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Economic Development Authority Minutes <br />January 16, 2024 <br />----------------------------- <br />Page 4 <br />Mr. Mollan provided updates on the following: <br />• Website update as outlined in the staff report. <br />■ U of MN Extension is hosting a Home -Grown Entrepreneur event at Sherburne County on <br />February 15 from 10 a.m.-2 p.m. <br />8. Adjourn Regular Meeting <br />Moved by Commissioner Westgaard and seconded by Commissioner Wagner to adjourn the <br />regular meeting of the Economic Development Authority. <br />Motion carried 7-0. <br />The regular meeting adjourned at 5:48 p.m. President Tveite called the work session to order at 5:50 p.m. <br />9.1 Shoot Steel — TIF Update <br />Mr. O'Neil presented the staff report. He stated the property owner has requested that the TIF be left <br />in place based on a proration relative to the number total jobs at Shoot Steel. With five current jobs <br />and a total jobs requirement of 13.5, the total TIF amount would be adjusted by the same ratio. He <br />indicated that legal counsel was in full support of this approach as well. This approach would lower <br />the total amount of TIF to be paid and shorten the length of the TIF by several years. <br />The commission directed staff to move forward with the process. <br />10. Motion to Adjourn <br />Moved by Commissioner Beyer and seconded by Commissioner Wagner to adjourn the <br />meeting of the Economic Development Authority. <br />Motion carried 7-0. <br />The meeting adjourned at 5:55 p.m. <br />Minutes prepared by Jolene Richter. <br />Dan Tveite, EDA President <br />*Tinallard, City Clerk <br />II <br />PIIIEAII I <br />ATURE <br />