Title
Approval of December 9, 2015 HRA minutes
Body
ROLL CALL
Present: Commissioners Finney, Stark, Thao, Thune, Chair Brendmoen
Absent: Commissioners Bostrom and Tolbert
CONSENT AGENDA
Note: Items listed under the Consent Agenda will be enacted by one motion with no separate discussion. If discussion on an item is desired, the item will be removed from the Consent Agenda for separate consideration.
1. Approval of November 12, 2015 HRA minutes. Approved as set forth in Min 15-61
2. Resolution Amending the Tax Increment Financing Plan for the Minnesota Event Tax Increment Financing District, District 17, Ward 2. Approved as set forth in RES 15-2162
3. Resolution Authorizing Approval of a 2015 Budget Amendment Related to the Jackson Street Reconstruction Project, and Authorizing and Approving an Interfund Loan Within the Block 4 Redevelopment Tax Increment Financing District (Minnesota Life) District 17, Ward 2. Approved as set forth in RES 15-2178
4. Resolution Authorizing Additional Principal Redemption and Early Interest Payment for the Section 108 HUD Note, Series HUD 2003-A and Related Budget Amendment, District 5, Ward 5. Approved as set forth in RES 15-2160
Commissioner Finney moved approval.
VOTE: Yeas - 5 Nays - 0 Absent - 2
STAFF REPORT
Commissioners Bostrom and Tolbert Arrived.
5. City of Saint Paul Annual Informational Report on Tax Increment Districts.
Jenny Wolfe, Planning and Economic Development Debt. Manager, gave a presentation on the City of Saint Paul Annual Informational Report on Tax Increment Districts.
FOR DISCUSSION
6. Resolution Approving a Modification on a $1,000,000 Loan to Jamestown Homes, LLLP, Ward 1, District 8.
Mr. Jonathan Sage-Martinson stated this request is to convert an existing loan to permanent financing for the Jamestown Homes project by extending the terms.
Commissioner Thao moved approval. Approved as set forth in RES 15-2174
VOTE: Yeas - 7 Nays - 0
7. Resolution approving and authorizing the execution of a Tax Increment Financing Development Agreement for the Minnesota Museum of American Art Pioneer Endicott Project, District 17, Ward 2.
Mr. Jonathan Sage-Martinson stated this request is a Tax Increment Financing Development agreement for the Minnesota Museum of American Art Project.
Commissioners Tolbert & Stark expressed excitement in the project and thanked Minnesota Museum of American Art for choosing St. Paul.
Commissioner Thune Abstained. Commissioner Finney moved approval. Approved as set forth in RES 15-2180
VOTE: Yeas - 6 Nays - 0 Abstain - 1
8. Resolution (i) Amending the Redevelopment Plan for the Koch-Mobil Redevelopment Project Area; (ii) Approving the Adoption of an Amendment to the Tax Increment Financing Plan for the Koch Mobil Tax Increment Financing District; (iii) Authorizing Execution of an Amendment to Development and Loan Agreement, Promissory Note, and Combination Mortgage, Security Agreement and Fixture Financing Statement with West 7th/Fort Road Federation, Inc.; and (iv) Amending the Resolution Authorizing and Approving an Interfund Loan for the Koch Mobil Tax Increment Financing District, District 9, Ward 2.
Mr. Jonathan Sage-Martinson stated this proposal includes multiple items relative to the Koch-Mobil TIF District and Redevelopment Area, which includes the Rathskeller building, in an effort to complete the final public improvements.
Commissioner Thune thanked the West 7th Federation and PED Staff for their hard work.
Commissioner Stark asked if there is a tenant in the Rathskeller building. Ross Currier, Planning and Economic Development Project Manager, stated that West 7th/Fort Road Federation, Inc. has five signed letters of intent for 100% of the space.
Commissioner Thune moved approval. Approved as set forth in RES 15-2192
VOTE: Yeas - 7 Nays - 0
9. Resolution (i) Approving the Establishment of the Schmidt Keg House Redevelopment Tax Increment Financing District, (ii) Approving a Tax Increment Financing Plan therefor; (iii) Authorizing Execution of a Tax Increment Development Agreement; and (iv) Approving a HRA Budget Amendment, District 9, Ward 2.
Mr. Jonathan Sage-Martinson stated this request for the Schmidt Keg House, proposed to be redeveloped as a marketplace and commercial space, is an establishment of a new TIF district.
Commissioner Thune expressed his excitement of this project and thanked the City and PED Staff who worked on this project.
Commissioner Stark asked if the Living Wage Ordinance applied to this project. Mr. Sage-Martinson stated that it does.
Commissioner Thune moved approval. Approved as set forth in RES 15-2179
VOTE: Yeas - 7 Nays - 0
10. Resolution Approving and Authorizing Acceptance of Conveyance of Palace Theatre from City of Saint Paul (City); Execution of a Reimbursement and Loan Agreement with the City; Acceptance of Assignment of Existing Contracts from the City; Execution of State G.O.Bond Grant Agreement and related documents and agreements; Execution of a Development Agreement and Use Agreement with Palace Theatre Operations, LLC; Acceptance of Encroachment Easement; Execution of Access Easement; Approval of Additional Actions to Complete the Palace Theatre Project; and Budget Amendment; District 17, Ward 2.
Mr. Jonathan Sage-Martinson stated this request includes eight actions relating to the Palace Theatre and the work that’s taken place over the past year.
The Development and Use Agreement, Attachment F, of the Staff Report included a change to clarify the terms for renewal, if the City chose to do a second term with the operators, as well as a provision related to the performance standards.
Commissioner Tolbert asked that if by voting on this today, if they were approving the changed Use Agreement. Mr. Sage-Martinson stated that is true. Commissioner Tolbert asked if after 15 years the City decides not to renew the contract, is the City obligated to pay the value of the equipment at the time or the value of the equipment today. Mr. Sage-Martinson stated it is the value of the improvements the operator has made over the life of the building.
Commissioner Bostrom stated that he would like the ‘Cost of Capital Improvement’ statement to include ‘Less depreciation as defined by accepted accounting practices’.
Commissioner Thune Introduced Attachment F. Commissioner Thune moved approval. Resolution is Amended.
VOTE: Yeas - 6 Nays - 1
Commissioner Bostrom moved amendment of Attachment F. Resolution is Amended.
VOTE: Yeas - 4 Nays - 3
Commissioner Thune moved approval, Resolution adopted as amended. Approved as set forth in RES PH 15-2210
VOTE: Yeas - 6 Nays - 1
PUBLIC HEARINGS
11. Approval of the Sale and Conveyance of Parcel 585 Thomas Avenue under the Inspiring Communities Program, Frogtown/Thomas-Dale, District 7, Ward 1.
Mr. Jonathan Sage-Martinson stated this is the sale of HRA owned parcel 585 Thomas Avenue to Greater Frogtown Community Development Corporation c/o NeighborWorks Home partners.
Commissioner Thao moved approval. Approved as set forth in RES PH 15-370
VOTE: Yeas - 7 Nays - 0
ADJOURNMENT
Commissioner Thune moved adjournment. The HRA meeting was adjourned.
VOTE: Yeas - 7 Nays - 0