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07-22-2019 EDA Minutes
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07-22-2019 EDA Minutes
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EDA
EDA Document Type
EDA Minutes
Meeting Date
07/22/2019
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EDA MINUTES July 22, 2019 <br />APPROVED <br />1 <br />DATE : July 22, 2019 <br />TIME STARTED : 6:55 p.m. <br />TIME ENDED : 7:08 p.m. <br />MEMBERS PRESENT : EDA Members Stoesz, Reinert, Rafferty, <br />Maher, Manthey <br />MEMBERS ABSENT : None <br />OTHERS PRESENT: : Community Development Director Michael <br />Grochala; City Administrator Jeff Karlson; City <br />Clerk Julie Bartell <br /> <br />The meeting was called to order at 6:55 p.m. by EDA President Maher. <br /> <br />CONSIDERATION OF THE MINUTES OF FEBRUARY, 2019 <br /> <br /> February 11, 2019 <br /> <br />Economic Development Authority (EDA) Member Stoesz moved to approve the minutes as <br />presented. EDA Member Maher seconded the motion. Motion carried on a voice vote. <br /> <br />ACTION ITEMS <br />A. Lyngblomsten Senior Community: i. Consider Resolution No. 19-01, Approving <br />Tax Increment Financing Plan for District 1-13 – Community Development Director <br />Grochala reviewed the written report that includes information on elements of the proposed <br />project, how the project has come forward to the council, developer’s request for financial <br />assistance for the project in the form of tax increment financing, and elements of the City’s <br />proposal to provide tax increment financing for the project. Mr. Grochala reviewed the total <br />amount available for increment and the proposal for providing tax increment ($3.2 million). <br />The City Council held a public hearing on this and no public comment was received. The Plan <br />was approved at that time. He noted that the council is currently being asked to consider a <br />contract for private developmenet which lays out the details for the assistance provided. He <br />reviewed how increment will be provided. He noted that staff has continued to have discussions <br />about the valuation figures and a change is noted in the report. <br /> <br />Julie Eddington, Kennedy and Graven, public finance counsel, addressed the council. She <br />offered a reminder that the independent and skilled living will include 20% affordable units. She <br />noted provisions in the contract that could reduce the tax increment note: lower construction <br />costs and/or costs are lower for the later developed skilled nursing element, and/or if the <br />developer sells their land around the facility at a profit. In the minimum assessment agreement, <br />the number will be increased after the meeting and prior to execution of the contract. <br /> <br />EDA Member Reinert noted the council’s request that construction costs be followed. <br />Community Development Director Grochala said they have WSB reviewing the numbers and <br />will also have BakerTilly providing auditing services; there will be review prior to submittals. <br /> <br />ii. Consider Resolution No. 19-02, Approving Contract for Private Development <br />
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