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create a new entity for a project. He appreciated that the applicant was present today and noted <br /> that he fully supports the project and looks forward to it moving forward. <br /> Member Wiyninger asked if the project is still on track to be open in 2024. <br /> Economic Development Manager Sullivan replied that if the project moves forward as is,he would <br /> anticipate that applications would come through for review around April and if the project is <br /> shifted to another site that could be a one-month delay. He stated that either way, construction <br /> would plan to begin this year with an opening in 2024. <br /> Member Howell stated that she is a little concerned adding the pay-go TIF and asked if this would <br /> be enough value to the community to justify the assistance requested. She commented that she is <br /> very excited about the project but is not as excited about adding another layer of assistance. <br /> Economic Development Manager Sullivan replied that this TIF district runs through 2040 and <br /> therefore the obligations will be done before the districts ends and the project will generate <br /> additional TIF during that time. He stated that the City has expended funds on roads and <br /> infrastructure In the COR and TIF District No. 14 and this will help to increase cash now within <br /> the district to payoff those obligations. He noted that staff also believes that this project will be a <br /> catalyst in bringing forward other desired retail and restaurant development. <br /> Motion by Member Johnson, seconded by Member Wiyninger, to recommend to City Council to <br /> approve Business Assistance and a TIF Agreement in the form of$311,454 in TIF Land Cost Write <br /> Down and $306,000 in Pay-Go TIF for Site Development/Improvements; subject to City Attorney <br /> Review. <br /> Motion carried. Voting Yes: Chairperson Olson, Members Johnson, Wiyninger, Riley, and <br /> Stewart. Voting No: Member Howell. Absent: Member MacLennan. <br /> Chairperson Olson commented that he continues to be excited about this project and looks <br /> forward to it moving forward. <br /> 4.02: Consider Lease Agreement for 6701 Highway 10 NW: Case of God's Kingdom <br /> Ministry (Portions of the meeting may be closed to the public) <br /> Economic Development Manager Sullivan presented the staff report. <br /> Chairperson Olson asked what RALF stands for. <br /> Economic Development Manager Sullivan replied that RALF is Right-of-way Acquisition Loan <br /> Fund and explained that in 2005 the City began acquiring parcels through this fund on the north <br /> side of Highway 10 to prepare for the future Hwy 10 proj ect. He stated that the proj ect has changed <br /> and most of the properties between the tracks and Highway 10 will not be needed for the project. <br /> He stated that the City has seven to ten properties that have been acquired with RALF Funding <br /> and some can be leased. He noted that when the properties are sold, some buildings could remain <br /> Economic Development Authority/December 8, 2022 <br /> Page 3 of 5 <br />