HomeMy WebLinkAbout11/09/1993 ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
1111 Dakota County, Minnesota
November 9, 1993
Minutes of the special meeting of the Economic Development Authority of Apple
Valley, Dakota County, Minnesota, held November 9th, 1993, at 7:00 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: Executive Director Melena, Secretary Mueller,
City Attorney Sheldon, Community Development Director Gretz and City Planner
Kelley.
President Branning called the meeting to order at 7:00 p.m.
MOTION: of Erickson, seconded by Sterling, approving the agenda for APPROVE AGENDA
tonight's meeting as presented. Ayes - 5 - Nays - 0.
MOTION: of Sterling, seconded by Erickson, approving the minutes of OCT. 28, 1993
the special meeting of October 28th, 1993, as written. Ayes MINUTES
- 5 - Nays - 0.
• The Board received correspondence dated November 9, 1993, from Enderes ENDERES TOOLS
Tool Company accepting the assistance package offered by the EDA on BUS. ASST.
August 19, 1993. Mr. Melena read the letter of acceptance which in- RESPONSE
cluded some modifications from the program offered by the Board. The
company would like to proceed so it can occupy its new building by July 1, 1994.
MOTION: of Branning, seconded by Humphrey, approving Enderes Tool APPROVE
Company's letter of acceptance dated November 9, 1993, for ENDERES TOOLS
the business assistance package for its new facility and ASSISTANCE
authorizing preparation of the necessary documents to enter
into agreements for the program.
The Board discussed the package which consists of tax increment financing, rental
assistance, equity participation, special assessments and a small business loan.
The small business loan is Federal money from the revolving loan fund. Mr.
Melena noted that one departure from past policy is the request that tax
increment financing be paid up front. It also includes a stipulation of
industrial equity participation with corporate signature only.
Commissioner Sterling asked for clarification of "corporate signature ". Mr.
Sheldon said it would have to be determined what that means, but should mean
assets of the corporation will guarantee the loan. Any documents needed to enter
into the programs will be brought to the Board for approval.
Vote was taken on the motion. Ayes - 5 - Nays - 0.
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ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley •
Dakota County, Minnesota
November 9, 1993
Page 2
Mr. Helena reviewed the memo dated November 5, 1993, and advised the MESSAGE ON
Board that all funds in the business rental assistance program have HOLD SECRETARY
been committed. Application for reimbursement of secretarial assis- REIMBURSEMENT
tance has been made by Message on Hold Network under its previously
approved agreement. The agreement allows reimbursement of up to $43.75 per month
for these services, or a maximum of $1,575.00 over the three years, subject to
Board approval. Additional funds would have to be committed for this
reimbursement. Commissioner Goodwin said he would expect the fund to have enough
interest earnings to fund this reimbursement.
MOTION: of Sterling, seconded by Goodwin, amending the business BUSINESS ASST.
rental assistance program budget by adding $1,575.00 for BUDGET AMEND &
secretarial service reimbursement to Message on Hold CLOSE PROGRAM
Network, under the terms of the September 9, 1993, agreement
and closing the business rental assistance program for any
further applications. Ayes - 4 - Nays - 1 (Humphrey).
No date was set for the next meeting. It will be called as a special meeting
when warranted.
MOTION: of Sterling, seconded by Erickson, to adjourn. Ayes - 5 - Nays 0. 1111
The meeting was adjourned at 7:30 o'clock p.m.
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