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HomeMy WebLinkAbout06/10/1999ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota June 10, 1999 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held June 10th, 1999, at 7:40 o’clock p.m., at Apple Valley City Hall. PRESENT: President Severson; Commissioners Erickson, Goodwin, Grendahl, Hamann- Roland, and Sterling. ABSENT: Commissioner Edgeton. Staff members present were: Executive Director Gretz, Secretary Mueller, City Attorney Dougherty, City Engineer Gordon, Finance Director Ballenger, Assistant to the City Administrator Grawe, Community Development Director Kelley, and Public Works Director Miranowski. President Severson called the meeting to order at 7:47 p.m. APPROVAL OF AGENDA MOTION: of Erickson, seconded by Grendahl, approving the agenda for tonight’s meeting as presented. Ayes - 6 - Nays - 0. MINUTES MOTION: of Hamann-Roland, seconded by Sterling, approving the minutes of the special meeting of May 13th, 1999, as written. Ayes - 5 - Nays - 0 (Severson Abstained). NORTHWEST AIRLINES FEDERAL CREDIT UNION Jim O’Meara, the EDA’s Tax Increment Counsel, reviewed a proposed amendment to Tax Increment Financing District No. 7 for property on which Northwest Airlines Federal Credit Union proposes to construct a 120,000 square-foot office building. The site is located south of 147th Street and east of Glazier Avenue. Amendment of the Master Development Program will allow for reimbursement of a maximum of $3,573,470.00 of tax increment financing for utility, site preparation and parking improvements. The note will bear interest at 7.10 percent for a ten- year period. The City Council will be holding a public hearing on the amendments, on June 10, 1999, and any approval is contingent on Council approval of the district. Glenn Bergmann, representing the Credit Union, was present and said the goals for job creation in the Development Agreement are very conservative and they expect to exceed the employment and wage levels. Jerry Nielsen, Operations Vice President, was also present and expressed appreciation for assistance City Staff has given them with the project. Resolution No. EDA-99-4 MOTION: of Sterling, seconded by Grendahl, adopting approving Development District and Tax Increment Financing Amendments for Northwest ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota June 10, 1999 Page 2 Airlines Federal Credit Union, re-including parts of Apple Valley Commercial Addition in Tax Increment Financing District No. 7, and allowing assistance not to exceed $3,573,470.00. Ayes - 6 - Nays - 0. Resolution No. EDA-99-5 MOTION: of Hamann-Roland, seconded by Grendahl, adopting approving a Development Assistance Agreement with Northwest Airlines Federal Credit Union, detailing the conditions under which Tax Increment Financing will be provided, and authorizing the President and Secretary to execute the necessary documents. Ayes - 6 - Nays - 0. MOTION: of Hamann-Roland, seconded by Erickson, to adjourn. Ayes - 6 - Nays - 0. The meeting was adjourned at 7:55 o’clock p.m.