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<br />. <br /> <br />. <br /> <br />. <br /> <br />Economic Development Authority Minutes <br />July 13, 1992 <br /> <br />Page 2 <br /> <br />6. <br /> <br />Update on EDA Main street Redevelopment Exclusive Option <br /> <br />Bill Rubin reported that <br />expecting an update on <br />He indicated that he did <br />regarding the update. <br /> <br />he informed Mr. Santwire that the EDA would be <br />the Main street Redevelopment Exclusive Option. <br />not receive a response from Mr. Santwire <br /> <br />President Gongoll directed staff to send <br />requesting him to update the EDA at the <br />Redevelopment Exclusive Option status. <br /> <br />a letter to Mr. Santwire <br />August meeting on the <br /> <br />7. Public Hearing Tax Increment Financing Plan District No.9 <br /> <br />Bill Rubin stated that the EDA authorized the preparation of a TIF Plan <br />for the Tescom Corporation expansion project at its June meeting. The <br />City Council has scheduled a public hearing on the matter for August 3, <br />and the County Commissioners and School Board have reviewed the Plan. <br /> <br />President Gongoll opened the public hearing. <br /> <br />Discussion was held regarding the possible loss of state aid due to <br />TIF District and possible options to cover the loss of the state <br />It was noted that options would be discussed and reviewed by <br />Council at the August 3 public hearing. <br /> <br />the <br />aid. <br />the <br /> <br />COMMISSIONER KROPUENSKE MOVED TO ADOPT EDA RESOLUTION 92-1, A <br />RESOLUTION RELATING TO THE ESTABLISHMENT OF TAX INCREMENT FINANCING <br />DISTRICT NO. 9 AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT <br />FINANCING PLAN RELATING THERETO LOCATED WITHIN DEVELOPMENT DISTRICT NO. <br />1. COMMISSIONER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />There being no comments from the public, President Gongoll closed the <br />public hearing. <br /> <br />8. Set Public Hearing Date for the Sale of Lot 8 <br /> <br />Bill Rubin explained that the State law requires that an Economic <br />Development Authority conduct a public hearing on the sale or lease of <br />property it owns. A hearing to discuss the terms and conditions by <br />which Lot 8 in the Industrial Park would be conveyed to Tescom was <br />requested for August 10, 1992. <br /> <br />COMMISSIONER TRALLE MOVED TO AUTHORIZE A PUBLIC HEARING BY THE CITY <br />COUNCIL ON AUGUST 10, 1992, TO DISCUSS THE TERMS AND CONDITIONS OF THE <br />SALE OF LOT 8 IN THE ELK RIVER INDUSTRIAL PARK TO TESCOM CORPORATION. <br />COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 7-0. <br /> <br />9. Staff Update <br /> <br />First Time Homebuyer Program <br /> <br />Bill Rubin informed the EDA that the Minnesota Housing Finance Agency <br />sold bonds for the 1992 First Time Homebuyer Program. The mortgage <br />