02-13-1995 EDA MIN - Laserfiche WebLink

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Economic Development Authority l'vleeting February 13, 1995 Page 3 Executive Director Bill Rubin informed the EDA that the Business Park Task Force has reviewed public/private partnership scenarios related to developing the business park area. The three issues reviewed by the Business Park Task Force include the following: . Public ownership and development . Availability of City funds - $430,000 from the former RDF TIF District and/or $300,000 from TIF Districts NO.1 and NO.3 . Defining the public/private partnership Bill Rubin indicated that the Business Park Task Force has recommended that the EDA not pursue the purchase of any other land in the business park as they feel this type of endeavor is better served by private sector developers rather than by an agency such as the EDA. Bill Rubin indicated that the Task Force also recommended that the availability of funds for the business park be accessed from the RDF TIF District as the RDF funds must be expended in the western part of the community. Bill Rubin reviewed the estimated infrastructure costs within the property held by Country Ridge Partnership and Gagne Development Company. He further reviewed scenarios regarding the level of City/EDA assistance in a public/private partnership arrangement. COMMISSIONER HOLMGREN MOVED THE FOLLOWING: 1. TO FOREGO THE OPPORTUNITY TO ACQUIRE THE PROPERTY AS OUTLINED IN THE JANUARY 9, 1995, LETTER FROM JAY JOHNSON, A REPRESENTATIVE OF COUNTRY RIDGE PARTNERSHIP. 2. TO RECOMMEND TO THE ELK RIVER CITY COUNCIL THAT IT ALLOCATE $430,000 FROM THE RDF TlF FUNDS TOWARD A PUBLIC/PRIVATE PARTNERSHIP TO UNDERWRITE THE INFRASTRUCTURE COSTS ASSOCIATED WITH THE BUSINESS PARK. 3. TO RECOMMEND TO THE CITY COUNCIL THAT IT ALLOCATE UP TO $300,000 OR APPROXIMATELY 65% OF COUNTRY RIDGE PARTNERSHIP'S COSTS TO UNDERWRITE THE ASSESSMENTS ATTRIBUTABLE TO INDUSTRIAL SITES. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 5-0. EDA President Jeff Gongoll returned to the dais and presided over the balance of the meeting. 9. Consider the 1994 Economic Development Annual Report Bill Rubin presented the 1994 Economic Development Annual Report to the EDA. President Gongoll commended the City staff in its efforts to attain the Star City Awards. COMMISSIONER HOLMGREN MOVED TO ACCEPT THE 1994 EDA REPORT. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6-0.