Edina City Council — Transcript
Thursday, February 19, 2026
Story
City Officials Weigh Financing Options for 701 France Avenue Redevelopment
Story
Edina Officials Weigh Financing Risks for 701 France Avenue Redevelopment
Votes (1)
701 France Avenue Project Update and Financing Strategy
Dissent: Commissioners Risser and Agnu voiced strong opposition to the proposed lease structure.
Moved by None [N/A] · Seconded by None [N/A]
The HRA discussed a complex Lease Revenue structure where a third-party non-profit would issue tax-exempt bonds to build parking. Commissioners expressed concern over risk, the city's eventual ownership of a parking ramp, and the viability of high-rise residential versus hospitality or office uses on Site A. Dissent focused on whether the city should be in the 'parking business.'
Notable Quotes (4)
If we're going to continue to be involved, we have to get more creative. And the challenge there is being creative without bearing any undue risk.
This lease structure is not viewed the same as a bond issuance... It's really a contingent liability versus a direct general obligation.
What we get out of this is a parking ramp and I don't know that I want that. I'm open to other creative solutions... but I don't love this creative solution.
I feel like what we're doing is because of our greater Southdale area design guidelines, we're forcing developers to come up with projects that perhaps violate our code and are possibly non-compliant.
Ordinances & Resolutions (4)
Policy document cited by Commissioner Risser as potentially forcing non-compliant or infeasible development requirements.
The city's overarching development vision that the 701 France project aims to satisfy.
The existing tax increment financing agreement that currently governs the project site.
Area-specific plan focused on density and landmark development at key intersections.