09-11-1989 EDA MIN - Laserfiche WebLink

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. . . MEETING OF THE ECONOMIC DEVELOPMENT AUTHORITY HELD AT ELK RIVER CITY HALL MONDAY, SEPTEMBER 11, 1989 MEMBERS PRESENT: Commissioners Tralle, Schuldt, Holmgren, Dobel Commissioner Kropuenske arrived at 5:59 p.m. MEMBERS ABSENT: None STAFF PRESENT: Pat Klaers, City Administrator; Dick Fursman, Economic Development Coordinator; Lori Johnson, Finance Director; Dave Sellergren, City Attorney 1. Chairman Tralle called the meeting to order at 5:55p.m. 2. Consider 9/11/89 EDA Agenda COMMISSIOWR DOBIL MOVED TO APPROVE THE 5/11/89 EDA AGENDA. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 4-0. 3. Consider 8/28/89 EDA Minutes COMMISSIONER SCHULDT MOVED TO APPROVE THE 8/28/89 EDA MINUTES. COMMISSIONER DOBEL SECONDED THE MOTION. THE MOTION CARRIED 4-0. 4. Consider Additional Information for Pricing Jenne Property Economic Development Coordinator, Dick Fursman, indicated that he had been in contact with the insurance agent for the Jenne property to determine how the property was insured as it relates to the demolition and clean up of the site. He stated that while reviewing the policy with the insurance agent he was informed that $5,000 worth of coverage for clean up was included in the insurance payback. He stated that the $5,000 was considered a package deal in the insurance policy and unless specifically requested otherwise the $5,000 was considered normal. Mr. Fursman suggested that the Commission reconsider repaying the associated costs to clean up the site in excess of the $5,000 which was received by the insurance company. Commissioner Kropuenske arrived at this time. COMMISSIONER SCHULDT MOVED TO PAY $109.540.00 FOR THE JENNE PROPERTY IF THE PROPERTY HAS NOT SOLD BY FEBRUARY 1. 1990 IF. 1 .) THE OWNER AGREES TO THE STATED PRICE OF $109.540.00, 2.) IF ANOTHER DEVELOPER WHO OFFERS MORE FOR THE PROPERTY I S NOT FOUND AND 3 . ) THAT THE CURRENT OWNER CONTINUE TO WORK WITH THE EDA IN MARKETING THE SITE. COMMISSIONER DOBEL SECONDED THE MOTION. Commissioner Holmgren stated that as the City received an appraisal for the property on August 18, 1989, and will not consider purchasing the site until February 1, they must consider the fact that there will be an inflationary factor involved with the appraisal of the property. He also questioned how the redevelopment of the entire block will effect the Jenne property. Economic Development Coordinator Dick Fursman stated that he felt this could possibly increase the price of the property. THE MOTION CARRIED 5-0.