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reimbursement to PSD LLC for the construction of a new public roadway located within the <br /> City's new business park. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Burandt, Hardin, Riley, and <br /> Williams. Voting No: None. Absent: Member Brunt. <br /> 4.04: PSD LLC Business Park: Establish TIF District 16 and Approve TIF Agreement <br /> (Building#1) <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report with the <br /> previous case. <br /> Jason Aarsvold, Ehlers and Associates, stated that they review the project costs, total <br /> development costs, rents that will be charged, and other costs attached, to evaluate that those are <br /> in line with the request for assistance. He stated that they are comfortable with the requests, <br /> given the nature of the building. He stated that the next step will be to determine the impact to <br /> the developer's return on investment, to ensure that it is not outside of the range of seven to nine <br /> percent. He noted that providing the assistance will help the developer obtain financing and will <br /> not be outside of the typical range of the return on investment. <br /> Matt Kuker, PSD, stated that the first building is always the toughest, and once that is established <br /> people will want to come into the business park. <br /> Motion by Member Skaff, seconded by Chairperson Steffen, to recommend to City Council to <br /> Adopt Resolution #17-06-131 to Modify Development District 1, Establish TIF District 16, and <br /> Adopt a Plan for TIF District 16, subject to changes by the City Attorney; Adopt Resolution#17- <br /> 06-132 Authorizing Execution of a TIF Agreement, subject to changes by the City Attorney; and <br /> Adopt Resolution #17-06-133 Authorizing the Establishment of an Inter Fund Loan for TIF <br /> District 16. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Burandt, Hardin, Riley, and <br /> Williams. Voting No: None. Absent: Member Brunt. <br /> 4.05: PSD LLC Business Park: Accept Business Subsidy Application & Call for a Public <br /> Hearing (Building#2) <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented additional details on the staff <br /> report. <br /> Chairperson Steffen noted that it seems a similar request to the last. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated that the review is not as stringent <br /> with this request as this is not TIF. <br /> Member Riley stated that he likes the idea that this is tied to the building. <br /> Economic Development Authority/June 8, 2017 <br /> Page 5 of 9 <br />