05-22-1995 EDA Minutes - Laserfiche WebLink

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EDA member Kuether questioned if the city would be competing with private developers if the entire Apollo Business Park was TIFFed. Mr. Wessel said the city has made an effort not to compete with private developers, but the Apollo Business Center is an older TIF district and does not have as much TIF capacity as the city - owned portion. However, development of the park will create more value in the privately owned portion and will likely make the parcels more attractive to business. Mr. Batty informed board members that the private developers in TIF District 1-4 had the same advantage as the city, they just had it earlier. Mr. Reinert stated private developers need to contribute to the overall effort of economic development in the same way the city does. Mr. Wessel said one new development is scheduled for the private portion of the park this summer, and another is anticipated next year. Mr. Wessel stated he was recommending adoption of Resolution No. 95-03 adopting TIF Plan for TIF District 1-7. EDA member Elliott moved adoption of the plan. EDA member Bergeson seconded the motion. Motion passed unanimously. SET EDA MEETING FOR WEDNESDA Y, JUNE 7, 1995 AT 5 P.M. Mr. Wessel explained an EDA meeting must be called to hold a public hearing on the proposed sale of property to Nol-Tec Systems, Inc. in the Apo/% Business Park. At that meeting the development agreement between the company and the city will also be considered. EDA member Elliott moved to set the hearing for June 7 at 5 p.m. EDA member Bergeson seconded the motion. Motion passed unanimously. ADJOURNMENT EDA member Elliott moved to adjourn. EDA member Bergeson seconded the motion. Motion passed unanimously. Meeting adjourned at 6:30 p.m.