EDA Agenda 11-13-2019 (Workshop Meeting)AGENDA
WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, November 13, 2019 — 5:15 p.m.
Academy Room, Monticello Community Center
Commissioners: President Steve Johnson, Vice President Bill Tapper, Treasurer Jon
Morphew, Tracy Hinz, 011ie Koropchak-White and Council members Lloyd
Hilgart and Jim Davidson
Staff: Jeff O'Neill, Angela Schumann, EDA Executive Director Jim Thares, Jacob
Thunander, Wayne Oberg
1. Call to Order
2. Roll Call
3. Fund Balance Review, Proj ect Updates and Proj ected Fund Impacts
4. Adj ournment
EDA Workshop Handouts
November 13, 2019; 5:15 p.m.
1. TIF and General Fund Spreadsheet
2. UMC Expansion (TIF District #1-41 pending) TIF Flow Spreadsheets and
Illustration
3. General Fund Flow Option #1
4. General Fund Flow Option #2
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UMC Expansion Project
Acquire Land for $1.031 Million
Initial Source of Funds for EDA to Acquire 7.39 Source of Funds at Time of Acquisition
Acres of Land for Project
�� $253,000
EDA will use $778,000 of its existing funds that
will be reimbursed from future tax increments c� TIF 6 Redevelopment
from the proposed TIF 41 District District (Pre-1990)
Use of TIF 6 Funds will be a permanent use of
these available funds ■ EDA General Fund
$778,000 (Provide for Interfund
Loan to TIF 41)
Total Project and Financing
Costs, $1.473 Million
$122,000 ■ UMC Equip Reimb
$20,000 $300,000
Summary of Total EDA/City Project and
Financing Costs O Acquire Land
Interest payable to EDA (from future tax
increment) is based on 3.0% rate 1�Administrative Costs
UMC Equipment Reimbursement will be $1,031,000
❑ Interest Payable to
supported by a MIF grant from the State EDA (Interfund TIF
Loan)
Total Project and Financing
Source of Funds, $1.473 Million
Summary of Source of Funds for Total $300,000
EDA/City Project and Financing Costs
D MIF Grantfrom State
Tax increment (TIF) and interest earnings will of MN
be collected over a maximum term of 9 years. 3 ❑ TIF 6 Redevelopment
TIF revenue will reimburse the EDA, with $253,000 District (Pre-1990)
interest, for the up-front funds it will provide $905,000 � Interest Earnings (TIF)
from the General Fund for acquisition of land
and payment of administrative costs
$15,000 �TIF41 (UMCProject)
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UMC Expansion Project
Acquire Land for $1.031 Million
Initial Source of Funds for EDA to Acquire 7.39 Source of Funds at Time of Acquisition
Acres of Land for Project
�� $253,000
EDA will use $778,000 of its existing funds that
will be reimbursed from future tax increments c� TIF 6 Redevelopment
from the proposed TIF 41 District District (Pre-1990)
Use of TIF 6 Funds will be a permanent use of
these available funds ■ EDA General Fund
$778,000 (Provide for Interfund
Loan to TIF 41)
Total Project and Financing
Costs, $1.473 Million
$122,000 ■ UMC Equip Reimb
$20,000 $300,000
Summary of Total EDA/City Project and
Financing Costs O Acquire Land
Interest payable to EDA (from future tax
increment) is based on 3.0% rate 1�Administrative Costs
UMC Equipment Reimbursement will be $1,031,000
❑ Interest Payable to
supported by a MIF grant from the State EDA (Interfund TIF
Loan)
Total Project and Financing
Source of Funds, $1.473 Million
Summary of Source of Funds for Total $300,000
EDA/City Project and Financing Costs
D MIF Grantfrom State
Tax increment (TIF) and interest earnings will of MN
be collected over a maximum term of 9 years. 3 ❑ TIF 6 Redevelopment
TIF revenue will reimburse the EDA, with $253,000 District (Pre-1990)
interest, for the up-front funds it will provide $905,000 � Interest Earnings (TIF)
from the General Fund for acquisition of land
and payment of administrative costs
$15,000 �TIF41 (UMCProject)
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EDA Workshop Handouts
November 13, 2019; 5:15 p.m.
1. TIF and General Fund Spreadsheet
2. UMC Expansion (TIF District #1-41 pending) TIF Flow Spreadsheets and
Illustration
3. General Fund Flow Option #1
4. General Fund Flow Option #2