11-09-1992 EDA MIN - Laserfiche WebLink

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. . . Economic Development Authority Minutes November 9, 1992 Page 2 6. Exclusive option EDA Main Street Bill Rubin explained that it was the mid point of the 60 day extension to R.E.P. Ltd.'s Exclusive Option on the EDA Main Street site. He indicated that staff is continuing to work on resolving the alley issues, and further, that no update has been received from R.E.P. Ltd. Discussion pursued regarding the alley issues. Bill Rubin explained that the issues are being addressed by staff. Pat Klaers indicated that a major issue to be dealt with is storm drainage. He stated that staff will continue to work on these issues and report back to the EDA. 7. Public Hearing TIF Plan No. 11 President Gongoll opened the public hearing. Bill Rubin explained that the EDA had previously authorized the preparation of Tax Increment Financing Plan No. 11 for Lot 1, Block 1, Elk River Industrial Park. He further stated that the City Council has scheduled a public hearing for this issue on November 16, 1992. Bill Rubin explained that Tax Increment Financing has been requested from Timron Precision Gear in the amount of $52,000. He stated that the TIF funds will be used primarily to write down the acquisition price of Lot 1 and to obtain a Certificate of Survey for the lot. He indicated that Timrom plans on constructing a 10,000 square foot building on the site. Bill Rubin stated that the EDA will capture the new property taxes generated by Timron's expansion for a period of approximately six years. He further stated that Timron precision Gear has indicated that they would make up any shortfall in the City's loss of State Aid. There being no comments from the public, President Gongoll closed the public hearing. COMMISSIONER TRALLE MOVED TO ADOPT EDA RESOLUTION 92-3, A RESOLUTION FOR THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK RIVER, MINNESOTA RELATING TO THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 11 AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 6-0. 8. Public Hearing Sale of Lot 1, Block 1, Elk River Industrial Park to Timron precision Gear, Inc. President Gongoll opened the public hearing. Bill Rubin, Economic Development Coordinator, explained that State law requires that an Economic Development Authority conduct a public hearing on the proposed sale of property it owns. He stated that the EDA is holding a public hearing to consider the terms and conditions related to the sale of Lot 1, Block 1 in the Elk River Industrial Park to Timron Precision Gear. Bill Rubin reviewed the terms of the sale.