Agenda Packets - 2004/07/12 - Laserfiche WebLink

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Mounds View City Council June 28, 2004 Regular Meeting Page 6 Council Member Marty withdrew his motion. Council Member Gunn agreed to the withdrawal 1 of the motion. 2 3 MOTION/SECOND. Stigney/Linke. To postpone a decision on Resolution No. 6292 to allow 4 staff to bring further information back to the Council. 5 6 Ayes-5 Nays-0 Motion carried. 7 8 10. COUNCIL BUSINESS 9 10 A. 7:00 p.m. Public Hearing to Consider Resolution 6296, Approving the 11 Modification to the Project Plan for the Mounds View Economic 12 Development Project. 13 14 Mayor Linke opened the public hearing. 15 16 There was no public comment. 17 18 Economic Development Director Backman stated the City and the EDA need to process an 19 amendment of the City’s Project Plan to incorporate revised development budgets and the 20 possibility of development/redevelopment, especially for development likely to occur along the 21 County Hwy. 10 Corridor. In addition, the Office of the State Auditor has ruled that the EDA 22 may not purchase any land utilizing tax increment funds without first having amended the Plan to 23 explicitly identify those properties it intends to acquire. The Project Plan is amended to include 24 the following estimated public improvement and development costs: Land Acquisition 25 $3,500,000; Site Improvements $1,800,000; Road Improvements $2,000,000; and Public Utilities 26 $1,800,000. These costs are anticipated to be made or incurred within the Project and financed 27 in whole or in part by tax increment or other available revenues of the EDA. The total estimated 28 costs authorized to be expended ($9,100,000) are in addition to all other authorized costs. 29 30 Economic Development Director Backman stated that Staff has created a map that identifies 211 31 parcels in the City of Mounds View that could be acquired by the EDA. The largest number of 32 parcels (93) is found in the northwest quadrant of the City. The northeast quadrant has 43 33 parcels, the southwest quadrant has 22 parcels, the southeast quadrant has 45 parcels, and the far 34 southeast quadrant has 8 parcels. From the current land use perspective, approximately 36 are 35 commercial parcels and 175 are residential parcels. Blighted residential properties and 36 underutilized residential properties are included on the map. 37 38 Economic Development Director Backman stated that Staff has been working with Ehlers & 39 Associates, the City’s TIF financial advisor, to prepare the Project Plan modification. The 40 Mounds View Planning Commission considered the Plan modification on June 16, 2004. The 41 Commission adopted Resolution 762-04 recommending to the City Council approval and 42 verifying that the modification is in compliance with the City’s Comprehensive Plan. 43 44 Economic Development Director Backman advised the Council that Staff recommends approval. 45