EDA Minutes 05-16-1989MINUTES -
MONTICELLO ECONOMIC DEVELOPMENT AUTHORITY
Tuesday, May 16, 1989 - 7:OOAM
City Hall -
MEMBERS PRESENT: Bob Mosford, Barb Schvientek, Harvey Kendall, -
Al Larson, Warren Smith, and Fran Fair. _
MEMBERS ABSENT: Ron Hoglund.
STAFF PRESENT: Rick Wolfsteller, Jeff O'Neill, and 011ie t;oropchak.
1. Call to Order.
The EDA organizational meeting began at 7:05 A.M.
2. CONSIDERATION TO REVIEW THE ORDINANCE AMENDMENT, THE JOINT
POWERS AGREEMENT, AND THE GREATER MONTICELLO ENTERPRISE FUND
GUIDELINES.
Jeff O'Neill briefly highlighted the contents of the _
Ordinance Amendment stating the document creates the
Monticello Economic Development Authority and describes
its organizational structure and functions.
The Joint Powers Agreement defines the powers of the City
of Monticello, the Housing and Redevelopment Authority, -
and the Economic Development Authority. The EDA has powers
the HRA does not, the EDA's prime purpose is the management
of the revolving loan fund (Greater Monticello Enterprise
Fund) and the HRA's prime purpose is the management of
Tax Increment Financing. City Council has the ultimate
power to approve or deny action taken by either the EDA
or the HRA.
Mr. O'Neill presented the GMEF Guidelines to the Commissioncrs
Comments made at the meeting included: 1) non-competitive
business is a gray area, not black and white; 2) mandatory
public purpose no. 1 6 3 for approval; 3) 10% equity in
CHEF Loan; and 4) Loan fee, if not incorporated with
project cost, where is the source. $200,000 is available
from the Liquor Store Fund for transfer upon approved loan
request (maximum loan request of 50% RLF balance). The
Council has the right to reverse EDA action within 21 days
following. Detailed application process needs to be drafted.
No formal action Was taken on either of the three documents. -
3. CONSIDERATION TO ADOPT AN ORGANIZATIONAL RESOLUTION OF THE _
BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY
C IN AND FOR THE CITY OF MONTICELLO, MINNNSOTA AND APPOINTING
OFFICERS.
EDA offices were established with the following commissioners
volunteering: Barb Schvientek, Vice President; Rick Wolfsteller, _
EDA Minutes
5/16/89
Page 2
3. CONTINUED.
Treasurer; cad Bob Mosford, Assistant Treasurer. The ocher
offices were not filled, therefore, no action was taken
to adopt the organizational resolution.
4. CONSIDERATION TO REVIEW AND ADOPT THE EDA BYLAWS.
The EDA revived the Bylaws as presented, however, not
completed. The EDA suggested quarterly meetings in
January, April, July, and October on the 4th Tuesday
of the month at 7:OOAM. Special meetings may be called
upon needed loan approvals. The item was tabled.
5. CONSIDERATION TO ADOPT A RESOLUTION APPROVING A JOINT POWERS
AGREEMENT AND AUTHORIZING AND DIRECTING THE PRESIDENT AND
SECRETARY TO EXECUTE THE SAME.
No action was taken as the EDA President and Secretary were
not determined.
6. CONSIDERATION OF A NOTICE FOR THE CITY'S JOINT GOVERNMENTAL
UNITS MEETING.
The EDA members were invited and encouraged to attend the Joint
Governmental Units meeting to be held June 5, 1989 at the
Fire Hall.
7. OTHER BUSINESS.
None.
8. ADJOURNMENT.
�^nThe EDA
,meeting
nadjourned by general consensus.
011ie Koropchak
Recorder
C