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6/4/2012 Work Session <br />Item 1 – Business Prospect: Apple Tree Dental <br />Page 2 of 2 <br /> <br />Discussion <br /> <br />During the June 4th Work Session, Apple Tree Dental’s founder and president, Dr. Mike <br />Helgeson, will be providing the City Council will an overview of Apple Tree Dental. <br /> <br />Dr. Helgeson and his team are still considering financing options for their potential <br />relocation to Mounds View. One of the financing options they are considering is conduit <br />debt financing, which is bonds used for development. If the City were to participate in this <br />financing tool, the City would receive 1% interest on the amount of debt issued. The <br />amount of debt issued for the project could be between $2 and $3 million, so 1% interest <br />would equate to $20,000or $30,000 for the City. <br /> <br />Conclusion <br /> <br />If Apple Tree Dental purchases 2442 County Road 10, they would be exempt from paying <br />property taxes because they are a non-profit entity. The property taxes for 2442 County <br />Road 10 are currently about $50,000 per year. <br /> <br />If Apple Tree Dental moves to Mounds View, they would be occupying a building that has <br />been vacant for quite some time. Their build out would be significant, which would create <br />building permit revenue for the City. They would also be creating new, high-paying jobs in <br />Mounds View and serving the needs of low-income children and families, elderly nursing <br />home residents, people with disabilities and others who have serious dental needs. <br /> <br />Respectfully submitted, <br /> Heidi Steinmetz, Economic Development Specialist <br /> <br /> <br />