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Mounds View EDA January 24, 2005 <br />Regular Meeting Page 5 <br /> <br />Economic Development Coordinator Backman stated that he had seen another location in <br />Vadnais Heights that was a converted Hardee’s restaurant, and it still looks like a Hardee’s <br />restaurant. <br /> <br />Vice President Stigney stated he had some reservations, and he asked how it was going to be paid <br />back; whether it was going to be a pay-as-you -go or a tax abatement or a grant. <br /> <br />Economic Development Coordinator Backman stated they hadn’t gotten down to specifics, but <br />they have discussed a low interest loan as one option, and there could possibly be a combination <br />of abatement or a small grant in there. He stated they hadn’t settled on what the development <br />agreement would look like, but they have been having discussions, and they are interested in <br />some assistance. <br /> <br />Commissioner Gunn asked whether TIF dollars were supposed to be used for helping new <br />businesses. <br /> <br />Economic Development Coordinator Backman indicated that they were. <br /> <br />Commissioner Flaherty stated he had a problem with going back to the people and asking them <br />for $109,000 when they just had a tax levy that was double digits. He stated that this is an empty <br />building sitting in a prime location, and they need to do something with it. He stated he thought <br />they needed to take all avenues they can to see what they can do as far as alleviating any tax <br />burden on the taxpayers. <br /> <br />Economic Development Coordinator Backman stated that they are not talking about General <br />Fund dollars, but TIF dollars, and that TIF monies are ZEParate and accounted for in a different <br />way. He stated that in terms of TIF funds, there is a good fund balance. <br /> <br />Vice President Stigney stated that he would be more inclined if they were going to borrow it from <br />the City and pay it back. <br /> <br />President Marty stated that a three-year pay back period had been brought up, and he thought this <br />should be brought back to the EDA after they had talked to Caribou Coffee more, and possibly <br />look at using TIF funds with a three-year payback period. He stated that by giving some <br />assistance with pay-as-you-go with a three-year payback period, they would open the door to get <br />some redevelopment and upgrade and similar upgrade in Mounds View Square. <br /> <br />Commissioner Gunn stated that she agreed. <br /> <br />Bill Werner, 2765 Sherwood Road, stated that he was there when Paster Enterprises opened that <br />operation, and one of the things that they had promised was that the north end of the property <br />was going to be attractive to the residents on the north side, and they never did a thing with it,