06-12-1995 EDA MIN - Laserfiche WebLink

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Economic Development Authority Meeting June 12. 1995 Page 2 8. Discuss alternatives to trainina networks proposal Bill Rubin informed the EDA Commissioners that a city council motion to accept a revised proposal from Training Networks Incorporated failed twice; once at the May 8 City Council meeting and at the May 22 City Council meeting. Bill Rubin requested suggestions from the EDA regarding this matter. President Gongoll indicated that he was disappointed that the process facilitation proposal submitted by Training Networks proposal was not accepted by the City Council. He stated that the proposal should be approved and requested the City Council to consider the proposal once again. Commissioner Duitsman indicated that he abstained from the vote on this issue as he is unsure as to whether or not this is a good expenditure of City funds. 9. Update On The Proposed Sale of Lot 8 Block L Elk River Industrial Park To Independent School District 728 Executive Director, Bill Rubin, stated that the Board of Education has authorized the purchase of Lot 8, Block 1, Elk River Industrial Park from the City of Elk River in the amount of $45,000. He noted that the City Attorney is preparing the necessary documents for closing on this land sale. Bill Rubin distributed a draft contract for private development. between the Economic Development Authority and Independent School District 728. The EDA reviewed the contract for private development. Bill Rubin informed the Commissioners that the City A ttorney would review the draft document and make any changes that are necessary. COMMISSIONER DWYER MOVED TO APPROVE THE CONTRACT FOR PRIVATE DEVELOPMENT BY AND BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ElK RIVER AND INDEPENDENT SCHOOL DISTRICT 728. COMMISSIONER BENDER SECONDED THE MOTION. MOTION CARRIED 5-0. Bill Rubin informed the Commissioners that the sales of EDA sites in the Industrial Park has generated $252,000. He indicated that this has exceeded the EDA obligation to generate $210,000 in sales from the Elk River Industrial Park. 10. Public Hearinq To Consider a Tax Increment financina Plan for Tlf District No. 12 Bill Rubin stated that Mr. Jack Mowry of Neos, Inc. and owner of Metal Craft Machine and Engineering is requesting tax increment financing assistance in the amount of $80,000. Bill Rubin explained that Mr. Mowry is proposing the construction of a 12,000 square foot facility with a finished valuation between $300,000 and $325,000 excluding the land value. The tax increment funds would be used to write down the cost of the land and for general site development and site preparation costs associated with the project.