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Item No. S <br /> Staff Report No. 97-2055WS <br /> Meeting Date 4-21-97 <br /> Type of Business WK <br /> WK: Work Session;PH:Public Hearing; <br /> CA:Consent Agenda;EDAB:EDA Business <br /> Mounds View Economic Development Authority <br /> Work Session Staff Report <br /> To: Mounds View Economic Development Authority <br /> From: Cathy Bennett, Director of Economic Development C' — <br /> Item Title/Subject: Discussion of TIF Policy and Deposit Agreement <br /> Date of Report: April 17, 1997 <br /> The Economic Development Commission has been working on a tax increment policy for the <br /> City of Mounds View since mid 1996. This process has allowed the EDC to better understand <br /> the complexities of TIF and its importance to the economic future in Mounds View. <br /> At the February EDC meeting, the deposit agreement and policy was recommended for approval <br /> by the EDA. The policy is vague enough to allow for flexibility in the use of TIF funds but does <br /> stipulate that the developer must complete an application and submit a deposit prior to staff <br /> • analyzing the project. <br /> The deposit agreement calls for an initial fee of$1,000 with the ability for the EDA to come back <br /> and collect additional money from the developer if needed. There have been several projects that <br /> have taken significant consultant and staff time to analyze with no resolution on the project. <br /> With this agreement, if the project does move forward the deposit can be refunded through the <br /> development agreement. If the project never moves forward the EDA can retain the money <br /> collected and apply it to consultant fees and staff time. <br /> I would recommend that the EDA consider these documents for approval at the April 28, 1997 <br /> meeting. <br /> • <br />