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Mounds View EDA October 10, 2000 Special Meeting Page 3 Economic Development Coordinator Parrish indicated the City is limited to five percent of its levy or $100,000. Vice President Stigney inquired as to whether the $100,000 was per project or for the year. Economic Development Coordinator Parrish indicated the figure was overall for the year. Ayes – 5 Nays – 0 Motion carried. B. Consideration of Resolution 00-EDA-136, a Resolution Authorizing TIF Funds for the Installation of Trailway and Streetlight Improvements within the Highway 10 Corridor. Planner Ericson explained the resolution would appropriate a maximum of $82,500 in tax increment funds to install the trailway and streetlight improvements within the Highway 10 corridor for safety, aesthetic and redevelopment purposes. Planner Ericson noted the City is requiring substantial improvements to pedestrian and bicycle safety in the Highway 10 corridor. The Mermaid has agreed to extend the trailway through the Perkins property up to and terminating at the business park property. Staff would like to extend the trail to Wooddale Drive and Highway 10. This would require extending the trail an additional 550 feet. Staff would like to use the same decorative lighting as the City is requiring at the Mermaid development. The City required the developer to put in five lights at the Walgreen’s development which is a spacing of one per 200 feet. The City has since learned the lights really require spacing of one for 125 feet. If spaced 125 feet apart four additional lights would be needed. The City may possibly only need three depending upon where the first light starts. Staff has looked at the budget and there are funds available for the lighting. Staff received an estimate for the cost for the additional lights in the amount of $4,621. Staff has put together some numbers and estimates the cost for the trailway installation to be about $12 to $15 dollars per lineal foot for the nine-foot wide bituminous trailway. Considering the numbers Staff put together, a resolution approving an expenditure of $82,500 with a 5% contingency in case there is trouble with wiring or grading. Planner Ericson explained that the question before the EDA is whether or not the EDA would like to proceed with this and, if so, should three or four lights be installed. The $82,500 requested would allow for the addition of four lights in front of the Walgreen’s property. Planner Ericson said he was approached by the developer with regard to the undergrounding of the power lines. There was a requirement in the PUD that power lines along Edgewood Drive be relocated as this is a component of City Code. It has turned out the cost to relocate underground