North St. Paul Economic Development Authority Meeting - 3/10/2026

Monday, March 9, 2026

Introduction of Cesar Reynoso

December 9th meeting minutes approval

Guest speaker update on commercial real estate and development

Discussion of Margaret Street development potential

2579 7th Avenue East site development/paving

Election of 2026 EDA officers

Construction cost trends and interest rate impacts on development

Areas of Interest (5)

Commercial real estate crisis: Massive value drops in downtown Minneapolis assets sold for fraction of purchase price.
Impact of rent control policies on development project viability in St. Paul.
Financial feasibility challenges for small-scale residential developments in current high interest rate environment.
Potential demolition of North St. Paul community center due to $8.3M renovation costs exceeding original value.
Success of Article 7 building refinancing via HUD program to reduce interest rates.

Votes (4)

Adopt the agenda

ApprovedUnanimous

Moved by Dave · Seconded by Joe

Adopt December 9th minutes

ApprovedUnanimous

Moved by Dave · Seconded by Joe

Appoint Ken as assistant treasurer

ApprovedUnanimous

Moved by Not specified · Seconded by Not specified

Re-elect current officers (President, VP, Treasurer)

ApprovedUnanimous

Moved by Not specified · Seconded by Not specified

Notable Quotes (3)

One buck. core downtown Minneapolis historic building that had tenants in it. One buck.
— Jim Lavell

Market instabilityDescribing the auction of the Lumber Exchange building.

We traded at $14 million. We lost 6 million bucks in 5 years. An apartment building that I did.
— Jim Lavell

Real estate riskDiscussing financial losses on a St. Paul development.

Is it better, you know, maybe a Culver versus you can slide one in there for...
— John Mungy

Land useDiscussing development options for vacant city land.

People (6)

John MungyPresident

Presiding over the EDA meeting.

Joe MatthewsVice President

Participating in board votes and discussions.

Brandon BramshireTreasurer

Retained as Treasurer for 2026.

Cesar ReynosoMember

Introduced as a small business owner and North St. Paul resident.

1 quote

“My name is Cesar. Uh been working moved to North St. Paul, working with North St. Paul for the past 10 years.”

Personal introduction to the board.

Jim LavellDeveloper

Real estate developer providing market insights and project updates.

1 quote

“There's some good things and smooth waters and sunny sunny skies, right? And then there's some choppy waters and some other stuff over there.”

Describing the current commercial real estate landscape.

Ron RichiePublic Works Director

Advising on land use and the lot near Sidewinders.

Places Mentioned

North St. Paul2579 7th Avenue EastMargaret Street169 and 394 Interchange, PlymouthDowntown MinneapolisDowntown St. PaulLumber Exchange Building, MinneapolisCity Center, MinneapolisThe Dunigan, St. PaulAendale, St. PaulDuluth, Minnesota

Events & Meetings (2)

March 10th - EDA meeting
December 9th - Previous meeting

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