08-12-1991 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 12, 1991 Page 3 e 10. Consider 1992 Bud~et and Levy Lori Johnson, Finance Director, indicated that the proposed 1992 EDA Budget is based on a maximum levy of $66,200. Bill Rubin reviewed the breakdown of the budget. Commissioner Dietz indicated he felt it would be advisable to consider terminating the monthly services with Advance, and possibly work with Advance on an hourly fee. He indicated that due to the 1992 budget constraints and the fact that the City has an Economic Development Coordinator on staff, the services of Advance are not used as frequently as in the past. Bill Rubin explained that Mike Mulrooney's major role in economic development at the present time is in relation to financial analysis. Council member Kropuenske indicated he felt that the retainer for Mike Mulrooney could possibly be dropped. Commissioner Dwyer indicated he felt that the EDA should consider Advance's hourly rate and the number of billable hours for the past two years before making any decision. President Gongoll suggested that the questions raised by the EDA be explored by staff and that staff provide more information at an upcoming meeting so that the EDA can have the information to reevaluate Advance's contract. e COMMISSIONER KROPUENSKE MOVED TO ADOPT RESOLUTION 91-1, A RESOLUTION AUTHORIZING THE EDA TO LEVY TO FUND THE AUTHORITY'S ANTICIPATED BUDGET NEEDS FOR 1992 WITH THE STIPULATION THAT THE LEVY LIMIT IN THE RESOLUTION WILL ACT AS BOTH THE PROPOSED AND FINAL LEVY LIMIT FOR 1992. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. COMMISSIONER SCHULDT MOVED TO APPROVE THE PROPOSED 1992 EDA BUDGET IN THE AMOUNT OF $66,200. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 11. Prospect Report Bill Rubin reviewed the Prospect RepoI't which was sent to EDA members under separate cover. 12.1.Minnesota City Participation Pro~ram Bill Rubin indicated that the EDA is a participant of the Minnesota Housing Finance Agency mortgage program. He stated that through the program there has been approximately $800,000 reserved for first time homebuyers. Bill Rubin indicated that at the time the EDA joined the program, there was only one local lender participating in the program. He indicated that another lender named Executronhas requested to participate in the program. e It was the consensus of the EDA to not allow Executron to participate in the Minnesota Housing Finance Agency mortgage program at this time.