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Item No. / <br /> • Staff Report No y'7-1g54e_ <br /> Meeting Date:2/3/97 <br /> Type of Business:WS <br /> City of Mounds View Staff Report <br /> To: Mayor and City Council <br /> From: Cathy Bennett,Economic Dvelopment Director <br /> Subject: Everest Group,Building G <br /> Date of Report:January 30,1997 <br /> The Everest Group,representing owners of Building G,have submitted a request for tax increment assistance <br /> to attract a local computer manufacturing company to Mounds View. Their request includes a$500,000 up <br /> front grant from the City's excess TIF funds to pay for a portion of the needed building renovation and tenant <br /> improvement costs required to attract the company per the attached letter from Rob Davidson on January 22, <br /> 1997. Also attached is a summary of the sources and uses of funds for the project and an evaluation of the <br /> project information to substantiate the public purpose of the assistance making several assumptions regarding <br /> financing terms and lease rates. <br /> Chuck,TIF Consultant Dave Maroney and I would like to present an alternate proposal to the Company in <br /> the form of a semiannual lease write down over the term of the lease of 10 years.(see memo dated January <br /> 1111 31st) I have discussed this with our TIF Attorney Jim O'Meara and he has assured me that this proposal is in <br /> compliance with our tax increment plan. We were hoping to present this option to the Company this week <br /> but were unable to schedule a meeting. <br /> We are anticipating a meeting with the company the first week in February. Therefore, we wanted to briefly <br /> discuss the project with the EDA to gauge your comfort level of a lease subsidy. In addition, if a proposal is <br /> presented at a February meeting,you will be aware of the project and be able to make an educated decision. <br /> Although the company would like to stay confidential at this time,we do know that they are currently is <br /> Roseville and have outgrown their leased space. I have informed the City of Roseville of the companies <br /> desire to move. I believe that Roseville does not have current available space to accommodate the company's <br /> time frame. It is better to keep the company within the 35W Corridor rather than lose them to another suburb <br /> outside the 35W Corridor or another state. <br /> Cathy Bennett,Director of Economic Development <br />