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Economic Development Manager Sullivan stated that 60/40 split is unique in the recent past it has <br />been a 90/10 split with the developer receiving 90 percent of increment for project reimbursement. <br />He stated that in this instance staff negotiated the 60 (developer) / 40 (City) split percent for the <br />City in order to support a portion of City costs associated with needed infrastructure improvements <br />in that area such as Bunker Lake Boulevard adjacent to the site. <br />Motion by Member Cords, seconded by Member MacLennan, to recommend to City Council: <br />• Approve the Modification to the Development Program for Development District No. 1 <br />• Establish Tax Increment Financing District No. 18: (Oppidan Industrial) within <br />Development District No. 1 <br />• Approve the Tax Increment Financing Plan. The TIF plan outlines the boundary of the <br />district, TIF eligible expenses/costs and tax impacts (tax base and taxing jurisdictions). <br />The TIF Plan outlines how the project follow statutory requirements for creation of the TIF <br />District. <br />• Approval of TIF Agreement (business subsidy) with Ramsey Industrial Owner LLC and <br />Oppidan Incorporated; subject to attorney review. <br />Motion carried. Voting Yes: Chairperson Cords, Members MacLennan, Howell, Olson, Riley, <br />and Steffen. Voting No: None. Absent: Member Johnson. <br />6. ADJOURNMENT <br />Motion by Member Steffen, seconded by Member MacLennan, to adjourn the meeting. <br />Motion carried. Voting Yes: Chairperson Cords, Members Steffen, MacLennan, Howell, Olson, <br />and Riley. Voting No: None. Absent: Member Johnson. <br />The regular meeting of the Economic Development Authority adjourned at 8:17 a.m. <br />Respectfully submitted, <br />Sean Sullivan <br />Economic Development Manager <br />ATTEST: <br />Wendy Schlueter <br />Economic Development Administrative Assistant <br />Economic Development Authority/ August 12, 2021 <br />Page 2 of 3 <br />