05-08-1995 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes May 8, 1995 Page 2 The Executive Director reviewed the check register which was enclosed in the EDA packet. EDA Commissioners reviewed the check register and acknowledged its receipt. 7. Consider a Request For Tax Increment Financinq Assistance From Neos, Inc. Executive Director Bill Rubin acknowledged that the EDA is in receipt of a request for tax increment financing from Mr. Jack Mowry of Neos, Inc., 12797 Meadowvale Road. Mr. Mowry is proposing construction of a 16,000 square foot multi-tenant facility to be located in the McChesney Industrial Park. The Executive Director stated that Mr. Mowry is requesting TIF funds in the amount of $80,000, $60,000 of which would be used to write down the acquisition price of the lots in the industrial park and $20,000 which will be used for site preparation. Executive Director Bill Rubin stated that an Economic Development District would be established. He indicated that new TIF districts created by a city will result in a loss of state aid. The EDA discussed the irnpact that a new TIF district would have on the city regarding the possible loss of state aid funds. Bill Rubin informed the EDA that the finished market value of the building is proposed to be $585,000.00. He further stated that when completed Neos, Inc. and the tenants in the facility would create sixteen new jobs and retain sixteen jobs. Bill Rubin discussed the need for a public hearing to discuss the terms and conditions of the sale of the property. COMMISSIONER DWYER MOVED THAT THE EDA UNDERTAKE THE FOLLOWING: . PREPARE A T1F PLAN FOR THE MOWRY /NEOS, INC. EXPANSION . SCHEDULE A PUBLIC HEARING FOR JUNE 12, 1995 TO CONSIDER THE ADOPTION OF THE TIF PLAN . AUTHORIZE A 90 DAY OPTION ON LOT 6 AND 7, MCCHESNEY INDUSTRIAL PARK . SCHEDULE A PUBLIC HEARING FOR JUNE 12, 1995 TO DISCUSS THE TERMS AND CONDITIONS BY WHICH LOT 6 AND 7 MCCHESNEY INDUSTRIAL PARK WOULD BE CONVEYED TO MOWRY /NEOS, INC. COMMISSIONER FARBER SECONDED THE MOTION. MOTION CARRIED 7-0. 6. Public Hearinq To Consider The Proposed Sale Of Lot 8, Block 1, Elk River Industrial Park To Independent School District 728 President Gongoll stated that he would abstain from a vote on tAis issue, due to his involvement with the school board. Pat Klaers, City Administrator, stated that the school board has directed Mr. Ron Bratlie to work with the city regarding the possible sale of Lot 8, Block L Elk River Industrial Park to the school district. He indicated that the school district would use the property to construct a maintenance facility. President Gongoll opened the public hearing.