01-18-1982 SpecialCITY OF RICHFIELD
SPECIAL CITY COUNCIL MEETING
January 18, 1982
The city council of the City of Richfield met in special session on January 18,
1982 in the council chambers of the city hall at 5:30 p.m.
Mayor Hamilton called the meeting to order at 5:40 p.m.
Present: Bunce, Kirsch, Ludeman, Hamilton
Absent: Hassenstab (Arrived at 5:50 p.m.)
1. Winfield/Laukka/Edina Mixed Use Development Project
Mayor Hamilton asked Peter Jarvis, of B. R. W., architects of the proposed
mixed use development project in the City of Edina, to describe the development of
the southwest corner of 76th Street and York Avenue. He stated that the project
will include housing, commercial and office uses. Six-hundred condominium units are
to be developed, as well as four office buildings, containing 500,000 square feet.
The development will also include public parks and retail stores.
Council Member Hassenstab arrived at S:SO p.m.
Pir. Jarvis described the equity sharing concept behind the housing program.
He introduced other representatives of the City of Edina, Council 1`iember Fred
Richards, City Manager lien Rosland and City Planner Gordon Eiughes. -
Mr. Jarvis described traffic flow and access to the site.
Fred Richards described the Edina city council's position regarding support
of this project. He stated that it would be 13 to 14 years before the full tax
increment for this project is paid off.
City ;tanager Nollenberger described the environmental assessment worksheet
that has been prepared for this project. He observed that the proposed development
minimizes the impact on Richfield, and suggested that anti• develop:~ent on this site
would inevitably impact traffic on 76th Street in Richfield, perhaps to~a much
greater extent than this project does. He suggested that Richfield not request
Special Council Meeting Minutes -2- January 18, 1982
preparation of an environmental impact statement, but rather accept the data in the
Environmental Assessment Worksheet of the Minnesota Environmental Quality Board's
Notice of Findings as adequate analysis of the traffic impact on Richfield.
2. Consideration of Resolution Authorizing Bond Issue
City Manager Nollenberger described the purpose of the concurrent meeting with
the HRA - to present an update on the sale of the $2,450,000 bond issue to finance
the costs of the Lake Shore Drive Condominium project and Lyndale Garden Center
project. Admininistrative Services Director Joyce tJilde described the following
alternatives for marketing of these bonds, as outlined in HRA Letter No. 7:
1. Wait for changes in the bond market and/or changes in state
law that would remove-the 12 percent interest rate ceiling;
2. Make more optimistic assumptions regarding inflation, and
the corresponding growth in tax increment collections that
will support the indebtedness;
3. Reassess the original HRA policy that requires each component
of the redevelopment project to be self-supporting.
The council concurred with Alternative Number 1 with the understanding that
the staff would investigate the feasibility of starting the process for bond
issuance immediately in case-the bond market dips under 12 percent.
3. Goals and Objectives
City Manager Nollenberger summarized the goals and priorities that the city
council had adopted in June, 1981. Council ;iembers discussed them and indicated
continued support for these goals.
The meeting adjourned at 6:15 p.m.
Date Approved: February 8, 1982
Jo, a S,'ilde Acting City Clerk
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Marl Nolienbergc City ;tana-;er