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Mr. Moore provided a brief history on Oppidan and their development of retail, industrial, senior <br />housing, office, and data centers with experience in 40 states. <br />Chairperson Steffen asked if Oppidan typically holds the properties as owner and manager. <br />Mr. Moore commented that each project is unique, and the decision is market driven. <br />Chairperson Steffen commented that this seems to meet the vision of the City with many positives <br />that will be provided. <br />Economic Development Manager Sullivan stated that when a City as these large users, it brings <br />daytime jobs, which increases daytime population and is attractive to restaurant users. <br />Motion by Member Cords, seconded by Member MacLennan, to recommend to City Council to <br />call for a public hearing for the modification to the development program for Development District <br />No. 1 and the proposed establishment of TIF District No. 18: Oppidan Industrial and to provide a <br />$1,172,133 business subsidy to the developer in the foriof pad- TIF note. <br />A roll call vote was performed: <br />Member Olson aye <br />Member MacLennan aye <br />Member Johnson aye <br />Member Cords aye <br />Chairperson Steffen ay <br />Member Riley <br />Member Howell <br />Motion carried. <br />4.02: Consider Loan Applicati _ r Restaurant Subsidy Program and Policy Amendment: <br />Case of Stories Foundation <br />Economic Development Manager Su Ivan presented the staff report. <br />Member Cords referenced the 30 percent the developer would be responsible for and asked if that <br />would be split between SAC and WAC. <br />Economic Development Manager Sullivan confirmed that to be true. <br />Member Cords asked if a request from a business would go through the EDA and Council each <br />time. <br />Economic Development Manager Sullivan confirmed that any applications would come through <br />the EDA and Council for review. <br />Economic Development Authority/ July 8, 2021 <br />Page 4 of 12 <br />