EDA ITEM: 5 Bryan Schafer, Community Development Director
Title
BLAINE ECONOMIC DEVELOPMENT AUTHORITY
APPROVING A $30,000 COMMITMENT OF EDA PROJECT FUNDS TO ASSIST COMPLETION OF IMPROVEMENTS IN THE WOODLAND VILLAGE (GARDENWOOD) DEVELOPMENT. (CASE FILE NO. 11-07/BKS)
Background
On September 6th the City successfully negotiated an $800,000 settlement with the bond company for the unfinished improvements in the Gardenwood development. Since then staff has had the opportunity to meet with Woodland Development, the current owners of the development, to develop a proposal on how to use the $800,000 in bond proceeds. This proposal was reviewed by the City Council at the October 13, 2011 workshop where it was also directed that the City contribute $30,000 in EDA project funds to assist in the soils exchange component of the project.
This Resolution commits the $30,000 that is outlined in an agreement between the City and Woodland Development (November 3rd City Council agenda) and is contingent on the approval and execution of that agreement.
Schedule of Actions
[Enter Schedule of Actions Here if Necessary]
Body
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Blaine Economic Development Authority (the "EDA"), as follows:
WHEREAS, it is one of the goals and purposes of the Blaine EDA to improve the community, strengthen the tax base and enhance housing opportunities; and
WHEREAS, the Woodland Village (Gardenwood) Development has been delayed by market conditions and the default or a previous developer; and
WHEREAS, the development has many work items that have not been completed because of this previous default; and
WHEREAS, it is in the public interest that these work items, including the necessary exchange of soil to allow further residential development, be completed in a timely fashion.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Blaine Economic Development Authority, City of Blaine, Minnesota, that $30,000 in EDA Project Funds be authorized as part of and contingent upon a formally executed agreement between the City and Woodland Development for use of these funds as well as $800,000 of recovered bond funds.
PASSED by the Economic Development Authority of the City of Blaine this 3rd day of November 2011.
Recommendation
By motion, approve the Resolution Committing $30,000 in EDA Project Funds to assist in completion of improvements in the Woodland Addition (Gardenwood) Development.