Laserfiche WebLink
Mounds View EDA May 28, 2019 <br />Regular Meeting Page 2 <br /> <br />Assistant City Administrator Beeman requested the EDA approve an Interfund Loan for the 1 <br />Skyline Motel Project. He explained the City would be closing on the Skyline property on 2 <br />Thursday. As part of that, on Friday a blight and substandard TIF study would be completed. If 3 <br />the TIF study results are positive, an interfund loan could be used to allow the City to pay itself 4 <br />back for the project expenses. 5 <br /> 6 <br />Stacie Kvilvang, Ehlers & Associates, explained State Statute requires that before any capital 7 <br />expenditures or administrative costs be incurred for TIF district that an interfund loan be in place. 8 <br />This action allows the City to pay itself back through TIF. She reported the amount within the 9 <br />Resolution would allow the City to reimburse up to $2.5 million in expenditures. 10 <br /> 11 <br />Commissioner Meehlhause asked if relocation costs could be covered by the interfund loan. Ms. 12 <br />Kvilvang stated this loan covered 100% of expenses, which would include relocation expenses. 13 <br /> 14 <br />MOTION/SECOND: Meehlhause/Gunn. To Waive the Reading and Adopt Resolution 19-15 <br />EDA-323 Approving an Interfund Loan for the Skyline Motel Project. 16 <br /> 17 <br /> Ayes – 5 Nays – 0 Motion carried. 18 <br /> 19 <br />7. REPORTS 20 <br /> 21 <br />Commissioner Meehlhause requested an update on INH. Assistant City Administrator Beeman 22 <br />reported a preconstruction meeting was held with INH and on Wednesday, June 5th INH would 23 <br />be coming before the Planning Commission. 24 <br /> 25 <br />8. NEXT EDA MEETING: Monday, June 10, 2019 at 5:30 p.m. 26 <br /> 27 <br />9. ADJOURNMENT 28 <br /> 29 <br />President Mueller adjourned the meeting at 6:24 p.m. 30 <br /> 31 <br />Respectfully submitted, 32 <br /> 33 <br /> 34 <br />Recorded and transcribed by: 35 <br />Heidi Guenther 36 <br />TimeSaver Off Site Secretarial, Inc. 37