02-23-2021 JFC MINIver Special Meeting of the Elk River joint Finance Committee
Held at Elk River City Hall
Tuesday, February 23, 2021
Members Present: Ryan Hardin, Rhonda Magnussen, Dan Tveite, Denny Chuba, and Larry
Toth
Members Absent: Charlie Blesener and Chad Vitzthum
Staff Present: Colleen Eddy, Economic Development Specialist
Others Present: Mikaela Huot, Baker Tilly
I . Call Meeting to Order
Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance
Committee was called to order by Chair Tveite at 7:32 a.m.
2. Consider Agenda
Motion by Hardin and seconded by Chuba to approve the Joint Finance Committee
agenda. Motion carried 5-0.
3. Consent Agenda
Motion by Hardin and seconded by Magnussen to approve the February 11, 2021,
Joint Finance Committee meeting minutes. Motion carried 5-0.
4.1 Delta/Riverwalk TIF Request
Ms. Eddy presented the staff report and discussed the history of the project and highlighted
that the property has a new buyer, which means a new application needed to be submitted.
Ms. Huot presented the financial analysis. The group met the new buyer and received
information from them on the project.
Consensus of the JFC was to recommend to the HRA a 20 -year TIF district for Phase
1 and 20 years for Phase 2 with an aggregate of 26 years, which is a deviation of the
TIF policy. The deviation is due to exuberant circumstances that this project would
not be completed with the maximum 15 years allowed per the policy.
5.1 Announcements
No announcements
6. Adjournment
There being no further business, Mr. Tveite adjourned the meeting at 8:17 a.m.
Minutes prepared by Colleen Eddy.
Tina Allard
City Clerk
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Cal Portner
EDA Executive Director