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It was the consensus of the EDA to direct staff to fill the vacancies on the EDA as soon as <br />possible after January 1, 2013. <br />4.08: Review Proposed Sewer Availability Charge (SAC) Credit Policy and Recommend <br />Policy for Credit Distribution <br />Development Services Manager Gladhill explained that the City has an opportunity to create a <br />SAC credit bank that can be applied to other parcels under three categories, including net credits, <br />minor transfers, or small business loans. He noted that staff recommends deferring <br />implementation of a minor transfer program and moving forward with the net credits and small <br />business loans at this time. He explained how net credits would be applied to a new land use <br />based on reduced demand and how net credits can be converted to a new use. He stated this <br />program allows the City to apply net credits anywhere the City chooses adding that a prime <br />example is Highway 10 where the City could take those credits and use them elsewhere as an <br />economic development tool. He indicated that credits can only be used if the City has credits <br />available and might only represent a portion of a particular parcel's SAC payment. He stated that <br />the minor transfer program will continue to be reviewed by staff and further information <br />provided at a later date. He stated that the short-term loan is a deferred payment and the City <br />would work out a loan arrangement with the Met Council adding that the short-term loan <br />program does not cost the City anything and a short-term loan has to be ten SAC units or less. <br />Chairperson Riley stated this seems like a great tool and would be fairer to all users. <br />Development Services Manager Gladhill stated that the Finance Department would take care of <br />the program and staff feels the program fits within the City's goals. <br />Member Williams asked if use of the bank of credits would require the consent of an existing <br />land owner or building owner. <br />Development Services Manager Gladhill advised the City would ask for that consent to make the <br />process more transparent and the City would want consent from the property owner and the <br />tenant of that space. <br />Motion by Member Skaff, seconded by Member Steffen, to recommend that the City Council <br />adopt a policy to allow Net SAC Credits to be applied Citywide and to create a SAC Small <br />Business Loan/Deferred Payment Program and to recommend that the City Council monitor the <br />success and administrative overhead required to implement these two programs before <br />considering a Minor Transfer Program. <br />Motion carried. Voting Yes: Chairperson Riley, Members Skaff, Steffen, and Williams Voting <br />No: None. Absent: Members LeTourneau, McGlone, and Wise. <br />4.01: Prospect Update, Mike Mulrooney <br />This item was not discussed due to Mr. Mulrooney's absence. <br />Economic Development Authority/November 8, 2012 <br />Page 6 of 7 <br />