EDSR MEMORANDUM 12-12-1994 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
• MEMORANDUM
TO: ECONOMIC DEVELOPMENT
AUTHORITY
FROM: WILLIAM RUBIN, EXECUTIVE( J
DIRECTOR (// VV
DATE: DECEMBER 12, 1994
SUBJECT: AGENDA MEMO FOR DECEMBER 12,
1994, EDA MEETING
5. December Financial Update
The following is a summary from Finance Director Lori Johnson:
Micro-Loan Fund The Micro-Loan Fund had a cash balance of
$120,054.33 on November 30, 1994. As of Thursday, December
8, all December payments are current except Alitool and Water
• Laboratories. A check for $50,000 for the Auto Mall was cut in
November.
Block Grant Micro-Loan Fund The Block Grant Micro-Loan
Fund had a cash balance of$17,878.11 on November 30, 1994.
ACTION REQUESTED
This is an informational item only and no action is requested.
Statement of Expenses Payable
A Statement of Expenses Payable will be distributed at the meeting.
The Statement will include expenses payable to the City of Elk River
for the operation of the Economic Development Department in 1994.
ACTION REQUESTED
The EDA is asked to approve payment to the City of Elk River in the
amount shown on the Statement of Expenses Payable.
•
P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
Ak 6. Bylaw Amendment
At its September meeting, EDA Commissioners changed the meeting
time from 7 p.m. to 6 p.m. for its regularly scheduled meetings. It was
not clear that this action was intended to also include the EDA's
Annual Meeting in January. To change this meeting time, a Bylaw
amendment is necessitated. In accordance with the EDA's procedure
for revising its Bylaws, President Gongoll provided a notice and a copy
of the proposed amendment to each EDA Commissioner and to each
member of the governing body. If approved, the Bylaw amendment
would also change the Annual Meeting time from 7 p.m. to 6 p.m.
ACTION REQUESTED
The EDA is asked to adopt an amendment revising Section 2.5(01) of
Article 2 of the EDA Bylaws to reflect that the Annual Meeting begins
at 6 p.m.
7. Potential Public/Private Partnerships
By way of recent action at a City Council meeting, approximately
$430,000 from former TIF District No. 4 was allocated toward the
• development of a business park/senior high school. Expenditure of TIF
No. 4 funds must be consistent with the objectives of the TIF Plan for
District No. 4. Generally, these uses are those "to allow development
of the western area of the City".
Previously, the City Council allocated up to $300,000 from TIF No. 1
and No. 3 for the business park. Expending these funds are limited to
land purchases only. This was done when it appeared as though the
park would be developed as an EDA project rather than by the private
sector.
With the business park zoning now a reality, it is important to begin
contemplating how the City/EDA may assist the business park
owners/developers to ensure the success of the business park. To begin
this process, it is also important to determine the specific expectations
from the developers/owners of the business park area.
Potential public/private partnerships may include:
• Utilizing the TIF funds to underwrite a portion of the
infrastructure costs associated with lateral water/sewer
improvements, street improvements, etc. As lots are sold in
the business park, a portion of the sale proceeds would be
• directly attributable to repaying the TIF funds.
• Utilizing the TIF funds to defer a portion of the
infrastructure assessments associated with the business
park. As lots are sold, proceeds help pay off the deferred
assessments against the respective lots.
Recommended actions to help finalize these public/private
partnerships include:
• Referring this matter to the Business Park Task Force
• Determining specific expectations from the BP
owners/developers
• Creating specific "models" with respect to each suggested
form of City/EDA assistance.
Additional information on potential public/private partnerships can be
found in a one-page summary in the agenda packet.
ACTION REQUESTED
The EDA is asked to refer this matter to its Business Park Task Force
for further consideration at the EDA's January meeting.
8. Convey Lot 1. Block 2 to Tescom Corporation
This item is outlined in greater detail in a separate memo that is
included in the agenda packet.
9. Other Business
9.1. EDA Annual Meeting
Just a reminder that the EDA's Annual Meeting is scheduled for
Monday, January 9, 1995. As Commissioners will recall,
election of officers occurs at that time as does the designation
of the official newspaper, depositories, etc.
eda/meetings:agmm 1212