08-13-1990 EDA MIN - Laserfiche WebLink

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. e Ie MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, AUGUST 13, 1990 Members Present: Chairman Tralle, Commissioners Kropuenske, Dobel, Schuldt, Holmgren, Gongoll and Dwyer Members Absent: None Staff Present: Pat Klaers, City Administrator; Sandy Thackeray, City Clerk; Lori Johnson, Finance Director; Tim Keane, City Attorney; Mike Mulrooney, Economic Development Consultant 1. Call Meetin~ to Order Pursuant to due call and notice thereof, the meeting of the Elk River Economic Development Authority was called to order by Chairman Tralle at 6:35 p.m. 2. Consider 8/13/90 EDA A~enda Items 9.1, Roma Tool, and 9.2, Ordinance Amendment, were added to the agenda. COMMISSIONER DOBEL MOVED TO APPROVE THE AGENDA AS AMENDED. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 3. Consider 7/23/90 EDA Minutes COMMISSIONER DOBEL MOVED TO APPROVE THE 7/23/90 EDA MINUTES AS PRESENTED. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 6-0-1. Commissioner Holmgren abstained. 4. Tax Increment Financin~ Update/Workshop Mike Mulrooney introduced Ed Cheetah from his firm, to update the EDA on tax increment financing. Mr. Tschida distributed a handout called "The Mechanics of Tax Increment Financing", and reviewed the handout with the EDA. The following was discussed with the EDA: --The project area and tax increment financing district --Types of tax increment financing districts (redevelopment, housing, renewal and renovation, soils condition, economic development district) --Examples of major eligible project expenditures --Taxable versus tax exempt --1990 Tax Increment Legislation --Loss of local government aid through TIF The EDA thanked Ed Tschida for his update on tax increment financing.