Ed082602
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
Approved EDA Minutes August 26, 2002
Regular Meeting City Hall
CALL TO ORDER
President Enck called the meeting of the Economic Development Authority to order
at 8:31 p.m.
ROLL CALL
Present: W. Peter Enck, President
Sharon Cassen, Commissioner
Don Collier, Commissioner
Mary Gwin-Lenth, Commissioner
Absent: Pat LaVine Norby, Commissioner
APPROVE MINUTES
Motion was made by Commissioner Cassen, seconded by Commissioner Gwin-
to approve the Regular Meeting Minutes of August 12, 2002
Lenth, . Voting in
favor: Enck, Cassen, Collier, Gwin-Lenth; Voting Against: None; Absent: Norby;
Abstained: None. Motion carried.
EGAN COMPANIES President Enck introduced for discussion Item 4, Discussion Regarding Request by
Item 4 the Egan Companies, 7100 Medicine Lake Road, for Financial Assistance to
Relocate and Expand Facility in City of New Hope.
Mr. Kirk McDonald, Director of Community Development, reported that The Egan
Companies is considering purchasing and moving to the building at 8801 Science
Center Drive. The new location would allow the company to consolidate operations
into one facility. Due to significant improvements that would be required to the
building, Egan is requesting financial assistance from the EDA.
Mr. McDonald commented that Egan has over 750 employees designing and
constructing electrical, mechanical, building automation, insulation, glass and
curtain-wall systems. Presently Egan occupies six facilities, and this consolidation is
expected to result in 50-100 new jobs.
Mr. Craig Sulentic, Chief Executive Officer, and Tom Sexton, Cresa Partners, were
recognized. They provided an overview of the building plans. The desire to remain
in New Hope and retain existing labor base was emphasized. The present facility is
33,000 square feet, and the new site with the expansion would be 143,000 square
feet in size. Mr. Sulentic explained that the 11.7 acres at the 8801 Science Center
Drive site would provide future expansion opportunities.
The EDA encouraged Mr. Sulentic to serve as a business representative on the City
Center Task Force.
Mr. McDonald noted he has begun preliminary discussions with Krass Monroe, but
nothing formal has been prepared without the EDA’s approval. He stated a financial
analysis could be prepared within a month’s time.
The EDA directed staff to utilize services of a financial consultant to explore
options for financial assistance to Egan Companies such as tax increment financing.
New Hope EDA
Page 1 August 26, 2002
ADJOURNMENT
Motion was made by Commissioner Collier, seconded by Commissioner Gwin-
to adjourn the meeting
Lenth, . All present voted in favor. Motion carried. The
New Hope EDA adjourned at 8:55 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
New Hope EDA
Page 2 August 26, 2002