2005.09.19 EDA Packet - Laserfiche WebLink

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BACKGROUND MEMO FOR THE JOINT EDA/CITY COUNCIL MEETING OF SEPTEMBER 19, 2005 3. AUGUST 15, 2005 EDA MEETING MINUTES City staff recommends the board approve the minutes for the August 15, 2005 meeting as presented. 4. PRESENTATION FROM THE SCOTT MARTIN FROM THE TWIN CITES COMMUNITY CAPITAL FUND ON ECONOMIC DEVELOPMENT FINANCING SOURCES Scott Martin from the Twin Cites Community Capital Fund(TCCCF) will give a presentation about the organization and the benefits members receive from participating in the fund. 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. 5. UPDATE OF AUGUST 23,2005 MEETING OF THE TIF SUBCOMMITTEE City staff, Mikaela Huot and Paul Steinman of Springsted, and the subcommittee met on August 23, 2005. Subcommittee member Theresa Charpentier was unable to attend. The following items were discussed at the subcommittee meeting: 1.) The procedural requirement that must be followed during the initial district testing phase in order to meet state qualifications for the establishment of a TIF redevelopment district. 2.) The proposed timeline for establishing the district and the creation of a financing plan. 3.) The different means by which the public can be informed about TIF and the important role TIF will play in the success of the downtown plan, and how the establishment of the district may affect residents and business owners within the district. At the meeting, Paul Steinman of Springsted, the City's Financial Advisor firm, and City staff will present to the EDA an overview on tax increment financing and the procedural requirements that must be met and discuss strategies on how to present the TIF district and the next phase of the downtown plan to community members. City Staff seeks direction from the EDA and the City Council on whether the City should begin to conduct the work required to create the TIF district. 6. SITE PLAN REVIEW FOR ONEKA PET RESORT At the July 18, 2005 EDA meeting the EDA recommended that the City sell the 1.1 acre "Rink- Tec"property located in the Bald Eagle Industrial Park to Oneka Pet Resort, owned by Guy and Cindy LaBarre. Oneka Pet Resorts was one of two businesses that were selected to acquire the City property in the park through the Request for Proposal (RFP) process initiated by the EDA. Oneka Pet Resort has since submitted a preliminary site plan for review by the EDA as part of the conditions of approving the final purchase agreement. City staff requests that the EDA and the City Council review and comment on the preliminary site plan.