dakota Street SE
Prior Lake, MN 55372
Economic Development Authority Meeting Minutes
Monday, October 10, 2022
1. CALL TO ORDER
Chair Prchal called the meeting to order at 4:00 p.m. In attendance were, Boucher-Hoese, Braid, Briggs, Marco, and
Prchal. Also present were CEC Liaison Speiker, Executive Director Wedel, staff Liaison McCabe, Administrative
Assistant Erickson, and Tammy Omdal with Northland Financial.
2. APPROVAL OF AGENDA
MOTION BY BRIGGS, SECONDED TO BOUCHER-HOESE APPROVE THE AGENDA.
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
3. APPROVAL OF MEETING MINUTES
MOTION BY MARCO, SECONDED BY BRIGGS TO APPROVE THE SEPTEMBER 12, 2022, MEETING MINUTES.
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
4. CONSENT AGENDA
A. Development Update (09/30/2022)
MCCABE reviewed the summary of year-to-date residential and commercial development activity.
B. Appointment to the Arts and Culture Advisory Committee
McCabe introduced the
the Arts and Culture Committee (ACC). McCabe explained the current one-year term of ACC Member Kathy
Dawson will expire on October 31, 2022. Ms. Dawson chose not seek reappointment to the ACC. A notice of
advisory committee vacancies was published in the Prior Lake American and posted on the city website and
electronic message signs. Four Applications were received for one available position on the ACC, all candidates
were interviewed by a screening committee consisting of members of the ACC. The screening committee is
recommending the appointment of LaVonne Augustson to the ACC for a three-year term.
MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE TO APPROVE THE CONSENT AGENDA.
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
5. REMOVED CONSENT AGENDA ITEMS
None
6. PRESENTATIONS
None
7. OLD BUSINESS
None
8. NEW BUSINESS
A. Consider a Recommendation Related to Request for Redevelopment Tax Increment Financing (TIF)
MCCABE stated the purpose of this agenda item is to review a draft redevelopment TIF plan and consider making a
recommendation to the City Council. McCabe explained on May 2, 2022, the Prior Lake City Council approved a
Preliminary Planned Unit Development (PUD) for construction of a five-story mixed-use building including market
rate residential units, street front restaurant, a rooftop deck for tenants, as well as surface parking and tow levels of
underground parking. The City of Prior Lake received an application for Redevelopment Tax Increment Financing
(TIF) from Prior Lake B Squared Ventures, LLC to assist with redevelopment costs. The City Council has set a public
hearing for November 7, 2022 to consider the TIF request.
McCabe introduced EDA members to Tammy Omdal, Managing Director of Public Finance with Northland Public
Finance to present an overview of the draft TIF plan and answer questions. EDA members felt the project provided
an economic development benefit with +/- 150 new residents downtown and additional commercial space. EDA
members felt the project will be an economic motivator for the rest of the downtown with more activity and demand.
EDA members asked questions, discussed the plan terms, and felt a 15-year TIF term is an appropriate amount.
MOTION BY MARCO, SECONDED BY BOUCHER-HOESE TO APPROVE A RESOLUTION RECOMMENDING
APPROVAL OF A MODIFIED DEVELOPMENT PROGRAM FOR MUNICIPAL DEVELOPMENT DISTRICT NO. 1,
ESTABLISHING TIF DISTRICT NO. 1-6 THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN OF 26
YEARS AND A TIF DEVELOPMENT AGREEMENT TERM OF 26 YEARS WITH THE APPLICANT RECEIVING
INCREMENT OVER A 15 YEAR TERM.
Ayes by Boucher-Hoses, Prchal, and Marco; Abstain by Briggs and Braid. The motion carried 3-0-2.
9. OTHER BUSINESS
A. Staff Updates
McCabe informed Commissioners that the EDA Bylaw amendments related to virtual meeting attendance were
approved by the City Council at their last meeting. McCabe and Wedel are also going to meet with the Bylaw
and Compensation committee to discuss a potential EDA Bylaw amendment to address posting vacancy notices
for positions where an incumbent commissioner has applied for reappointment at the end of their term.
McCabe provided an update on recent commercial inquiries city staff have received.
B. Commissioner Comments
EDA members discussed how great it has been to watch ChalkFest grow, what a great job staff has done for the
event, and what it brings to businesses downtown.
Commissioners commented on how well the Downtown South street reconstruction looks and feels.
Commissioners were informed that EDA Commissioner Boucher-Hoese and Planning Commissioner Ringstad
were appointed to an additional term by the City Council at their last meeting.
ADJOURNMENT
MOTION BY, SECOND BY TO ADJOURN THE MEETING.
Ayes by Prchal, Braid, Briggs, Boucher-Hoese and Marco. The motion carried 5-0.
The meeting adjourned at 5:32 p.m.
Submitted by Jess Erickson