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Meeting of the Elk River <br />Economic Development Authority <br />Held at the Elk River City Hall <br />Monday, December 21, 2015 <br />Members Present: President Tveite, Commissioners Burandt, Dwyer <br />Westgaard (5:10 p.m.), Provo, Olsen, and Wagner (5:27 p.m.) <br />Members Absent: None <br />Staff Present: Economic Development Director Amanda Othoudt, Eco <br />Development Specialist Colleen Eddy, and City Clerk Tina Allard <br />1.Call Meeting to Order <br />Pursuant to due call and notice thereof, the meeting of the Elk <br />Development Authority was called to order at 5:05 p.m. by President Tveite. <br />2.Consider 12/21/2015 Agenda <br />Moved by Commissioner Burandt and seconded by Commissioner Olsen to <br />approve the agenda. Motion carried 5-0. <br />3.TIF/Abatement Presentation by Springsted <br />Ms. Othoudt presented the staff report and introduced Mikaela Hu <br />Springsted. <br />Ms. Huot reviewed the following: <br />tax increment and tax abatement and their commonalities <br />type of projects each financing tool is used for <br />the "but for" test <br />development case studies in other cities around Minnesota <br />risk reward <br />eligible costs <br />public improvement costs allowed/not allowed <br />financing methods <br />policy (public purpose benefits) <br />mitigation of risk <br />Ms. Othoudt discussed the following projects that may be coming forward in 2016: <br />Affordable Housing Project <br />A combination of market rate and affordable housing units. She stated the updated <br />Housing Study shows a need for additional housing units in Elk River. <br />