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HomeMy WebLinkAbout09/28/2000ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota September 28, 2000 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota, held September 28th, 2000, at 7:00 o’clock a.m., at Apple Valley City Hall. PRESENT: President Severson; Commissioners Edgeton, Erickson (attended at 7:08 a.m.), Goodwin, Grendahl, Hamann-Roland, and Sterling. ABSENT: None. Staff members present were: Executive Director Lawell, Secretary Mueller, Assistant to the City Administrator Grawe, and Community Development Director Kelley. President Severson called the meeting to order at 7:00 a.m. APPROVAL OF AGENDA MOTION: of Grendahl, seconded by Edgeton, approving the agenda for today’s meeting as presented. Ayes - 6 - Nays - 0. MINUTES MOTION: of Grendahl, seconded by Sterling, approving the minutes of the special meeting of May 25th, 2000, as written. Ayes - 4 - Nays - 0 (Edgeton and Goodwin Abstained). FISCHER MARKET PLACE ELIGIBLE TIF COSTS Mr. Kelley reviewed the Finance Director’s memo dated August 24, 2000, detailing costs eligible for reimbursement under the tax increment financing agreement for Fischer Market Place. Only costs incurred prior to July 31, 1999, can be reimbursed. Based on “pay as you go” tax increment, they will start receiving reimbursement after February 1, 2001 if sufficient tax increment funds are available. The City Council will also be asked to approve the same certification of costs. (Commissioner Erickson attended during this time.) Resolution No. EDA-00-4 MOTION: of Hamann-Roland, seconded by Edgeton, adopting accepting certified redevelopment and site improvement costs, in the total amount of $4,607,288.00, for Fischer Market Place and recording them for reimbursement on the Taxable Tax Increment Revenue Note. Commissioner Goodwin asked what the total allowable costs under the agreement were. Mr. Kelley said the reimbursement could have been as much as $8,600,000. Even though more costs may have been incurred than the $4,600,00, only those costs incurred by July 1999 are eligible for reimbursement. ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota September 28, 2000 Page 2 Vote was taken on the motion. Ayes - 7 - Nays - 0. EXPENDITURE OF TIF FUNDS ON PROJECT 00-135 Mr. Kelley reviewed his memo dated September 25, 2000, describing use of surplus tax increment financing funds for street improvements. Construction of NWA Federal Credit Union within district requires additional street improvements to accommodate increased vehicular and pedestrian traffic. The City is currently bidding this work as Project 00-135, estimated at $202,200.00. The costs can be paid for out of surplus funds in Tax Increment Financing District and Plan No. 7. Resolution No. EDA-00-5 MOTION: of Goodwin, seconded by Erickson, adopting finding that the cost of City Project 00-135, NWA Federal Credit Union Street and Streetscape Improvements, falls within the adopted budget for Tax Increment Financing District and Plan No. 7; authorizing the expenditure of tax increment financing funds for such costs; and authorizing execution of any necessary documents to effectuate the expenditure. Commissioner Sterling asked if the improvement project includes widening Garrett Avenue? Mr. Kelley said it does not, but Garrett will be restriped to three lanes, on either side of its intersection with County Road 42, to accommodate turning movements. Commissioner Hamann-Roland asked if the credit union would be willing to stagger its work hours to reduce the impact on traffic. Mr. Kelley said he understands they already offer flexible working hours for employees, but it is not a requirement that was imposed. The Board discussed potential traffic impacts and noted the building location, with relatively easy access to both Cedar Avenue and County Road 42, is one of the better sites for this type of activity. Vote was taken on the motion. Ayes - 7 - Nays - 0. MOTION: of Hamann-Roland, seconded by Goodwin, to adjourn. Ayes - 7 - Nays - 0. The meeting was adjourned at 7:17 o’clock a.m.