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HomeMy WebLinkAbout3.1 May 14, 2019 EDA Minutes CITY OF COTTAGE GROVE E CONOMIC D EVELOPMENT A UTHORITY MINUTES EDA Meeting May 14, 2019 Pursuant to due call and notice thereof, a special meeting of the Economic Development Authority was th held at Cottage Grove City Hall, 12800 Ravine Parkway, Cottage Grove, Minnesota 55016 on the14 day of May 2019 at 7:34 a.m CALL TO ORDER The meeting was called to order at 7:30 a.m. by EDA President Bailey. ROLL CALL Members Present: Myron Bailey, EDA President Chris Carey, EDA Member Steve Dennis, EDA Vice President Dan Myers, EDA Member Eric Thiewes, EDA Member Ramona Westerberg, EDA Member Members Absent: Rachel Smoot, EDA Member Staff Present: Jennifer Levitt, City Administrator Robin Roland, Finance Director Christine Costello, Acting Community & Economic Development Director Matt Wolf, Economic Development Specialist Others Present: APPROVAL OF MINUTES th 3.1 Approval of the April 9, 2019 EDA Minutes th EDA Member Thiewes motioned to approve the March 12, 2019 EDA Meeting Minutes. EDA Member Westerberg seconded. Motion passed unanimously (5-to-0 vote) BUSINESS ITEMS 4.1 Economic Development Update/Business Inquiry Economic Development Authority – Minutes May 14th, 2019 Page 2 of 3 Economic Development Specialist Wolf gave an update on the new business and projects occurring in Cottage Grove. 4.2 Renewal by Andersen/Murphy Logistics Economic Development Specialist Wolf gave a presentation regarding an expansion effort by Renewal by Andersen and Murphy Logistics for the construction of a 464,000 square foot building that will connect via a transitway to Renewal by Andersen’s current facility. EDA Member Thiewes motioned to approve a resolution approving the purchase of property from WAG Farms Inc., et. al. and sale of property to Shamrock Investments V, LLC for development purposes. Motion seconded by EDA Member Myers. Motion passed unanimously (6-to-0). EDA Member Carey motioned to approve a resolution approving a Minnesota Investment Fund application for Renewal by Andersen LLC. Motion seconded by EDA Member Myers. Motion passed unanimously (6-to-0). EDA Member Westerberg motioned to approve a resolution in support of a Job Creation Fund application for Renewal by Andersen LLC. Motion seconded by EDA Myers. Motion passed unanimously (6-to-0). 4.3 Fourth Amendment to the Belijah/Gardenworld Purchase Agreement Economic Development Specialist Wolf discussed the need to adjust the right of first option for the Belijah Purchase Agreement from 6.47 acres to 4.39 acres directly to the south of their current property. EDA Member Carey asked if Belijah was approached to discuss this revision. Economic Development Specialist stated they were approached and approved of the amendment. EDA Member Carey motioned to approve the fourth amendment to the purchase agreement between the Cottage Grove Economic Development Authority and Belijah LLC. EDA Member Westerberg seconded the motion. Motion passed unanimously (6-to- 0). 4.4 Issuance of Taxable Increment Revenue Note – Series 2019A (Modern Automotive Performance Project TIF 1-18) Economic Development Specialist Wolf presented the Modern Automotive Performance was substantially complete with their 25,000 square foot expansion and were ready ot issue the taxable increment revenue note – Series 2019A. EDA Vice President Dennis motioned to approve the resolution issuing, an providing the form, terms, covenants and directions for the issuance of its taxable Tax Increment Revenue Note, Series 2019A in an aggregate principal amount not to exceed $117,000. EDA Member Westerberg seconded. Motion passed unanimously (5-to-0) (EDA Member Carey recused himself due to a conflict of interest). PUBLIC HEARINGS 5.1 None Economic Development Authority – Minutes May 14th, 2019 Page 3 of 3 OTHER BUSINESS 6.1 Calendar 6.2 EDA Comments 6.3 Response to Previous EDA Comments WORKSHOP None AJOURN EDA Member Westerberg made a motion to adjourn. EDA Member Thiewes seconded. The meeting adjourned at 8:07 a.m. (6-to-0 vote) Respectfully Submitted, Matt Wolf Economic Development Specialist