12-29-2020 JFC MIN
Meeting of the Elk River Joint Finance Committee
Held at Elk River City Hall
Tuesday, December 29, 2020
Members Present: Ryan Hardin (via phone), Charlie Blesener, Rhonda Magnussen (via phone),
Dan Tveite and Larry Toth
Members Absent: Chad Vitzhum and Nate Ovall
Staff Present: Colleen Eddy, Economic Development Specialist and Zack Carlton,
Planning Manager
Others Present: Mikaela Huot, Baker Tilly and applicant Pat Briggs, Sun Rae Apartments
LLC
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 7:37 a.m.
2. Consider Agenda
Motion by Toth and seconded by Blesener to approve the Joint Finance Committee
agenda. Motion carried 5-0.
3. Consent Agenda
Motion by Blesener and seconded by Toth to approve the November 24, 2020 Joint
Finance Committee meeting minutes. Motion carried 5-0.
4.1 Riverwalk Apartments Proposed Redevelopment TIF Application
Ms. Eddy presented the staff report.
Ms. Huot presented the updated financial analysis. The application was reviewed at the
September 29, 2020 Joint Finance Committee. With the site improvements, land acquisition
price and an appraisal received, Baker Tilly updated the financial analysis. The city’s policy
calls for 15 years TIF, the applicant is requesting 26 years, questions were raised by Member
Tveite, has the city ever gone past the 15 years and are there unique circumstances of this
property that would warrant going beyond the 15 years? The applicant is asking for 26 years
of TIF, but stated he needs 20 years to get the project completed. The city has never
exceeded 15 years of TIF. The committee discussed what makes this property and project
unique; the property has sat for over 10 years, it is an eye sore to the entry of Elk River from
Hwy 10 and is an image issue.
Consensus of the JFC was to recommend to the EDA a 20-year rolling TIF district
with a maximum of 26 years, with a precise TIF Development Agreement which will
act as the enforcement tool for the city. As the 20-years is in fact going against the
city’s policy.
5.1 Announcements
No announcements
6. Adjournment
There being no further business, Mr. Tveite adjourned the meeting at 8:45 a.m.
Minutes prepared by Colleen Eddy.
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Tina Allard
City Clerk
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Cal Portner
EDA Executive Director