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Economic Development Authority Minutes Page 2 <br /> August 19, 2002 <br /> • President Gongoll stated that overall he liked the Plan but indicated that some Key Actions <br /> may not be feasible. He stated that the city should present a more "Open for Business <br /> Approach." He stated that the Business Park Design Standards Ordinance is an issue that <br /> viz needs to be reconsidered. He also stated that he liked the idea of a city-owned dedicated <br /> industrial park to offer potential clients but that it may not be financially feasible. <br /> Commissioner Dwyer stated that the city should establish a "Champion" to help promote <br /> key accounts and there should be a monthly status report of the key accounts. <br /> Commissioner Motin stated that it makes sense for the city to have dedicated land for <br /> Industrial Park. He is concerned about changing the design standards for Business Park <br /> property. He stated that it may be okay for some light industrial companies to be in the <br /> Business Park but he is concerned about the whole area turning into all light industrial type <br /> buildings. He stated that maybe a portion of the Business Park could be designated for <br /> industrial purposes. <br /> COMMISSIONER DWYER MOVED TO ACCEPT THE STRATEGIC <br /> INDUSTRIAL MARKETING PLAN 2000-2002 ASSESSMENT AND 2002-2004 <br /> ACTION PLAN. COMMISSIONER TVEITE SECONDED THE MOTION.THE <br /> MOTION CARRIED 7-0. <br /> 4. Consider for Adoption the City of Elk River Tax Rebate Financing Policy as Amended <br /> Director of Economic Development Catherine Mehelich reviewed amendments to the city's <br /> Tax Rebate Financing Policy. <br /> COMMISSIONER MOTIN MOVED TO ADOPT THE TAX REBATE <br /> FINANCING POLICY WITH THE FOLLOWING CHANGES: <br /> • ANY DEVELOPER RECEIVING TRF ASSISTANCE SHALL PROVIDE <br /> A MINIMUM OF TWENTY PERCENT (20%) CASH EQUITY <br /> INVESTMENT IN THE PROJECT. PROJECTS UTILIZING THE <br /> • SBA504 PROGRAM WILL BE REQUIRED TO PROVIDE A MINIMUM <br /> OF TEN PERCENT (10%) CASH EQUITY INVESTMENT. (SECTION <br /> IV.B.) <br /> • TRF PROPOSALS SHALL NOT BE USED TO SUPPORT <br /> SPECULATIVE OFFICE PROJECTS. SPECULATIVE PROJECTS ARE <br /> DEFINED AS THOSE PROJECTS WHICH HAVE PRE-LEASING <br /> AGREEMENTS OR LETTERS OF INTENT FOR LESS THAN 50% OF <br /> THE AVAILABLE SPACE. <br /> IN ADDITION, LEASIBLE OFFICE PROJECTS MUST MEET THE <br /> FOLLOWING GUIDELINES: <br /> • EVIDENCE OF THE 50% OCCUPANCY MUST BE <br /> REPORTED TO THE DIRECTOR OF ECONOMIC <br /> DEVELOPMENT SIX MONTHS FOLLOWING AN <br /> ISSUED CERTIFICATE OF OCCUPANCY. <br /> 111 <br />