08-19-2002 EDA MIN - SPECIAL - Laserfiche WebLink

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Economic Development Authority Minutes August 19, 2002 Page 2 Commissioner Dwyer slated [hat the city should establish a "Champion" to help promote key accounts and there should be a monthly status report of the key accounts. Commissioner Motin stated that it makes• sense for the city to have dedicated land for Industrial Paxk. He is concerned about changing the design standards fox Business Park property. He stated that it may be okay for some light industrial companies to be in the Business Park but he is concerned about the whole area turning into all light industrial type buildings'. He stated that maybe a portion of the Busines's Park could be designated for industrial purposes. COMMISSIONER DWYER MOVED TO ACCEPT THE STRATEGIC INDUSTRIAL MARKETING PLAN 2002-2002 ASSESSMENT AND 2002-2004 ACTION PLAN. COMMISSIONER TVEITE SECONDED THE MOTION. THE MOTION CARRIED 7-0. 4. Consider for Adoption the City of Elk River Tas Rebate Financing Policy as Amended Director of Economic Development Catherine Mehelich reviewed amendments to the city's Tas Rebate Financing Policy. COMMISSIONER MOTIN MOVED TO ADOPT THE TAX REBATE FINANCING POLICY WITH THE FOLLOWING CHANGES: ANY DEVELOPER RECEIVING TRF ASSISTANCE SHALL PROVIDE A MINIMUM OF TWENTY PERCENT (20%) CASH EQUITY INVESTMENT IN THE PROJECT. PROJECTS UTILIZING THE SBA504 PROGRAM WILL BE REQUIRED TO PROVIDE A MINIMUM OFTEN PERCENT (10%) CASH EQUITY INVESTMENT. (SECTION IV.B.) • TRF PROPOSALS SHALL NOT BE USED TO SUPPORT SPECULATIVE OFFICE PROJECTS. SPECULATIVE PROJECTS ARE DEFINED AS THOSE PROJECTS WHICH HAVE PRE-LEASING AGREEMENTS OR LETTERS OF INTENT FOR LESS THAN 50% OF THE AVAILABLE SPACE. IN ADDITION, LEASIBLE OFFICE PROJECTS MUST MEET THE FOLLOWING GUIDELINES: • EVIDENCE OF THE 50% LEASE COMMITMENT MUST BE REPORTED TO THE DIRECTOR OF ECONOMIC DEVELOPMENT SIX MONTHS FOLLOWING AN ISSUED CERTIFICATE OF OCCUPANCY. • 50% OF THE JOBS WITHIN THE LEASIBLE OFFICE BUILDING SPACE MUST BE CONSIDERED "NEW" JOBS TO THE CITY OF ELK RIVER, MEANING JOBS NOT LOCATED IN THE CITY AT ANY TIME PRIOR TO OCCUPYING SPACE IN THE PROJECT.