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HomeMy WebLinkAbout04 30 2018 EDA Minutes Phone 952.447.9800 / Fax 952.447.4245 / www.cityofpriorlake.com 4646 Dakota Street SE Prior Lake, MN 55372 Economic Development Authority Special Meeting Minutes April 30, 2018 1. CALL TO ORDER PRESIDENT CHROMY called the meeting to order at 4:00 p.m. Present were Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. Also present were Executive Director Boyles, City Attorney Schwarzhoff, Community Development Director McCabe and Planner Schwabe. 2. APPROVAL OF AGENDA MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE, TO APPROVE THE AGENDA. Ayes by Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. 3. APPROVAL OF MEETING MINUTES None 4. CONSENT AGENDA None 5. REMOVED CONSENT AGENDA ITEMS None 6. PUBLIC HEARING No Public Hearings 7. OLD BUSINESS None 8. NEW BUSINESS A. Consider Approval of the EDA 2018 Business Plan and Funding Proposal MCCABE provided an overview of the Draft EDA 2018 Business Plan and Funding Proposal. The proposal iden- tifies how additional funding could be requested, approved and used to achieve a greater economic development impact in the community than existing resources allow. The Draft Business Plan also identifies the EDA’s goals and initiatives. CHROMY shared that historically, EDA funds were very limited. BRIGSS stated that this proposal provides an opportunity for the EDA to become more self sufficient. SHEEHAN-KERBER asked a question related to Technology Village in the Business Plan regarding budgeting as it relates to the transition from a City of Prior Lake program into a county-wide model. MCCABE explained that the intent is to update the Business Plan annually to ensure the EDA is expending funds on appropriate city initiatives. He shared that in discussion with the City of Prior Lake Finance Director, who is also the EDA Treasurer, a fund balance of fifty percent (50%) of the budgeted expenditures should be maintained in the EDA Special Revenue (Reserve) Fund Balance to ensure sufficient funds are available to cover annual fixed expenses which the EDA is responsible for. 2 SCHWARZHOFF explained the process for acquiring property utilizing EDA funds. MCCABE shared that two resolutions will be required to accomplish the EDA 2018 Business Plan and Funding Proposal. The first is a resolution amending the EDA enabling resolution. The second is a resolution related to the funding request which also incorporates approval of the proposed Business Plan. It is anticipated these resolutions would be on the May 21st, 2018 City Council Agenda. MOTION BY BRIGGS AND SECONDED BY SHEEHAN-KERBER TO REQUEST A FUND TRANSFER FROM THE PRIOR LAKE GENERAL FUND IN THE AMOUNT OF $300,000 FOR THE EDA SPECIAL REVENUE FUND. Ayes by Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. MOTION BY BRIGGS AND SECONDED BY BOUCHER-HOESE TO APPROVE THE EDA 2018 BUSINESS PLAN AS PROPOSED AND AUTHORIZING STAFF TO PRESENT TO THE CITY COUNCIL ALL THREE DOC- UMENTS INCLUDING THE PROPSOED AMENDMENTS TO THE ENABLING RESOLUTION TOGETHER WITH THE RESOLUTION AUTHORIZING FUNDING ACTIONS TO EFFECTUATE THIS PROPOSAL. Ayes by Chromy, Sheehan-Kerber, Braid, Briggs and Boucher-Hoese. The motion carried 5-0. 9. OTHER BUSINESS A. Staff Updates (i) MN Citizens for the Arts Speaker – Attendant Discussion MCCABE explained that the guest speaker from the MN Citizens for the Arts will be in attendance at the May 14th, 2018 meeting to present information about the links between the arts and economic development. Staff inquired if there are others that should be invited to participate. SHEEHAN-KERBER, BRIGGS and BOUCHER-HOESE offered to provide names for staff to invite. (ii) EDA/BEC Joint Work Session – Monday, June 11, 2018 MCCABE shared that due to scheduling conflicts in May, the BEC was not able to host the EDA/BEC joint meeting and instead will attend the June 11, 2018 EDA meeting. B. Commissioner Comments BRIGGS shared that he met with the Mayor of South St. Paul recently and explained that they had an insight- ful discussion regarding their economic development initiatives and active arts council. 10. ADJOURNMENT MOTION BY BRIGGS, SECONDED BY BOUCHER-HOESE, TO ADJOURN THE MEETING. With all in favor, the meeting adjourned at 5:01 p.m. ___________________________ Frank Boyles, Executive Director