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St. James EDA approves financial report, seeks attorney review on billboard lease and covenants
Summary
The St. James EDA approved its financial report, confirmed a Lake Lane fund transfer, flagged pending funding for the Hickory Inn, and instructed the City Attorney to review a billboard lease and Mayberry Hills covenants to clarify property coverage and termination options.
The St. James Economic Development Authority on Feb. 10 approved its financial report and discussed several development and property matters that staff said require legal review.
Economic Development Director Brianna Sanders told the board that the transfer for the Lake Lane project from the housing fund had been completed and was reflected in the financial report; she also said funding for the Hickory Inn remains pending and is not yet shown. Sanders summarized development follow-up on 403 Tiell Drive, saying property owners plan to move several homes onto the site as initially proposed after concluding an apartment building was not feasible because of high construction costs. She also said the city council has not set a purchase price for the city-owned parcel at 923 5th St. N, and staff has followed up with a prospective developer.
Board members also discussed a long-standing billboard lease. Sanders reported the estimated cost to relocate the billboard would be about $10,000 to $12,000 and that the EDA would receive roughly $800 in annual rent from the lease. Members debated whether the billboard company would be responsible for relocation costs or whether the EDA could terminate the lease; the board voted to ask the City Attorney to review the lease and whether termination is an option.
Separately, Sanders summarized a meeting with Mayberry Hills property owners about protective covenants and said there was uncertainty about which properties are covered. The board directed staff to have the City Attorney review the covenants to clarify which properties are affected, and later voted to recommend approval of edits and direct staff to prepare a formal draft.
Votes at a glance: approval of the financial report (motion by Sue Craig, second by Mark Johnson; carried 6-0); recommendation to approve edits to Mayberry Hills covenants and create a formal draft (motion by Sue Craig, second by Travis Elg; carried 6-0).
