08-22-1988 EDA MIN - Laserfiche WebLink

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. . . Page 2 Economic Development Authority Minutes August 22, 1988 5. Sa. Finance Director, Lori Johnson, distributed a copy of the EDA Activity Analysis for the period ended July 31. 1988. She explained the financial status of the EDA as of July 31. 1988. The EDA has received $17,392 in revenues and h~ve spent $11.148. leaving a balance of $6,244. Ms. Johnson indicated that tax levy monies in the amount of $20.386 ~~sti11 due to the City. Lori Johnson explained that the $11.148 spent was actually taken from the City's budget. therefore, the EDA will have to repay the money to the City. GENE SCHULDT MOVED TO REIMBURSE THE CITY OF ELK RIVER FOR EXPENSES INCURRED FOR THEEDA IN THE AMOUNT OF $11.148.68. JIM TRALLE SECONDED THE MOTION. THE MOTION CARRIED 5-0. Lori Johnson reviewed the 1989 budget with the EDA. She indicated that $40.600 has been budgeted for 1989. In order to generate the funds needed for this amount. which would allow the Authority to operate in 1989, the City must levy .75 mill. HAROLD DOBEL MOVED TO APPROVE THE PROPOSED 1989 EDA BUDGET. ROGER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. JIM TRALLE MOVED TO ADOPT EDA RESOLUTION 88-2. A RESOLUTION REQUESTING THE CITY TO LEVY A TAX IN THE AMOUNT OF .75 MILL TIMES THE ASSESSED VALUATION OF TAXABLE PROPERTY IN THE CITY FOR THE BENEFIT OF THE AUTHORITY TO BE USED FOR ECONOMIC DEVELOPMENT AUTHORITY PURPOSES AS PROVIDED IN THE STATUTE. GENE SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 5-0. Discussion on EDA Options for Action on the Structures that were destroyed in the recent fire in the central business district Economic Development Coordinator, Dick Fursman, indicated that both property owners of the building destroyed by the fire have expresed interest in reestablishing themselves and are interested in obtaining the City's help. Both Dr. remain in rebuild on to purchase Jarmo1uk and Irma Jenne indicated that it is their desire to the downtown area. Irma Jenne and Dave Plude would like to the site presently burned down, thus indicating their intent Dr. Jarmo1uk's portion of the building. Consider steps to declare downtown a redevelopment district Several timing questions were brought up concerning the use of a redevelopment district for the financing of reconstruction and additional downtown riverfront activities. The EDA Attorney was concerned over the timing of the demolition of the buildings as to the City Council's declaration of downtown as a redevelopment district. Mr. Fursman