08-13-2001 EDA MIN - Laserfiche WebLink

Home Browse Search

Economic Development Authority Minutes August 13, 2001 Page 2 Commissioner Moon questioned the selection process for this honor and what type of benefit the city would receive. Ms. Mehelich stated that there would be a special insert in the MN Reai Estate Journal and at the conference. She stated that this conference would help the city with name and logo recognition among key real estate brokers and developers. Commissioner Tveite questioned if other cities pazticipated in similaz events. Ms. Mehelich stated that this is the second yeaz for this conference and 5-6 cities have been asked to participate this year. Assistant Director of Economic Development Marc Nevinski stated that this event would target customers of the EDA's mazketing plan. 6.1. Consider Initiative Foundation Contribution Request Ms. Mehelich stated that the Initiative Foundation is requesting a contribution of $5,000 in the yeaz 2002 to support their programming and services. She gave a brief overview about the Foundation and a history of past contributions from the city. President Gongoll stated that the Initiative Foundation has funded numerous projects within the city but the EDA maybe able to better invest these funds into its own community projects. Commissioners Morin and Kuester both concuaed. COMMISSIONER KUESTER MOVED TO DENY THE CONTRIBUTION REQUEST AND RECOMMEND THAT THIS YEAR AND IN FUTURE YEARS THE REQUEST BE FORWARDED TO THE CITY COUNCIL FOR CONSIDERATION. COMMISSIONER TVEITE SECONDED THE MOTION. THE MOTION CARRIED 4-0. 6.2. Consider Year 2002 Budeet Commissioner Dwyer arrives. Ms. Mehelich presented a brief summary of the budget. She stated that the total proposed revenue and expenses for 2002 are $165,450. Commissioner Morin questioned whether the HRA shared any portion of the funds fox consulting by Anita Dukor and Associates. Ms. Mehelich stated funding for the Dukor project came from the EDA and the City Council budget. She stated that the total proposed expenses for the Incubator are $25,200 and the total proposed revenue are $7,000. She stared that the $18,200 shortfall would be funded through the loan repayment of Tescom Corporation. Commissioner Morin questioned if the rent from the Incubator building is the actual rent projected from the current tenants or if it is based on any projected tenants. Ms. Mehelich stated that the rent amount is based on current tenants but they are expecting the new tenants will come forwazd for next year, which would ultimately decrease the shortfall amount. COMMISSIONER MOTIN MOVED TO APPROVE THE 2002 EDA BUDGET AND THE BUSINESS INCUBATOR BUDGET. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 5-0.