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4. EDA BUSINESS <br /> <br />4.01: PSD LLC Business Park Proposal: Accept Business Subsidy Request Application <br />and Call for Public Hearing <br /> <br />Economic Dev. Mgr/Assistant City Administrator Brama stated the EDA was asked to consider <br />multiple actions related to the PSD LLC business park proposal. <br /> <br />Economic Dev. Mgr/Assistant City Administrator Brama stated step one is regarding this case. <br />He asked the EDA to formally accept a business subsidy application from PSD LLC and begin <br />the process to establish a new TIF district. The purpose of this case is not to “award” any <br />financial incentives to PSD LLC. However, this case begins the State required public process to <br />allow the City to award financial incentives to PSD LLC. <br /> <br />Economic Dev. Mgr/Assistant City Administrator Brama stated step two is in regard to future <br />case of reviewing underwriting or project pro-forma, consider authorization to establish a new <br />TIF district, and consider awarding TIF agreement/business subsidy agreement, which will <br />include a specific amount of TIF. <br /> <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> <br />Mr. Jim Diehl, PSD commented the work done on this project. He reviewed the process they <br />have been through to get to this point in the project and what the project consists of. <br /> <br />Chairperson Stephen asked if the research indicates it will take three to five years to fill up the <br />first building. <br /> <br />Mr. Diehl hoped not. He stated they are starting with 60,000 square feet but if someone wants <br />more they will build it. Their plan on the 60,000 is to start out with 10,000 foot bays. Once <br />things get started it will go pretty fast but it is slow to get started. He did not think it would take <br />three to five years. <br /> <br />Economic Dev. Mgr/Assistant City Administrator Brama noted the application shows three <br />years. <br /> <br />Mr. Jason Aarsvold, Ehlers and Associates stated this is kicking the project off and he thought <br />the EDA and City Council will want to approve the TIF Plan and the eventual development <br />agreement. <br /> <br />Manager Skaff thought this was a good project. <br /> <br />Motion by Member Skaff, seconded by Member Burandt, to recommend the City Council adopt <br />Resolution #17-04-091, to call for a public hearing on June 27, 2017, to modify Development <br />District #1, to establish TIF District #16 (PSD Business Park A), and to adopt a TIF Plan. <br /> <br />Economic Development Authority/April 13, 2017 <br />Page 2 of 10 <br /> <br />