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Based on discussions with the city's financial advisor, Ehlers, this arrangement is not considered a formal business <br />subsidy. This cost share arrangement is based on past practice and informal city policy (i.e. the 60/40 split). TIF is <br />being used to fund the city's portion of costs only --not the developers portion. Attached is the city's business <br />subsidy policy for reference. As outlined in Section E on page 5, items #2, #3, and #7 apply here. This means this <br />project (i.e. TIF Agreement) doesn't require a formal public hearing, formal underwriting (i.e. reviewing the <br />developers pro -forma), and no formal application from the developer (i.e. no fee). <br />Notification: <br />Observations/Alternatives: <br />NA <br />Funding Source: <br />TIF District #14 <br />Recommendation: <br />STAFF <br />This action is generally consistent with attached and previously approved MOU and PA. The attached TIF <br />Agreement has been reviewed by the City's Real Estate Attorney Briggs & Morgan and Ehlers. Attached is a <br />MEMO from Ehlers RE the agreement. Ehlers plans to attend this meeting and will be available to answer questions <br />as needed. <br />EDA Review: <br />The EDA reviewed this case on 04/12 and recommended 6-0 for the City Council to approve. Please see QCTV <br />video for details. No major discussion occurred. The EDA did ask for Ehlers to provide an overview of their <br />attachment MEMO. <br />Action: <br />Motion to: <br />Adopt Resolution #18-061 Approving a TIF Agreement with CAP Acquisitions LLC; subject to final review and <br />amendments by the City Attorney. <br />Attachments <br />Resolution #18-061 <br />TIF Agreement <br />MOU <br />PA <br />B&M Infrastructure Study <br />Ehlers MEMO <br />Visual Renderings <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 04/19/2018 09:33 AM <br />Form Started By: Patrick Brama Started On: 04/14/2018 10:25 PM <br />Final Approval Date: 04/19/2018 <br />