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Member Howell stated that her issue is with the assistance requested to result in only a 7.7 percent <br />return on investment with the assistance, which is a risk and not a very high rate of return. She <br />commented that maybe it's just not the right time for a hotel. <br />Member Riley commented that if they do not move forward that would mean nothing would <br />happen. He stated that this is an appropriate use of TIF. He stated that overall, there is an increase <br />of $367,000 in assistance. He stated that the new land is not shovel ready and would require <br />$350,000 in fill, therefore it would seem the increase would be related to moving to the new site. <br />Member Stewart commented that she likes this project. <br />Chairperson MacLennan commented that he likes that this project is moving forward on an <br />undeveloped site, which could be a catalyst for other development to come. <br />Motion by Member Stewart, seconded by Member Wiyninger, to recommend to the City Council <br />to approve the First Amendment to Purchase Agreement, Business Assistance and a TIF <br />Agreement in the form of $434,511 in TIF Land Cost Write Down and $550,000 in Pay -Go TIF <br />for Site Development/Improvements as presented, subject to City Attorney Review. <br />Total TIF Business Assistance Package of $984,511 for Ramsey Properties LLC and to Draft a <br />TIF Agreement. <br />Motion carried. Voting Yes: Chairperson MacLennan, Members Stewart, Wiyninger, and Riley. <br />Voting No: Member Howell. Absent: Member Johnson. <br />Member Wiyninger asked if there is a request for the City Council to provide input to the applicant <br />in regards to their support of the project and support of the proposed assistance. <br />Economic Development Manager�Sullivan replied that he will speak with the City Attorney to <br />determine the proper format to do so. 4 <br />6. ADJOURNMENT <br />Motion by Member Riley, seconded by Member Wiyninger, to adjourn the meeting. <br />Motion carried. Voting Yes: Chairperson MacLennan, Members Riley, Wiyninger, Howell, and <br />Stewart. Voting No: None. Absent: Member Johnson. <br />The regular meeting of the Economic Development Authority adjourned at 8:53 a.m. <br />Respectfully submitted, <br />Economic Development Authority/ January 12, 2023 <br />Page 3 of 4 <br />