CCP 04-24-2012 - Laserfiche WebLink

Home Browse Search

MINUTES New Brighton Economic Development Commission Approved Regular Meeting—February 21, 2012 - 7:30 a.m. Members/Liaisons Present: Paul Zisla, Bob Smith, Vivian Neumann-Walker, Terri Snell, Mike Murlowski, Al Potter, Marie Hansen and Councilmember Char Samuelson. Members/Liaisons Absent: Commissioner D.L. Beach Staff Present: Grant Fernelius-Community Development Director, Katie Bruno-Office Assistant. Guests Present: Mark Ruff, Jeanne Vogt; representing Ehlers. Call to Order Chair Zisla called the meeting to order at 7:30 a.m. Approval of Minutes Motion by Commissioner Smith, seconded by Commissioner Murlowski to approve the minutes from the January 17, 2012 meeting. Approved 7-0. Report from Council Liaison Councilmember Samuelson reported that the last of four Neighborhood Meetings will be Thursday, February 23, 2012, and the Town Hall meeting is scheduled for Saturday March 24, 2012. New Brighton Exchange Financial Discussion Director of Community Development Grant Fernelius introduced the agenda, noting he would attempt to go through each of the topics, with the intention of giving the commission information to assist them when presenting a recommendation to council. Base Market Value: Commissioner Potter stated that he no longer has questions regarding the base market value. It was determined to proceed to the next topic. Historical Projections: Director Fernelius reported that Attachment 2 includes two historic projections for the APi and DSI (formerly Transoma) buildings. The spreadsheets are intended to show the relationship of the estimates before and after development occurred. The most significant thing to consider is that the pre- development projections assumed inflation, while the post-development projections did not, which explains the difference in the amount of tax increment and total impact for the City. To the extent there is some increase in values over time, the differences in projections would be less. Commissioner Potter questioned how the value per square foot is determined. Mr. Ruff reported that the tax assessor is consulted, noting that the assessors figures can change. In 2012 values dropped significantly. Director Fernelius stated that the market will dictate value. Chair Zisla asked if minimum assessment agreements have been used. Director Fernelius reported that the City has used them in the past; however not in the New Brighton Exchange area. Mr. Ruff stated it is difficult to obtain bank approval for the minimum assessment agreements.