HomeMy WebLinkAbout02-22-1996 ECONOMIC DEVELOPMENT COMMISSION AGENDA
. FEBRUARY 22, 1996
6:00 P.M.
MOUNDS VIEW CITY HALL
COUNCIL CHAMBERS
1. CALL TO ORDER 413b P.M.
2. ROLL CALL (Present = P, Absent = A)
Carlson V/ Schmidt
V Goff 0.1W-44 Welsch
Nelson Terhark
Sjoberg
N oy Hankner (EDA Liaison)
�/ Bennett (Staff)
3. APPROVE EDC MINUTES
• January 25, 1996
Action: Motion G
Second `i
Vote y -0
4. SPECIAL BUSINESS
A. Introduction of New Commission Members
BevTerhark - Resident Representative
BO Sjoberg - Business Representative
5. EDC BUSINESS
A. Discussion and Prioritization of Highway 10 Redevelopment
Properties
Action: Motion C.C. Bim-
Second C
Vote C�
111 Comments:
B. Consideration of Tax Increment Policies for new/expanded
III development in Mounds View
Q 4-jal - - ...
Action: Motion 1-6/4-0(�,
Second
Vote
Comments:
// /C. Discussion of Transportation in Mounds View
U p Action: Motion iii.....„.„.
Second
Vote
Comments:
D. Star City Process: SWOT Analysis
III Action: Motion
1(34--/ .
Second
Vote
Comments:
6. Report of Commissioners, Staff and EDA Liaison
(6 7. ADJOURN P.M.
Next Meeting March 28, 1996
•
ECONOMIC DEVELOPMENT COMMISSION AGENDA
• FEBRUARY 22, 1996
6:00 P.M.
MOUNDS VIEW CITY HALL
COUNCIL CHAMBERS
1 . CALL TO ORDER P.M.
2. ROLL CALL (Present = P, Absent = A)
Carlson Schmidt
Goff Welsch
Nelson Terhark
Sjoberg Hankner (EDA Liaison)
Bennett (Staff)
• 3. APPROVE EDC MINUTES
January 25, 1996
Action: Motion
Second
Vote
4. SPECIAL BUSINESS
A. Introduction of New Commission Members
Bev Terhark - Resident Representative
Brain Sjoberg - Business Representative
5. EDC BUSINESS
A. Discussion and Prioritization of Highway 10 Redevelopment
Properties
Action: Motion
Second
• Vote
Comments:
A
B. Consideration of Tax Increment Policies for new/expanded
development in Mounds View
Action: Motion
•
Second
Vote
Comments:
C. Discussion of Transportation in Mounds View
Action: Motion
Second
Vote
Comments:
D. Star City Process: SWOT Analysis
Action: Motion 0 1111
Second
Vote
Comments:
6. Report of Commissioners, Staff and EDA Liaison
7. ADJOURN P.M.
Next Meeting March 28, 1996
•
Minutes of the Economic Development Commission
City of Mounds View
• Ramsey County, Minnesota
Regular Meeting
January 25, 1996
City of Mounds View, Council Chambers
2401 Highway 10, Mounds View, MN 55112
1. Call to Order:
The meeting was called to order at 6:07 p.m. by Vice Chairperson, Dan Nelson.
2. Roll Call:
Members present were as follows: Cindy Carlson, Dan Nelson, Rosemary Goff, Delane Welsch and
Ron Schmidt. In addition, Economic Development Coordinator Cathy Bennett and Alternate EDA
liaison Gary Quick were present. EDA Liaison Sue Hankner was absent.
3. Approval Of Minutes:
Motion/Second: Welsch/Goff moved approval of Minutes of December 14, 1995 Meeting.
Motion Carried 4 ayes 0 nays
4. Special Business
There was no special business.
5. A. Consideration of Election of 1996 Chairperson and Vice Chairperson
Member Carlson nominated Dan Nelson as Chairperson and Member Schmidt
nominated Cindy Carlson as Vice Chairperson for 1996.
Motion/Second: Welsch/Schmidt moved approval of Election of Dan Nelson as Chairperson
and Cindy Carlson as Vice Chairperson.
Motion Carried 5 ayes 0 nays
B. Consideration of Resolution No. 96-EDC14 Accepting 1996 Bylaws
Motion/Second: Welsch/Carlson moved approval of 1996 Bylaws.
Motion Carried 5 ayes 0 nays
•
1
C. Consideration of Resolution No. 96-EDC 13 Accepting the 1996 Calendar
of Meetings
Motion/Second: Goff/Nelson moved approval of the 1996 Calendar of Meetings.
110
Motion Carried 5 ayes 0 nays
D. Consideration of 1996 EDC Work Plan.
The EDC reviewed the status of the 1995 work plan, action steps in response to the business
survey and the 1996 program objectives for economic development as outlined for the
program/performance budget report. Each item was discussed in detail by the Commission.
Revisions and additions were made per attachment A.
Motion/Second: Nelson/Goff moved approval of the 1996 work plan per attachment A.
Motion Carried 5 ayes 0 nays
Reports From Chair, Commissioners and Staff:
There were no reports.
7. Adjournment
There being no further business before the Commission, this meeting of the Economic Development
Commission adjourned at 7:25 p.m.
Respectfully Submitted,
•
•
Economic �, lopment Coordinator
•
•
2
4
Staff Memo
To: Economic Development Commission Members
From: Cathy Bennett, Economic Development Coordinator
Date: February 16, 1996
Agenda Item: Introduction of New EDC Members
(Special Bus)
Once again we have a full commission! We have recruited two very qualified
representatives. I have attached a copy of their applications for your information.
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APPLICATION FOR ADVISORY GZGUPS
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Group Applied For:
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Full Name (print or type ) :
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Years At This Address : Years You Have Lived In Mounds View: -
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Teleoclone: Ecme: Work or Other:
QUALIFICATIONS YOU WANT TO HAVE THE COUNCIL CONSIDER
Skills and res cs :
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Please State Your Reasons For Wanting ng To Serve On This Comm? .
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Your response to any of the above may. be continued on t^e back
and you may attach' any ether materials which you want the Council
to consider.
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The C _`y of hound , View is committed to the :of_cy that all
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employment without regard to race , creed , color, sex, ace ,
national origin , or handicap .
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Staff Memo
To: Economic Development Commission Members
From: Cathy Bennett, Economic Development Coordinator
Date: February 16,, 1996
Agenda Item: Discussion and Prioritization of Highway 10
(5.A) Redevelopment Properties
The EDA will be prioritizing properties along Highway 10 for redevelopment. With
limited resources, it will be very important to focus on those properties that will have
the highest impact to the community and enhancement of Highway 10
Redevelopment efforts. It has been suggested that the EDC review these targeted
properties and provide the EDA with input on what properties would have the most
• impact to the community if they were redeveloped.
I have provided background information on a list of properties in Mounds View.
Please be prepared to ask questions and provide a priority list of at least the top five
areas to focus in 1996.
11111
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0 Staff Memo
To: Economic Development Commission Members
From: Cathy Bennett, Economic Development Coordinator
Date: February 16, 1996
Agenda Item: Consideration of Tax Increment Policies for
(5.B.) new/expanded development in Mounds View
As part of the work plan for 1996, the EDC will develop a Tax Increment Policy for
new and expanding developments.
The last policy was approved in 1986. This policy did not include an application
and/or job requirements. I have attached the 1986 policy, tax increment policies
adopted by several other cities and the last staff report and draft policy that was
discussed by the EDA in relation to future TIF agreements specifically with the
Mounds View Business Park.
. It is good public policy to have guidelines in place so that developers are aware, up
front, what the desires of the community are in relation to providing assistance. Also,
this allows everyone to be on the same playing field.
At this point I would like to develop a framework for items to include in the policy
and then I will draft a policy for your reveiw in March using the ideas generated from
this meeting.
Attachments:
Resolution #1848 (3 pages)
Staff Report 5-5-94 (3 pages)
N.Metro Mayors TIF Policy Statement (1 page)
Elk River (7 pages)
Rochester (4 pages)
Burnsville (12 pages)
•
RESOLUTION NO. 1848 3 r'4 ; `
CITY OF MOUNDS VIEW J
COUNTY OF RAMSEY
STATE OF MINNESOTA1111
RESOLUTION REPEALING RESOLUTION- NO. 1434 AND ESTABLISHING
POLICY GUIDELINES FOR TAX INCREMENT FINANCING
WHEREAS , Minnesota Statutes 273 . 71 to 273 . 78 permit
the establishment of a Tax Increment Financing District for
the purpose of financing redevelopment, housing , or economic
development in municipalities through the use of tax
increment generated from the captured assessed value in the
tax increment financing district, and
•
WHEREAS , in some cases the- City may want to encourage
certain projects by means of tax increment financing , and
WHEREAS , it is the desire of the City to adopt policy
guidelines relative to tax increment financing ; and
WHEREAS , Resolution No . 1434 adopted on May 10 , 1982
set policy guidelines for Tax Increment Financing; and
WHEREAS , it is the desire of the City Council to
revise the guidelines established by Resolution No . 1434 .
NOW, THEREFORE , BE IT RESOLVED b_v the City Council of
the City of Mounds View that Resolution No . 1434 is hereby 1111
repealed .
BE IT FURTHER RESOLVED: The following guidelines are
established relating to the acceptance , consideration , and
approval of applications for Tax Increment Financing
assistance . However , applicants should understand that ,
notwithstanding observance of these guidelines , the City
Council may in its sole judgement reject an application or
that the City Council may in its sole judgement approve an
application notwithstanding that one or more guidelines have
not—been complied with :
I . Applicant's will submit an economic feasibility report
concerning the proposed Tax Increment Financing
project to the City at least ten ( 10 ) working days
prior to the Council meeting at which the applicant
will seek preliminary Council approval . Said report
shall contain the following information : .
a. A narrative description of the proposal including
a map showing the area to be involved in the Tax
Increment Financing District.
b . An analysis and description of the costs to be
funded with Tax increment Financing and presented •
in budget form including the proposed amounts of
indebtedness . •
c . The sources of income used to retire to the
indebtedness.
• RESOLUTION NO. 1848
Page Two-
d . Assumptions made in the preparation of the -
feasibility report.
e . An annual cash flow analysis show, ng total
income, expenditures, and reserves over the life
of. the proposed indebtedness.
2 . The project must be one which might not -otherwise •be
developed in the City in the absence of Tax Increment
Financing funding . Desireability shall be measured •
in terms of •
a . Increased tax, base.
b . Elimination or prevention of blight. •
c . Development of marginal land .
7 . Provide for the - fulfillment of a perceived need
1111 of---the City ' s inhabitants.
e . Competition with existing retail establishments
will : be discouraged .
f . Consistency with the City Comprehensive' Plan or •
Zoning Code and other existing codes.
3 . The applicant shall deposit not less than S500 with
the application to cover City administrative expenses
which deposit is non-refundable .
4 . The City will not sponsor Tax Increment Financing for
any proposal which requires rezoning or conditional
use permits unless an intention to request such
financing is communicated to the City prior to
applying for such permits.
•
5. The City reserves the right to employ legal ,
• accounting , appraisal , financial , and other
• consultants to review the proposed project and its
financing which shall. be paid by the applicant,
whether or not the City agrees to finance the project
or whether or not it is built. The City reserves the
richt to require cash deposit sufficient to cover
4111 such costs . Any unexpended balance of such deposit
shall be returned to the applicant if the project is
aborted for any reason . If the project is approved,
the City will allow said expenses to become part of
the indebtedness costs, if financially feasible.
RESOLUTION NO. 1848
Page Three
6 . The City will require that the applicant provide
4111
acceptable security to guarantee principal and
interest payments of any tax increment obligation and
which may be drawn upon by the City when revenues are
not sufficient to meet debt service requirements.
7 . The applicant shall be required to complete the.
project as presented and approved . from its own funds
should the proceeds prove to be inadequate for the
purpose . The applicant shall require a 100%
performance bond of the building , electrical ,
mechanical , and other contractors guaranteeing
completion of the building according to
specifications and within agreed contract prices.
8 . The applicant, its agents , or underwriters shall hold
harmless the City , its officers , consultants , and
agents for any alleged or actual violation of any
securities laws , state or federal , in connection with
any indebtedness for the project. The City may
require a surety bond to assure this "hold harmless"
provision .
9. The City reserves the right to deny any application
for any reason and to revoke approval of an
application at any time without liability to the
4111
City, its Councilmembers , officers , or agents, to the
applicant , the underwriter , attorneys , or other
counsel associated with the. project. The City' s
position is that no applicant has a right to have the
City approve or finance any such project and in
submitting such an application , the applicant
recognizes and accepts that policy decision whether
or not these guidelines are followed in other
respects.
10 . The applicant shall have no right to assign any
asserted "right or privilege" under- --any preliminary
action by the City , its Council or adminitrative
staff to any other person or firm. All applications
will name the real parties in interest in the
project.
Adopted this _7t;-1 dayof �ecember 198.1 .
g.,
ATTEST : tt
Mayor
i
( SEAL ) / /= � irk 410
Cler'Administrate /
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
REQUEST FOR EDA CONSIDERATION
4111 STAFF REPORT •
EDA MEETING DATE May 9, 1994 (Work Session)
EDA Action:
❑ Special Order of Business Agenda Section: 2.
LI Public Hearings Report Number:
E Consent ;agenda Report Date: 5-5-94
❑ EDA Business
•
f (tent Description: Discussion Regarding Agreement on Future TIF Assistance tor
Business Park
Executive Director's Review/Recommendation:
- No comments to supplement tins report
- Comments attached
Explanation/Summar! (attach supplement sheets as necessary)
1 SUMMARY:
4111 Jim O'Meara has drafted the attached Agreement for consideration by the
EDA Commissioners . It represents a non-binding agreement by which the EDA
and Everest will have agreed upon some broad guidelines for future tax
I increment assistance for the completion of the Business Park.
I
The Agreement has been prepared only to represent a possible solution to
the on/off, on/off discussions that have been held with Everest for the
past year and a half regarding the level of TIF assistance (if any) that
j the City (henceforth to be the EDA) would provide for projects within the
' Business Park.
The Agreement sets forth some of the basics--that have been finalized in
regards to the Agreements both with Hill and Multi-Tech and represents
guidelines by which both the EDA and Everest may use in negotiating
future developments .
I
I No action is requested other than discussion of the merits of or
objections to such an agreement.
i Samantha Orduno, Executive Director
IIIRECO;tiMMENDaTION:
1
Agreement
4111
This Agreement is dated as of - , 1994 ; is by and
between the Mounds View Economic Development Authority (the "EDA")
and Everest Development, Ltd. , a Minnesota corporation (the
"Developer") ; and provides as follows:
1. Recitals.
(a) The City of Mounds View, Minnesota (the "City") , and
the Developer have in recent years jointly cooperated in the
development' of the Developer's Mounds View Business Park (the
"Business Park") , with the City' s participation coming
particularly in the form of tax increment assistance and
bonding to defray certain •ublic dei - 1 ."e, related
thereto_
(b) More particularly, the City established its
Development District No. 2 , adopted the Development Program
for the Development District, and established Tax Increment
Financing District No. 1 (the "TIF District")
hin the
Development District, with the Business Park being within the
Development District and the TIF District. The EDA represents
that the City has transferred to the EDA the control and
governance of the Development District, its Development
Program, and the TIF District and its tax increment financing
plan, and the EDA has subsequently incorporated all of the
aforesaid into the EDA's Mounds View Economic Development
Project. -
(c) While build-out of the Business Park has proceeded,
there remain,.., several undeveloped building sites (the
"Remaining Sites") within the Business Park, and the EDA and
the Developer desire to establish certain understandings as to
the circumstances in which tax increment assistance may be
appropriate to assist the development of such--sites-and the
-final-buildout of the Business Park.
2 . Assistance Guidelines. The EDA hereby states its
preliminary intention to approve tax increment financing assistance
for development projects proposed and undertaken by the Developer
on the Remaining Sites within the Business Park, subject to the
following preliminary conditions:
(a) The term of the tax increment assistance would be
for a period between five and nine increment years, depending
on demonstrated need, but in no event beyond the duration of
the TIF District.
(b) The Board of the EDA at the time shall have
determined that there is a need for the leve_i
the tax increment assistance sought. and amount of
263272.1
(c) The assistance would be provided on a "pay as you
go" basis from 85% , (or other identified portion) of the tax
increments generated by the particular project, with
assistance amounts bearing simple interest at up to 7 . 00% per
annum until paid, all subject to the limitation that the dity
obtain enough tax increments from the TIF District as a whole
to pay the debt service on the various general obligation
bonds which have been sold to aid the development of the
Business Park.
(d) Each project so assisted shall be an owner-occu ied
r
facility for a company other user acceptable to the Board.
(e) Design and construction plans for each new project
be consistent with the standards heretofore established for
the Business Park and otherwise acceptable to the Board.
(f) Each proposed project be consistent with applicable
law and receive all necessary approvals.
This Agreement shall not constitute the commitment by the
Developer with respect to the development of any of the Remaining
Sites within the Business Park and shall not be interpreted as a
final commitment of the EDA to provide tax increment assistance for
4111 any such development. Any such assistance approved hereafter shall
be by separate written agreement, superseding this Agreement.
MOUNDS VIEW ECONOMIC DEVELOPMENT
AUTHORITY
By
Its President
By
Its Executive Director
EVEREST DEVELOPMENT LTD. , a
Minnesota Corporation
By
Its President
By
• Its Chairman of the Board
263272.1 2
December 1989
•
TAX INCREMENT POLICY STATEMENT
The yo-rt Metro Mayors Association believes that tax
increment ,,f aci„ns_js the orly Pt .a.t-ate—Ming tool by which
local goyecm ent can preserve- and protect its •physical and
economic development environment. It has been the essential
ingredient in providing housing, carrying out redevelopment and
encouraging economic development that would not have otherwise
occurred.
The Association understands that tax increment financing
must be used efficiently and with appropriate restraint. In this
regard, the Association adopts the following policy statement:
Policy No. 1:
Member cities of the North Metro Mayors Association intend
to use tax increment financing for:
1111
o Creation of jobs,
o Demonstrate public purpose,
o Housing to benefit targeted groups,
o Correction of significant soil or land
problems,
o Significant increase -in tax base, and
o Redevelopment of existing blighted or
substandard properties.
Policy No. 2 :
The Legislature has exhibited continuing concern that cities
are utilizing tax increment financing to compete with each other
for development. Cities of the North Metro Mayors Association
will not knowingly engage in "bidding wars" with other member
cities by deviating from existing policy on projects which are to
be funded with tax increment. Member cities are committed to a
pro-active attempt to avoid "bidding wars . "
02/16/96 09:58 $4417425 CITY/ELK RIVER Cj002
TAX INCREMENT FINANCING POLICY
ELK RIVER, MINNESOTA 7pc?
SECTION I - COMPREHENSIVE PLAN
All requests for Tax Increment Financing shall be consistent with the
City's Comprehensive Land Use Plan and its components. Only those
requests that are com.prehe:nsive in nature will he accepted. Fre.gmented
projects that exclude adjacent parcels will not be encouraged.
SECTION II - DEMONSTRATED NEED
The request for Tax Increment Financing assistance must demonstrate
that the proposed development or redevelopment would not reasoneh1y be
expected to occur solely through private investment within the reasonably
foreseeable future and, therefore, the use of Tax Increment Financing is
deemed necessary.
SECTION III - QUALIFYING IMPROVEMENTS
A request for Tax Increment Financing shall specify in detail the
proposed uses of the Tax Increment Financing subsidy. Qualifying
improvements may include but are not limited to site acquisition, land write
down costs, site preparation, soil correction,. demolition., relocation costs,
interest reduction costs, or the construction of public infrastructure.
SECTION IV- EXTRAORDINARY DEVELOPMENT STANDARDS
Preference shall only be given to those projects requesting Tax
Increment Financing assistance which meet 01. exceed the City's development
standards. These standards include building design, type of construction,
and extraordinary landscaping.
SECTION V - MAXIMUM SUBSIDY
All requests for Tax Increment Financing shall he subject to a subsidy
cap. The subsidy shall be based on a percentage of the project's finished
market value (for tax purposes) as determined by the County Assessor.
Except for redevelopment projects which may require more assistance than
other projects, the average Tax Increment subsidy shall not exceed 15% of the
project's finished value. The following projects shall be eligible for Tax
Increment Financing:
Redevelopment
Tndustrial/ManufacLuring
Service Companies/High Technology
Commercial •
Housing
Under extraordinary circumstances, the City Council reserves the
right to adjust the average subsidy level.
UL/lb/ars uu:5y 254417425 CITY/ELK RIVER [joo3
SECTION VT -LEGISLATIVE RESTRICTIONS
1990 amendments to the Tax Increment Financing Act provide for a •
reduction in state aid for cities that establish new Tax Increment Financing
Districts after April 30, 1990. The state aid reduction will not directly affect
the amount of Tax Increment, revenues. Rather, it will be a reduction in the
amount of Local Government Aid (LGA) or Homestead and Agricultural
Credit Aid (HACA). Because this penalty will affect municipal budgets
through reductions in LGA and HACA, the City of Elk River will evaluate, in
greater detail, how new projects and the penalty will adversely affect the
community.
The applicant will be advised by the City of Elk River as to'how the
request for Tax Increment Financing will affect the City's loss in LGA.
Thereafter, a decision to pursue a Tax Increment Financing request will he
made by the applicant.
SECTION VII - FINANCING THE QUALIFYING IMPROVEMENTS
Qualifying improvements may be financed in a variety of ways. Tax
Increment bonds issued to finance a qualified project may be either general
obligation bonds or revenue bonds. General obligation.bonds are backed by
the full faith and credit of the municipality and remain an obligation and a
financial liability of the municipality as long as the bonds remain
outstanding. To that end, the preferred option to finance the qualifying
improvements is through a technique known as "pay-as-you-go." Under this
financing method, the applicant is reimbursed for the costs incurred with the
qualifying improvements over a series of years. The applicant recovers the
costs over a series of years by providing evidence that real estate taxes have
been paid in a timely fashion. Through this reimbursement method, the need
to issue general obligation bonds is avoided, "Pay-as-you-go" financing
requires no bonding and relics on an income stream generated by real estate
taxes to reimburse the applicant for the qualified costs.
SECTION VIII -APPLICATION FEE
All persons and companies requesting Tax Increment Financing shall
be required to pay a non-refundable application fee equal to ten percent
(10%) of the tax increment requested up to a maximum fee of$5,000.00. This
fee is intended to cover the City's legal, financial and administrative analysis
of the request.
S
02/16/96 09:59 $4417425 CITY/ELK RIVER 1004
SECTION IX- REVIEW OF APPLICATION
Upon receipt of a completed Tax Increment Financing application, and
upon payment of the application fee, the request for assistance shall be
reviewed by a committee consisting of the City Administrator, Finance
Director, Economic Development Coordinator, City Attorney and the
Economic Development Consultant. A recommendation from the committee
shall be made to the Economic Development Authority or the IIousing and
Redevelopment Authority and this recommendation shall be forwarded to the
City Council. Following a public hearing as required by Minnesota Statutes,
the City Council shall approve or deny the Tac Increment Financing Request.
The City Council reserves the right to approve or reject each request.
•
02/16/96 09:59 $4417425 CITY/ELK RIVER 1 )005
APPLICATION FOR TAX INCREMENT FINAINCING
CITY OF ELK RIVER, MINNESOTA
S
APPLICANT
Business Name:
Address:
Telephone:
Officers:
Contact Person:
Title:
Business Form (Corporation, Partnership, Etc.):
Years In Operation:
Sales/Revenues:
Brief Description of Business, Principal Products, etc:
Has applicant ever filed for bankruptcy? Yes No
If yes, provide details on separate page(s).
Has applicant ever defaulted on any bond or mortgage
commitment? Yes No
If yes, provide details on separate page(s).
Does app ica nt have commitments for conventional financing for
the project? Yes No
Please list three financing references:
(Name/Address/C ontactJPb.on e)
applicant's legal counsel and nocount,ant: 110
Name and Address of app ' g
02/16/96 10:00 $4417425 CITY/ELK RIVER 0006
PROPOSED PROJECT
• Describe Project:
Location:
Site Plan Attached: Yes No
Tape of Project:
Commercial Industrial Residential
New Construction Expansion Rehab
JOB CREATION
Current, Number of Employees:
Current Payroll:
Number of Jobs Created: __.__...__. ...
Number of. Jobs Retained: _
Revised Payroll:
PROJECT COSTS
Land Acquisition: $
Site Development: $
Construction:
Machinery & Equipment: $ ..
Architectural and
Engineering Fees $
Legal Fees $
interest During Const. $
Debt Service Reserve
Contingencies $
TOTAL $
SOURCE OF FINANCING
•
Conventional Loan S
Equity $
SBA Loan $
Revenue Bond $
Tax Increment Financing $
Grant(s) S
Other $ -
TOTAL $
02/16/96 10:00 V4417425 CITY/ELK RIVER [ ]oo7
CONSTRUCTION AND DESIGN
Name and address of architect, engineer and contractor for project:
Target Dates:
Start of Construction:
Construction Completed:
Finished Market Value of Project: $
STATEMENT OF PUBLIC PURPOSE
Describe why the proposed development or redevelopment would not
reasonably be expected to occur solely through private investment
within the foreseeable future and therefore the use of Tax Increment
Financing is deemed necessary:
{ The undersigned, (a) (the)
of applicant, hereby represents and warrants to the City that (he) (she) has
carefully reviewed this application, and that the statements and information
contained. herein and submitted herewith are accurate and complete to the
best of the undersigned's knowledge and belief.
Dated:
Applicant
By
Its
The City reserves the right to require additional information and supporting
data from the applicant after the filing of this Application.
02/16/96 10:00 V4417425 CITY/ELK RIVER 2008
PLEASE ATTACH:
• 1. Site Plan Consistent with Submittal Requirements of the Building and Zoning
Department.
2. Audited Financial Statements or Tax Returns from the Past Twu Years.
3. Current. Financial.Sta ternent
4. 3-Year Pro Forma Analysis
5. Other Information Related to the Project
6. Application Fee
•
F°\.fi na n rr♦\taspol cy
CITY OF ROCHESTER, MINNESOTA
/-‘rC TAsl" L'NCRE.'VZ NT FL ANCJNG APPLICATION
•
j1) ___________APPLICANT INFORMATION
a) Business Nasse
b) Business AddresselliNalimmums
c) Business Form (corporation, partnership, etc.)
d) Parent Organization (if any
e) Authorized Representative
Phone
f) Names and Addresses of Major Stockholders or Principals
i) OIMIONinimmmanum
ii)
iii)
2) BUSINESS DESCRIPTION S
Give a brief narrari:•e history of the business, including a description of nature of business
and principal products
3) BUSINSESPROFTL,E
a) Are you located in the City of Rochester at this time?
allow
b) Number of employees in Rochester (before and after proposed project)?
c) pPte rna a annu a e .
facaPXnacP 'nM 7+7 :�n -�sac :nf F 'nl l�l��fl c aa-}7?-7(a nn c �i ^NODI �n NE i ON
d) Length of time in business?
•
e) Do you ha!b plants in other locations?
Are you engaged in inteinational trade?
l
4) AtsicrAI. HLSTORY/REFERENCES
a) Have you applied for conventional financing for the project? List status
details. and
b) Have you or any of the principals in the project ever Fled for• bankru tc ?P Y
c) Have you or any of the principals ever defaulted on a loan commitment?
MIS
d) Are you or any of the principals currently delin uenr
property in the. City of Rochester? 9 on property taxes for
a
e) List three financial references.
iii)
5) BEYE pmENT ?FAQ IN 'O rIATION
Names, addresses, telephone numbers and contact persons for firms providing consulting
services for the project.
1QCQ�QQQCr^ \i%7f7 F '�%QC ^n^ bF b7 (MOW) C!7QQ- '77 LIQ ?nvr MV1. 0W ?Q nT�T� �0.�UW
a) Architectural/Engineering
•b) Financial
c) Market Feasibility
d) Legal
e) Other Property Management
6) INFORMATION CONCERNING APPLICANTS PROPOSED PROJECT (provide
pry sde
attachments with information on the foliowinyl:
a) Narrative description of proposed project and proposed tenants if the facility will
be leased (if known),
b) Total cost breakdown of the proposed project.
c) Amount of public assistance being requested and breakdown (land assembly,
relocation, demolition, public improvements, utility relocation, street or alley
vacation, etc.).
d) Preliminary economic analysis showing existing taxes, future taxes, and source and
use of funds.
e) Pro forma analysis of the project.
f) Market feasibility analysis,
g) Site information (site plan, schematics, and narrative description of location, type
of development, and scope and size of the project).
h) Planning S and zoning analysis - Does the project conform to the current zoning?
Are any variances needed? If so. please identify and explain.
%h 1QCGp Qf1QCr 'n�(!7h fl ? /GC �fl t 77 'fl 1 (��(}ihi) C'?QQ_cc77_7 j O 77,-T MVTTO?N N girt 1Kg. WOuJ
i) Schedule - Developer's target date for start and completion of the project.
7) INFORMATTQN CONCERN( G THE NEED FOR THE REQUESTED PUBLIC
• ASSISTANCE
a) Why is the public assistance needed?
b) A letter indicating reasons why the project will not proceed without the public
assistance.
c) What public purpose will be served by the project (number of new jobs created
or retained, increase in tax base, other)?
8) APPLICATION 1✓'EE
If the Council provides preliminary approval of the project, the applicant will be required
to provide an application fee of 53,000 to cover the City's cost for evaluating the proposal
and preparing the TIE Plan or retaining consultants to analyze the proposal or to prepare
the Development Program and Tax Increment Financing Plan, Any portion of the fee not
used will be refunded to the applicant If warranted by the complexity of the proposal,
additional deposits may be required.
11111/11/111111.
4111
0 4 09g3}909G0 'ON/r60 'IS/9c:60 b6 t T (NOW) ct7gg42Z—�!9 'Invd 'IS NVNOW SDUI:dS 'WO15.
410
RESOLUTION NO. 93-4 k.
AMENDING RESOLUTION NO. 92-3 P
CITY OF BURNSVILLE
DAKOTA COUNTY, MINNESOTA
ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION ADOPTING TAX INCREMENT FINANCING
POLICY FOR THE CITY OF BURNSVILLE
Whereas, Minnesota Statutes, Section' s 469 . 174 through 469 . 179
(T. I . F. Act) , as amended, authorizes local government authorities
to utilize Tax Increment Financingto assist development and
redevelopment of certain parcels within its boundaries, and
Whereas , the Burnsville Economic Development Authority (EDA)
has three established Tax Increment Financing (T. I .F. ) districts-
within the city, two adjacent redevelopment districts and one
economic development district, and
Whereas, the Burnsville Economic Development Authority has111
received applications for Tax Increment Financing assistance within
existing districts, and
Whereas, the Burnsville Economic Development Authority has
received inquiries and requests for consideration of creating new
Tax Increment Financing districts;
Now, Therefore, Be It Resolved by the Burnsville Economic
Development Authority that the following policy statement serve as
a guideline for use of Tax Increment Financing in the City of
Burnsville .
GENERAL POLICY:
While Tax Increment Financing is an important and useful tool
in attracting and retaining business, it is essential that it is
used appropriately to accomplish the city' s economic development
goals and objectives . The fundamental principle which makes Tax
increment Financing viable is that it is designed to encourage
development which would not otherwise occur. The Burnsville
Economic Development Authority is responsible to assure that the
project would not occur "but for" the assistance provided through
Tax Increment Financing.
r
• Resolution No . 93-4
Page 3
The standard guidelines for assistance is based on a
Fundability Rating of 16-20 points (Fundable) , and will be 70% of
the project' s annual increment X 5 (years) .
The level of assistance provided with 11-15 points
(Potentially Fundable) or 21 And Over points (Highly Fundable) will
be evaluated on a case by case basis and may reflect an increase or
decrease in assistance. In addition, evaluation of the subjective
information provided may result in adjusting the amount of
assistance provided.
TYPES OF ASSISTANCE :
Tax Increment Financing can be provided in two different
forms . One form is "pay as you go" wherein the Burnsville Economic
Development Authority compensates the applicant for a predetermined
amount for a predetermined number of years . Annual payments are
based on increment generated from the project and issued to the
applicant after payment of property taxes by the applicant . The
• Burnsville Economic Development Authority will give special
consideration to applicants applying for "pay as you go"
assistance .
Another form is "up front" payment to the applicant wherein
the Burnsville Economic Development Authority must issue revenue or
general obligation bonds . The increment generated from the
applicant' s project is then used for repayment of the bonds .
APPLICATION FOR TAX INCREMENT FINANCING ASSISTANCE WITHIN EXISTING
DISTRICT:
The Burnsville Economic Development Authority shall require a
deposit in_ the amount of $5 , 000 . 00 from the applicant for the
city' s consultants' to investigate the feasibility of providing Tax
Increment Financing assistance to the applicant . If the Economic
Development Authority incurs additional expense beyond the
$5 , 000 . 00 , prior to the execution of the Developer' s Agreement , the
Economic Development Authority shall notify the applicant in
writing and the applicant will be required to deposit additional
funds .
If the project is approved and the applicant proceeds with the
project , the Economic Development Authority shall reimburse the
applicant ' s deposit to the extent permissible under the T. I . F. Act .
If the applicant does not proceed with the project, the Economic
. Development Authority shall reimburse the applicant for the unused
portion of the deposit .
•
Resolution No . 93-4
Page 5
B . Loss of Government Aid:
Changes to Minnesota Statutes mandate a reduction in
the LGA/HACA payments from the state to the city when new
Tax Increment Financing districts are formed. In the •
event a new Tax Increment Financing district is formed,
the applicant shall be required to reimburse the city for
such loss or reduction in state revenues .
•
Passed and duly adopted this 20th day of December, 1993 by the
Burnsville Economic Development Authority.
Daniel C. McElroy, Presid nt
ATTEST :
4110
Susan P . Olesen, City Clerk
Attachment "A"
Attachment "B"
S
CITY OF BURNSVILLE
ECONOMIC DEVELOPMENT AUTHORITY
FUNDA13ILITY GUIDELINES
FOR
FINANCIAL ASSISTANCE
FOR
NAME OF APPLICANT
•
*NUMBER OF EMPLOYEES
POINT
VALUE NUMBER
+ 1 > 1 - 15
+ 2 > 16 - 30
+ 3 > 31 - 45
+ 4 > 46 - 75
+ 5 > 75 PLUS
•
CURRENT NUMBER OF EMPLOYEES
ESTIMATED NEW EMPLOYEES (WITHIN NEXT 2
YEARS)
TOTAL NUMBER OF CURRENT AND ESTIMATED
NEW EMPLOYEES
* EMPLOYEES SHOULD BE COMPUTED AS FULL-TIME
EQUIVALENT POSITIONS .
- 2 - •
PAY LEVEL OF POSITIONS
*TOTAL NO. WEIGHTED
POINT DOLLAR OF DOLLAR
VALUE WEIGHTING EMPLOYEES AMOUNT
0 $ 0 - 14, 999 $10, 000 $
(No. )
+ 1 $15, 000 - 24, 999 $20, 000 $
(No. )
+ 2 $25, 000 - 29, 999 $27, 500 $
(No. )
• + 3 $30, 000 - 44, 999 $37, 500 $
(No. )
+ 4 $45, 000 - 59, 999 $52, 000 $
(No. )
+ 5 $60 , 000 AND OVER $60, 000
(No. )
*TOTAL $
WEIGHTED AVERAGE = $
EQUIVALENT
+ EMPLOYEES SHOULD BE COMPUTED AS FULL-TIME E 4
POSITIONS . THE TOTAL NUMBER ON THIS PAGE SHOULD EQUAL THE
TOTAL ON PAGE 2 .
1111
- 4 -
.
SIGNIFICANT IMPACT MULTIPLIER
POINT
VALUE TYPE OF DEVELOPMENT
0 RETAIL
+ 2 OFFICE
+ 3 OFFICE/SERVICE (50/50)
+ 3 VALUE ADDED (RETAIL WITH SIGNIFICANT
SERVICE COMPONENT)
+ 4 INDUSTRIAL
+ 1 COMPANY/CORPORATE HEADQUARTERS - Location
of upper management where strategic
management decisions are made (add 1 point
to above value)
TOTAL POINT VALUE
- 6 - 111
4111
FORM OF T . I . F . ASSISTANCE REQUESTED
POINT
4110 VALUE
+ 1 BOND ISSUANCE
+ 5 PAY AS YOU GO
4110 -
8
i
FUNDABILITY RATING
POINT VALUE DESCRIPTION
0 - 10 NOT HIGHLY FUNDABLE
11 - 15 POTENTIALLY FUNDABLE •
16 - 20 FUNDABLE
21 AND OVER HIGHLY FUNDABLE
- 10 - •
1111 ATTACHMENT "B"
REQUEST FOR TAX INCREMENT FINANCING
PROJECT:
1 . Business Name :
Address :
Telephone # :
Contact :
2 . Brief description of the business .
i
3 . Present ownership of the site :
4 . Present Project : Building square footage, size of
property, description of buildings -
materials, etc . Attach site plan, if
available .
i ,
Project (Cont. ) :
4111
9 . Form of tax increment financing: Pay As You Go
or
Bond Issuance
10 . Name & Address of architect, engineer, and general
contractor.
•
11 . EstimaEed -real estate taxes cn project site upon completion
of project . (Please show calculations . )
3 •
TAX INCREMENT FINANCING REQUEST:
1111
3 . Please indicate how the project and use
of T. I . F. would meet
one or more of the following Burnsville Economic Development
goals ; creation of jobs that pav wages adequate to support
households, job retention, tax base expansion, development
of the Southcross Corporate Center, conference center, fine
dining, class "A" office, or corporate headquarters .
4 . Municipal Reference (if applicable) . Please name any other-
municipalities wherein the applicant, or other corporations
the applicant has been involved with, has completed
developments within the last five years .
•
PLEASE COMPLETE THE "FUNDABILITY GUIDELINES FOR FINANCIAL
ASSISTANCE" AND SUBMIT ALONG WITH THE REQUEST FOR TAX INCREMENT
FINANCING.
•
5
0
0
I
0
• Staff Memo
To: Economic Development Commission Members
From: Cathy Bennett, Economic Development Coordinator
Date: February 16, 1996
Agenda Item: Discussion of Transportation in Mounds View
(5.C.)
I have been researching the current transportation in Mounds View over the past
month and have been trying to contact a representatives from the MET Council to
discuss how bus routes are planned, the current routes and what is the dollar value of
these routes to the City. Unfortunately, I have been trading calls with the
transportation planner for a couple of weeks. Hopefully, I will have more information
for you on Thursday.
• There were 17 companies that expressed a need for better mass transit from the
business survey. They include the Be1Rae, CTC Distribution Svs, Concepts in
Upholstering, Dairy Quality Control, Garment Graphics, KFC, Mermaid, MultiTech,
Omien Enterprises, Pink Flower, Sunrise Christian Daycare, Twin Cities School of Pet
Grooming, Vicom, Everest Dev, Hyman Freightways, McDonalds and Sysco.
I will discuss further findings at the meeting.
0
Staff Memo
ill
To: Economic Development Commission Members
From: Cathy Bennett, Economic Development Coordinator
Date: February 16, 1996
Agenda Item: Star City Process: SWOT Analysis
(5.D.)
One of the key components of the Star City report is the SWOT Analysis which is
strengths, weaknesses, opportunities and threats to economic development in
Mounds View. Even though this was touched upon in the Focus 2000 Visioning
Process, I felt it would be advantageous to do an updated SWOT exercise with the
EDC.
Please make a list of those Strengths, Weaknesses, Opportunities and Threats
regarding Mounds View and the surrounding area that would affect the future
• economic development.
1111
1
Minutes of the Economic Development Commission
City of Mounds View
Ramsey County, Minnesota
Regular Meeting
February 22, 1996
City of Mounds View, Council Chambers
2401 Highway 10, Mounds View, MN 55112
1. Call to Order:
The meeting was called to order at 6:30 p.m. by Vice Chairperson, Cindy Carlson.
2. Roll Call:
Members present were as follows: Cindy Carlson, Rosemary Goff, Brian Sjoberg and Ron Schmidt. In
addition, Economic Development Coordinator Cathy Bennett was present. Members Dan Nelson, Bev
Terhark and Delane Welsch and EDA Liaison Sue Hankner were absent.
3. Approval Of Minutes:
Motion/Second: Goff/Carlson moved approval of Minutes of January 25, 1996 Meeting.
Motion Carried 4 ayes 0 nays
4. Special Business
Introduction of new Commission Members: Vice Chairperson, Cindy Carlson welcomed new
member Brian Sjoberg of Dynex Industries to the Commission. Ms. Carlson noted that she had
spoken to new member Bev Terhark who regretfully was unable to attend the meeting due to a
conflict.
5. A. Discuss Prioritization of Highway 10 Redevelopment Properties
Coordinator Bennett explained that the EDA will be discussing the redevelopment of
properties on Highway 10 at the upcoming work session in March and handed out a list
of properties for the EDC's consideration. Coordinator Bennett noted that the EDC
is being asked to evaluate current redevelopment opportunities and prioritize
which properties would be most economically beneficial to apply existing staff
time and funds to redevelop.
After thorough discussion, the properties were put in two tiers. Tier one
includes properties that have the most likelihood of materializing into projects
and could economically benefit the City in the near future. Tier two are
properties which pose constraints to redevelopment including legal and
•
1
environmental constrains and current ownership resistance. The list of
properties was revised to include projects in the tiered format.
• The properties South of the Bel-Rae Ballroom were discussed. Coordinator
Bennett explained that it has been proposed that the City purchase these
properties to satisfy storm water runoff from the North West side of the City.
The properties are currently almost exclusively wetland and therefore are
virtually unbuildable in the current conditions. It have been proposed to use
excess Tax Increment Funds for the purchase of this property. Members of the
EDC do not support the use of TIF funds for this property since there will be no
increase in jobs or the tax base for a water retention pond.
The purchase of the Bel-Rae Ballroom for a community center was also
discussed. The EDC felt that a thorough needs assessment should be completed
to determine if services requested from the Focus 2000 process have been met
through other area Centers and also an assessment of the long term costs of
operating a community center should be identified prior to purchasing the
building. Members of the EDC would prefer to use TIF funds for renovation of
the building for a private party verses removing the property from the tax rolls.
Motion/Second: Carlson/Goff moved approval of Prioritization of Highway 10 Properties into
Tier 1 and Tier 2.
Motion Carried 4 ayes 0 nays
B. Consideration of Tax Increment Policies for new/expanded development
• in Mounds View
Motion/Second: Carlson/Schmidt moved to table this item until the meeting in March
Motion Carried 4 ayes 0 nays
C. Discussion of Transportation in Mounds View
Coordinator Bennett presented the results of the business survey regarding those
businesses that expressed a need for better mass transit. In addition,
Coordinator Bennett gave an overview of her research regarding transportation
over the past month and noted that she has been trading phone calls with the
Senior Transportation Planner at the MET Council. Vice Chair Carlson
suggested that the transportation planner be invited to speak to the EDC
regarding transportation strategies in Mounds View.
D. Star City Process: SWOT Analysis
Coordinator Bennett outlined the benefits of SWOT exercise for the Star City Process.
A SWOT exercise is identifying the Strengths,Weaknesses, Opportunities and Threats
to economic development in the area. A list of the Strengths,Weaknesses,
Opportunities and Threats was prepared by the EDC members.
2
Reports From Chair, Commissioners and Staff:
• Vice Chair Carlson mentioned the reorganization of the New Brighton Area Chamber of
Commerce and the Mounds View Business Association. After months of research through a
task force made up of representative from both organizations, the New Brighton Area Chamber
of Commerce Board voted to approve the addition of the City of Mounds View representation
on the Board and change the name of the Chamber to the New Brighton/Mounds View Area
Chamber of Commerce.
7. Adjournment
There being no further business before the Commission, this meeting of the Economic Development
Commission adjourned at 8:10 p.m.
Respectfully Submitted,
eajati.64•vri141---
Economic Development Coordinator
•
•
3