Edina City Council — Transcript

Wednesday, August 9, 2023

Story

Edina Council approves parking repairs, debates hotel loan deal

Story

Edina City Council Addresses Community Concerns, Advances Key Projects

Pledge of Allegiance

Approval of Amended Agenda

Consent Agenda Review

Parking Ramp Repairs (50th and France)

Loan Agreement for Hotel Development (Pentagon Village)

Reports and Recommendations

Votes (3)

Approve the amended agenda with the elimination of 6D

CarriedAye

Moved by Commissioner Jackson · Seconded by Commissioner Pierce

Approve the items on the consent agenda with the exception of item 6B

CarriedAye

Moved by Commissioner Jackson · Seconded by Commissioner Pierce

Approve the request for purchase on change order FC 22-11, 50th and France parking ramp repairs

CarriedAye

Moved by Commissioner Brocher/Richard · Seconded by Commissioner Jackson

Notable Quotes (7)

I'm proposing and recommending that we prepare a loan agreement with a local hotel company to build a long-awaited hotel down in that Pentagon Village project.

Manager Newendorf
Hotel Development Loan AgreementPresenting the recommendation for the hotel loan agreement.

The big picture is we have a very experienced Hotel developer they've been looking at at a site at Pentagon Village since around 2017 2018.

Manager Newendorf
Hotel Development Loan AgreementProviding background on the hotel project.

So right now they've got a two million dollar Gap in their financing.

Manager Newendorf
Hotel Development Loan AgreementExplaining the financial challenge for the hotel project.

Worst case scenario everything falls apart the bank gets paid back first we get paid back second if there's enough money we get paid back if there's not we don't.

Manager Newendorf
Hotel Development Loan AgreementDescribing the risk of the subordinated loan.

So when I look at the request to go from I believe it was 220 000 up to in the 600 000 range I I understood why that was being asked for but I thought it would be helpful to understand whether we have addressed all of the high priority items in the South ramp and if there's going to be additional requests for money concerning the South ramp and the north ramp just trying to get a handle on what the cost of upkeep is on those two facilities which do get used quite a bit.

Commissioner Risser
Parking Ramp RepairsQuestioning the cost and scope of the parking ramp repairs.

The South ramp was first built in 1968 it's getting old so there's a constant list of work that is done on that on that ramp.

Manager Newendorf
Parking Ramp RepairsExplaining the need for ongoing repairs at the South parking ramp.

We did address all the structural repairs that were needed in the North and the South ramp at this time.

John Darso
Parking Ramp RepairsConfirming that structural repairs for the parking ramps were addressed.

People (11)

Liz OlsonAdministrative Planning Specialist

Responsible for conducting the roll call at the beginning of the meeting.

Mr. JacksonCommissioner

Moved to approve the amended agenda and seconded the motion to approve the consent agenda.

Commissioner PierceCommissioner

Seconded the motion to approve the amended agenda and moved to approve item 6B back into the consent agenda.

Commissioner RisserCommissioner

Requested to remove item 6B from the consent agenda and asked detailed questions regarding parking ramp repair costs and scope.

Mr. BernardExecutive Director

Responded to community comments and provided guidance during the meeting.

Manager NewendorfManager

Provided guidance on parking ramp repairs and presented the recommendation for a loan agreement with Hawkeye Hotels.

John DarsoFacility Supervisor

Familiar with the parking ramp contract and provided insight into the repairs.

Commissioner BrocherCommissioner

Moved to approve item 6B back into the consent agenda.

Jay BhaktaContact Person

Main contact for JR Hospitality, a hotel group based in Bloomington.

Parth PatelVP

VP at Hawkeye Hotels, working with the city on the Pentagon Village hotel project since 2019.

Commissioner AgnewCommissioner

Recused herself from the discussion on the hotel loan agreement due to potential conflict of interest related to Marriott.

Places Mentioned

Pentagon Village50th and France (Parking Ramp)Lunds Byerly'sBloomingtonIowaTwin Cities77th Street

Events & Meetings (1)

  • Thursday, August 10, 2023, 7:34 p.m.
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