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4. EDA BUSINESS 4.01: Consider Multiple Actions Related to a Potential Life Fitness Expansion Project Econ. Dev. Mgr/Assistant City Administrator Brama presented the staff report and reviewed the background of the project, TIF Plan and TIF Agreement with the Board. Member Riley arrived at 7:37 a.m. Member Williams arrived at 7:40 a.m. Mr. Jason Aarsvold, Ehlers reviewed the Development Agreement with the Board. Chairperson Steffen asked if the purchase price was $425,000 as a part of the budget. Mr. Aarsvold stated budgets are usually an estimate but he believed that was taken from an actual TIF application figure. Econ. Dev. Mgr/Assistant City Administrator Brama stated the purchase agreement on this deal is supposed to be signed this week and the amount he was told for the purchase price was $425,000. Chairperson Steffen asked if the budget in the packet was the EDA budget or the Life Fitness budget. Mr. Aarsvold stated this was the TIF budget so in a sense it is the EDA budget. Chairperson Steffen asked how they calculate the $135,000. Mr. Aarsvold stated that is located in the big documents in the back where there is a cash flow and every year there is an amount of TIF that is generated. He reviewed thep rocess with the Board. Member Riley asked if there were funds available in TIF District 1 rather than creating a new TIF District within it. Econ. Dev. Mgr/Assistant City Administrator Brama stated there is $200,000 to $300,000 available within that fund. Member Riley asked if there was a reason why they would want to create a new TIF District rather than utilize the existing one. Econ. Dev. Mgr/Assistant City Administrator Brama stated he would need to look at this. He indicated the TIF District was created back in the 80's or 90's so the money should be available for other projects but would need to research this. Economic Development Authority/September 3, 2015 Page 2 of 7