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ht of l _ Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 5.1 <br /> Agenda Section Meeting Date Prepared by <br /> Public Hearings November 17, 2014 Jeremy Barnhart, Deputy Director, CODD <br /> Item Description Reviewed by <br /> Stonesthrow Properties,LLC (Coin-Tainer) Tax <br /> Abatement and Microloan review Reviewed by <br /> Action Requested <br /> Open and continue the Public Hearing related to business subsidy request for Coin-Tainer Co.,LLC to <br /> December 15, 2014. <br /> Background/Discussion <br /> Stonesthrow and Coin-Tainer completed an application for Tax Abatement and a microloan in <br /> September. In October,based on the EDA Finance Committee's comments, Stonesthrow withdrew <br /> their Tax Abatement application. <br /> Stonesthrow has requested full refund of the $5,000 application fee and escrow deposit. Our practice has <br /> been to return the unused portion of the escrow deposit. The application fee and escrow are used to <br /> offset actual costs incurred by the city, so that tax payers are not paying for consultant time prior to <br /> approval. <br /> DEED recently approved the 4th Microloan and Coin-Tainer intends to go forward with this application. <br /> Full analysis had been put on hold until DEED approves the program. Staff will continue to work with <br /> Coin-Tainer on the application. We anticipate an EDA and an EDA Finance Committee meeting in the <br /> next month. <br /> The public hearing is necessary because the business subsidy is potentially greater than$150,000. <br /> Attachments <br /> • None <br /> IP-1 I II E1 1 / <br /> NATURE <br />