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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 sts' 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)vith the requests, <br />given the nature of the building. He stated that the next step will be tdedeteiihine the impact to <br />the developer's return on investment to ensure that is not outside okhe rangeiseven to nine <br />percent. He noted that providing the assistance will help the develop obtairnancing and will <br />not be outside of the typical range of the return on investment.pi <br />Matt Kuker, PSD, stated that the first building is always the touest d once that is established <br />people will want to come into the business park. <br />Motion by Member Skaff, seconded by Chairp son St- en o recommend to City Council to <br />Adopt Resolution #17-06-131 to Modify Deve o. -nt Di 'ct 1, Establish TIF District 16, and <br />Adopt a Plan for TIF District 16, subject to changes . - 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 Aut rrizing 40 Establishment of an Inter Fund Loan for TIF <br />District 16. <br />Motion carried. Voting Yes-airpei'rSteffen, Members Skaff, Burandt, Hardin, Riley, and <br />Williams. Voting No: N <br />sent: ember Brunt. <br />4.05: PSD LLC B ess Park: Accept Business Subsidy Application & Ca11 for a Public <br />Hearing (Bui <br />Economic <br />report. <br />C <br />#2) <br />tant City Administrator Brama presented additional details on the staff <br />n noted that it seems a similar request to the last. <br />Econo ev. Mgr/Assistant City Administrator Brama stated that the review is not as stringent <br />with this equest as this is not TIF. <br />Member Riley stated that he likes the idea that this is tied to the building. <br />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 />Economic Development Authority/June 8, 2017 <br />Page 5 of 8 <br />