Laserfiche WebLink
Mounds View EDA May 9, 2005 <br />Regular Meeting Page 5 <br /> <br />benefit to the City of Mounds View. <br /> <br />Commissioner Flaherty asked how they arrived at the $79 million projected in property taxes. <br /> <br />Mr. McCombs explained that this is part of the model they have been using, with the City and <br />with Ehlers, to determine the approximate number for tax dollars. He further explained that it is <br />based on the assessed property value over a period of time. <br /> <br />Commissioner Thomas noted that Ehlers review provided good detail. She stated that she would <br />like to see something available on Medtronic by the next meeting. <br /> <br />President Marty referenced the Anoka County assessment agreement and asked if the agreement <br />was for a finite period of time. <br /> <br />Mr. McCombs stated that they agreed to the assessment over the next three tax periods and <br />reviewed with the Commission. <br /> <br />President Marty referenced Mr. Mahle’s presentation stating that the slide reviewing the dollar <br />breakdown noting that one slide shows that $.66 goes to the City, County and Schools and <br />another slide shows $.63 and asked which is the correct number. <br /> <br />Mr. McCombs explained that they are working with Ehlers and the correct number, which was <br />received from Stacie Kvilvang just prior to the meeting, is $.63. He further explained that they <br />were not able to update the slide prior to the meeting to reflect the correct number. <br /> <br />President Marty stated that Ehlers would be attending a future meeting to explain the different <br />types of TIF and how it breaks down. He thanked Medtronic for their presentation and opened <br />the floor for comments. <br /> <br />Duane McCarty, 8060 Long Lake Road, stated hats off to Medtronic for all the good they do for <br />the communities they live in. He acknowledged that they run a business too and provided the <br />Council with a good historical background. He referenced the presentation made by Ehlers <br />Associates at the last meeting noting that the City would realize, with TIF, $4.7 million in total <br />taxes generated over a 26-year timeframe. He expressed concerns stating that Medtronic’s <br />contribution would be locked in a TIF fund for the length of the TIF District and until the project <br />is certified. He requested a projection of the land value for the golf course. He acknowledged <br />that the City is in the process of contemplating the value of the property noting that their arrival <br />on a number for the actual assessed value should be held proprietary at this time. He stated that <br />he worked on some figures using $7,228,000 as the base property value for tax purposes. He <br />explained that in using a conservative 3-percent gain from 2006 to 2033 the City would see a 3- <br />percent increase and by 2033 the value of the land would be approximately $6.3 million. He <br />stated that 3-percent is very conservative noting that for purpose of comparison he used the 3-