09-08-1997 EDA MIN - Laserfiche WebLink

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Elk River Economic Development Authority Meeting September 8. 1997 Page 3 e 8. Discuss Ootions for Exoenditure of Excess TIF Dollars from TIF District NO.5 (Alltooll Director of Economic Development Paul Steinman stated that T1F District No.5 is scheduled to decertify on December 31, 1997. He further stated that at the time of decertification it is projected that the District will have approximately an excess of $247,000. He further indicated that these excess TIF dollars will be available to utilize on eligible TIF activities anywhere within the city limits of the City of Elk River. The EDA discussed possible eligible uses for these funds which have been identified by staff. EDA supported an approach to work with West Business Park property owners on a potential purchase with these excess dollars. COMMISSIONER GONGOLL MOVED TO CALL FOR A PUBLIC HEARING TO BE HELD ON DECEMBER 1, 1997, TO MODIFY TAX INCREMENT FINANCING DISTRICT NO.5 AND FURTHER THAT ADDITIONAL DISCUSSION SHOULD TAKE PLACE IN ORDER TO PRIORITIZE ELIGIBLE USES FOR THE EXCESS TIF FUNDS. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 9. Discuss Community Venture Network Meetina Attended by Pat DWYer and Paul Steinman e President Dwyer and Economic Development Director Paul Steinman informed the EDA that they attended a Community Venture Network meeting which was sponsored by Public Resource Group, Inc. It was indicated that this is a program for communities outside the seven county metro area which matches business leads to interested communities. Both Paul Steinman and President Dwyer indicated they were impressed with the program and proposed to have a representative from the group to speak to the EDA at its next meeting. President Dwyer recommended that the EDA consider redirecting some of its marketing money and to cut back on some advertisement purchases so that the EDA can join the program and give it a try for one year. He indicated that the cost is $3,800 per year which may be negotiable. It was the consensus of the EDA to have a representative from Public Resource Group, Inc., at the next EDA meeting. 10. Discuss Chanqes to EDA Enablinq Resolution City Administrator Pat Klaers indicated that when the Council approved a pay increase for the EDA in April, 1996, to $150 per month, it was done without modifying the EDA Enabling Resolution. The City Administrator explained that the EDA Enabling Resolution will need to be modified if it is the consensus of the EDA to continue receiving the increase amount of $150 per month. COMMISSIONER GONGOLL MOVED TO RECOMMEND THAT THE CITY COUNCIL MODIFY THE EDA ENABLING RESOLUTION TO REFLECT A $150 PER MONTH PAYMENT. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 11. Promect Reoort/Activity Uodate e Economic Development Director Paul Steinman reviewed the Prospect Report and Activity Update.