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negotiations with Command Corporation for the purchase of the property necessary to complete the proposed 20,048 office warehouse project. It is the intention of the City to purchase <br /> the property at a fair market value and to help facilitate this development project. <br /> <br />Member Elvig questioned why the additional parking and shipping space would be needed, as Minks Custom Homes is a homebuilder. Economic Development/TIF Specialist Sullivan replied Minks <br /> Custom Homes would try to attract office type users to the site, but would like flexibility. <br /> <br />Member Elvig expressed concern with an office facility in this location, which is an industrial area. He asked if the EDA can suggest what type of uses are preferred on the site. Economic <br /> Development/TIF Specialist Sullivan replied this has never been done in the past in negotiations with a client. There could be some leverage with TIF assistance, but the projects cannot <br /> be dictated. <br /> <br />Members of the EDA expressed concern with the City getting involved in the transaction, rather than Minks Custom Homes working directly with Command Corporation. <br /> <br />Economic Development/TIF Specialist Sullivan stated he understands there are questions to be answered. He is requesting permission to enter into negotiations, which would give him the <br /> flexibility to meet with Command Corporation. There is a timing issue in this project being able to proceed this year. <br /> <br />Member LeTourneau suggested the City get involved as a third party mediator just to get the parties together. <br /> <br />Motion by Member LeTourneau, seconded by Member Steffen, to authorize staff to involve the City in the property acquisition between Minks Custom Homes and Command Corporation, only as <br /> a facilitator to start discussion between the two parties. <br /> <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Steffen, Elvig, and Strommen. Voting No: None. Absent: Members Gromberg and Kiefer. <br /> <br />Case #3: Twin City Community Capital Fund <br /> <br />TIF Specialist Sullivan reviewed with the EDA that there are many similarities between the SBA 504 Loan Program and the Twin Cities Community Capital Fund. Both programs work off a <br /> formula of 50% bank financing, 40% SBA 504 or TCCCF financing and 10% owner equity to complete the overall financing structure for any project. Fees to the borrower are also very similar <br /> in nature. The difference between the fees to the borrower for the two programs is negligible. He noted the differences in the programs outlined in the EDA's packet. He advised the <br /> investment by the City of Ramsey is significant in the TCCCF program. The SBA program seems to address similar needs without any community investment. It is the recommendation of <br /> staff not to enter into the TCCCF program. <br /> <br />Motion by Member Steffen, seconded by Member Elvig, not to enter into the TCCCF program.