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REDA Meeting Minutes—Tuesday,June 5,2017 Page 3 Member McGehee concurred, although noting that her first inclination was that if terms were approximately what they currently are, without substantial changes, there was no reason for staff to bring them back to the REDA for approval. Member Laliberte disagreed, suggesting they could come back on the Consent Agenda if there were no substantial changes. As a signatory of those contracts, President Roe agreed to have them come back to the REDA for approval. Ayes: 4 Nays: 0 Motion carried. b. Approve Resolution of Support for Use of Community Development Block Grant (CDBG) Funds and Tax Increment Financing (TIF) for a Proposed Multi-Family Lifestyle Development on Old Highway 8 by Sands Company, Inc. Executive Director Patrick Trudgeon summarized this request as detailed in the staff report. Mr. Trudgeon noted additional information as requested previously by the REDA on community engagement related to the project and the public funding request for a portion of the project; and how to ensure the public's participation in that consideration. As noted in the staff report, Mr. Trudgeon noted those funding sources have already been reviewed and receiving support from the REDA and those funding sources are still pending. Mr. Trudgeon reviewed the next steps for Sand Companies in their application to the MHFA for tax credits by June 15th and subsequent full application to the LCDA due by June 29, 2017. Mr. Trudgeon briefly reviewed the process to be followed prior to the creation of any tax increment financing(TIF) district, and the pending amount and term for that funding at this time as noted. Mr. Trudgeon clarified that tonight's presentation and requested action items did not constitute a formal development application at this point, but advised that would follow and involve a lengthy process; with tonight's action only related to the REDA's support of the financial aspects of the project. At the request of the REDA at their May 8, 2017 meeting, Mr. Trudgeon noted their interest in seeking community feedback on the potential for city financial participation from a variety of sources; and staff's subsequent involvement of a variety of media sources to garner that input. Mr. Trudgeon noted a number of interested parties in tonight's audience to speak to that purpose, as well as the written comments received prior to tonight, and included in the meeting materials and/or as bench handouts tonight.