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Harmony EDA sets Oct. 3 public hearing on proposed 2.4-acre Industrial Park sale to Miners Underground; board backs $50,000 out-of-pocket price if TIF can be re
Summary
The Harmony EDA voted Sept. 5 to call a public hearing Oct. 3 on a proposed 2.4-acre sale to Miners Underground, asking the city attorney to draft a purchase agreement and indicating willingness to reduce the $100,000 list price to $50,000 if existing TIF can be used; the motion passed unanimously.
The Harmony Economic Development Authority voted unanimously Sept. 5 to call a public hearing Oct. 3 on a proposed sale of 2.4 acres in Harmony Industrial Park to Miners Underground and directed the city attorney to draft a purchase agreement.
EDA staff member Chris Giesen described the request to purchase Lot 2, Block 2 of Harmony Industrial Park 1st Addition and Lot 2, Block 1 of Harmony Industrial Park 2nd Addition. Owners Klayton Miner and Chris Miner were present; Giesen said the buyers plan to build an industrial headquarters that would employ about 20 people.
The lots are listed at $100,000. Board members discussed reducing the sale price versus creating a new tax increment financing (TIF) district to achieve a similar net cost to the developer while preserving sale revenue for the EDA. Because the buyers wanted to begin construction in October, board members concluded forming a new TIF would likely take too long. The board asked staff to explore whether an existing TIF covering the property could be used and indicated a willingness, if feasible, to accept an out-of-pocket sale price of $50,000; the buyers agreed this was acceptable.
Motion by Steve Donney, second by Kerry Kingsley, called for a public hearing at the Oct. 3, 2024 EDA meeting to consider the land sale, directed the city attorney to draft a purchase agreement, set an out-of-pocket sale price of $50,000 if existing TIF can be utilized, and required substantial completion of the proposed building by Dec. 31, 2025. The motion carried unanimously.
