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Home My WebLink About08-27-1998 ECONOMIC DEVELOPMENT COMMISSION AGENDA August 27, 1998 7:30 A.M. MOUNDS VIEW CITY HALL-CONFERENCE ROOM C I. CALL TO ORDER '3 U A.M. 1. ROLL CALL (Present = P,Absent= A) ✓ Carlson Marty Goff Sti&ney(EDA Liaison) Field Whiting(Staff) 1/ Sjoberg Jopke(Staff) ✓� Schmidt Carroll(Staf) Walther 3. APPROVE EDC MINUTES June 25,1998 Action: Motion L,( Second Cc./1-1,0 ' Vote 41) July.20, 1998 C! ; Action: Motion Second • Vote 4. SPECIAL BUSINESS(none anticipated) 5. EDC BUSINESS A. Update on Mermaid Hotel and Banquet Center [Informational only;no action required] B. Other Business[if any] r � 6. Report of Commissioners,Staff and EDA Liaison � / ( V 7. ADJOURN g: �U (ock A.M. Next Meeting: September 24, 1998 s N\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCAGE98\AGEN0827.EDC Minutes of the Economic Development Commission City of Mounds View Ramsey County, Minnesota Regular Meeting June 25, 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 7:35 a.m. by Chairperson, Cindy Carlson. 2. ROLL CALL: Members present: Cindy Carlson, Ron Schmidt, Tom Field, and Brian Sjoberg. Members absent: Dan Nelson, Rosemary Goff, EDA Liaison Roger Stigney. Staff present: Housing Inspector Steve Dorgan and Economic Development Coordinator Kevin Carroll. 3. APPROVAL OF MINUTES: Motion/Second: Sjoberg/Field to approve the minutes from May 28, 1998. Motion Carried 4 Ayes 0 Nays 4. SPECIAL BUSINESS None. 5. EDC BUSINESS A. Discussion of Home Improvement Loan Subsidy Program. EDC members reviewed and discussed Housing Inspector Dorgan's proposed final drafts of the guidelines for the two interest subsidy programs. It was noted that although both programs refer to a maximum loan amount, neither program refers to a minimum loan amount. Staff was directed to insert a reference to the fact that the minimum loan amount would be$3000.00 for each of the two programs. Chair Carlson had some additional minor changes of a "housekeeping" nature that she discussed with Mr. Dorgan prior to the meeting. With respect to the proposed Resolution, it was suggested that additional language be inserted to emphasize the fact that there are TWO separate loan subsidy programs, and to explain the rationale or need for two such programs, and to clarify the distinctions between them. That additional explanatory language could also be added to the "Program Overview" for each program. N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN06.98 Motion/Second: Schmidt/Field to approve Resolution No. 98-EDC-25,with the understanding that staff will amend the Resolution in a manner consistent with the EDC's discussion of desired revisions. Motion Carried 4 Ayes 0 Nays B. Consideration of Business Improvement Partnership Loan Program EDC members reviewed and discussed Economic Development Coordinator Carroll's Memo and additional background information. It was suggested that a Resolution "reactivating" the loan program may not be required, but that a Resolution modifying the program in certain respects might be appropriate. It was decided that paragraph "a" on page two of the Resolution would be revised to delete the "reactivation" language, and to insert language regarding the elimination of the two year "residency requirement" that was one of the original eligibility criteria. It was further agreed that paragraph "b" of the proposed Resolution would be revised to eliminate references to the 1998 funding amount. New language will be inserted, emphasizing the fact that in order to ensure and/or increase participation in the Program, loans will be reviewed and approved in a manner consistent with staff guidelines regarding matters such as confidentiality of applicants' financial information, intended use of loan proceeds, etc. The caption of the Resolution will also be changed to "Resolution Modifying The Business Improvement Partnership Loan Program", and the eighth "Whereas" clause will be deleted, and the two subsequent dauses will be changed to refer to "the continued availability" of low interest loan funds and the "continuation of the business loan program." Motion/Second: Sjoberg/Schmidt to approve Resolution No. 98-EDC-24,with the understanding that staff will amend the Resolution in a manner consistent with the EDC's discussion of desired revisions. Motion Carried 4 Ayes 0 Nays 6. REPORTS FROM CHAIR, COMMISSIONERS, AND STAFF: Economic Development Coordinator Carroll provided a brief update regarding the Mermaid Hotel/Conference project. 7. ADJOURNMENT There being no further business before t Commission, this meeting of the Economic Development Commission adjourne• a approximat :35 a.m. R .•ectfully Su 'tted, j/(A471/1 a/t/ vm Carroll conomic Develtipment Coordinator N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN06.98 1 Minutes of the Economic Development Commission City of Mounds View Ramsey County, Minnesota Regular Meeting July 20, 1998 City of Mounds View, Conference Room C 2401 Highway 10, Mounds View, MN 55112 [NOTE: The EDC meeting that would ordinarily have been held at 7:30 a.m. on Thursday, July 23, 1998 was rescheduled to July 20th so that the EDC members could attend a City Council work session at 6:00 p.m. on that date. The EDC members participated in a discussion of the Mermaid Hotel/Banquet Facility Project in the Council chambers from 6:00 p.m. until approximately 7:00 p.m., after which the EDC members convened in Conference Room C for the regular monthly EDC meeting.] 1. CALL TO ORDER The meeting was called to order at 7:05 p.m. by Chairperson Cindy Carlson. 2. ROLL CALL: Members present: Cindy Carlson, Ron Schmidt, Tom Field, and Rosemary Goff. Members absent: Brian Sjoberg, EDA Liaison Roger Stigney. Staff present: Economic Development Coordinator Kevin Carroll. 3. APPROVAL OF MINUTES: Deferred to August meeting due to time constraints. 4. SPECIAL BUSINESS None. 5. EDC BUSINESS At the request of the City Council, the EDC members interviewed the following five applicants for the current vacancies on the EDC: Wendy Marty,William Laube, Sean Walther, Richard Oman, and Gregory Johnson. After considering factors including (but not limited to) the personal and professional experience of the candidates, their enthusiasm for and attitude about the position in question, their availability for regular and special EDC meetings, and actual or potential conflicts of interest, the Commissioners agreed to recommend Sean Walther for the remainder of the term of Steven Larson (term ending December 31, 2000) and Wendy Marty for the remainder of the term of Dan Nelson (term ending December 31, 1998). The N:IDATA\GROUPSIECONDEV\EDA-EDC\EDC\EDCMIN981EDCMIN07.98 • Commissioners also agreed to recommend William Laube as an alternate, in the event that either of the other two recommended candidates accepts an appointment to another City commission or is otherwise unable or unwilling to serve on the EDC. 6. REPORTS FROM CHAIR, COMMISSIONERS,AND STAFF: EDC members and staff commented briefly on the prior discussion of the Mermaid project. Commissioners asked whether the Halls' "equity investment" of$1.1 million ($250,000 + $850,000) consisted of cash, or cash and land/building(s), or land and building(s) alone. It was also suggested that the projected 10% interest rate on the Banquet Center financing may be significantly higher that the actual rate that could probably be obtained, and that the stated 10 year amortization period may be significantly shorter than the time period that is usually used for projects of this kind, thereby artificially inflating the annual operating expenses.With regard to the "Americlnn Hotel Investment Analysis," it was suggested that the projected"average daily rates" ranging from$62 to $70 for years 1 through 5 were on the low side, and that rates ranging from$75 to $85 would probably be more accurate. Commissioners commented that it might be useful to get some advice or input on these and other related matters from an objective third party(consultant, analyst, etc.)who is more familiar with revenue projections, anticipated- operating expenses and financing arrangements for projects of this type. The Commissioners indicated that they appreciated the opportunity to learn more about project, and that they are looking forward to hearing more about the project periodically, as it progresses. 7. ADJOURNMENT There being no further business before the Commission, this meeting of the Economic Development Commission adjourned at . •proximat 7:50 p.m. R:••,ctfully S mitted, i/! (IA// Len n carr 1 I gnomic D +elopment Coordinator N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\EDCMIN98\EDCMIN07.98 1