Edina approves $30.7 million bond sale for infrastructure
The Edina City Council unanimously approved a $30.7 million bond sale on March 15, securing favorable financing for street repairs, sewer improvements, and a new fire station. The city's strong AAA credit rating helped it achieve a competitive interest rate of 3.69% over 30 years.
The City Council voted 5-0 to authorize the sale of general obligation bonds to UBS Financial Services, with Public Finance Adviser Nick Anhut calling the results exceptional. "This was a very good result and it blew our estimates that were admittedly conservative out of the water," Anhut said. The competitive bidding process attracted 11 bids, demonstrating strong investor confidence in Edina's financial health.
The bond proceeds will fund multiple infrastructure projects over the next three decades, including street reconstruction, sanitary and stormwater sewer improvements, fire station construction, and roadway improvements in the Edina-Vernon Tax Increment Financing District.
In other business, the council unanimously approved a Memorandum of Agreement for the Wooddale Avenue Bridge project, which involved coordination with the U.S. Army Corps of Engineers and the Minnesota State Historic Preservation Office. Council Member Risser highlighted the project's goal of creating safer pathways for pedestrians and cyclists.
The council also appointed 12 high school students to various city commissions for the 2024-2025 school year, with Council Members Jackson and Agnew noting strong student engagement, particularly around public health issues.
One proposal that did not move forward was a sketch plan for Station Pizzeria on Vernon Avenue. The council expressed mixed concerns about the project, including traffic impacts and zoning conflicts. The site is designated for medium-density residential use in the city's comprehensive plan but is currently zoned for commercial use. Community Development Director Carrie Teague explained the fundamental conflict: "Our comprehensive plan guides this site for medium density residential... however the site is zoned plan commercial District 4." The applicant indicated they would reconsider the proposal.
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Votes (6)
Approval of Traffic Safety Report of May 28, 2024
Moved by Council Member Jackson [Traffic Safety Report Discussion] · Seconded by Council Member Pierce [Traffic Safety Report Discussion]
Council Member Jackson inquired about the status of a request to limit parking on Beard Avenue during soccer season. City Engineer Milner confirmed the request is moving through the Traffic Safety Committee and ETC, following normal process, but will not be addressed immediately.
Approval of Memorandum of Agreement for the Wooddale Avenue Bridge
Moved by Council Member Risser [Wooddale Avenue Bridge Discussion] · Seconded by Council Member Pierce [Wooddale Avenue Bridge Discussion]
Council Member Risser highlighted the extensive work and care that went into the project, involving the US Army Corps of Engineers, Minnesota State Historic Preservation Office, and Edina's Heritage Preservation Commission, emphasizing its goal of creating a safer pathway for pedestrians and bikers.
Acceptance of Donations (Resolution 2024-48)
Moved by Council Member Pierce [Donations Discussion] · Seconded by Council Member Jackson [Donations Discussion]
The city accepted donations including gifts to the Park and Recreation Department (for a tree at Brisen Park) and the Police Department (Flock cameras for the Rolling Green neighborhood).
Award of Sale of General Obligation Bonds (Resolution 2024-46)
Moved by Council Member Jackson [Bond Sale Discussion] · Seconded by Council Member Pierce [Bond Sale Discussion]
Nick Anhut presented the details of the $30,735,000 bond sale, noting the city's AAA credit rating, the highly competitive bidding process with 11 bids, and the favorable true interest cost of 3.69%. The bonds will finance street, sewer, fire station, and TIF district improvements over 30 years.
Sketch Plan Review: Station Pizzeria on Vernon Avenue
The proposal for a take-out/delivery pizza restaurant faced challenges due to the site's comprehensive plan designation (medium-density residential) versus its current zoning (PCD4) and the need for rezoning to PCD1. Council members expressed mixed feelings, some supporting a small neighborhood commercial use but concerned about traffic, spot zoning, and future uses under PCD1. Others emphasized the desire for a community gathering space rather than just a quick-serve establishment. No immediate action was taken, and the applicant indicated they would re-evaluate.
Student Commission Appointments for 2024-2025
Moved by Council Member Jackson [Student Commission Appointments] · Seconded by Council Member Agnew [Student Commission Appointments]
Council Members Jackson and Agnew presented a slate of 12 students chosen from 13 applicants to serve on various commissions. They praised the students' engagement, noting a theme of public health interest, and suggested future strategic discussions on evolving the role of student commissioners.
Notable Quotes (8)
this was a very good results and it blew our estimates that were admittedly conservative out of the water
The biggest issue that we've been struggling with on this one is that our comprehensive plan guides this site for medium density residential um it that designation has been in place for a couple of decades now however the site is zoned plan commercial District 4 which allows what the uses have been on the site over the years a gas station and auto repair um so we've got this conflict between comprehensive plan and Zoning
I kind of think it makes sense to have something like this to me fits there um but I I'm challenged with if it would ever get approved and so I think as a a council like I think we have to uh really face into uh some of the challenges around this one question I would have if it's guided as res residential in the comp plan we've not I've not seen any proposal for residential in that space uh but yet it's guided for that
I'm a little concerned about kind of spot zoning but it's really conforming zoning that we're talking about um and you know in the future what would come there and so I have another zoning question
I am very concerned about what this could do for safety I'm concerned about about spot zoning um and I really do take to heart what commissioner Miranda said um and it it did sound you know very much coming from a point of frustration that we are not planning we are reacting and um we need to really start moving in a direction where we're following the things that have been developed and because this is really something that the community should be able to count on
if there were you know like one thing I thought of when I heard about this idea was if you wanted it to be a place where people came and stayed sometimes you know what if there were a second floor on it and it was used as an event room or a party room like kids kids have a pizza party or somebody people from the neighborhood wanted to get together and have a big room where they could have pizza made downstairs and brought upstairs
this is real feedback that allows us to make decisions based on the best sort of information that we have it's it's better than a smoke screen it's better than a well maybe you know maybe you know try and see uh so this gives us something to work with
I think also the reminder to us as a council that we should take some time over the next year to think strategically of how do we want to evolve and use the student Commissioners in this role and in this capacity
Ordinances & Resolutions (8)
Guides land use, designating the Station Pizzeria site for medium density residential; last reviewed in 2018.
Governs zoning districts like PCD4 (current) and PCD1 (proposed) for the Station Pizzeria site.
Pertains to standards and guidelines for roadways and curb cuts on collector/arterial streets, relevant to traffic safety concerns.
Report discussed by the council, focusing on traffic safety requests and studies.
Agreement involving multiple agencies for the Wooddale Avenue Bridge project, aiming for safer pedestrian/biker pathways.
Resolution authorizing the acceptance of various donations to the city departments.
Resolution authorizing the issuance, awarding sale, and prescribing details for $30,735,000 in General Obligation bonds, Series 2024A.
Settlement related to mass lawsuits against pharmacies, resulting in funds for the city.
Source document
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Other Topics from This Document
Future of Former Public Works Site Redevelopment
Station Pizzeria Sketch Plan Review and Zoning Challenges
Student Commission Appointments
Sale of General Obligation Bonds
Community Storm Cleanup Policy
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