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Economic Development authority Minutes January 20, 2015 Page 6 approximately $194,000 in taxes per year, that seems equivalent to the per acreage yield that other businesses in the area were paying, and at least half of the property being consider is currently zoned commerical. Commissioner Westgaard stated he was fine with the deviation from the `master plan,' if that's what they wanted to call it. He was appreciatitve of an eager applicant submitting a letter of intent, an offer, and a willingness to create jobs. Commissioner Wagner stated based upon the Decklan Group's memo indicating the applicant's creation of 60 full-time jobs shows their willingness to create good paying jobs in our area and is in support of the project even if it means rezoning parts of the business center. Commissioner Burandt agreed. President Tveite — look at use in proximity — makes more sense in that location than in others. Ok with selling it for that use. It was the consensus of the EDA that they would be willing to sell Lots 1 and 2, Natures Edge Business Center Il, to this entity. The second point of discussion was to determine the appropriate price for the lots, which was proposed in the letter of interest at $2.00 per usable square foot. Commissioner Westgaard stated based upon review of the letter of intent and analysis of the appraisal, he felt the offer of $2.00 per usable square foot seemed light to him. Commissioner Provo noted a discussion he recently had with another business owner, who stated land in Rogers was selling for $1.00 per foot. Commissioner Provo felt the EDA needed to put together an attractive abatement package to be competitive with not only Rogers but surrounding communities and felt the city would lose offers like this if land was sold for $2.00 per foot. He felt Elk River would be lucky to have this business in the city and would set a precedent for future businesses located here and what the city would offer as incentives. He stated traditionally the city shouldn't make a profit off land they own. Commissioner Westgaard noted not all businesses will create a similar job creation and wage base, but that Commissioner Provo had a good point to create an attractive abatement package. Commissioner Provo stated the city was being offered a "sexy package" and should consider that when determining the appropriate price for the lots. President Tveite stated to some extent it was the responsibility of the business to request a particular form of abatement and would think they would do that soon. He