12-29-2020 JFC MIN - Laserfiche WebLink

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Meeting of the Elk River Joint Finance Committee Held at Elk River City Hall Tuesday, December 29, 2020 Members Present: Ryan Hardin (via phone), Charlie Blesener, Rhonda Magnussen (via phone), Dan Tveite and Larry Toth Members Absent: Chad Vitzhum and Nate Ovall Staff Present: Colleen Eddy, Economic Development Specialist and Zack Carlton, Planning Manager Others Present: Mikaela Huot, Baker Tilly and applicant Pat Briggs, Sun Rae Apartments LLC 1. Call Meeting to Order Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance Committee was called to order by Dan Tveite at 7:37 a.m. 2. Consider Agenda Motion by Toth and seconded by Blesener to approve the Joint Finance Committee agenda. Motion carried 5-0. 3. Consent Agenda Motion by Blesener and seconded by Toth to approve the November 24, 2020 Joint Finance Committee meeting minutes. Motion carried 5-0. 4.1 Riverwalk Apartments Proposed Redevelopment TIF Application Ms. Eddy presented the staff report. Ms. Huot presented the updated financial analysis. The application was reviewed at the September 29, 2020 Joint Finance Committee. With the site improvements, land acquisition price and an appraisal received, Baker Tilly updated the financial analysis. The city’s policy calls for 15 years TIF, the applicant is requesting 26 years, questions were raised by Member Tveite, has the city ever gone past the 15 years and are there unique circumstances of this property that would warrant going beyond the 15 years? The applicant is asking for 26 years of TIF, but stated he needs 20 years to get the project completed. The city has never exceeded 15 years of TIF. The committee discussed what makes this property and project unique; the property has sat for over 10 years, it is an eye sore to the entry of Elk River from Hwy 10 and is an image issue.