EDA Minutes 05-18-2018 (Special Workshop Meeting)MINUTES
SPECIAL WORKSHOP MEETING - ECONOMIC DEVELOPMENT AUTHORITY
(EDA)
Friday May 18th, 2018 — 7:00 a.m.
Academy Room, Monticello Community Center
Commissioners Present: Steve Johnson, Bill Tapper, Jon Morphew, Tracy Hinz, 011ie
Koropchak-White, Lloyd Hilgart, and Jim Davidson
Staff Present: Angela Schumann, and Jim Thares
Consulting Staff Present: Tammy Omdal, Northland Securities
1. Call To Order
Steve Johnson called the special workshop meeting of the EDA to order at 7:00 a.m.
2. Roll Call
3. _Consideration of Financing Structure for Briggs Properties market rate housing
with an affordable component development proposal (TIF#1-40)
Information on the financing proposal of the Briggs Properties multi -family housing
development in downtown Monticello was reviewed. The options to support the
underground parking include a partial grant and a loan from the Available TIF Funds.
Mr. Briggs indicated that he would not be able to continue with the project if a grant
amount of $400,000 is not offered. The EDA members discussed the overall proposal
and felt it was a great improvement from earlier presentations. The goal is to jumpstart
development in the downtown and this project has the potential to do that.
Tracy Hinz and 011ie Koropchak-White left the meeting.
Discussion ensued on various financing methods to support the proposal. Land costs were
discussed with Mr. Briggs. A full explanation of the land price structure was reviewed.
Jim Thares reviewed the staff recommendation and the various alternate
recommendations.
BILL TAPPER MOVED TO PROVIDE A $400,000 GRANT FROM THE
AVAILABLE TIF FUNDS TO SUPPORT UNDERGROUND PARKING WITH THE
CONDITION THAT THE PLANS MUST BE ATTACHED TO THE DEVELOPMENT
AGREEMENT FOR FINAL REVIEW. LLOYD HILGART SECONDED THE
MOTION. MOTION CARRIED, 5-0.
Economic Development Authority Minutes — May 1& 2018 Page 112
4. Adiourn
BILL TAPPER MOVED TO ADJOURN THE MEETING AT 8:23 A.M. JIM
DAVIDSON SECONDED THE MOTION. MOTION CARRIED, 5-0.
Recorder: Jim Tharel-- ' T
Approved: June 13, 2018
Attest:
Economic Development Director
Economic Development Authority Minutes — May 18, 2018 page 2 12