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Mounds View EDA June 28, 2004 <br />Regular Meeting Page 3 <br /> <br />Economic Development Director Backman stated that staff recommends the Mounds View EDA <br />approve Resolution 04-EDA-189 that authorizes staff to draft a development agreement with <br />Velmeir to provide a grant for $75,000 to facilitate the redevelopment of the vacant commercial <br />property located at 2800 County Highway 10. The funding source would be Tax Increment <br />Financing (TIF) funds from District No. 2. It would be paid to Velmeir on a reimbursement basis <br />any anything above $75,000 would be borne by the developer. <br /> <br />Jim Belvert of Belvert Companies stated the costs of the pond are a huge factor right now, as <br />well as they had to purchase additional land to accommodate the pond. <br /> <br />Mayor Linke stated it is getting ridiculous how they face these same problems on every project. <br /> <br />Council Member Gunn stated that this is what TIF money is for. <br /> <br />MOTION/SECOND: Gunn/Quick. To waive the reading and approve Resolution 04-EDA-189 <br />Authorizing Staff to Draft a Development Agreement to Provide $75,000 in TIF Assistance to <br />Velmeir Companies to facilitate the Redevelopment of the Amoco Property located at 2800 Co. <br />Highway 10. <br /> <br />Council Member Stigney stated this is an expensive project, and the developer should have <br />anticipated some additional expenditures. He stated he was not in favor of granting the $75,000, <br />and he felt they should stand on their own two feet. <br /> <br />Economic Development Director Backman stated Velmeir has spent in excess of $200,000 to <br />date. He stated the developer can eat only so much. <br /> <br />Council Member Stigney stated he felt the developer could afford it more than the City could. <br /> <br />Council Member Marty stated he had come into the meeting agreeing with Council Member <br />Stigney, but after hearing of the dealings with the Rice Creek Watershed, he was more on the <br />fence. He stated he would like to have the park dedication fees portion removed from this, but <br />otherwise he can go along with it. <br /> <br />Mayor Linke stated they are not saying no to the park dedication fees. <br /> <br /> Ayes – 4 Nays – 1 (Stigney) Motion carried. <br /> <br />C. Rescind 04-EDA-187, the Environmental Study for the 2525 Highway 10 Gas <br />Station. <br /> <br />MOTION/SECOND. Linke/Marty. To rescind approval of Resolution 04-EDA-187, the <br />environmental study for the 2525 Highway 10 gas station.