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EDC Minutes May 19, 2006 Page 2 Associates, our TIF financial advisors, that outlined the financial increments or resources available for each of the five scenarios. Johnson asked if these scenarios include or exclude the Medtronic district. Backman responded that Medtronic District #5 is excluded from this comparison because its increment must be used within the district. The City can pool the TIF from the three older districts for purposes elsewhere in the City. Backman reviewed the motion that was adopted at the April EDC meeting—it advised the EDA to pursue options to reduce the amount of TIF collected while still meeting the Economic Development goals and priorities set forth by the City. Field asked if we decertified TIF District #3 early would the City be handling all of its obligations. Backman indicated that it would not be closed out until its obligations (i.e. SYSCO note) were satisfied. Johnson suggested the EDC consider Option 1 (Status Quo), Option 2 (Decertification of District 3), or Option 5) (10% Reduction in Captured Value Decertification). Jaker stated that there were two issues—do the TIF funds supplement the City’s taxes or supplant the City’s taxes? He also stated that it appeared that the EDC had not changed its priorities for TIF resources. After further discussion it was the consensus to stay with the status quo option and that Johnson will attend the next EDA meeting to convey the EDC’s position. 6. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON A. Report of Commissioners. Helgemoe noted that the TCN Chambers Golf Tournament will be held at Majestic Oaks on June 2nd. Entsminger complemented staff and council members on the Town Hall meeting that was held on Saturday, April 29th at the Mounds View Community Center. She was concerned about the limited attendance by the public and wondered if there are steps that can be taken to enhance it. Johnson mentioned that Walkable Community Workshop that was held on May 11th, and indicated that it was a positive event. B. Report of Staff: 1. Update on Medtronic CRM Corporate Campus: Backman distributed photographs of the campus construction. Backman indicated setup of steel beams for the North Building began on May 3, 2006 and now is up to three and four stories. On April 25, 2006, the City received about $434,776 from Opus, the design builder for the Medtronic CRM Campus, for building permits and utility fees for the Central Building. Medtronic paid $1.3 million for Well #4 Upgrade, water and sewer utilities to the Medtronic site, and the City road reconstruction fund. To date the City has received payments approaching $13 million. The Mounds View City Council approved revisions to Ordinance 769 revising Chapter 1008 of the Municipal Code relating to signs and billboards (including allowing a billboard along County Road 10). These revisions are intended to facilitate the relocation of billboards from the Medtronic site to other locations in Mounds View (per agreements with Clear Channel and with Medtronic). The Ramsey County Board gave conditional approval of the construction contract associated with the County Road J project to Lunda Construction. Construction activities on the road are slated to begin on May 22, 2006. 2. Update on SYSCO Minnesota Parking Expansion: At next Monday’s City Council meeting four items need to be acted upon to move the project forward: Resolution 6804 approving the final plat and a wetland alteration permit; Ordinance 761 approving the rezoning of three acres necessary for the project; Ordinance 762 approving the transfer of the three acres from the City to SYSCO; and Ordinance 763 approving the vacation of excess easements. 3. Hidden Hollow South Residential Project—Dan Saplis, Coldwell Banker/Burnet: The building permit was picked up for the model home (Lot #6). Wetland buffer permits are needed for Lots 1 and 2, and will be considered on June 12th. A grading permit is pending.