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Item No. 13 <br /> Staff Report No.q 7-aDa.ctC. <br /> • Meeting Date 10-6-97 <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 Expansion of the Mermaid <br /> Date of Report: October 2, 1997 <br /> Chuck and I have been meeting with Dan and Charlie Hall over the past few month discussing <br /> the proposed expansion of the Mermaid. The Hall's are committed to building a 500 room <br /> conference facility and have submitted a deposit of$1,000 for consideration of tax increment <br /> assistance on the project. The agreement would help the City cover consulting fees in evaluating <br /> the amount and level of tax increment assistance available on the project and what the need is in <br /> providing such assistance (establishing the"But For" Test under TIF Legislation). We have <br /> received preliminary estimates for value on the project but have some policy issues that we <br /> would like to discuss with the EDA prior to proceeding any further. Dan and/or Charlie will be <br /> at the meeting to give a brief summary of what is needed from the City to enable the project to be <br /> a success. <br /> • <br />