CCP 10-14-1997 - Laserfiche WebLink

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.. MINUTES ~OO~~1 CITY OF ARDEN HILLS, MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING - SEPTEMBER 22, 1997 8:45 P,M. - ARMY RESERVE CENTER CALL TO ORDER/ROLL CALL Pursuant to due call and notice thereof, Prcsident Dcnnis Probst callcd to order the spccial Economic Devclopmcnt Authority mecting at 10:41 p.m. Present: President Dcnnis Probst, Commissioners Bcverly Aplikowski, Susan Keim, and Paul Malonc. Absent: Commissioner Dalc Hicks Also prescnt were: Exccutive Dircctor, Kevin Ringwald; Sccretary/Treasurer, Brian Fritsinger; Attorney, Jerry Filla; and Recording Sccretary, Cindy Schncider. ADOPT AGENDA MOTION: Malonc moved and Keim scconded a motion to adopt the agcnda for the Scptcmber 22, 1997, Special Economic Developmcnt Authority meeting as . presented. The motion carried unanimously (4-0). UNFINISHED AND NEW BUSINESS A, Gatcway Business District (GBD) 1, Dcveloper's Agreement, Wclsh Developmcnt Company, LLC Mr. Brian Fritsingcr, EDA Sccrctary/Treasurcr, statcd thc EDA is being askcd to approve the Dcvelopment Agreement between thc City of Arden Hills and Welsh Developmcnt Company, LLC. Mr. Fritsinger stated the EDA and City will bc rcsponsible for the construction ofthc Highway 96 and thc 14'h Street improvements. Those improvements will be completed in 1998, and will be paid for using the proceeds of City tax increment bonds. It is anticipated that the improvements to 14'h Strcct will begin in 1997 and to Highway 96 in 1998. Thc City and the EDA will, at some point, undcrtake the West Round Lake Road improvemcnts, but these improvements arc not necessary at the prcsent time. The City has been working with Ehlers and Associates to determinc the level of bonds necessary to bc issued for this project, and expects to have a formal recommendation available at the Octobcr 14, 1997, regular City Council mceting. The bond is cstimated to be in the area of$2.5 - $3,5 million. The City intends to be conscrvative in thc issuance of bonds. .