08-13-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 13, 1990 Page 2 e. 5. Consider TIF Plan #8 Chairman Tralle stated that Tax Increment Financing Plan #8 has been distributed to the School District and the County. He indicated that the plan calls for financial assistance by the EDA in the amount of $70,000 for site preparation and removal of existing substandard housing structure for the dental clinic. The City Administrator informed the EDA that the funds would be recaptured over a five year period. The City Attorney informed the EDA that the applicants for the TIF plan have been notified of the meeting. The City Administrator stated that the application fee for the plan has not yet been received. Chairman Tralle opened the public hearing. There being no one for or against the matter, Chairman Tralle closed the public hearing. COMMISSIONER GONGOLL MOVED TO ADOPT RESOLUTION APPROVING THE TAX INCREMENT FINANCING DISTRICT CLINIC. COMMISSIONER DOBEL SECONDED THE MOTION. 7-0. 90-5, A RESOLUTION #8 FOR THE DENTAL THE MOTION CARRIED 6. Consider Proposal to Prospect 80190 e Mike Mulrooney stated that he has had discussions with a Minneapolis based manufacturer concerning the company's interest in locating in Elk River. He indicated that he has met with the President of the company to determine the exact needs of the company. Mr. Mulrooney stated that the company is looking for proposals from Elk River. Mike Mulrooney stated that the company has a strong history but has been experiencing rising costs in taxes located in Minneapolis. Presently, the company employs thirty people. He stated that there are no available buildings in Elk River that meet the company's needs. Mike Mulrooney suggested that the City either needs a developer to propose a project or the EDA may wish to consider developing a spec building by itself. Mike Mulrooney suggested having the facilities nearly 100% leased before the Ci ty would proceed with any type of construction of a spec building. Mike Mulrooney stated that the company's lease expires on January 1, 1991, and they must make some decision before that time as to where they will be operating. Mike Mulrooney discussed with the EDA the market for industrial and commercial space in Elk River and the fact that the City does not have this type of space available. Discussion pursued regarding whether or not the EDA should consider taking on the responsibility of building a spec building. After discussion regarding this matter, it was the consensus of the EDA that the City consider building a spec building due to the numerous inquiries which the City has received for available commercial and industrial space. e COMMISSIONER KROPUENSKE MOVED TO DIRECT MIKE MULROONEY TO PROCEED TO REPRESENT THE CITY AND TO PREPARE A PROPOSAL FOR PROSPECT 80190 ON A LEASE BASIS. COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 7-0. The EDA recessed at 8:05 and reconvened at 8:15.