11-23-1992 EDA MIN - Laserfiche WebLink

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. . . MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, NOVEMBER 23, 1992 Members Present: President Gongoll, Commissioners Schuldt, Kropuenske, Dietz, Holmgren and Tralle Members Absent: Commissioner Dwyer Staff Present: Pat Klaers, Executive Director; Bill Rubin, Economic Development Coordinator; Sandy Thackeray, City Clerk 1. Call Meeting To Order Pursuant to due call and notice thereof, the meeting of the Economic Development Authority was called to order by President Gongoll at 6:45 p.m. 2. Consider 11/23/92 EDA Agenda COMMISSIONER KROPUENSKE MOVED TO APPROVE COMMISSIONER HOLMGREN SECONDED THE MOTION. THE 11/23/92 EDA AGENDA. THE MOTION CARRIED 6-0. 3. Open Mike No one appeared for this item. 4. Consider Development Agreement by and between the Elk River EDA and Timron precision Gear, Inc. Bill Rubin indicated that the Developer's Agreement between Timron and the Elk River EDA is ready for approval. He indicated that the Assessor's Office has established a finished market value of $350,000. Bill Rubin indicated that there are some minor changes that will be made to the Quit Claim Deed. COMMISSIONER TRALLE MOVED TO APPROVE THE CONTRACT FOR PRIVATE DEVELOPMENT BY AND BETWEEN THE ELK RIVER EDA AND TIMRON PRECISION GEAR, INC., WITH THE CHANGES PERTAINING TO THE ASSESSED MARKET VALUE AND THE QUIT CLAIM DEED. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 6-0. 5. Consider Pledge Agreement for TIF District No. 11 Bill Rubin informed the EDA that the Timron TIF District will consist of six years of tax increment payments from Sherburne County. He indicated that the EDA should pledge the TIF funds to the City to be used for repayment of its funding sources used to acquire the Industrial Park. COMMISSIONER TRALLE MOVED TO PLEDGE $50,000 IN TAX INCREMENT FUNDS FROM DISTRICT NO. 11 TO THE CITY OF ELK RIVER TO BE USED FOR REPAYMENT OF