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Motion carried. Voting Yes: Chairperson Steffen, Members Burandt, Riley, Skaff, and <br /> Williams. Voting No: None. Absent: Members Brunt and Hardin. <br /> 4.06: PSD LLC Business Park, Building B, Adrenaline Sports Center,Public Financing <br /> Agreement <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Chairperson Steffen asked and received confirmation that the developer has closed on the land <br /> since the last meeting. <br /> Mr. Kuker stated that once approval is gained on the 25th they will order the wall panels. He <br /> believed that on the 25th they will also be approved to move dirt on the site. He noted that the <br /> tree clearing and mass grading was approved subject to the approval of the LRRWMO permit. <br /> Jason Arsvold, Ehlers, stated that the numbers are very similar to the TIF building, noting that <br /> this building is a bit larger than the TIF building and there is already a tenant for this building. <br /> He stated that with the assistance, after year five there would be a cash on cost return of eight <br /> percent; noting that year five would be the year the City assistance runs out. He stated that is <br /> within the acceptable range and is not being over subsidized by any means. <br /> Chairperson Steffen asked when the first payment would begin. <br /> Mr. Arsvold replied that the payments would begin one year after completion and would <br /> continue for three years,beginning in 2019 and then in 2020 and 2021. <br /> Mr. Kuker stated that he appreciates the quick work of staff to change the parcels. He <br /> recognized that changing the plans made things a bit scrambled and wanted to express his <br /> appreciation to City staff and the Council. <br /> Motion by Member Skaff, seconded by Member Burandt, to recommend to City Council to <br /> approve Resolution#17-07-177 awarding a business subsidy to PSD LLC. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Burandt, Riley, and <br /> Williams. Voting No: None. Absent: Members Brunt and Hardin. <br /> 5. MEMBER/STAFF UPDATE <br /> The EDA reviewed the Staff Update. <br /> Economic Dev. Mgr/Assistant City Administrator Brama provided an update. <br /> City Administrator Ulrich reported that the City is in the process of attempting to obtain the land <br /> back from McDonald's. He noted that the City met with the Game Fair the previous day and <br /> provided a flyer for this year's event. <br /> Economic Development Authority/July 13,2017 <br /> Page 8 of 9 <br />