EDC 01-28-2005 - Laserfiche WebLink

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~ . ~~HILLS CITY OF ARDEN HILLS, MINNESOTA ECONOMIC DEVELOPMENT COMMISSION JANUARY 28, 2005, 7:00 A.M. CITY HALL i"D FLOOR CONFERENCE ROOM, 1245 WEST HIGHWAY 96 Chairman Kunkel called the meeting to order at 7:00 a,m. Those in attendance: Chair Bruce Kunkel, Mayor Aplikowski ( arrived at 7:20 a.m. ): Commission members Kevin Kelly, Ray McGraw, Chris Ashbach, Jim Paulet and Ed Werner. Absent: Dale Beane: Staff: Scott Clark: The minutes of the January 14,2005 meeting were agreed to without corrections. Since Chair Kunkel had to leave at 8:00 a.m, the agenda was dispensed and a lengthy discussion ensued regarding recommendations for a public financing policy. Clark presented draft language that would serve as a guiding principle for public financing. This principle states that the City should commit itself to the full redevelopment of the TCAAP using public financing as needed. It was understood that the amount could be significant as demonstrated in the prior meeting where it was illustrated that $70,000,000 of tax increment is available as a pool for public financing. The EDC did discuss that any puhlic financing will have to he carefully constructed to insure that disbursements are reviewed and administered in a fiscally responsible . manner. It was discussed that the TCAAP project will need significant City services and that ultimately additional project revenue (monies generated from the creation of a tax increment paying base) will not he sufficient for increased expenditures. The group will continue this discussion at their next meeting and asked staff to prepare gross estimates as to the revenue/expenditure. It was understand that within a one week turn around time that gross estimates is all that could be achieved. It was also agreed to that the EDC would finalize a report that would be distributed to the City Council on February 22,2005. The next meeting will be at 7:00 a.m. on February 4,2005. Meeting adjourned at 9:00 a.m. .