Edina City Council — Transcript
Wednesday, October 23, 2024
Story
Edina HRA delays decision on Macy's site redevelopment financing
France Avenue Pedestrian Crossing Study
PUD Zoning and Legal Authority
Votes (1)
Reports and Recommendations: Macy's Site / Enclave Project TIF Analysis
Dissent: Commissioner Risser voiced strong procedural and substantive concerns regarding the TIF term sheet and the pedestrian crossing study.
Moved by N/A · Seconded by N/A
Manager Nindorf emphasized that TIF provides the city leverage to extract public benefits like park fees and infrastructure that a market-rate project wouldn't provide. Developer Brahma presented a 'back-of-napkin' sketch of a non-TIF project to illustrate that it would be massive in scale and lack affordable housing. Commissioner Risser criticized the 'bundling' of site plans with zoning and expressed skepticism over the lhb study's objectivity.
Notable Quotes (3)
without the use of tax increment financing to reimburse them for some cost in the future this project is unable to proceed it's unable to secure debt and Equity to move forward
I as a member of the HRA do not see a tunnel at this location under France as a public benefit
the HRA is free to decide not to approve Tiff... the HRA is not required to approve Tiff simply because the city council has approved PUD zoning
Ordinances & Resolutions (4)
The specific sub-district zoning code governing the Macy's site requirements.
The city's overarching development guide which the 'No-TIF' alternative would violate.
City policy requiring green building standards, which the developer indicated might be waived in a non-TIF scenario.
New state-authorized funding mechanism for housing issues mentioned during the consent agenda.