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HomeMy WebLinkAbout02/25/1993 ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota February 25, 1993 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held February 25th, 1993, at 8 00 o`clock p m at Apple Valley City Hall PRESENT President Branning, Commissioners Erickson, Goodwin, Humphrey and Sterling ABSENT None City staff members present were City Administrator Melena, City Clerk Mueller, City Attorney Sheldon, Finance Director Ballenger, Personnel Director Boland, Public Works Director Gretz, Parks & Recreation Director Johnson, City Planner Kelley, Police Chief Rivers, Assistant City Administrator Weldon and Community Development Director Welsch Vice President Humphrey called the meeting to order at 10 38 p m and noted it is the 1993 organizational meeting for the authority He then accepted nominations for officers NOMIN- of Humphrey, seconded by Goodwin, nominating Mayor Branning NOMINATE ATION as President Ayes - 5 - Nays - 0 PRESIDENT NOMIN- of Sterling, seconded by Goodwin, nominating Councilmember NOMINATE ATION Humphrey as Vice President Ayes - 5 - Nays - 0 VICE PRES. NOMIN- of Sterling, seconded by Goodwin, nominating Councilmember NOMINATE ATION Erickson as Treasurer Ayes - 5 - Nays - 0 TREASURER NOMIN- of Humphrey, seconded by Goodwin, nominating City Clerk NOMINATE ATION Mueller as Secretary and Assistant Treasurer Ayes - 5 - SEC./ASST. TR. Nays - 0 MOTION of Erickson, seconded by Sterling, adopting Resolution No RES EDA-93-1 EDA-93-1 appointing 1993 officers of the Economic Develop- APPOINT ment Authority as President - Branning, Vice President - OFFICERS Humphrey, Secretary - Mueller, Treasurer - Erickson, and Assistant Treasurer - Mueller Ayes - 5 - Nays - 0 President Branning then assumed the chair MOTION of Erickson, seconded by Sterling, approving the minutes of FEB 11, 1993 the special meeting of February 11, 1993, as corrected MINUTES Ayes - 4 - Nays - 0 (Humphrey Abstained) MOTION of Erickson, seconded by Humphrey, accepting the appropria- FUNDS FOR BOND tion of $1,557,559 00 from the City of Apple Valley as DEFEASANCE security to provide for prepayment of $2,240,000 Public Facility Revenue Bonds, Series 1990 Ayes - 4 - Nays - 0 (Goodwin Abstained) ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota February 25, 1993 Page 2 MOTION of Erickson, seconded by Sterling, adopting Resolution No RES EDA-93-2 EDA-93-2 authorizing the execution of an escrow agreement PREPAY CMF and a first amendment to trust indenture relating to the REVENUE BONDS defeasance and prepayment of $2,240,000 Public Facility Revenue Bonds, Series 1990 Ayes - 4 - Nays - 0 (Goodwin Abstained) The Board received and reviewed a revised concept for the Apple BUSINESS Valley Business Assistance Program, identified as Alternate 3, con- ASSISTANCE sisting of a Business Retention and Expansion Rental Assistance PROGRAMS Program and a Small Business Incubator Without Walls Program Mr Welsch noted the definition for rental assistance has an error and should read, "existing or new jobs" Commissioner Sterling questioned allocation of funding on a 75/25 split between the programs and said if the goal is to help new businesses, there should be a 50/50 split Commissioner Humphrey said allocation of funding between the two programs does not necessarily have to be equal since it does not take as many actual dollars to assist the small businesses The Board reviewed the examples attached to the concept report which were prepared based on information supplied by businesses expressing interest in the programs MOTION of Sterling, seconded by Goodwin, approving the Small BUSINESS Business Assistance Program, as outlined in Alternate 3, PROGRAMS consisting of a Business Retention and Expansion Rental IMPLEMENTATION Assistance Program and a Small Business Incubator Without Walls Program, with funding initially allocated on a 60/40 basis, respectively, and directing Staff to prepare a resolution for adoption and specific implementation of the programs Ayes - 5 - Nays - 0 MOTION of Humphrey, seconded by Erickson, to adjourn Ayes - 5 - Nays - 0 The meeting was adjourned at 10 55 o'clock p m