HomeMy WebLinkAbout11 10 2025 EDA Meeting Minutes PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
MEETING MINUTES
Monday, November 10, 2025
Parkview Conference Room
1. CALL TO ORDER
Chair Prchal called the meeting to order at 4:02 p.m. In attendance were Prchal, Lake, Marco, Braid,
and Boucher-Hoese. Absent: None. Also, present were Executive Director Wedel, Community
Development Director McCabe, and Development Services Assistant Peppin.
2. APPROVAL OF AGENDA
MOTION BY LAKE, SECONDED BY BOUCHER-HOESE TO APPROVE THE AGENDA
Ayes by Prchal, Braid, Boucher-Hoese, Briggs and Marco.
That motion carried 5-0.
3. APPROVAL OF MEETING MINUTES
MOTION BY BRAID, SECONDED BY MARCO TO APPROVE THE SEPTEMBER 8, 2025,
MEETING MINUTES.
Ayes by Prchal, Braid, Boucher-Hoese, Briggs and Marco.
That motion carried 5-0.
4. CONSENT AGENDA
A. Monthly Development Update (10/31/25)
MOTION BY LAKE, SECONDED BY MARCO TO APPROVE THE CONSENT AGENDA.
Ayes by Prchal, Braid, Boucher-Hoese, Briggs and Marco.
That motion carried 5-0.
5. OLD BUSINESS
A. EDA-Owned Colorado St. Property Discussion.
McCabe: stated the two EDA-owned properties on Colorado Street are in poor condition,
commented on the EDA’s previous discussion about removing the homes and the potential
impact to utilizing redevelopment TIF as a funding mechanism for a future project. McCabe
stated staff researched the topic and it does not appear the homes could be removed while
maintaining the option for redevelopment TIF in the future. McCabe suggested a few alternatives
for consideration including, i) keeping the homes as-is; ii) removing one or both homes and
forfeiting the ability for redevelopment TIF in the future; or iii) removing the eastern home,
combining that lot with the vacant city-owned lot and constructing a temporary surface parking
lot, which would qualify as an occupied parcel and maintain the ability for TIF in the future.
Commissioners: discussed different options with the lots/houses on Colorado Street and options
regarding TIF, lot prices, and EDA controlled parcels. Ideas for a temporary parking lot led to
discussion including city costs, minimum requirements related to curb & gutter and stormwater
rules, number of parking stalls, and the local businesses’ need for parking. Outcome of
discussion suggested doing additional research on the parking lot option.
4646 Dakota Street SE
Prior Lake, MN 55372
6. NEW BUSINESS
A. Resolution Approving Amendments to a Contract for Private Development with Prior Lake B
Squared Ventures, LLC.
McCabe: provided an update on the Contract for Private Development stating the EDA held a
public hearing previously and approved the Contract. Since that time, the original developer
identified two new development companies that will be taking over the project and
constructing/managing the property. The attorney for the new development team requested a
few revisions to the contract, which requires EDA approval. McCabe presented the amended
contract and informed the EDA that the City Attorney has reviewed the agreement and detailed
a few minor revisions recommended by the City Attorney.
Commissioners: discussed the acquisition cost, closing dates, earnest money, and title
commitment. Commissioners supported the amended agreement with the revisions
recommended by the City Attorney.
MOTION BY BOUCHER-HOESE, SECOND BY LAKE TO APPROVE A RESOLTION
AUTHORIZING THE EDA PRESIDENT AN EXECUTIVE DIRECTOR TO ENTER INTO AN
AMENDED CONTRACT FOR PRIVATE DEVELOPMENT THAT SUBSTANTIALLY
CONFORMS WITH THE CURRENT AGREEMENT, SUBJECT TO THE APPROVAL OF THE
CITY ATTORNEY, WITH PRIOR LAKE B SQUARED VENTURES, LLC FOR THE SALE OF
EDA-OWNED PROPERTY AT 4662 AND 4664 DAKOTA STREET SE.
Ayes by Prchal, Marco, Boucher-Hoese, Braid and Lake.
That motion carried 5-0.
7. OTHER BUSINESS
A. Staff Updates
i. Cora Apartments Final Plat/Final PUD Update
McCabe: mentioned the updated final plat/final PUD for the Cora Apartment project is going to
City Council on November 12th. McCabe stated the developer has indicated they hope to close
on the purchase prior to the end of the year and start construction in early 2026.
B. Commissioner’s Comments:
i. Sebatian Auto
Mention was made regarding an accident involving the owner of Sebatian Automotive who
leases an EDA-owned property on Main Avenue. Commissioner Prchal offered to visit the
property and let the business know to contact city staff if the EDA can be of assistance.
ii. Future meeting dates were discussed. Commissioners supported cancelling the December
meeting unless there are items that require discussion or approvals related to the Cora
Apartment project.
8. ADJOURNMENT
MOTION BY MARCO, SECOND BY LAKE TO ADJOURN THE MEETING.
Ayes by Prchal, Marco, Boucher-Hoese, Braid and Lake.
That motion carried 5-0.
The meeting adjourned at 4:50 p.m.
Submitted by Sandra Peppin