EDA Minutes 11-13-2019 (Workshop Meeting)MINUTES
WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, November 13, 2019 — 5:15 p.m.
Academy Room, Monticello Community Center
Commissioners Present: Steve Johnson, Bill Tapper, Tracy Hinz, 011ie Koropchak-White, and
Jim Davidson
Commissioners Absent: Jon Morphew and Lloyd Hilgart
Staff Present: Angela Schumann, Jim Thares, Wayne Oberg
1. Call to Order
Steve Johnson called the Workshop Meeting of the EDA to order at 5:15 p.m.
2. Roll Call
3. Fund Balance Review, Proiect Updates and Projected Fund Impacts
Jim Thares provided an overview of the fund balance for the EDA. He reviewed several
of the TIF Districts and where they stood financially. Thares indicated how money in the
TIF Districts could be spent (redevelopment, economic development, etc.). He noted
several projects including the Briggs Companies (Rivertown Suites) and UMC expansion
were using funds generated from previous TIF funds.
Thares discussed in detail the UMC expansion project. He noted that the project is
expected to construct a 52,000 square foot facility. UMC has requested the EDA create a
TIF District for the land adjacent to their current facility (7.39 acres) for the
redevelopment. TIF #1-6 and an interfund loan (general fund and TIF #I-6) could be used
to fund the purchase of the land.. Thares provided a handout that illustrated the increment
flow once the district was established.
Thares provided two general fund flow options indicating cash flow through 2021 as the
EDA proceeds with various substantial projects.
4. Adjournment
TRACY HINZ MOVED TO ADJOURN THE MEETING AT 6:00 P.M. OLLIE
KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARRIED, 5-0.
Recorder: Jacob Thunander
Approved: December 11 tl', 2019
Economic Development Authority Minutes (Workshop Meeting) — November 13th, 2019 Page 112
Jim Tl�ares, Economic Development Director
Economic Development Authority Minutes (Workshop Meeting) — November 13th, 2019 Page 2 1 2