03-11-1991 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes March 11. 1991 Page 3 e COMMISSIONER KROPUENSKE MOVED TO ACCEPT STAFF RECOMMENDATION OF HIRING CEP ART AND DESIGN OF ELK RIVER TO DESIGN THE MARKETING BROCHURE. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 6-0. Commission Tralle did not vote as he stepped away from the table and was in conversation outside of the conference room with Boy Scouts. 9. Potential EDA Assistance on Multiple Family Project Bill Rubin informed the EDA that he had met with a representative of Metcalf & Larson Attorneys at Law regarding the development of an elderly apartment complex in Elk River. Metcalf and Larson is considering a 24 unit complex which would be financed through Farmers Home Administration. They are interested in one si te in particular. The site is located along Holt Avenue between Third and Fourth Streets. Mr. Rubin informed the EDA that there may be a request for the use of Tax increment financing. This would be a redevelopment project at this site. The EDA discussed the need in the community for this type of use. It was the consensus of the EDA to encourage the project. 10. Prospect Report e The prospect report was sent under separate cover. The prospect report contained 7 previously listed prospects and 6 new prospects. Also listed in the prospect report was information on Roma Tool & Plastics regarding the delinquent loan. The Executive Director informed the EDA that the Roma loan delinquency was a City Council issue because the City Council accepted the conditions of the loan in 1986. He informed the EDA that a closed meeting of the City Council will be held to discuss this situation. 11.I.Attorney Opinion re~ardin~ EDA Powers Bill Rubin explained to the EDA that he received an oplnlon from the City's Attorney regarding the question of whether or not the EDA can build. own and lease an industrial building. Time Keane explained it was his opinion that State law does not authorize an EDA to undertake this type of activity. Chairman Gongoll indicated that he felt the EDA should be able to take some part in this type of activity. Tim Keane felt that the EDA may be able to participate in a limited partnership. Chairman Gongoll indicated he would like to pursue all ways to make a project like a "spec" building or an "incubator" building work. Mike Mulrooney suggested that the HRA could be the developer with the EDA as a limited partnership. 11.2.Citizen's Lea~ue e Di~cussion was held regarding the Citizen's League of Elk River. Chairman Gongol! indicated that he would like the EDA to participate with the Citizen's League in regards to analyzing downtown development. 11.3.2001 Conference