04-26-1993 EDA MIN - Laserfiche WebLink

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. . . special Meeting EDA Minutes April 26, 1993 Page 2 Following further discussion, Peter Beck suggested that staff change the number of $14,500 to an outside limit which would reflect the worse case scenario. COMMISSIONER DUITSMAN MOVED TO APPROVE THE CONTRACT FOR PRIVATE DEVELOPMENT BY AND BETWEEN THE ELK RIVER EDA AND TESCOM CORPORATION WITH THE CHANGES DISCUSSED BY THE EDA AND STAFF. COUNCILMEMBER DWYER SECONDED THE MOTION. THE MOTION CARRIED 7-0. 4. Consider and Approve Pledge Agreement for TIF District No.9 Bill Rubin explained that the EDA will collect Tax Increment payments from the Tescom TIF District over an estimated three to four year period of which $100,000 should be earmarked directly to the City of Elk River to be used to repay its funding sources relative to the acquisition of the vacant parcels in the Industrial Park. COMMISSIONER DIETZ MOVED TO PLEDGE $100,000 IN TAX INCREMENT FUNDS FROM DISTRICT NO. 11 TO THE CITY OF ELK RIVER TO USE TO ACQUIRE VACANT PARCELS IN THE INDUSTRIAL PARK. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 5. Consider and Approve Quit Claim Deed Conveying Lots 2 and 3, Block 2, Elk River Industrial Park 2nd Addition to Tescom Corporation COMMISSIONER DWYER MOVED TO AUTHORIZE THE CONVEYANCE OF LOTS 2 AND 3, BLOCK 2, ELK RIVER INDUSTRIAL PARK 2ND ADDITION TO TESCOM CORPORATION, INC. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 6. Adjournment There being no further business, COMMISSIONER ADJOURN. COMMISSIONER DIETZ SECONDED THE MOTION. 7-0. HOLMGREN MOVED TO THE MOTION CARRIED The meeting of the Elk River Economic Development Authority adjourned at 6:15 p.m. Respectfully submitted, ~'\J~ '-::tAa~~-{tU.:t</ rr> . if ~~tL) Sandra Thackeray City Clerk