08-09-1999 EDA MIN - JOINT - Laserfiche WebLink

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Economic Development Authority Minutes August 9, 1999 Page 3 e customers to reach. The City Engineer indicated that there may be concerns regarding the proposed location in relation to the future road reconfiguration, signalization of the intersection, and the county access policy. Members of the postal service indicated that it is their goal to stay on a major highway for visibility reasons. 8. Consider Modification to EDA Micro Loan Policv Marc Nevinski, Assistant Director of Economic Development explained that staff has been in the process of revising the micro loan fund policies. He stated that the EDA Finance Committee reviewed a draft of the revised policies, and provided comments that have been incorporated into the draft policy which the EDA has now been asked to review. He explained that the result of the revisions is a loan fund that provides a supplemental financing program, a redevelopment financing program, and an incentive financing program. Commissioner Motin indicated that he had concerns regarding the redevelopment financing program. He indicated that he did not feel that it was correct for the city to promote downtown Elk River as historical, nor was it up to the city to preserve the downtown area. e Commissioner Dwyer indicated that the old buildings in the downtown area have an economic disadvantage in relation to construction, parking, and lack of visibility. He stated that he felt it was important that the downtown remain vital. Commissioner Motin stated that he would prefer to vote on the adoption of the micro loan fund policies by individual category rather than one program. Marc Nevinski informed the EDA that a public hearing will be held by the EDA on September 13, 1999, prior to adoption of the micro loan fund policies. 9. Consider Resolution Decertifying TIF District No. 18 Marc Nevinski presented this item regarding decertification of the Morrell Tax Increment Financing District No. 18 to the Economic Development Authority. COMMISSIONER GONGOLL MOVED TO ADOPT EDA RESOLUTION 99-3 DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 18 WITHIN DEVELOPMENT DISTRICT NO.1 IN THE CITY OF ELK RIVER. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 10. Other Business/Updates 10.1. Community Venture Network e Paul Steinman informed the EDA that the Economic Development Authority is still a member of the program and will be attending the next quarterly meeting. He noted that the city's consultant Harlan Jacobs, may be present at the meeting as well.