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<br />EDA Meeting Minutes <br />June 8. 1998 <br />Page 2 <br /> <br />e <br /> <br />He further explained it is more economically feasible for the city to make a <br />contribution equaling 5% of the increment. in order not to lose state aid funding. <br /> <br />Commissioner Dwyer questioned how the "pay as you go" affects interest. Mr. <br />Winkelhake explained the developer will be providing his own financing. <br />Commissioner Holmgren questioned whether or not the boundaries of the TIF <br />District can be changed. Mr. Winkelhake indicated that changes in the <br />boundaries, as well as in the budget, can only be made within the first 5 years <br />after the plan is implemented. Paul Steinman explained that the plan was <br />structured for the existing development proposal and no other requests have <br />come forward at this time. He added that although the plan is set up for 25 <br />years, it may only be in effect 15 to 18 years. Paul stated that at present value, <br />the developer's proposal would create a $10 million tax increment revenue <br />stream. He added that the developer's request doe not include the industrial <br />park development, which would be an additional $600,000 (land only - this figure <br />does not include infrastructure). Paul stated that in order for the industrial <br />component to develop, the land will likely need to be provided at no cost. He <br />noted they are still in the process of establishing the redevelopment findings. <br />Commissioner Bender asked what would happen if the proposal does not qualify. <br />Paul indicated that without the commercial component, the industrial park <br />would not proceed. <br /> <br />e <br /> <br />Tony Gleekel, Associated Builders, indicated the site plan has been submitted to <br />AMCON and the pro forma will be available to Paul this week (week of June 8th). <br />He stated AMCON is confident the site will support their proposal. Mr. Gleekel <br />indicated the site plan has not changed, other thaI') the location of the "big box" <br />users. <br /> <br />Discussion followed regarding the timing of the project and infrastructure issues. <br /> <br />Paul indicated a worksession may be scheduled upon receipt of the pro forma. <br /> <br />6. Other Business <br /> <br />Community Venture Network Meeting on June 17. 1998 - Paul indicated he is <br />unable to attend this meeting. President Duitsman and Commissioners Gongoll <br />and Dwyer indicated they plan to attend the meeting. <br /> <br />Incubator Open House Update - The Business Incubator open house is scheduled <br />for Thursday, June 11 from 4 to 7 p.m. <br /> <br />7. Adiournment <br /> <br />e <br />