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A motion by Member Skaff, seconded by Member Elvig, to reimburse the Gaughan Companies expenses accruing to date at the percentage bases that was agreed upon. Motion carried. Voting Yes: Chairperson Riley, Members Elvig, Letourneau, Look, Skaff, and Steffen. Voting No: None Absent: None Case #3: NORTHSTAR MARKETPLACE ASSISTANCE PACKAGE Economic Development Coordinator Sullivan presented Case # 3. The City was made aware of a deal attempting to bring a sit down restaurant into Northstar Market Place. Negotiations have included SAC and WAC charges for restaurant use and how those charges could be addressed. The EDA discussed supporting the assistance package in general terms and authorized city staff to work with Northstar Market Place to complete a Business Subsidy Application. The proposal for the assistance package would include the entire approximated amount of $101,481.00 in SAC and WAC for the retail -restaurant building in that site. The assistance would be financed through the EDA, and internally. The EDA would contribute $28,530 for the SAC charges, and the developer would contribute $28,530. The Developer contribution would be refunded to developer on a prorated basis based on a term of 5- 7 years without interest. The EDA portion would be finance along with the WAC Charges at the applicable rate. The WAC charges (approximately $44,421) would be financed through the EDA at the interest rate that current EDA funds earn. The Ioan would be forgivable as Iong as an approved restaurant tenant site for the majority of each calendar year. If the developer is not successful in bringing a suitable sit-down restaurant there is no deal. Motion by Member Elvig , and seconded by Member Look, to direct staff to contact Park Midwest or the negotiating agent on behalf of Solomon to negotiate the terms of the SAC & WAC financing based on a approved sit-down restaurant user staying there greater than 6 months peryear and to create a findings of facts that state that this is not an ongoing policy but a one- time situation that is intended to spur future growth in Town Center. The fmancing package would be $72,951 (All WAC and %2 SAC) over a negotiated 5-7 year term at the EDA Interest rate. $28,530 (1/2 SAC) to be reimbursed to the developer if conditions of maintaining an approved restaurant are met. The entire $I01,481 is forgivable if a restaurant is in the approved space for the duration of the loan. Motion carried. Voting Yes: Chairperson Riley, Members Elvig, LeTourneau, Look, Skaff and SteffenVoting No: None Absent: None Case #4: BUSINESS EXPO UPDATE Economic Development Coordinator Sullivan presented Case #4 Ramsey Business Expo will be held in conjunction with the annual Environmental Expo and Tree Sale but at different venues. The Business Expo will be held on April 25th, 2009 at the Pact Charter school. 38 businesses have signed up. There are approximately 50 spaces available. Economic Development Authority/April 9,2009 Page 4 of 7