Minutes: Evansville Redevelopment: February 2005

Evansville Redevelopment Authority
Regular Meeting
Monday, February 7, 2005, 7:30 PM
City Hall, 31 S. Madison St., Evansville, WI

MINUTES

Chairperson Hagen called the meeting to order at 7:30 PM. Present were Chairperson Hagen, Vice-Chairperson Eager, Ald. Anderson, Ald. Kooyman, Dean Arnold and John Decker. Betsy Ahner was absent. Ald. John Sornson and Bill Connors, Executive Director, also were present.

The agenda was approved as presented by the executive director.

Ald. Anderson, seconded by Mr. Arnold, moved to approve the minutes of the January 10, 2005, regular meeting, as presented by the executive director. Motion passed.

There were no citizen appearances on items not listed on the agenda, and no public hearings.

Old Business

Executive Director Connors reported that First Community Bank had obtain all of the necessary approvals for its branch bank project at the new intersection of E. Main St., Union St. and Exchange St., except for some technical approvals from the city engineer, and had purchased the site. He also reported that the city had vacated the old Exchange St. right of way and obtained a dedication of the new right of way through a certified survey map. The bank has requested the initial payment of $75,000 in accordance with its redevelopment agreement.

Executive Director Connors reported that Triple B Investments has been paid $24,648.38 as the developer requested for the renovation of the Badger Coach Building. This amount was less than the $30,000 maximum under the redevelopment agreement. Commissioners asked if the renovations produced the increase in value specified in the redevelopment agreement. Mr. Connors said this would not be known until the city assessor determines the value of the property as of January 1, 2005, which will occur later in 2005. If the value increase is not attained, the developer is required to pay back some of the grant. Commissioners asked to receive copies of the supporting documentation.

Executive Director Connors reported that it appears most of the improvements to the Grange Building are complete, and that he still has not received requests from the pharmacy and building owner for disbursements of loan proceeds. Commissioners wondered if there was a deadline for them to request disbursements. Mr. Connors said he would look into that, but he did not have the agreement with him.

New Business

None.

Communications and Recommendations from the Executive Director.

Executive Director Connors discussed some correspondence he has recently sent to developers to encourage someone to make a proposal for a substantial redevelopment project, and provided the Commissioners with one example of these letters. Vice-Chairperson Eager asked if the Authority had authorized Mr. Connors to send such letters, and Mr. Connors responded the Authority had not, but he thought that was part of his duties. The letter discussed pay-as-you-go financing at a level of 10% of the anticipated increase in value. Mr. Connors said this level of investment was part of the underlying premise for the budget for TID No. 5. He said the developers he sent the letters to either had contacted him or had been identified by David Wagner of Ehlers Associates as having successful experience with projects in cities similar in population to Evansville.

Executive Director Connors informed the Commissioners that he had not been successful in gathering useful examples of funding guidelines, procedures and forms. The Commissioners suggested he contact larger municipalities like the City of Madison and state agencies like WEDA. The Commissioners reiterated to Mr. Connors that they are not comfortable approving any more grants or loans until the Authority adopts procedures and forms for evaluating requests.

The Commissioners asked Executive Director Connors to write a letter to Nelson-Young Lumber Company acknowledging receipt of the information submitted for the January 10 meeting and asking the company submit a more detailed proposal. The letter should also state that the Authority is working on funding guidelines, procedures and forms, and this work has not yet been completed.

Ald. Anderson, seconded by Mr. Decker, moved to adjourn. Motion passed.

The meeting adjourned at 8:00 PM.

Prepared by William E. Connors, Executive Director

The Minutes are not official until approved by the Authority.