10-14-1997 EDA MIN - Laserfiche WebLink

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Elk River Economic Development Authority October 14. 1997 Page 3 e Commissioner Farber indicated that he would like to see that the door is kept open to Mr. Karnis in case he runs into financial difficulty. Paul Steinman ensured the Commission that Mr. Karnis has been informed that he has the ability to come back before the EDA. THE MOTION CARRIED 5-0-1. COMMISSIONER DWYER ABSTAINED. 8. T1F Application - Dave Decker President Dwyer indicated that Dave Decker has made application for tax increment financing in the amount of $160,000 for a light industrial building on Highway 10. Paul Steinman reviewed the TIF schedule which has been prepared to establish Tax Increment District No. 17. COMMISSIONER GONGOLL MOVED TO BEGIN THE TIF PROCESS FOR THE APPLICATION SUBMITTED BY DAVE DECKER AND TO REQUEST THE CITY COUNCIL TO CALL A PUBLIC HEARING TO BE HELD ON FEBRUARY 17, 1998, FOR THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 17. COMMISSIONER BENDER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 9. Review Reauest for Contribution to Central Minnesota Initiative Fund e Paul Steinman explained that the City has received a request from the Central Minnesota Initiative Fund for a contribution in the amount of $19,929 to be paid over a three year period. The contribution will be used to support the Sherburne County Capacity Fund Campaign. He stated that the City Council has requested the EDA to review this request and forward a recommendation to the City Council. It was the consensus of the EDA that the Central Minnesota Initiative Fund provides a valuable resource for the City. The EDA consented that a contribution should be made. President Dwyer suggested that a $5,000 contribution be made with $2,500 from the Council and $2,500 from the EDA. COMMISSIONER GONGOLL MOVED TO RECOMMEND THAT THE CITY COUNCIL SUPPORT A LUMP SUM CONTRIBUTION OF $5,000 TO THE MINNESOTA CENTRAL INITIATIVE FUND WITH ONE HALF OF THE MONEY TO COME FROM THE EDA AND THE OTHER HALF TO COME FROM THE CITY. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 10. Prospect Report/Activity Update Paul Steinman verbally updated the EDA on business prospects and activities. 11 . Other Business Paul Steinman updated the EDA on the following issues: e . reviewed information on business prospects which was included in the EDA packets.