08-12-1991 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 12, 1991 Page 2 e 6. Finalize Marketin~ Brochure and Authorize Printin~ Bill Rubin, Economic Development Coordinator, presented the final layout of the Marketing Brochure which included photographs that had been selected for use in the brochure. The EDA reviewed the Marketing Brochure and the photographs. It was the conclusion of the EDA that the brochure was ready for printing with the exception of the photo of the students in School District 728. It was indicated that a different school photo should be included in the brochure. COMMISSIONER KROPUENSKE MOVED TO APPROVE THE MARKETING BROCHURE FINAL LAYOUT AND THE PHOTOGRAPHS AND TO AUTHORIZE PRINTING OF THE BROCHURE CONTINGENT UPON STAFF'S REVIEW. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. COMMISSIONER HOLMGREN MOVED TO AUTHORIZE PAYMENT TO CEP ART & DESIGN OF 1/3 OF THE DRAW DOWN. COMMISSIONER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 7-0. 7. Review TIF Policy Revisions e Bill Rubin explained that the reVISIons made by the EDAat their last meeting have been incorporated in the TIF policy. He further indicated that the HRA reviewed the policy at its meeting and had no changes to add to the TIF policy. COMMISSIONER HOLMGREN MOVED TO ADOPT THE TAX INCREMENT FINANCING POLICY FOR THE CITY OF ELK RIVER WITH THE PROPOSED CHANGES. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 7-0. 8. Update on EDA Main Street Site Bill Rubin distributed a flyer that was sent to local developers for marketing purposes of the EDA Main Street Site. 9. Discuss Financing City Hall/Police Station Bill Rubin, Economic Development Coordinator, explained that staff has reviewed a method of financing the City Hall/Police Station which would require the EDA's participation. He indicated that the EDA can construct and own a facility and lease it to the City. He explained that if the EDA financed the construction of the facility, revenue bonds would be issued by the EDA and lease payments from the City would be used to retire the bonds. tit Discussion was held regarding this method of financing for the City Hall/Police Station. Lori Johnson indicated that by using this method, the City's obligation under the lease/purchase agreement would not constitute debt under any statutory provision. After. further discussion, it was the- consensus of the EDA that this financing arrangement would be agreeable to the EDA. It was further the consensus of the EDA to authorize staff to prepare a resolution to be presented at the next EDA meeting in September, showing the support of the EDA in this financing method.