09-10-2007 EDA MIN - Laserfiche WebLink

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Economic Development Authorry Minu[es September 10, 2007 4.1. Page 2 City Administrator Lori Johnson explained that the resolution establishing the 2008 referendum tax levy for the YMCA must be considered by the Economic Development Authority due to a requirement ui the law. Ms. Johnson stated that the levy for taxes payable in 2008 for the purpose of funding the debt service on the $12 million bonds is $310,215. She stated that the city has been awarded the Shecbume County Legacy Grant which has reduced the amount of the bond levy. President Gongoll questioned if the bond levy for the YMCA will need to be considered by the EDA on an annual basis. Ms. Johnson stated that yes, the EDA will need to consider a bond levy resolution annually until the bonds are paid off. Commissioner Tveite questioned if the Legacy Grant is a one-time award. Ms. Johnson explained that the grant award was approximately $1,403,000, depending on the amount of cecycled material included in the YMCA project. She stated that the grant is proposed to reduce the levy by $250,000 for the first five years and by the remaining balance on the sixth year. MOVED BY COMMISSIONER DWYERAND SECONDED BY COMMISSIONER TVEITE TO ADOPT RESOLUTION 07-05 ESTABLISHING THE ?A08 REFERENDUM TAX LEVY AS APPROVED BY VOTERS FOR A RECREATIONAL FACILITY TO BE LEASED TO THE YMCA. MOTION CARRIED 7-0. 5. upd eon a eway_Rudn c enter Planning Manager Jeremy Barnhart presented his staff report Mr. Barnhart indicated that at the June 11 EDA meeting, staff was directed to contact the property owners to gauge their interest in selling to the city. He explained that during discussions with the three adjacent property owners, two of the property owners indicated they were interested in buying the city's land rather than selling their land and the third indicated he was negotiating a sale to one of the other property owners. Staff did not feel it was appropriate to enter into the middle of those discussions. Mx. Barnhart indicated that staff is requesting direction on how to proceed. Commissioner Farber stated that he would like to maintain flexibility on this project. Mr. Barnhart indicated that from a planning standpoint, the project is flexible but that certain aspects, such as utilities and access point ace more rigid. Commissioner Dwyer indicated that he is not opposed to selling the property to a private developer for highway commercial. Commissioner Motin stated that he does not want to see the property sold and that a possibility would be to work out a development agreement with the adjacent property owners. Commissioner Tveite indicated that he does not object to selling the property but would like to see a proposal from the prospective buyer first He would like that level of detail prior to entering into a sale.