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Item No: 7A <br /> Meeting Date: November 14, 2005 <br /> Type of Busine : ED <br /> Administrator Review: 1/ <br /> • City of Mounds View Staff Report <br /> To: Economic Development Authority and Economic Development <br /> Commission Members <br /> From: Jim Ericson, Community Development Director <br /> Item Title/Subject: Continuation of a Joint Meeting to review and Discuss TIF Goals <br /> and Funding Priorities <br /> Background: <br /> The Economic Development Commission (EDC) and Economic Development Authority <br /> convened a joint meeting of their respective groups at the City Council worksession meeting <br /> on September 6, 2005, to discuss and consider TIF philosophies, goals and spending <br /> priorities. After an hour of discussion, it was apparent that a follow up meeting would be <br /> necessary to continue the discussion and to work toward a unified vision regarding the goals <br /> and priorities, although there seemed to be a consensus that funding for the improvement of <br /> County Road 10 was a high priority, if not the highest priority. <br /> Discussion: <br /> Since the September 6 meeting, staff has received a more detailed estimate from Bonestroo <br /> 0 regarding the anticipated cost of the County Road 10 Corridor Improvement Project. The total <br /> represents a potential expenditure of $9.1 million, which is less than previous ballpark <br /> estimates. The estimate does not include any potential right of way or easement acquisitions, <br /> if any are needed. Bonestroo's summary sheet is attached for the EDA's and the EDC's <br /> reference. Ehlers indicates that based on current projections, the City will likely have <br /> $11,000,000 of pooled TIF available for projects in addition to at least $1,000,000 from the <br /> non-obligated-Community Fund. Ehlers has prepared a detailed analysis and summary of <br /> potential projects as identified and prioritized by the EDC at their meeting on October 21, and <br /> representatives from Ehlers and Bonestroo will be on hand to answer questions. <br /> Conclusion: <br /> While it may not be possible to come to an agreement on TIF goals and funding priorities <br /> at this meeting, we are hopeful that some direction can be formulated for higher priority <br /> projects with the possibility of adopting a TIF Vision statement by January 9, 2006. <br /> Respectfully submitted, <br /> s3 Cod -4 E 2A-LA- ms. <br /> James Ericson <br /> Community Development Director <br /> • <br />