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City of Meeting of the Elk River EDA Finance Committee luver Held at the Elk River City Hall Tuesday, September 29, 2016 Members Present: Larry Toth, Ryan Hardin,Dan Tveite,Jennifer Wagner, and Chad Vitzthum Members Absent: Nate Ovall Staff Present: Amanda Othoudt,Economic Development Director and Colleen Eddy, Economic Development Specialist Also Present: Annie Deckert,Decklan Group;Brian Hill,Apex;Dan Weber, Sherburne County;Mikaela Huot, Springsted Inc 1. Call Meeting to Order Pursuant to due call and notice thereof, the meeting of the Elk River Finance Committee was called to order at 7:37 a.m. 2. Consider Agenda Motion by Wagner and seconded by Vitzthum to approve the agenda. Motion carried 5-0. 3.0 Consent Agenda Motion by Toth and seconded by Hardin to approve the consent agenda. Motion carried 5-0. 4.1 APEX Embroidery Forgivable Loan Application Ms. Othoudt presented the staff report and reviewed the score sheet. Members discussed the number of jobs the loan would create and asked if there was any city owned land that would work for this business. Ms. Othoudt reported that there was very limited city property available at this time. Motion by Vitzthum and seconded by Wagner to approve the forgivable loan request. Motion carried 5-0. 4.2 APEX Embroidery Tax Abatement Application Ms. Othoudt presented the staff report. Mikaela Huot from Springsted presented the "but for" analysis. Members discussed various items regarding the local market rates, abatement usually supports bigger projects, and the number of jobs being created among other things. Ms. Huot illustrated that the lease rates identified in the application determine the ability to support the debt service on the project and whether gap financing will be necessary for the project. Ms. Huot stated that by adjusting the lease rate from $5 to $6 per square foot for