08-14-2000 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes August 14, 2000 Page 2 e 5. EDA SITE - NW Corner Joplin Street & 183rd 5.1. Public Hearina Reaardina Sale of EDA Property & Grantina Business Subsidv Assistance to David & Carole Ripplinaer 5.3. Consider David & Carole Ripplinaer Performance Assistance Agreement Site Plan and Purchase Aareement Director of Economic Development Cathy Mehelich indicated that the Ripplingers are proposing to construct a 15,200 square foot building to relocate and expand their business (Track of the Wolf, Inc.) to Elk River and to provide leasable light industrial space on half of a site currently owned by the EDA located at Joplin Street & 183rd Avenue. The Ripplingers have requested EDA assistance in the amount of $175,900. Cathy Mehelich reviewed the staff report. President Dwyer opened the public hearing and requested public comment on the sale and disposal of the EDA owned property located on the South Half of Lot 1, Block 1, Country Crossing Business Center 2nd Addition and on the issue of granting subsidy assistance in an amount to exceed $100,000 in the form of a land sale write-down, subdivision, and utility extension expenses. There being no comments from the public, President Dwyer closed the public hearing. e Cathy Mehelich indicated that the staff has not reviewed the site plan and that approval this evening would be for the preliminary concept only. COMMISSIONER GONGOLL MOVED TO APPROVE THE SALE OF THE EDA PROPERTY TO DAVID AND CAROLE RIPPLINGER IN ACCORDANCE WITH THE PURCHASE AGREEMENT AND APPROVED PLANS AND SPECIFICATIONS AND TO APPROVE THE GRANTING OF SUBSIDY ASSISTANCE IN THE AMOUNT OF $175,900 PER THE PERFORMANCE/ASSISTANCE AGREEMENT WITH A RECOMMENDATION TO THE CITY COUNCIL FOR FINAL APPROVAL. COMMISSIONER MOTIN SECONDED THE MOTION. THE MOTION CARRIED 6-0. 5.2 Public Hearina Reaardina Sale of EDA Property & Grantina Business Subsidy Assistance to Eauity Manaaement Inc. (Linda Norha) 5.4. Consider Eauity Manaaement Inc. Performance/Assistance Aareement Site Plan and Purchase Aareement As a point of disclosure President Dwyer indicated that he would not participate in the decision of this issue as he is an officer, director, and stockholder of the Bank of Elk River. e Director of Economic Development Cathy Mehelich indicated that Equity Management Inc. is proposing to construct a 22,500 square foot multi-tenant light industrial building on half of a site currently owned by the EDA located at Joplin Street and 183rd Avenue. Equity Management has requested EDA assistance in the amount of $175,900. Cathy Mehelich reviewed the staff report.