EDA Meeting Minutes - 04/13/2022 (Workshop)MINUTES
WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, April 13th, 2022 — 5:00 p.m.
Academy Room, Monticello Community Center
Members: President Steve Johnson, Vice President Jon Morphew, Treasurer Tracy Hinz,
011ie Koropchak-White, Hali Sittig, Councilmember Jim Davidson and Mayor
Lloyd Hilgart
Staff: Executive Director Jim Thares, Rachel Leonard, Angela Schumann, Sarah
Rathlisberger, Tammy Omdahl (Northland Securities, Inc.), Hayden Stensgard
1. Call to Order
President Steve Johnson called the workshop meeting of the Monticello EDA to order at
5:00 p.m.
2. Roll Call
Mr. Johnson called the roll.
3. Primer on TIF Types, Function and Mechanics
EDA financial consultant Tammy Omdahl, of Northland Securities, Inc. provided an
overview of the agenda item and offered a detailed understanding of Tax Increment
Financing (TIF) to the EDA and the public.
4. Review of TIF Districts Administered by the EDA
EDA Executive Director Jim Thares provided an overview of the agenda item to the EDA.
Some of the TIF districts that have met their obligations still have some left -over
increment that can used in future developments in new TIF Districts. This is known as
"pooling." It was also noted that the extra unused increment from the various TIF
districts can only be used for future development of the same type. For example, extra
increment from a redevelopment TIF district must be used in a new redevelopment TIF
district. The same applies to affordable housing increment and economic development
increment.
5. Summary Overview of Block 52 Redevelopment and TIF Funding to Support Project
Mr. Thares provided an overview of the agenda item to the EDA and the public. Multiple
funding sources have been identified for additional assistance in this redevelopment
project. No decisions have been made in that regard.
6. Adjournment
TRACY HINZ MOVED TO ADJOURN THE WORKSHOP MEETING OF THE MONTICELLO EDA.
HALI SITTIG SECONDED THE MOTION. MOTION CARRIED UNANIMOUSLY, 7-0. MEETING
ADJOURNED AT 5:59 P.M.
Recorded by: Hayden Stensgard
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Date Approved: May 11, 2022
ATTEST:
ares, Executive Director