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UNAPPR <br /> Page 10 OVED <br /> August 24, 1998 <br /> Mounds View City Council <br /> Mounds View. The project would also take TIF funds away from the Highway 10 Corridor <br /> Development. <br /> McCarty stated the EDC, which Stigney is a member,had recommended the project, in concept, <br /> on a unanimous vote. No commitments are being made tonight. The City Council is authorizing <br /> the City staff to continue to work with the developer in searching out answers to questions that <br /> are before the Council and the developer, he added. McCarty stated the developer pays for staff <br /> time through the application fees. <br /> Stigney stated, "The cooperative effort that is being proposed is for the City to solely purchase <br /> and be responsible for the Rent All property, and this is being asked without any input from the <br /> City's citizens as to whether they wish to do that or not." <br /> McCarty stated there is not "gift" from the City in regards to purchasing any properties that <br /> would be involved in this project. Financing for the project would come from three components: <br /> 1. Private development funds <br /> 2. Bonding,to be paid back with future revenues from the project <br /> 3. TIF (Rent All property) <br /> No dollars will come from the advalorum tax levy. The entire project would be paid for with tax <br /> increments. <br /> Stigney reiterated the funds would be coming from the TIF pool that could be used for the <br /> Highway 10 Corridor Development. "The City residents should be clued in as to what this <br /> project is," he restated. <br /> VOTE: Ayes - 4 Nays - 1(Stigney) Motion carried <br /> 8. REPORTS <br /> Quick No Report <br /> Koopmeiners No Report <br /> Gunn No Report <br /> Stigney No Report <br /> Ulrich No Report <br /> Mayor McCarty No Report <br /> Attorney Long gave the following report: <br />