7. EDSR 09-16-2013 - Laserfiche WebLink

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Elk Request for Action River To Item Number Economic Development Authority 7. Agenda Section Meeting Date Prepared by Other Business October 7, 2013 Brian Beeman, Director of Economic Development Item Description Reviewed by Project Updates Jeremy Barnhart, Deputy Director, CODD Reviewed by Action Requested None Background/Discussion The purpose of this report is to provide an update on the Economic Development Division's ongoing projects of interest to the EDA. Professional Services Bureau (PSB) Land Purchase Staff is exploring the possibility of utilizing tax abatement to assist with funding of the purchase of the building and land and the development of a parking lot for PSB. Staff has contacted both PSB and Mr. Pat Briggs. Staff was instructed to coordinate all efforts through Mr. Briggs. A conference call was held with Staff,Mr. Briggs, Springsted, and the EDA attorney to review the tax abatement process. Mr. Briggs will review the material then decide if he will submit a formal tax abatement application. Staff is waiting for a response from Mr. Briggs in order to continue discussions about the tax abatement possibility. PPC TIF and Land Sale Final documents are being drafted. We are waiting for the SBA loan application to go through,which should take about 8 to 10 days. If everything goes through as planned, construction will commence once the documents are signed and the money has been transferred. Ralphie's Victory Lane Staff completed the loan closing September 10, 2013. Orluck Industries Staff is working with the attorney to draft closing documents. It is anticipated that closing will occur mid- October. Sweet P's Microloan Sweet P's microloan was recently in default. Staff had made several attempts to communicate and meet with the owner. The owner recently paid the City his past due payments. However, the client has missed his next payment which,was due September 4, 2013. FMMEAES IT NATURE