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Economic Dev. Mgr./Assistant City Administrator Brama stated that every project is different. <br /> He noted that some projects have a real time split, some projects the City pays the costs up front <br /> and assesses the cost back to the developer over time, and in this case the developer would pay <br /> the costs up front and the City would reimburse their portion. He noted that this proposed case <br /> would be the least amount of risk for the City. He noted that this will move forward to the City <br /> Council on January 23rd. He advised that a final review would still come back before both the <br /> EDA and City Council for consideration of a formal TIF Agreement. <br /> Chairperson Steffen asked if there would be first floor retail or a restaurant. <br /> Economic Dev. Mgr./Assistant City Administrator Brama replied that the developer moved their <br /> project further away from Sunwood in order to avoid that element. He noted that the City would <br /> retain ownership of the parcel along Sunwood Drive for future commercial or mixed use <br /> development. <br /> Motion by Member Hardin, seconded by Member Skaff, to recommend to City Council to <br /> approve the public infrastructure MOU with CAP Acquisitions. <br /> Further discussion: Member Riley stated that this appears to simply be related to the short-term <br /> financing method as the long-term financing will come from TIF. He stated that it appears this <br /> option will let the developer finance upfront, with TIF paying that back in the future. Economic <br /> Dev. Mgr./Assistant City Administrator Brama confirmed that is generally correct. Member <br /> Riley stated that this seems to be a good use of TIF. Economic Dev. Mgr./Assistant City <br /> Administrator Brama stated that in past practice this seems to be a realistic time for payback. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Skaff, Burandt, Johns, <br /> Kanaventi, and Riley. Voting No: None. Absent: Member LeTourneau. <br /> Member Riley stated that he does not like the street names. He stated that they have gone away <br /> from the naming mechanism in the past within The COR district and therefore recommend that <br /> they go away from the mechanism in this case as well. <br /> Economic Dev. Mgr./Assistant City Administrator Brama stated that he will pass on the <br /> comments. <br /> 4.04: CBRE: Pricing Strategy (Portions of this case may be closed to the public) <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Member Kanaventi left the meeting. <br /> Recess and Reconvene <br /> Motion by Member Riley, seconded by Member Hardin, to recess the meeting to closed session <br /> at 8:18 a.m. <br /> Economic Development Authority/January 11,2018 <br /> Page 4 of 7 <br />