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07-13-04 (2)
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07-13-04 (2)
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MINUTES <br /> New Brighton Economic Development Commission <br /> Regular Meeting—July 13, 2004 <br /> 7:00 a.m. <br /> Members/Liaisons Present: <br /> Mary Burg, Linda Harmon, Ken Johnson, John Kaufhold(7:10 am), Steve Larson, Mark Nelson, <br /> Maxine Pierson, Gary Stang. <br /> Members/Liaisons Absent: <br /> Bob Benke, Gene Delaune, Dennis Flahave, Jim Witkowski. <br /> Staff Present: <br /> Matt Fulton, David Black. <br /> Call to Order <br /> Linda Harmon called the meeting to order at 7:05 a.m. <br /> Approval of Minutes <br /> The minutes of June 8, 2004 were presented for approval. There was one minor correction <br /> suggested. With that change, all approved. <br /> Business Council <br /> Black reported that the June 29 meeting was a success, with about 20 businesses attending. The <br /> next meeting is tentatively scheduled for September 28th. Kaufhold suggested that staff use the <br /> lists of attendees from past meetings for invitations for future meetings. <br /> Northwest Quadrant Report <br /> Corporate Site. Fulton reported that Bill Tobin of CRESA Partners will deliver a letter of intent <br /> tomorrow afternoon for Medtronic. Both parties would like to get the term sheet on the Council <br /> agenda for July 27th. There are two key issues. First, the City will have approximately <br /> $16,600,000 invested in the project and has insisted on recovering these funds in the first phase. <br /> This can be accomplished through tax increments and through payment for the land. Medtronic <br /> would receive all increments from later phases, less the normal City administrative fees. Second, <br /> the company wants the City to indemnify against all environmental claims resulting from the <br /> dump. This has never been done by any Minnesota city to our knowledge, and represents a <br /> possible "deal-breaker." We are researching options to minimize our risk through environmental <br /> insurance. <br /> Nelson asked whether legislation would be needed in order to reach agreement. Black replied <br /> that Medtronic had tentatively agreed to fund pre-development improvements (highway, sewer) <br /> that aren't covered by tax increments, expecting to be reimbursed later. He added that the way <br />
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