HomeMy WebLinkAboutFebruary 3, 2010
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1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
February 3, 2010
6:00 p.m.
Conference Rooms A & B
1. Call to Order - 6:00 p.m.
2. Approval of Minutes (January 5, 2010)
3. Purchase Agreement/Letter ofIntent/Progress Report
0 4. TIF Project Fund Discussion
5. Other Business
6. Adjournment
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1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304 . (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING
FEBRUARY 3,2010 - MINUTES
A Meeting of the Andover Economic Development Authority was called to order by President Mike
Gamache, February 3,2010,6:00 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW,
Andover, Minnesota.
Present: Commissioners Don Jacobson (arrived 6:38 p.m.), Sheri Bukkila,
Mike Knight, Julie Trude, Joyce Twistol
Absent: Robert Nowak
Also present: Executive Director, Jim Dickinson
Public Works Director/City Engineer, Dave Berkowitz
APPROVAL OF MINUTES
0 January 5, 2010 Regular Meeting: Correct as written.
Motion by Trude, Seconded by Knight, approval of the minutes as written. Motion carried
unanimously.
PURCHASE AGREEMENT/LETTER OF INTENT/PROGRESS REPORT
Mr. Dickinson updated on the following:
Parkside at Andover Station: Staff continues to work with Bruggeman and Premier Bank to
monitor the situation.
Banners for Andover Station North: The banners will be put up by Public Works in the spring.
Moose & Co. Grill House: The owners continue to market the site.
Monument Sign (small one): The sign panels have be updated.
Kwik Trip: Spring construction is plarmed.
Annual Meeting of the Andover Station North Owners Association: The meeting was held
0 January 5, 2010. At the meeting Mr. Nagwani suggested light timers for the monument signs to
reduce the cost of lighting. Since the meeting timers have been installed.
Mr. Dickinson indicated that staff is looking at additional street lighting on 138th Avenue and Ibis
Street. The cost estimate is around $4,500. The EDA thought the lighting was appropriate.
0 Andover Economic Development Authority Meeting
Minutes - February 3, 2010
Page 2
Commissioner Trude suggested putting a community billboard on the comer of Bunker Lake
Boulevard and Crosstown Boulevard. President Gamache suggested finding a sponsor for the
project to help with the cost. Mr. Dickinson indicated he will check into this.
TIF PROJECT FUND DISCUSSION
Mr. Dickinson indicated he is looking for longer term direction from the EDA regarding the TlF
Proj ect Fund. There is going to be available increment in the proj ect fund. There are certain criteria
to be met on how the funds are used. Mr. Dickinson stated he will provide options of what can
happen with the funds and the reason why we have the availability of the funds.
Mr. Dickinson stated the current TIF Cash Flow Analysis indicates 1.2 million dollars available for
projects at the end of201l. He indicated with no other land sales there are no issues funding debt.
Mr. Dickinson indicated some potential projects are factored into the cash flow. The projects include
K wik Trip, parking lot/street in Andover Station North and a transfer out to purchase 14 acres; the
Slyzuk property.
0 Mr. Dickinson stated other revenue that could potentially add to the available increment would be
any new land sale and the Dynamic Sealing Technology project which has an option to purchase
another Andover Station North lot.
Mr. Dickinson indicated TIF District 1-2 (The Downtown Center) has the ability to go until 2014.
District 1-2 could add an additional $430,000 to the cash flow ifleft active until 2014. He stated as
long as the TlF District is active there is the ability to do another project within the TIF budget up
until 2014. If the funds are not used they will be retumed to Anoka County and the City will get
approximately 39% ofthe balance back that can be put into the General Fund.
Mr. Dickinson stated back in 1997 is when the Legislature changed how tax increment was defined.
The definition indicates land purchases done before July 1, 1997 and districts certified after June 30,
1982; the funds can be moved out ofthe tax increment. The City has two purchases/sales pre 1997.
Those funds could be moved.
Mr. Dickinson suggested some potential projects to consider with the transferred out funds are:
1. Purchase the Slyzuk property with the house on the property.
2. Pay the debt off at the Andover Station North outlot.
3. Renegotiate outstanding note of Parks ide at Andover Station.
0 Parkside at Andover Station was discussed.
Commissioner Knight stated he wants to see a planned, nice attractive City Campus when the Slyzuk
property is purchased and update Andover Station to be a more attractive place.
0 Andover Economic Development Authority Meeting
Minutes - February 3, 2010
Page 3
Commissioner Trude suggested an upgrade project on the area north of Bunker Lake Boulevard to
138th Avenue and west ofXavis Street.
President Gamache stated he likes the idea of paying off the Andover Station North debt and
focusing on the Bruggeman project.
Mr. Dickinson indicated he will work with Bond Counsel and the City's Fiscal Advisor to prepare
for the potential options discussed.
OTHER BUSINESS
There was none.
Motion by Knight, Seconded by Trude, to adjourn. Motion carried unanimously. The meeting
adjourned at 6:59 p.m.
~esI?ectfully submitted,
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. Mic e11e artner, Recording Secretary
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