In Edina City Manager Scott Neal’s March 9 Friday Report:
Southdale TIF District – Staff are working with our consultant team to prepare the necessary documents and maps for the City to establish a new Tax Increment Financing (TIF) District around Southdale Center. We will present the maps and documents to the Council in the next two weeks and will ask the Council to take action at its March 20 meeting to set a public hearing for April 17 to create the TIF district and, possibly, to approve a development agreement with Simon Properties.
Here’s the HRA Resolution 2012-5 document from the March 20 council meeting. The Council approved setting a public hearing for the April 17 Council meeting.
In Edina City Manager Scott Neal’s March 23 Friday Report:
Southdale TIF District – Staff and consultants will brief Council Members on the proposed development agreement with Simon Properties in a special work session on Tuesday, March 27, from 4 to 5:30 p.m. in the Mayor’s Conference Room.
In this StarTribune article about the Maplewood Mall (another Simon Properties mall):
Meanwhile, work continues at Southdale. The Edina project includes a new concourse, food court, entrances, elevators, stairs and other mall finishes, including painting over the teal-colored trim that evokes a strong 1980s flashback.
Unlike Maplewood Mall, which did not seek any public subsidies, Simon has requested financing assistance from the city of Edina. According to a proposed development agreement, the package would include a no-interest $5 million loan that would be paid back over an eight-year period. City documents state that Simon would be required to spend at least $14 million on common-area renovations to the mall to qualify for the loan. The project will be voted on at the City Council’s April 17 meeting.