09-27-1999 EDA - Laserfiche WebLink

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President Coughlin stated the 23 percent of the tax base in TIF had been debated. He stated that this was in comparison to the entire picture, including the new development that has occurred within those TIF Districts. He stated on some level it was like "comparing apples to oranges", in that prior to these districts, this was 100 percent of the City's tax base. He stated you create the districts, and have new development, and that new development is in addition to the existing amount of development. He stated every building that is developed adds to the percentage, and therefore, the size of this percentage is a positive thing. He stated there was a good deal of development in the City that would not have otherwise taken place. Commissioner Quick requested Economic Development Coordinator Carroll to summarize all of the areas or buildings that have been developed through the TIF process. Economic Development Coordinator Carroll stated these included the entire business park along Highway 10, both north and south sides, Zep Manufacturing, Cisco, Midwest IB, and Silver Lake Point. Commissioner Quick stated this represented a significant change in the last fifteen years. Vice President Stigney stated that the Legislature itself has restricted this amount of TIF for a City the size of Mounds View. He stated this indicates they believe it is in excess. He requested the EDC research all of these issues, and bring the information forward to the residents, so that they can understand them, and what the effects really are. President Coughlin stated that the EDC meetings were open to the public and televised. He stated that anyone wishing to speak before the EDC certainly could. Commissioner Marty stated the research in the entire metro area indicates that Mounds View has the highest percentage of their taxes invested in TIF Districts. He stated the next closest city had approximately 17 percent. He stated the two properties they were considering were fairly insignificant overall, however, he thought if they were decertified and brought the increment down one or two percent, this would go directly into the tax base and the general fund. He stated they could use the money either way. He stated if these properties were decertified, it would probably affect everyone individually by .37 cents, however, it would be money that would go directly into the general fund. President Coughlin stated this would not be additional money going into the general fund, but would spread out the money over a couple more properties. He stated the 23 percent figure was deceptive in that Mounds View is a small town. He stated he thinks this speaks more to the fact that they had very little development prior to these districts, than it does to the percentage of development within other towns in the area. 6. REPORTS None. 7. ADJOURNMENT 7C:\ADMIN\MINUTES\EDA\8-9-99.EDA