06/04/2003 Council Minutes - Laserfiche WebLink

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• • CITY COUNCIL WORK SESSION JUNE 4, 2003 APPROVED 2002 AUDIT REPORT, DARWIN VIKER, LAW Finance Director Rolek distributed the Comprehensive Annual Financial Report and Other Auditor Reports, Year Ended December 2002, prepared by Larson Allen. Mr. Darwin Viker, Larson Allen, reviewed the highlights of the audit report advising that the City's financial position is slightly better than 2001. Mr. Viker noted a certain immaterial instance of noncompliance, and other matters involving the internal control over financial reporting, which was reported to management of the City in a letter dated March 20, 2003. He also reviewed the Other Required Auditor Communications necessary for the audit. Mr. Viker also reviewed some suggestions that could be considered by the City to more efficiently run the City's operations or improve its internal controls. This item will appear on the regular Council agenda Monday, June 9, 2003, 7:30 p.m. BUSINESS SUBSIDY REQUIREMENTS, MICHAEL GROCHALA, MARY ALICE DIVINE Economic Development Assistant Divine advised at the Council meeting Monday night a public hearing will be called for regarding the revision of business subsidy criteria. The EDA will take action on the revision of business subsidy criteria at the June 23, 2003 meeting. Changes include specific wage levels and criteria that cannot be set on a case- by-case basis. New criteria are now needed to reflect recent legislative changes. Economic Development Assistant Divine stated also on the EDA agenda is a public hearing regarding Marmon Keystone. Marmon Keystone was required to create four new jobs paying over $15.00 per hour by June 2003. At this point, only two jobs have been created that pay over $15.00 per hour. The EDA can extend their date for compliance. She read a letter from Marmon Keystone requesting a one-year extension on that requirement. If the EDA does not give them an extension, they will be required to pay back a certain percentage of TIF. Councilmember O'Donnell asked if the requirement could be extended again next year. Economic Development Director Divine advised the development agreement only allows for one extension. Call for Public Hearing, Revision of Business Subsidy Criteria, will appear on the regular Council agenda Monday, June 9, 2003, 7:30 p.m. TIF DISTRICT 1-10, LAKES BUSINESS PARK, MICHAEL GROCHALA AND MARY ALICE DIVINE Economic Development Assistant Divine advised the EDA will be asked for authorization to create a new TIF District 1-10 on June 23, 2003. She referred to a map pointing out the area noting it is currently in TIF District 1-9. Staff is asking for a new