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Home My WebLink About12/19/1996ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota December 19, 1996 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held December 19th, 1996, at 7:30 o’clock a.m., at Apple Valley City Hall. PRESENT: President Branning; Commissioners Edgeton, Goodwin, Humphrey, Severson and Sterling. ABSENT: Commissioner Erickson. Staff members present were: Executive Director Gretz, Secretary Mueller, Bond Counsel O’Meara, Finance Director Ballenger, Assistant to the City Administrator Grawe, and Community Development Director Kelley. President Branning called the meeting to order at 7:35 a.m. APPROVAL OF AGENDA MOTION: of Sterling, seconded by Humphrey, approving the agenda for today’s meeting as presented. Ayes - 6 - Nays - 0. MINUTES MOTION: of Severson, seconded by Humphrey, approving the minutes of the special meeting of April 25th, 1996, as written. Ayes - 3 - Nays - 0 (Branning, Edgeton and Severson Abstained). GRAVEL MINES TAX INCREMENT FINANCING DISTRICT NO. 13 Mr. O’Meara reviewed his letter dated December 9, 1996, concerning the duration of Tax Increment Financing District No. 13. The district was certified July 28, 1994, and is affected by a new State law that allows it to be exempt from local government aid reductions provided a local contribution is made. The 25-year term of the district must also be shortened to 22 years. This is a redevelopment district and, assuming only 15 years of TIF are needed for site improvements, it would be better to reduce the term than take the aid loss. Additionally, improvements will have to be started within two and one-half years or the district will be terminated. The City’s contribution would be that it is actually paying five percent of the cost of the improvements and TIF funds cannot be used to make the contribution. The Board stated that any development agreement on the property should provide for special assessments to cover the contribution. MOTION: of Humphrey, seconded by Goodwin, adopting and approving a resolution and agreement, with the Apple Valley City Council, dated December 19, 1996, electing to make a qualifying local contribution with respect to the Gravel Mines Tax ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota December 19, 1996 Page 2 Increment Financing District No. 13 and authorizing the President and Secretary to sign the same. Ayes - 6 - Nays - 0. MOTION: of Sterling, seconded by Goodwin, to adjourn. Ayes - 6 - Nays - 0. The meeting was adjourned at 7:50 o’clock a.m.