09-10-1990 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes September 10, 1990 Page 2 e abstained due to his employer (First National Bank) involvement with one of the developers. It was the consensus of the EDA that the City TIF application form be revised immediately. 5. Revolvin~ Loan Status 'l'he Finance Director and the Economic Development Consultant reviewed the status of the revolving loan program with the EDA. Lori Johnson, Finance Director, noted that in her 9/7/90 memo, it was stated that Mork had not made its August payment; however, this payment has been received with an explanation from Mork Clinic. It was noted by Mike Mulrooney, Economic Development Consultant, that no new loan agreements had been entered into since the last EDA meeting, but that new loans may very well be proposed wi thin the next month or two. The cash balance of the loan program as of 8/31/90 was approximately $95,000. 5.5 Jenne Site Proposal Submitted by Daniel Anderson e Mr. Dan Anderson, representing Irma Jenne, presented his proposal for the EDA purchase of the Jenne site. The Jenne site is commonly referred to as the hole in the ground, and is located in the Central Business District. The site became available following a 1988 fire. Mr. Anderson proposed that the EDA purchase this downtown site from Irma Jenne for $138,818. Economic Development Consultant Mike Mulrooney discussed the proposal with the EDA. He indicated that the site should not be purchased until the soil contamination issue has been resolved. Furthermore, the EDA must determine where appropriate funding will come for this purchase. Additionally, Mr. Mulrooney stressed that the EDA should have a plan in mind for the future of this area prior to any purchasing taking place. In this regard, Mr. Mulrooney indicated that a specific project need not be already approved by the EDA for this site, but that a very firm concept for this area should be agreed upon by the EDA. A general discussion by the EDA took place on the proposed site. A concern was expressed by the EDA over the proposed purchase price. It was noted that a purchase offer of approximately $109,000 had previously been made to Ms. Jenne for this property. Discussion took place regarding the environmental concern over the property. It was the consensus of the EDA that if the environmental issue was cleared up, then the EDA would seriously consider the purchase of this site provided that an appropriate price can be negotiated. 6. Economic Development Coordinator Job Description e The Executive Director reviewed with the EDA his memo, dated 9/6/90, where the job description and duties of the Coordinator were reviewed. The Executive Director noted that it was staff's opinion that the job description is adequate as completed; however clear direction must be given to the Coordinator in terms of the authority vested within the position.