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<br />Economic Dcvelopment Authority Meeting <br />June 12. 1995 <br /> <br />Page 3 <br /> <br />--------------------------------------- <br /> <br />Bill Rubin indicated that a "pay as you go" TIF District is proposed. As a result, <br />Mowry/Neos will absorb the cost of site acquisition and site preparation and as <br />the new facility begins generating taxes, the City rebates the property taxes <br />back to Mowry/Neos twice a year. Bill Rubin explained the advantages using <br />the" pay <br /> <br />as you go" technique. Some of the advantages include not having to borrow <br />funds, shortening the life of the TIF District and not having to incur interest <br />charges. <br /> <br />President Gongoll opened the public hearing. <br /> <br />Jack Mowry indicated the Neos would be retaining five existing jobs and <br />creating six new jobs. <br /> <br />There being no further business President Gongoll closed the public hearing. <br /> <br />Bill Rubin reviewed the issue of LGA/HACA loss in relation to tax increment <br />financing. <br /> <br />COMMISSIONER FARBER MOVED TO ADOPT EDA RESOLUTION 95-2 A RESOLUTION <br />FOR THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, <br />MINNESOTA RELATING TO THE ESTABLISHMENT OF TAX INCREMENT FINANCING <br />DISTRICT NO. 12 AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT <br />FINANCING PLAN RELATING THERE TO LOCATED WITHIN DEVELOPMENT DISTRICT <br />NO. 1. COMMISSIONER DWYER SECONDED THE MOTION. MOTION CARRIED 5-0. <br /> <br />11. Consider a Loan Request From Kermit Bodv, Custom Cutter Grindinq <br />Corporation. <br /> <br />This item was deleted from the agenda. <br /> <br />12. Other Business <br /> <br />There was no other business <br /> <br />13. Adiournment <br /> <br />COMMISSIONER BENDER MOVED TO ADJOURN THE EDA MEETING. <br />COMMISSIONER FARBER SECONDED THE MOTION. MOTION CARRIED 5-0 <br /> <br />The meeting of the EDA adjourned at 7:07 p.m. <br /> <br />Respectfully submitted, <br /> <br />- J. f}, J~/ <br />~U<-A/LL~, G (~ <br />Sandra Thackeray <br />City Clerk <br />