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Mounds View EDA April 11, 2005 <br />Regular Meeting Page 8 <br /> <br />they are talking again the base value, so right now there is nothing, and it’s tax exempt. He <br />stated that normally when there is a property that is taxable and it goes to tax to a TIF situation, <br />there is base, and it goes up from there. He stated in this case it’s zero right now, so there will be <br />$8 million that will have a base value, and that will generate about $150,000-$160,000 a year in <br />taxes for various jurisdictions, but there are other things beyond that, but that is an example of <br />one element. <br /> <br />Mr. Amundson asked if that $160,000 is already in the $4 million net to the City, and <br />Coordinator Backman stated that that was correct. <br /> <br />Mr. Amundson asked if the net was $4 million of benefit to the City, and Coordinator Backman <br />stated that that was correct for that piece. <br /> <br />Mr. Amundson gave some written comments to the Commission from Barb Haake. <br /> <br />Gary Nordness, 55 Dierdel Circle, North Oaks, stated he was in favor of Medtronic. He stated he <br />was very familiar with tax increment financing. He stated that from other areas that he’s worked <br />with TIF before, traditionally there is some additional tax value on the appreciation of the <br />structure. He stated that if it is, they are going to go from a zero tax base to a significant tax <br />base, and they will be utilizing the property to its highest and best use. He stated they would be <br />bringing in one of the most renown companies in the world, and he didn’t know why they <br />wouldn’t do it. <br /> <br />Vice President Stigney closed the public hearing. <br /> <br />MOTION/SECOND. Gunn/Flaherty. To continue the public hearing to the next EDA meeting <br />on April 25, 2005. <br /> <br /> Ayes-4 Nays-0 Motion carried. <br /> <br />8. REPORTS <br /> <br />None. <br /> <br />9. NEXT EDA MEETING: Monday, April 25, 2005. <br /> <br />10. ADJOURNMENT <br /> <br />Vice President Stigney adjourned the meeting at 6:55 p.m. <br /> <br />Respectfully submitted, <br />