03-08-1993 EDA MIN - Laserfiche WebLink

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.. . . Economic Development Authority Minutes March 8, 1993 Page 2 She stated that the Coon Rapids Development Company was organized in 1978 and is owned by shareholders. It is a private, not-for-profit organization. She further stated that in November of 1992, the shareholders voted to remove territorial restrictions on loan processing activities. The existing loan territory is Anoka County. She further explained that expansion beyond Anoka County requires the request of other communities and that the final action on service territory expansion rests with the SBA. Bill Rubin explained that the banks, the Commission, and the Elk River utilities, to name a from a certified development company. Economic Development few, would benefit COMMISSIONER SCHEEL MOVED PLEDGE OF $1,000 WORTH OF COMPANY WHICH WILL SERVE COMMISSIONER DIETZ SECONDED TO PROCEED WITH A LETTER OF SUPPORT AND A STOCK IN THE CENTRAL REGION DEVELOPMENT AN EXPANDED TERRITORY OF SHERBURNE COUNTY. THE MOTION. THE MOTION CARRIED 6-0. 6. Public Hearing Tax Increment Financing Plan Tax Increment Financing District No. 9 President Gongoll opened the public hearing. Bill Rubin, Economic Development Coordinator, stated that at its February EDA meeting, the Commissioners authorized the preparation of a Tax Increment Financing Plan for the Tescom Corporation expansion project. He stated that TIF District No. 9 will be an economic development district and is proposed to be comprised of Lots 1, 2, and 3, Block 2, Elk River Industrial Park Second Addition. He stated that the TIF budget is $194,000. However, Tescom will only purchase Lots 2 and 3. Therefore, the TIF assistance to Tescom is less than $194,000.The funds will be used to write down the acquisition price and to reimburse the developer for the cost of site surveys, civil and engineering, and soil boring and analysis. There being no comments from the public, President Gongoll closed the public hearing. COMMISSIONER DWYER MOVED TO ADOPT EDA RESOLUTION 93-1, A RESOLUTION RELATING TO THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 9 AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO LOCATED WITHIN DEVELOPMENT DISTRICT NO.1. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 7. Public Hearing Sale of Property in the Elk River Industrial Park to Tescom Bill Rubin indicated that the sale of public property requires a public hearing. He indicated that the EDA convey Lots 2 and 3 in the Elk River Industrial Park Second Addition to Tescom Corporation through a Contract for Private Development. Bill Rubin reviewed the terms and conditions that will be listed in the Contract for Private Development for the conveyance of property to Tescom.