02-11-2008 EDA MIN - Laserfiche WebLink

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Economic Development Authority Minutes February 11, 2008 Page 2 the 17.11-acre Sandpiper Business Park. Ms. Mehelich outlined the company's request for up to $411,000 City assistance in the form of pay-as-you-go tax abatement for a time period of up to 13 pears. She noted that the company is also requesting a County match of up to $411,000 for up to ten years (per County policy). She indicated that staff has evaluated the company's application and the company scored as a "highly desirable" project based on the City's assistance priorities. She stated that in addition, the City's financial advisor Ehlers and Associates has completed a "but-for" analysis and determined that the level of assistance requested is necessary for the project to proceed. She stated that Sid Inman of Ehlers and Associates is present if the EDA has any questions. Tim Osterman, President of E & O Tools -explained that the company needs a new facility in order to acquire higher end work. Councilmember Motin questioned the estimated annual amount of taxes to be abated. Mr. Inman indicated the City's portion is approximately $30,000 a year. MOVED BY COMMISSIONER TVEITE AND SECONDED BY COMMISSIONER ZERWAS TO RECOMMEND APPROVAL TO THE CITY COUNCIL OF THE REQUEST BYE & O TOOL FOR TAX ABATEMENT AND BUSINESS SUBSIDY IN THE FORM OF APAY-AS-YOU-GO TAX ABATEMENT NOTE IN THE AMOUNT OF UP TO $411,000 TO BE PROVIDED AT A RATE OF 100% OF THE TAX ABATEMENT FOR A MAXIMUM PERIOD OF UP TO ]3 YEARS. MOTION CARRIED 6-0. 6. Update on Gateway Business Center Project Planning Manager Jeremy Barnhart explained that staff is at the point where they are ready to begin preliminary platting of the Gateway Business Park project. He stated that a financial analysis is being conducted to identify potential costs and funding sources at the staff level. Mr. Barnhart indicated that staff is looking for authorization for the engineering department to begin the platting process with a final draft to be presented at an upcoming meeting. President Gongoll questioned if staff is comfortable enough with the project to begin platting. Mr. Barnhart explained that staff is proposing to plat the outlots and the roads and that there is not much flexibility to move the road elsewhere due to the gas line and the north and south touchdown points. He noted that staff is comfortable that the proposed layout maintains flexibility to redraw the lateral property lines if necessary to meet the needs of users. MOVED BY COMMISSIONER DWYER AND SECONDED BY COMMISSIONER KLINZING TO AUTHORIZE STAFF TO PREPARE THE PRELIMINARY PLAT FOR GATEWAY BUSINESS PARK INCLUDING THE OUTLOTS AND THE ROADS, AND TO BRING BACK THE FINAL DRAFT AT AN UPCOMING MEETING. MOTION CARRIED 6-0. Ms. Mehelich stated that several months ago an initial proposal for the Gateway Business Park was presented by an entertainment center group. Ms. Mehelich stated that staff is awaiting the group's detailed proposal for analysis based on EDA direction in October 2007.