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