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potential to expand to 20,000 square feet. They plan to get all approvals complete this fall <br />and begin construction in March 1998. <br />Mr. Wessel explained that the TIF proposal was within 12% of the estimated market <br />value. The TIF would be used to pay off $51,260 in assessments, $8,583 in land write <br />down, and $8,000 in administrative fees. <br />EDA Member Kuether moved to adopt Resolution No. 97-11. EDA Member Neal <br />seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 97-12 SETTING A PUBLIC HEARING <br />FOR THE PROPOSED SALE OF PROPERTY TO RICE INDUSTRIES <br />Mr. Wessel reminded the members that a public hearing is required when the EDA is <br />writing down the cost of city owned land. He requested that hearing be set for 6 p.m. on <br />Monday, October 13. EDA Member Kuether moved to approve Resolution No. 97-12. <br />EDA Member Neal seconded the motion. Motion passed unanimously. <br />ADJOURNMENT <br />EDA Member Neal moved to adjourn. EDA Member Kuether seconded the motion. <br />Motion passed unanimously. Meeting adjourned at 6:15 p.m. <br />