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<br />. <br /> <br />. <br /> <br />. <br /> <br />Economic Development Authority Minutes <br />November 6, 1989 <br /> <br />Page 2 <br /> <br />COMMISSIONER HOLMGREN MOVED TO ADOPT RESOLUTION 89-5, A RESOLUTION OF <br />THE ECONOMIC DEVELOPMENT AUTHORITY APPROVING THE FINDINGS OF <br />CONDITIONS FOR THE CREATION OF TAX INCREMENT FINANCING DISTRICT #6 AS <br />A REDEVELOPMENT DISTRICT. COMMISSIONER KROPUENSKE SECONDED THE <br />MOTION. THE MOTION CARRIED 5-0. <br /> <br />6. <br /> <br />Consideration of Remmele En~ineerin~ Financial Packa~e <br /> <br />Dick Fursman, Economic Development Coordinator, stated that he had <br />presented the City Council with the financial incentive information <br />for Remmele Engineering at the 10/30/89 City Council meeting. He <br />indicated that since that meeting, no changes have been made to the <br />financial package being offered to Remmele. He stated that the City <br />Council had reviewed the package and had made a recommendation for <br />the Economic Development Authority to accept the financial package. <br />Mr. Fursman indicated that the financial package includes the use of <br />Tax Increment Financing to purchase two sites in the Industrial Park, <br />to make the sites buildable and to sell the land back to Remmele for <br />$1.00. He stated that the financial plan also calls for the use of <br />$100,000 from the Revolving Loan Fund for the use of a long term loan <br />to Remmele Engineering. <br /> <br />COMMISSIONER DOBEL MOVED TO ACCEPT THE FINANCIAL PACKAGE BEING <br />OFFERED TO REMMELE ENGINEERING. COMMISSIONER KROPUENSKE SECONDED THE <br />MOTION. THE MOTION CARRIED 5-0. <br /> <br />The City Administrator indicated that the Tax Increment money may <br />come from a new project, or there is a possibility that it could be <br />excess money from TIF projects or a combination of both of these. <br /> <br />7. Other Business <br /> <br />Dick Fursman, Economic Development Coordinator, distributed a letter <br />from Elmer Anderson, stating Mr. Anderson's intention to retain title <br />to his property on Block A. In other words, Mr. Anderson does not <br />want to have a developer take over the property and then have to rent <br />the space back from him. Dick Fursman stated that because Mr. <br />Anderson is reconsidering his position in this project, the block <br />long project is temporarily stalled but not dead. <br /> <br />8. Adjournment <br /> <br />There being no further business, COMMISSIONER HOLMGREN MOVED TO <br />ADJOURN THE MEETING. COMMISSIONER DOBEL SECONDED THE MOTION. THE <br />MOTION CARRIED 5-0. <br /> <br />The meeting of the Elk River Economic Development Authority adjourned at <br />7:24 p.m. <br /> <br />Respectfully submitted, <br /> <br />A~. I~ U.dkcAL<At7 <br />~. Thackeray I <br />City Clerk <br />