08-19-2024 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes Page 2 of 3 August 19, 2024 There were no public hearings. 7. GENERAL BUSINESS 7.1 2025 EDA Budget Mr. O'Neil presented the staff report. He noted the Authority previously discussed including a new line item to consider destination/tourism marketing versus adding it to the professional services line item. Moved by Commissioner Charlie Blesener and seconded by Commissioner Cory Grupa to approve the 2025 EDA budget and recommend the City Council include $427,000 in the preliminary levy. Motion Carried 6-0. 7.2 Levy for Debt Service on YMCA Bonds Mr. O'Neil presented the staff report. The Commission noted this was a formality as the levy was approved by voters in 2008. Moved by Commissioner Jennifer Wagner and seconded by Commissioner Jeff Hartwig to adopt Resolution 24-04 establishing the 2025 referendum tax levy as approved by voters for a recreational facility to be leased to the YMCA facility. Motion Carried 6-0. 7.3 Subordination Agreements - Loan to Heritage Millwork Commissioner Westgaard abstained due to conflict of interest. Mr. O'Neil presented the staff report. He did note the risk is low and it is fairly common to take a subordination position for this type of a loan. Moved by Commissioner Charlie Blesener and seconded by Commissioner Jennifer Wagner to adopt Resolution 24-05 approving subordination agreements related to the Heritage Millwork Project. Motion Carried 6-0. 7.4 General Updates Mr. O'Neil and Mr. Mollan provided an update on the following items: ■ Butterfly Garden improvements completed by youth to be featured in the local newspaper. ■ Video production of current city public art and its community value. ■ Development Minute video production of Thunderstruck along with an article write-up. ■ Together Elk River Committee is planning a ribbon cutting for Highway 169 Redefine and considering post -construction marketing in the future. ■ Beaudry Oil and Propane expressed their thanks to the city for assistance on their expansion project. ■ Sherburne County EDA meeting update, which covered recreation and tourism topics. ■ Kwik Trip interest in the Fox Haven lot (is there an address for this? We should include it versus stating Fox Haven lot, as it will be easier to locate if any future research is needed)