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MINUTES New Brighton Economic Development Commission Regular Meeting — January 3, 2008 7:00 a.m. Members/Liaisons Present: Bob Benke, Dennis Flahave, John Kaufhold, Steve Larson, Cynthia Lesher, Mark Nelson, Bruce Nustad, and Jim Sculthorp. Members/Liaisons Absent: Gene Delaune, Linda. Harmon, and Gary Stang. Staff Present: Dean Lotter, Grant Fernelius, David Black, and Jennifer Lavandowska. Call to Order Mark Nelson called the meeting to order at 7:02 a.m. Approval of Minutes The minutes of the December 4, 2007 meeting were presented for approval. All approved. Northwest Quadrant Report Financial Information . Black reported that staff is working on several different scenarios to create financial information that would be meaningful to the Council. The Council would then decide how the development would proceed. The dump must be cleaned up before any further development could take place on the east side, however the City needs the land sales and outside funding to help finance the cleanup. Nelson inquired if there are any State short-term loan programs to help with projects like this. Black replied lie is not aware of any funding similar to that. The City has substantial balances in other accounts and could borrow internally, but only if development agreements are in place. Sculthorp suggested that the development does not financially work at this time. Black replied that a number of different scenarios do financially work. Fernelius reported that staff plans to approach the Council to seek help at the legislative level. He noted that the state tax bill last year, which was vetoed by the Governor, held a provision that would have allowed the City to pool some if its TIF districts. Staff has been told by a number of legislative leaders that it would be included in the next tax bill. Sculthorp asked how much funding the legislation would provide, Fernelius replied that it would provide up to $5 - $6 million. Black added that this funding would be over time and not all at once. Flahave asked how much the City has spent in total for acquisitions and cleanup. Fernelius replied that project expense is about $85 million dollars, which includes cleanup work that has not yet occurred. Black added that the numbers have not changed since the last time the Commission was given the sources -and -uses table. Nelson asked that the Commission be given a financial update in February after the Council has seen the information. West Side • Black announced that there has been interest by other developers in different types of residential development. All the developers are willing to bring their proposals and financial models to the Council. Ile added that rental markets seems to be strong right now, therefore could be built sooner, but it would Page 1 of 4