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Item No: 3 <br />Meeting Date: March 6, 2006 <br />Type of Business: Worksession <br />Administrator Review: _________ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council Members <br />From: Jim Ericson, Community Development Director <br />Item Title/Subject: Discuss Agenda and Possible Dates for Future TIF Planning <br />Worksession <br /> <br />Background: <br /> <br />The Economic Development Commission (EDC) and Economic Development Authority <br />convened a joint meeting of their respective groups at the City Council worksession meeting <br />on September 6, 2005 and continued the meeting to November 14, 2005, to discuss and <br />consider TIF philosophies, goals and spending priorities. While there seemed to be a <br />consensus that funding for County Road 10 improvements was a high priority as well as <br />general street reconstruction, there was not consensus on other expenditures or the issue of <br />decertification. Staff reviewed the information again with the City Council on January 30, <br />2006 in an effort to work toward a unified vision for TIF expenditures and economic <br />development activity in general. <br /> The Council indicated a special worksession would be necessary to fully consider all aspects <br />of TIF, TIF budgeting and economic development goals and philosophies. The purpose of <br />this report and presentation to the Council would be to formalize the agenda topics for <br />consideration as well as to identify the most appropriate date to hold such a meeting. <br /> <br />Discussion: <br /> <br />Potential Agenda Topics <br /> 1. Review Existing Economic Development policies <br />o Business Subsidy <br />o Tax Increment Finance <br />o Tax Abatement (Rebate) Program <br />o Housing Replacement Program <br />o Business Improvement Loan Program <br />o Comprehensive Plan <br />2. Review Financial Status of TIF <br />o Projected Revenues through the life of the districts <br />o Projected Revenues with change to Fiscal Disparities “Election B” <br />o Revenue Expectations if Dist #3 Decertifies in 2009 <br />3. Review Potential Expenditures using TIF $ <br />o County Road 10 Improvements (Refer to BRAA Estimates) <br />o Housing Replacement Program <br />o Continued support of Economic Development program administration <br />o Infrastructure rehabilitation program <br />o Blight elimination and Community reinvestment