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Mounds View EDA September 22, 2003 <br />Regular Meeting Page 2 <br /> <br /> <br />Economic Development Coordinator Backman indicated that the EDC met and discussed the <br />Policy on September 19, 2003 and then reviewed with the Authority the changes coming out of <br />that meeting. <br /> <br />Economic Development Coordinator Backman indicated that Vice President Stigney had brought <br />up at the August meeting a price in excess of fair market value and the EDC has agreed to <br />include this back in section d. <br /> <br />Economic Development Coordinator Backman indicated that the tax rebate financing applicant <br />submits a completed application and a non-refundable application fee. He then indicated that <br />application fee is now for professional and technical services. <br /> <br />Economic Development Coordinator Backman indicated that if the EDA incurs additional <br />expenses directly related or for professional or legal services beyond the $1,000 the City shall <br />notify in writing and the applicant will be required to deposit additional fees. <br /> <br />Vice President Stigney indicated he felt that this policy should reflect the fact that the City would <br />prefer to use TIF first and TRF when TIF is not an available option. <br /> <br />Commissioner Quick indicated he approved of the document as presented. <br /> <br />Commissioner Gunn asked why the language on TIF should be in the policy. <br /> <br />Vice President Stigney indicated that the City loses money when using TRF and he would prefer <br />using TIF because the City captures all the money. <br /> <br />Economic Development Coordinator Backman indicated there are some restrictions on <br />abatement for example the most is $100,000 or 5% of the City’s levy and with TIF there is no <br />limit. He then commented that there are a lot more reporting requirements with TIF than there <br />are with TRF. <br /> <br />Vice President Stigney indicated the City would garner a lot more money from TIF than from <br />TRF. <br /> <br />Economic Development Coordinator Backman indicated that typically there are more dollars <br />generated for the recipient under TIF than under tax abatement. <br /> <br />Commissioner Marty commented that the TIF have sunsets on them so they will be closing. <br /> <br />Commissioner Gunn asked which one benefits the entity applying TRF or TIF. <br />