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Acting Chairperson Steffen questioned if the EDA has $50,000 available for signs. <br /> <br />Member Gromberg stated it may be more beneficial to put that money into the Revolving loan <br />Fund. Economic Development/TIF Specialist Sullivan indicated it may be good to use funds <br />from the specific TIF district. There are funds available in TIF District No. 2 and TIF District <br />No. 6. It would not be necessary for the EDA to put funds towards the signs, but it is important <br />for the EDA to be involved in designing the signs. If the TIF funds are not used for TIF District <br />No. 6 they would be sent back to the county and distributed to the taxing authorities. <br /> <br />Member Gromberg stated at the end of the day if the EDA is going to spend $50,000, there are <br />other places to expend that and get more value. This is also true in the TIF districts. <br /> <br />Associate Planner Wald inquired if there are any sign types that would be less expensive than a <br />monument sign. Member Kiefer replied if they are going to proceed with the signs, the <br />monument signs would be more appropriate than a sign made of metal or wood that would be a <br />bigger maintenance issue. A monument sign like this tends to give the impression of a more <br />upper scale community. <br /> <br />Associate Planner Wald suggested only one sign be completed this year, with more signs <br />possible in the future. Economic Development/TIF Specialist Sullivan advised TIF District No. <br />6 funds need to be spent before 2006 and TIF District No. 2 funds spent before 2012. <br /> <br />Member Kiefer commented if the signs are properly positioned they may go towards getting <br />some name recognition and could help with Ramsey's identity problem. <br /> <br />Member Gromberg stated he does not see any value to the signs. He has never heard of any <br />company saying they have located in an industrial park because of a nice entrance sign. <br /> <br />Economic Development/TIF Specialist Sullivan stated the Council has approved the TIF budgets <br />and these expenditures. This concept was brought to the EDA as to whether the EDA wants to <br />participate in this expenditure. The EDA's charge is to determine what the sign type will be. It <br />is apparent that the EDA does not wish to participate in the funding of the signs. Direction is <br />needed if the EDA does not recommend proceeding with the signs. <br /> <br />Member Gromberg stated he would not be in favor of spending EDA funds on the signs, which <br />would be better spent on the Revolving Loan Fund. The TIF funds could go back to the county. <br /> <br />Member Strommen indicated she is struggling a little bit with the purpose, other than a nice <br />finish, and there is question as to whether il; is cost efficient. <br /> <br />Member Kiefer commented there are some intangible benefits to the signs, such as with the <br />Northfork Development sign. <br /> <br />Associate Planner Wald suggested it may be better to discuss this when the budget is discussed <br />in December and January. She asked if the TIF funds can be used to help purchase property if <br /> <br />Economic Development Authority/November 10, 2004 <br /> Page 3 of 7 <br /> <br /> <br />