2008.09.15 EDA Minutes - Laserfiche WebLink

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the analysis that the TIF agreement include the following, which is different from the request. A $380,000 principal, over 10 years, at 6% interest rate with a 3% market value inflator for a total principle and interest of $586,156. This is based on the rate of return on the investment and the debt ratio. Springsted recommend only granting as much TIF that is needed to make the project viable. Bill Lentsch was present at the meeting and stated that he would like more money in TIF. He also asked what happens if he needs more TIF after the 10 years. The CDD stated that we only should grant as much money is needed to make the project work as recommended by Springsted. Granger made a motion, seconded by Arcand to recommend approval to the City Council with the understanding that staff and the developer will continue to work on the agreement. All aye. Motion carried. UPDATE ON THE BR& E SUBCOMMITTEE The BR&E Subcommittee has received a number of business profile questionnaires from businesses in the City. There is a handful that would like to have a business case study or market study completed on the business, which would be done by a group of college students free of charge. The subcommittee also has a good idea from the business profiles on what the first business workshop will be on. The first workshop is expected to be in October. The subcommittee will be doing site visits to new and existing businesses to thank them for being a part of Hugo and to find out if there is anything that the City can help them with. Staff provided an update on the progress of the committee at the meeting. The Associate Planner stated that the first workshop will be on financing and that the subcommittee made its first site visit to Western Spring Manufacturing in the Bald Eagle Industrial Park. Klein stated that the HBA can help get the work out about the workshops. Granger stated that an email should go out to the businesses to find out what topic on financing that the businesses want to hear about. UPDATE ON EDA MARKETING WORK PLAN AND PROMOTIONAL PACKAGE Enclosed was EDA marketing spreadsheet outlining the items that have been completed and on going items. Staff updated the EDA on the promotional package that went out to 90 development groups on the downtown redevelopment of Hugo. UPDATE ON DOWNTOWN REDEVELOPMENT Staff updated the EDA on the progress of downtown redevelopment projects. Carpenters continues to work towards completing an application for redevelopment of the restaurant.