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EDA MINUTES December 11, 2017 <br />DRAFT <br />1 <br />DATE : December 11, 2017 <br />TIME STARTED : 6:15 p.m. <br />TIME ENDED : 6:25 p.m. <br />MEMBERS PRESENT : EDA Members Kusterman, Reinert, Rafferty, <br />Maher, Manthey <br />MEMBERS ABSENT : None <br />OTHERS PRESENT: : Community Development Director Michael <br />Grochala; City Clerk Julie Bartell <br /> <br />The meeting was called to order at 6:15 p.m. by EDA President Rafferty. <br /> <br />CONSIDERATION OF THE MINUTES OF APRIL 10, 2017 <br /> <br />Economic Development Authority (EDA) Member Kusterman moved to approve the April 10, <br />2017 minutes as presented. EDA Member Manthey seconded the motion. Motion carried on a <br />voice vote. <br /> <br />A. Consider Resolution No. 17-02, Approving Assignment of Contract for Private <br />Development and TIF Note - Community Development Director Grochala explained that the <br />Economic Development Authority previously authorized execution of private contract and tax <br />increment financing (TIF) actions with United Properties and Distribution Alternatives relative <br />to construction of the warehouse/distribution center in the city. He explained the use of tax <br />increment and the pay-as-you-go note associated with the increment, including the length of the <br />bond. The project is being purchased by another group. There will be no change in tenancy, just <br />a change in landlord. Staff is comfortable with the firm taking over the project. Staff is <br />requesting approval of an EDA resolution approving the assignment. <br /> <br /> <br />EDA Member Maher moved to approve Resolution No. 17-02 as presented. EDA Member <br />Manthey seconded the motion. Motion carried on a voice vote. <br /> <br />ADJOURNMENT <br /> <br />There being no further business for consideration, the meeting was adjourned at 6:25 p.m. <br />