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HomeMy WebLinkAboutAugust 20, 2013C T Y O F © 1685 CROSSTOWN BOULEVARD N.W. • ANDOVER, MINNESOTA 55304 . (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV SPECIAL ECONOMIC DEVELOPMENT AUTHORITY MEETING August 20, 2013 6:45 p.m. Conference Rooms A & B 1. Call to Order — 6:45 p.m. 2. Request City Council Call for Public Hearing on 'the proposed Modification to the Development Program for Development District No. 1 and the proposed Establishment of Tax Increment Financing District 1 -6. 3. Other Business 4. Adjournment H ANL6 6 qj 4 SPECIAL ANDOVER ECONOMICDEVELOPMENT AUTHORITYMEETING A UGUST 20, 2013 - MINUTES A special meeting of the Andover Economic Development Authority was called to order by President Mike Gamache, August 20, 2013, 6:45 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Sheri Bukkila, Tony Howard, Mike Knight, Julie Trude, Robert Nowak and Joyce Twistol Absent: None Also present: Community Development Director, David Carlberg Executive Director, Jim Dickinson © REQUEST CITY COUNCIL CALL FOR PUBLIC HEARING ON THE PROPOSED MODIFICATION TO THE DEVELOPMENT PROGRAMFOR DEVELOPMENT DISTRICT NO. I AND THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT I -6 Mr. Carlberg reviewed the Tax Increment Financing (TIF) process. Measurement Specialties is the company interested in purchasing a parcel in Andover Station North. Under a pay as you go program, the taxes would be rebated back for nine years for providing the land to the project at the cost of $1.00 as well as other TIF eligible infrastructure improvements. Mr. Carlberg indicated Anoka County has the parcel overvalued. Staff, Ehlers & Associates and the County Assessor have been working on establishing the land and building values. Commissioner Trude is concerned regarding the value. She asked what would happen if after nine years the City does not get paid back, what would be done about a shortfall? Mr. Carlberg indicated staff is working with Ehlers and if they cannot come up with a system that pays the City back, the process will likely be stopped. Mr. Dickinson stated if there is a shortfall Measurement Specialties may have to find a way to cover that shortfall or the EDA needs to look at other options. © Commissioner Trude asked if the company could sign a Minimum Assessment Agreement. Mr. Dickinson indicated it is not out of the question to ask for a Minimum Assessment Agreement. Mr. Carlberg stated staff should know within a week about the values. © Special Andover Economic Development Authority Meeting Minutes —August 20, 2013 Page 2 Motion by Trude, Seconded by Howard approving the EDA resolution R002 -13 recommending the City Council call for a public hearing for the proposed adoption for the modification to the Development Program for Development District No. 1 and the proposed establishment of Tax Increment Financing District No. 1 -6 and the proposed adoption of a Tax Increment Financing Plan. Motion carried unanimously. OTHER BUSINESS Mr. Carlberg indicated the Anoka Area Chamber of Commerce is hosting a ribbon cutting ceremony for Christian Brothers Automotive on September 3`d at 10:30 a.m. Arbor Oaks has a ribbon cutting ceremony scheduled for September 8d' at 12:00 p.m. and a grand opening celebration for the public from 1:00 — 4:00 p.m. ADJOURNMENT Motion by Howard, Seconded by Knight to adjourn. Motion carried unanimously. The meeting adjourned at 6:57 p.m. © Respectfully submitted, Michelle Hartner, Recording Secretary H