HomeMy WebLinkAboutJanuary 5, 1998 SpecialPRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
SPECIAL MEETING MINUTES
January 5, 1998
President, Bob Barsness called a special meeting of the Prior Lake Economic
Development Authority on Monday, January 5, 1998 at 6:50 p.m. in the Council
Chambers at Fire Station No. 1.
Members Present:
Bob Barsness
Michael Gresser
Tom Kedrowski
Pete Schenck
Dick Underferth
Staff Present:
Frank Boyles, Executive Director
Suesan Pace, City Attorney
Roger Guenette, Consultant
Comments:
President Bob Barsness introduced the purpose of the meeting to consider the financial
information relative to the establishment of the TIF District 2-9.
Roger Guenette discussed the fact that Roberts Foods will have to provide a personal
guarantee for tax increment.
Bob Barsness was concerned that data provided would meet minimum requirements for
TIF policy.
Roger Guenette commented it would.
There would be 30 to 38 jobs created within the first four months. It appears that the
grant request will be between $150,000 and $200,000.
Motion by Underferth, second by Gresser to reaffirm a recommendation of City Council
approval of Tax Increment Finance Plan 2-9 based upon consideration of the data
provided by Roberts Foods.
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16200 Ea§le Creek Ave. S.E., Prior Lake, Minnesota $$372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
Upon a vote taken ayes by Barsness, Gresser, Kedrowski, Schenck and Underferth.
Motion carded.
Roger Guenette spoke to Mayor Elect Wes Mader regarding the question: Is this the best
deal the City can get with T.I.F.? Roger has provided a memo for distribution to the City
Council reciting the economic justification for the business park. He reviewed the
contents of the memo with the Economic Development Authority.
The Park will break even 4 to 5 years ahead of schedule plus an additional $883,000 in
excess of T.I.F. needs will be generated.
$315,000 annual total tax base created by property once all T.I.F. projects are paid.
Discussions ensued regarding whether the park would be there but for T.I.F.
Commissioner Gresser indicated that other cities would offer T.I.F. if Prior Lake did not.
Roger Guenette felt it was hard to address economic multipliers, 170 new jobs to Prior
Lake and $4.5 annual payroll.
Bob Barsness stated that he would like to talk about Franklin Trail north and south
intersections with TH 13. He asked staff to prepare alternatives with assistance of
Engineering Department for January 13.
Next meeting will be Tuesday, January 13, at 5:30 p.m.
The meeting adjourned 7:20 p.m.
/
F irector
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