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Mounds View City Council April 12, 1982 <br />Regular Meeting Page Pour <br />Mr. Winter presented the Council with copies of the <br />report, then made a lengthy presentation for those <br />present of what the study in. Mr. Winter <br />answered questions from the Council and summarized <br />by saying that it appears to be a feasible proposal <br />for tax increment financing. <br />Attorney Meyers stated Chapter 8 would have to be <br />reviewed, keeping in mind the July deadline. He <br />also stated the proposal, as submitted, requires <br />general obligation bonds to be submitted by the <br />City, and recommended the City have sufficient <br />security posted, such as an irrevocable letter of <br />credit. He also suggested the Council may express <br />interest in a preferrential assessment credit <br />payment. <br />Motion /Second: McCarty /Forslund to receive memo <br />from the law office of Holmes and Graven, dated <br />April 12, 1982, reference the economic feasibility <br />outlining tax increment financing for the elderly <br />housing project, and further direct Staff to <br />prepare a report for the Council's consideration <br />at the next agenda meeting, with a public hearing <br />to be set for tax increment financing district <br />at the May 10, 1982 meeting at 7:40 PM. <br />4 ayes 0 nays <br />Motion /Second: McCarty /Forslund to approve <br />changing the address for the intoxicating <br />off -sale liquor license in the name of <br />Budget Liquor, Inc. <br />4 ayes 0 nays <br />Finance Director Brager reported that the first <br />quarter was spent working on the budget, in <br />light of the State financial problems. He <br />stated Resolution No. 1405 had been enacted, <br />with the City anticipating an approximate cut <br />of $81,000 in State aid. He reported the <br />January special session of the Legislature gave <br />an 11 percent reduction in local government aids <br />the City receives, then the next special session <br />cut the homestead credit payments to the City, <br />with the cuts equaling 5 percent of the total <br />budget revenues for 1982. He added, however, <br />that the City still has approximately $9,700 <br />against anticipated cuts in State aid. <br />Motion Carried <br />Motion Carried <br />11. Consideration of <br />Request from <br />Budget Liquor, Inc. <br />to Transfer Loca- <br />tion of Liquor <br />License <br />12. First Quarter 1982 <br />Department Head <br />Reports <br />