Laserfiche WebLink
that these funds would be going towards a building on which taxes would continue to be collected <br /> into the future. <br /> Member Howell stated that she appreciates the frankness of the representative that the project will <br /> move forward with or without the assistance. She commented that if the tax abatement is used, <br /> that would go against taxes that would be collected to diffuse costs for others in the city and <br /> therefore does not see a reason to use that in this instance. She commented that she would support <br /> use of the RLF fund to offer some assistance. <br /> Chairman Wiyninger stated that he also supports the use of the RLF fund and would be hesitant to <br /> use tax abatement as that could set a precedent for the future. <br /> Member Johnson commented that this company has existed in Ramsey for many decades, is family <br /> owned and employee owned. She commented that the land was purchased in 1980 and supports <br /> the staff recommendation to use both forms of financing for the project. <br /> Motion by Member Stewart, seconded by Member Lindahl, to recommend to the City Council <br /> financial assistance in the form of a $150,000 loan from the City RLF for a term of six years with <br /> an interest rate of 3.5 percent. <br /> Motion carried. Voting Yes: Chairperson Wiyninger, Members Stewart, Lindahl, Howell, <br /> Johnson, and Riley. Voting No: None. Absent: Member MacLennan. <br /> 6. ADJOURNMENT <br /> Motion by Member Lindahl, seconded by Member Stewart, to adjourn the meeting. <br /> Motion carried. Voting Yes: Chairperson Wiyninger, Members Lindahl, Stewart, Howell, <br /> Johnson, and Riley. Voting No: None. Absent: Member MacLennan. <br /> The regular meeting of the Economic Development Authority adjourned at 8:29 a.m. <br /> Respectfully submitted, <br /> tAA <br /> Sean Sullivan <br /> Economic Development Manager <br /> ATTEST: <br /> Economic Development Authority/August 10, 2023 <br /> Page 3 of 4 <br />