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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 />