HomeMy WebLinkAbout2016 [03] Mar 22 March 22, 2016
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Pursuant to due call and notice thereof, the St.Joseph Economic Development Authority for the City of
St.Joseph met in special session on Tuesday March 22, 2016 at 6:00 PM in the St. Joseph City Hall.
Members Present: Chair Dale Wick. Board Members Rick Schultz, Doug Danielson
Members Absent: Gary Osberg, Larry Hosch
Citv Representatives Present: City Administrator Judy Weyrens
Others Present: Ellen Wahlstrom, Margy Hughes, Janet Haviland, Tom Klein
Public Hearinq—Establishment of Economic Development District: Chair Wick opened the public hearing
to which Weyrens stated the purpose of the hearing is relating to the establishment of Economic
Development District No. 1, pursuant to Minnesota Statutes, Section 469.090 through 469.1082.
Ellen Wah/strom, 409—S�h Ave NE:Wahlstrom approached the board in order to obtain clarification on
what the public hearing is for. Wahlstrom questioned whether the reason for the Economic Development
District is so that the City can access revenue bonding for projects.Wahlstrom added that in the future
any other buildings within the development district can be funded through revenue bonds.
Weyrens stated Wahstrom is correct; however there are different options for funding of those projects. For
example, any future development on the open 13 acres on the Community Center site could be open to
multiple types of funding.
Wahlstrom questioned which type of funding is more costly.Weyrens stated that today the public revenue
bonds have a higher interest rate than the CIP bonds. Wahlstrom questioned what the vote was for
establishing the public hearing.Weyrens stated there was one EDA member absent, and the vote passed
3 to 1.
As no one else present wished to speak,Wick closed the public hearing.
Schultz made a motion authorizing the President and Secretary of the St.Joseph EDA to execute
Resolution 2016-001 Estabfishing Economic Development District No. 1 and recommend the
Council accept the recommendation of the EDA and execute a resolution establishing Economic
Development District No. 1. The motion was seconded by Danielson and passed unanimously by
those present.
Adiourn: As all items on the agenda were completed;Wick adjourned the meeting.
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