11-23-1992 EDA MIN
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MEETING OF THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
HELD AT THE ELK RIVER CITY HALL
MONDAY, NOVEMBER 23, 1992
Members Present:
President Gongoll, Commissioners Schuldt, Kropuenske,
Dietz, Holmgren and Tralle
Members Absent:
Commissioner Dwyer
Staff Present:
Pat Klaers, Executive Director; Bill Rubin, Economic
Development Coordinator; 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 6:45
p.m.
2. Consider 11/23/92 EDA Agenda
COMMISSIONER KROPUENSKE MOVED TO APPROVE
COMMISSIONER HOLMGREN SECONDED THE MOTION.
THE 11/23/92 EDA AGENDA.
THE MOTION CARRIED 6-0.
3.
Open Mike
No one appeared for this item.
4. Consider Development Agreement by and between the Elk River EDA and
Timron precision Gear, Inc.
Bill Rubin indicated that the Developer's Agreement between Timron and
the Elk River EDA is ready for approval. He indicated that the
Assessor's Office has established a finished market value of $350,000.
Bill Rubin indicated that there are some minor changes that will be
made to the Quit Claim Deed.
COMMISSIONER TRALLE MOVED TO APPROVE THE CONTRACT FOR PRIVATE
DEVELOPMENT BY AND BETWEEN THE ELK RIVER EDA AND TIMRON PRECISION GEAR,
INC., WITH THE CHANGES PERTAINING TO THE ASSESSED MARKET VALUE AND THE
QUIT CLAIM DEED. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE
MOTION CARRIED 6-0.
5.
Consider Pledge Agreement for TIF District No. 11
Bill Rubin informed the EDA that the Timron TIF District will consist
of six years of tax increment payments from Sherburne County. He
indicated that the EDA should pledge the TIF funds to the City to be
used for repayment of its funding sources used to acquire the
Industrial Park.
COMMISSIONER TRALLE MOVED TO PLEDGE $50,000 IN TAX INCREMENT FUNDS FROM
DISTRICT NO. 11 TO THE CITY OF ELK RIVER TO BE USED FOR REPAYMENT OF
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FUNDS USED TO ACQUIRE THE INDUSTRIAL PARK.
SECONDED THE MOTION. THE MOTION CARRIED 6-0.
COMMISSIONER KROPUENSKE
6. Consider Quit Claim Deed Conveying Lot 1, Block 1, Elk River
Industrial Park to Timron Precision Gear, Inc.
Bill Rubin reminded the EDA that there will be some minor changes to
the Quit Claim Deed.
COMMISSIONER SCHULDT MOVED TO CONVEY THE QUIT CLAIM DEED OF LOT 1,
BLOCK 1, ELK RIVER INDUSTRIAL PARK TO TIMRON PRECISION GEAR, INC.
COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 6-0.
7. Adjournment
There being no further business, COMMISSIONER HOLMGREN MOVED TO ADJOURN
THE EDA MEETING. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION
CARRIED 6-0.
The meeting of the Elk River Economic Development Authority adjourned at
6:55 p.m.
Respectfully submitted,
dQAdACC ~~
Sandra Thackeray
City Clerk