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Economic Development Authority Minutes <br />March 10, 2008 <br />Page 3 <br />Ms. Mehelich stated that staff supports the request since the special assessments have been <br />paid off and the EDA is in a good cash position. Also, The City is able to retain a viable <br />business in the community. <br />MOTION BY COMMISSIONER TVEITE AND SECONDED BY <br />COMMISSIONER FARBER TO CALL A PUBLIC HEARING FOR MONDAY, <br />APRIL 14, 2008 AT 5:30 P.M., REGARDING THE PROPOSED DISPOSITION OF <br />9.29 ACRES OF EDA PROPERTY LOCATED AT LOT 4, BLOCK 1 <br />NORTHSTAR BUSINESS PARK FOR THE SPORTECH, INC. EXPANSION <br />PROJECT. MOTION CARRIED 6-0. <br />Update on Proposed Entertainment Center Project <br />Ms. Mehelich stated that staff has received an application for tax abatement from the <br />developers of the proposed entertainment center and hotel project. She stated that the <br />application is currently under review by the City's finance advisors, Ehlers & Associates, and <br />they will report back to the EDA on the application in April. <br />President Gongoll asked if there have been any substantial changes to the proposal. Ms. <br />Mehelich stated that originally, the developers were looking at only the city-owned (14 acre <br />of 60 acre parcel) portion of the property, and now they are also considering adding adjacent <br />privately owned property for better visibility from Highway 10. Also, the original request for <br />$3 million in assistance is now approximately $7 million. Ms. Mehelich stated that since this <br />is such a large public financing assistance project, there are a number of public polity <br />questions that will need to be addressed prior to proceeding. <br />8. Update on Gateway Business Center Project <br />Planning Manager Jeremy Barnhart reviewed the sketch of the Gateway plat comprised of <br />three outlots. Mr. Barnhart noted that they can still replat the property with adjacent <br />properties in the future if that is desired. <br />Commissioner Motin asked if the access to Highway 10 was still there. Mr. Barnhart stated <br />yes. <br />MOTION BY COMMISSIONER TVEITE AND SECONDED BY <br />COMMISSIONER ZERWAS TO ACCEPT THE FINAL DRAFT OF THE <br />GATEWAY PLAT AS PRESENTED IN THE MARCH 10, 2008 MEMO TO THE <br />EDA. MOTION CARRIED 6-0. <br />Other Business -None <br />10. Adjournment <br />There being no other business, President Gongoll adjourned the meeting of the Elk River <br />Economic Development Authority at 5:47 p.m. <br />Minutes prepared by D bie Huebner. <br />~__~~~ <br />Tina Allard. City Clerk <br />