Agenda Packets - 2005/09/26 - Laserfiche WebLink

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Mounds View City Council September 12, 2005 Regular Meeting Page 2 Bill Sherick, 2210 Pinewood Drive, stated he has questions related to the golf course. He stated 1 he was one of the biggest opponents of the golf course when it was proposed to be built, but it 2 was built and now the City wants to get rid of it. He asked how much TIF is involved with the 3 Medtronic project and if there will be any TIF left for the highway corridor. He also asked if 4 Medtronic will use all of the land or whether parcels will be left over that they could sell. 5 6 Community Development Director Ericson explained that the amount of TIF going into the 7 project is 95% of the taxes they would pay. That money will be used by them for reimbursable 8 expenses of the development. It will not impact the work on the highway corridor because the 9 TIF money supporting the Medtronic project is only a portion of what they would be paying in. 10 Director Ericson advised that other projects would be able to be funded adequately. He 11 explained there would be no land left over for Medtronic to sell later. There is no excess land 12 except for the Phase 3 and 4 development area which will be designated for those phases. 13 14 Mr. Sherick asked about the impact to the cost of the land if the Vikings build in Blaine, noting it 15 will never decrease in value. 16 17 Mayor Marty stated that issue was raised before, but is a moot point since the purchase 18 agreement has been signed. 19 20 Mr. Sherick stated there is no chance for residents to get what they really want if there is no vote 21 allowed. He stated if there is nothing to worry about, the vote would pass and that would put a 22 better light on the Council. He stated he finds it strange that somebody doesn’t want residents to 23 vote on the Medtronic project. Mr. Sherick noted the people agreed to put in the billboards to 24 pay fo r the golf course and now the City will have to pay money to get rid of the billboards. He 25 asked where is the planning and foresight. He stated it appears the City is wasting money again 26 and he finds it hard to swallow. He suggested now there is a chance to pay for the golf course 27 but it’s not good enough. 28 29 Councilmember Stigney stated there is a ‘‘chance’’ for the golf course to be profitable only if 30 there is a 3% revenue growth each and every year between now and 2018 and the City retains 31 the billboards at their current value. Then it might break even. He asked why the City should 32 wait for that when they have the opportunity to get money now. 33 34 Mr. Sherick asked how much Mounds View will get from Medtronic per year. 35 36 Councilmember Stigney stated he hopes the City will get about $250,000 a year for the tax base. 37 The City will receive $8.6 million in cash and the Council will decide how it should be spent. He 38 stated he supports putting that money towards the tax base each year to hold the zero tax 39 increase over last year. Rather than hold his breath for 18 years, he supports getting something 40 done now. 41 42 Mr. Sherick stated he wouldn’t hold his breath for a zero tax increase to happen. He noted that 43 Mounds View was ranked 13 out of a hundred some cities i n highest taxes and taxes increased 44