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have occurred on their site in Coon Rapids, noting that should they have a continued need they <br /> would mimic that development pattern. He "estimated a ten month build cycle, noting that they <br /> would like to begin construction in August. He confirmed that the existing employees and new <br /> employees would occupy the site. <br /> Member Riley stated that this discussion is regarding TIF and asked if TIF is being used for the <br /> construction of this building or to purchase the additional land for future development. <br /> Economic Development Manager Sullivan stated that the total land purchase has a cost of <br /> $3,600,000, but the TIF is prorated based on the size of the lot with construction and is not <br /> spread across the entire parcel purchased. <br /> Member Hardin referenced the business assistance application, which requested $1,500,000, and <br /> asked if the gap has been identified between the requested amount and amount proposed to be <br /> provided by the City. <br /> Mr. Schiebout stated that the gap would be covered by the Developer. He noted that although <br /> the TIF is not the amount requested, it was still enough to tip the scale to choose this site. <br /> Member Kanaventi asked the estimated length of time for the 15 additional jobs to be created. <br /> Mr. Schiebout replied that the timeline is within two years but estimated that time period would <br /> be shorter based on their current demands. <br /> Economic Development Manager Sullivan stated that the job creation can begin once the <br /> agreement is approved by the City Council and executed. Any jobs added after that point would <br /> count towards the 15 required by the proposed agreement. <br /> Member Hardin asked for details on the benefit date. <br /> Economic Development Manager Sullivan clarified that the benefit date is the completion of <br /> construction. <br /> Chairperson Steffen stated that this is a great project that he is excited about. <br /> Councilmember Riley stated that the proposed assistance is pay-as-you-go, which does not cost <br /> the City money upfront and is a benefit. He noted that this project fits well within the EDA <br /> mission and priorities of the City Council. He stated that this would bring jobs and is the first <br /> business being developed in the business park (north of Bunker Lake Boulevard). He noted that <br /> there are unpaid special assessments on the parcel relating to development of the Bunker Lake <br /> Business Park that would be paid with if this project moves forward. He stated that he is <br /> supportive of this project based on those reasons. <br /> Motion by Member Hardin, seconded by Member Kuzma, to recommend to City Council to <br /> adopt a resolution approving the modification to the Development Program for Development <br /> Economic Development Authority/June 13, 2019 <br /> Page 3 of 7 <br />