12-11-1995 EDA MIN - Laserfiche WebLink

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Elk River EDA Meeting December 11. 1995 Page 2 8. Presentation from the Elk River Area Arts Council Concerninq q Multi-Use Auditorium Cliff Lundberg, representing the Elk River Area Arts Council, addressed the EDA in regard to a multi-use auditorium. Mr. Lundberg indicated that the Elk River Area Arts Council received an arts space grant to study the arts related needs in the community. Cliff Lundberg reviewed the drawings of the proposed multi-use auditorium indicating that this auditorium was planned to be used by both the arts community and the community at large. Cliff Lundberg indicated that the cost estimates for the proposed auditorium are from four to nine million dollars. He suggested that the city consider reactivating the Community Center Task Force to review the proposal. Cliff Lundberg indicated he would be making this presentation to the City Council. 9. Consider a Contract for Private Development by and between the Elk Piver EDA pnd Jack T. Mowry et al Bill Rubin explained that on June 12, the EDA Commissioners approved a request for tax increment financing assistance from Jack T. Mowry /Neos, Inc. to assist with the construction of a 12,000 square foot precision machining facility in the McChesney Industrial Park. He indicated that the City Council finalized the request for TIF assistance by approving the Tax Increment Financing Plan. Bill Rubin stated that a Contract for Private Development has been prepared by and between the City of Elk River, Elk River EDA. Breagan Corporation, and Neos, Inc (i.e. Jack Mowry). Bill Rubin explained the new statutory job creation requirements for companies obtaining public grants or loans after July 1, 1995. Bill Rubin stated that the tax increment revenue note indebts the city to Breagan/Neos in an amount equal to 15 percent of the project's finished market value. COMMISSIONER DWYER MOVED TO AUTHORIZE THE PRESIDENT AND EXECUTIVE DIRECTOR TO EXECUTE ITS PORTION OF A CONTRACT FOR PRIVATE DEVELOPMENT WITH JACK T. MOWRY jBREAGAN CORPORATlONjNEOS, INC. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 10. Review Proposed Modifications to TIF Pian No.2 and TIF Plan NO.3 Bill Rubin indicated that the City Council has scheduled public hearings for December 21 to consider proposed modifications to TIF Plan No.2 and TIF Plan NO.3. He stated that it is the intention of the City Council to decertify both Districts by December 31, 1995. Bill Rubin reviewed the proposed expenditures of TIF funds from District No.3 and former District No.4 which were discussed by the EDA at workshops in June and August, 1995. Bill Rubin reviewed proposed activities and expenditures for TIF r'km No.3. He stated that the three categories for these proposed activities are: Business and Industrial Park aCiivities, Urban Renewal ond Redevelopment activities, and Infrastructure'lmprovements.