01-09-2024 EDC MinutesCHANHASSEN ECONOMIC
DEVELOPMENT COMMISSION
REGULAR MEETING
January 9, 2024
Chair Anderson called the meeting to order at 5:39 p.m.
MEMBERS PRESENT: Chair Eric Anderson, Vice Chair Duke Zurek, Stacy Goff, Luke
Bame, Cohen Lee
MEMBERS ABSENT: Chris Freeman
STAFF PRESENT: Samantha DiMaggio, Economic Development Manager; Eric Maass,
Planning Director (remotely)
PUBLIC PRESENT: Nick Anhut, Ehlers, and Nick Asta and Peter Schroeder, Roers.
Commissioner Zurek moved, and Commissioner Goff seconded to approve the agenda. All
voted in favor and the motion carried unanimously with a vote of 5 to 0.
APPROVAL OF MINUTES:
APPROVE ECONOMIC DEVELOPMENT COMMISSION MINUTES DATED DECEMBER
12, 2023
Commissioner Bame moved, and Commissioner Lee seconded to approve the Minutes of the
Economic Development Commission meeting dated December 12, 2023, as presented. All voted
in favor and the motion carried unanimously with a vote of 5 to 0.
DISCUSSION/GENERAL BUSINESS ITEMS:
1. West 78th Street Renewal and Renovation TIF District Application—Roers
Economic Development Manager, Samantha DiMaggio, reviewed the TIF application from Roers
Companies for a TIF District for the redevelopment of the closed Chanhassen Cinema and the
Country Inn & Suites.
Roers is proposing to construct two new vertical mixed-use buildings. Each building would include
both residential and commercial space as well as underground parking. The total redevelopment is
estimated to cost $134.6 million. The developer is showing a financing gap of $6.2 million which is
why they are requesting TIF assistance. The funds generated from the TIF District will be used to
pay for demolition and site work, including stormwater, utilities, and the extension of Laredo Drive.
State statute establishes these expenses as eligible to be paid for through TIF.
Economic Development Commission – January 9, 2024
2
This would be a "pay-as-you-go" TIF, which means that the taxes would be paid by the
owner/developer and would be rebated once it is determined that the expenditures are valid, and the
goals of the project are met. Pay-as-you-go financing relies on the private developer or property
owner to initially finance the costs of the TIF improvements. A development agreement between the
authority and the developer then provides the developer will be repaid as tax increments are
collected. This form of TIF structuring removes financial risk to the city.
Commissioner Bame moved, and Commissioner Zurek seconded to recommend that the City
Council, acting as the Economic Development Authority, approve the request to establish a
renewal and renovation TIF district and enter into a development contract for TIF assistance
with the applicant. All voted in favor and the motion carried unanimously with a vote of 5 to 0.
ADJOURNMENT:
Commissioner Bame moved, and Commissioner Goff seconded to adjourn the meeting. All
voted in favor and the motion carried unanimously with a vote of 5 to 0. The Economic
Development Commission meeting was adjourned at 6:45 p.m.
Submitted by Samantha DiMaggio
Economic Development Manager