11-10-2003 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes November 10, 2003 Page 2 Assistant Director of Economic Development Heidi Steinmetz reviewed the recent marketing activities as outlined in her memo to the EDA dated November 10, 2003. Ms. Steinmetz highlighted the following activities: • prospect status report; • third edition of newsletter direct mail recently distributed; • report on last month's Manufacturing Week activities; and • report on Energy City event. Director of Economic Development Catherine Mehelich informed the EDA that the business owner of All Tool Design and Manufacturing had contacted her and she had met with representatives Friday morning. Current employees aze looking at purchasing the company from current owners. The new owners are looking to the city to see if the city can assist to help retain their business with local ownership. They have been discussing this for the last year and hope to make final decisions soon. They are looking for additional resources. The resources that the city would have are limited and perhaps up to a million dollars could be loaned from the city's participation in the MN Community Capital Fund. This business would retain up to 100 employees and has picked up some new accounts. If the city were open to considering the use of tax abatement for a business retention project, Ms. Mehelich would like to carry it further. President Gongoll stated that he would like staff to work with All Tool. The company has been a great success story and he would like to help them out. It was the consensus of the EDA to have staff obtain and present more information at a future meeting. 6. Comprehensive Plan Update Director of Economic Development Catherine Mehelich reviewed with the EDA the memo dated November 10, 2003 from Director of Planning Michele McPherson in regards to the draft Comprehensive Plan. Industrial Land Development Strat~~pdate Sid Inman of Ehlers & Associates was present to answer questions the EDA had in regards to the meetings staff has held with landowners. Ms. Mehelich reported that staff had discussed with Rick Martens of Elk River Business Park the analysis of his land price at $1.60 per square foot. Ms. Mehelich noted Mr. Martens' correspondence requesting flexibility in consideration of the job creation criteria and retail use of the lots, and requested that the EDA exclude marketing of the Brown/EDA property for future Business Park. Mr. Inman stated that the bond rating companies are watching what the city is doing. One comment that Moody's had was that they expect the city's tax base to continue to