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<br />Hastings EDRA <br />Hastings Economic Development and <br />Redevelopment Authority <br />6:00 p.m. Hastings City Hall <br />Minutes of April 9, 2009 <br /> <br /> <br />I. Called to order 6:00 <br />HEDRA Commissioners, Ron Toppin, Pam Holzem, Kurt Keena, Bob Hollenbeck, and Dennis <br />Martodam present <br /> <br />Commissioner Danna Elling Schultz and Anthony Alongi, absent <br /> <br />Staff present: HEDRA Director John Grossman, Community Relations Specialist Shannon Rausch, <br /> <br />Others Present: Greg Stotko and Doug Speedling <br /> <br /> <br />II. Approval of Minutes <br />Minutes from the March 12, 2009 meeting were presented, Keena moved to approve the minutes <br />with no changes. Toppin seconded the motion; <br /> <br />Motion passed 5-0 <br /> <br />III. Bills <br />Commissioner Toppin moved to pay the bills. Commissioner Keena seconded the motion. <br /> <br />Motion passed 5-0 <br /> <br />IV. Business <br /> <br />A. Land Credit Formula <br />HEDRA Director Grossman provided a brief review of the formula and land credit program. <br />He explained how the increase in the land price from $1.00, to $1.35 and now $1.65 <br />made it virtually impossible for businesses to achieve their goals and earn credits <br />exceeding the deferred land price. <br /> <br />Director Grossman recommended the authority adopt the revised formula based on the <br />current land price of $1.65/sq.ft. to make the land credit program work again. The <br />proposed revision places more emphasis on job creation, by multiplying the “job <br />equivalents” by $12,000 instead of $5,400. The 10% credit for building value remains <br />the same. <br /> <br />Director Grossman noted that any changes the Authority makes today will not affect the <br />existing agreements. <br /> <br />Commissioner Toppin moved to adopt the proposed changes in the land credit formula; <br />Commissioner Keena seconded the motion. <br /> <br />Motion passed 5-0 <br /> <br /> <br />B. Block 29 <br />HEDRA Director Grossman presented the one response HEDRA received to the RFP <br />issued for Block 29 from Stotko Speedling. Their proposal meets the RFP almost <br />EDRA: 04/09/09 1 <br /> <br />