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4.01: Sophia- Ramsey Business Subsidy Agreement; Early Termination and Payout Request Economic Development Manager LaFrance distributed additional information regarding the Business Subsidy Agreement and explained that the City received a,request for early termination of the Agreement and a discounted payout of $8,000 instead of $11,760 if the agreement were continued. He stated that staff spoke with representatives at Acapulco and staff does not foresee any negative projections in the near future, adding they are up to date on their utility billing and taxes. He noted they have not yet renewed their business registration certificate but have until December 31S to renew that license and they are up to date on their liquor license. He stated that staff recommends that the City accept their request for the discounted payout. The EDA discussed the negotiations and the calculation of the payout recommended by staff. Chairperson Steffen agreed with staffs recommendation and felt that the offer was fair. Member Riley also agreed with staff's recommendation, adding that he previously discussed his concerns with staff about the precedent being set with this early termination. Member Hardin stated he would abstain from the vote on this matter. Motion by Member Skaff, seconded by Member Brunt, to recommend that the City Council accept the request of Sophia- Ramsey for early termination of the Business Subsidy Agreement. Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Brunt, LeTourneau; Riley, and Williams. Voting No: None. Abstain: Member Hardin. Absent: None. 4.02: 2014 EDA Work Plan Economic Development Manager LaFrance suggested that the 2014 EDA Work Plan include three main areas of focus, i.e., the old municipal center site, the 167/47 commercial node, and the new Business Park, and also suggested the 2014 Work Plan include priorities related to marketing, assessment of the community, resource guide, and collaborating with a Preferred Broker. Chairperson Steffen asked if any of the items in the 2013 plan should be removed from the 2014 work plan. Member LeTourneau stated that the TIF analysis (item 1 D) should stay on through completion. Member Riley questioned whether item 1E regarding joining the Commercial Realtors Association should come off since the City has hired CBRE. Chairperson Steffen asked if the Buxton study should be included in the work plan. Assistant to the City Administrator Brama stated it was his understanding that the Buxton study was complete and the usefulness of that document has likely expired. Economic Development Authority/December 19, 2013 Page2of5