HomeMy WebLinkAbout2007 [08] Aug 22CITY OF ST. JOSEPH
ECONOMIC DEVELOPMENT AURTHORITY
Meeting Minutes -Wednesday, August 22, 2007
Present: EDA Board Members Ken Jacobson, Tom Skahen and Dale Wick.
Absent: Carolyn Yaggie-Heinen and AI Rassier.
Also present: St. Joseph Resident Mike McDonald, Finance Director Lori Bartlett and Cynthia
Smith -Strack of Municipal Development Group.
Chairperson Wick called the August 22, 2007 regular meeting of the St. Joseph EDA to order at
3:02 p.m.
Agenda.
Chairperson Wick introduced the agenda and noted accounts payable and the financial report
were not included. Moved by Skahen seconded by Jacobson to approve the agenda with the
addition of approval of accounts payable and the financial report. Motion carried 3-0.
Approval of Minutes.
Chairperson Wick introduced the minutes from the July 25, 2007 special meeting. Motion Skahen,
Second by Jacobson to approve minutes from the previous meeting. Motion carried 3-0.
EDA Accounts Payable.
Wick introduced the topic. Strack noted accounts payable for the month totaled $40,544.86
including first half TIF disbursements to TIF 1-3 and TIF 1-4.
Motion by Jacobson, second by Skahen to approve the EDA accounts payable for the month of
July 2007 in the amount of $40, 544.86. Motion carried 4-0.
Financial Report.
Wick introduced the agenda item. Strack noted the financial reports included in the packet were:
revenue, expense, check register and fund balance.
Motion by Wick, second by Skahen to approve the July financial reports as presented. Motion
carried 3-0.
Revolving Loan Fund Policy.
Chairperson Wick introduced the agenda item.
Strack noted that in the past the EDA has discussed the concept of revolving loan fund standards
and, although we have made progress on reviewing in the past the EDA has not finalized RFL
guidelines.
The EDA reviewed draft guidelines and the associated application. The EDA discussed the
purpose of the RFL which is to stimulate economic development by providing low interest loans to
small and medium sized businesses. Eligible loan activities include real estate and machinery
acquisition and costs associated with rehabilitation, reconstruction, installation of improvements,
utilities and infrastructure. Approval criteria include: demonstration of a gap in financing,
creation/retention of jobs, ability to increase/diversify the local tax base and consistency with the
City's business subsidy policy.
The EDA reviewed proposed application processing standards. Application processing is to begin
with a meeting with City staff. If the project meets program objectives and other eligibility items
the applicant is able to apply for RLF assistance. The application will require submittal of a project
EDA Minutes -August 22, 2007
description, a statement describing the nature of the business and proposed plans, sources/uses
proforma for the project, completed profit and loss statements for the previous two years (if
applicable) and projections for the next three years, personal financial statements and other
pertinent data.
Following the submission of a completed application the RLF policy called for review by the EDA.
As an alternative, a subgroup of the EDA could be established to review the appropriateness of
the level of assistance requested and make a recommendation to the full EDA which would then
review the request.
Members of the EDA present at the meeting requested additional information regarding the
potential for asub-group review/recommendation to the EDA regarding appropriateness of the
level of assistance requested be brought to the next regular meeting for review.
Motion by Skahen, second by Jacobson to approve the revolving loan fund policy and application
conditioned upon review/approval of the establishment of a subgroup to review the request and
make a recommendation to the full EDA as to the appropriateness of the level of assistance
requested. Motion carried 3-0.
Strack was directed to bring sample language regarding the subgroup to the next regular EDA
meeting.
Review of City Website.
Wick introduced the agenda item and noted it was placed on the agenda at his request. Wick
noted some of the information relating to the EDA on the City website was outdated and in need
of updating.
Wick distributed examples of information requiring updating. Strack was directed to review
material posted on the City website and have the information updated. In addition Wick noted the
City Profile as listed on the MnPRO website was in need of updating. Strack was also direct to
update the community profile.
Next Meeting Date.
Wick introduced the agenda item and noted that he would not be able to attend an EDA meeting
if scheduled for Wednesday, September 19'h. Wick inquired as to whether or not the regular
meeting could be delayed one week.
Motion Skahen, second Jacobson to move the next regular EDA meeting to 3 p.m. on
Wednesday, September 26~h. Motion carried 3-0.
Board Member Reports.
Wick noted he attended the St. Cloud Area Economic Development Partnership meeting earlier in
the day. Wick noted that the 2007 audit was complete, that an annual job fair was coming up in
September and that a golf outing was planned for September and the EDA could add something
to a gift bag if they liked.
Wick announced that a preliminary plat for Parkway Industrial Park was approved and that new
urban industrial lots would be coming soon.
Adjournment.
Motion Skahen, second Wick to adjourn the EDA meeting. Meeting adjourned at 3:40 PM.
EDA Minutes -August 22, 2007