09-16-2020 JFC MIN
Meeting of the Elk River Joint Finance Committee
Held at Elk River City Hall
Held in person
Wednesday, September 16, 2020
Members Present: Dan Tveite, Ryan Hardin, Nate Ovall, Rhonda Magnussen (via phone),
Charlie Blesener, Chad Vitzthum (via phone)
Members Absent: Larry Toth and Michelle Eder
Staff Present: Amanda Othoudt, Economic Development and Colleen Eddy, Economic
Development Specialist
Others Present: Mikaela Huot, Baker Tilly and applicant Evan Moyer, Shoot Steel
1. 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 Dan Tveite at 3:14 p.m.
2. Consider Agenda
Motion by Blesener and seconded by Hardin to approve the September 16, 2020,
Joint Finance Committee agenda.
Motion carried 5-0.
3. Consent Agenda
Motion by Blesener and seconded by Hardin to approve the June 30, 2020 Joint
Finance Committee meeting minutes. Motion carried 5-0.
4.1 Shoot Steel TIF Application
Ms. Othoudt presented the staff report and policy. Ms. Huot presented the but for analysis.
The group discussed the application. CM Vitzhum asked about the amount of TIF, the
estimated present value of the land, and asked if the applicant had additional funds to cover
the gap of the $210,000 remaining debt/equity which bumps it over the 9%. CM Hardin
asked if the applicant closed on the lot yet. Ms. Othoudt responded that the public hearing
st
was set for September 21.
Motion by Blesener and seconded by Hardin to recommend approval of TIF of $190,000
subject to the creation of the TIF District.
5.1 Announcements
Ms. Othoudt notified the committee that she has accepted the Executive Director position
nd
at the Benton Economic Partnership. Her last day at the city is October 2.
6. Adjournment
There being no further business, Mr. Tveite adjourned the meeting at 3:30 p.m.
Minutes prepared by Colleen Eddy.
_____________________
Tina Allard
City Clerk
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Amanda Othoudt
Economic Development Director