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Asst. City Administrator/Economic Development Manager Brama reviewed the staff report and <br />recommendation to adopt Resolution #17-07-131 to modify Development District #1, Establish <br />TIF District #16, and adopt a plan for TIF District #16, subject to changes by the City Attorney; <br />adopt Resolution #17-07-132 authorizing execution of a TIF Agreement, subject to changes by <br />the City Attorney; and adopt Resolution #17-07-133 authorizing the establishment of an inter <br />fund loan for TIF District #16. <br />Public Hearing <br />Mayor Strommen called the public hearing to order at 7:14 p.m. <br />Citizen Input <br />There was none. <br />Motion by Councilmember LeTourneau, seconded by Councilmember Kuzma, to close the <br />public hearing. <br />Motion carried. Voting Yes: Mayor Strommen, Councilmembers LeTourneau, Kuzma, Johns, <br />Riley, Shryock, and Williams. Voting No: None. <br />The public hearing was closed at 7:15 p.m. <br />Council Business <br />Councilmember Riley stated that he personally has discussed this topic multiple times in <br />different meetings. He asked for input from the Ehlers representative on the underwriting and <br />justification for use of TIF. <br />Jason Arsvold, Ehlers and Associates, stated that Ehlers took the time to review a project and <br />determine if the project could exist but for this assistance. He stated that after reviewing the <br />information they have determined that the project costs are within industry standards, they have <br />the expected rate and term for financing, and have an appropriate rate of return on investments. <br />He noted that this assistance would put the rate of return on investment into the low range of the <br />acceptable rate of return for the development. <br />Mayor Strommen stated that this is another exciting step, as this was included in the Strategic <br />Plan four years ago and through the diligence of the staff and EDA this is coming to fruition. <br />She recognized that these things take a long time, and that is why the topic has been thoroughly <br />discussed, and thanked the staff and partners for getting the City to this point. <br />Motion by Councilmember Riley, seconded by Councilmember Kuzma, to Adopt Resolution <br />#17-07-131 to Modify Development District #1, Establish TIF District #16, and Adopt a Plan for <br />TIF District #16; Adopt Resolution #17-07-132 Authorizing Execution of a TIF Agreement; and <br />City Council / July 11, 2017 <br />Page 4 of 9 <br />