Ed081400
CITY OF NEW HOPE
4401 XYLON AVENUE NORTH
NEW HOPE, MINNESOTA 55428
Approved EDA Minutes August 14, 2000
Regular Meeting City Hall
CALL TO ORDER President Enck called the meeting of the Economic Development Authority to order
at 9:13 p.m.
ROLL CALL Present: W. Peter Enck, President
Don Collier, Commissioner
Pat LaVine Norby, Commissioner
Mark Thompson, Commissioner
Absent: Sharon Cassen, Commissioner
to
APPROVE MINUTES Motion was made by Commissioner Norby, seconded by Commissioner Collier,
approve the Regular Meeting Minutes of July 24, 2000
. All present voted in
favor. Motion carried.
President Enck introduced for discussion Item 4, Discussion Regarding Request for
TAX INCREMENT
Tax Increment Financing Assistance for Avtec Building Expansion and Regional
FINANCING
Stormwater Pond Improvements, 9101 Science Center Drive (Planning Case No.
ASSISTANCE
00-11).
Item 4
Mr. Kirk McDonald, Director of Community Development, explained that at the
July 24 meeting, the EDA directed staff to meet with a financial consultant and
report back to the EDA with a preliminary recommendation. He stated Krass
Monroe completed several cash flows showing estimates of the amount of tax
increment revenue which could be generated if the property at 9101 Science Center
Drive was included in a tax increment district. Mr. McDonald stated the benefits to
the City are marginal compared to the risks involved. He noted the City does not
have any firm plans for regional ponding or trails, and therefore staff advises against
the creation of a TIF district.
Mr. McDonald stated staff has notified the developer of staff’s recommendation and
they are still prepared to proceed with the Avtec building expansion project.
Motion was made by Commissioner Collier, seconded by Commissioner
MOTION
not to proceed with creation of TIF district.
Thompson, All present voted in
Item 4
favor. Motion carried.
ADJOURNMENT Motion was made by Commissioner Thompson, seconded by Commissioner Norby,
to adjourn the meeting. All present voted in favor. Motion carried. The New Hope
EDA adjourned at 7:36 p.m.
Respectfully submitted,
Valerie Leone
City Clerk
New Hope EDA August 14, 2000
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