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<br /> <br />Economic Development Director stated that he believes the number was approximately 60%. <br /> <br />Emily Alegra, the applicant, came forward and shared that they went off of their feasibility study <br />which was at 68%. <br /> <br />Councilmember Musgrove noted that the case mentioned a change of location. She asked if this <br />was in regard to the size of the building and number of units. <br /> <br />Ms. Alegra stated that this was when they switched the lots as they were originally at the previous <br />hotel Cobblestone location and based on the size they felt they needed to be closer to the 98 unit <br />building to be efficient. <br /> <br />Councilmember Musgrove asked about how much the restriction agreement plays into the project <br />moving forward. <br /> <br />Economic Development Director Sullivan stated that the applicant asked the EDA to consider a <br />use restriction agreement with a 10 year period to have some exclusivity. He shared that the EDA <br />had made a recommendation that the area of restriction be smaller or the term be shorter. He noted <br />they are still working through this right now. <br /> <br />Ms. Alegra reiterated the recommendations of the EDA and shared that they are willing to <br />reevaluate their restrictions as they want to ensure that this is a win-win for them and the City. <br /> <br />Councilmember Howell stated that she is very excited to see the hotel come; however, she is not <br />as supportive of the subsidies but would be supportive of the land write-down. She noted she will <br />not be voting in support of this. <br /> <br />Councilmember Riley noted that the case states this would be a catalyst project for the COR. He <br />stated that he likes that this assistance will be going into the ground for the land and utilities. He <br />added that he likes that the City will be made whole within 10 to 12 years. <br /> <br />Motion by Councilmember Riley, seconded by Councilmember Woestehoff, to adopt Resolution <br />#23-126 approving Business Subsidy and authorizing execution of a Tax Increment Financing <br />(TIF) agreement and approving terms of an Interfund Loan, subject to TIF attorney review. <br /> <br />Further discussion: <br /> <br />Councilmember Howell noted that this is a matter of perspective whether there is a lot of value in <br />the City not collecting tax dollars. She stated that the idea that this parcel would sit empty for 10 <br />to 12 years is not realistic as development is becoming very desirable. <br /> <br />Motion carried. Voting Yes: Mayor Kuzma, Councilmembers Riley, Woestehoff, Olson, and <br />Specht. Voting No: Councilmembers Howell and Musgrove. <br /> <br />City Council / June 13, 2023 <br />Page 8 of 19 <br /> <br /> <br />