02-04-1989 EDA MIN - Laserfiche WebLink

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. . . MEETING OF THE ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL CONFERENCE ROOM SATURDAY. FEBRUARY 4. 1989 Members Present: Commissioners Tralle. Dobel(9:03). Kropuenske. Schuldt and Holmgren Members Absent: None Others Present: Pat Klaers. City Administrator; Dick Fursman. Economic Development Coordinator; Mike Mulrooney. Economic Development Consultant 1. due call Authority notice thereof. the meeting of the Economic called to order at 9:00 a.m. by Commissioner Pursuant to Development Tralle. and was 2. Consideration of 2/4/89 EDA Agenda COMMISSIONER KROPUINSKE MOVED TO APPROVE THE 2/4/89 EDA AGENDA. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 4-0. 3.1 Consideration of 1/4/89 EDA Minutes COMMISSIONER SCHULDT MOVED TO APPROVE THE SUBMI'l"l'ID. COMMI SSIONER KROPUENSKE SECONDED CARRIED 4-0. 1/4/89 EDA MINUTES AS THE MOTION. THE MOTION Commissioner Dobel arrived at this time. 3.2 Consideration of 1/9/89 EDA Minutes COMMISSIONER DOBEL MOVED TO APPROVE THE 1/9/89 EDA MINUTES AS SUBMITTED. COMMI SSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4. Proposal for Hardware Store Site Irma Jenne and Dave Plude were present to discuss with the EDA. their plans to reconstruct a building on the site of their former hardware store that was destroyed by a fire in the summer of 1988. Dave indicated that it has been a long process in working with the City and their consultants to put together financing and building plans for this project. It was indicated that at this time the final plans for the building are not yet available nor has the financing for the project been finalized. Dave indicated that it is aniticipated that both the final plans and the financing will be completed in the very near future. Dave indicated to the EDA that the plans are basically the same as has been reviewed by the EDA in December of 1988. The plans call for a four story structure but the forth level will not be completed inside until that level has been leased. Dave stated that they are moving forward based on the assumption that Tax Increment Financing Funds will be available as this City financing is needed in order for this project to be successful. Without TIF the project could not get financed or supported by the banks. The EDA indicated its continued support of TIF for land write down and site preparation for the project as discussed in previous meetings. It was indicated that prior to TIF being authorized by the City. the EDA needs to see the final plans for the building and the finances for the project. The City would need a Letter of Intent and review the final construction plans before TIF is authorized by the EDA.