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08-28-1995
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08-28-1995
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1/29/2025 9:07:22 AM
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MV Commission Documents
Commission Name
Economic Development Authority
Commission Doc Type
Minutes
MEETINGDATE
8/28/1995
Commission Doc Number (Ord & Res)
0
Supplemental fields
Date
8/28/1995
EDA Document Type
Council Minutes
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• 1 EDA Meeting#16 <br /> 2 August 28, 1995 <br /> 3 Page 2 <br /> 4 <br /> 5 <br /> 6 <br /> 7 <br /> 8 EDA BUSINESS: <br /> 9 <br /> 10 A. Consideration of Development Assistance Agreement By and Between the Mounds <br /> 11 View Economic Development Authority and Bridges Leasing Company, LLC. for the <br /> 12 Midwest IV Project. <br /> 13 <br /> 14 Cathy Bennett, Economic Development Coordinator explained that this project includes <br /> 15 the construction of approximately 30,000 square feet of office/warehouse/manufacturing <br /> 16 space located on a 2.87 acre parcel of land described as Lot 3, Block 1, North Star <br /> 17 Industrial Park 2nd Addition. She has prepared a Draft Development Assistance <br /> 18 Agreement for the Authority's consideration and approval which is between the EDA and <br /> 19 Bridges Leasing Company, LLC for Midwest I.V. The agreement provides for the <br /> 20 following: <br /> 21 <br /> • 22 1) a "Pay-As-You-Go" Tax Increment Financing assistance package. Ninety percent of <br /> 23 the new increment on the property will be paid to the Bridges Leasing Company for <br /> 24 prepaid development costs (land purchase, lateral water and sewer hookup, storm water <br /> 25 retention pond, and other public improvements)with ten percent being paid to the City of <br /> 26 Mounds View for administrative costs. <br /> 27 <br /> 28 2) The increment payback will be in the form of a Revenue Note where money will be <br /> 29 repaid to the Bridges Leasing Company, LLC only from the newly generated increment <br /> 30 and only to an amount not to exceed $58,846 annually(this equals a total of$2.67/sq. ft. <br /> 31 of assistance). <br /> 32 <br /> 33 3) The term of the payback is 9 years with a 7%interest to begin tax increment payments <br /> 34 in 1997. <br /> 35 <br /> 36 4) The developer will lease not less than 20,000 sq. ft. of the building portion of the <br /> 37 improvements to Midwest I.V. for their corporate headquarters and operations center. <br /> 38 <br /> 39 5) As per a new requirement under state law, the development will include the creation of <br /> 40 a minimum of ten full-time jobs with a wage of at least $6.50 per hour. (Ms. Bennett <br /> 41 stated that the company anticipates the jobs will have a higher rate of pay than $6.50 per <br /> 42 hour since they are technical in nature but the min. of$6.50 accounts for administrator <br /> 43 position.) <br /> 44 <br /> 45 <br />
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