HomeMy WebLinkAbout08 26 2024 EDA Minutes
PRIOR LAKE ECONOMIC DEVELOPMENT
AUTHORITY MEETING MINUTES
Monday, August 26, 2024 – 4:00 p.m.
Parkview Conference Room
1. CALL TO ORDER
Chair Prchal called the meeting to order at 4:00 p.m. In attendance were Prchal, Marco,
Boucher-Hoese, and Briggs. Absent was Braid. Also present were Bill Beard, Ben Beard, and
Courtney Dunkelberger with The Beard Group, Executive Director Wedel, staff Liaison McCabe,
Deputy City Clerk / Administrative Assistant Kooiman, and CEC Liaison Speiker.
2. APPROVAL OF AGENDA
MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE TO APPROVE THE AGENDA.
Ayes by Boucher-Hoese, Prchal, Briggs and Marco. The motion carried 4-0.
3. APPROVAL OF MEETING MINUTES
MOTION BY BRIGGS, SECONDED BY MARCO TO APPROVE THE JUNE 10, 2024,
MEETING MINUTES.
Ayes by Boucher-Hoese, Briggs and Marco. Prchal Abstained. The motion carried 3-0-1.
4. PRESENTATIONS
A. Cora Project Update – The Beard Group
Bill Beard provided a project update to the commissioners, stated project entitlements are
95% complete, provided an overview of the construction bids and current interest rates. Mr.
Beard discussed the increased costs due to material, labor and interest rates.
EDA Commissioners: expressed support for the project and to continue working with The
Beard Group.
Bill Beard: discussed the predevelopment agreement which provides The Beard Group with
an exclusive option to purchase the property. Mr. Beard shared the significant level of
investment they have made in this project and expressed his commitment to the project. Mr.
Beard shared options they are exploring to close the funding gap and requested EDA
support for an extension of the predevelopment agreement.
EDA Commissioners thanked the Beard Group for the update and encouraged future
communication. Commissioners discussed an appropriate extension term for the
predevelopment agreement and supported an extension to March 31, 2025. Commissioners
directed staff to prepare an amendment to extend the predevelopment agreement term and
invite the Beard Group back to an EDA meeting in February to receive another update after
more is known about interest rates and construction costs.
5. CONSENT AGENDA
A. Monthly Developments update (7/31/2024)
B. Appointing Arts and Culture Committee Members
MOTION BY BOUCHER-HOESE, SECONDED BY MARCO TO APPROVE THE
CONSENT AGENDA.
4646 Dakota Street SE
Prior Lake, MN 55372
Ayes by Boucher-Hoese, Prchal, Briggs and Marco. The motion carried 4-0.
6. REMOVED CONSENT AGENDA ITEMS
None
7. OLD BUSINESS
None
8. NEW BUSINESS
A. Proposed 2025 EDA Tax Levy and Budget
McCabe provided an overview of the proposed 2025 EDA Tax Levy and Budget, compared
the 2025 budget to the 2024 budget, and provided an estimate of the year end cash balance.
MOTION BY MARCO, SECONDED BY BOUCHER-HOESE TO APPROVE THE
RESOLUTION APRROVING THE 2025 ECONOMIC DEVELOPMENT AUTHORITY TAX
LEVY AND BUDGET
Ayes by Boucher-Hoese, Prchal, and Marco. Briggs abstained. The motion carried 3-0-1.
B. Community Artist Sculpture
McCabe provided a recap of the Arts and Culture Committee’s (ACC) request for
qualifications to identify a 2024 community artist, discussed the process to select an artist,
and shared the artists proposal for a sculpture and its location in downtown Prior Lake.
McCabe stated the ACC has approved of the design and location and is seeking EDA
approval before moving forward with the next steps of fabrication and installation.
EDA Commissioners were supportive of the sculpture design and proposed location.
9. OTHER BUSINESS
A. Staff Updates
McCabe stated the next regular EDA meeting is scheduled for September 9th, 2024
Commissioners supported canceling that meeting and reconvening on October 14th.
McCabe informed the Commission that the city is seeking applicants for the Cora
McQuestion award and a vacancy on the Community Engagement Committee.
B. Commissioner Comments
None.
10. ADJOURNMENT
MOTION BY BRIGGS, SECOND BY BOUCHER-HOESE TO ADJOURN THE MEETING.
Ayes by Boucher-Hoese, Prchal, Briggs and Marco. The motion carried 4-0.
The meeting adjourned at 5:35 p.m.
Submitted by Megan Kooiman