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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 />