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Economic Development Authority Minutes <br />September 8, 2008 <br />Page 3 <br />Mr. Gongoll explained that the city's tax abatement polity and application states that the <br />application fee is non-refundable. <br />Commissioner Zerwas stated he did not feel the city and the applicant were that far apart in <br />reaching some sort of agreement, and supported staff continuing to work with them. He felt <br />that if the County were to participate, the project may still be possible. <br />Commissioner Farber explained that the applicant was looking for a commitment from the <br />city, but that the city needed them to provide information regarding their financial investors. <br />President Dwyer stated that by policy, the city cannot refund their application fee, but he <br />also supported staff continuing talks with them. <br />Commissioner Motin stated that he also was willing to have staff continue discussions. He <br />stated that he felt they wanted a commitment from the city, and the city wanted to know <br />who would finance their project. <br />Commissioner Farber suggested that a timeline could be established, and if nothing <br />happened in one year, the project would go away. Commissioner Zerwas suggested a <br />shorter time, such as six months. <br />Commissioner Tveite cautioned allowing a 20-year abatement. He stated that the applicant <br />is proposing "up front" dollars, versus a "pay as you go". <br />Other Business -None <br />9. Adjournment <br />There being no other business, President Dwyer adjourned the meeting of the Elk River <br />Economic Development Authority adjourned 6:15 p.m. <br />Minutes prepared b ebbie Huebner. <br />~_~ <br />Tina Allard <br />City Clerk <br />