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EDC Minutes Not Approved January 17, 2003 /� pO� lu Page 3 in yesterday's issue of the Sun-Focus regarding Loads of Clothes, the new Laundromat in S Silver View Plaza slated to open in February. This week Backman had a good discussion with a representative of Paster Enterprises re the former Hardees Restaurant location. Backman now has a better understanding of the issues there. First, 12 years ago Hardees signed a 20 year lease, so therefore they have 8 years left. Second,that agreement is only a ground lease. That is, Hardees owns the 3,900 sq.ft. bldg. and Paster owns the land. Third, Paster has been working with a variety of restaurant chains, but the mixed ownership does present a challenge(eg. Hardees doesn't want to be in the property management business). Backman distributed the document of the 15 largest employers in Mounds View. 5. Metro North CVB Annual Meeting: On January 23rd Backman will be attending the CVB's Annual Meeting at the Earle Brown Center in Brooklyn Center. Board members will be elected and new officers will be selected. 6. 2003 Public Finance Seminar (Ehlers): On February 6 & 7 Backman will be attending the annual TIF seminar that is put on by Ehlers. It will also be held at the Earle Brown Center in Brooklyn Center. 6. EDC BUSINESS A. Review of Mounds View's Tax Abatement Policy: Belting indicated that he had requested that Backman review with the EDC Mounds View's Tax Abatement Policy over 2 or 3 meetings(more manageable). Mounds View's policy was adopted in October of 2000 and has not changed. • Backman provided to members samples of policies from the Cities of Elk River and Roseville. Belting expressed his view that the Elk River format was easier to follow than Roseville's. Backman noted that Mounds View's general format is similar to Elk River's, and stated that the goal today was to review pp. 2-5, focusing on the abatement policies and objectives sections. For purposes of clarity and communication with the public, Backman suggested that the policy be referred to as Tax Rebate Financing instead of Tax Abatement Financing. It seems to better reflect that taxes are in fact paid by the businesses, captured by the city, and used for infrastructure improvements. The sense of the EDC members was to support the change. Backman reviewed the Table of Contents and suggested placing attachments under an exhibit section. Belting indicated that he liked identifying the document on the bottom of each page. Members discussed provisions regarding purpose,duration,differences with TIF,and objectives duration through Section III. Backman will incorporate the changes and strikethroughs in the next draft and e-mail it to the members. B. Upcoming Review of the City's Business Subsidy Policy. The City of Mounds View adopted its Business Subsidy Policy in March of 2000. Backman indicated that the EDC will need to update this state-mandated policy to conform with statutory changes that have occurred in the last two years (eg. specific wage guidelines must be shown in the policy). The policy will need to be updated by May 1, 2003. C. Other: