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EDC Minutes November 17, 2017 Page 5 of 6 that the entire area to the west of MWF all the way to Spring Lake Road be one redevelopment area. This area is approximately five parcels with two parcels owned by the City. Beeman said MWF did get their tax credits, which is very difficult to get and they will also be asking the City for a Housing TIF. MWF needs to provide some more documents to the City before the TIF process begins. Muckala asked how a TIF works. Beeman explained that the developer continues to pay the current property taxes on the property throughout the development and indefinitely. The County sets the current valuation. Therefore the school district and County are not losing any current tax value and will continue to receive payments on the current value. Any new structure or development that occurs on the parcels is assigned a value. This value is the increment. The increment can be redirected back into the City through the project for specific items defined by State Statue. Therefore, the money is being invested back into the community for infrastructure improvements, etc. as it relates to the development project. The City is also allowed to take a small percentage to help pay for staff time and other administrative functions. Once the term of the increment has terminated, the increment plus the original tax base is redistributed to the City, County, and School district. Other Upcoming Events/Reports Beeman informed the Commission that Carmike Theater was bought out by AMC and then renamed under a new business structure as New Vision Entertainment. New Vision Entertainment is proposing to do a $4-5 mill renovation by installing 1000 luxury leather reclining seating, new carpeting, paint, aisle lighting, new wall coverings, new concession stand, upgraded restrooms, and a new bar & lobby. New Vision has applied for their liquor license and the City is excited to see this type of investment in the community. Beeman informed the Commission that if the theater is reducing the number of seats then this reduces the parking ratio which may be attractive for another retail type of development in the theater parking lot. This could be constructed along the Mounds View Boulevard side near the walking trail. Staff continues to brainstorm ideas for development projects city-wide. Beeman provided an update on the new Public Works building stating that they are currently working on asphalt, fence, electrical, plumbing, HVAC, concrete, overhead door, mechanical, tiling restrooms, sheet rocking the offices, etc. Substantial completion is expected around Jan 15 and final completion in 2018 where they will complete landscaping and asphalt. Beeman talked with the Public Works Director who is willing to Setting up tour with EDC, Planning Commission, etc. once everything has been completed sometime in 2018. 7. REPORTS OF COMMISSIONERS Commissioner Larson mentioned that he has noticed that many of the lots near the Lutheran Church have been developed with new homes and he is encouraged by this infill development activity. Helgemoe encouraged the commission and residents to attend the North Metro Business Council meeting December 13 at the Mermaid.