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ENVIRONMENTAL BOARD MEETING NOVEMBER 6, 2003 <br />Mr. Moberg asked for clarification if it would be helpful to design a financial <br />section. He admitted that often times those details were not solidified at the point <br />of the EAW. Most companies would not commit without a favorable decision on <br />the EAW. <br />Grochala stated the Met Council gave money for certain housing specifications. <br />Mr. Moberg explained that the format of the EAW'was designed to make a one <br />size fit all. Mr. Rogers added that a financial section probably would not change <br />the view on environmental impact of the project. <br />Asleson indicated that a financial section would show who was driving the <br />projects. <br />Grochala stated the Met Council had given the City a grant for $250,000 for a <br />Master Plan, with a $450,000 reward if the plan met their requirements. <br />Donlin inquired about the use of bonds for the project. Grochala answered that <br />the City would build the streets and sewer system, and through the assessment <br />process the project would be bonded. He referred to the example of Elm. Street <br />was being assessed. First there was state aid, then bonds. <br />Donlin clarified questioning whether her taxes would be increased because of the <br />project. Grochala responded that out of $150 million for the project, only half <br />would be under assessment. There also would be a tax increment. <br />Asleson stated it would typically be for 8-10 years. Grochala added for industrial <br />projects the length was usually 5-6 years. This project could go 20 years. The tax <br />increment would be on amenities. Improvements to Lake Drive must take place, <br />but taxes from the project could pay for the City's costs. <br />Dona expressed concern if there was a failure in the process. Grochala answered <br />that most of the project was pay as you go. There would be no tax increment if <br />nothing was built on the site. <br />Mr. Moberg indicated there was always risk with any project. The City needed to <br />determine the calculated risk. Grochala added the risk was how the deal was <br />structured. <br />The Board recommended that for question 48 in Tax Increment Financing, the use <br />of the words "to be determined," replaced "to be obtained." <br />A discussion ensued concerning the notion of being affected. <br />I <br />11 APPROVED MINUTES <br />