01-13-1992 EDA MIN - Laserfiche WebLink

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Economic Development Authority January 13, 1992 Page 3 . 11. Discussion of Bylaws and Suggested Changes Bill Rubin informed the EDA that the annual meeting allows the opportunity to review the EDA Bylaws and suggest any changes. NO changes were made to the EDA Bylaws. 12. Consider Topics for Winter Newsletter Bill Rubin reviewed staff's suggested topics Newsletter. The topics included Industrial (industrial highlight), Elk River community business briefs. for the winter EDA Park acquisition, UPA Education programs and It was suggested by the EDA that an upcoming newsletter article make some reference to utility rates. 13. Discuss Policy Direction on TIF Funding Alternatives . Bill Rubin explained that staff is looking for direction on how to fund small requests for assistance from commercial and industrial projects that request Tax Increment Financing. Bill Rubin indicated that there were three possible alternatives to consider. The alternatives mentioned were: Establishment of a new TIF district, amending an existing TIF district, or tapping into the EDA's fund balance. Bill Rubin explained that if the City decided to access the EDA budget funds, there is always the chance that these funds would not be recaptured. The EDA discussed the alternatives presented by the Economic Development Coordinator. The EDA also discussed the possibility of reviewing each request on a case by case basis rather than setting a general policy to follow. After further discussion, it was the consensus of the EDA to look at each request individually and, when reviewing each individual case, it should be determined whether money can be recaptured from the TIF redevelopment districts and also look for other available sources of funding. 14. Discuss Ideas for Targeted Marketing Project Bill Rubin suggested some ideas for a targeted marketing project. He indicated that he is proposing to mail one novelty type mailing during the first quarter of 1992. He presented an idea of a mailable beverage cooler to the EDA. Discussion was held by the EDA regarding which groups the marketing products would target. Bill Rubin suggested that the EDA target commercial and industrial realtors and also one or two specific industries. It was the consensus of the EDA to authorize Bill Rubin to follow through with the targeted marketing program. .