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Mounds View EDA April 25, 2005 Regular Meeting Page 6 $3500.00. She stated that one item not accounted for or considered is the major capital improvements that would be needed over time. She explained that City Council would have to make decisions on the financing for these improvements as they come up in the future. She stated that at the end of the term, 2033, it shows a projected $6.4 million would be retained in earnings. She stated that while weighing the pros and cons of the future they have discussed what would happen to the property when it goes from an exempt status to a taxable status noting that the County Assessor would be required to obtain a current market value of the property. She stated that the base value breakdown, tax generated back to city, shows a base property value $7.2 million. She explained that this value comes from Ramsey County records and provided the Commission with an overview of the total base tax generated and the breakdown to the City General Fund, School Funds and Other Tax Jurisdictions. President Marty opened the public hearing at 6:42 p.m. President Marty stated that the Commission would try to answer questions tonight, if not, answers would be provided at the next meeting. Jerry Linke stated that for someone to say that he is anti-business and anti-development is far from wrong. He commended City Clerk/Administrator Ulrich for the good job on his clarifications and asked for a copy of his report. He acknowledged that the City has a very tough decision to make noting that currently they have nothing to go on to make that decision. He urged the Commission to review other Communities to see how they have addressed these concerns. He stated that the City of Fridley did an Economic Feasibility Study to determine the benefits of having Medtronic in their area and found there were no benefits for the Community. He asked why they are placing TIF on a company that has more money in their slush fund than the City does for it’s own operating expenses. He noted that the current TIF districts are all for a fifteen year timeframe because most buildings would require remodeling at the end of a fifteen year period. He referenced the billboards and proposals and asked if there is a way that the Community could find out the proposed numbers being discussed. He referenced the statement that Blaine would not give Medtronic TIF for Phases 2 and 3 and asked if the $167,000 is what is generated for a year in taxes or does this occur later. City Clerk/Administrator Ulrich explained that the numbers are based on the base value of the land being frozen from tax exempt to taxable property. He stated that it would net the City approximately $167,000. Barbara Haake, 3024 County Road I, thanked the Commission and Ehlers Associates for the opening presentation. She stated that she appreciates hearing the facts and figures noting that she is currently neutral on the issue. She stated that she is waiting to get all the facts before making a full statement about the project and acknowledged receiving emails from Sherry and Roger. She referenced Fridley noting that it was eluded to that the Assessor wanted to assess Medtronic $132 per square foot, so Medtronic went to Anoka County, who offered an assessment of $109 per