HomeMy WebLinkAbout08-27-1998
Minutes of the Economic Development Commission
City of Mounds View
Ramsey County, Minnesota
Regular Meeting
August 27, 1998
City of Mounds View, Conference Room C
2401 Highway 10, Mounds View, MN 55112
1. CALL TO ORDER:
The meeting was called to order at 7:30 a.m. by Chairperson Cindy Carlson.
2. ROLL CALL:
Members present: Cindy Carlson, Ron Schmidt, Tom Field, Rosemary Goff, Brian
Sjoberg, Wendy Marty, Sean Walther, EDA Liaison Roger Stigney
Members absent: none
Staff present: Economic Development Coordinator Kevin Carroll, Community
Development Director Rick Jopke
3. APPROVAL OF MINUTES:
Motion/Second: Goff/Schmidt to approve the minutes from June 25, 1998 and July
20, 1998.
Motion carried unanimously.
4. SPECIAL BUSINESS
The EDC and City staff extended a welcome to Wendy Marty and Sean Walther, the
newest members of the EDC.
5. EDC BUSINESS -- Update on Mermaid Hotel & Banquet Center
Economic Development Coordinator Kevin Carroll and Community Development
Director Rick Jopke provided the EDC members with a progress report regarding the
Mermaid project. EDC discussion ensued. EDC members indicated that they
generally supported the concept of a hotel and a banquet facility on the Mermaid
property, because of the various benefits such facilities would provide to the
community. However, some members expressed an interest in seeing more hard
data or updated estimates regarding hotel room rates, hotel occupancy rates, and
interest rates on the financing that will be required. EDC members encouraged City
staff to actively seek the advice and input of experienced financial consultants in
order to properly evaluate the reasonableness of the Developer’s projections
regarding hotel and banquet center revenue, operating expenses, and financing
costs. In addition, several EDC members mentioned that they would like to learn
more about what the Developer plans to do with the existing bowling alley and
APPROVED
restaurant, particularly with regard to the exterior. It was suggested that an effort
should be made to upgrade the appearance of the existing structure so that it is
consistent with, and as attractive as, the exterior of the new hotel and banquet
facility.
6. REPORTS FROM CHAIR, COMMISSIONERS, AND STAFF:
Economic Development Coordinator Kevin Carroll reported that Donatelle’s
Restaurant has expressed an interest in applying for a Business Improvement
Partnership loan, to help finance parking lot improvements and interior/exterior
remodeling. Donatelle’s has been provided with the required application form, but it
has not yet been completed or submitted to date.
Mr. Carroll also reported that at its 7-27-98 meeting, the EDA adopted a revised
version of the EDC=s proposed Resolution regarding the Business Improvement
Partnership Loan program. The EDA deleted the language that the EDC had
suggested regarding the elimination of the current requirement that a business be
located in Mounds View for at least two years before being eligible for the program.
Mr. Carroll speculated that the EDA=s concern may not be with Αresidency≅ per se,
but with the possibility that a business less than two years old may not have a long
enough financial Αtrack record≅ to make it a suitable candidate for a loan under this
program.
7. ADJOURNMENT
There being no further business before the Commission, this meeting of the
Economic Development Commission adjourned at approximately 8:40 a.m.
Respectfully Submitted,
Kevin Carroll
Economic Development Coordinator