Minneapolis Community Development Agency Board AgendaRegular Meeting
Friday, April 16, 2004
following 9:30 a.m. City Council Meeting, Room 317 - City Hall, Minneapolis, Minnesota
Accept minutes of the regular meeting held April 2, 2004.
Action taken: Accepted
Forwarded from Operating Committee (4/6/2004):
Grain Belt Complex: Resolution approving sale of 47 13th Av NE (partial) and 71 13th Av NE (partial) to Artspace Project, Inc. for $2,000,000 in conformance with terms as amended by the Operating Committee:
a) Artspace agrees to keep a minimum of 60% of the net rentable square feet in the Warehouse building for artists (as already defined by Artspace and the City). Artspace will also need approval from the City to lease more than 20% of the net rentable square feet in the Warehouse to a single tenant.
b) With respect to the $300,000 subordinated mortgage, beginning in Year 5 and running through Year 15, Artspace and the City of Minneapolis will split the net cash flow on a 50%-50% basis. The City's net cash flow payment will be applied to the interest and principal on the $300,000 second mortgage provided by the City. If at the end of Year 15 there remains a balance on the $300,000 second mortgage, Artspace will repay the balance in full. Any refinancing of either property will trigger the repayment of the $300,000 second mortgage.
c) (Replace Term No. 10) If Artspace sells either the Warehouse or Bottling House property within 15 years, the City will be entitled to repayment of $1.5 million plus an annual inflation factor based on the Consumer Price Index (CPI) for the equity write-down on the original sale of the property. Comment: Development Finance Committee. (
Action taken: Adopted as amended by adding d).
d) Whereas the City of Minneapolis is selling the Grain Belt Warehouse and Bottling House at an approximate $1.5 million write-down to ensure that the City maintains scarce artist workspaces in the City, ArtSpace will primarily market leasable space in the Grain Belt Warehouse and Bottling House to residents of Minneapolis.
Jordan-Vacant Housing Recycling Program: Resolution approving sale of 2742 Queen Av N to Drum Major Building, Inc. for $20,000. If Drum Major Building, Inc. does not perform, authorize sale to alternate purchaser Greater Metropolitan Housing Corporation of the Twin Cities, with payment of the purchase price at closing. ( Glasper 673-5221)
Action taken: Accepted
Jordan-Vacant Housing Recycling Program: Resolution approving sale of 2711 Newton Av N to The Greater Metropolitan Housing Corporation of the Twin Cities (GMHC) for $19,000, and authorize deferment of the purchase price until sale of the property. (
Operating Committee forwarded without recommendation.
Action taken: Approve sale to Drum Major Building, Inc.
Next Operating Committee: Tue, Apr 20, 2004 following 1:30 p.m. CD Meeting, Room 317 City Hall
Regular Meeting: Fri, April 30, 2004 following 9:30 a.m. City Council, Room 317 City Hall
Last updated Dec 2, 2011