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HomeMy WebLinkAbout2009-06-09 EDA MinutesCITY OF COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY MINUTES June 9, 2009 Pursuant to due call and notice thereof, a regular meeting of the Economic Development Authority was held at Cottage Grove City Hall, 7516 80 St. S., Cottage Grove, Minnesota 55016 on the 9th day of June 2009. CALL TO ORDER The meeting was called to order at 7:35 a.m. by EDA President Bailey. Rni i c.oi i Members Present: Myron Bailey, EDA President Tony Jurgens, EDA Member Justin Olsen, EDA Vice President Paul Poncin, EDA Secretary /Treasurer Richard Remackel, EDA Member Sara Westall, EDA Member Members Absent: Chris Reese, EDA Member Staff Present: Joe Fischbach, Management Analyst Ryan Schroeder, EDA Executive Director Ken Smith, Management Analyst Jesse Swenson, Management Analyst Others Present: None APPROVAL OF MINUTES A motion was made by EDA Secretary /Treasurer Poncin to approve the May 12, 2009 Economic Development Authority minutes. Seconded by EDA Member Jurgens, All Present in Favor. DEVELOPMENT UPDATE EDA Executive Director Schroeder gave the EDA a development update. New homes and Economic Development Authority - Minutes June 9, 2009 Page 2 remodeling permit values are on pace with earlier projections. New home permit production is at 27 units. Mainstreet Bank (Cottage Grove branch) and Merchants Bank will merge on Friday, June 12th to become Merchants Bank. A proposal was submitted to the EDA to revise the Industrial Park preliminary plat's, which would include the extension of Hemingway Avenue at 97 Street, and add a cul -de -sac. This would create enhanced development opportunity out of what is currently a very difficult development parcel. This redesign creates roughly 15.5 acres west of the cul -de -sac with about 19 acres continuing to be available east of the proposed street. A motion was made by EDA Secretary /Treasurer Poncin to approve the Industrial Park preliminary plat revision with the extension of Hemingway Avenue and creation of a cul -de -sac. Seconded by EDA Member Remackel, All Present in Favor. A list of 2008/2009 business leads was also discussed by the EDA members. TIF STATUS UPDATE Information was presented to the EDA regarding the City's current TIF status. The taxing districts are doing fine financially. There are 4 TIF districts that have or will terminate soon. When those districts expire the tax amount will spread to all taxing jurisdictions. Countywide, Cottage Grove represents 16% of TIF district revenues. ECONOMIC FORECASTING Staff presented information regarding the current real estate market and the taxable market values of homes in the metro area, specifically in Cottage Grove. Staff believes there will be an uptick in residential construction, but for the time being Cottage Grove will experience an overall flat trend, with overall modest growth over the next several years. Staff believes that by 2011 (pay 2012) market values of existing homes will reverse course modestly perhaps in the 3% to 4% range above pay 2011 values. The belief is that this same taxable value increase will again be replicated for taxes payable 2013. EDA Member Westall noted that the data presented showed that Cottage Grove is selling its foreclosed homes quickly. COMMUNITY CENTER TASK FORCE The Community Center Task Force has produced a work plan for the next year. EDA President Bailey noted that the three areas of interest include a water park, and teen and senior programming. BRU UPDATE EDA Executive Director Schroeder gave a BR &E update. METRO MSP WEB SITE UPATE Management Analyst Swenson provided a year -in- review update on the metro msp web site. 2009 EDA GOLF TOURNAMENT UPDATE Economic Development Authority - Minutes June 9, 2009 Page 3 Management Analyst Swenson provided an update for the EDA. CALENDAR The EDA members were reminded of upcoming meetings and events. MISCELLANEOUS BUSINESS ITEMS EDA Members were provided a letter from the PGA recognizing Golf Professional, Bruce Anderson's distinguished service to "growing the game" of golf. EDA President Bailey noted that he had recently met with Representative John Kline to discuss the Hwy 19 road construction, and also spoke with him about the bridge project and possible community center. ADJOURN EDA Secretary /Treasurer Poncin moved to adjourn the meeting. Seconded by EDA Member Westall, All Present in Favor. The meeting adjourned at 8:26 AM. Respectfully Submitted, Jesse Swenson Management Analyst