12-08-2015 JFC MIN - Laserfiche WebLink

Home Browse Search

:- ':4 a ElkMeeting of the Elk River EDA Finance Committee . River _-Held at the Elk River City Hall Tuesday, December 8,2015 Members Present: Paul Motin, Nate Ovall,Larry Toth, Dan Tveite,Jennifer Wagner,Ryan Hardin and Chad Vitzhum Members Absent: None Staff Present: Economic Development Director,Amanda Othoudt Also Present: Richard Lee,Premier Real Estate, Scott Robideau, Robideau Properties,LLC 1. Call Meeting to Order Pursuant to due call and notice thereof, the meeting of the Elk River Finance Committee was called to order at 7:35 a.m. 2. Consider Agenda Motion by Motin and seconded by Wagner to approve the agenda. Motion carried 4- 0. , 3.0 ' Consent Agenda Motion by-Toth and seconded by Motin to approve the Consent Agenda including the October 27,2015 meeting minutes. Motion carried 4-0. • 4.0 General Business Ms. Othoudt presented the staff report. Ms. Othoudt indicated that the buyers request for the sellei to pay the buyer's brokerage fees of 3%, has never been considered in past land transactions. She indicated that this would result in the property being conveyed for less than fair market value, thus could be considered a subsidy to the business if coupled with additional sources of public financing. Discussion among the members was had as to the types of financial assistance that the applicant is proposing to apply for. Member Tveite asked whether 4.34 acres is a bit excessive for a 20,000 square foot facility and outside storage. Richard Lee from Premier Real Estate Services and Scott Robideau indicated that the business has been continuing to grow over the past few years, and they feel as though this expansion is sufficient enough to continue their growth pattern. Member Ovall asked if we need to consider a buyers brokers fee as a business subsidy. Ms. Othoudt indicated that based on the opinion of the EDA legal counsel,if the seller were to