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EDA Meeting#36 May 12, 1997 • Page 2 MOTION/SECOND: Trude/Koopmeiners to Approve Resolution No.97-EDA-66,Approving Amendments to the Housing Replacement Program. VOTE: 5 ayes 0 nays Motion Carried B. Consideration of Approving a Tax Increment Policy. Ms.Bennett noted that this policy will explain the EDA powers under MN Statutes and explain what are eligible uses and costs associated with tax increment fmancing. It will also serve as a guide for staff in evaluating projects. Additionally,the EDA will be able to offset consulting fees generated in the evaluation of the project with the execution of a deposit agreement. lithe result is a development agreement,the deposit will then be reimbursed to the applicant and the fees can be recouped through income generated form the project or existing increment set aside for administration. She noted that upon approval of the policy,it would take effect immediately and apply to all pending tax increment projects. MOTION/SECOND: Stigney/Quick to Approve a Tax Increment Policy. VOTE: 5 ayes 0 nays Motion Carried C. Consideration of Resolution No.97-EDA-67,Approving and Authorizing the Execution of a Development Assistance Agreement with the Everest Group for Building N. • Ms.Bennett explained that staff has been working with Everest Group since 1993 trying to get a development agreement prepared for the project. The project consists of a 103,000 square foot Building N in the Mounds View Business Park. It is the last development in that area. Ms.Bennett proceeded to briefly summarize the various negotiations which have occurred since 1993. In each attempt,negotiations failed. Everest has approached the city again to reconsider finalizing a development assistance agreement. She proceeded to go through staffs recommendations as to the terms of the agreement,noting that the EDA could approve Resolution No. 97-EDA-67 authorizing the execution of the agreement by President McCarty and herself,or they could make a motion to accept the terms with the passage of a resolution upon the final draft of the development assistance agreement. President McCarty stated,given the history of the negotiations with Everest,he feels this should be brought back to the EDA for consideration. Commissioner Trude stated she does not feel the Resolution is specific enough. MOTION/SECOND: Trude/Koopmeiners to authorize staff to negotiate with The Everest Group the terms of a Tax Increment Financing Agreement,according to the memo dated 5/12/97 to the EDA. VOTE: 5 ayes 0 nays Motion Carried D. Consideration of Resolution No.97-EDA-68,Resolution Granting Final Approval for Expenditure of Tax Increment Funds to Finance the City's Cost in Connection with the Bel Rae Community Center Project and Authorizing the EDA to Enter into a TIF Loan Agreement with the City to Provide TIF Financing Assistance. Mr.Long,City Attorney,explained that this is a companion resolution to one passed by the City Council. •