03-13-2000 EDA MIN - Laserfiche WebLink

Home Browse Search

Economic Development Authority Minutes March 13, 2000 Page 2 e COMMISSIONER GONGOLL MOVED TO APPROVE A $50,000 SUPPLEMENTAL MICRO LOAN TO ULTRA IMAGE POWDER COATING. COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 5-0. 6. Public Hearina to Consider Modifications to the Tax Increment Financina Policy Marc Nevinski reviewed the changes that have been proposed to the Tax Increment Financing Policies. He noted that State Statutes mandate that cities modify their current incentive and subsidy policies and that a public hearing be held on the modified policies. Chair Dwyer opened the public hearing. There being no one for or against the issue, Chair Dwyer closed the public hearing. COMMISIONER THOMPSON MOVED TO ADOPT THE REVISED TAX INCREMENT FINANCING POLICY. COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 7. Tax Abatement Policy e Marc Nevinski indicated that a tax abatement policy has been drafted as directed by the EDA. Marc reviewed the draft policy. Marc explained that because the tax abatement policy is in essence a rebate, he will be suggesting a new name similar to Tax Rebate Policy. The EDA discussed Section V, "Project Qualifications." Much discussion was held regarding whether financing should be available for residential projects as indicated in Subdivision b. Commissioner Klinzing indicated she was not in favor of any type of financing for residential projects. It was suggested that it may not be in the best interest to entirely delete the reference to residential. It was also suggested that residential be defined in the policy. It was the consensus of the EDA to delete the last bullet point in Subdivision f. It was suggested that the HRA or EDA be required to review the requests prior to the City Council. It was the consensus of the EDA to authorize staff to make the recommended amendments. 8. Incubator Update Marc Nevinski noted that there were no significant issues to discuss regarding the incubator at this time. He indicated that the future of the incubator will be discussed at the April EDA meeting. 9. Other Business President Dwyer informed the EDA that the vacancy on the Authority has not . been filled yet. e President Dwyer requested the City Administrator to try to shorten the time frame of the hiring process for the Director of Economic Development.