HomeMy WebLinkAbout3.a. Minutes of August 17, 1993 Work Session ROSEMOUNT PORT AUTHORITY PROCEEDINGS �RAF�
WORK SESSION
AUGUST 17, 1993
Pursuant to due call and notice thereof a work session of the Rosemount Port Authority was held on
August 17, 1993 at 5:15 p.m. in the Council Chambers at City Hall, 2875 - 145th Street West.
Chair Dunn called the meeting to order with Commissioners Anderson, Carroll, Edwards,
McMenomy, and Sinnwell present. Commissioner Wippermann was absent. Staff present included
Executive Director 7ilk, Economic Development Coordinator Miller, and Attorney Miles.
MOTION by Dunn to approve the agenda as printed. SECOND by Edwards. Ayes: 6. Nays: 0.
MOTION by Anderson to approve the August 3, 1993 minutes with clarification of paragraph 7 on
page 2. SECOND by Sinnwell. Ayes: 6. Nays: 0.
MOTION by Carroll to approve the consent agenda. SECOND by Anderson. Ayes: 6. Nays: 0.
Port Authority Attorney Miles reviewed the development agreement for the Muller Theater Complex
project. Miles advised that the document was not ready to execute because of continuing
negotiations with the Mullers and because infrastructure and utility costs were not yet available.
One of the main areas of negotiation is the Springsted recommended $450,000 tangible asset figure
required for financial security of the project. Miles also explained that a Financing Lease document
has to be drafted which defines the relationship between the city and the Mullers in the form of the
city owning and fmancing the property and improvements and leasing it back to the Mullers until the
bonds are satisfied. Considerable discussion followed as Miles highlighted the main components of
the agreement.
MOTION by Edwards to authorize staff to continue negotiations with the Mullers, including the
commitment of $450,000 in tangible assets being included in the agreement, and bring back a
contractual agreement to the September 7, 1993 port authority meeting. SECOND by Sinnwell.
Ayes: Carroll, Dunn, McMenomy, Edwards, Sinnwell. Nays: Anderson.
Economic Development Coordinator Miller updated the board on the progress of the Kerry Johnson
proposal. Miller advised that Johnson continues to work on site plan issues with city staff but has
yet to come back to staff with the requested revisions. 7ohnson has requested permission to place a
sign on the property to announce the project and advertise for tenants. Johnson is still seeking
tenants for the building and needs more commitments before he can fmalize fmancing for the
project. Miller advised that the project is "evolving." Commissioners discussed imposing a
timeline for commencing the project. Staff was directed to review the contract and bring back a
recommendation to the next meeting.
Chair Dunn adjourned the meeting at 6:25 p.m.
Respectfully submitted,
Deborah Widstrom
Recording Secretary