HomeMy WebLinkAbout2007 [07] Jul 25CITY OF ST. JOSEPH
ECONOMIC DEVELOPMENT AURTHORITY
Meeting Minutes -Wednesday, July 25, 2007
Present: EDA Board Members Ken Jacobson, Tom Skahen, AI Rassier and Carolyn Yaggie-
Heinen.
Absent: Dale Wick.
Also present: Cynthia Smith -Strack of Municipal Development Group.
Vice Chairperson Jacobson called the July 25, 2007 special meeting of the St. Joseph EDA to
order at 4:02 p.m.
Agenda.
Vice Chairperson Jacobson introduced the agenda. Moved by Skahen seconded by Heinen to
approve the agenda as presented. Motion carried 4-0.
Approval of Minutes.
Vice Chairperson Jacobson introduced the minutes from the July 11, 2007 regular meeting.
Motion Rassier, Second by Skahen to approve minutes from the previous meeting. Motion carried
4-0.
2008 EDA Budget Workshop.
Vice Chair Jacobson introduced the 2008 EDA budget.
Strack noted that Finance Director Lori Bartlett has convened the 2008 budget process. As part of
that process, the EDA must submit a preliminary budget to the City Council by August 15t. The
City Council will hold a budget workshop(s) in August. Following the Council's workshop, a
preliminary budget will be adopted and certified to the County in September and a final budget to
be adopted in December.
Strack noted that a worksheet illustrating preliminary budgets for the following funds was included
in the EDA's information packet:
1. The EDA is a separate entity with a separate Fund (Fund 150).
2. Tax Increment revenues and expenditures for TIF 1-3 (Borgert Products) -Fund 155
3. Tax Increment revenues and expenditures for TIF 1-4 (Vicwest Steel/St. Joe Dev. LLC) Fund
156
4. Revolving Loan Fund -Fund 250. Since there are no expenditures relative to this Fund, it is
not included on the worksheet.
Strack noted the following:
Fund 150: Operating Fund for the EDA: The 2008 budget is identical to that proposed in 2007.
The adopted budget for Fund 150 was decrease but supplemented by a fund transfer to reflect
the proposed budget. The proposed budget includes $8,000 for membership dues to the St.
Cloud Area Economic Development Partnership.
Fund 155: TIF Fund for 1-3: The anticipated revenues and expenses reflect TIF revenue
received in 2007. The City, via development agreement, is required to reimburse the developer
95% of the increment received.
Fund 156: TIF Fund 1-4: The anticipated revenues and expenditures are based on estimates.
Actual numbers are dependent on assessed market value. The TIF beneficiary did not enter into
EDA Minutes -July 25, 2007
an assessed market value agreement, therefore, the actual proceeds of the pay-as-you-go issue
is less than included in the TIF budget included in the plan for 1-4.
Fund 250: Revolving Loan Fund. The 2006 audited fund balance is $48,225. The balance is
available for loan to business establishments which create jobs at livable wages.
Also included in the information packet for the EDA's consideration attached was a copy of last
year's EDA capital improvement request for $10,000 for land acquisition along with a clear capital
improvement form for 2008.
The EDA Board reviewed and discussed the proposed budget, capital improvement requests and
associated materials.
Motion Skahen, second Heinen to approve the preliminary budget as presented and to submit
capital improvement requests in the amount of $7,500 for commercial redevelopment and
rehabilitation and $7, 500 for a proposed architectural/design services matching grant program.
Motion carried 4:0.
McComb Group Market Research Study -Preliminary Tables
Jacobson introduced the topic and noted he had not received a copy of the market study. Strack
noted that several comments/questions have arisen regarding the market study and are proposed
to be forwarded to McComb Group for additional information/action. The EDA is invited to forward
any/all comments to the City for collection and distribution to McComb Group. Council members,
the College of St. Benedict and the Chamber of Commerce have also been invited to submit
comments to the City for collection and distribution to McComb Group.
Next Meeting Date: Change from August 15th to August 22"d (proposed)
Jacobson introduced the agenda topic. Motion Heinen, second Skahen to hold the August EDA
meeting on August 22"d. Motion carried 4:0.
Adjournment.
Motion Skahen, second Heinen to adjourn the EDA meeting. Meeting adjourned at 4:45 PM.
EDA Minutes -July 25, 2007