07-12-1993 EDA MIN - Laserfiche WebLink

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. . . Economic Development Authority Minutes July 12, 1993 Page 2 development prospects, however, the City of Elk River does not yet have its new Business and/or Industrial Park located. President Gongoll indicated that he felt a special meeting should be held so that the EDA could discuss the uses and goals for the video presentation. The EDA was interested in pursuing the video proposal this year and getting some of the D.A.R.E. project on tape. The Executive Director indicated that he would check references and review the prices that other cities have paid for video projects. COMMISSIONER HOLMGREN MOVED TO ADD ITEM 11.4., TO THE AGENDA SO THAT A SPECIAL MEETING OF THE EDA COULD BE CALLED. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 6. Consider TIF Assistance Request for Redevelopment of Properties on East Main street/Dennis Chuba Dennis Chuba indicated that The Chuba Company is requesting Tax Increment Financing (TIF) to assist with a redevelopment project at 317 and 323 Main Street. Mr. Chuba indicated that he is proposing to build an office townhouse-condo building with a total of up to 10,000 square feet. The first phase is designed to use the property at 323 Main Street where a one and one-half story home is currently located. The second phase will be started as soon as tenants are committed and would include the property at 317 Main Street. TIF funds would be used to remove existing wells, trees, foundations, buildings, and for soil corrections. He stated that the first phase would require $25,000 in TIF funds. The second phase TIF funds would be used for land acquisition, building and foundation removal, and soils correction and would total approximately $35,000. Commissioner Duitsman indicated that there are other needs for TIF No. 1 and No. 3 funds, including the EDA site, the library expansion project, and the new Industrial Park. He indicated that the EDA should research how much money is available from TIF Plans No. 1 and No. 3 and what other projects the City is considering that may require the use of these funds. Commissioner Duitsman further stated that the City should consider putting a dollar cap on projects such as Mr. Chuba's. PRESIDENT GONGOLL MOVED TO RECOMMEND THAT THE CITY COUNCIL WITH A PUBLIC HEARING TO CONSIDER AMENDMENTS TO TIF PLANS 3 IN ORDER TO ACCESS THE FUNDS TO ASSIST THE CHUBA PROJECT. COMMISSIONER HOLMGREN SECONDED THE MOTION. MOVE FORWARD NO. 1 AND NO. REDEVELOPMENT Commissioner two phases is comfortable like this go Holmgren indicated that $60,000 in TIF assistance for the a lot of money. Commissioner Dietz indicated he is not with this type of a TIF grant. He suggested that projects through the Revolving Loan Fund. THE MOTION CARRIED 6-0. 7. Update on Main Street site There was no update on this site as Chris Bulow was not present.