04-22-1999 - Laserfiche WebLink

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5. EDC BUSINESS • A. Building"N" Development Assistance Agreement Community Development Director Rick Jopke provided the EDC with background information regarding the history of the Building"N" matter, including a review of the Development Assistance Agreement that was distributed to the EDC members at the 3- 23-99 EDC meeting. Mr. Jopke also distributed and discussed a TIF worksheet that reflected projections regarding the principal and interest portions of TIF payments that would be made(under certain assumed facts) pursuant to the proposed Agreement. EDC Commissioners asked questions regarding the total amount of TIF assistance, the length of time over which TIF payments would be made, the significance of the specified interest rate, development costs that would be either eligible or ineligible for reimbursement, the basis for the figure that was used for land value, and various other aspects of the proposed Agreement. At the conclusion of the discussion, it was agreed that Mr. Jopke would prepare a summary of the Commissioner's comments,which would be reviewed(by Chair Cindy Carlson) for accuracy and then forwarded to the EDA for its review. [A copy of that summary has been attached hereto for reference.] B. Comprehensive Guide Plan -- Economic Development Section Economic Development Coordinator Kevin Carroll indicated that work was still in progress regarding the comments and input that the EDC members had provided during the 3-23-99 EDC meeting. Another revised draft of the of the Economic Development section of the Comprehensive Guide Plan update will be reviewed at the next EDC meeting. i6. ADJOURNMENT There being no further business before the Commission, this meeting of the Economic Development Commission adjourned at approximately 8:58 a.m. Respectfully Submitted, Kevin Carroll Economic Development Coordinator N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\MIN98\EDCMIN3B.99 2