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EDC Minutes Not Approved February 21, 2003 Page 2 by State Auditor Awada regarding city finances. For Mounds View he noticed a significant drop Sinfund balances from 2000 to 2001. Backman stated that he planned to discuss the report later in the meeting. He mentioned that he had discussed the drop in unreserved designated funds with Charlie Hansen,the City's Finance Director. Hansen,who began working for the City in the fall of 2001, indicated that he had reclassified funds for accounting purposes and there were some one-time expenses. B. Report of EDA Liaison: Backman requested and the EDA considered naming a liaison to the EDC at its February 10th meeting. At this point,this was left open with no specific representative. Field would encourage their attendance. C. TCN Chamber of Commerce Update: During the past month Backman participated in various meetings, including the Gaming Oversight Committee (1/22/02), the Board of the Directors Meeting and the Membership Gaming Meeting on 1/24/02. On February 14th he attended the Public Policy Task Force meeting in Fridley where the focus was on the legislative session and the budgetary cuts that are expected. The TCN Chamber is holding its Annual Gala at the Mermaid on March 1St in the evening (the Home&Garden Show occurs earlier on the same day at the M.V. Community Center beginning at 10:00 a.m.). Backman illustrated the projected Local Government Aid (LGA) cuts that would occur under Gov. Pawlenty's budget. For the City of Mounds View the projected 2003 cut would be over$326,000. The following year the City would lose two thirds of its LGA or nearly $697,000. These are significant cuts that will substantially affect operations. Moreover,the cuts are not limited to LGA but also include Homestead Credit and Police grants Backman compared our projected cuts with our neighboring cities. D. Report of Staff: 1. Rob Carlson Builders Activities—Hwy 10 Business Center: Redevelopment of the former Perkins property by Rob Carlson Builders,the developer, continues to move ahead steadily. As you are aware the Perkins building was demolished the week of November 19th. The invoice for the demolition was received the last week of January. The City Council approved this TIF expenditure for$24,985 a week and a half ago. Concrete panels went up the week of January 20th and now one can get a sense of the general shape and size of the building. During this past week the supporting beams for the roof of the building were installed. Abbey Carpet, the largest tenant, is looking forward to moving to Mounds View in June. Several prospective businesses have been looking at the remaining 11,000 sq. ft. of available commercial space. 2. Metro North CVB Annual Meeting: On January 23rd Backman attended the CVB's Annual Meeting at the Earle Brown Center in Brooklyn Center. Overall lodging tax receipts are down 7.8% from the previous year. Post 9/11 effects and the softer economy continue to impact the convention and business traveler side of the hospitality industry. Amateur sports, a strategic advantage for our CVB, continues to perform well. Backman, who has served on the CVB Board of Directors for a year,was elected to the Executive Committee and will serve as Treasurer during 2003. On February 12th,the new Executive Committee held its meeting at the Edinburgh USA facility. This was immediately followed by a Strategic Planning Session facilitated by Joseph Strauss, I-35W Coalition. Currently nine communities are members of the Mpls. Metro North CVB. Four additional cities were discussed as potential candidates for entry—Plymouth, Roseville, Arden Hills, and Ham Lake. The first two have the most number of hotel properties and may not wish to join.