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Economic Development Authority Minutes Page 2 <br /> February 18,2014 <br /> 6.1 Housing Scoring and Tax Increment Financing Policy <br /> 6.2 Tax Abatement Policy <br /> 6.3 Business Subsidy Policy <br /> Mr. Beeman introduced Mikaela Hout. <br /> Mikaela Hout,Vice President/Consultant, Springsted Incorporated—Reviewed the <br /> policies as outlined in the staff report. <br /> Commissioner Motin expressed concern with the new language regarding the <br /> definition of business subsidy (Section II). He asked that Number 23 also be <br /> incorporated into Number 1 and Number 21 so people reviewing the policy see that <br /> they could still qualify for a business subsidy and may not need a public hearing and <br /> have limited reporting form requirements. He provided an example of someone who <br /> may be applying for a business subsidy of$100,000 that might read Number 1 and <br /> think they would then not qualify for a business subsidy. 'N <br /> Ms. Hout noted the language could be modified to make the change. <br /> Moved by Commissioner Motin and seconded by Commissioner Westgaard <br /> to adopt the Tax Increment Financing Policy, the Tax Abatement Policy, and <br /> the Business Subsidy Policy, incorporating the changes discussed above to <br /> the Business Subsidy Policy. Motion carried 5-0,. <br /> 6.4 FAST Study Land Purchase <br /> Mr. Barnhart presented the staff repor I, yid stated he is looking for direction for <br /> establishing a plan to assist with land acquisitions for future road improvements that <br /> were established as part of the Focus Area Study. <br /> The Commission felt the plan should address questions such as who would maintain <br /> ownership (City versus EDA) of parcels and who is responsible for payment of <br /> them. <br /> Commissioner Motin noted the current parcel for sale is a high priority for future <br /> road development and if not purchased now,it would be much more costly to <br /> purchase later if a building is constructed on it. He further stated the price is <br /> unreasonable based on its valuation. He suggested reviewing the eminent domain <br /> option to take a portion of the parcel. <br /> Staff was directed <br /> 1. draft a long range plan to develop funding for acquiring parcels <br /> 2. review the Yale parcel that is currently up for sale <br /> F0WIRIO 0 Y <br /> 1`4 U <br />