EDC 11-03-2004 - Laserfiche WebLink

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~ . ~~ILLS CITY OF ARDEN HILLS, MINNESOTA ECONOMIC DEVELOPMENT COMMISSION NOVEMBER 3,2004,7:00 A.M. CITY HALL 2NI} FLOOR CONFERENCE ROOM, 1245 WEST HIGHWAY 96 The Chair convened the meeting at 7:05 a.m, Those Present: Chair Mayor Aplikowski, Vice-Chair Kunkel, Kelly, Paulet, Werner, Ashbach and Beane. McGraw excused. Staff: Scott Clark, Community Development Director. The Mayor presented for approval the minutes of the September 29,2004 and October 20,2004 EDC meeting. No additions were noted and the Commission approved as written. Clark reviewed a summary of the Ehlers presentation entitled "Economic and Redevelopment Financing Tools Overview", dated October 26, 2004. A copy of the same is attached as part of the minutes, The next item was review of the Silver Lake Village project in St. Anthony, St. Anthony Councilmember Jerry Faust and City Administrator Mike Momson gave the presentation on history, financial strategies and their perspectives on implementing a successful redevelopment plan. Key comments are as follows: . 1) Create a community consensus through stakeholders meetings. 2) Establish a Design Framework Plan and establish a Committee to review. The Framework Plan should be viewed as a philosophy rather than a defined prescription. 3) Keeping your "eye on the prize" and not getting lost in the details. 4) Working with a financial group to create a "Key Financial Strategy". This helped them not only in their redevelopment strategy but overall to ascertain what they, as a City, could take on from both a monetary bases and time. 5) Reviewed miscellaneous financing techniques including: 1) Temporary General Obligation Bonds 2) Taking administrative fees on Housing Revenue Bonds 3) Increasing SAC/WAC fees 4) Establishing "Look Back" provisions in their development contracts. 6) The School District embraced the addition of the proposed 600 housing units. 7) Constant communication is key. 8) The Council accepted the need for economic development assistance from the beginning. They then worked with the staff/consultant to establish the framework for the levels of assistance and then had the transactions brought back to them for approval. 9) Independent analysis ofthe business transactions is critical. 10) Review oftheir creative financing package with the State Auditor on selected points, This presentation ended at 8:40 a.m. The Chair and the Commissioners had a general discussion . on the aforementioned discussion. The next meeting is scheduled for November 17, 2004.