02-09-1998 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes February 9. 1998 Page 3 e COMMISSIONER THOMPSON MOVED THAT TAX INCREMENT FINANCING FOR THE MORRELL PROJECT BE IN THE AMOUNT OF $300.000 WITH $150.000 PAID TO MORRELL UP FRONT AT THE TIME OF OCCUPANCY OF THE NEW FACILITY. AND $150.000 BE PAID ON A PAY-AS-YOU-GO BASIS EQUALLY OVER THE NINE YEAR PERIOD WITH THE STIPULATION THAT THE DEMOLITION AND CLEANING UP OF THE ORIGINAL SITE BE COMPLETED BY THE YEAR 2000 AND FURTHER THAT STAFF BE AUTHORIZED TO NEGOTIATE ALL TERMS OF THE DEVELOPMENT AGREEMENT AND THAT THE DEVELOPMENT AGREEMENT BE BROUGHT BACK TO THE EDA FOR FINAL APPROVAL IN MARCH. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-1-1. President Duitsman opposed. Commissioner Dwyer abstained. COMMISSIONER HOLMGREN MOVED TO ADOPT EDA RESOLUTION 98-1 MODIFYING DEVELOPMENT DISTRICT NO.1 AND ADOPTING THE DEVELOPMENT PROGRAM THEREFOR AND ESTABLISHING WITHIN DEVELOPMENT DISTRICT NO.1. TAX INCREMENT FINANCING DISTRICT NO. 18 AND ADOPTING THE RELATED TAX INCREMENT FINANCING PLAN THEREFOR. COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 7-0. Terry Morrell stated that with the assistance the EDA presently voted to offer them. the Morrells will have to look for alternatives on how to move ahead with their plan. He indicated that they will not be able to move from the site. 6. Business Incubator Advisory Board Recommendations e Protectorcare. Inc. - Paul Steinman indicated that the Incubator Advisory Board unanimously supported a recommendation to the EDA to proceed with entering into a sublease with Protectorcare. Paul Steinman reviewed the details of the sublease. Paul Probst. CEO of Protectorcare. gave the EDA details of Protectorcare's product and shared a video presentation with the EDA. COMMISSIONER DWYER MOVED TO APPROVE EXECUTION OF THE SUBLEASE AND MEMORANDUM OF UNDERSTANDING WITH PROTECTORCARE. INC. FOR OCCUPANCY OF THE BUSINESS INCUBATOR FACILITY. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 7-0. Watermark - Paul Steinman informed the EDA that the Incubator Advisory Board has also met with a company called Watermark. He indicated that it is the recommendation of the Incubator Advisory Board that the EDA and staff continue to work with Watermark and bring them back to the Incubator Advisory Board prior to finalizing a lease arrangement. 7. Associated Builders Presentation of Formal Tax Increment Application for Hohlen Property Paul Steinman informed the EDA that Associated Builders have made a formal tax increment application for the Hohlen property project. Pat Pelstring of Pelstring Capital Corporation gave a short presentation regarding the project. e Anthony Gleekel. Attorney for Associated Builders. informed the EDA that he is officially presenting a formal TIF application for the Hohlen project. He