Economic Development Authority (EDA)

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Agenda

[0:03] 1. Call to Order
[0:08] 2. Roll Call
[0:20] 3. Approval of Minutes
[0:22] 3.1. Approval of the October 16, 2023 Economic Development Authority (EDA) Minutes
[0:41] 4. New Business
[0:44] 4.1. Agreement Extending and Amending the MOU for Anoka County Economic Development
[2:34] 4.2. Authorizing an Interfund Loan between the Blaine Economic Development Authority and the City of Blaine
[4:34] 5. Old Business
[4:39] 6. Adjournment

Transcript

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[0:04] We're going to call the EDA of November 20, 2023 to order and we'll have the clerk take the roll.
[0:10] Commissioner is foaming, Larson, Ms. Olia, Newlin, Robertson, yep, Sorya, President Sanders.
[0:19] Here, all right, it's just you all took a look at the minutes and all except a motion on approval of the October 16, 2023 minutes.
[0:27] We'll move by council member, Newlin, second by council member Robertson. Any questions or discussion to those?
[0:33] Seeing and hearing none, all those in favor of the minutes of October 16th, 2023, please say aye.
[0:39] Aye.
[0:40] Opposed.
[0:40] Motion prevails.
[0:43] New business.
[0:45] 4.1.
[0:46] We'll go to Director Thorvig.
[0:48] Thank you, President Sanders and Board members.
[0:50] This is an agreement extending and existing MOU that we have with the Noka County Economic Development.
[0:56] I trust that you've read your packets, so I won't give you a lot of detail, but
[1:00] Economic development efforts at the colony started in about 2017 and there was a committee that was formed and a study that was completed and
[1:08] Shortly thereafter in 2019 and MOU was executed by all the cities in the Noka County to advance economic development efforts
[1:15] Countywide and that does expire in 2024 and they're requesting an additional year on that MOU and within that additional year
[1:24] the hope is is that we would refresh and update the ideas and goals and everything that
[1:29] we put together almost six years ago now. And continue the advancement of I don't
[1:35] click on economic development. I will say that it was something that the county needed to do
[1:41] if you look at what other counties are doing, the effort that we partook in and I was a key
[1:46] part of that in 2017 to get this put together. And a lot of their efforts are on marketing which
[1:53] extremely important. I think we're all familiar with the challenges that we have as a North
[1:57] Metro and any marketing efforts that can occur. We'll help us and try to attract things that we
[2:04] may be losing to other parts of the metropolitan area. So that's a key factor that the
[2:09] county does provide through this initiative among other things. So the MOU extends that through
[2:16] 2025 and with that President Sanders, I'll put it up for any questions. Thank you, Director
[2:20] your Thorvic Commissioner's emotion, please?
[2:22] Move it.
[2:23] Move back, Commissioner.
[2:23] New and second by Commissioner, Missile, any questions for the director?
[2:28] Seeing and hearing none, all those in favor of that motion, please say aye.
[2:31] Aye.
[2:32] Opposed?
[2:33] Motion prevails.
[2:34] Next up is 4.2 director or no.
[2:37] We'll go to Finance Director.
[2:39] Director Zimmerman, welcome.
[2:40] Is this your first EDA meeting?
[2:42] President.
[2:43] I believe it's my second.
[2:44] Well, welcome.
[2:45] Thank you.
[2:46] Make this one more memorable.
[2:47] I'm just kidding.
[2:48] do my best. President and commissioners, the resolution before you this evening for your consideration
[2:55] is an inner-fund loan between the blame economic development authority in the city of
[3:00] Blaine. On November 6, the Blaine City Council approved essentially phase 1 of a project
[3:07] around the National Sports Center to provide $500,000 of funding for engineering and preliminary
[3:13] excavation work for the installation of multiple turf fields. As the project
[3:20] directly benefits the the EDA, the the resolution effectively operates as
[3:25] a temporary loan to provide funding to the city as the city continues to
[3:32] contemplate additional funding for the project of the installation of the turf
[3:36] field. So pertinent details regarding the inner fund loan include loan amount up to
[3:43] $500,000, the loan is to be issued at a 0% interest rate, the loan automatically terminates
[3:50] if the city issues funding for phase two of the turf field project, and if the city fails
[3:58] to issue bonding for phase two of the project by December 31st, 2024, the Interfund loan terminates
[4:06] and a transfer is then authorized between the city of or between the EDA and the city.
[4:14] With that, I will stand for any questions.
[4:17] Thank you, Director Zimmerman.
[4:18] Our commissioner is a motion please.
[4:20] Move by commissioner Roberts and second by commissioner Newland.
[4:25] Any other questions or discussion?
[4:28] Seeing and hearing none, all those in favor of that motion, please say aye.
[4:30] Aye.
[4:31] Opposed?
[4:32] Motion prevails.
[4:34] Director Thorvig and the other business for the EDA.
[4:39] All right, seeing none, I'll entertain a motion to adjourn and we'll go back into closed session in Clover Leaf.
[4:47] So moved and seconded.
[4:48] All those in favor of adjourment, please say aye.
[4:51] Opposed.
[4:51] Motion prevails.