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City of Mounds View Staff Report <br /> January 28, 1998 <br /> Page 2 <br /> assistance for the hotel must be structured to be of"direct benefit"to the hotel <br /> development and financial program. To use the TIF funds to acquire land only is not <br /> considered to be of"direct benefit." Some TIF assistance will be needed for financing <br /> eligible building and development costs. The details of the TIF assistance are subject to <br /> further evaluation and negotiation. <br /> Formal Response: John Seibert has asked that the City provide him with a formal <br /> response which indicates that the City supports the preliminary concept and is willing to <br /> provide tax increment assistance to support the project. TIF assistance will be necessary <br /> for Mr Seibert to finance this project. If the City is not willing to provide assistance, Mr <br /> Seibert would like to know that up front so that he doesn't expend a lot of money. Staff <br /> will be preparing a draft resolution in support of the project for City Council/EDA <br /> consideration on February 9, 1998. <br /> Future Actions: <br /> The City Council/EDA will be asked to indicate support for the project by resolution, direct staff <br /> to proceed with the acquisition of the RentAll site, direct staff to contract with a relocation <br /> consultant, direct staff to work with Briggs and Morgan to prepare the necessary development <br /> agreements, and to continue to evaluate and negotiate the amount and type of tax increment <br /> assistance, and to direct staff to work with the developer to refine the plans to minimize <br /> acquisitions and city costs. <br /> e <br /> Rick Jopke, Co unity Development Director <br /> N:\DATA\USERS\RICKJO\SHARE\020298A.RPT <br />