06-09-1997 EDA - Laserfiche WebLink

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EDA Meeting#36 LNAppRo . o 0 . May 12, 1997 Page 2 1 MOTION/SECOND: Tiude/Koopmeiners to Approve Resolution No.97-EDA-66,Approving Amendments 2 ` to the Housing Replacement Program. 3 4 VOTE: 5 ayes 0 nays Motion Carried 5 6 B. Consideration of Approving a Tax Increment ment Policy. 7 8 Ms.Bennett noted that this policy will explain the EDA;powers under MN Statutes and explain what are 9 eligible uses and costs associated with tax increment financing. It will also serve as a guide for stain 10 evaluating projects. Additionally,the EDA will be able to offset consulting fees generated in the evaluation of 11 the project with the execution of a deposit agreement If the result isa development agreement,the deposit will 12 then be reimbursed to the applicant and the fees can be recouped through income$enerrated form the project or 13 existing increment set aside for administration. She noted that upon approval of the policy,it would take effect 14. immediately and apply to all pending tax increment projects. 15 16 MOTION/SECOND Stigncy/Quick to Approve a Tax Increment Policy. 17 18 VOTE: 5 ayes 0 nays Motion Carried 19 20 C. Consideration of Resolution No.97-EDA-61,Approving and Authorizing the Execution of a 21 Development Assistance Agreement with the Everest Group for Building N III 22 23. Ms.Bennett explained that staff has been working with Everest Group since 1993 trying to get a development 24 agreement prepared for the project The project consists of a 103,000 square toot Building in the Mounds 25 View Business Park It is the last development in that area.. Ms.Bennett proceeded to brieflysummarize the 26 various negotiations which have occurred since 1993. In each attempt,negotiations failed. Everest has 27 approached the city again to reconsider:finalitg a development assistance agreement She proceeded to go 28 through staffs recomniondations as to the tends of tlx:agreement,noting that the EDA could approve 29 Resolution No.97-EDA-67 authorizing the execution of the agreement by President McCarty and herself,or 30 they could make a motion to accept the terms with the passage of a resolution upon the final draft of the 31 development assistance agreement 32 33. President McCarty stated,given the history of the negotiations with Everest,he feels this should be brought 34 back to the EDA for consideration 35 36 Commissioner Trude stated she does not feel the Resolution is specific enough. 37 38 MOTION/SECOND: Tnrde./Koopmeiners to authorize staff to negotiate with The Everest Group the terms of 39 a Tax Increment Financing Agreement,according to the mento dated 5/12/97 to the EDA. 40 42 VOTE: 5 ayes 0 nays • Motion Carried 43 D. Consideration of Resolution No.97-EDA,-68,Reeolutlon Granting Final Approval for Expenditure 44 of Tax Increment Funds to Finance the City's Cost in Connection with the Bel lite Community Center 45 Project and Authorizing the EDA to Enter into a TIF Loan Agreement with the City to Provide TIP 46 Financing Assistance., ; 47ill 48 Mr.Long,City Attorney,explained that this is a companion resolution to one passed by the City Council.