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2008.09.15 EDA Minutes
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2008.09.15 EDA Minutes
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12/7/2015 1:15:47 PM
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Commissions
Meeting Date
9/15/2008
Document Type
Minutes
Commission Name
EDA
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the analysis that the TIF agreement include the following, which is different from the request. <br />A $380,000 principal, over 10 years, at 6% interest rate with a 3% market value inflator for a <br />total principle and interest of $586,156. This is based on the rate of return on the investment <br />and the debt ratio. Springsted recommend only granting as much TIF that is needed to make <br />the project viable. <br />Bill Lentsch was present at the meeting and stated that he would like more money in TIF. He <br />also asked what happens if he needs more TIF after the 10 years. The CDD stated that we <br />only should grant as much money is needed to make the project work as recommended by <br />Springsted. <br />Granger made a motion, seconded by Arcand to recommend approval to the City Council <br />with the understanding that staff and the developer will continue to work on the agreement. <br />All aye. Motion carried. <br />UPDATE ON THE BR& E SUBCOMMITTEE <br />The BR&E Subcommittee has received a number of business profile questionnaires from <br />businesses in the City. There is a handful that would like to have a business case study or <br />market study completed on the business, which would be done by a group of college students <br />free of charge. The subcommittee also has a good idea from the business profiles on what the <br />first business workshop will be on. The first workshop is expected to be in October. The <br />subcommittee will be doing site visits to new and existing businesses to thank them for being <br />a part of Hugo and to find out if there is anything that the City can help them with. Staff <br />provided an update on the progress of the committee at the meeting. <br />The Associate Planner stated that the first workshop will be on financing and that the <br />subcommittee made its first site visit to Western Spring Manufacturing in the Bald Eagle <br />Industrial Park. <br />Klein stated that the HBA can help get the work out about the workshops. Granger stated that <br />an email should go out to the businesses to find out what topic on financing that the <br />businesses want to hear about. <br />UPDATE ON EDA MARKETING WORK PLAN AND PROMOTIONAL PACKAGE <br />Enclosed was EDA marketing spreadsheet outlining the items that have been completed and <br />on going items. Staff updated the EDA on the promotional package that went out to 90 <br />development groups on the downtown redevelopment of Hugo. <br />UPDATE ON DOWNTOWN REDEVELOPMENT <br />Staff updated the EDA on the progress of downtown redevelopment projects. <br />Carpenters continues to work towards completing an application for redevelopment of the <br />restaurant. <br />
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