06-08-1998 EDA MIN - Laserfiche WebLink

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e e e MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, JUNE 8, 1998 Members Present: President Duitsman, Commissioners Bender, Dwyer, Gongoll Holmgren and Thompson Members Absent: Commissioner Farber Staff Present: Paul Steinman, Director of Economic Development; Pat Klaers, City Administrator; Debbie Huebner, Recording Secretary Also Present: Tony Gleekel, Associated Builders; Mark Winkelhake, Springsted, Inc. 1. Call Meetina To Order Pursuant to due call and notice thereof, the meeting of the Economic Development Authority was called to order at 6:00 p.m. by President Duitsman. 2. Consider 6/8/98 Aaenda COMMISSIONER DWYER MOVED TO APPROVE THE JUNE 8, 1998, EDA AGENDA COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 6-0. 3. Consider Consent Aaenda COMMISSIONER HOLMGREN MOVED TO APPROVE THE CONSENT AGENDA AS FOLLOWS: 3.1. MAY 11, 1998 EDA MINUTES - APPROVED 3.2. EDA CHECK REGISTER - APPROVED COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 6-0. 4. Open Mike No one appeared for open mike. 5. Review Hohlen Redevelopment Proiect and Draft TIF Plan Mark Winkelhake of Springsted, Inc. reviewed Tax Increment Financing (TIF) Plan No. 19. He indicated it appears the district wi! qualify with the boundaries as shown on the Exhibit 1 map. Paul Steinman, Director of Economic Development. explained that the TIF plan enables the city to negotiate other agreements which are necessary for the project. including a PUD agreement and developer's agreement. A time period of 25 years is allowed for the plan to be in effect but the plan may be decertified before that. Mr. Winkelhake explained it is not anticipated bonds will be issued but the city reserves that right within the plan.