EDA Minutes 03-10-2021MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, March 10th, 2021— 6:00 p.m.
Mississippi Room, Monticello Community Center
Participants attended remotely and in -person.
Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, 011ie Koropchak-White,
Lloyd Hilgart, and Jim Davidson
Commissioners Absent: Tracy Hinz
Staff Present: Jim Thares and Angela Schumann
1. Call to Order
Steve Johnson called the Regular Meeting of the EDA to order at 6:00 p.m.
2. Roll Call
3. Consideration of additional agenda items
N/A
4. Consent Agenda
BILL TAPPER MOVED TO APPROVE THE CONSENT AGENDA. OLLIE KOROPCHAK-WHITE
SECONDED THE MOTION. MOTION CARRIED, 6-0.
a. Consideration of Approving Regular Meeting Minutes — February 10, 2021
Recommendation: Approve Regular Meeting Minutes — February 10, 2021.
b. Consideration of Approving Payment of Bills
Recommendation: Approve Payment of Bills through February 2021.
Regular Agenda
5. Consideration of an Update to the TIF District Fund Balance Spreadsheet (Table 2.
2016 TIF Management Plan)
Jim Thares noted at the Regular Meeting in February, the fund balances were provided
for the general fund and the TIF Districts. Thares noted that staff, with assistance from
Northland Securities, updated the fund balances for each of the TIF Districts. Thares
noted currently that nearly $225,000 is available for redevelopment purposes and
approximately $519,000 for affordable housing projects. Available fund balances will
continue to grow each year through 2025.
Discussion regarding the projected funds of approximately $183,000 being returned to
the County was discussed. It was noted that 60 percent of the funds would be returned
to the City of Monticello general fund. Lloyd Hilgart noted that the money should be
transferred back to the EDA. Hilgart asked why the money was not spent in the first
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place. Thares stated that each year funds from TIF District 1-22 have to be returned to
the County though the available funds balance continues to increase.
Hilgart asked if there was a timeline to spend the available TIF dollars including the
affordable housing funds. Thares stated that 2025 appears to be end of being able to
collect the funds in the various districts. Staff will check on expenditure of the funds
may be required by that time as well. Tapper noted a footnote indicating that once a
district is decertified, any remaining balance must be returned to the County.
Steve Johnson asked if funds available for affordable housing was in cash. Thares
confirmed. Johnson noted that the EDA could provide an affordable housing developer
with EDA subsidy from remaining affordable housing funds. The EDA could also approve
a new TIF District supporting the same affordable housing project if needed. Thares
noted the Rivertown Residential Suites project was supported through this dual funding
method.
Johnson asked if the EDA could spend more than the currently available redevelopment
funds and issue an interfund loan from other available TIF funds. Thares would seek
clarification on that concept and where the money could be sourced from.
Thares noted that no staff recommendation was offered because the report was
informational.
6. Economic Development Director's Report
Jim Thares provided the Economic Development Director's Report.
Thares explained that staff are working on a marketing effort program. He noted that
staff are looking for one EDA and one IEDC member to join staff in finalizing the
marketing proposal. Steve Johnson volunteered.
7. Adjourn
BILL TAPPER MOVED TO ADJOURN THE MEETING AT 6:40 P.M. OLLIE KOROPCHAK-
WHITE SECONDED THE MOTION. MOTION CARRIED, 6-0.
Recorder: Jacob Thunander -r
Approved: April 14th, 2021
r
Attest:
im T ares, Economic Development Director
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