06-15 EDA Regular
ECONOMIC DEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Regular Meeting
Virtual Meeting held via Webex
June 15, 2020
CALL TO ORDER
The meeting was called to order by President Supple at 7:47 p.m. via Webex.
EDA Members Mary Supple, Chair; Maria Regan Gonzalez; Sue Sandahl; Erin Vrieze
Present: Daniels; and Pat Elliott.
EDA Members None
Absent:
Staff Present: John Stark, Executive Director; Julie Urban, Housing Manager; and LaTonia
DuBois, Administrative Assistant.
Others Present: Sarah Harris, Aeon Seasons Park
OPEN FORUM
No speakers
APPROVAL OF MINUTES
M/Sandahl, S/Elliott to approve the minutes of the regular Economic Development Authority
meeting of April 20, 2020.
Motion carried 5-0
Commissioner Vrieze Daniels mentioned an error on the minutes Roll Call said HRA
Members Present opposed to EDA Members Present.
Roll was taken with the changes to the minutes.
Motion Carried 5-0
Item #1 APPROVAL OF THE AGENDA
M/Regan Gonzalez, S/Regan Sandahl, to approve the agenda.
Motion carried 5-0
EDA Meeting Minutes -2- June 15, 2020
Item #2 CONSIDERATION OF A MASTER AMENDMENT TO THE APARTMENT
REMODELING PROGRAM MORTGAGE, PROMISSORY NOTE AND LOAN
AGREEMENT WITH AEON SEASONS PARK AND A SUBORDINATION OF THE
MORTGAGE. (S.R. NO 13)
Housing Manager Urban presented Staff Report No.13
Sarah Harris, Aeon Seasons Park expressed her appreciation for all the leadership support
from the City.
RESOLUTION NO. 23
RESOLUTION APPROVING A MASTER AMENDMENT AGREEMENT WITH AEON SEASONS
PARK LLC RELATED TO AN AFFORDABLE HOUSING PROJECT IN THE CITY OF RICHFIELD
AND TAKING OTHER ACTIONS IN CONNECTION THEREWITH
M/Sandahl, S/Regan Gonzalez to approve a resolution authorizing the execution of a
Master Amendment to the Apartment Remodeling Program mortgage, promissory note, and loan
agreement with Aeon Seasons Park and approve a subordination of the mortgage to the
Minnesota Housing principal mortgage.
Motion carried 5-0
President Supple asked for clarification that the loan is forgivable.
Housing Manager Urban stated a term which would require the loan to be paid back, but
reiterated it is a forgivable loan.
Item #3 EDA DISCUSSION ITEMS
None.
Item #4 EXECUTIVE DIRECTOR’S REPORT
Executive Director Stark told commissioners they would receive a written report on the
Covid loan within a few weeks, provided a brief update and stated that all Richfield business that
applied had been approved and named a few of the recipients. Executive Director Stark mentioned
how rewarding offering this loan was and the wealth small businesses in the community.
Housing Manager Urban mentioned how appreciative recipients are.
Executive Director Stark informed commissioners that other communities were so
impressed with the EDA Covid loan program; it inspired those other communities to offer similar
programs. Hennepin county return to work program has funds for Richfield businesses and asked
Richfield to administer the program and the City waived the administrative fees so all the funds
could remain available to Richfield businesses.
Chair Supple inquired if businesses could apply for both the EDA and Hennepin County
loan.
Executive Director Stark explained the terms of a previous program Hennepin County but
he wasn’t certain about the guidelines for the new program.
EDA Meeting Minutes -3- June 15, 2020
Item #5 CLAIMS
M/Regan Gonzalez, S/Sandahl that the following claims be approved:
U.S. BANK 5/18/2020
EDA Checks: 20377-20394 $37,748.01
$35,748.01
TOTAL
U.S. BANK 6/15/2020
EDA Checks: 20395-20450 $175,901.41
$175,901.41
TOTAL
Motion carried 4-0 Commissioner Elliott lost connection to the meeting and was unable to
vote.
Item #8 ADJOURNMENT
The meeting was adjourned by unanimous consent at 8:06 p.m.
Date Approved: August 17, 2020
Mary B. Supple
President
LaTonia DuBois John Stark
Administrative Assistant Executive Director