10-12-1992 EDA MIN - Laserfiche WebLink

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i ! Economic Development Authority Min~tes October 12, 1992 Page 3 . Bill Rubin stated that he das had a request from two other developers who have expressed an interes~ in redeveloping the Main street site. Rob VanValkenburg stated that he and John Weicht were interested in redevelopment of the site, hqwever, it was not their intention to compete with Gary santwire.1 He stated that their proposal would not entail closing the alley. RO~ VanValkenburg indicated that he would agree to give Gary more tim~, but if Gary's proposal does not succeed, he would be willing to try so~ething else. John Weicht stated that he would be working with Rob !VanValkenburg and indicated that he wanted the EDA to know that it was ndt certain that the alley would not need to be vacated for their propo~al. I COMMISSIONER TRALLE MOVED TO APPROVE A 60 EXCLUSIVE OPTION TO R.E.P., L~D. WITH THE DECEMBER 14TH AND THAT THE EXTENSION CONDITIONS AS STATED IN THE ORIGINAL COMMISSIONER HOLMGREN SECONDEP THE MOTION. DAY EXTENSION TO THE 180 DAY EXTENSION TO TERMINATE ON CARRY THE SAME TERMS AND 180 DAY EXCLUSIVE OPTION. THE MOTION CARRIED 7-0. 9. Prospect Report The EDA reviewed the Prospec~ Report which was submitted under separate cover. 10.a. Dr. Ken Stone Presentation October 29, 1992 . Bill Rubin informed the EDA that Mr. Ken Stone has been contacted and has agreed to give a pre~entation on October 29th at the Community Education Center. I I DTED Grant Application Tescdm Expansion Project 10.b. Bill Rubin informed the EDA that both the City and Tescom are still awaiting an answer from D~ED regarding the grant application for the Tescom project. 10.c. Request for TIF Funds from ~imron Corporation Bill Rubin indicated that sta~f is in receipt of a request for Tax Increment Financing from al company called Timron precision Gear. He stated that Timron is proposiqg the construction of a 10,000 square foot facility on Lot 1, Bloc~ 1 in the Industrial Park. He stated that TIF Funds would be used to wr~te-down the acquisition price of the lot. I ! COMMISSIONER TRALLE MOVED TO ~UTHORIZE THE PREPARATION OF THE TIF PLAN (TIF DISTRICT NO. 11) FOR tIMRON CORPORATION AND TO AUTHORIZE THE EDA TO HOLD A PUBLIC HEARING ON TaE TIF PLAN ON NOVEMBER 9, 1992, AND TO AUTHORIZE A PUBLIC HEARING!FOR THE SALE OF LOT 1, BLOCK 1, IN THE ELK I RIVER INDUSTRIAL PARK AND TO aECOMMEND TO THE CITY COUNCIL THAT THEY SCHEDULE A PUBLIC HEARING FOR NOVEMBER 16 TO CONSIDER THE TIF REQUEST. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. . 11. Adjournment