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As with any financial assistance request the City would work with Springsted to examine <br />conformance with the City's Business Subsidy Policy. Any proposed assistance will be <br />evaluated to determine need, and satisfaction of economic development goals including <br />but not limited to: <br />• tax base diversification and creation, <br />• job creation, <br />• public improvement benefits <br />• satisfaction of city redevelopment objectives. <br />Assistance for redevelopment of the area has been contemplated for a number of years. <br />The 49 & J master plan (2007) identified the possible use of financial assistance for <br />redevelopment of the area. In 2016 the City entered into a predevelopment agreement <br />with the owner of the 49 Club property. This agreement preserved the opportunity to <br />establish a tax increment district as part of the site building demolition completed in that <br />same year. <br />The City's last Tax Increment Financing (TIF) district was completed in 2015 as part of <br />the Distribution Alternatives facility along the 35E Corridor. <br />Terry Heaton, from Springsted will be present to discuss process and available tools for <br />assistance. Representatives from Lyngblomsten will be present to discuss the project and <br />its anticipated benefits. <br />Requested Council Direction <br />None required. Discussion only. <br />Attachments <br />1. Proposed Site Plan <br />2. 3D Model of Site <br />3. Business Subsidy Policy <br />4. Springsted Memo, dated February 4, 2019 <br />