EDA Minutes 09-13-2017 (Workshop Meeting)MINUTES
WORKSHOP- ECONOMIC DEVELOPMENT AUTHORITY (EDA)
Wednesday, September 13, 2017 — 4:30 p.m.
Academy Room, Monticello Community Center
Commissioners Present: Steve Johnson, Tracy Hinz, Jon Morphew, Lloyd Hilgart, and Jim
Davidson
Commissioners Absent: Bill Demeules and Bill Tapper
Staff Present: Jeff O'Neill, Angela Schumann, Jim Thares, and Wayne Oberg
1. Call to Order
Steve Johnson called the meeting to order at 4:30 p.m.
2. Roll Call
3. Consideration of TIF Financial Manauemeant, Tammy Omdal, Northland Securities
Jim Thares introduced Tammy Omdal to the EDA. Omdal provided a power point
presentation regarding the key recommendations from the 2016 TIF Financial
Management Plan which was adopted in September 2016. Staff felt it would be good to
go over the plan with respect to funds that are available for redevelopment and housing
projects. She provided an overview of the funds available for housing redevelopment,
options for using the funds, and then allowed time for questions and direction for staff.
Omdal explained that it was estimated that as of FYE 2016, there was approximately
$843,397 available for redevelopment projects and an additional $335,232 that could be
used for affordable housing projects. Omdal also estimated that in FYE 2025, close to
$1.7 million would be available for redevelopment projects and $1.4 million dollars for
affordable housing projects.
Omdal reviewed the status of each of the TIF districts. She stated that a majority of funds
for redevelopment are in TIF District 1-6.
Omdal discussed a number of staff recommendations for possible projects to use the TIF
funds for which included implementation of the Small Area Study, revitalization of
residential property (either single family or multi -family), or property assembly for
redevelopment purposes.
Omdal also recommended the EDA could adopt general guidelines for the use of
available funds. She mentioned that the EDA could consider the Small Area Study plan
and overall City goals as it considers guidelines.
The EDA members asked questions regarding the available TIF funds and discussed
potential options. Thares mentioned he would create a menu of statement options guiding
the allocation of the available TIF dollars.
4. Adiourn
TRACY HINZ MOVED TO ADJOURN THE MEETING AT 5:40 P.M. JON
MORPHEW SECONDED THE MOTION. MOTION CARRIED, 5-0.
Recorder: Jacob Thunander1
Approved: October 11th, 2017
Attest:
Economic Development Director
2