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Mr. Kuker provided additional details on the building and how it could be converted if Adrenalin <br /> leaves after their seven-year lease. He noted that the structure itself would be almost identical, <br /> with the exception of the dock doors that would not be installed. <br /> Chairperson Steffen asked if TIF is not available because of the recreational use. <br /> Economic Dev. Mgr/Assistant City Administrator Brama confirmed that recreational uses are not <br /> available for TIF. <br /> Mr. Kuker noted that the rent would be slightly smaller for this second building because there is <br /> a lesser cost to build out the building. He noted that the cost for rent will be higher than the <br /> tenant was paying at their current location, but confirmed that the tenant does have leases in <br /> place for this site which will be larger than their current location. <br /> Chairperson Steffen noted that the timeline appears very tight. <br /> Mr. Kuker agreed that the timing is very tight as the tenant has leases that start on January 1, <br /> 2018. He stated that in essence the tenant is paying rent for 12 months of the year while they <br /> will most likely only use the facility six months out of the year, as the soccer will be outdoors in <br /> the warmer months. He noted that the tenant will be exploring options for additional activities <br /> that could occur during the warmer months. He confirmed that the tenant is currently not in a <br /> location, as the site he was previously located in has been closed. <br /> Chairperson Steffen asked if the developer could build the building within the timeline. <br /> Mr. Kuker stated that the closing will occur on June 27th and he has received permission to begin <br /> grading. <br /> Community Development Director Gladhill noted that it is a very aggressive schedule and some <br /> preapprovals can be given. He noted that the more they deviate from the regular schedule, the <br /> more risk that will come. He stated that the process can be sped up, but acknowledged that the <br /> developer is willing to take on the risk and liability regarding grading and stormwater. He stated <br /> that staff will do what they can to be flexible. <br /> Mr. Kuker acknowledged that there is risk in expediting the timelines, and that risk would fall on <br /> him as developer. He stated that Adrenalin would bring in additional traffic to The COR. He <br /> noted that if there are additional costs that arise from speeding this process up, those costs could <br /> be split up between the future pads that will be sold. <br /> Member Williams asked if that sensitivity would be part of the business subsidy analysis. <br /> Economic Dev. Mgr/Assistant City Administrator Brama confirmed that would be included in <br /> the review. <br /> Chairperson Steffen stated that he loves the project and the signage. <br /> Economic Development Authority/June 8,2017 <br /> Page 6 of 9 <br />