Laserfiche WebLink
• <br /> b) Bethlehem declares that we will forgo ownership of the TIF Note4 associated with "Building N", and to work <br /> with the City to eliminate the Note. <br /> c) Bethlehem declares that we will provide an additional $5,000 per year gift to the City of Mounds View to <br /> compensate for the loss of the TIF administrative fee associated with Building N during the remainder of the <br /> Note's life, which ends in 2014 (i.e., $5,000 per year gift to Mounds View through 2014). <br /> ar <br /> d) Bethlehem declares that we will increase the amount of both the "Mounds View Service Project Fund" and <br /> "TIF Note gift" by 2% each year, resulting in a Service Project Fund that grows to over$30,000 per year in <br /> 2014 and a "TIF Note gift" that grows to over$6,000 per year in 2014. <br /> e) Bethlehem proposes that in the unlikely event Mounds View and Bethlehem are unable to reach consensus <br /> in any given year on how to allocate the Service Project Fund, that 100% of the Fund be allocated to the kinds <br /> of Parks and Recreation projects identified in the City's 2003 "Parks Needs Analysis" documents (and as <br /> illustrated in Appendix B). <br /> f) Bethlehem proposes that since it will take us some time to better understand current Mounds View needs, <br /> we request that for the first year of the Service Project Fund, Mounds View selects from one of the three pre- <br /> approved Parks and Recreation Parks Needs Analysis "examples" cited in Appendix B (or their equivalent). <br /> g) Bethlehem proposes that the annual $5,000 per year"TIF Note gift"to the City of Mounds View (to <br /> compensate for the loss of the TIF administrative fee) be placed in a fund used for various activities that <br /> promote new and strengthen existing business in Mounds View, help fund job creation, and improve the <br /> underlying economic climate. <br /> h) That subject to standard budget approval by the Council of Elders and Congregation, Bethlehem will <br /> disburse funds for the aforementioned Service Project Fund and "TIF Note gift" annually in two equal payments <br /> on February 1 and August 1, while reserving the right to make adjustments if community or church <br /> iiiumstances change significantly. The goal of these account is to bless the Mounds View community <br /> ugh tangible expressions of funded service. <br /> 4 We understand that the Mounds View staff and City Attorney have recommended elimination of the TIF Note associated with <br /> "Building N"upon completion of its sale to Bethlehem, partly due to the complexity of a tax-exempt religious organization holding the <br /> TIF Note and the unlikely possibility that a small portion of the building might be temporarily rented out as office space. Bethlehem will <br /> agree to eliminate the TIF Note,with an acknowledgement that doing so could be against the interests of Bethlehem if either(a) <br /> Bethlehem moved out before 2014 and sold the parcel to a for-profit owner or(b)BBC leases a portion of the building to a for-profit <br /> ant(which is not currently planned,since Bethlehem will soon ref already need all usable space). In either of these cases, <br /> lehem would forgo the economic benefit of TIF Note ownership. <br /> BETHLEHEM BAPTIST CHURCH, 720 THIRTEENTH AVENUE SOUTH, MINNEAPOLIS, MN 55415 <br /> PHONE: 612-338-7653 FAx: 612-338-6909 www.bbcmpls.org <br />