HomeMy WebLinkAbout08.15.22 EDA Minutes CITY OF FARMINGTON
ECONOMIC DEVELOPMENT AUTHORITY MINUTES
REGULAR MEETING
August 15,2022
1. CALL TO ORDER
The meeting was called to order by EDA Chair Wilson at 6:00 p.m.
2. ROLL CALL
Members Present: Bernhjelm,Hoyt,Porter,Lien,Wilson
Members Absent: None
Staff Present: Lynn Gorski,City Administrator; Kalley Swift,Community
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Development Specialist
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Others Present: Kara Hildreth,Journalist
3. APPROVEAGENDA
MOTION by Hoyt,second by Bernhjelm to approve the Agenda.APIF, MOTION CARRIED.
4. CONSENT AGENDA
a) Meeting Minutes(July 18,2022 Regular Meeting)
b)Monthly Financial Statement
c)Appoint An Executive Director of the EDA
d)Execute a Certificate of Completion&Release of Contract- 5147 2 081h Street W
MOTION by Lien,second by Hoyt to approve the consent agenda.APIF, MOTION CARRIED.
5. DISCUSSION ITEMS
a) Review of An Amended Business Subsidy Policy
The Farmington City Council has established priorities,one of which is Business Growth,to
help provide more amenities to residents and increase and diversify our tax base.One of the
primary tools that could help accomplish this goal is a business subsidy.In addition to a
business subsidy policy,the requirements and limitations established through Minnesota
State Statute Sections 116J.993 through 116J.995 shall be followed.The Business Subsidy
Policy will be used as a guide when reviewing an application submitted to the city for a
business subsidy.The City has the right to deviate from their Business Subsidy Policy.
MN Statute 116J.994,Sub.2 requires that prior to awarding a financial subsidy to a
business a set of criteria needs to be developed by the grantor.The Cityof Farmington's
proposed amended Business Subsidy Policy establishes MN State Statute business subsidy
definition and develops a set of criteria as required.The current Business Subsidy Policy
was last amended on April 20,2015.City staff believes that based on the changes in our
community and the economic environment that the policy should be updated to better
attract businesses into our community and help retain a more diverse business economy.
The amended Business Subsidy Policy will absorb the current Business Subsidy Policy,Tax
Abatement Policy,an TIF Policy and dissolve it into one si
ngle le olic for ease of use and
understanding for business prospects,the community and city staff.
Economic Development Authority Minutes Pagel of 2
Regular Meeting
August 15,2022
The Economic Development Authority(EDA)began an initial conversation about an
amended Business Subsidy Policy on February 22, 2022 at their Regular meeting and had a
follow-up discussion on May 16,2022 at their Regular. meeting.City staff utilized the
direction given from the EDA to finalize the amended Business Subsidy Policy brought
forward tonight for review and adoption by the City Council.
6. DIRECTOR'S REPORT
City staff review the Favor Farmington bingo event happening in August,RFIs,RFPs,and
upcoming ribbon cuttings.
7. ADJOURN
MOTION by Porter,second by Bernhjelm to adjourn at 6:42 p.m. APIF, MOTION CARRIED.
Respectfully submitted,
Kalley Swift
Community Development Specialist
Economic Development Authority Minutes Page 2 of 2
Regular Meeting
August 15,2022