06-14-2004 EDA MIN - Laserfiche WebLink

Home Browse Search

Page 3 Economic Development Authority Minutes June 14, 2004 the representations and warranties addendum that is mentioned in the Purchase Agreement. Ms. Mehelich stated that staff is working with a bulk conveyor system manufacturing company. They currently employ seven and are looking to add another 16 jobs. There has been some land use challenges with the various privately owned business parks. The company has very long truck-trailer systems that could utilize the enure requirement/limitation that is allowed by MnDOT, which is 72 feet long. The intersections near the city-owned business park property located off of 171" and Hwy 10/169 (Cargill) are buik to accommodate these long trucks. The Cargill site has approximately 60 acres and this company would need 2-3 acres and would manufacture conveyors. Staff wished to have EDA feedback before proceeding further on opening the city-owned land for industrial development. Commissioner Klinzing inquired as to the timeline. Ms. Mehelich replied that the goal of the owner was to be in operation by April 1, 2005. Ninety days would be needed to process the application. She stated the Cargill site would be available within 2 to 3 months and would be a good location for this project. Commissioner Klinzing stated to keep in mind that approximately 20 acres will be taken out of this piece of property if the maintenance facility would be built for the commuter rail system. She felt this company would be a good fit for that property and feels very positive about this company. (,, Economic Develc Strategic Plan Report Director of Economic Development Catherine Mehelich provided an update on the Economic Development Strategic Plan. She discussed 2004-07 priority issues and the timetable for review and adoption of the Economic Development Strategic Plan by the EDA, HRA and City Cotmcil. 7, consiaer rvnu~ ..tea== a - - --- - (Gradient Technoloeyl Project Ms. Mehelich stated that Badger Ventures, LLC had requested a micro loan and tax rebate assistance but that the EDA and the Council took no action on these requests in April due to several unresolved issues. Ms. Mehelich provided a project description and an analysis of the micro loan and financing terms. Ms. Steinmetz stated that the Finance Committee met twice to review the Micro Loan Fund Policy regarding the criteria for the Industrial Incentive Program. She reviewed the recommendations fro the Finance Committee. MOVED BY COMMISSIONER TVEITE AND SECONDED BY THE APPROVAL O OTHE MICRO LOOANEPO ICOY AM NDMENTS ASL OUTLINED IN MS. STEINMETZ'S STAFF REPORT. MOTION CARRIED 7- 0.