HomeMy WebLinkAbout[05] Establish ED District
\[05\]
Council Agenda Item
MEETING DATE:
March 22, 2016
AGENDA ITEM:
Establishment of Economic Development District
SUBMITTED BY:
Administration
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
On February 25, 2016 the EDA
and St. Joseph City Council met in special session to discuss the proposed Government Center and
financing. The EDA voted to authorize the issuance of Public Project Revenue Bonds as an alternative
financing source. The EDA authorized the setting of the public hearing to establish an economic
development district.
PREVIOUS COUNCIL ACTION:
On February 25, 2016 during the joint meeting of the EDA and
City Council, the Council accepted the motion of the EDA authorizing the issuance of Public Project
Revenue Bonds for the financing of the Government Center.
BACKGROUND INFORMATION:
As stated above both the EDA and City Council have already
authorized the issuance of Public Project Revenue Bonds and the EDA authorized the setting of the public
hearing to establish an economic development district. Therefore, the action on the meeting at this time is
NOT the issuance of bonds, it is establishing an Economic Development District. The boundary of the
district is the entire 16 acre parcel that was the former Colts Academy site. Placing the entire parcel in
the district allows for flexibility in financing other developments in the project to include the
remodeling/addition of a community center or any other building that would be constructed on the site.
While the EDA by Statute conducts the public hearing the City requires the EDA forward a
recommendation to the Council on such matters. Therefore, procedurally the EDA will meet first at the
dais, conduct the public hearing and make a recommendation to the City Council. The EDA will adjourn
the EDA meeting and at that time the Council will move to the dais and the normal meeting will start.
ATTACHMENTS:
Request for Council Action
Resolution EDA 2016-001
REQUESTED COUNCIL ACTION:
Accept the recommendation of the establishing Economic
Development District No. 1
This page intentionally left blank
EDA Resolution 20016-001
RESOLUTION ESTABLISHING
ECONOMIC DEVELOPMENT DISTRICT NO. 1
A.WHEREAS, it has been proposed that the Board of Commissioners (the "Board")
of the Economic Development Authority of the City of St. Joseph, Minnesota (the "EDA")
establish Economic Development District No. 1 pursuant to and in accordance with Minnesota
Statutes, Sections 469.090 through 469.1082, inclusive, as amended; and
B.WHEREAS, the EDA has performed all actions required by law to be performed
prior to the establishment of Economic Development District No. 1, including, but not limited to,
the holding of a public hearing upon published notice as required by Minnesota Statutes,
Sections 469.101, Subdivision 1; and
NOW, THEREFORE, BE IT RESOLVED, by the Board as follows:
1.Economic Development District No. 1. There is hereby established in the City of
St. Joseph (the "City") Economic Development District No. 1 (the "Economic Development
District"), the initial boundaries of which are fixed and determined as described in Exhibit A.
2.Findings. Economic Development District No. 1 is proper and desirable to
establish and develop within the City.
Adopted this 22nd day of March, 2016 by the Board of Commissioners of the Economic
Development Authority of the City of St. Joseph, Minnesota.
_________________________
Dale Wick, President
Attest: ________________________
Its: Secretary, Larry Hosch
A-1
This page intentionally left blank