07-08-2002 EDA MIN - Laserfiche WebLink

Home Browse Search

Economic Development Authority Minutes July 8, 2002 Page 3 Following discussion of the proposed amendments to the policy, the EDA requested further amendments to the policy as Eollows. • A six-month review of occupancy goals on office developments with prelease agreements. • Projects requesting less than $25,000 would not need to be reviewed by the City's financial advisor. Project applications require an itemized construction statement. • Minimum equity uivestment would be 10 percent when applied with an SBA504 project or 20 percent when not using SBA504 financing. • The job retention issue should be made clearer. Lynn Caswell - 584 Dodge Avenue - Mr. Caswell spoke about the requirement of 50% occupancy of the buIlding. He indicated that at that point the project does not need TRF financing. He indicated that eliminating speculative office space prohibits expansion of existing office space. Catherine responded to Lynn Caswell's concerns. f ohn Weicht - blr. Weicht spoke about the proposed policy. He indicated that he does not agree with the minimum 20 percent cash equity requirement. Gary Santwire - Mx. Santwixe indicated that he concurs with the proposed policy. He stated that speculative office space should be market driven. COMMISSIONER KLINZING MOVED TO TABLE THE TAX REBATE FINANCE POLICY TO ALLOW STAFF TO MAKE THE RECOMMENDED AMENDMENTS. COMMISSIONER TVEITE SECONDED THE MOTION. THE MOTION CARRIED G-0. Consider Ordinance Amendment to Business Paxk District Catherine Mehelich indicated that the City Council directed staff to prepare an ordinance amendment allowing athletic and training facilities as a conditional use permit in the Business Paxk District As the amendment affects the goals of the Business Paxk District, Catherine stated that staff is requesting the EDA review the ordinance language. Coxrunissionex b4otin questioned if the City can set a termination date fox the use with the ordinance. COMMISSIONER TVEITE MOVED TO SUPPORT THE REQUEST OF THE PROPOSED ORDINANCE AMENDMENT. COUNCILMEMBER KUESTER SECONDED THE MOTION. THE MOTION CARRIED 6-0.