12-12-1994 EDA MIN - Laserfiche WebLink

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EDA Minutes December 12, 1994 page 2 Micro-Loan Fund - The Micro-Loan Fund had a cash balance of $120,054.33 on November 30, 1994. As of Thursday, December 8, 011 December payments are current except Alltool and Water Laboratories. A check for $50,000 for the Auto Mall was cut in November. Block Grant Micro-Loan Fund - The Block Grant Micro-Loan Fund had a cash balance of $17,878.11 on November 30, 1994. Bill Rubin informed the EDA that the statement of expenses payable will be provided to the EDA for review and approval at a later date. 6. Consider an amendment to the EDA bylaws reaardina the time of the annual meetina Executive Director Bill Rubin informed the EDA that in order to change the annual meeting time from 7:00 p.m. to 6:00 p.m., a bylaw amendment would be necessary. Bill Rubin provided the EDA with a draft of the proposed amendment to section 2.5 (01) of article two for consideration by the EDA. COMMISSIONER DWYER MOVED TO APPROVE AN AMENDMENT REVISING 2.5 (01) OF ARTICLE TWO OF THE EDA BYLAWS TO REFLECT THAT THE ANNUAL MEETING BEGINS AT 6:00 P.M. COMMISSION FARBER SECONDED THE MOTION. MeilON CARRIED 6-0. 7. Discuss potential publiclprivate partnerships related to the development of the Business Park Bill Rubin updated the EDA on the amount of tax increment financing available from Districts No. 1 and NO.3 for use in the business park. He noted that $300,000 has been allocated for TIF No. 1 and TIF NO.3 and that these funds are limited to land purchases only. Bill Rubin further indicated that there is approximately $430,000 from TIF District No. 4 that has been allocated to the development toward a business park/Senior High School. He noted that uses of these1unds must be consistent with the objectives of the TIF Plan for TIF NO.4. The Executive Director stated that with the business park zoning a reality, it is important to begin contemplating how the City and the EDA can assist the business park owners and developer to ensure the success of the business park. Bill Rubin gave some suggestions as to what public/private partnerships may include. He further suggested referring this matter to the Business Park Task Force for further review of the matter. He indicated that city staff will meet with land owners in order to get an idea of what the land owner's and developer's expectations might be. COMMISSIONER SCHEEL MOVED TO REFER THE ISSUE OF PUBLIC/PRIVATE PARTNERSHIPS TO THE BUSINESS PARK TASK FORCE FOR FURTHER CONSIDERAtiON WITH THE ISSUE BEING REVIEWED AT THE EDA'S JANUARY MEETING. COMMISSIONER FARBER SECONDED THE MOTION. MOTION CARRIED 6-0.