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EDC Minutes July 18, 2003 Page 2 Board approved moving the Chamber offices to a larger suite in the same building. The Board voted to retain gaming, the vote was close. While gambling operations become smoother, the biggest issue appears to the community allocation of the grant funds. Backman anticipates that issue will be worked out in followup meetings D. Report of Staff: 1. Review of Mounds View’s Tax Abatement Policy: The EDC has previously reviewed the Policies for the Use of Tax Rebate Financing, Project Qualification, and Subsidy Agreements. McDonald inquired if the abatement dollars can be used for working capital. Backman responded that abatements are used to encourage development on priority sites, are authorized to finance infrastructure, and can be used to offset increased costs of redevelopment. Discussion focused language in Section VII Application, Section VIII Application for Assistance, and Section IX Exhibits—Attachment A: Deposit Agreement. The members stopped on p. 16 of the document. The final two Attachments (Application Review Worksheet, and the Sample But-For Analysis) will be reviewed at the August EDC meeting. 2. Developer Activities—Community Dev. Group (Amoco Site): Negotiations continue between the developer and BP Amoco. The developer has not walked away yet. 3. Developer Activities—LandCor / Long Lake & Hwy 10 Office: ATA is close to submitting architectural drawings to the city. Perhaps in the next two weeks. LandCor has made a counteroffer to Figaro’s Pizza. 4. Midway Industrial Supply Expansion: Mr.Gregg Lien, President of Midway Industrial Supply has received responses from two contractors. It appears that it is not cost effective to do the building addition (costs about the same whether it is 5,000 or 8,000 sq. ft.--$500,000). He sees three possible options for the business. One, add a mezzanine to his existing business location. Two, take control of the whole building (boot his one tenant) and gain about 4,000 sq. ft. Three, look for a new business location with 28,000 sq. ft. of space that he can purchase. Most likely this option would mean moving out of Mounds View. Backman would prefer to keep Midway Industrial in Mounds View. 5. Update of County Rd. H2 Residential Project: Twin City Testing completed the soil borings the third week of June. The soils report results came back very good (sandy soils and no peat). On June 9th the City Council selected Pro Craft Homes as the developer of the Woods of Mounds View residential project. Backman has been working on the Pre-Development Agreement that will be signed between the City of Mounds View and Pro Craft Homes. At the same meeting the acquisition of Lot 36 was deferred to a later date. 6. Dinner Theater—Prospect Activities: Principals of the company have visited Mounds View. In mid-July the Dinner Theater did provide the City its business plan. The business plan information was provided to Paster Enterprises on July 16th . 6. EDC BUSINESS A. Amending the TIF Plan to Identify Parcels for Potential Acquisition: Due to time constraints, the Commission decided to consider this matter at a later meeting.