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6I! <br />6. <br />be removed and refilled on site. He also indicated that current pavement of 6"' Street would <br />remain, without additional improvements needing to be made. <br />Ms. Huot was asked about project viability and debt coverage ratios, and she indicated that <br />the project is feasible with TIF, but project returns and debt coverage ratios are below <br />prevailing standards. <br />Mr. Briggs indicated that Jackson I reached stabilization a little slower than expected and <br />current occupancy is about 90 percent. He also indicated the likely construction schedule <br />would be summer of 2022. <br />Mr. Briggs also stated that the project is subject to volatility in the construction market and <br />he is also looking at other possible programs to strengthen the feasibility of the project. <br />Motion by Oval and seconded by Blesener to recommend approval of the application <br />to the Housing and Redevelopment Authority. Motion carried 7-0. <br />Announcements <br />Adjournment <br />There being no further business, Mr. Tveite adjourned the meeting at 8:11 a.m. <br />prepare y Brent O'Neil. <br />Tina Allard <br />City Clerk <br />Brent O'Neil <br />Economic Development Director <br />