HomeMy WebLinkAbout10/12/2015 MeetingECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
October 12, 2015
Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota
County, Minnesota, held October 12, 2015, at 4:00 p.m., at Apple Valley Municipal Center.
PRESENT: Commissioners Grendahl, Goodwin, Hamann-Roland, Hooppaw and Melander
ABSENT: Commissioners Bergman and Maguire
City staff members present were: Executive Director Tom Lawell, City Attorney Michael
Dougherty, Community Development Director Bruce Nordquist, Finance Director Ron Hedberg,
Planner Kathy Bodmer and Department Assistant Joan Murphy.
Meeting was called to order at 4:00 p.m. by President Goodwin.
APPROVAL OF AGENDA
MOTION: of Hamann-Roland, seconded by Grendahl, approving the agenda. Ayes - 5 - Nays
- 0.
APPROVAL OF MINUTES
MOTION : of Grendahl, seconded by Hooppaw, approving the minutes of the meeting of
September 24, 2015, as written. Ayes - 5 - Nays - 0.
CONSENT AGENDA
None
KARAMELLA LLC
Finance Director Ron Hedberg stated that in September, 2015 the EDA entered into a
development agreement with Karamella, LLC for the development of the Abdallah expansion
located at 147th Street and Johnny Cake Ridge Road. The development agreement provided for
the development of two separate phases including two buildings, totaling approximately 120,000
square feet of manufacturing/retail space with an increase of market value of $6.6 million.
The agreement also provided for any assistance to be provided through a Tax Increment Financing
(TIF) note which would be repaid by the Tax Increment generated by the new construction.
Karamella, LLC is requesting a transfer of their rights under the TIF Contract and TIF Note to
their lender, KleinBank.
Discussion followed.
MOTION: of Hamann-Roland, seconded by Grendahl, adopting Resolution No. 2015-10
approving and authorizing the execution of Assignment of TIF Contract and TIF
Note from Karamella, LLC to KleinBank. Ayes - 5 - Nays - 0.
Economic Development Authority
City of Apple Valley
Dakota County, Minnesota
October 12, 2015
Page 2
ADJOURNMENT
MOTION: of Melander, seconded by Hooppaw, to adjourn. Ayes - 5 - Nays - 0.
The meeting was adjourned at 4:05 p.m.
Respectfully Submitted,
attit,
Murphy, Departme t Ass ant
Approved by the Apple Valley Economic Development Authority on