HomeMy WebLinkAbout05/14/1992 • ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
May 14, 1992
Minutes of the special meeting of the Economic Development Authority of Apple
Valley, Dakota County, Minnesota, held May 14th, 1992, at 8:00 o'clock p.m. at
Apple Valley City Hall.
PRESENT: President Holton; 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, Public Works Director Gretz,
City Planner Kelley, Police Chief Rivers, Assistant to Administrator Weldon and
Community Development Director Welsch.
President Holton called the meeting to order at 10:54 p.m.
MOTION: of Erickson, seconded by Sterling, approving the minutes of APR. 23, 1992
the special meeting of April 23rd, 1992, as written. Ayes - MINUTES
5 - Nays - 0.
• MOTION: of Sterling, seconded by Goodwin, setting a special meeting SET SPECIAL
at 8:00 p.m. on June 9, 1992, to hold a hearing and consider MEETING
amending tax increment financing plans and such other
business as may come before the Board. Ayes - 5 - Nays - 0.
Mr. Welsch said one of the proposed tax increment financing amendments AUTO PARK TIF
relates to the Auto Park proposal. Significant costs for street AMENDMENT
improvements are part of the proposal. Costs are still being reviewed
and a development agreement is expected to be prepared by June 9, 1992.
Mr. Melena said Ford is requesting a 12 -year term on the tax increment financing,
which is the remaining term in that district. The improvements would be
underwritten by special assessments and tax increment would be "pay as you go" on
a 75/25 basis. The improvements would include sidewalk along the south side of
County Road 42 from Cedar to Galaxie.
Mr. Welsch said a condition of tax increment financing is whether the project
could be built without assistance. With the amount of road construction
involved, it would be an ideal project. He recommended a 12 -year term on the
financing because there is a public benefit to have the roads constructed.
Mr. Welsch said another of the proposed tax increment financing RESTAURANT
amendments is a proposed French restaurant with bakery and catering AMENDMENT
services. They anticipate two years of increment. The project should
generate $50,000 of increment, but he is clarifying in which district the
• property lies and will have further information June 9, 1992.
ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley •
Dakota County, Minnesota
May 14, 1992
Page 2
Mr. Welsch said the LePommeraie Restaurant has also applied for $100,000 of
assistance through the Revolving Loan Fund. The Board's policy has been that the
maximum is $50,000 per loan. Only one application has been received thus far and
he asked whether the Board would consider the $100,000 application.
MOTION: of Erickson, seconded by Sterling, authorizing acceptance of RESTAURANT RLF
an application for a loan of up to $100,000 from the CDBG APPLICATIQN
Revolving Loan Fund for a restaurant. Ayes - 5 - Nays - 0.
Mr. Welsch said, now that the EDA controls the property at the north- NE CORNER OF
east corner of County Road 42 and Cedar Avenue, it can begin the CEDAR & CR 42
redevelopment process. He suggested a request for proposals be pre- REDEVELOPMENT
pared for redevelopment of all the parcels as one project.
MOTION: of Goodwin, seconded by Erickson, authorizing Staff to REDEVELOPMENT
prepare a request for proposals for redevelopment of the RFP 42 & CEDAR
property at the northeast corner of County Road 42 and Cedar
Avenue for Board approval.
Mr. Melena said closing on the Skipper's property is anticipated tomorrow. He •
will advise the Board of the final cost breakdown when this occurs. There is
additional penalty for late payment of taxes for which the sellers have been
advised they will be responsible.
Vote was taken on the motion. Ayes - 5 - Nays - 0.
MOTION: of Erickson, seconded by Sterling, to adjourn. Ayes - 5 - Nays - 0.
The meeting was adjourned at 11:15 o'clock p.m.
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