12-21-2015 EDA WorkshopMeeting of the Elk River
Economic Development Authority
Held at the Elk River City Hall
Monday, December 21, 2015
Members Present: President Tveite, Commissioners Burandt, Dwyer
Westgaard (5:10 p.m.), Provo, Olsen, and Wagner (5:27 p.m.)
Members Absent: None
Staff Present: Economic Development Director Amanda Othoudt, Eco
Development Specialist Colleen Eddy, and City Clerk Tina Allard
1.Call Meeting to Order
Pursuant to due call and notice thereof, the meeting of the Elk
Development Authority was called to order at 5:05 p.m. by President Tveite.
2.Consider 12/21/2015 Agenda
Moved by Commissioner Burandt and seconded by Commissioner Olsen to
approve the agenda. Motion carried 5-0.
3.TIF/Abatement Presentation by Springsted
Ms. Othoudt presented the staff report and introduced Mikaela Hu
Springsted.
Ms. Huot reviewed the following:
tax increment and tax abatement and their commonalities
type of projects each financing tool is used for
the "but for" test
development case studies in other cities around Minnesota
risk reward
eligible costs
public improvement costs allowed/not allowed
financing methods
policy (public purpose benefits)
mitigation of risk
Ms. Othoudt discussed the following projects that may be coming forward in 2016:
Affordable Housing Project
A combination of market rate and affordable housing units. She stated the updated
Housing Study shows a need for additional housing units in Elk River.
Economic Development Authority Minutes Page 2
December 21, 2015
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Joplin Redevelopment Project
Area has power line and site challenges. She stated costs to dev
underground installation of the lines could range from $175-200,000.
nd
Nature's Edge Business Park 2 Addition
She discussed installation of infrastructure (road & utilities)
substantial. This would make the land ready for manufacturing or
development.
nd
Nature's Edge Business Park 2 Addition
She stated this is a potential project area but requires wetland
a good tool for either tax abatement or tax increment for manufa
Nature's EdgePhase III
Negotiations for property acquisition.
4. Adjournment
There being no further business, President Tveite adjourned the
p.m.
Dan Tveite, EDA President
Tina Allard, City Clerk