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<br />Special Meeting of the Elk River Joint Finance Committee <br />Held at Elk River City Hall <br /> Tuesday, February 23, 2021 <br /> <br /> <br />Members Present: Ryan Hardin, Rhonda Magnussen, Dan Tveite, Denny Chuba, and Larry <br />Toth <br /> <br />Members Absent: Charlie Blesener and Chad Vitzhum <br /> <br />Staff Present: Colleen Eddy, Economic Development Specialist <br /> <br />Others Present: Mikaela Huot, Baker Tilly <br /> <br /> <br />1. Call Meeting to Order <br /> <br />Pursuant to due call and notice thereof, the meeting of the Elk River Joint Finance <br />Committee was called to order by Chair Tveite at 7:32 a.m. <br /> <br />2. Consider Agenda <br /> <br />Motion by Hardin and seconded by Chuba to approve the Joint Finance Committee <br />agenda. Motion carried 5-0. <br /> <br />3. Consent Agenda <br /> <br />Motion by Hardin and seconded by Magnussen to approve the February 11, 2021 <br />Joint Finance Committee meeting minutes. Motion carried 5-0. <br /> <br />4.1 Delta/Riverwalk TIF Request <br /> <br />Ms. Eddy presented the staff report and discussed the history of the project and highlighted <br />that the property has a new buyer, which means a new application needed to be submitted. <br />Ms. Huot presented the financial analysis. The group met the new buyer and received <br />information from them on the project. <br /> <br />Motion by Magnussen to proceed with the past decision of the JFC and seconded by <br />Chuba to propose that the consensus of the JFC was to recommend to the HRA a 20- <br />year TIF district for Phase 1 and 20 years for Phase 2 with an aggregate of 26 years, <br />which is a deviation of the TIF policy. The deviation is due to exuberant <br />circumstances that this project would not be completed with the maximum 15 years <br />allowed per the policy. <br /> <br /> <br />