HomeMy WebLinkAbout12-12-2016 EDA MinutesEDA MINUTES December 12, 2016
Approved
1
DATE : December 12, 2016
TIME STARTED : 8:00 p.m.
TIME ENDED : 8:05 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 8:00 p.m. by EDA President Kusterman.
CONSIDERATION OF THE MINUTES OF JULY 25, 2016
Economic Development Authority (EDA) Member Maher moved to approve the July 25, 2016
minutes as presented. EDA Member Reinert seconded the motion. Motion carried on a voice
vote.
RESOLUTION NO. 16-06, APPROVING COLLATERAL ASSIGNMENT AND
SUBORDINATION OF DEVELOPMENT AGREEMENT AND TIF NOTE, UNITED
PROPERTIES – TIF DISTRICT 1-12
Community Development Director Grochala reviewed the written staff report. The requested
action relates to a Board approved contract in July of 2016 that included authorization for a TIF
note. Construction of a building is underway along with area road improvements. As part of the
loan arrangement for the development, the developer has requested this action. This was
anticipated by staff. The Board is being requested to take official action establishing certain
roles in the financing scheme. Director Grochala noted that Julie Eddington, Kennedy &
Graven, counsel to the EDA, has reviewed the agreement and made modifications as necessary.
EDA Member Rafferty moved to approve Resolution No. 16-06 as presented. EDA Member
Manthey seconded the motion. Motion carried on a voice vote.
ADJOURNMENT
There being no further business for consideration, the meeting was adjourned at 8:05 p.m.