Agenda - Economic Development Authority - 03/09/2005

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Member Strommen explained had the City not made those commitments this project would have hit an impasse. Finance Officer Lund indicated this will be before the Council at the March 8th City Council meeting and back to the EDA atthe March 9th EDA meeting. Bond Counsel Ippel advised the EDA will be issuing the bonds using the HRA authority. When acting as an EDA, HRA powers are being used, due to the way the EDA language was drafted. She explained the EDA actually uses HRA powers more often than EDA powers. Finance Officer Lund noted the EDA had a qUestion regarding fees from the bonding going into the Revolving Loan Fund. Mary. replied any fees would need to be justified for capital costs and reasonable administrative purposes that can be justified. Economic Development Consultant asked if the definition of redevelopment under the HRA or EDA powers would be different Versus redevelopment under the TIF statute, Bond Counsel Ippel replied the restrictions are far narrower under the TIF statute. She indicated she will work with staffon changes to the redevelopment plan, which will be to tie in the City's goals and objectives in relation to the entire Ramsey Town Center. Regarding the administrative fee, the budget will list the general items and a total anticipated amount for the Municipal Center bond with the administrative expenses for the EDA included in this. Finance Officer Lund indicated sh6 will revieTM the total dollar amount and the underwriting costs to determine the amount of the fee. Case #4: Trail Amenities for Business Parks Economic Development/TIF Specialist Sullivan reviewed that the EDA has discussed the benefits of having trails in industrial parks. Currently a trail exists in Energy Park and it is well utilized by the employees in the industrial park. Currently the Park and Trail Map does not include trails to be constructed within other industrial parks. Health and fitness are becoming important items for the public in general. It:would seem .reasonable to discuss policies that would promote the construction of trail systems to better enhance the quality of life for both workers and residents of Ramsey. He explained the Park Commission is currently working on creating a Master Trail Plan and it would be a good time to submit comments and suggestions about its development. Staff feels that creating connection between industrial parks and incorporating industrial parks into the overall plan would serve the residents and employees of the City for Ramsey as well. At this point, a funding source has not been identified for the construction of new trails for industrial parks. A recommendation to the Park Commission to include trails to be developed in existing and future industrial parks would be beneficial at this time. He noted the recommendation to the Park Commission would be two-fold concerning current industrial parks and future platting. Economic Development Authority/February 16, 2005 Page 7 of 9 7