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provide tax increment financing in the amount of $126,076. A total of $60,853 will be <br />presented upfront to pay assessments and administrative fee. The remained will be <br />reimbursed over time from available increment. Estimated payback is 2006. This project <br />requires a 10% local contribution from the city's general fund. <br />ACTION: EDA Member Neal moved to approve the development agreement. EDA <br />Member Lyden seconded the motion. Motion passed unanimously. <br />ADJOURNMENT <br />EDA Member Neal moved to adjourn. EDA Member Lyden seconded the motion. <br />Motion passed unanimously. <br />