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EDC Minutes <br /> March 27, 2002 A p p roved <br /> di <br /> Page 2 <br /> • D. Report of Staff: <br /> 1. Developer Payments for TIF Projects: Belting inquired as to who is responsible for <br /> calculating the Tax Increment Financing(TIF)payments to developers. Backman responded <br /> that historically the Economic Development Coordinator has calculated the payments and <br /> that the City's Finance Director has filled out the TIF reports that are submitted to the Office <br /> of State Auditor (OSA). Last year the E.D. Coordinator filled out the reports, which were <br /> incorrectly done. This year,the OSA reports are being completed by Ehlers&Associates in <br /> conjunction with the City's Finance Director. Backman indicated that there are revised <br /> payments for three projects: Silver Lake Pointe, Building N, and C.G. Hill. Backman <br /> reviewed with the EDC members the TIF spreadsheet calculations for C.G. Hill—past and <br /> current. Shelly Eldridge, Ehlers, Charlie Hansen, and Backman met with Everest <br /> Development on March 19th to discuss both C.G. Hill and Building N projects. Additional <br /> changes in the calculations have occurred because some land parcels were added to the <br /> TIF District after it was established (changing the applicable tax capacity rate). Tim Nelson, <br /> Everest Development will be talking with the Ramsey County Assessor's office to discuss the <br /> possibility of re-allocating the property valuations for Building N. Backman believes that it <br /> has been beneficial that Ehlers & Associates has been advising the City of Mounds View <br /> regarding TIF issues and payments. <br /> 2. I-35W Corridor Coalition Committee Activities: A meeting of the Economic Developing & <br /> Marketing Committee was held on March 12th in the Blaine City Hall. Backman stated that <br /> the I-35W Corridor Coalition has undertaken a labor force assessment. Prepared by DTED, <br /> • the report focuses on collecting and evaluating underemployment data. It is available to the <br /> Commission in hardcopy and CD ROM formats. <br /> 3. Mermaid Hotel & Banquet Center Project Update: Backman relayed that the $9.5 million <br /> Banquet and Hotel expansion at the Mermaid is about 90% completed. Documents <br /> pertaining to acquisition of the Cabot property have yet to be sent from Boston. However, <br /> with assurances from the City,the bank has released the remaining dollars for construction. <br /> Mr. Hall indicates that the plan is still to open the Americlnn Hotel by mid-April. <br /> 4. Highway 10 Revitalization Plan Update: The Highway 10 Revitalization Plan will be <br /> presented by URS, the Minneapolis consulting company, to the City Council on April 1St <br /> Backman mentioned that when plans become available he will provide them to the EDC <br /> members. He also highlighted an upcoming public meeting/open house at the Community <br /> Center. URS and the City will present and seek public comment on the Highway 10 Plan on <br /> Wednesday, April 24th at 6:00 p.m. <br /> 7. EDC BUSINESS <br /> A. Review of EDC Bylaws: Members indicated they had not had an opportunity to review the EDC <br /> Bylaws or consider any changes. Belting suggested moving this item to the April 19th EDC <br /> meeting. The members concurred. <br /> B. Meetings with Mounds View Businesses: Backman spoke of his priority to meet with the <br /> businesses in the community. He noted meetings with Midwest Motor Express, Vitran, Bio- <br /> Clean, Zep Manufacturing, and RAVE Sports. Backman brought the Commission up-to-date <br /> regarding the status of RAVE. The Company's administrative, distribution, sales, and R&D <br /> activities are located in Mounds View. Its manufacturing facility is located in Missouri. RAVE <br />