Agenda - Economic Development Authority - 09/09/2021

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(developer) / 40 (City) split percent for the City in order to support a portion of City costs associated with needed infrastructure improvements in that area such as Bunker Lake Boulevard. Motion by Member Cords, seconded by Member MacLennan, to recommend to City Council: • Approve the Modification to the Development Program for Development District No. 1 • Establish Tax Increment Financing District No. 18: (Oppidan Industrial) within Development District No. 1 • Approve the Tax Increment Financing Plan. The TIF plan outlines the boundary of the district, TIF eligible expenses/costs and tax impacts (tax base and taxing jurisdictions). The TIF Plan outlines how the project follow statutory irements for creation of the TIF District. • Approval of TIF Agreement (business subsidy) . sey Industrial Owner LLC and Oppidan Incorporated; subject to attorney revi Motion carried. Voting Yes: Chairperson Cord bers MacLe and Steffen. Voting No: None. Absent: M- ohnson. 4.03: Recommend 2022 EDA Budget and Le Economic Development Manager S Chairperson Cords asked if the EDA fu was used for COVID relict e past ye resented th. f report. Howell, Olson, Riley, atively He noted that some of the fund Economic Development Manaullivan estimated the EDAtfund balance at $1,200,000 to $1,300,000. He noted that some funds have been allocated for a previously approved project and therefore the balance will be reduced. He believed that the balance is healthy enough to assist in Highway 10 acquisions or other EDA.evelopment activities that may be necessary. He stated that there will be a $250,000 expense from the business subsidy agreement with PSD which was approved ` 2017. He confirmed that those costs were expected, and the fund balance should be around 0,000 after those two expenses. Member Mac an stated the appears e budget is less than the revenue each year. Economic Development Manager Sullivan stated that the intent is not to build the EDA fund balance but to account for potential expenditures. He stated that last year was unique in that costs that could have been paid through EDA dollars were instead paid through CARES Act funds. He explained the purpose of the EDA fund and how those dollars can be used to promote and support economic development and related marketing and events. Member MacLennan referenced the actuals from the past three years and asked if they should remain flat with the figures from the previous year. Economic Development Manager Sullivan commented that he would anticipate that the actual expenditures in 2021 would be closer to the projected amount as last year was unique. He noted that if there is additional revenue that could be used to build the fund balance for future projects. Economic Development Authority/ August 12, 2021 Page 3 of 6