EDA Meeting Minutes - 6/26/2024MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, June 26, 2024 — 7:00 a.m.
Mississippi Room, Monticello Community Center
EDA CLOSED Special Meeting
7:15 a.m. (Academy Room)
7:15 a.m. CLOSED MEETING —Consideration of Purchase of Property
PID: 155-010-050111
PIDs: 155271002010, 155274002020, 155274002011, 155274002021
Commissioners Present: President Steve Johnson, Treasurer Hali Sittig, 011ie Koropchak-
White, Rick Barger, Councilmember Tracy Hinz, Mayor Lloyd
Hilgart
Members Absent: Vice President Jon Morphew
Staff Present: Executive Director Jim Thares
1. General Business
A. Call to Order
President Steve Johnson called the regular meeting of the Monticello EDA to order
at 7:00 a.m.
B. Roll Call 7:00 a.m.
Mr. Johnson called the roll.
2. Consideration of Additional Agenda Items
None
3. Consent Agenda
None
4. Public Hearing
None
5. Regular Agenda
A. Consideration of Adopting Resolution 2024-12 authorizing a Modification of Tax
Increment Financing (TIF) District No. 1-42 (CHC [Headwaters] Twin homes Project)
within the Central Monticello Redevelopment Project No. 1; and the Amended and
Restated Tax Increment Financing (TIF) Plan relating thereto and further authorizing
an Amended and Restated TIF Development Agreement.
Jim Thares, Economic Development Manager, presented the item, a request by the
developer to modify the financing of TIF 1-42, originally created for an apartment
building with affordable housing. The Developer received feedback that there is
more demand for twin homes. They began the transition to modify both TIF 1-42
and 1-43 several months ago. The land replat to accommodate the twin homes will
result in an additional 1,500 sq feet of land from the TIF 1-43 site. Steve Johnson
inquired if there is enough tax increment with the reduced value of the twin homes
versus the apartment. Mr. Thares said there is. The current split is 27.5 (EDA)/72.5
Developer, and the new split would be 25/75 respectfully. Ultimately, less
increment will be dispersed as there will be less value in TIF 1-42.
011ie Koropchak-White inquired what the percent of rental town homes are rented.
Mr. Thares noted that about 48 twin homes of the 60 have been completed and
rented. Some of the homes have not received C.O.s (Certificate of Occupancy) yet.
Hali Sittig asked if the demographic they were targeting, which was other people
moving to Monticello, is what has occurred. She asked if staff could obtain this
information.
RICK BARGER MOVED TO ADOPT RESOLUTION 2024-12 AUTHORIZING A
MODIFICATION OF TAX INCREMENT FINANCING (TIF) DISTRICT 1-42 WITHIN THE
CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 11 AND THE APPROVAL OF
THE AMENDED AND RESTATED TIF PLAN RELATING THERETO AND FURTHER
AUTHORIZING AN AMENDED AND RESTATED TIF DEVELOPMENT AGREEMENT,
MOTION SECONDED BY HALI SITTIG, MOTION CARRIED UNANIMOUSLY.
B. Consideration of Adopting Resolution 2024-13 authorizing a Modification of Tax
Increment Financing District 1-43 (CHC [Headwaters] Twin homes Project; Phase 1)
Mr. Thares introduced the item. The minor modification in TIF1-43 of reducing the
site size/area does not require a public hearing. The legal description has a minor
error and will change in the new development contract.
TRACY HINZ MOVED TO ADOPT RESOLUTION 2024-13 AUTHORIZING A
MODIFICATION OF TAX INCREMENT FINANCING (TIF) DISTRICT 1-43 WITHIN THE
CENTRAL MONTICELLO REDEVELOPMENT PROJECT NO. 1 AND FURTHER
AUTHORIZING MINOR ADMINISTRATIVE CHANGES TO THE TIF DEVELOPMENT
AGREEMENT. MOTION SECONDED BY OLLIE KOROPCHAK-WHITE, MOTION CARRIED
UNANIMOUSLY.
6. Other Business
A. Consideration of Economic Development Manager's Report
Mr. Thares provided an overview of the Economic Development Manager's Report.
7. Adjournment
TRACY HINZ MOVED TO ADJOURN, RICK BARGER SECONDED MOTION. MOTION
CARRIED UNANIMOUSLY. MEETING ADJOURNED AT 7:27 A.M.
Recorder: Vicki Leerhoff
Attest:
Jim Thar ( Econ mic Development Manager