HomeMy WebLinkAbout07-25-2016 EDA MinutesEDA MINUTES July 25, 2016
APPROVED
1
DATE : July 25, 2016
TIME STARTED : 8:32 p.m.
TIME ENDED : 8:50 p.m.
MEMBERS PRESENT : EDA Members Kusterman, Reinert, Rafferty,
Maher, Manthey
MEMBERS ABSENT : None
OTHERS PRESENT: : Community Development Director Michael
Grochala; City Clerk Julie Bartell
The meeting was called to order at 8:32 p.m. by EDA President Kusterman.
CONSIDERATION OF THE MINUTES OF JUNE 13, 2016
Economic Development Authority (EDA) Member Rafferty moved to approve the June 13, 2016
minutes as presented. EDA Member Maher seconded the motion. Motion carried on a voice
vote.
RESOLUTION NO. 16-04, APPROVING MODIFIED DEVELOPMENT DISTRICT
PLAN AND APPROVING TAX INCREMENT FINANCING PLAN
Community Development Director Grochala reviewed the written staff report and requested
actions.
President Kusterman indicated that the council already had a full report and robust discussion on
this subject as part of the regular council meeting.
EDA Member Maher moved to approve Resolution No. 16-04 as presented. Council Rafferty
seconded the motion. Motion carried on a voice vote.
PUBLIC HEARING AND CONSIDERATION OF RESOLUTION NO. 16-05,
APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND AWARDING SALE
OF TAX INCREMENT REVENUE NOTE
Michael Grochala, Community Development Director, reviewed the written staff report. He
noted that this will be a public hearing.
Julie Eddington, Kennedy & Graven, counsel to the EDA, explained what is included in the
proposed development contract, including the term required for construction. With respect to the
tenant, the contract requires that there be an executed lease including a job requirement. Because
of the statutory requirement related to a Green Acres property, the tenant will additionally be
required to meet certain wage stages. The developer agrees to pay for everything related to the
construction and in exchange the EDA promises a pay-as-you-go note and that will be attached
to a tax increment note. The job and wage requirements will be monitored. The developer is
still in the process of purchasing the property although they are in the final stages. If the
developer does run into purchase issues, they can terminate the contract. The action approves
the contract and provides authorization to issue the note.
EDA MINUTES July 25, 2016
APPROVED
2
President Kusterman opened the public hearing. There being no one present wishing to speak,
the public hearing was closed.
EDA Member Manthey moved to approve Resolution No. 16-05 as presented. EDA Member
Maher seconded the motion. Motion carried on a voice vote.
ADJOURNMENT
There being no further business for consideration, the meeting was adjourned at 8:50 p.m.