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Item No. <br /> Staff Report No. 97-2058WS <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 <br /> Item Title/Subject: Discussion of Building N, Mounds View Business Park <br /> Date of Report: April 17, 1997 <br /> The Everest Group has requested opening the discussions regarding the Building N Ilk request from last <br /> year. Attached is the letter from Chuck to Everest outlining the EDA's final proposal for the <br /> development of Building N and a letter from me dated November 19, 1996 discussing the same prior to <br /> my maternity leave. <br /> Attached is a letter from Tim Nelson requesting that the Council consider flexibility regarding the <br /> payment of contractor's fees, interest rate and protection against changes in the legislature. <br /> • <br /> Again, I would advise that our TIF Attorneydoes not believe that the payment of contractor's fee to the <br /> g <br /> same company is an eligible TIF expense. As in many cases, attorney's disagree on the interpretation of <br /> the law but we would need to take the advise of the attorney that is working in defending the City in case <br /> of an audit from the State Auditors Office. <br /> Past TIF agreements have included interest rates of 7-8 percent. As you recall the most recent TIF <br /> agreement included 7 percent interest. In addition,I do not believe that the City should be liable for <br /> unknown aspects of the legislature as it relates to changes in TIF. We can ask Jim O'Meara regarding <br /> the potential for changes in the school aid formulas and how this could affect a pay-as-you-go <br /> agreement. <br /> 411) <br />