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Commissioner Graff discussed the outcome of the meeting and other information he has <br /> gathered for flexible office space. lie has been in contact with Mike Brass at Welsh <br /> Companies and there are ways that flexible office space can work. One, owner occupied <br /> buildings with excess space to lease and two, a company that specializes in flexible office <br /> space manages the building. There are other ways it can work at a smaller location. He has <br /> been talking to several local businesses and business owners in the area. <br /> Commissioner Graff stated that he would like to invite Gretchen Boyd, president of Business <br /> Networking International (BNI), to a meeting to update the EDA on the BNI group. <br /> DISCUSSION ON TAX ABATEMENT <br /> At the April EDA meeting, staff was asked to put together information for the basics of tax <br /> abatement and how it can be used. Staff has included a document from Springsted on the <br /> concepts and mechanics of tax abatement. <br /> Minnesota law allows cities to grant property tax abatement for economic development. <br /> Tax abatement is a temporary deferral of payments for property tax. Bonds can be paid back <br /> with abatements. Some qualifications include: <br /> • Increase tax base <br /> • Provides employment <br /> • Redevelopment <br /> • Provide residents access to public services <br /> • Construct public facilities <br /> Community Development Director, Bryan Bear, mentioned projects in Hugo where the City <br /> used tax abatement to pay for bonds. He discussed that the regulations are less with tax <br /> abatement than with Tax Increment Financing(TIF). <br /> UPDATE ON DOWNTOWN REDEVELOPMENT <br /> Staff updated the EDA on the progress of downtown redevelopment. <br /> The purchase agreement extension was approved by the City Council with FBF, LLC, for the <br /> City owned property in downtown. <br /> The City owned print shop building will be rented out on a short term lease. <br /> Staff continues to help Pete Sampair in completing the Met Councils Livable Communities <br /> Grant application for a mixed-use development. <br /> NRI continues to move forward with its approved plans for the property. <br /> ADJOURNMENT <br /> Puleo made a motion, seconded by Arcand, to adjourn at 10:25 am. <br /> All aye. Motion carried. <br />