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HomeMy WebLinkAbout03/10/2005 ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley • Dakota County, Minnesota March 10, 2005 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held March 10th, 2005, at 7:30 o'clock a.m., at Apple Valley Municipal Center. PRESENT: President Severson; Commissioners Bergman, Erickson, Goodwin, and Grendahl. ABSENT: Commissioners Edgeton and Hamann- Roland. Staff Members Present: Executive. Director Lawell, Secretary Gackstetter, Assistant City Planner Bodmer, Assistant City Administrator Grawe, Community Development Director Kelley, and Public Works Director Heuer. Others Present: Farmington Councilmember Christy Fogarty. President Severson called the meeting to order at 7:31 a.m. APPROVAL OF AGENDA . MOTION: of Erickson, seconded by Bergman, approving the agenda for today's meeting as presented. Ayes - 5- Nays - 0. MINUTES MOTION: of Goodwin, seconded by Grendahl, approving the minutes of the special meeting of Februaryl0, 2005, as written. Ayes - 5 - Nays - 0. UPDATE ON PERMIT PARKING SYSTEM Mr. Lawell reviewed his memo dated March 7, 2005, relating to parking issues at the Apple Valley Transit Station. A meeting was held on March 7, 2005, at the State Office Building, with representatives from the Metropolitan Council; the MVTA; Dakota County; the Cities of Apple Valley, Farmington, and Lakeville; and local legislators. Although no resolution was reached, it was a starting point and the various parties were able to provide statements and voice concerns. The City of Lakeville said they will not fight Apple Valley on imposing a permit parking system and they intend to conduct a resident survey this spring to help guide them on the issue of joining the transit taxing district. The idea of drafting legislation to make it more attractive for cities like Lakeville to join the • transit taxing district was discussed. The meeting concluded with Commissioner Grendahl asking local legislators for help in initiating the development of a draft bill which would provide non -MVTA member cities incentives to join the metropolitan transit taxing district. ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota March 10, 2005 • Page 2 Commissioner Bergman questioned why the MVTA wasn't working on a permit parking solution for the entire system. Commissioner Grendahl stated that the MVTA recognizes the problem but is unable to develop or implement a solution because the park- and -ride lot is owned by the Apple Valley Economic Development Authority. At its meeting on February 10, 2005, the Economic Development Authority directed staff to prepare a permit parking implementation plan, which was to come back within the next 60 days for approval. In hopes of relocating vehicles to another site so that a permit parking system may not be needed, Mr. Lawell asked the Commissioners if they felt another flyer clarifying locations where vehicles may park would be of benefit. The Commission agreed another flyer may help and requested telephone numbers and/or emails for council members of non -MVTA communities be included. Farmington Councilmember Fogarty said the Farmington City Council has called a special meeting on March 24, 2005, to discuss transit. She stated she and others were unaware of the extent of the problem and the need for park - and -ride space for Farmington residents until the meeting on March 7. Considering the City of Farmington is currently trying to work with the MVTA to join the transit taxing district, she asked if the Economic Development Authority • would consider allowing Farmington residents to purchase a permit for the Apple Valley Transit Station for a fee. The Commissioners indicated that without a permit parking plan in place, any decision at this time would be premature. Several Commissioners thanked Councilmember Fogarty and the City of Farmington for working to resolve this matter for its residents. TWIN CITIES COMMUNITY CAPITAL FUND GAP FINANCING Mr. Kelley summarized his memo dated March 7, 2005, on gap financing. The Apple Valley Economic Growth Partnership Committee discussed the merits of participating in the Twin Cities Community Capital Fund (TCCCF) at its meeting on March 25, 2004. TCCCF is a non - profit corporation that pools local funds used for gap financing. It provides local governments another tool to encourage economic development activities and local businesses the opportunity for larger loans. The EDA has $100,000 available from a recent payback of an economic development loan which could be used to participate in the program. Scott Martin, President of TCCCF, further detailed the merits of joining the program. Entities wishing to participate choose one of three membership levels, ranging from $50,000 to $200,000. Members may originate loans up to ten times the amount deposited in the Fund, and there is no limit on the number of loans a member can originate. The fund becomes operational after $2 million have been raised. If TCCCF is unable to raise that amount by October, the funds must be returned to the participants. • ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley • Dakota County, Minnesota March 10, 2005 Page 3 Members choosing to participate must deposit their money with TCCCF for a minimum of three years, after which time, funds may be withdrawn. Interest generated from deposits will fund the administrative costs of the program. Members choose which projects they wish to support through the Fund. TCCCF loan officers prepare the loan documents and negotiate the sale of the loans on the secondary market. Commissioner Erickson asked what bank is used. Mr. Kelley said the borrower is able to choose the bank, which allows them to coordinate their regular and "gap" financing. Commissioner Erickson left the meeting at 7:31 p.m. and returned at 7:32 p.m. Mr. Lawell asked how the program is marketed. Mr. Martin said it is solely up to participating members. President Severson thanked Mr. Martin for presenting the information and requested this item be placed on the next agenda for a decision. • DEVELOPMENT UPDATE Mr. Kelley gave an update on the kindergarten through eighth grade charter school, Paideia, moving into the old Apple Valley Theater site. The building is being remodeled and plans are to open this fall. Grossman Cadillac recently vacated its premises. Mr. Lawell said the result of the liquor location study suggests a store be located at or near the corner of Galaxie Avenue and County Road 42. The Grossman Cadillac site may be a location to consider. Wirsbo received corporate approval to expand at its present location. They are currently working with the property owners to their north to acquire additional property. MOTION: of Grendahl, seconded by Erickson, to adjourn. Ayes - 5 - Nays - 0. The meeting was adjourned at 8:56 o'clock a.m. •