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Mounds View EDA March 24, 2003 <br />Regular Meeting Page 2 <br /> <br /> <br />Economic Development Coordinator Backman indicated that the last bond payment for TIF <br />District 1 was made February 1, 2003 and that would free up $1,000,000 in increment for other <br />TIF projects. He then commented that the City needed to show the state that the City has <br />ongoing projects or the state would encourage the City to decertify districts. <br /> <br />President Linke indicated that there may be a lot of hurdles to using TIF funds. <br /> <br />Economic Development Coordinator Backman indicated that Staff discussed the matter and there <br />are ways to structure the financing and use TIF funds but he is not sure that it would work. <br /> <br />Vice President Stigney asked if it would be part of a TIF district. <br /> <br />Economic Development Coordinator Backman indicated there are ways to structure it and then <br />briefly reviewed some of the regulations. <br /> <br />President Linke indicated he would lean toward the third scenario as there are a lot of <br />opportunities out there. He then said he thinks the land would go quickly with interest rates <br />down and there is less chance for the City if the City works with the property owner to solicit a <br />developer to purchase the land rather than the City purchasing it and attempting to sell it. <br /> <br />Vice President Stigney indicated a fourth option would be to let the property owner sell it himself <br />rather than have the City get involved and assume any risk. He further commented that he does <br />not favor the City purchasing the property at all and especially not at that price. <br /> <br />Economic Development Coordinator Backman indicated the difference between two years ago <br />and now is there is a willing seller who is interested in working with the City. <br /> <br />Economic Development Coordinator Backman commented that a larger area is more attractive to <br />a developer and he spoke to another resident who may be interested in selling some of his <br />property if there is a real proposal from a serious and respectful developer. <br /> <br />Commissioner Gunn indicated the third option does discuss the City purchasing. She then said <br />she agrees with the third option but wants a private developer to purchase the property not the <br />City. <br /> <br />Vice President Stigney indicated he did not want the City to stick its neck out for a bunch of <br />roads and infrastructure. <br /> <br />Commissioner Marty said that he had great confidence in the ability of Mr. Backman and feels <br />that if anyone can market the total property he feels Mr. Backman can do so. <br />