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Home My WebLink About2025-04-14 EDA Meeting Packet AGENDA MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING 6:15 P.M. Monday, April 14, 2025 City Hall, Council Chambers A. CALL TO ORDER B. ROLL CALL C. APPROVAL OF AGENDA D. APPROVAL OF MINUTES 1. March 10, 2025 Economic Development Authority Special Meeting Minutes E. PUBLIC HEARING None F. UNFINISHED BUSINESS 1. Economic Development Strategy G. NEW BUSINESS 1. Resolution Authorizing Execution of Consent to Collateral Assignment of TIF Documents, 2501 Londin Lane H. ADJOURNMENT RULES OF CIVILITY FOR THE CITY COUNCIL, BOARDS, COMMISSIONS AND OUR COMMUNITY Following are rules of civility the City of Maplewood expects of everyone appearing at the Meetings - elected officials, staff and citizens. It is hoped that by following these simple rules, everyone’s opinions can be heard and understood in a reasonable manner. We appreciate the fact that when appearing at Council meetings, it is understood that everyone will follow these principles: Speak only for yourself, not for other council members or citizens - unless specifically tasked by your colleagues to speak for the group or for citizens in the form of a petition. Show respect during comments and/or discussions, listen actively and do not interrupt or talk amongst each other. Be respectful of the process, keeping order and decorum. Do not be critical of council members, staff or others in public. Be respectful of each other’s time keeping remarks brief, to the point and non-repetitive. THIS PAGE IS INTENTIONALLY LEFT BLANK D1 MEETING MINUTES MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITYSPECIAL MEETING 5:00P.M. Monday, March 10, 2025 City Hall, Council Chambers CONCURRENT MEETING WITH THE MAPLEWOOD CITY COUNCIL MANAGER WORKSHOP A.CALL TO ORDER A special meeting of the Maplewood Economic Development Authority (EDA)was heldin the City Hall Council Chambers and was called to order at5:04p.m. by President Abrams. B.ROLL CALL Marylee Abrams, PresidentPresent Rebecca Cave, Vice PresidentPresent Kathleen Juenemann, CommissionerPresent Chonburi Lee, CommissionerPresent Nikki Villavicencio,CommissionerPresent C.APPROVAL OF AGENDA CommissionerJuenemannmoved to approve the agendaas submitted. Seconded by CommissionerLeeAyes – All The motion passed. D.APPROVAL OF MINUTES 1.February 10, 2025, Economic Development AuthoritySpecialMeeting Minutes CommissionerCavemoved to approve the February 10, 2025 Economic Development Authority Special Meeting Minutes as submitted. Seconded by Commissioner Juenemann Ayes – All The motion passed. E.PUBLIC HEARING None F.UNFINISHED BUSINESS 1.Economic Development Strategy March 10, 2025 Maplewood Economic Development AuthoritySpecial Meeting Minutes 1 EDA Packet Page Number 1 of 16 D1 Assistant Executive Director Parr and Executive Director Sable introduced the agenda itemand provided an overview ofthe topic. Breanne Rothstein, Thrive Consultant, gave the presentation. Commissioners shared ideas and engaged in a brainstorming exercise on EDAvalues, mission, & vision. No action required. G.NEW BUSINESS 1.Resolution Approving Transfer from EDA General Fund to Future Local Housing Trust Fund Assistant Executive Director Parrgave the staff report. CommissionerJuenemannmoved to approve the resolution authorizing the transfer of $300,000 from the Maplewood Economic Development Authority’s general fund to the future City of Maplewood local housing trust fund. Resolution 25-03-0025 RESOLUTION AUTHORIZING TRANSFER OF $300,000 FROM THE MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY’S GENERAL FUND TO THE CITY OF MAPLEWOOD LOCAL HOUSING TRUST FUND WHEREAS, Minnesota Statutes, section 462C.16 (the “Act”) authorizes cities to establish a local housing trust fund for the purposes specified in the Act; and WHEREAS, in accordance with the Act, the city of Maplewood (the “City”) has established the Maplewood Local Housing Trust Fund (the “Trust Fund”) by ordinance; and WHEREAS, the Trust Fund will be administered by the Maplewood Economic Development Authority (“MEDA”); and WHEREAS, the Trust Fund may be financed with funds from sources specified in the Act, including appropriations by a local government such as the City or MEDA; and WHEREAS, MEDA wishes to contribute to the Trust Fund to provide a portion of the funds which will be needed to support the housing initiatives implementedby the City and MEDA through the Trust Fund. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Maplewood Economic Development Authority as follows: 1.The Executive Director is hereby authorized and directed to transfer $300,000 from MEDA’s General Fund to the Trust Fund for the purposes authorized by the Act. 2.The Executive Director, the City’s Finance Director and other city staff and consultants are authorized and directed to take all other actions necessary or convenient to effect the intent of this resolution March 10, 2025 Maplewood Economic Development AuthoritySpecial Meeting Minutes 2 EDA Packet Page Number 2 of 16 D1 Seconded by Commissioner Cave Ayes – All The motion passed. H.ADJOURNMENT President Abramsadjourned the meeting at6:25p.m. March 10, 2025 Maplewood Economic Development AuthoritySpecial Meeting Minutes 3 EDA Packet Page Number 3 of 16 F1 MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY STAFF REPORT Meeting Date April 14, 2025 REPORT TO: Michael Sable, Executive Director REPORT FROM: Danette Parr, Assistant Executive Director PRESENTER:Michael Sable, Executive Director Danette Parr, Assistant Executive Director AGENDA ITEM: Economic Development Strategy Action Requested: MotionDiscussion Public Hearing Form of Action: Resolution OrdinanceContract/Agreement Proclamation Policy Issue: The Maplewood Economic Development Authority (EDA) is continuing the ongoing discussion around the creation of the Maplewood Economic Development Strategy. Recommended Action: No action is necessary. Fiscal Impact: Is There a Fiscal Impact? No Yes, the true or estimated cost is $0 Financing source(s): Adopted Budget Budget Modification New Revenue Source Use of Reserves Other: N/A Strategic Plan Relevance: Community InclusivenessFinancial & Asset MgmtEnvironmental Stewardship Integrated CommunicationOperational EffectivenessTargeted Redevelopment The city supports development and the leveraging of resources to expand the tax base while meeting the diverse needs of the community. In addition, the city promotes quality housing, commercial development and business growth. In advance of discussing targeted redevelopment opportunities, the Council and EDA are working to create mission, vision and values statements to guide their strategy. Background: In August 2024 the EDA started discussing its role and opportunities that exist for economic development in the City of Maplewood. On February 10, 2025, a concurrent meeting was held with the City Council for additional discussion around economic development opportunities. On March 10, 2025, another concurrent meeting was held to introduce draft mission, vision and value statements related to economic development in Maplewood. EDA Packet Page Number 4 of 16 F1 th The April 14 discussion will allow for additional discussion regarding the iterations of the draft mission, vision, and values statements listed below: Mission: Draft 1: To enhance the city's tax base, create diverse job opportunities, and support a dynamic mix of uses in the built environment. By being nimble and responsive, and through leveraging partnerships with developers, businesses, and the community, we show leadership and a proactive approach towards development and re-development. Revision: The Maplewood EDA builds a better tomorrow for existing and future residents through: fostering strategic and intentional partnerships with agencies, funders, developers, and the community creating programs and policies that encourage and support revitalization and reinvestment in existing homes and businesses providing financial support for creating new homes, businesses, and neighborhoods for the next generation Vision: Draft 1: A vibrant, thriving community where development provides a strong, diverse tax base, and a variety of housing options. A champion of opportunity - facilitating growth, supporting businesses, and creating a city that reflects care and pride in its future. Revision Option 1: Maplewood is uniquely positioned as a city of choice. We are a champion for: economic vitality vibrant neighborhoods a sustainable environment its people Revision Option 2: Maplewood is a vibrant, thriving city of choice - championing economic vitality, diverse housing, vibrant neighborhoods, and a sustainable environment, while fostering a community that reflects care, opportunity, and a passion for its future. Values: Strategic: We are intentional and work with focus. Collaborative: We work together with our partners. Innovative: We approach our work with creativity and inspiration. Nimble: We are open to adapting and growing, taking advantage of opportunities. Respect: We honor diversity and differences; seeking to include all voices. Attachments: 1.Power Point Presentation EDA Packet Page Number 5 of 16 F1, Attachment 1 Authority Economic April 14, 2025 Presentation Development EDA Packet Page Number 6 of 16 F1, Attachment 1 \[đăŵƇêŵƢ϶ͭͬϽ϶ͮͬͮͱ϶Аxđƚđň϶¨đƂƂĳŏĩϽ϶¡ňêŏ϶fŏƂŵŗċƇąƂĳŗŏ~êŵąİ϶ͭͬϽ϶ͮͬͮͱ϶АE?Ќ9ŗƇŏąĳň϶Ɯŗŵńĳŏĩ϶ŹđŹŹĳŗŏ϶ŗŏ϶~ĳŹŹĳŗŏϽ϶ÈĳŹĳŗŏϽValuesŲŵĳň϶ͭͰϽ϶ͮͬͮͱ϶А¤đƚĳŹđċ϶~ĳŹŹĳŗŏϽ϶ÈĳŹĳŗŏϽ϶ÈêňƇđŹ϶Ĩŗŵ϶ŵđƚĳđƜ Update on the EDA Strategic Planning Process EDA Packet Page Number 7 of 16 F1, Attachment 1 We work together with our partners. We approach our work with creativity and inspiration. We honor diversity and differences; seeking to include all voices. We are intentional and work with focus. We are open to adapting and growing, taking advantage of Working Values Strategic:Collaborative: Innovative: Nimble: opportunities.Respect: EDA Packet Page Number 8 of 16 F1, Attachment 1 Mission Statement -fostering strategic and intentional partnerships with agencies,funders, developers, and the community-creating programs and policies that encourage and supportrevitalization and reinvestment in existing homes and businesses-providing financial support for creating new homes, businesses, andneighborhoods for the next generation Draft 1:To enhance the city's tax base, create diverse job opportunities, and support a dynamic mix of uses in the built environment. By being nimble and responsive, and through leveraging partnerships with developers, businesses, and the community, we show leadership and a proactive approach towards development and re-development. wĻǝźƭĻķ 5ƩğŅƷʹ The Maplewood EDA builds a better tomorrow for existing and future residents through: EDA Packet Page Number 9 of 16 F1, Attachment 1 Vision Statement economic vitalityvibrant neighborhoodsa sustainable environmentits people. wĻǝźƭźƚƓ hƦƷźƚƓ ЋʹMaplewood is a vibrant, thriving city of choice -championing economic vitality, diversehousing, vibrant neighborhoods, and a sustainable environment, while fostering acommunity that reflects care, opportunity, and a passion for its future. Draft 1:Avibrant, thriving community where development provides a strong, diverse tax base, and a variety of housing options. Achampion of opportunityÏfacilitating growth, supporting businesses, and creating a city that reflects care and pride in itÓs future. wĻǝźƭźƚƓ hƦƷźƚƓ ЊʹMaplewood is uniquely positioned as a city of choice. We are a champion for:¤¤¤¤ EDA Packet Page Number 10 of 16 F1, Attachment 1 \]ŗêňŹ϶êŏċ϶¨ƂŵêƂđĩĳđŹ϶А~êƢ϶ͮͳ Final EDA Strategic Plan Adoption -July ?ŵêĨƂ϶¡ňêŏ϶¤đƚĳđƜ϶АsƇŏđ϶ Working Mission, Vision, Values Update -Tonight IV.Next Steps EDA Packet Page Number 11 of 16 G1 MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY STAFF REPORT Meeting Date April 14, 2025 REPORT TO: Michael Sable, Executive Director REPORT FROM: Ron Batty, MEDA Attorney PRESENTER:Ron Batty, MEDA Attorney AGENDA ITEM: Resolution Authorizing Execution of Consent to Collateral Assignment of TIF Documents, 2501 Londin Lane East Action Requested: MotionDiscussion Public Hearing Form of Action: Resolution OrdinanceContract/Agreement Proclamation Policy Issue: The EDA has been asked to consent to the collateral assignment of the Tax Increment Financing (TIF) Documents associated with the Londin Lane housing project. The Developer is refinancing the property and there will be a collateral assignment of the TIF documents to the new lender. The Consent the EDA is asked to sign is standard and will not adversely affect the EDA. Recommended Action: Motion to approve the attached resolution entitled “Resolution Authorizing Execution of Consent to Collateral Assignment of TIF Documents” and to execute the Consent. Fiscal Impact: Is There a Fiscal Impact? No Yes, the true or estimated cost is $0 Financing source(s): Adopted Budget Budget Modification New Revenue Source Use of Reserves Other: n/a Strategic Plan Relevance: Community InclusivenessFinancial & Asset MgmtEnvironmental Stewardship Integrated Communication Operational EffectivenessTargeted Redevelopment Background: On March 25, 2022, the EDA entered into an agreement with REE Maplewood Apartments, LLC regarding a 148-unit multifamily housing project in which a portion of the units are affordable. The property is located in the EDA’s TIF District 1-15, a housing tax increment district. On September 15, 2023, following the completion of the project, the EDA issued a pay-as-you-go tax increment EDA Packet Page Number 12 of 16 G1 financing Note in the principal amount of $2,237,754 to the Developer.The EDA has made semi- annual payments on the Note out of available tax increment since then. The Developer is re-financing the project and, as additional security for the loan, is collaterally assigning its interest in the TIF Documents to its lender. To accomplish this transaction, the EDA is asked to execute the Consent to Collateral Assignment of TIF Documents. This is standard in this sort of transaction and will not have an adverse effect on the EDA. The EDA will continue to make payments on the Note in accordance with the original agreement out of available tax increment. If the Developer defaults on its new loan, the lender will notify the EDA and the EDA will thereafter make payments on the TIF Note to the lender. If there is no default, the EDA will continue to make payments to the Developer. Attachments: 1.Resolution Authorizing Execution of Consent to Collateral Assignment of TIF Documents 2.Consent to Collateral Assignment of TIF Documents EDA Packet Page Number 13 of 16 G1, Attachment 1 MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION AUTHORIZING EXECUTION OF CONSENT TO COLLATERAL ASSIGNMENT OF TIF DOCUMENTS WHEREAS, in 2022, the EDA established Tax Increment District 1-15, a housing tax increment district, and in 2023 issued to REE Maplewood Apartments, LLC, the Developer, a pay-as-you-go TIF Note in the principal amount of $2,237,754; and WHEREAS, the Developer is re-financing the project and collaterally assigning its interest in the TIF Documents to its lender as additional security for the loan; and WHEREAS, the 2023 TIF agreement prohibits the assignment of the Note without the consent of the EDA; and WHEREAS, an appropriate assignment agreement between the Developer and the lender has been prepared and submitted for review by the EDA and has been found to be in proper form. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Maplewood Economic Development Authority as follows: 1.The President and Executive Director are authorized and directed to execute the Consent to Collateral Assignment of TIF Documents. 2.EDA staff and consultants are authorized and directed to take all additional actions as may be necessary or convenient to facilitate the intent of this resolution. Adopted by the Board of Commissioners of the Maplewood Economic Development Authority on April 14, 2025. Approved: Marylee Abrams, President Michael Sable, Executive Director EDA Packet Page Number 14 of 16 G1, Attachment 2 CONSENT TO COLLATERAL ASSIGNMENT OF TIF DOCUMENTS The Maplewood Economic Development Authority, a public body corporate and politic under the laws of Minnesota (the “Authority”), hereby consents to the foregoing and attached Collateral Assignment of TIF Documents by and among REE Maplewood Apartments LLC, a Minnesota limited liability company (“Assignor”) and Merchants Capital Corp., an Indiana corporation (“Lender”) on the terms and conditions set forth in the Assignment; provided that payment to the Lender of the amounts payable under the TIF Note upon an Event of Default as defined in the Assignment shall be further subject to delivery of the TIF Note to the Authority, in escrow, for re- registration of the TIF Note in the name of the Lender. . \[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS\] EDA Packet Page Number 15 of 16 G1, Attachment 2 THE CITY: THE MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of Minnesota By: _______________________________ (Seal) Name: Marylee Abrams Title: President By: _______________________________ (Seal) Name: Michael Sable Title: Executive Director EDA Packet Page Number 16 of 16