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<br />Economic Development Director Sullivan stated that the restaurant would be a Wissota Steak <br />Chophouse, as with all corporate Cobblestone hotels. He stated that there is a example in <br />Stevens Point, Wisconsin. <br /> <br />Member Hardin referenced the development agreement, Section 3.3, the third paragraph, related <br />to the creation of jobs, which is set at zero. He stated that the next three paragraphs seem moot if <br />job creation is not required. <br /> <br />Economic Development Director Sullivan confirmed that while jobs would be created, they <br />would not be a requirement of the development agreement. He reviewed the other public <br />benefits that would be provided through the project such as creation of tax base, satisfying <br />market demand for lodging for commerce and diversity of business type. <br /> <br />Member Cords asked if there is an escrow or mechanism to recoup the upfront costs if the right- <br />of-Re-entry is used. <br /> <br />Economic Development Director Sullivan provided additional details on the language included <br />in the TIF Agreement for that purpose. <br /> <br />Chairperson Steffen asked for details on the timeline that would follow after today. <br /> <br />Economic Development Director Sullivan reviewed the timeline that would move forward if <br />approved by the EDA, noting that if recommended for approval the item would move forward to <br />an upcoming City Council meeting for consideration. <br /> <br />Chairperson Steffen stated that the EDA is excited about this project as it meets multiple goals of <br />the City. He noted that it is clear from the Ehlers memorandum that this deal would not be <br />possible but for the TIF assistance proposed to be provided by the City. <br /> <br />Motion by Member Cords, seconded by Member Kuzma, to recommend to City Council to <br />approve the TIF Agreement, subject to City Attorney approval as to legal form. <br /> <br />Member Hardin aye <br />Member Cords aye <br />Member Riley aye <br />Member Kuzma aye <br />Member Burandt aye <br />Chairperson Steffen aye <br /> <br />Motion carried. <br /> <br />4.04: Consider Programs to Assist Restaurants and Retailers Impacted by COVID-19 <br /> <br />Economic Development Manager Sullivan presented the staff report. <br /> <br />Economic Development Authority/ April 7, 2020 <br />Page 4 of 9 <br /> <br />