2005.11.21 CC Minutes - Joint EDA

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Minutes for the EDA/Council meeting of November 21, 2005 Page 2 The subcommittee had also prepared a draft press release and Q&A newsletter about TIF and the downtown redevelopment plan for review by the Council and the EDA at the meeting. Staff recommended that the Council and the EDA review the draft Q&A newsletter and press release and become familiar with the materials. Staff recommended that the Council and the EDA approve the materials for immediate distribution to downtown residents and property owners if the Council and the EDA are comfortable with the content of the documents. The Council and the EDA reviewed the draft newsletter and press release and requested that Staff make some minor changes to the documents before distributing the materials. The EDA and the Council also recommended that the TIF subcommittee send a letter to the downtown property owners before the open house meeting. Miron recessed the meeting at 8:30 am and passed the gavel to EDA member Klein who reconvened the meeting at 8:45 a.m. Miron returned at 10:20 a.m. UPDATE ON TWIN CITIES COMMUNITY CAPITAL FUND PROGRAM At the September 19, 2005, joint EDA/Council meeting Scott Martin from the Twin Cites Community Capital Fund (TCCCF) gave a presentation about the organization and the benefits members receive from participating in the fund to the EDA and Council. The TCCCF is a nonprofit economic development loan fund. Communities that join the fund are eligible for low interest loans, gap financing, and other financial incentives. The EDA and Council thanked Scott Martin for coming to the meeting and suggested that the EDA and the Council evaluate the materials in order and make a recommendation at the next EDA meeting on whether or not to participate in the program. Springsted, the City's financial advising firm, has prepared some background information on the fund. At the meeting, Staff suggested that the EDA and the Council decide whether or not the City should consider becoming a member of the TCCCF at this time. Granger made motion, Arcand seconded to recommend that the Council consider becoming a member of the TCCCF fund. All aye. Motion Carried. UPDATE ON CITY PURCHASE OF CARPENTERS RESTAURANT AND THE ANTIOUE STORE FROM MIKE AND CATHERINE ANDERSON Mike and Catherine Anderson are still reviewing the purchase agreement that the City Council approved at their September 6, 2005 meeting. City staff provided the Council and the EDA an update on recent discussions with the Andersons. Granger made motion, Bever seconded to recommend that the City Council give the Andersons ten days to sign the proposed purchase agreement before it becomes null and void. All aye. Motion Carried