HomeMy WebLinkAbout2025-04-14 EDA Meeting MinutesA
MEETING MINUTES
MAPLEWOOD ECONOMIC DEVELOPMENT AUTHORITY
6:15 P.M. Monday, April 14, 2025
City Hall, Council Chambers
CALL TO ORDER
A meeting of the Maplewood Economic Development Authority (EDA) was held in the
City Hall Council Chambers and was called to order at 6:15 p.m. by President Abrams.
B. ROLL CALL
C
E.
F
G.
Marylee Abrams, President
Present
Rebecca Cave, Vice President
Present
Kathleen Juenemann, Commissioner
Present
Chonburi Lee, Commissioner
Present
Nikki Villavicencio, Commissioner
Present
APPROVAL OF AGENDA
Commissioner Lee moved to approve the agenda as submitted.
Seconded by Commissioner Cave Ayes — All
The motion passed.
APPROVAL OF MINUTES
1. March 10, 2025, Economic Development Authority Special Meeting Minutes
Commissioner Juenemann moved to approve the March 10, 2025 Economic
Development Authority Special Meeting Minutes as submitted.
Seconded by Commissioner Cave Ayes — All
The motion passed.
PUBLIC HEARING
None
UNFINISHED BUSINESS
1. Economic Development Strategy
Assistant Executive Director Parr gave the staff report. The commissioners discussed
values, mission, & vision, and provided direction to staff.
No action required.
NEW BUSINESS
April 14, 2025
Maplewood Economic Development Authority Minutes
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1. Resolution Authorizing Execution of Consent to Collateral Assignment of TIF
Documents, 2501 Londin Lane
EDA Attorney Batty gave the staff report.
Commissioner Lee moved to approve the resolution entitled "Resolution Authorizing
Execution of Consent to Collateral Assignment of TIF Documents" and to execute the
Consent.
Resolution 25-03-0026
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.
Seconded by Commissioner Juenemann Ayes — All
The motion passed.
H. ADJOURNMENT
President Abrams adjourned the meeting at 6:30 p.m.
Andrea Sindt, City Clerk
April 14, 2025
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