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EDA MINUTES December 12, 2016 <br />Approved <br />1 <br />DATE : December 12, 2016 <br />TIME STARTED : 8:00 p.m. <br />TIME ENDED : 8:05 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 8:00 p.m. by EDA President Kusterman. <br /> <br />CONSIDERATION OF THE MINUTES OF JULY 25, 2016 <br /> <br />Economic Development Authority (EDA) Member Maher moved to approve the July 25, 2016 <br />minutes as presented. EDA Member Reinert seconded the motion. Motion carried on a voice <br />vote. <br /> <br />RESOLUTION NO. 16-06, APPROVING COLLATERAL ASSIGNMENT AND <br />SUBORDINATION OF DEVELOPMENT AGREEMENT AND TIF NOTE, UNITED <br />PROPERTIES – TIF DISTRICT 1-12 <br /> <br />Community Development Director Grochala reviewed the written staff report. The requested <br />action relates to a Board approved contract in July of 2016 that included authorization for a TIF <br />note. Construction of a building is underway along with area road improvements. As part of the <br />loan arrangement for the development, the developer has requested this action. This was <br />anticipated by staff. The Board is being requested to take official action establishing certain <br />roles in the financing scheme. Director Grochala noted that Julie Eddington, Kennedy & <br />Graven, counsel to the EDA, has reviewed the agreement and made modifications as necessary. <br /> <br />EDA Member Rafferty moved to approve Resolution No. 16-06 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 8:05 p.m. <br />