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The EDA is charged with review of the TIF Agreement to ensure that it reflects the correct terms and conditions <br />of the deal structure and assistance and to make a formal recommendation to the City Council. Once a <br />recommendation has been made by the EDA, a Public Hearing date will need to be scheduled for the June 14, <br />2023 City Council Meeting. <br />Alternatives for TIF Agreement: <br />1) EDA Recommendation to the City Council to approve the TIF Agreement and Business Subsidy in the form <br />of $434,511 in TIF Land Cost Write Down and $550,000 in Pay -Go TIF for Site Development/Improvements (as <br />presented); subject to TIF Attorney Review (Staff recommendation). <br />2) EDA Recommendation to the City Council to approve the TIF Agreement and Business Subsidy and <br />a TIF Agreement in the form of $434,511 in TIF Land Cost Write Down and $550,000 in Pay -Go TIF for <br />Site Development/Improvements (with changes); subject to TIF Attorney Review <br />3) Something else. <br />Alternatives for Use Restriction on Land to be Platted as Outlot A, Ramsey Properties Addition: <br />1) EDA Recommendation to the City Council to approve a 10 year Use Restriction for other hotels and <br />short-term rental (under 6 months) for apartments on land to be platted as Outlot A, Ramsey Properties <br />Addition; subject to City Attorney review <br />2) Something else <br />Funding Source: <br />This case is being handled as part of normal Staff duties. If financial assistance is provided, TIF District 14 will <br />be the funding source and an interfund loan will need to be established. <br />Recommendation: <br />Staff recommends an EDA Recommendation to the City Council to approve the TIF Agreement and <br />Business Subsidy in the form of $434,511 in TIF Land Cost Write Down and $550,000 if Pay -Go TIF <br />for Site Development/Improvements (as presented); subject to TIF Attorney review. <br />Staff is supportive of an EDA Recommendation to the City Council to approve a temporary Use <br />Restriction for other hotels and short-term rental (under 6 months) for apartments on land to be platted <br />as Outlot A, Ramsey Properties Addition; subject to City Attorney review. <br />Action: <br />Motion to recommend to the City Council to approve the TIF Agreement and Business Subsidy in the <br />form of $434,511 in TIF Land Cost Write Down and $550,000 if Pay -Go TIF for Site <br />Development/Improvements (as presented); subject to TIF Attorney Review. <br />Motion to EDA Recommendation to the City Council to approve a temporary( 5, 7 or 10 year) Use <br />Restriction for other hotels and short-term rental (under 6 months) for apartments on land to be platted <br />as Outlot A, Ramsey Properties Addition; subject to City Attorney review <br />Attachments <br />Site Location Map <br />ACTION - Draft TIF Agreement <br />Draft Final Plat <br />Sample Use Restriction Agreement <br />Ehlers Analysis Memo <br />REFERENCE - Executed Purchase Agreement Schiebout <br />