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HomeMy WebLinkAbout04-06-2010 EDRA PacketHASTINGS ECONOMIC DEVELOPMENT & REDEVELOPMENT AUTHORITY Agenda for TUESDAY April 6, 2010, 6:00 pm. City Hall CITY COUNCIL CHAMBER I. Quorum. II. Minutes of March 1 1, 2010 III. Bills IV. Business V. Reports and Information A. Hudson Manufacturing B. Hastings Bridge UpdatelHighway 61 Improvements C. Consider Tax Abatement UselPolicy D. Linn Property Update E. Marketing Focus Group Update F. Red Rock Station Area Study G. Mann Property123rd Street Update H. Vermillion Street Development Update VI .Adjourn Next Meeting: 1VIay 13, 2010 EDRA AGENDA NOTES FOR TUESDAY APRIL 6, 2010 BILLS Ehlers & Associates $285.00 Financial Services -Hudson Bradley & Deike $80.00 Review Documents - Melson MINUTES The minutes from the March 1 1, 2010 meeting are attached for your review and approval. BUSINESS No new business is included. REPORTS A. Hudson Manufacturing On March 23rd the City met with representatives from Hudson Manufacturing and Intek to discuss the potential city acquisition of Hudson, as well as Hudson's potential purchase of the Intek facility. Further information will be presented at the meeting. B. Hastings Bridge UpdatelHighway 61 Improvements On March 31St MN DOT held an open house for business owners to present impacts of three construction projects along TH 61. TH 61 Bridge -Bridge selection is scheduled to take place in June. Construction impacts for 2010 should be minimal, with most work taking place in the river and in staging areas. TH 61 Resurfacing and Pedestrian Upgrades - 5th Street to Cannon Street -The proj ect is scheduled to take place from Mid May to August 1St and result in various lane closures. The project does not include any permanent intersection closures or parking losses. Work will cease during Rivertown Days. Please see attached summary TH 61 Resurfacing - St Paul Park to TH 10 -The proj ect is scheduled to take place from June to September. This will result in lane closures and traffic shifts from a four lane to a two lane road. Please see attached summary. C. Consider Tax Abatement PolicylUse The City has been approached by a business in the Hastings Industrial Park seeking tax abatement assistance. David Osberg will be present to facilitate discussion on the desire to provide tax abatement assistance to businesses. Please find EDRA's adopted Business Subsidy Criteria attached. D. Linn Property Update -Napa Auto Parts Linn Companies has submitted a concept plans to construct an 8,500 s.f. Napa Auto Parts Building at 15th and Vermillion Streets. Two concepts were presented showing different locations for the building on the site. The Development Review Committee has commented on the plans and its preference for having the building nearest the intersection of 15th and Vermillion. Please see attached plans. Ehlers and Associates estimates that $128,000 of TIF could be generated to assist in site preparation and reimbursement for demolition. EDRA will likely be asked to formally establish a TIF district on the site. Please see attached TIF analysis. E. Marketing Focus Group. The Marketing Focus Group met again on March 23 and continued it's discussion from two weeks earlier. Specifically "position" (branding) as opposed to "selling" Hastings. Much of the meeting was spent discussing what kind of tagline or message should be used. The group has decided they think it would be most beneficial if the Hastings EDRA could hire someone to help with the development of a brand. The group will meet again on Wednesday, April 7th to talk more specifically of what they would want a consultant to come up with for Hastings. Clarification is being sought as to whether or not there will be money available in future EDRA budgets to continue marketing efforts, or if this is a one year deal? F. Red Rock Station Area Study. The City of Hastings has submitted a grant application to MN Dot in the amount of $615,000 to fund construction cost of a 100 space park and ride lot on Block 16 near the depot. MN DOT is expected to announce grant recipients in July. If funded, the project could begin construction this year. Please see the attached concept plan. G. Mann Property123rd Street Update Dennis Mann has contracted with CB Richard Ellis to sell this vacant property at 23rd and Vermillion. John Hinzman has spoken to the agent and will continue to negotiate potential purchase of the property under the terms agreed to by the EDRA. H. Vermillion Street Development Update 11 O l Vermillion Street -Family Video is interested in purchasing the existing home at 1101 Vermilion Street (located directly south of walgreens) and construct a 4,000 to 6,000 s.f. video rental store on the site. Family Video is also seeking acquisition of property owned by the City that was formerly used as 11th Street (non right-of way). The Planning Committee of City Council reviewed the request to purchase property in February, 2009 and did not have any issues with a sale. Family Video may come forward in the future for EDRA assistance. County Road 46147 & Vermillion -Braun Intertec environmental engineers have been conducting soil and contaminant analysis on the tattoo parlor and antique store located on Vermillion Street north of County Road 46147. According to reports from the neighbors who have talked to those working on the site, Kwik Trip has contracted for the work. Kwik Trip submitted plans for site plan approval for the same site in 1995, and have been in contact with the City periodically since then. 4-01-2010 8:29 AM D E T A I L L I S T I N G PAGE: 1 FUND 404-HRA REDEVELOPMENT ACTIVE ACCOUNTS ONLY PERIOD TO USE: Mar-2010 THRU Mar-2010 DEPT SUPPRESS ZEROS ACCOUNTS: 500-6003-6201 THRU 500-6206-6402 POST DATE IRAN # REFERENCE PACKET======DESCRIPTION=====_= VEND INV/PO/JE # NOTE =====AMOUNT==== ====BALANCE==== FUND: 404-HRA REDEVELOPMENT ------------------------------------------------------------------------------------------------------------------------------------ 500-6003-6321 TELEPHONE BEG INNING BALANCE 19.23 3/23/10 3/29 A79017 CHK: 940706 01696 PHONE SERVICE 000700 6.39 25.62 ONENET USA INV# MAR 10 /PO# _____________ MARCH ACTIVITY DB: 6.39 CR: 0.00 6.39 ------------------------------------------------------------------------------------------------------------------------------------ 500-6003-6337 INSURANCE-GENERAL LIABILITY BEG INNING BALANCE 329.00 3/02/10 3/09 A78249 CHK: 940503 01668 GENL LIAB 44648 329.00 658.00 LEAGUE MN CITIES INSURANC INV# 33471 /PO# _____________ MARCH ACTIVITY DB: 329.00 CR: 0.00 329.00 ------------------------------------------------------------------------------------------------------------------------------------ 500-6003-6340 INSURANCE-WORKERS CONPENSATION BEG INNING BALANCE 528.99 3/09/10 3/11 A78631 CHK: 940578 01679 WORKERS COMP 44648 528.99 1,057.98 LEAGUE MN CITIES INSURANC INV# 17573 /PO# _____________ MARCH ACTIVITY DB: 528.99 CR: 0.00 528.99 ------------------------------------------------------------------------------------------------------------------------------------ 500-6004-6322 POSTAGE BEG INNING BALANCE 9.42 3/01/10 3/16 B07411 Misc 000000 02135 February Postage JE# 003679 11.36 20.78 _____________ MARCH ACTIVITY DB: 11.36 CR: 0.00 11.36 ------------------------------------------------------------------------------------------------------------------------------------ 500-6005-6304 LEGAL FEES BEG INNING BALANCE 32.00 3/09/10 3/11 A78595 CHK: 001037 01680 MELSON LOAN DOCUMENTS 06713 80.00 112.00 BRADLEY & DEIKE PA INV# 30054 /PO# _____________ MARCH ACTIVITY DB: 80.00 CR: 0.00 80.00 4-01-2010 8:29 AM D E T A I L L I S T I N G PAGE: 2 FUND 404-HRA REDEVELOPMENT ACTIVE ACCOUNTS ONLY PERIOD TO USE: Mar-2010 THRU Mar-2010 DEPT 500 HOUSING & REDEVELOPMENT SUPPRESS ZEROS ACCOUNTS: 500-6003-6201 THRU 500-6206-6402 POST DATE IRAN # REFERENCE PACKET======DESCRIPTION=====_= VEND INU/PO/JE # NOTE =====AMOUNT==== ====BALANCE==== ------------------------------------------------------------------------------------------------------------------------------------ 500-6008-6311 EXPERT & CONSULTANT BEG INNING BALANCE 5,738.55 3/16/10 3/23 A78806 CHK: 001038 01686 FINANCIAL ADVISORY SUC - 17192 285.00 6,023.55 EHLERS & ASSOC INU# 341122 /PO# _____________ MARCH ACTIUITY DB: 285.00 CR: 0.00 285.00 *-*-*-*-*-*-*-*-*-*-*-*-*- 000 ERRORS IN THIS REPORT! *-*-*-*-*-*-*-*-*-*-*-*-*-* ** REPORT TOTALS ** --- DEBITS --- --- CREDITS --- BEGINNING BALANCES: 6,814.69 0.00 REPORTED ACTIUITY: 1,240.74 0.00 ENDING BALANCES: 8,055.43 0.00 FUND: 405-GUARDIAN ANGELS - TIF ------------------------------------------------------------------------------------------------------------------------------------ 500-6014-6610 BOND INTEREST BEG INNING BALANCE 0.00 3/09/10 3/11 A78651 CHK: 940571 01684 FINAL SETTLEMENT ESTIMAT 26810 580.91 580.91 GUARDIAN ANGELS/HASTINGS INU# MAR 10 /PO# _____________ MARCH ACTIUITY DB: 580.91 CR: 0.00 580.91 *-*-*-*-*-*-*-*-*-*-*-*-*- 000 ERRORS IN THIS REPORT! *-*-*-*-*-*-*-*-*-*-*-*-*-* ** REPORT TOTALS ** --- DEBITS --- --- CREDITS --- BEGINNING BALANCES: 0.00 0.00 REPORTED ACTIUITY: 580.91 0.00 ENDING BALANCES: 580.91 0.00 FUND: 406-HASTINGS-RIUERFRONT TIF FUND: 900-INUESTMNT IN FIXED ASSETS 4-01-2010 8:29 AM D E T A I L L I S T I N G PAGE: 3 SELECTION CRITERIA FISCAL YEAR: Jan-2010 / Dec-2010 FUND: All PERIOD TO USE: Mar-2010 THRU Mar-2010 TRANSACTIONS: BOTH ACCOUNT SELECTION ACCOUNT RANGE: 500-6003-6201 THRU 500-6206-6402 DEPARTMENT RANGE: - THRU - ACTIVE FUNDS ONLY: NO ACTIVE ACCOUNT ONLY: YES INCLUDE RESTRICTED ACCOUNTS: NO DIGIT SELECTION: PRINT OPTIONS DETAIL OMIT ACCOUNTS WITH NO ACTIVITY: YES PRINT ENCUMBRANCES: NO PRINT VENDOR NAME: YES PRINT PROJECTS: YES PRINT MONTHLY TOTALS: YES PRINT GRAND TOTALS: NO PRINT: INVOICE/PO # PAGE BREAK BY: NONE --------------------- --------------------------------------------------------------------------------------------------------------- *** END OF REPORT *** 4-01-2010 7:57 AM D E T A I L L I S T I N G PAGE: 1 FUND 407-ECONOMIC DEU-IND. PK ACTIUE ACCOUNTS ONLY PERIOD TO USE: Mar-2010 THRU Mar-2010 DEPT SUPPRESS ZEROS ACCOUNTS: 180-1502-6201 THRU 180-1502-6570 POST DATE IRAN # REFERENCE PACKET======DESCRIPTION=====_= VEND INU/PO/JE # NOTE =====AMOUNT==== ====BALANCE==== FUND: 407-ECONOMIC DEU-IND. PK ------------------------------------------------------------------------------------------------------------------------------------ 180-1502-6321 TELEPHONE BEG INNING BALANCE 19.59 3/23/10 3/29 A79017 CHK: 940706 01696 PHONE SERVICE 000700 6.97 26.56 ONENET USA INU# MAR 10 /PO# _____________ MARCH ACTIUITY DB: 6.97 CR: 0.00 6.97 *-*-*-*-*-*-*-*-*-*-*-*-*- 000 ERRORS IN THIS REPORT! *-*-*-*-*-*-*-*-*-*-*-*-*-* ** REPORT TOTALS ** --- DEBITS --- --- CREDITS --- BEGINNING BALANCES: 319.99 0.00 REPORTED ACTIUITY: 6.97 0.00 ENDING BALANCES: 326.96 0.00 4-01-2010 7:57 AM D E T A I L L I S T I N G PAGE: 2 SELECTION CRITERIA FISCAL YEAR: Jan-2010 / Dec-2010 FUND: All PERIOD TO USE: Mar-2010 THRU Mar-2010 TRANSACTIONS: BOTH ACCOUNT SELECTION ACCOUNT RANGE: 180-1502-6201 THRU 180-1502-6570 DEPARTMENT RANGE: - THRU - ACTIVE FUNDS ONLY: NO ACTIVE ACCOUNT ONLY: YES INCLUDE RESTRICTED ACCOUNTS: NO DIGIT SELECTION: PRINT OPTIONS DETAIL OMIT ACCOUNTS WITH NO ACTIVITY: YES PRINT ENCUMBRANCES: NO PRINT VENDOR NAME: YES PRINT PROJECTS: YES PRINT MONTHLY TOTALS: YES PRINT GRAND TOTALS: NO PRINT: INVOICE/PO # PAGE BREAK BY: NONE --------------------- --------------------------------------------------------------------------------------------------------------- *** END OF REPORT *** Hastings EDRA Hastings Economic Development and Redevelopment Authority 6:00 p.m. Hastings City Hall Minutes of March 11, 2010 HEDRA Commissioners Pam Holzem, Kurt Keena, Dennis Peine, Bob Hollenbeck, and Danna Elling Schultz present. Commissioner Ron Toppin and Anthony Alongi absent Staff present: Community Development Director John Hinzman, and Community Relations Specialist Shannon Rausch, MEETING CALLED TO ORDER AT 6:OOPM I. APPROVAL OF MINUTES Minutes from the February 11, 2010 were presented; Commissioner Holzem moved to approve the minutes. Commissioner Peine seconded the motion; Motion passed 5-0 III. BILLS Commissioner Hollenbeck moved to pay the bills. Elling Schultz seconded the motion. Motion passed 5-0 IV. BUSINESS A. Change of Meeting Time Due to a conflict with the monthly meeting scheduled for April 8t", Community Development Director asked if the Commissioners would be able to reschedule. Commissioners agreed and Commissioner Hollenbeck motioned to reschedule the April meeting for Tuesday the 6t" beginning at 6pm. Commissioner Peine seconded the motion. Motion passed 5-0 B. 3150 Project The 3/50 Project is a nationwide effort challenging individuals to spend $50 per month at locally owned businesses as a mechanism to boost local economies. Local businesses and organizations can register to be a participant in the project at no cost. Hastings EDRA could sign up as a "supporter" and encourage locally owned businesses to do sign up as well. Commissioner Elling Schultz motioned that the City sign up as a supporter, Commissioner Hollenbeck seconded the motion. Motion passed 5-0 Hastings EDRA: 2/11110 1 V. REPORTS: A. EDRA 4t" Quarter 2009 Financial Statement: Community Development Director Hinzman presented the Financial Statement and Balance Sheet to the Commissioners for their review. B. Hudson Manufacturing The City is still awaiting response from Hudson representatives on our framework for potential purchase presented on February 3rd. City Administrator Osberg continues to make inquiries to determine the status. It appears the Hudson is looking for more from the City, though the City doesn't have much more to offer. For now the City continues to wait for Hudson to make decisions. The City notified that it was awarded a $250,000 grant from Dakota County CDA for potential purchase of Hudson. Our application received the highest score among those submitted. C. Bridge Updates The City received word that we have been awarded a $10,000 grant from DEED to assist with mitigating the impacts of the Highway #61 Bridge Replacement Project. These funds are meant to assist in clearly communicating the message that the Highway #61 Bridge will be open during construction, but for perhaps a few short periods of time. The decision on selecting the bridge contractor and type will likely take place in June or July. It appears that all three bridge design build contractors will be bidding on both the cable and arch bridge, and this may delay the decision. MnDOT still intends to begin construction by this Fall. New electrical lines have been installed around the staging site along Lock and Dam Road. Unneeded poles are scheduled to be removed at the end of March. D. Marketing Focus Group. Our first meeting was held with the focus group on March 10th at 7:30am. Kevin Hoeschen, Mark Vetvick, Leslie Neilson, Christian Schaffer, Norine Bishop, Barb Hollenbeck, and Karen Jung, all attended. At this first meeting the group identified: • What are current businesses doing for marketing? Websites, advertising in industry specific magazines (antique publications), Trying to get "bus tours" coordinated, in the process of creating a brochure that will be distributed to southern metro hotels, looking to do an art show and trying to raise money to put a mural on the Second Street side of Graphic Design's building, Partner with the Board of Tourism to place ads in various publications, booths at trade shows (including State Fair); and • Whatwould local businesses like to do, but have not been able to do alone? Create and "all inclusive" business listing, regardless ofbuy-inlmembership, some sort of "advertising" around the public dock, promote "shopping local" both to Hastings residents as well as visitors, "Word of Mouth" card campaign. Promote Hastings as "Dakota County's Downtown", Businesses advertising other local businesses to customers -can they each set out sandwich boards advertising "lunch at .. " "find Hastings EDRA: 2/11110 great gifts at ... " "stay at ... "etc. or a flyerlbrochure that would include all locally owned businesses and restaurants, etc. that can be picked up or handed out by all businesses. Next meeting is scheduled for March 23, 2010 at 7:30 am. We also learned that within the RFP for the new Bridge MnDOT is requesting that the firm who is awarded the contract has their own designated staff person working as a business liaison with Hastings businesses to help in any way possible, including marketing/promoting the businesses. This may be a good resource to partner with as we move forward with our Marketing efforts. E. Mann Propertyl23rd Street Update Community Development Director Hinzman has contacted Dennis Mann about his interest in selling his vacant parcel on the 2300 block of Vermillion Street. (next to Gahnz Furniture) Mr. Mann appears to be interested but will be out of town until March 15th. The City will meet with him when he returns. John Hinzman has also been in contact with property owners along the east side of Vermillion Street between Gahnz Furniture and the Regency Inn to get their feedback on potential traffic changes and how they would affect future plans. Commissioner Elling Schultz recommended that the Commission consider partnering with Treasure Island to purchase land, fund traffic related improvements, etc. F. Red Rock Corridor Updates: Nothing new really to Report. Washington County has made an offer to purchase the old Knox location in Newport for the site of the parking lot there. G. Commercialllndustrial Vacancy Update For the past five years staff have been tracking the Commercial and Industrial availability throughout town. This report is done quarterly and can be found on the City's Website. A few items of note from the most resent study include: The Dust Jacket (bookstore on 2nd Street) is moving into the former consignment shop at 401 Vermillion Street. A few more vacancies have occurred downtown with the closing of Hastings Sewing Center (208 Sibley St), Fast Eddie's RD warehouse, (200 East 2nd Street) and Fresh Fruit (219 Sibley St). ADJOURNMENT: Commissioner Holzem moved to adjourn at 6:50 p.m., Commissioner Keena seconded. Motion Passed 5-0 Next meeting is scheduled for TUESDAY, APRIL 6, 2010 at 6:OOpm in the Council Chambers. Shannon M. Rausch, EDRA Secretary Hastings EDRA: 2/11110 Highway 61 Pavement Resurfacing From 5t" St. to Cannon St. in Hastings, Dakota County This two-mile section of Highway 61 south of downtown Hastings is in need of resurfacing. The work is scheduled for mid-May through July 31 and will be completed before construction begins on the new Hastings bridge in fall 2010. In addition to resurfacing, the project also includes installing a new traffic signal at Highway 61 and County Highways 46/47 and upgrading pedestrian facilities to meet current Americans with Disability Act (ADA) guidelines. When complete, the project will improve the ride quality of the roadway, increase safety and improve accessibility through upgraded pedestrian and bicyclist facilities. Project Elements: Rolling "mill and overlay" resurfacing will replace pavement quickly and with reduced traffic disruptions Upgraded traffic signal at intersection of Highway 61 and Highway 46/47 Audible pedestrian signals at 10th and 15th Street intersections Additional concrete sidewalk at 24t"125th Streets Improved curb ramps with ADA-compliant detectable warning devices Construction Schedule and Traffic Impacts: The signal and concrete work will be done in late May/early June with minimal affect on traffic. During July, the resurfacing will require that Highway 61 traffic be reduced to two lanes (one lane in each direction) during working hours for construction on the opposite two lanes. The paving work should be completed in ten working days. Minimizing Construction Impacts to Nearby Businesses: A Mn/DOT Business Liaison will work with the nearby businesses to provide timely information before and during construction. For more information, please contact Diane Langenbach at (651) 234-7721 or at diane.lanaenbach(c~state.mn.us. Tofal Projecf Cosf: Hwy 61 Project Summary Resurfacing Hwy 61 Hwy 10 to Summit Ave/ 70t" Street In Denmark Township, Cottage Grove and St. Paul Park Highway 61 between Highway 10 and Summit Ave/70th is scheduled for resurfacing in 2010. The project will overlay the existing concrete roadway with approximately ten inches of concrete. This process improves the road quality and ride quality significantly and adds several decades to the life of the roadway. The project includes: • Concrete overlay (resurfacing) along eight miles of Hwy 61 • Resurfacing of ramps at Innovation Road/Keats Ave., Jamaica Ave. and 80th St. Project history: This project was selected to receive federal stimulus funding and was advanced from the scheduled start date of 2014 to 2010. This change has necessitated a fast-track project development process. Traffic impacts: The project is divided into four phases, with northbound and southbound traffic reduced to a single lane in each direction and moved to one side of Hwy 61 while the other side is being resurfaced. The ramps at Innovation RoadlKeats Ave., Jamaica Ave. and 80th St. will also be closed for resurfacing. To facilitate traffic movements either Jamaica Ave. or 80th St. will be open during the construction. COSt: The estimated cost of the Hwy 61 Project is $23m. Business Liaison: A Mn/DOT Business Liaison will work with the nearby businesses to provide timely information before and during construction. For more information, please contact Diane Langenbach at (651) 234-7721 or at diane.lan. enbach(a~state.mn.us. For more information: http://www.dot.state.mn.us/metrolprojects/hw~ and click "Get email updates." F ~ HASTINGS ECONOMIC DEVELOPMENT & REDEVELOPMENT AUTHORITY RESOLUTION N0.2-2009 Dated Financial Assistance and Business Subsidy Criteria After a public hearing, Commissioner and moved its adoption. introduced the following Resolution BE IT RESOLVED by the Board of Commissioners of the Hastings Economic Development and Redevelopment Authority (HEDRA) as follows: WHEREAS: The Hastings Economic Development and Redevelopment Authority is a local government agency with the authority to grant financial assistance (grantor) to businesses (developer or recipient) under MS 116J.993; and WHEREAS: The power to grant financial assistance (business subsidies) is limited by Minnesota Statutes 116J.993 through 116J.995 (the statute) and as it may be amended; and WHEREAS: The statute requires that a business subsidy must meet a public purpose and the grantor must adopt criteria, after a public hearing, for the consideration of business subsidies; NOW THEREFORE BE IT RESOLVED: 1. PURPOSE AND DEFINITION 1.01 The purpose of these criteria is to establish the policy of the grantor for the use of business subsidies for private development and redevelopment. 1.02 The grantor shall have the option of amending, or waiving sections of the criteria when determined necessary or appropriate. Waivers of criteria are not subj ect to a public Baring. 1.03 The statute's definition of a subsidy and exceptions to the law (116J.993) are attached. Terms used in this criteria policy statement are intended to have the same meanings as used in the law, and these criteria shall apply only with respect to subsidies granted under the law if and to the extent required thereby. 2. PUBLIC PURPOSES 2.01 A business subsidy must meet a public purpose. For HEDRA projects, public purposes include but are not limited to the following: a. Increase the tax base. This is not a sufficient public purpose by itself; a subsidized project must have an additional public purpose; b. Retain existing j obs, provided that j ob loss is specific and demonstrable; c. Create quality jobs. Subsidized projects are expected to add new jobs at competitive wages, unless specifically waived (see 2.02); d. Enhance economic stability and address changes in the economy: by facilitating the development of new types of businesses, by facilitating the adjustment of existing businesses to meet new conditions and by encouraging vocational training and retraining; e. Encourage redevelopment and development investment incity-designated areas; f. Encourage the re-use and rehabilitation of historic properties and of sound, safe buildings, commercial and residential; g. Enhance clean air, water and soil by facilitating the cleanup of environmental problems or assisting improvements in the treatment and management of contaminants; h. Eliminate substandard buildings or blighting conditions; i. Encourage the relocation of uses that are non-conforming with the comprehensive plan, zoning ordinance, Shore Lands and Critical Areas ordinances, or contribute to unsafe conditions in their present location; j . Encourage the sustainable use of energy, resources and materials. 2.02 Not all projects assisted with subsidies must derive their public purpose and importance solely by j ob creation. Worthwhile proj ects that do not involve j ob creation may be approved for a subsidy given that they compensate with other public purposes. 3. BUSINESS SUBSIDY CRITERIA 3.01 GENERAL. All new projects should meet the following minimum criteria. Meeting these criteria does not imply that the project will automatically be approved. Meeting these criteria creates no contractual rights on the part of any potential developer. Tenants of buildings owned by the recipient are not responsible for meeting the goals and conditions of the subsidy unless they are a party to the agreements. The grantor reserves the right to waive any provisions of these criteria. 3.02 JOB AND WAGE GOALS. When creation of jobs is the sole or primary public purpose of the project, the recipient should create the highest realistic number of jobs on the site at competitive wages. The recipient will commit to a goal of a number of new j obs and minimum rate of their wages and benefits for each project, taking into consideration the regional prevailing wage rates, wages paid for the types of j obs by competitors, regional and local economic and employment conditions, external economic forces beyond local control and the individual financial resources of the recipient. Gross wages for jobs retained or created will not be less than $10.00 per hour, for manufacturing, trades and professional services, or $7.00 an hour for retail, restaurant, hospitality and similar customer services, not including benefits. Benefits will be documented separately from wages. The minimum wages specified above will be reviewed annually. 3.03 PLANS AND CODES. The project must contribute or conform to plans, goals, guidelines and program requirements in the area for which the potential project is being considered. The project must conform to Hastings Comprehensive Plan, Land Use, Subdivision and other applicable ordinances. Required amendments, variances or special use permits must be approved or under consideration by the City or grantor at the time of project approval. 3.04 FIVE YEAR COMMITMENT. A recipient of a business subsidy must make a commitment to continue operations in the City limits for at least five years after the benefit date unless an exception is authorized by the grantor following a public hearing. The recipient must retain ownership of the project at least long enough to complete it, to stabilize its occupancy, to establish the project management, and to guarantee repayment of the business subsidy as required by law. 3.05 MARKET AND FINANCIAL FEASIBILITY. As a condition of approval of a business subsidy request, the grantor may undertake an independent underwriting of the proj ect to help ensure that the request for assistance is valid and that the proposal is financially sound. The recipient shall provide market and financial feasibility studies, appraisals, site and building plans and cost estimates, regulatory reports, business records and information provided to private lenders for the project, and other information required by the grantor. 3.06 COMMUNITY COSTS. Each project shall be evaluated against the following costs and risks to the community before approval. The recipient shall provide any information or data that the grantor or its financial consultants may require in order to proceed with eva uatlon. a. Business subsidies will not normally be provided to a proj ect that has the financial feasibility to proceed without the benefit of the subsidy. Consideration will be given to projects in which public purposes and community benefits of the project and the subsidy are clearly desirable and compensating. b. All business subsidy requests should optimize the development potential of a site. The amount of land provided as a subsidy will be appropriate for the size of the proposed building and reasonable needs of the business. c. The value of subsidy should be reduced to the lowest possible level and least amount of time by first maximizing the use of private debt and equity financing, other funding sources and income producing vehicles that can be structured into t e prod ect. d. Business subsidies should normally not be used for proj ects which reduce the property taxes, over the long term, for the site below the amount paid before the project. Consideration will be given for remediation, redevelopment, rehabilitation and historic preservation projects with benefits in addition to property taxes. e. Business subsidies should normally not be used to support speculative industrial, commercial, and office proj ects. In general, speculative projects are defined as those projects which do not have letters of intent orpre-leasing agreements for an acceptable amount of the available leaseable space. This may not be applicable if the developer recipient is the tenant of a majority of the space. f. Business subsidies will not be granted when the credentials and record of the developer or recipient, in the sole judgment of the grantor, are inadequate. g. Business subsidies will not be used to support proj ects that place unusual or excessive demands on City services, capital or operating expenditures such as reducing the capacity of existing services or exceed the average city expenditures in comparison to similar facilities. Consideration will be given to the total public costs that are required to support the project, including offsite facilities costs and infrastructure requirements. h. Business subsidies will not be used for projects that would generate significant environmental problems in the opinion of the local, state, or federal governments. i. Business subsidies will not be used for projects involving heritage preservation sites without the approval of the Heritage Preservation Commission. j . Business subsidies should normally not be used for proj ects which are likely to create a situation which would require additional public assistance in other areas of the community unless the resources are made available for the remedy. k. The grantor's costs related to providing a business subsidy, including but not limited to financial analysis consultants, tax increment documents, legal, title, survey, recording and closing costs will be paid by the recipient of the subsidy unless specifically waived. 5. SUBSIDY AGREEMENT. The recipient must enter into a business subsidy agreement with the grantor which will include, but not be limited to the following: 1) Description of the subsidy; 2) Statement of the public purpose; 3) Statement of the reason why the subsidy is needed; 4) Goals for subsidy including the number of jobs created or retained and the wages and benefits; 5) Description of the financial obligation of the recipient if the goals are not met and conditions under which the subsidy must be repaid in all or part; 6) Commitment to continue operations in the City for a minimum of five years after the benefit date, as defined in the statute; 7) Provisions securing repayment of the subsidy in the event of default or failure to meet goals; 8) Reporting requirements of the recipient to the grantor and the State as detailed in MS 116J.994, Sub. 7. Commissioner made a second and upon being put to a vote, the following board members voted in favor of the resolution: Ayes: Nays: Absent: whereupon the President declared the resolution duly adopted by the Board of the Hastings Economic Development & Redevelopment Authority. Pamela Holzem, President ATTEST John Grossman, Director 0 ~ o 0 o m o o W Y ^ a Q m Z H U W ~ Q O ~ W N ~ m Z 3 ~ m ~ W ~ _ a N D U Z J ~ p W ~ ~ 0 ~ ~ z ~ ~~~~b S X~ ~ o Q -- -- -- -- - - o I w w cn Q ~ U z ~~ ~° M II ~ (n 0 e~ 0 I I Cz z ~ (/) ~ I~ ~ z ~ I U I z Z ~ I ~ n '~~, ~ ~0 ~ 0~ o ,~ ~ ~ I ~ J - z~ ~ ~ ~ ~ ~ ~ m ~~ ~ ' J J c~ - 'L I ,, I I I Z z Q ~ W = ~, O ~~ ~ ~ ---~ L---- ~ ~-----~ w \ z z ~ \ - - - - - - - - - - r O ~ a zQ ~ ~ W~ w ~~~ ~ a ~Z~ a wz ~ zgco V ~~u~i, Z Om~ J ~~~ ~~ W ~pco H ~~y W ~' a w a J U J mrn . ~~ J NN ~ ~ X V~ W~ o H -~ ~~ _ ~Z ~ ~~ Vz mN L O ~a o~ z~ 0 a ~~ 0 ~ m 0 o m o UJ W Q Y ^ a m Q~ Z H U W Q O ~ W ~ m Z 3 m ~ W ~ ~ a N N ~ D _ U Z .5 9 ~ z ,OOZ ~ J ~ ~ U ~ ~ W ~ ~ o N Q= ~ -- -- -- - - -- - _ (n II z~ ~ H ~~~~ V c ~J ~~ N Q .. 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