06-11-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes June 11, 1990 Page 2 . approximately $60,000 would make this site finacially feasible for the project. The EDA reviewed the memo from the Economic Development Coordinator and the plans attached to the memo regarding the Main Street Dental Clinic. It was indicated by the EDA that as the project got under way, parking issues would need to be addressed. The staff memo (6/8/90) requested EDA approval to set up a Tax Increment Financing (TIF) redevelopment district to financially assist this project. It was noted that the district is expected to be in place for only 6-7 years and, therefore, the City should not be penalized with any reduction in State funds. COMMISSIONER GONGOLL MOVED TO HAVE THE STAFF BEGIN WORK ON ESTABLISHING A TIF REDEVELOPMENT DISTRICT FOR THE DENTAL SITE. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 4-0. . The City Attorney informed the EDA that the findings and creation of a redevelopment district have changed. He questioned whether the City has asked as to whether the property qualifies as a redevelopment district. Dick Fursman indicated that the City, nor the developers, have been able to access the property. He stated that the owner of the property will meet with the developers on Thursday, and they will gain access to the property at that time. The City Attorney cautioned the EDA that due to new statutory findings regarding TIF, strict adherence will be required. Dick Fursman indicated that the City has informed the developers of these findings. 6. Newsletter Advertisin~ Update Dick Fursman informed the EDA that Mike Mulrooney, the City Economic Development Consultant, will provide summary costs associated with the distribution of the economic development newsletter. He further indicated that Mr. Mulrooney will provide an outline of various cost scenarios which would include limited or mass mailings. Mike Mulrooney distributed a memo to the EDA regarding the marketing plans. He indicated that the memo outlines the various elements of the marketing program. He reviewed with the EDA the goals and objectives the marketing strategy and the costs involved in the EDA newsletter. Mr. Mulrooney indicated that the cost would be as follows: publici ty $6,000; advertising $6,000; direct-mail $2,000; personal selling $2,000; sales promotion $6,000; and networking/indirect distributor $2,000. The City Administrator indicated that the City's budget had allowed for $18,000 for the projects. He indicated that part of the costs included in Mike Mulrooney's memo were related to staff time and, therefore, do not show up as a budget item. . COMMISSIONER KROPUENSKE MOVED TO AUTHORIZE STAFF TO CONTINUE WITH THE MARKETING PLAN AS OUTLINED IN THE MEMO TO THE EDA MEMBERS DATED JUNE 11, 1990, FROM MIKE MULROONEY. COMMISSIONER GONGOLL SECONDED THE MOTION. Commissioner Holmgren indicated that he supports the concept, but questioned the cost involved.