Agenda - Economic Development Authority - 02/16/2005

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will be affected and if it is later in the construction period there may be a higher cost due to schedules being full. Assistant City Administrator Nelson exPlained the Council has authorized funding of the design outside of the bonds, which is being funded internally. The cost of the design is approximately one million dollars of the 16.2 million dollars and would be refunded when the bonds are issued. She noted at some point the bonds will need to be issued. Member Elvig expressed concem with asking the EDA to make a move ahead of. what the Council has done. Member Strommen suggested the EDA hold a special meeting after the Council debates this issue. Motion by Member Elvig, seconded by Member LeToumeau, to table action on the lease revenue bonds for the municipal.facility until formal direction is given to the EDA by the City Council, at which point the EDA is willing to hold a special meeting to address the lease revenue bonds. Motion carried. Voting Yes: Chairperson Riley, Members Elvig, LeTourneau, Gromberg, Kiefer, Steffen, and Strommen. Voting Noi None. Absent: None. Case #5: Business Park Monument Signage Economic DevelopmentJTIF Specialist Sullivan reviewed that staff presented numerous business park amenities at the December 8, 2004 meeting. The consensus among the group was that the construction and strategic placement of monument signs in the business parks would be the best way to finish the parks off and to help identify Ramsey. There was also consensus that some or all of the signs should be illuminated. Three sign types were selected at a past meeting and staff would like the EDA to review the types again for final review. Direction was also given to staff to bring back the best locations for these signs and to put forth a plan for implementation. He indicated for 2005 staff recommends that two signs be constructed at two key entry points to industrial areas in 2005. The two signs locations, recommended are located at the southeast corner o f S unwood Drive and Bunker Lake Boulevard intersection (identified with number 1) and Bunker Lake Boulevard (identified with number 2). Other locations for future signs could be at Sunfish Lake Boulevard McKinley Street intersection (number 3) and the intersection of 143fd Avenue and Ramsey Boulevard (number 4). Staff would like to get at least two quotes for the chosen signs to be constructed with lighting and erected at the stated locations. Member Gromberg stated Connexus did not want a monument sign at their business park, as they did not think they add value to the park. He also does not think the signs add value to the community. He suggested an entrance sign to the City, and noted location 1 is at the entrance to the community. He suggested the funds be used to make the business parks more usable, such as with trails. He commented the trail at the Connexus business park has roots growing out of it. The EDA discussed the location of the signs, and that City of Ramsey signs might be preferable to business park monument signs. Economic Development/TIF Specialist Sullivan advised the Economic Develo >ment Authority/January 12, 2005 Page 7 of 9 43