Agenda - Council - 02/14/2023 - Laserfiche WebLink

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