EDA Minutes 03-24-2021MINUTES
REGULAR MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, March 24th, 2021— 7:00 a.m.
Mississippi Room, Monticello Community Center
Participants attended in -person or remotely.
Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, Tracy Hinz, 011ie
Koropchak-White, Lloyd Hilgart, and Jim Davidson
Staff Present: Angela Schumann
1. Call to Order
Steve Johnson called the Regular Meeting of the EDA to order at 7:00 a.m.
2. Roll Call
3. Consideration of Resolution #2021-03 Approvine Consent of Pledee of TIF Note by and
between the EDA and GCRE-Rivertown, LLC for the Benefit of Bellwether Enterorise
Mortgage Investments, LLC
Angela Schumann explained that in February 2021, the EDA approved an assignment
and assumption of the contract for redevelopment from the Briggs Property to GCRE
Rivertown. This would facilitate the sale of the 47-unit apartment to GCRE Rivertown. In
association with the sale, the parties are asking the EDA to consider the "Consent of
Pledge of TIF Note" which is a requirement of the financing for GCRE Rivertown to be
able to complete the land transaction. Schumann noted that the EDA's Attorney has
assisted with the drafting and revision of the document to meet the EDA's
requirements.
Jon Morphew asked who would be picking up the cost of this. Schumann confirmed
GCRE would be paying for the cost of this item, in addition to those related to the
assignment and assumption, and the City's action related to the Planned Unit
Development and Development Agreement.
BILL TAPPER MOVED TO ADOPT EDA RESOLUTION #2021-03 APPROVING THE CONSENT
TO THE PLEDGE OF TIF NOTE BY AND BETWEEN THE EDA AND GCRE-RIVERTOWN, LLC
FOR THE BENEFIT OF BELLWETHER ENTERPRISE MORTGAGE INVESTMENTS, LLC. JON
MORPHEW SECONDED THE MOTION. MOTION CARRIED, 7-0.
4. Adjourn
OLLIE KOROPCHAK-WHITE MOVED TO ADJOURN THE MEETING AT 7:03 A.M. TRACY
HINZ SECONDED THE MOTION. MOTION CARRIED, 7-0.
Economic Development Authority Minutes (Special Meeting) — March 241", 2021 Page 1 1 2
Recorder: Jacob Thunander
Approved: April 14, 2021
Attest:
ares, Economic Development Director
Economic Development Authority Minutes (Special Meeting) — March 24th, 2021 Page 2 1 2