EDA Minutes 09-11-2019MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, September 11th, 2019 — 6:00 p.m.
Mississippi Room, Monticello Community Center
Commissioners Present: Bill Tapper, Jon Morphew, 011ie Koropchak-White, Lloyd Hilgart,
and Jim Davidson
Commissioners Absent: Steve Johnson and Tracy Hinz
Staff Present: Jim Thares
1. Call to Order
Bill Tapper called the Regular Meeting of the EDA to order at 6 p.m.
2. Roll Call
3. Consideration of additional agenda items
None.
4. Consent Agenda
JON MORPHEW MOVED TO APPROVE THE CONSENT AGENDA WITH THE
REMOVAL OF 4C. OLLIE KOROPCHAK-WHITE SECONDED THE MOTION.
MOTION CARRIED, 5-0.
a. Consideration of approving Regular Meeting Minutes — August 14, 2019
Recommendation: Approve Regular Meeting Minutes — August 14, 2019
b. Consideration of approving Regular Meeting Minutes — August 28, 2019
Recommendation: Approve Regular Meeting Minutes — August 28, 2019
c. Consideration of approving payment of Available TIF Grant funds to Kopp
Concrete and Kraemer Excavating, contractor vendors of Rivertown
Residential Suites, LLC, in the amount of $204,010 and $25,124.65
respectively for underground parking structure expenses in support of a
multi -family development in TIF District #140
-REMOVED FROM THE CONSENT AGENDA -
d. Consideration of authorizing transfer of previously approved facade funding
for TriCambra Foods, Inc. dba Cornerstone Cafe to escrow agent,
Riverwood Bank, in the amount of $100,000 less building permit fees
Recommendation: Authorize the transfer of Fagade Improvement Grant funds for
the TriCambra Foods, Inc. dba Cornerstone Cafe project to the escrow agent,
Riverwood Bank, in the amount of $100,000 less building permit fees.
e. Consideration of approving payment of bills
Recommendation: Approve payment of bills through August, 2019
Regular Agenda
4D. Consideration of approving payment of Available TIF Grant funds to Kopp
Economic Development Authority Minutes — September 11 th, 2019 Page 1 1 3
Concrete and Kraemer Excavating, contractor vendors of Rivertown
Residential Suites, LLC, in the amount of $204,010 and $25,124.65
respectively for underground parking structure expenses in support of a
multi -family development in TIF District #140
Jim Thares indicated that the first disbursement of funds was in the amount of
$170,865.35. The total was paid to Wells Concrete in February.
This request would complete the funding total of $400,000 that was used to fund
the underground parking. The payment would be funded through TIF I-19 and I-
24.
LLOYD HILGART MOVED TO AUTHORIZE A TIF GRANT PROGRESS
PAYMENT TO RIVERTOWN RESIDENTIAL SUITES, LLC'S
CONTRACTOR VENDORS, KOPP CONCRETE AND KRAEMER
EXCAVATING, FOR UNDERGROUND PARKING MATERIALS EXPENSES
IN THE AMOUNT OF $204,010 AND $25,124.65 RESPECTIVELY. JIM
DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 5-0.
5. Consideration of Resolution #2019-09 approving GMEF Loan to Ausco Design and
Marketing, LLC in the amount of $23,850
-REMOVED FROM AGENDA -
6. Director's Report
Jim Thares provided the Director's Report.
Thares indicated that WSB submitted their quarterly report. He reviewed that document
with the EDA.
Thares also reviewed the Prospect List. He noted that Project Novus is the proposed
UMC expansion. Thares explained that the expansion was expected to occur adjacent to
their existing location at 500 Chelsea Road East. He indicated that the EDA would be
involved as TIF is being requested by UMC for the purchase of the land. The added twist
is that the EDA is being asked to acquire privately owned property and then convey it to
UMC and use TIF to repay itself back over the allowed 9 years of the life of the TIF
District.
Thares also provided an update regarding the fagade improvement project. He provided
the final elevation drawing and noted the IOOF sign would not appear on the final
renovations. Jon Morphew asked for an update on other interest in the program. He noted
the Mason's are interested, but are working through the grant guidelines. He also
indicated that Jill Agosto is very interested. She is working with her contractors on
getting revised quotes for transom windows.
Economic Development Authority Minutes — September 1 lth, 2019 Page 2 13
7. Closed Session — Consideration of recessing to closed session to develop or consider
offers or counter-offers for the purchase or sale of real or personal property
pursuant to Minnesota Statute 13D.05, Subdivision 3(c)(3).
Property Address: 300 4TH ST E — PID #155-019-008010
8. Adiourn
OLLIE KOROPCHAK-WHITE MOVED TO ADJOURN THE MEETING AT 6:38
P.M. JIM DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 5-0.
Recorder: Jacob Thunander
Approved: ctober 9, 2019
1
Attest:
, Economic Development Director
Economic Development Authority Minutes — September 11 th, 2019 Page 3 13