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Econoailc Development duthoriTy btinutes Page 3 august 8, 2005 3. Medical Extrusion Technologies Inc (META Lot size: 2.64 acres Purchase Price: $229,996 Project: Building 20,000 square foot building, create 23 new jobs Ms. Steinmetz then provided details of the purchase agreements for each of the three companies as noted in the information packet to the EDA dated August 8, 2005. President Gongoll opened the public hearing. There being no comment from the public, President Gongoll closed the public hearing. MOTION BY COMMISSIONER GUMPHREY, SECONDED BY COMMISSIONER FARBER TO APPROVE THE RESOLUTIONS AUTHORIZING EXECUTION OF PURCHASE AGREEMENTS BETWEEN THE EDA AND PROVO ENTERPISES, LLC; O'BRIEN HOLDINGS, LLC; AND MEDICAL EXTRUSION TECHNOLOGIES, INC. MOTION CARRIED 6- 0. 8.1. Consider Recommendations to City Council for Approval of Tax Rebate Financinn Assistance to Provo Enterprises LLC (Alliance Machine Inc 1 Mr. Sid Inman of Ehlers & Associates provided a summary of the "But For" analyses for Crystal Distribution, Inc., Medical Extrusion Technologies, Inc., Alliance Machine and Classic Acrylics. Mr. Inman stated that the justification for the use of abatement can easIly be made, considering the return in taxes and jobs. He sated that the EDA is being very conservative in the abatement period of 12 - 15 years, since they are allowed up to 20 years by State Statute. He explained the process used to review the projects to determine their need for assistance. Mr. Inman concluded that the amount of TRF assistance proposed for each of the four projects is justified. Ms. Steinmetz provided a summary of the Alliance Machine project as noted in the staff report to the Commission dated August 8, 2005. She noted that the Sherburne County Board of Commissioners will also consider TRF assistance to Provo Enterprises (.'llliance Machine, Inc.) for the remaining 50 percent of the land cost ($103,978). She noted that the Alliance Machine project scored 41.5 out of 45 possible points on the City's TRF Proposal Review Worksheet. Commissioner Tveite asked how long the company has to provide the new jobs. Ms. Steinmetz stated that State Statute requires the conditions be met within two years of the Certificate of Occupancy. MOTION BY COMMISSIONER GUMPHREY, SECONDED BY COMMISSIONER TVEITE TO RECOMMEND THE CITY COUNCIL APPROVE THE TAX REBATE FINANCING ASSISTANCE TO PROVO ENTERPRISES, LLC (ALLIANCE MACHINE, INC.). MOTION CARRIED 6-0.