Facebook

Zumbrota, MN 

Bridging the Past and the Future

March 22, 2006 Special Meeting / EDA

CITY OF ZUMBROTA CITY COUNCIL

ECONOMIC DEVELOPMENT MINUTES

SPECIAL MEETING     March 22, 2006   7:00 A.M.      TOWN HALL

 

Pursuant to due call and notice thereof, Mayor Rich Bauer called the Zumbrota City Council to order at 7:00 a.m.  PRESENT:  Mayor Bauer, Councilmembers Willard Eberhart, Doug Borgschatz, Michael Feil.  Others present: City Administrator Neil Jensen, City Accountant Kim Simonson,  City Attorney Matt Rockne.

Economic Development Authority called its meeting to Order at 7:00.  PRESENT:  Allen Falk, Dale Hinderaker, Doug Fingerson, Trudy Miller.

 

 

AMENDMENTS/ADOPTION OF AGENDA

 

               Motion Falk, second Fingerson, to adopt the agenda.  Carried 8-0-0.

 

Tax Increment Financing Discussion:

 

President Hinderaker opened the meeting with a short discussion on the ideas of Tax Increment Financing.  David Drown the cities financial advisor was introduced and explained the basic concepts of the 3 areas of Tax Increment Financing ( Redevelopment, Economic Development, Housing).  Some points of interest were that city populations over 5000 are exempt for using TIF for commercial business.  Typical uses of TIF are for jobs, taxable market value, and the “but for” test.  Areas where TIF are used include acquisition of land, demolition for redevelopment, site improvements, and infrastructure costs.  David Drown included that the competition factor is used in many of the towns he works in.  If there is a competing business in town usually TIF is not granted.  He stressed that each business is its own deal and can be negotiated in any manner the city wishes.  The all or nothing philosophy is rarely used and always the city collects its administrative costs. 

After no additional questions the meeting was adjourned.

 

President Hinderaker adjourned the meeting at 8:19 a.m.

Mayor Bauer adjourned the meeting at 8:19 a.m.

 

                                                                        _____________________________

                                                                        City Administrator Neil Jensen

City of Zumbrota; 175 West Avenue; Zumbrota, MN 55992