05-23-2005 - Laserfiche WebLink

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Mounds View EDA May 23, 2005 Regular Meeting Page 2 6. CONSENT AGENDA A. Set a Special Meeting of the EDA for June 20, 2005 at 6:00 p.m. at the Mounds View Community Center, 5394 Edgewood Drive. B. Schedule an Executive Session immediately following this meeting to discuss and consider the sale of real property commonly known as The Bridges Golf Course, and a buyout offer of the billboard signs (Verbal Report). MOTION/SECOND: Flaherty/Marty. To Approve the Consent Agenda as presented. Ayes – 4 Nays – 0 Motion carried. Duane McCarty asked the Commission what State Statute applies to the Executive Session scheduled for this evening. City Attorney Riggs stated that Minnesota State Statute 13d, Subdivision 3.C.3 Duane McCarty asked if the value of the property has been determined and if the Executive Session is to specifically discuss the appraisal value. President Marty stated that the property values have not yet been determined. City Administrator Ulrich clarified that the purpose of the Executive Session is to discuss the general specifics of the property purchase. City Attorney Riggs further explained that the purpose for the Executive Session is to deal with the terms of the offer. He stated that Council has to determine if the offer is acceptable or if there is a need to counter the offer. 7. EDA BUSINESS A. 6:05 pm. Continuation of the May 9, 2005 Public Hearing for the Purpose of Considering the Proposed Sale of Land comprising The Bridges of Mounds View Golf Course to Medtronic, Inc. Stacy Kvilvang, Ehlers & Associates provided the Commission with an overview of the Tax Increment Financing process noting that it provides the ability to capture and use the increased local property tax revenues from new development within a defined geographic area. She provided examples of the eligible uses and reviewed the building blocks of TIF. She reviewed the process used to determine the base value of a property noting that they are in discussion with the County Assessor in an effort to determine the accurate value of the property.