EDA Minutes 03-13-2019 (Workshop Meeting)MINUTES
SPECIAL MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, March 13th, 2019 — 4:30 p.m.
Academy Room, Monticello Community Center
Commissioners Present: Bill Tapper, Jon Morphew, Lloyd Hilgart, and Jim
Davidson
Commissioners Absent: Steve Johnson, Tracy Hinz, and 011ie Koropchak-White
Staff Present: Jim Thares, Angela Schumann, Jeff O'Neill, Tammy Omdal
(Northland Securities), and Martha Ingram (Kennedy & Graven)
1. Call to Order
Bill Tapper called the Special Meeting to order at 4:47 p.m.
2. Roll Call
3. Consideration of additional agenda items
None.
4. Purpose
a. Prepare for Developer Meetings on March 21st, 2019
Jim Thares noted that two interviews with the EDA and potential developers
would occur on March 21St, 2019 starting at 4:15 pan. He noted that two more
interviews with developers could be scheduled to occur within the coming weeks.
The purpose of the meetings would be to get to know the developers and to
review concept plans for the block.
b. Review Goals for Block 52
i. Public Purpose
ii. Development Use, Density, Design, Phasing
iii. Return on Investment
Angela Schumann explained the agenda page to the EDA and reminded the board
of their past work on Block 52. Images from the Small Area Study were provided
with the agenda.
5. Discuss EDA Tools & Developer Goals
a. Land
i. Square footage
ii. Value
Jim Thares provided a spreadsheet that staff developed and explained four
different development scenarios. Staff envisioned the area to be a mixed-use
destination with upper level apartments, commercial retail, and a signature
restaurant. Discussion regarding parking occurred and the need to understand the
use of an underground parking system for the block.
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The spreadsheet highlighted conceptual costs and returns on investments.
b. Tax increment — Redevelopment District
i. EDA capture
ii. Interest Rate
iii. Parking Funds
iv. Other
Tammy Omdal explained in detail how TIF could be utilized per each of the four
development scenarios.
6. Other Considerations
a. Right of way — need and use
b. Public space
c. Parking/underground parking and location
Discussion by staff and the EDA pursued regarding the above topics.
7. Scenarios for Baseline Comparison
Section 7. was covered in the above items.
Adiourn
JIM DAVIDSON MOVED TO ADJOURN THE MEETING AT 5:57 P.M. JON
MORPHEW SECONDED THE MOTION. MOTION CARRIED, 4-0.
Recorder: Jacob Thunander�
Approved: April 10, 2019
Attest:
, Economic Development Director
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