HomeMy WebLinkAboutApril 26, 1994
MINUTES OF ECONOMIC DEVELOPMENT COMMITTEE
APRIL 26, 1994
I. ROLL CALL \..()Q,s fVv,..J. el<...J
Present: Bob Barsness, Dar Fosse, Ray Lemley, Larry GreenfielJ Jeannie
Robbins, Nat Wisser, Bonnie Carlson and Roger Guenette.
II. MINUTES
Motion by N at Wiser, seconded by Wes Mader to approve the EDC minutes of
April 12, 1994. Motion carried.
III. UPDATE ON BUSINESS AND DEVELOPMENT
The EDC discussed the request from Jim Becker, Becker Arena Products for
additional financial assistance to cover an increase in soil correction costs.
According to Mr. Becker the actual costs are estimated to be $28,000 or $13,000
more than the original budget.
Motion by Larry Greenfield, seconded by Dar Fosse to recommend the City
Council consider additional Tax Increment Financing assistance for Becker
Arena Products in amount equal to additional soil correction costs, subject to a
maximum of $8,000. Motion carried.
Bonnie Carlson and Roger Guenette updated the EDC on the proposed
multi-tenant building. Two parties, Guy Selinski, American Glass and Mirror,
Inc. and Tim Sinnen, Metro Cabinet are interested in 5,000 square feet of space.
In order to make the project more economically feasible, a 15,000 square foot
building is necessary. City Staff has proposed the City assume responsibility for
the additional 5,000 square feet in order for the project to move forward in a
timely manner. The City would then seek businesses to lease or lease/purchase
the property.
The EDC reviewed two financing scenarios.
1) The City serve as the developer for the entire project which requires
selling Tax Increment Financing Bonds in the amount of $630,000.
2) The City sell Tax Increment Financing Bonds in the amount of
$245,000 for their portion of the building only. The EDC indicated a
preference for the second alternative.
4629 Dakota St. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
IV. OTHER BUSINESS
The EDC was invited to attend the Scott County Economic Development Day to
be held at the Mystic Lake Entertainment Complex on Friday May 20, 1994.
The City will pay the $10 fee.
~ ADJOURNMENT
Nat Wisser moved, seconded by Larry Greenfield, to adjourn the meeting. The
motion carried. The meeting adjourned at 9:00 a.m.
EDCM5,WRT