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HomeMy WebLinkAbout04-26-18 MINUTES ECONOMIC DEVELOPMENT AUTHORITY Regular Meeting April 26, 2018 1. CALL TO ORDER The meeting was called to order by Chair Larson at 6:30 p.m. Members Present: Larson, Cordes, Jolley, Simmons, Wilson Members Absent: Craig, Corraro Also Present: Adam Kienberger, Community Development Director Doug Zellmer and Keith Gilmore, Dakota Wood Design 2. PLEDGE OFALLEGIANCE 3. ROLL CALL 4. APPROVE AGENDA MOTION by Cordes, second by Wilson to approve the Agenda. APIF, MOTION CARRIED. 5. CITIZEN COMMENTS/PRESENTATIONS 6. CONSENT AGENDA MOTION by Jolley, second by Cordes to approve the Consent Agenda as follows: a) Approved Meeting Minutes (March 22, 2018 Regular Meeting) b) Received Monthly Financial Statements APIF, MOTION CARRIED. 7. DISCUSSION ITEMS a) Downtown Facade Improvement Grant Program Application Dakota Wood Design Doug Zellmer and Keith Gilmore of Dakota Wood Design, 701 l St Street, have applied for a grant for proposed building improvements including steel siding, paint garage doors, new soffit and fascia, new gutters and downspouts, relocate air conditioning unit, partial reroof, replace concrete loading dock and install concrete aprons on four overhead doors. The total project cost is $57,700. The requested grant amount is $10,000. All improvements will be on the street side. The building is leased to several tenants. MOTION by Jolley, second by Wilson to approve the Façade Improvement Grant for $10,000 to Dakota Wood Design. APIF, MOTION CARRIED. b) Immanuel Dental Certificate of Completion Staff was contacted by the title company on behalf of Immanuel Dental to prepare a certificate of completion for the development contract from 2011 when the building was constructed. They will be expanding their building to the east. EDA Minutes(Regular) April 26,2018 Page 2 MOTION by Simmons, second by Cordes to approve the certificate of completion. APIF, MOTION CARRIED. c) Downtown Redevelopment Plan Implementation—Rambling River Center Plaza Funding One of the projects in the downtown redevelopment plan is a plaza in the parking lot next to the Rambling River Center. The next step is funding. This project has been added to the CIP with starting an initial phase of the project in 2019. Staff will be seeking corporate sponsorships and also funding from the city and EDA. At the last meeting the EDA received an update on their financial situation. The overall project cost ranges from $501,000 to $708,000. The near term phase cost is $265,000 to $369,000. This isn't just a park and rec, community development or public works project. It is all of these together. The EDA discussed contributing to this project. At a recent workshop, the City Council discussed pooling one third of the cost; so $100,000 to $200,000. That is the start-up dollars for phase one. That amount will be funded upfront. Most of it will be used for tearing up the parking lot. Members were very supportive of this project. EDA dollars can be spent on anything and the EDA can take a leadership role in this project. It was suggested to get funding from corporate sponsors before the EDA contributes. Corporations will want to know that the project will get done. Staff reached out to the City Council and internal boards first as they have the most flexibility and ability to go first before reaching out to outside organizations. In order to apply for grants, there needs to be a match and that is where the city funding would come in. After the internal asks, staff will work on a sponsorship package. It was suggested to also put this out to the general public. Perhaps someone would want to make a donation in memory of someone. Members noted there should be a full financial plan over a set period of time established including contingency in case corporate funds don't come in and private funds come in lower than projected. It was suggested the EDA pledge $100,000. But the EDA may also need more grant money for the façade improvement program. Staff explained by pledging an amount, it doesn't mean the fund balance is decreased by that amount today. It means the funds are reserved for it. It serves as leverage to get other commitments. Members discussed committing $100,000 and splitting it up as $50,000 now and $50,000 later for phase two. Some type of plaque will be needed to recognize those who contributed. This should be given to the developer to include in the plan. Staff can bring this idea to the design firm. MOTION by Cordes, second by Simmons to commit $50,000 now and $50,000 later. APIF, MOTION CARRIED. 8. DIRECTOR'S REPORT Staff provided the first quarter report from Open to Business. They had meetings with five Farmington businesses and met with six residents. EDA Minutes(Regular) April 26,2018 Page 3 The Mayor presented the State of the City on April 20, 2018, and it is available on the city's website. Small Business Week is April 29 through May 5, 2018. The chamber is hosting several events. The CDA approved the city's redevelopment incentive grant application for the Highway 3 corridor study. This will be matched with CDBG dollars. The strategic plan for economic development will be updated this fall. 9. ADJOURN MOTION by Wilson, second by Cordes to adjourn at 7:25 p.m. APIF, MOTION CARRIED. Respectfully submitted, Cynthia Muller Administrative Assistant