2009.05.18 EDA Minutes - Laserfiche WebLink

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review and make a recommendation to the City Council on the TIF agreement and parking easement agreement. Staff recommended approval of the TIF agreement and parking easement agreement. Staff and Springsted also discussed TIF Certification with the EDA. Mikaela Huot from Springsted explained to EDA the TIF request was for site clearing, demolition, earthwork, public parking, SAC/WAC fees, landscaping and administration fees. She discussed with the Council the timing of the certification and the deadlines, and the pay- as-you-go assistance, which shifted the risk from the public to the private sector. The term of the TIF note would be $148,800 in principle for 15 years at 8 percent, and the estimated market value of the project would be $2 million upon completion in 2010. Mikaela Huot also discussed certification of the TIF District with the EDA. She stated that if Carpenters goes forward in the near future that the City could request certification of the TIF District before June 30, 2009 to ensure the increment is received for the project this year. If they do not go forward the City can wait until after June 30, 2009. She also talked about delaying the receipt of increment by modifying the plan with a public hearing. Klein asked about the terms and agreement for the TIF request. Huot stated that the City has the discretion of not certifying the TIF District until a building permit is issued for the project. Denaway made a motion, Granger seconded, to approve the TIF Agreement and Parking Easement Agreement for the Carpenters Project. Directed staff to look at the business subsidy requirement for allowing the use of the City owned property for parking. All aye. Motion Carried. UPDATE ON 165TH STREET AND HIGHWAY 61 AREA MEETING On Thursday, May 14, 2009 staff met with the property owners in the 165th Street and Highway 61 area. The meeting was to discuss the possibility of another industrial park in that area. On the 2030 land use plan the area is shown as industrial. Klein updated the EDA on the outcome of the meeting. He stated that the meeting went very well and we gave them on opportunity to network with their neighbors. They all have each others contact information and now it is up to them if they want to work together on a project. The people at the meeting were generally interested in redeveloping their property. ADJOURNMENT Granger made a motion, seconded by Klein, to adjourn at 9:50 am. All Ayes, Motion Carried.