Minutes - Economic Development Authority - 05/15/2008

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Member Elvig left at 9:25 AM. Economic Development Consultant Mulrooney commented that Ramsey utilizes Tax Increment Financing to buy down some of these costs and in actuality the out of pocket costs could be significantly lower than shown for the developer. Economic Development Coordinator Sullivan stated that he agreed and that it was impossible to quantify assistance packages for Ramsey and other City's. It was stated that every assistance package is different and is based on the individual merits of each project. Chairperson Riley acknowledged that development fees portion of the study is complete but using both a mean and a median for determining the position of Ramsey compared to the study group would be a good idea. Consensus of the Board was to direct staff to continue working on the study and to try to complete it by the June EDA meeting. Member Strommen left at 9:31 AM. Case #4: Staff Update Economic Development Coordinator Sullivan presented the staff update and pointed out the both the Panther and Tag machines projects were probable but not certain. Chairperson Riley suggested that the EDA make a business of the year sign (like the one given to Well's Catering) for all business of the year award winners starting this year. He also suggested that this banner be prominently displayed in the Happy Days parade and free spot awarded. Discussion ensued. Consensus was to make the banner for all award winners and to request a free spot for them in the Happy Days parade. MEMBER INPUT None. ADJOURN Motion by Member Letourneau, seconded by Member Steffen, to adjourn the meeting. Motion carried. V oting Yes: Chairperson Riley, Members Kiefer, LeTourneau, Skaff and Steffen. Voting No: None. Absent: Members Elvig and Strommen. The regular meeting of the Economic Development Authority adjourned at 9:45 a.m. Economic Development Authority/May 15, 2008 Page 6 of7