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Minutes of the Economic Development Commission City of Mounds View Ramsey County, Minnesota Special Meeting March 9, 2012 City of Mounds View, Council Chambers 2401 Highway 10, Mounds View, MN 55112 1. CALL TO ORDER Chair Torri Johnson called the meeting to order at 7:34am. 2. ROLL CALL Members Present: Chair Torri Johnson, Vice Chair Jennifer Wagner-Harkonen and Commissioners Jason Helgemoe, Dan Larson and Gary Meehlhause Members Absent: Commissioners Greg Belting and Jim Paron Staff Present: Finance Director Mark Beer and Economic Development • Specialist Heidi Steinmetz 3. APPROVAL OF MARCH 9, 2012 AGENDA Motion/Second: Commissioner Larson moved and Commissioner Meehlhause seconded the approval of the March 9, 2012 EDC agenda. Motion Carried: 5 Ayes, 0 Nays 4. APPROVAL OF FEBRUARY 17, 2012 EDC MINUTES Commissioner Helgemoe noted a change on page 2 under Item Cl. The word"Expending" needed to be changed to "Using the"and the words"within the City of Mounds View"was added to the end of the sentence. Motion/Second: Commissioner Helgemoe moved and Vice Chair Wagner-Harkonen seconded the approval of the February 17, 2012 minutes as amended. Motion Carried: 5 Ayes, 0 Nays 5. EDC BUSINESS A. Tax Increment Financing (TIF) Presentation by Finance Director Mark Beer Finance Director Mark Beer provided the EDC with a basic presentation on Tax Increment Financing (TIF). He said that TIF is one of many Economic Development tools available to • cities and that cities use TIF by creating different types of TIF Districts. He said each type of district has different rules and year limits. He provided an overview of Mounds View's four TIF Districts. He explained how Tax Increment is calculated and he discussed how the City's unobligated TIF funds could be used within Mounds View.