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Minutes of the Economic Development Commission <br /> City of Mounds View <br /> Ramsey County, Minnesota <br /> Regular Meeting <br /> October 28, 1997 <br /> City of Mounds View, Council Chambers <br /> 2401 Highway 10, Mounds View, MN 55112 <br /> 1. Call to Order: <br /> The meeting was called to order at 6:09 p.m. by Chairperson, Dan Nelson. <br /> 2. Roll Call: <br /> Members Dan Nelson, Ron Schmidt, Rosemary Goff, Tom Field and Steve Larson were present. Dir. <br /> of Economic Development Cathy Bennett and EDA Liaison Duane McCarty were present. Members <br /> Cindy Carlson and Brian Sjoberg and Alternate Liaison Gary Quick were absent. <br /> 3. Approval Of Minutes: <br /> Motion/Second: Goff/Larson moved approval of Minutes from August 28, 1997 as amended by <br /> Carlson. <br /> Motion Carried 5 ayes 0 nays <br /> 4. Special Business <br /> Chair Nelson introduced and welcomed new EDC members Steve Larson and Tom Field. Mr. <br /> Larson is filling Delane Welsch's term which expires December 31, 1997 and Mr. Field is <br /> filling Bev Tarharl?s term which expires December 31, 1998. Mr. Larson is a long term <br /> resident who's phone number has been the same since he was a small child. He is a stock <br /> broker and has an interest in the business issues in the community and feels he can contribute <br /> with is background in business financing. Mr. Field is also a long term resident who is a <br /> business banker. He also has an interest in contributing to the EDC and feels confident that <br /> he can provide valuable insight with his professional experience. <br /> 5. EDC BUSINESS <br /> A. Consideration of Tax Increment Request by Pelstring Capital <br /> Director Bennett gave a brief summary of the request from Pelstring Capital, acting on the <br /> behalf of CALPERS, for a grant of$700,000 to assist in the retention of Portable Products, a <br /> division of Fiscars, in the Mounds View Business Park building A. The grant request is to <br /> help move Sims Deltec who is located in Building A where Portable Products would like to <br /> expand into. Director Bennett explained that staff has met with Pelstring Capital to come up <br /> with other alternatives instead of a grant request but, according to CALPERS, who is the <br /> owner of the building, there is no other alternative financially feasible for them. <br /> Representatives from Portable Products gave a presentation on the company and their need <br /> for expansion with the current growth projections and expectations of sales in excess of$50 <br /> million by the year 2001. Pat Pelstring of Pelstring Capital discussed the need for the grant in <br /> • that the owner of the building, CALPERS, is neutral in the situation since they have signed <br /> 1 <br />