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<br /> <br /> <br /> <br /> 5. EDC BUSINESS <br /> <br />A. Building and Development Assistance Agreement <br /> <br />Community Development Director Rick Jopke provided the EDC with background <br />information regarding the history of the Building ΑN≅ matter, including a review <br />of the Development Assistance Agreement that was distributed to the EDC <br />members at the 3-23-99 EDC meeting. Mr. Jopke also distributed and discussed a <br />TIF worksheet that reflected projections regarding the principal and interest <br />portions of TIF payments that would be made (under certain assumed facts) <br /> pursuant to the proposed Agreement. <br /> <br />EDC Commissioners asked questions regarding the total amount of TIF assistance, <br />the length of time over which TIF payments would be made, the significance of the <br />specified interest rate, development costs that would be either eligible or ineligible <br />for reimbursement, the basis for the figure that was used for land value, and various <br />other aspects of the proposed Agreement. At the conclusion of the discussion, it was <br />agreed that Mr. Jopke would prepare a summary of the Commissioner’s comments, <br />which would be reviewed (by Chair Cindy Carlson) for accuracy and then forwarded <br />to the EDA for its review. [A copy of that summary has been attached hereto for <br />reference. <br /> <br />B. Comprehensive Guide Plan -- Economic Development Section <br /> <br />Economic Development Coordinator Kevin Carroll indicated that work was still in <br />progress regarding the comments and input that the EDC members had provided <br />during the 3-23-99 EDC meeting. Another revised draft of the of the Economic <br />Development section of the Comprehensive Guide Plan update will be reviewed at <br />the next EDC meeting. <br /> <br />6. ADJOURNMENT <br /> <br />There being no further business before the Commission, this meeting of the <br />Economic Development Commission adjourned at approximately 8:58 a.m. <br /> <br /> <br />Respectfully Submitted, <br /> <br />Kevin Carroll <br />Economic Development Coordinator <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />