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MINUTES New Brighton Economic Development Commission Regular Meeting — June 3, 2008 7:00 a.m. Members/Liaisons Present: Bob Benke, Mary Burg, Dennis Flahave, John Kaufhold, Cynthia Lesher, Mark Nelson, and Jim Sculthorp. Members/Liaisons Absent: Linda Harmon and Tim Roche. Staff Present: Dean Lotter, Grant Fernelius, David Black, and Jennifer Lavandowska. Call to Order Nelson called the meeting to order at 7:08 a.m. Approval of Minutes The minutes of the May 6, 2008 meeting were presented for approval. All approved. Northwest Quadrant Report General Black reported that the Northwest Quadrant Task Force held its first meeting on May 14`x'; it was decided that they would meet on the first and third Monday of each month. Lotter reported that at the next meeting on June 2"d, Finance Director Dan Maiers presented an overview of the property taxation system and tax increment financing. Fernelius summarized the history of the Northwest Quadrant. Kaufhold inquired if the meetings would be videotaped. Lotter replied that the meetings would be taped and made available on the City's website. Sculthorp asked when the task force would dig into the financial "meat" of the development, and whether there was an updated Sources -and -Uses table. Lotter replied it is anticipated that the task force would begin looking at the financial data over the next few meetings; the latest Sources -and -Uses report is not new, however the numbers can shift when different scenarios are used. Benke asked for an update on the legislative status for the New Brighton items. Lotter replied that the governor has signed the tax bill, which included the extension of the TIP districts #31 and #32 by four years and the pooling from districts #9, #20, and #26. Black announced the City would be generating an electronic newsletter; if anyone is interested in signing up for the updates they can contact the City to be placed on the list. West Side Black reported that the City has settled with Rottlund through mediation for $950,000. This allows the City to proceed with the development of the west side with no further issues of litigation. He added that the City received four responses to the Request for Proposals (RFP), each of which proposed using the current layout of the site. Flahave asked whether Sherman had submitted a proposal. Black replied •that they were one of the developers that had submitted and the Council has asked for more information from Sherman and from Stuart Corporation. Stuart proposed luxury apartments and town homes and Sherman has proposed a senior complex and a rental project. Kaufhold inquired about the other two proposals and asked staff why Council did not select them. Black replied that K. Hovnanian Page l of 3