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Home My WebLink About05-23-1994 APPROVED PROCEEDINGS OF THE MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY Regular Meeting May 23, 1994 Mounds View City Hall 2401 Hwy. 10, Mounds View, MN 55112 CALL TO ORDER; The Economic Development Authority was called to order by President Linke on May 23 , 1994 at 9 : 22 p.m. ROLL CALL MEMBERS PRESENT: President, Jerry Linke; Secretary, Diane Wuori; Commissioners Gary Quick and Julie Trude; Executive Director, Samantha Orduno; <aiid' Clerk, Michele" Severson . MEMBERS ABSENT: Phyllis Blanchard, Vice 'President APPROVAL OF AGENDA: MOTION/SECOND :Wuori/Quick to Approve EDA Agenda VOTE: 4 ayes 0 nays Motion Carried APPROVAL OF INUTES: MOTION/SECOND:, Wuori/Trude to Approve Minutes of EDA Meeting, May 9 , 1994 As Amended Secretary Wuori amended the minutes by adding Ramsey County Commission responded in writing in the last paragraph of the first page, line 4 . VOTE: 4 ayes 0 nays Motion Carried CONSENT AGENDA: There were no Consent Agenda items for. this agenda. PUBLIC HEARING There were no public hearings scheduled for this meeting. EDA Page Alio Regular Meeting May 23, 1.4 EDA BUSINESS A, Consideration, of Resolution No. '9.4-EDA5 Approving and Authorizing the Execution of a Development Assistance Agreement with the Everest Group, Ltd. , Regarding Multi Tech. Expansion Samantha OrduiO, Executive Director, reviewed the .TIF assistance : package which had been negotiated with Everest for the Multi-Tech expansion project. Orduno .reported that the result of the negotiations IS the proposed bevelopment Agreement which is a. "Pay As-You-Go-Tax Increment . Financing assistance" and the increment payback will .be .`in the form of a RevenueNote : inwhich the money will be repaid to the, Developer only from the<•newly generated increment. Orduno explained that this project will .generate over 150 additional jobs at. Multi-Tech over a "5 year period and that the project keeps in. Mounds Viewa valuable and well respected business, which has exhibited the spirit and practice of. public/private partnerships. Orduno noted that the Development Agreement should be contingent • upon the successful resolution of the park dedication fees with the City - draft dated 5/23/94. •' MOTIOFISECOND: :Wuori%Trude to Adopt Resolution No. , 94-EDA5 Approving and Authorizing the Execution of a Development Assistance Agreement with the Everest Group Ltd. , Regarding Multi-Tech Expansion As- Amended VOTE: 4 ayes 0 nays Motion Carried . B. Consideration of Resolution No. 94-EDA4 Approving and Authorizing the Ekecution o'f- a Development ,Assistance Agreement with Everest • Group, Ltd, , Regarding C G. Hill Orduno reported that the development project referred to as the C. G. Hill project consists of an approximate 30, 000 square foot building to be located in the Mounds View Business Park "East" The provisions for the Tax Increment Assistance include "Pay-As-You-Go" TIF..assistance in the amount of $196, 000 to reimburse the 'Developer for the development costs. The assistance will be packaged as a Revenue Note to be paid to the Developer by the EDA from the increment generated by the new development. The proejct, which is anticipated to be completed by December 31; 1994 , will be one of the final parcels to be occupied in the Mounds View Business Park, East. Orduno again recommended that they approval of the Development, Agreement be contingent upon the successft; l resolution of the parigli dedication fees with the City .- draft dated 5/23/94 . • a.• 1� EDAPage Three Regular Meeting May 23, 1994 MO IO...,, 'NDi Trude/Qii cl to Adopt Resolution No. 94-EDA4 Approving .and Authorizing the; Execution of a. DevelopmentAssistancde Agreement with the, Everest Group, "'Ltd Regarding' C.G. Hi] l As Amended ._VOTE: 4 ayes 0' rays Motion Carried Consider lop of Reso).ution?No, 94 EI A7 grid ,Authors aang tie . Execution of a Dev p 5ment Assistance Agreement "with MSP/Westminster Regarding. the S, 11ve'r Like Point Senior :Housing Project Ord�zno reported that Jim o-�l eas had`riot'''"finalized the resolution for the Development Agreement with MSP/Westminster for the Silver Lake point Pro 'ec`t, There are' very few changes;,, non-substantive or deviate from r or 'discussions regarding the amount of the: TIF package; the term of the ,assistance ;or, the Revenue Hots structure Orduno stated• 'that„ a �es9,lution would be-__written ,for 'the Silver Lake Point ,Senior',Housing ?roject; very, similar to those' for Multi 'ech and'. C. G. Hill-,-and .;begged the- Council's indulgence ;that it would be completed. This ro�ec ,• would. include an &3, unit -0.91-.1113?-s. 'for completed of '6? years; of aide and over located on ,a,-.2 .7 acre parcel adjacent to, :County Road `:z. r., 410-. . -, - Mayor Linke: assured the Commissi:o ler`s that he would take the. responsibility to make sure: that the. resolution was completed :and he would read it' very. careful y verifying 'itr contents. eAe , ingenupdOr uno recommendlusliothnatofththeeDwevetl]aonpridedn'etlgeretmionnt'isbeuecowntith MSP ano successful Rice' Creek Watershed ., draft5/23/94 . MOTION/SECONQ: :Trude/Quick to Adopt ;Resolution No. 94-EPA7 Approving and Authorizing .the Execution of a Development. Assistance Agreement with MSP/Westin aster Regaxd rig. the Silver Lake Point Senior Housing �. : Project VOTE: ayes 0 nays Motion Carried D. Consi`dexatic�f�; of Resolution 'No. 94-EDA6 Approv�,ng' and Authorizing the Execution .o a Cert n'.Agreement with th Everest :group, ltd. • Cathy Bennett, Economic Development Coordinator, reported that .this. ' item was discussed `briefly ;at the ,EPA, Work,, Session and at ;thc -request;--.of 'the `Developer, .Staff 'is ,asking' that'thi.s item be ,tabled': ` to another date: MOT ON/SECQND Quick%Trude to Table Resolution No. • 94'-EDAe6 . Approving' and Authorizing the 'Execution of a ;C ertain Agreement; with the Everest Group; Ltd.. ' VOTE . 4 ayes , 0 . nays Motion Carried tr- EDA page Regular Meeting may3,= M 2 REPOR't�S t , of : President Linke 1. RgoNo report,,_ 2 Report of Viae 'resident`3Blanchard: No report. . 3Rep9rt of Secr ' aryVuoriNo report; a, 4 . a. Ttepor ' `'af ,Commissioner Quick; No reports b... Repotof, commissioner Tr 0 Ido• report;' . 5 Resort .of k� :ecutive Director 'Ordu-no 6. Deport' of Treasurer Brace No report 7. Re} oit .9f Attorrev. ` No reporta President Linke noted; that the EDA w meet at tins time in Conf'erenc :Room, O to reconvene t,he. EDA ,Work session. : 0 President ',slake- called an' EDA Work Ses'sia.n �mm {d a, to y "followin.g the Council Work :Ses•sion: .on runs 6,. 1994. : 9 ApJOURNMENT There being no further business ‘before .this EDA, p wide t Linke adjournei. the meetrng at 9 :.45 p:` . Reset ully eubmitted, • Mi iele Sever of Clerk,