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Deputy City Administrator Gladhill provided additional background on the original investment in <br /> the City owned land within The COR. He stated that there was a time when the City hired a <br /> development manager that had an hourly charge whereas now the City has switched to a broker <br /> and that cost is taken off the land sale. <br /> Member Cords asked if the City is confident that the assessment would be recovered through the <br /> TIF when all the land is sold. <br /> Economic Development Manager Sullivan provided additional details and stated that generally <br /> speaking he believes that those costs would be recouped through TIF along with the additional <br /> benefits that will occur using the TIF. <br /> Deputy City Administrator Gladhill stated that there is forecasting for the TIF and it seems <br /> reasonable that those costs would be recaptured using those forecasts. <br /> Member Burandt commented that while he does not see a huge need to adjust the pricing of the <br /> properties, he does not believe it will hurt anything to make these adjustments if it means that <br /> development may occur more quickly. <br /> Member Cords agreed that this seems to be a reasonable strategy to increase interest. <br /> Mr. Pankratz commented that there are a few privately owned parcels within The COR, but one <br /> party has moved out of the area and does not seem interested in marketing or returning calls of <br /> interested parties. <br /> 3. ADJOURNMENT <br /> Motion by Member Cords, seconded by Member Burandt,to adjourn the closed session. <br /> Motion carried. Voting Yes: Chairperson Steffen,Members Cords, Burandt,Howell,and Riley. <br /> Voting No: None. Absent: None. <br /> The Closed Session was adjourned at 8:09 a.m. <br /> Respectfully submitted, <br /> tjtothot <br /> Sean Sullivan <br /> Economic Development Manager <br /> Closed Session Meeting/ March 11, 2021 <br /> Page 3 of 4 <br />