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Development Committee Members Present: Hummel, Cauwels, Engleman, Wiggins, Borchers, Nohava, Johnson, Jacobs, Coffey, Myres, Nolan, Klemme, Cain
City Council Members Present: Borchers, Nohava, Cauwels
The meeting was called to order at 12:10 pm.
Jacobs announced the committee would begin meeting regularly on Thursdays at 12:00 pm. He also asked the committee to think of individuals who would be a expert member of the committee.
1. Bonderson Building
Jacobs asked for support for a proposal to renovate the former Bonderson Auto Parts building. He is proposing the City donate the building to HAPP and HAPP finance the renovation. The building would then be sold or leased to a new business.
Motion to directing Coffey and Jacobs to proceed with further pursuing the costs of the proposal. Motion by Cain, seconded by Hummel.
2. Development Prospect Proposal
Coffey reported the construction costs of the project will be approximately $1 million, twice the original estimate. The cost of the rail spur will be approximately $150,000. He said the construction costs would not necessarily equal the taxable assessed value, as most of the items installed would be tax-exempt equipment.
Coffey suggested approving a TIF grant equaling the greater of $50,000 or 20% of the assessed taxable value, with a cap of $100,000.
Motion to support TIF grant equaling the greater of $50,000 or 20% of the assessed taxable value, with a cap of $100,000. Motion by Wiggins, seconded by Nolan.
3. Pamida
Discussion took place on various options that were being pursued in the proposed relocation project.
The meeting adjourned at 1:10 p.m
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Michael Cauwels, Mayor Pro-Tem
ATTEST:
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Craig Coffey, City Administrator
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