Agenda - Council - 11/13/2007 - Laserfiche WebLink

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Economic Development Coordinator Sullivan added the EDA has not .yet made a specific recommendation on what the .assistance package will be and ultimately the City Council will make this decision. He stated that right now, this company would be satisfied with $300,000 in assistance. Economic Development Consultant Mulrooney indicated the, issue here is .the: potential sale of the property for $2.25 per square foot. The next step will be consideration of the incentive package. Member Elvig stated the EDA would not necessarily approve the sale of a property without some understanding of the incentive package. Member Kiefer asked what type of assurance the City has received in terms of increase in the number of employees. Economic. Development Coordinator Sullivan replied that number. will be outlined in the development agreement that the City Council, will approve, ~ as well as the amount of assistance,. which is pro rated. The City will also hold a lien on the property. Member Kiefer asked what type of mechanism is in place to assure that the company does add the agreed upon number of employees. Economic Development Coordinator Sullivan replied that he is required to file a Minnesota Business Assistance Form (MBAF) form with the state on an annual basis for each subsidy that is awarded. -This form documents how many jobs were added and what the wages. are, Member Elvig stated he was satisfied with the proposed concept and encouraged the EDA to .move forward with the proposed sale. He asked if the EDA would review the assistance package prior to City Council consideration. Economic Development Coordinator Sullivan replied that the City is going through the site plan process at this time and that the EDA would not review this project again prior to Council approval. He stated it will be made clear to the company that the decision is based on City Council approval. He added that a public hearing to approve the development agreement will be scheduled for November 13. Motion by Member Elvig, seconded by Member LeTourneau, to recommend to the City Council the sale of Lot 2, Block 1, Sunfish Lake Business Park Fourth Addition, to Diamond Graphics, consistent with the guidelines established by the City Council with respect to the sale price and assistance package. - Motion carried. Voting Yes:. Chairperson Riley, Members Elvig, LeTourneau, Kiefer, and Schindel Voting No: None. Absent: Members Steffen and Strommen. Member Elvig suggested that staff include the meeting minutes related to a particular case in the ..City Council packet. Economic Development Authority/October 18, .2007. Page 5 of 9 -227-