_07282026-2974

Community Development Authority Minutes July 28, 2026 1 Minutes Community Development Authority July 28, 2026 Chair Stolper called the Community Development Authority (CDA) meeting to order at 6:36 pm. Present: Chair Tom Stolper, Alder Doug Wood, Ms. Jennifer Henderson, Mr. Andrew Homburg, Mr. Dave Lombardo and Mr. Scott Kelly. Excused: Alder Brian Holmquist Also Present: City Administrator Neil Stechschulte, City Attorney Bill Cole, Katrina Becker. (Becker Associates), Milo Pinkerton (MSP Real Estate), Brian Woolsey (MSP Real Estate), Tom Denaway (MSP Real Estate), Bert Slinde (Slinde Realty Investments), Jeff Slinde (Slinde Realty Investments), and Mike Slinde (Slinde Realty Investments). MINUTES A motion by Alder Wood, seconded by Mr. Lombardo, to approve the open and closed session minutes of July 7, 2026 and July 17, 2026 meeting carried with no corrections. APPEARANCES There were no appearances. PUBLIC HEARING (NONE) OLD BUSINESS A. Continued Review, Discussion, and Possible Action (if necessary) of Development Proposal and Tax Increment Finance Request for 112-208 Owen Road (Slinde Realty and MSP Companies). The MSP Companies/Slinde Realty Investments provided an overview of their current proposal to the CDA. The presentation included: • Two phases: Phase has 143 units, Phase 2 has 116 units. • Pay-Go TIF reimbursement at $4.6 million (principal), 5.0% interest rate. • Developer assumption included a 20-Year reimbursement period, 70/30 sharing ratio, 1.5% market value inflation, and $215,000 per unit assessment. • Extraordinary costs identified included structured parking, site clearing/excavation, stormwater, site utilities, top floor step back, demolition, and fire rated structural upgrades at $5,742,456 (excluding land). • Current gap identified as $6,124,613. Community Development Authority Minutes July 28, 2026 2 B. Convene in Closed Session (if necessary) Pursuant to Wisconsin State Statute Section 19.85(1)(e) Deliberating or negotiating the purchasing of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require a closed session (112-208 Owen Road - Development Agreement Consideration). Attorney Cole shared that in accordance with the court decision in Oitzinger v. City of Marinette the reason for the Closed Session was to discuss the Development Agreement and to provide direction to the negotiating team. Motion by Mr. Lombardo, second by Alder Wood, to convene in closed session. On a roll call vote, all members voted aye to convene in closed session at 7:17 pm. C. Reconvene in Open Session Under Wisconsin State Statute 19.85(2) (if necessary). Motion by Alder Wood, second by Mr. Homburg, to reconvene into open session. Motion carried. The CDA reconvened into open session at 8:23 pm. D. Discussion and Possible Action on Items Arising from Closed Session ( Gisholt Drive and W. Broadway) (if necessary). No action was taken. NEW BUSINESS A. None REPORTS OF STAFF AND CDA MEMBERS No report. UPCOMING CDA MEETINGS The next regular meeting is scheduled for August 25, 2026. ADJOURNMENT A motion was made by Alder Wood, seconded by Mr. Lombardo to adjourn. The motion carried. (8:27 pm) Minutes taken by City Administrator Neil Stechschulte.