12-20-2004 EDA Minutes - Laserfiche WebLink

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EDA MINUTES DECEMBER 20, 2004 DRAFT 46 EDA Member Stoltz moved to adopt Resolution No. 04-05 approving modification of Tax Increment 47 Financing Plan for Tax Increment Financing District No. 1-11. EDA Member Carlson seconded the 48 motion. 49 50 Motion carried unanimously. 51 52 CONSIDERATION OF RESOLUTION NO. 04-06 AWARDING THE SALE OF, AND 53 PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE 54 ISSUANCE OF ITS $1,000,000 TAXABLE TAX INCREMENT REVENUE NOTE, SERIES 55 2004 56 57 Ms. Divine summarized the Staff report, stating that Staff is recommending approval. 58 59 EDA Member Bergeson moved to adopt Resolution No. 04-06 awarding the sale of, and providing 60 the form, terms, covenants and directions for the issuance of its $1,000,000 taxable tax increment 61 revenue note, series 2004. EDA Member Stoltz seconded the motion. 62 63 Motion carried. Vote: 3:2 EDA Members Carlson and Dahl opposed. 64 65 CONSIDERATION OF RESOLUTION NO. 04-07 AUTHORIZING INTERNAL LOAN IN 66 CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 1-11 67 68 Ms. Divine summarized the Staff report, indicating that Staff is recommending approval. 69 70 EDA Member Stoltz moved to adopt Resolution No. 04-07 authorizing internal loan in connection 71 with Tax Increment Financing District No. 1-11. EDA Member Bergeson seconded the motion. 72 73 EDA Member Bergeson asked if this is for the same number of years as originally presented. Ms. 74 Divine stated it is up one year, and also shows payments twice a year. 75 76 EDA Member Carlson noted that the balance increases the first few years. She asked if that was 77 because they do not have TIF yet but are paying interest. Mr. Bubul indicated that is correct. He 78 stated there would not be incremental financing until 2004, but the loan starts collecting interest right 79 away. He added they were also charging 4% interest, which is the maximum they can charge. He 80 stated this rate can be reviewed every year, so if the maximum allowable rate goes up it can be 81 adjusted. He indicated this loan is also for the full amount, however if the Metropolitan Council grant 82 comes in, the loan amount can be reduced. 83 84 EDA Member Stoltz asked when the Metropolitan Council decision is expected. Ms. Divine stated 85 they will discuss it on January 2nd, with a decision at the full meeting on January 12`h. 86 87 Motion carried. Vote: 3:2 EDA Members Carlson and Dahl opposed. 88 2