5.1 EDSR 11-17-2014 ht of l _ Request for Action
River
To Item Number
Economic Development Authority 5.1
Agenda Section Meeting Date Prepared by
Public Hearings November 17, 2014 Jeremy Barnhart, Deputy Director, CODD
Item Description Reviewed by
Stonesthrow Properties,LLC (Coin-Tainer) Tax
Abatement and Microloan review Reviewed by
Action Requested
Open and continue the Public Hearing related to business subsidy request for Coin-Tainer Co.,LLC to
December 15, 2014.
Background/Discussion
Stonesthrow and Coin-Tainer completed an application for Tax Abatement and a microloan in
September. In October,based on the EDA Finance Committee's comments, Stonesthrow withdrew
their Tax Abatement application.
Stonesthrow has requested full refund of the $5,000 application fee and escrow deposit. Our practice has
been to return the unused portion of the escrow deposit. The application fee and escrow are used to
offset actual costs incurred by the city, so that tax payers are not paying for consultant time prior to
approval.
DEED recently approved the 4th Microloan and Coin-Tainer intends to go forward with this application.
Full analysis had been put on hold until DEED approves the program. Staff will continue to work with
Coin-Tainer on the application. We anticipate an EDA and an EDA Finance Committee meeting in the
next month.
The public hearing is necessary because the business subsidy is potentially greater than$150,000.
Attachments
• None
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