04-08-2002 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes April 8, 2002 Page 2 Lori Johnson explained that the City is proceeding with the necessary steps for the financing of a public safety and Elk River Municipal Utilities facilities. Lori reviewed the components of Development Project No. 1. She indicated that the City Council has requested the Economic Development Authority to issue revenue bonds for the public safety and Elk River Municipal Utilities projects. Lori reviewed the tax impact for the public safety facility on residential homestead and commercial and industrial property. She noted that final approval to issue bonds for the project would be considered in June after construction bids are received. Sid Inman of Ehlers was present and reviewed the options for lease revenue bonds. He suggested that the City consider Option 2, which is a level debt service for the term of [he bonds. President Gongoll opened the public hearing. There being no one far or against the matter, President Gongoll closed the public hearing. Commissioner Klinzing noted that it is important that the public realize that the tax impact for property owners will decrease over time. 6. Consider Resolution Approving Development Project and Development Program COMMISSIONER TVEITE MOVED TO ADOPT RESOLUTION 02-02 APPROVING DEVELOPMENT PROJECT AND DEVELOPMENT PROGRAM. COMMISSIONER KUESTER SECONDED THE MOTION. THE MOTION CARRIED 7-0. Member for the Comprehensive Plan Update Task Force Director of Planning Michele McPherson indicated that staff is in the process of forming the Task Force for the Comprehensive Plan Update. She indicated that staff is requesting two members of the EDA to serve as primary and akernate members of the Comprehensive Plan Update Task Force. President Gongoll volunteered to serve as the primary task force member and Commissioner Dwyer volunteered to serve as the alternate task force member. 8. Consider Extension of SolarAttic Sublease Agreement Econotic Development Assistant Heidi Hall indicated that SolarAttic has requested a sublease extension to remain in the Incubator until the end of August. She indicated that SolarAttic has offered shares of SolarAttic stock in exchange for 12 months past- due rent and for potential rem due until August 31, 2002. Heidi indicated that SolarAttic has occupied the Incubator space for five years. She further noted that SolarAttic awes 56,766 in overdue rent. Heidi informed the EDA that Bixby Energy Systems, Inc. is a new Incubator tenant as of January 2002 and may be requesting to expand its current space.