HomeMy WebLinkAbout08-28-1995 • 1 PROCEEDINGS OF THE MOUNDS VIEW
2 ECONOMIC DEVELOPMENT AUTHORITY
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4 Meeting No. 16
5 August 28, 1995
6 Mounds View City Hall
7 2401 Hwy. 10, Mounds View MN 55112
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11 CALL TO ORDER
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13 The Economic Development Authority was called to order by President Linke on August
14 28, 1995 at 8:00 p.m.
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16 ROLL CALL
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18 MEMBERS PRESENT: President, Jerry Linke; Vice President, Phyllis Blanchard;
19 Secretary, Julie Trude; Commissioners Gary Quick and Sue Hankner; Executive
20 Director, Samantha Orduno; and Economic Development Coordinator, Cathy Bennett.
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22 MEMBERS ABSENT: None
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24 OTHERS PRESENT: None
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26 APPROVAL OF AGENDA:
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28 MOTION/SECOND: Trude/Quick to Approve EDA Agenda as Presented.
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30 VOTE: 5 ayes 0 nays Motion Carried
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32 APPROVAL OF MINUTES:
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34 MOTION/SECOND: Trude/Quick to Approve the Minutes of the June 12, 1995 EDA
35 Meeting.
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37 VOTE: 5 ayes 0 nays Motion Carried
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39 CONSENT AGENDA:
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41 There were no items placed on the Consent Agenda for this meeting.
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43 PUBLIC HEARINGS:
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45 There were no Public Hearings scheduled for this meeting.
• 1 EDA Meeting#16
2 August 28, 1995
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8 EDA BUSINESS:
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10 A. Consideration of Development Assistance Agreement By and Between the Mounds
11 View Economic Development Authority and Bridges Leasing Company, LLC. for the
12 Midwest IV Project.
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14 Cathy Bennett, Economic Development Coordinator explained that this project includes
15 the construction of approximately 30,000 square feet of office/warehouse/manufacturing
16 space located on a 2.87 acre parcel of land described as Lot 3, Block 1, North Star
17 Industrial Park 2nd Addition. She has prepared a Draft Development Assistance
18 Agreement for the Authority's consideration and approval which is between the EDA and
19 Bridges Leasing Company, LLC for Midwest I.V. The agreement provides for the
20 following:
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• 22 1) a "Pay-As-You-Go" Tax Increment Financing assistance package. Ninety percent of
23 the new increment on the property will be paid to the Bridges Leasing Company for
24 prepaid development costs (land purchase, lateral water and sewer hookup, storm water
25 retention pond, and other public improvements)with ten percent being paid to the City of
26 Mounds View for administrative costs.
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28 2) The increment payback will be in the form of a Revenue Note where money will be
29 repaid to the Bridges Leasing Company, LLC only from the newly generated increment
30 and only to an amount not to exceed $58,846 annually(this equals a total of$2.67/sq. ft.
31 of assistance).
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33 3) The term of the payback is 9 years with a 7%interest to begin tax increment payments
34 in 1997.
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36 4) The developer will lease not less than 20,000 sq. ft. of the building portion of the
37 improvements to Midwest I.V. for their corporate headquarters and operations center.
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39 5) As per a new requirement under state law, the development will include the creation of
40 a minimum of ten full-time jobs with a wage of at least $6.50 per hour. (Ms. Bennett
41 stated that the company anticipates the jobs will have a higher rate of pay than $6.50 per
42 hour since they are technical in nature but the min. of$6.50 accounts for administrator
43 position.)
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• 1 2 EDA Meeting#16
August 28, 1995
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7 6) The EDA must review and approve the final construction plans for the project prior to
8 an obligation to take action on the provisions of the agreement.
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10 Ms. Trude stated she was surprised to see that the date of completion is set for December
11 31, 1995. She asked if the developer anticipates any problem in meeting those deadlines.
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13 The developer noted that, upon approval, they will begin clearing the site immediately.
14 They are prepared and anticipate having the plans and construction drawings in by
15 Wednesday, August 30, 1995.
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17 RESOLUTION NO. 95-EDA-30, A RESOLUTION APPROVING AND
18 AUTHORIZING THE EXECUTION OF A DEVELOPMENT ASSISTANCE
19 AGREEMENT WITH BRIDGES LEASING COMPANY.
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21 MOTION/SECOND: Quick/Trude to approve Resolution No. 95-EDA-30.
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• 23 ROLL CALL: 5 ayes 0 nays Motion Carried
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25 Ms. Trude took this opportunity to compliment the staff for their accomplishment in the
26 negotiations of this development.
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28 Ms. Orduno stated the city has worked on many development projects over the past eight
29 years and she was very pleased with the cooperation of the developers. It was a pleasure
30 working with them.
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32 REPORTS
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34 Report of EDA Board Members:
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36 1. Report of President Linke: No report.
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38 2. Report of Vice President Blanchard: No report.
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40 3. Report of Secretary Trude: No report.
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42 4. Report of Commissioners
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• 44 a. Report of Commissioner Quick: No report.
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7 b. Report of Commissioner Hankner: No report.
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9 5.. Report of Executive Director Orduno: No report.
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12 6. Report of Treasurer: No report.
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15 ADJOURNMENT:
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17 There being no further business before this Authority,President Linke adjourned the
18 meeting at 8:10 p.m.
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20 Respectfully submitted,
21 I Ct/j't�° I6 S fir- �v V l
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• 23 Tamara D. Saefke
24 Recording Secretary
25 City of Mounds View
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