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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> REQUEST FOR EDA CONSIDERATION <br /> 4111 STAFF REPORT • <br /> EDA MEETING DATE May 9, 1994 (Work Session) <br /> EDA Action: <br /> ❑ Special Order of Business Agenda Section: 2. <br /> LI Public Hearings Report Number: <br /> E Consent ;agenda Report Date: 5-5-94 <br /> ❑ EDA Business <br /> • <br /> f (tent Description: Discussion Regarding Agreement on Future TIF Assistance tor <br /> Business Park <br /> Executive Director's Review/Recommendation: <br /> - No comments to supplement tins report <br /> - Comments attached <br /> Explanation/Summar! (attach supplement sheets as necessary) <br /> 1 SUMMARY: <br /> 4111 Jim O'Meara has drafted the attached Agreement for consideration by the <br /> EDA Commissioners . It represents a non-binding agreement by which the EDA <br /> and Everest will have agreed upon some broad guidelines for future tax <br /> I increment assistance for the completion of the Business Park. <br /> I <br /> The Agreement has been prepared only to represent a possible solution to <br /> the on/off, on/off discussions that have been held with Everest for the <br /> past year and a half regarding the level of TIF assistance (if any) that <br /> j the City (henceforth to be the EDA) would provide for projects within the <br /> ' Business Park. <br /> The Agreement sets forth some of the basics--that have been finalized in <br /> regards to the Agreements both with Hill and Multi-Tech and represents <br /> guidelines by which both the EDA and Everest may use in negotiating <br /> future developments . <br /> I <br /> I No action is requested other than discussion of the merits of or <br /> objections to such an agreement. <br /> i Samantha Orduno, Executive Director <br /> IIIRECO;tiMMENDaTION: <br /> 1 <br />