08-11-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 11, 2003 Page 4 • The city should consider using TIF/TRF to pay for park dedication fees. In addition, upon direction from the EDA, the Marketing Committee recommends that staff complete the analysis which will include strategy for which to determine the basis to which the city may participate for industrial development on each site, including established goals for the type of user, building standards, and level of assistance needed to make the site competitive within the market. The analysis and strategy would be presented to the EDA at its regular September meeting. Marketing Committee member Gary Santwire reported to the EDA that the city needs "industrial pazk" property that is ready for development. He encouraged the city to proceed with Phase I of the EDA Brown property. Commissioner Motin stated that he doesn't think the city needs to write down land price to $0. Commissioner Tveite agrees that some businesses would need TIF to be competitive with other cities and that the city needs to provide options for industrial companies to locate to Elk River, or change the EDA mazketing budget. COMMISSIONER TVEITE MOVED TO HAVE STAFF COMPLETE THE ANALYSIS AS RECOMMENDED BY THE ECONOMIC DEVELOPMENT AUTHORITY MARKETING COMMITTEE. COMMISSIONER KUESTER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 8. Business Incubator Prospect Update Economic Development Assistant Heidi Hall stated that there is a Business Incubator Advisory Committee meeting on August 12, 2003 to discuss two new prospects: IntelliPatch and Lap2 Technology. Ms. Hall stated that the recommendation from the Incubator Committee will come to the EDA in September. Ms. Hall reported that staff had not received a request from IntelliPatch to extend the 30-day lease in the Incubator building. 9.1. Consider Year 2004 Budeet Director of Economic Development Catherine Mehelich stated that begituling in 2003, the EDA and HRA levies have been sufficient to balance the Economic Development Department without the General Fund. Revenues aze estimated at 10% growth in market value for 2004. Ms. Mehelich stated that personal services (salazies and benefits) are proposed to be divided the same as in 2003; EDA 70% and HRA 30%. President Gongoll questioned if the personal services budget could be split more equally between the HRA and the EDA. City Administrator Pat Klaers acknowledged that in 2003 and 2004 that staff maybe spending more time on HRA activities with the downtown revitalization project but stated that for budget reasons staff prefers to keep the numbers consistent and that the 70-30 split balances out over the years.