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Mounds View EDA September 22, 2003 Regular Meeting Page 3 Economic Development Coordinator Backman indicated that in terms of assistance the TIF assistance is a larger dollar amount on average. Commissioner Gunn asked how often this TRF policy is used. Economic Development Coordinator Backman indicated the City is still waiting for its maiden use. He then said that it has only been in existence for a few years and it is seeing more use in other communities as TIF restrictions have gotten greater. President Linke suggested adding wording under policy purpose after the first paragraph on Page 3 that “it is desirable that TIF financing be utilized in lieu of TRF whenever possible if it can be shown to be beneficial to the City to do so. President Linke closed the public hearing at 6:53 p.m. MOTION/SECOND: Marty/Gunn. To Waive the Reading and Adopt the Tax Rebate Finance Policy and Application. Vice President Stigney suggested that the City require the applicant to meet two of the objectives listed on Page 5 rather than just one. MOTION/SECOND: Stigney/Marty. To Amend the Tax Rebate Finance Policy and Application to Require that the Applicant Meet Two of the Objectives Listed on Page 5. Ayes – 4 Nays – 1(Quick) Motion carried. Ayes – 5 Nays – 0 Motion carried. 7. REPORTS Economic Development Coordinator Backman indicated that the developer has submitted building plans for Highway 10 north of the theatre and has scheduled a ground breaking for Monday, September 29, 2003 at 11:00 a.m. Commissioner Gunn asked for an update on the Amoco site. Economic Development Coordinator Backman indicated a number of plans are being reviewed for the site and noted that the property owner to the south of Amoco may need to acquire a strip of land of approximately 20 feet in width to accommodate parking and develop the site properly. 8. NEXT EDA MEETING: October 13, 2003