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Community Development Authority Minutes July 17, 2026 1 Minutes Community Development Authority July 17, 2026 Chair Stolper called the Community Development Authority (CDA) meeting to order at 12:01 pm. Present: Chair Tom Stolper, Alder Brian Holmquist, Alder Doug Wood, Mr. Andrew Homburg, Ms. Jennifer Henderson and Mr. Scott Kelly. Excused: Mr. Dave Lombardo. Also Present: Planning Director Doug Plowman, City Attorney Bill Cole and Katrina Becker. MINUTES There were no minutes for review. APPEARANCES There were no appearances. PUBLIC HEARING (NONE) OLD BUSINESS A. Discussion, and Possible Action (if necessary) of Redevelopment Proposal and Tax Increment Finance Request for Gisholt Drive and W. Broadway Parcels (Galway Companies, Inc.). Chair Stolper provided an update regarding the Development Agreement based on the July 7, 2026 CDA meeting. The Developer has accepted all changes but one, and that is the subject of the meeting. Mr. Steve Doran with Galway Companies presented his request to the CDA. He appreciates the support for the project and the offer that was made. He requests that the CDA consider crediting any shortfall in the Year 5 required value from Phase II to meet the increased number. It was clarified that only the amount needed would be used, and Mr. Doran reiterated that all the risk falls on the Developer. He explained the financing requirements for the project and the reason for including the additional value from Phase II. The proforma and taxes are based on the initial valuation and increasing these lowers income for the project and increases the gap. There was discussion of correspondence between the Chair and the Developer earlier in 2026 where Phase II was discussed and he apologized for this not being clearer at the time. He added that including Phase II in the valuation calculations motivates him to begin work on that project, so additional value is there. He added that he tries to under promise and overdeliver. His track record in Monona was referenced, specifically the Riverfront project. Community Development Authority Minutes July 17, 2026 2 CDA members discussed the request and asked clarifying questions. They shared concerns regarding the balance between the award and the guaranteed value. There were high-level conversations regarding Phase II and what could be built there with and without City assistance. Mr. Doran reminded the CDA of the additional elements of the deal and provisions carried forward from the Topgolf agreement. The CDA discussed feasibility of the project including this and future phases. The Developer will base Phase II on current market conditions and how the first phase performs. There were concerns from the CDA about pushing commitments further away and implications for future projects. Comments regarding future possibilities for Phase II were considered along with some concern for absorption in Phase II if apartments remain. It was stated that this is a big project and it’s important for the CDA to be judicious. Mr. Homburg left the meeting at 12:30 pm. 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 (Gisholt Drive and W. Broadway- 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 Alder Wood, second by Mr. Kelly, to convene in closed session. On a roll call vote, all members voted aye to convene in closed session at 12:31 pm. C. Reconvene in Open Session Under Wisconsin State Statute 19.85(2) (if necessary). Motion by Alder Wood, second by Ms. Henderson, to reconvene into open session. Motion carried. The CDA reconvened into open session at 1:12 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 updates were shared. UPCOMING CDA MEETINGS Community Development Authority Minutes July 17, 2026 3 The next regular meeting is scheduled for July 28, 2026 and Slinde/MSP will return regarding their Owen Road project. ADJOURNMENT A motion was made by Mr. Kelly, seconded by Ms. Henderson to adjourn. The motion carried. (1:13 pm)