Agenda Packets - 2005/06/27 - Laserfiche WebLink

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Mounds View City Council June 20, 2005 Special Meeting Page 2 holes 2 through 5, and develop the excess 26 acres. The fifth option was the Medtronic proposal 1 with TIF financing. The sixth option was to sell the course to a different entity and provide no 2 TIF. In summary, he noted the Medtronic proposal would be above and beyond the benefits of 3 the golf course. 4 5 7. PUBLIC SUBSIDY AND FINANCIAL REVIEW (Ehlers & Associates) 6 7 Stacie Kvilvang, Ehlers and Associates, reviewed the special legislation by the creation of an 8 Economic Development TIF District and the sale of the former MnDOT property – reverter 9 legislation. She summarized the acquisition/park dedication fees and the retention, conditions 10 prior to conveyance, right of reverter, resale of reacquired property, and relocation or 11 termination/acquisition of billboard leaseholds. She reviewed the construction of minimum 12 improvements, public improvements, administrative expenses, and tax increment financing. She 13 summarized the wetland mitigation, prohibition on tax exemption, sale or assignment, events of 14 default, Phase II and Phase III, and golf course equipment and club house. She reviewed the golf 15 course financing, how the golf course was financed, the historical golf course gross revenue, and 16 the annual Interfund Loan required. 17 18 8. PUBLIC HEARING 19 20 A. Public Hearing in regard to a proposed business subsidy to be granted by the 21 EDA to Medtronic, Inc. under Minnesota Statues Sections 116J.993 through 22 116J.995. The proposed subsidy involves tax increment financing assistance 23 to facilitate development by the Recipient of an 820,000 sq. ft. business in the 24 City of Mounds View. 25 26 B. Public Hearing in regard to consideration of the proposed sale of land 27 comprising The Bridges Golf Course in the City of Mounds View, which is 28 presently owned by the City of Mounds View, to Medtronic, Inc. 29 30 9. PUBLIC COMMENT 31 32 Mayor Marty asked that before speaking, audience members give their full name and address for 33 the minutes. He advised Mounds View residents and businesses would have the first opportunity 34 to speak, with nonresidents speaking last. He advised that a five-minute time limit would be 35 strictly enforced with PowerPoint presentations being limited to 10 minutes. 36 37 Warren Johnson, 7710 Greenwood Drive, asked if MEDTRONIC built this building, how much 38 money would the City receive per year in taxes. Ms. Kvilvang, Ehlers & Associates, replied the 39 City would receive approximately $43,000 annually for the general fund that would increase over 40 time while the TIF District was in use and once the TIF District was done, the amount would go 41 up considerably because Medtronic would be paying the full value in taxes. 42 43 Mr. Johnson asked with all of the money coming in, how much would the resident’s property 44 taxes to be reduced. Ms. Kvilvang replied the goal of the City and EDA was to not have any tax 45