HomeMy WebLinkAboutCity Council Minutes 10-30-2019 SpecialAdopted Minutes
City Council Special Meeting
October 30, 2019
Deputy Mayor Carroll called a Special Meeting of the Plymouth City Council to order at 5:00
p.m. in the Medicine Lake Room of City Hall, 3400 Plymouth Boulevard, on October 30, 2019.
COUNCIL PRESENT: Deputy Mayor Carroll, Councilmembers Roehl, Willis, Davis,
McGregor, and Prom. Mayor Wosje arrived at 5:20 p.m.
ABSENT: None.
STAFF PRESENT: City Manager Callister, Administrative Services Director Hokkanen, Deputy
Parks and Recreation Director Northway, HRA Manager Barnes, Community Development
Director Juetten, Planning Manager Thomson, Senior Planner Drill, City Engineer LaBounty,
and City Clerk Engdahl.
Four Seasons Mall Redevelopment Project Update
Staff, Stacie Kvilvang from Ehlers (City's bond counsel), representatives from Dominium and
Launch Properties (commercial portion) presented an update on the redevelopment of the former
Four Season Mall site located at 4200 Lancaster Lane. It was noted that there is a public hearing
on a PUD general plan amendment and preliminary plat this evening at the Planning
Commission meeting.
The project consists of family and senior housing, parking ramp (portion to be allocated for park
ride customers during the weekdays), and four individual buildings for commercial uses (e.g.,
coffee shop, fast casual sit-down restaurant, sit-down restaurant, and general retail space).
Regarding the housing component, Dominium is proposing to construct three multi -family
buildings. There will be two general occupancy buildings that will be three -stories in height and
have a total of 163 units and one six -story senior building that will have 255 units. The general
occupancy buildings include amenities such as a fitness center, community kitchen, club room,
two playgrounds, swimming pool, and large patio with grilling space. The senior building
amenities include a fitness center, library, hair salon, theater room, community kitchen, card and
craft room, and large patio and grills.
Dominium was awarded a partial allocation of bonds in August 2019 for the general occupancy
buildings in the amount of $4,075,174. This is equal to approximately 10 percent of the overall
bond allocation of $45,000,000 that they will need to finance the two general occupancy
buildings. The closing on the approved allocation must occur on or before December 3, 2019. If
the closing does not occur before that date, the bonds will be returned to the State for
redistribution to other projects. If the Council approves the sale of these bonds, the developer
will apply to the State in early January for the remaining bonds for the general occupancy
buildings as well as the bonds for the senior building.
Adopted Minutes 1 of 2 Special Meeting of October 30, 2019
Dominium will be requesting an allocation of four percent low income housing tax credits from
Minnesota Housing Finance Agency. They will also be submitting grant applications to the
Metropolitan Council and are looking into possible grant programs through Hennepin County
and the Department of Employee and Economic Development.
Another proposed funding source for the housing portion will be pay-as-you-go tax increment
financing notes over 18 years (75% of annual increment). The family note will not exceed
$1,904,000 and senior note will not exceed $3,127,000 which are all present value. The
increment could be collected beyond 18 years if additional eligible uses were identified. The
minimum assessment agreement will be in place and the affordability maintained for a minimum
of 20 years. The City would receive 25% of increment to assist with public improvements
including parking ramp and roadway improvements ($1,651,000 present value).
Consideration of the PUD amendment, Preliminary Plat, tax increment financing redevelopment
agreement term resolution, and public hearing on the sale of revenue bonds will be on the
November 12 regular Council agenda.
Future Study Session
No study sessions were scheduled.
Adiournment
Mayor Wosje adjourned the meeting at 6:22 p.m.
andra R. Engdahl, City lerk
Adopted Minutes 2 of 2 Special Meeting of October 30, 2019