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Economic Development Authority Minutes August 14, 2000 Page 3 e President Dwyer opened the public hearing and requested public comment on the sale and disposal of the EDA owned property located on the North Half of Lot 1, Block 1, Country Crossing Business Center 2nd Addition and on the issue of granting subsidy assistance in an amount to exceed $100,000 the form of a land sale write-down, subdivision, and utility extension expenses, and on setting job and wage goals at zero for the project. COMMISSIONER THOMPSON MOVED TO APPROVE THE SALE OF THE EDA PROPERTY TO EQUITY MANAGEMENT IN ACCORDANCE WITH THE PURCHASE AGREEMENT AND APPROVED PLANS AND SPECIFICATIONS AND TO APPROVE THE GRANTING OF SUBSIDY ASSISTANCE IN THE AMOUNT OF $175,900 PER THE PERFORMANCE! ASSISTANCE AGREEMENT WITH A RECOMMENDATION TO THE CITY COUNCIL FOR FINAL APPROVAL. COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 5-0-1. President Dwyer abstained. 6. Review Tax Increment Financina Plan for TIF District No. 21 e Assistant Director of Economic Development Marc Nevinski reviewed the background on the TIF 21 proposal involving the Emmerich site located in the West Business Park. The project will include the purchase of land and the construction of a 73,000 square foot manufacturing facility by Opus Northwest LLC. The facility will be leased by SoftPac, Inc. The TIF plan proposes to reimburse Opus Northwest on a pay-as-you-go basis for land acquisition costs in the amount of $700,000 plus eight percent interest. COMMISSIONER THOMPSON MOVED TO ADOPT EDA RESOLUTION 00-02 RECOMMENDING THAT THE CITY COUNCIL ADOPT THE TAX INCREMENT FINANCING PLAN FOR THE CREATION OF TlF DISTRICT 21. COMMISSIONER GONGOLL SECONDED THE MOTION. THE MOTION CARRIED 6-0. 7. Economic Develooment Budaet for Year 2001 7.1. Consider Initiative Foundation Contribution Reauest Cathy Mehelich reviewed the request from the Central Initiative Foundation for a request for funds for the year 2001. Cathy reviewed the background of past requests from the Initiative Foundation and the city's response to the requests. Cathy recommended that the EDA withhold a contribution for 2001 to allow staff time to evaluate the services provided by the Initiative Fund during the next year. There was a consensus of the EDA to accept Cathy's recommendation and to re- evaluate the request next year. 7.2. Consider 2001 Budaet e Cathy Mehelich reviewed the projected revenues and expenses for the EDA budget and the Business Incubator budget. She noted that the total EDA 2001 proposed expenditures and projected revenues are $153,650. The total Business Incubator expenditures are $42,200 and the total revenues are $12,000. The