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01-13-1992 EDA MIN . ANNUAL MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, JANUARY 13, 1992 Members Present: President Gongoll, Commissioners Schuldt, Holmgren, Dietz, Tralle, Kropuenske and Dwyer Members Absent: None staff Present: Bill Rubin, Economic Development Coordinator; Pat Klaers, City Administrator; Lori JOhnson, Finance Director; Sandy Thackeray, City Clerk 1. Call Meeting to Order Pursuant to due call and notice thereof, the meeting of the Economic Development Authority was called to order by President Gongoll at 7:00 p.m. 2. Consider 1/13/92 EDA Agenda . COMMISSIONER DIETZ MOVED TO APPROVE COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE 1/13/92 EDA AGENDA. THE MOTION CARRIED 7-0. 3. Consider 12/9/91 EDA Minutes COMMISSIONER KROPUENSKE MOVED TO APPROVE COMMISSIONER HOLMGREN SECONDED THE MOTION. THE 12/9/91 EDA MINUTES. THE MOTION CARRIED 7-0. 4. Open Mike No one appeared for this item. 5. Financial Update Lori Johnson, Finance Director, reviewed for 1991. She stated that the EDA had expenditures of $51,045.64, leaving an $41,866.84 as of December 31, 1991. the cash activity for the EDA revenues of $62,111.04 and estimated cash balance of Lori Johnson also reviewed the Revolving Loan Fund. She Revolving Loan Fund cash balance has increased by over and has an estimated balance of $183,913 as of December further stated that all loan payments are current. indicated the $62,000 in 1991 31, 1991. She 6. Election of Officers . Bill Rubin stated that according to the EDA bylaws, officers are elected during the annual meeting. COMMISSIONER TRALLE MOVED TO NOMINATE THE FOLLOWING EDA OFFICERS FOR 1992. Economic Development Authority January 13, 1992 Page 2 . PRESIDENT - JEFF GONGOLL VICE PRESIDENT - PAT DWYER TREASURER - DUANE KROPUENSKE SECRETARY - GENE SCHULDT ASSISTANT TREASURER - ROGER HOLMGREN COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 7-0. 7. Appointment of Executive Director COMMISSIONER KROPUENSKE MOVED TO DIRECTOR OF THE EDA FOR 1992. MOTION. THE MOTION CARRIED 7-0. APPOINT PAT COMMISSIONER KLAERS TRALLE AS EXECUTIVE SECONDED THE 8. Appoint Official Newspaper COMMISSIONER TRALLE MOVED TO APPOINT THE ELK RIVER STAR NEWS AS THE OFFICIAL NEWSPAPER FOR THE EDA. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 7-0. 9. Appoint Official Depository . COMMISSIONER TRALLE MOVED TO APPOINT THE BANK OF ELK RIVER AS THE EDA OFFICIAL DEPOSITORY AND TO INCLUDE THE FOLLOWING LIST OF DEPOSITORIES USED BY THE CITY FOR OTHER BUSINESS. 1. THE BANK OF ELK RIVER 2. FIRST NATIONAL BANK OF ELK RIVER/BANKERS SYSTEMS INVESTMENT CENTERS 3. SECURITY FINANCIAL OF ELK RIVER 4. MARQUETTE NATIONAL BANK OF MINNEAPOLIS 5. MERRILL LYNCH 6. PRUDENTIAL BACHE 7. SHEARSON LEHMAN HUTTON 8. NORWEST BANK 9. DAIN BOSWORTH 10. PAINE WEBBER COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 7-0. 10. Committee Assignments Bill Rubin stated that President Gongoll committee members requesting them to consider respective committees. President Gongoll receive a response to the letter from any assuming that the committee members will committees. had sent a letter to all reappointment to their stated that he did not of the members and is remain on their respective . PRESIDENT GONGOLL MOVED TO REAPPOINT COMMITTEES AS WERE APPOINTED IN 1991. THE MOTION. THE MOTION CARRIED 7-0. THE SAME MEMBERS TO THE EDA COMMISSIONER KROPUENSKE SECONDED Economic Development Authority January 13, 1992 Page 3 . 11. Discussion of Bylaws and Suggested Changes Bill Rubin informed the EDA that the annual meeting allows the opportunity to review the EDA Bylaws and suggest any changes. NO changes were made to the EDA Bylaws. 12. Consider Topics for Winter Newsletter Bill Rubin reviewed staff's suggested topics Newsletter. The topics included Industrial (industrial highlight), Elk River community business briefs. for the winter EDA Park acquisition, UPA Education programs and It was suggested by the EDA that an upcoming newsletter article make some reference to utility rates. 13. Discuss Policy Direction on TIF Funding Alternatives . Bill Rubin explained that staff is looking for direction on how to fund small requests for assistance from commercial and industrial projects that request Tax Increment Financing. Bill Rubin indicated that there were three possible alternatives to consider. The alternatives mentioned were: Establishment of a new TIF district, amending an existing TIF district, or tapping into the EDA's fund balance. Bill Rubin explained that if the City decided to access the EDA budget funds, there is always the chance that these funds would not be recaptured. The EDA discussed the alternatives presented by the Economic Development Coordinator. The EDA also discussed the possibility of reviewing each request on a case by case basis rather than setting a general policy to follow. After further discussion, it was the consensus of the EDA to look at each request individually and, when reviewing each individual case, it should be determined whether money can be recaptured from the TIF redevelopment districts and also look for other available sources of funding. 14. Discuss Ideas for Targeted Marketing Project Bill Rubin suggested some ideas for a targeted marketing project. He indicated that he is proposing to mail one novelty type mailing during the first quarter of 1992. He presented an idea of a mailable beverage cooler to the EDA. Discussion was held by the EDA regarding which groups the marketing products would target. Bill Rubin suggested that the EDA target commercial and industrial realtors and also one or two specific industries. It was the consensus of the EDA to authorize Bill Rubin to follow through with the targeted marketing program. . Economic Development Authority January 13, 1992 Page 4 . 15. Prospect Report Bill Rubin discussed the Prospect Report which was sent under separate cover. President Gongoll stated he would like the EDA mentioned in the letter to the prospect authorized by the City Council at its January 6, 1992, meeting. 16. Other Business commissioner Tral1e discussed the possibility of building a multi-tenant industrial building and questioned whether there was any interest in the community to facilitate this type of project. He suggested a 40,000 to 50,000 square foot building to house approximately 3 businesses. Bill Rubin indicated that there may be a need for this type of building in the area. Commissioner Tralle stated he would like to see some movement in the direction of a multi-tenant industrial building. 17. Staff Updates The City Administrator reviewed the status of the City Hall project. 18. Adjournment . There being no further business, COMMISSIONER HOLMGREN MOVED TO ADJOURN THE MEETING. COMMISSIONER DWYER SECONDED THE MOTION. THE MOTION CARRIED 7-0. The meeting of the Elk River Economic Development Authority was adjourned at 8:30 p.m. Respectfully submitted, ~-,k~~~i ~~ra Thackeray City Clerk .