Agenda Packets - 2005/07/25 - Laserfiche WebLink

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Mounds View City Council June 27, 2005 Regular Meeting Page 14 money. He stated that he received a copy of the financial statement and it clearly shows that the 1 golf course is losing money every year. He suggested showing residents the financial statements. 2 3 Mayor Marty stated that again this is why he is suggesting that they review the 2000 Springsted 4 Study. 5 6 City Administrator Ulrich pointed out that an important part of the negotiation was the TIF 7 District noting that the concession made by Medtronic was to cap the TIF amount at $14.8 8 million because there was $24 million at the time and close to $30 million in TIF eligible 9 expenditures that Medtronic was initially asking for. He stated that Medtronic initially asked the 10 city for $24 million in TIF eligible expenditures as part of the deal and part of the negotiation 11 process involved bringing that amount down. He stated that could potentially limit the number 12 of years the TIF District would run as it would be paid off that much sooner. 13 14 Council Member Gunn stated that there is a spelling correction in the title. She noted that the 15 word ‘increment’ is spelled wrong. 16 17 Mayor Marty noted that it states this is a program modification and asked for clarification. 18 19 Ms. Kvilvang explained that the action before Council is on special legislation noting that the 20 future item on the Consent is to call for a public hearing on the creation of a Tax Increment 21 Financing District and modification of a redevelopment district in the community. She further 22 explained that this is the technical aspect of creating a Tax Increment Financing District and plan 23 in which they have to do some re-modifying to state what parcels would be included in the 24 development area and what portions would be within the TIF District. 25 26 Mayor Marty referenced Resolution 6571 noting that they have two copies of Resolution 6571 27 and they are different. 28 29 City Attorney Riggs clarified that the issue of Resolution 6571 should be the approving of the 30 2005 laws, Minnesota Chapter 152, Article 2, Section 26. He stated that the other copy was 31 numbered inappropriately noting that this resolution is actually Item 9F in the Consent that calls 32 for the public hearing. He stated that Economic Development Coordinator Backman did modify 33 the staff report and this is what he was explaining. He stated that the last line referencing the 34 public hearing is actually Item 9F. 35 36 City Administrator Ulrich stated that it is his understanding that a public hearing can only be set 37 by a motion adding that if that is incorrect they would have to re-assign the resolution number. 38 39 Mayor Marty explained that he wanted to make sure that the duplication of resolution numbers is 40 totally stricken from the first one included in the packet. 41 42 Council Member Flaherty stated that when TIF first entered the discussion his initial question 43 was how rare or common is this. He stated that he did some checking noting that Best Buy in 44 Richfield and the Veritos Building in Roseville are both in TIF Districts and the new Twins 45