HomeMy WebLinkAboutNovember 3, 2010
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1685 CROSSTOWN BOULEVARD N.W. 0 ANDOVER, MINNESOTA 55304 0 (763) 755-5100
FAX (763) 755-8923 0 WWW.CI.ANDOVER.MN.US
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
November 3, 2010
6:30 p.m.
Conference Rooms A & B
1. Call to Order - 6;30 p.m.
. 2. Approval of Minutes (October 19,2010)
0 3. Approve Purchase AgreementJDynamic Sealing Technologies
4. TIF District Financial Update
5. Discuss/Approve 2011 EDA Budget
6. Selection of Site for 2011 Annual Business Development Day
7. Other Business
8. Adjournment
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1685 CROSSTOWN BOULEVARD N.W. , ANDOVER, MINNESOTA 55304 0 (763) 755-5100
FAX (763) 755-8923 0 WWW.CI.ANDOVER.MN.US
ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING
NOVEMBER 3,2010 - MINUTES
A Meeting of the Andover Economic Development Authority was called to order by President Mike
Gamache, November 3, 2010, 6:30 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW,
Andover, Minnesota.
Present: Commissioners Sheri Bukkila, Don Jacobson, Mike Knight, Julie
Trude, Robert Nowak and Joyce Twistol
Absent: None
Also present: Executive Director, Jim Dickinson
APPRO V AL OF MINUTES
October 19, 2010 Regular Meeting: Correct as amended.
0 Mr. Dickinson indicated on page 2, line 8 the word potential should be potentially.
Motion by Trude, Seconded by Jacobson, approval of the minutes as amended. Motion carried
unanimously.
APPROVE PURCHASEAGREEMENTIDYNAMIC SEALING TECHNOLOGIES
Mr. Dickinson reviewed the layout of the lots and the expansion of the current building, At the
last meeting there was a proposal from Dynamic Sealing to purchase both lots at the same price.
Dynamic Sealing would like to close by the end of2010.
Mr. Dickinson reviewed the purchase agreement. The total sale would be $577,299. Park
dedications fees would be taken out of the sale price which would be allocated to the Park
Improvement Fund. Mr. Dickinson indicated non-residential water area charges and
assessments, sewer area charges and assessments and water and sewer lateral charges will be
included in the price. This is consistent with what has been applied with other lot sales.
Dynamic will be paying sewer and water access and connection charges. Dynamic will maintain
Lot 2 with turf and an irrigation system.
Mr. Dickinson stated the EDA warranty to Dynamic is that the parcel is buildable and without
the need of soil corrections. If there is any environmental remediation on the site it is the
0 responsibility ofthe EDA. The warranty is standard with all the lots that have been sold in the
area. At closing the EDA will provide a warranty deed for 24 months for Lot 3. Dynamic is
requesting a warranty on Lot 2 for 10 years.
Commissioner Nowak suggested once building begins on Lot 2 then the standard 2 year warranty
,
0 Andover Economic Development Authority Meeting
Minutes -November 3, 2010
Page 2
will go in to affect.
The 10 year warranty was discussed. It was discussed that the warranty for Lot 2 would be 10
years or upon completion ofthe Phase 3 expansion, which ever occurs first.
Motion by Trude, Seconded by Knight, approval ofthe purchase agreement with changes to
paragraphs 21 and 22 as discussed and authorizing the President and Executive Director to sign
the document. Motion carried 6 ayes, and 1 nay (Jacobson)
TIF DISTRICT FINANCIAL UPDATE
Mr. Dickinson indicated there are modifications to the TIF District financial report with the
potential sale of Lot 2 and 3 to Dynamic Sealing Technologies and potential project of business
reader boards.
Commissioner Trude suggested having a subcommittee for the reader boards and before making
a big expenditure to really look at what is out there. Mr. Dickinson suggested getting quotes
from 2 or 3 different companies and indicated this would be a winter project and would be
0 brought back for further review.
Mr. Dickinson reviewed the reader board concepts with the EDA.
Commissioner Trude indicated she has approached some of the County Commissioners about
getting a left turn lane westbound on Bunker Lake Boulevard into Target. She suggests to budget
funds for the project.
Mr. Dickinson stated the City would bear the cost of the project. The project plans would need
to meet the County design guidelines. Mr. Dickinson estimated the cost to be $80,000 to
$100,000. Mr. Dickinson stated this project does qualify for use ofTIF funds. The EDA
concurred to add this project to the project listing.
DISCUSS/APPROVE 2011 EDA BUDGET
Mr. Dickinson indicated the 2011 EDA budget is there for review. There will be one more EDA
meeting before the end ofthe year for approval.
OTHER BUSINESS
There was none.
0 Motion by Trude, Seconded by Jacobson, to adjourn. Motion carried unanimously. The meeting
adjourned at 6:59 p.m.
Respectfully submitted,
0 Andover Economic Development Authority Meeting
Minutes -November 3,2010
Page 3
Michelle Hartner, Recording Secretary
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