08-25-2003 - Laserfiche WebLink

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Mounds View EDA August 25, 2003 Regular Meeting Page 2 out. Economic Development Coordinator Backman indicated that the City could still do 15 years. Commissioner Marty indicated he liked the change from $100,000 to $25,000 on Page 6. Commissioner Marty asked whether the City’s costs referenced on 7a could be recovered if they are more than the amount listed. Economic Development Coordinator Backman indicated the costs were considered but the Committee wants to encourage development but he said the wording could be changed from the $1,000. Commissioner Marty indicated that he did not want the City to pay for legal costs to redevelop. Commissioner Marty asked how the public facility and infrastructure projects referenced on Page 8 could be done. Economic Development Coordinator Backman indicated the City of Golden Valley recently used funds for redoing the overpass and traffic lights leading into the General Mills complex and that work was not directly on the property. Commissioner Stigney indicated he would like the policy to state that this is to be used if TIF is not applicable and the City should strive to use TIF whenever possible. Commissioner Stigney indicated he would like to strengthen the language to require that two or more objectives be met rather than one. Economic Development Coordinator Backman indicated that other cities policies on TRF were reviewed and most have been one or more. He then said that for many years TIF was the main game in town and now TRF is getting more attention as it does have less administrative cost to cities. Commissioner Stigney indicated it also has the potential for recovering far less as well. He then said he feels the City should utilize TIF wherever possible because it has more overall benefit to the City. Commissioner Stigney indicated he would like to see the language concerning costs amended. Economic Development Coordinator Backman indicated he would amend the language.