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Mr. Vitzthum asked Ms. Huot about the spreadsheet. Ms Huot stated that if we based the <br /> rent on $5.50 a square foot,without abatement,it will still fail,with partial abatement;it <br /> should support the debt service. Partial abatement assuming 50/50 between city and county, <br /> or because the amounts are pretty close,partial assistance could be either from the city or <br /> the county. <br /> Mr. Tviete stated that we can't assume that the county will approve the abatement. <br /> Motion by Toth and seconded by Hardin to approve up to 12 year property tax <br /> abatement for SBH Properties, LLC. Motion carried 5-0. <br /> After the motion was made, further discussion was had by the committee, about the <br /> possibility to shorten the abatement term if the county were to approve the abatement. <br /> 4.3 EDA Microloan Policy Review <br /> Moved to next meeting. <br /> 5.1 Announcements <br /> 5.1 Ethanol Technology Verbal Update <br /> Ms. Othoudt stated that Judge Sheridan has been assigned to the case. <br /> 5.2 Resignation letter from Paul Motin <br /> Ms. Othoudt reported that Paul Motin has moved out of the Elk River area which leaves an <br /> open seat on the EDA Finance Committee. There is an active search to replace the legal <br /> representation to the board. <br /> 6. Adjournment <br /> There being no further business Chair Tveite moved to adjourn the meeting at 8:50 a.m. <br /> Minutes prepared byAmanda Othoudt . <br /> Tina Allard, City Clerk <br /> Amanda Othoudt, Economic Development Director <br />