Agenda - Economic Development Authority - 09/09/2010

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Motion by Member LeToumeau, seconded by Member Williams that to consider moving forward with the request the EDA needs to be provided the proformas and financials to support the need for a subsidy. Further Discussion Member Steffen stated that there is an owner ready to start in a week or two. He has been good to this town, he has brought NAU, Allina, Fountains of Ramsey, and the VA. He asked if the EDA cared if Wells Catering moved to Anoka. He continued one need of the COR is restaurants. The work could start in two weeks if the subsidy is granted and Wells stays in Ramsey for 10 years, if he signs a 10-year lease. What would the EDA learn from profonnas? Deputy City Administrator/Community Development Director Nelson stated that the EDA should at least review the proformas and lease. Other projects have been open book. Member LeTourneau stated the EDA needs to do its ethical due-diligence and help everybody equally. He continued that he supports at least the need of the project profonnas. Amended motion by Member LeTourneau, seconded by Member Williams to directstaff to bring the request back to the EDA with a financial.analysis. Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Williams, Elvig, Look, and Skaff. Voting No: Member Steffen. Absent: None. MEMBER INPUT Member Skaff presented an update on Northgate Church.. ADJOURNMENT Motion by Member Elvig, seconded by Member Look, to adjourn the meeting. Motion carried. Voting Yes: Chairperson Riley, Members Elvig, Look, LeTourneau, Skaff, Steffen, and ~4Villiams. Voting No: None. Absent: None. The regular meeting of the Economic Development Authority adjourned at 9:45 a.m. Respectfully submitted, Heidi Nelson Deputy City Administrator/Community Development Director ATTEST: JoAnn Shaw Planning Division Secretary Economic Development Authority /August 5, 2010 Page 3 of 3