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Mounds View EDA May 23, 2005 Regular Meeting Page 4 Mounds View. She asked the Commission not to consider TIF and asked what kind of taxes would the City of Mounds View receive if the property, valued close to $85 million, were not under TIF. She expressed frustration stating that she has requested copies of the options available on several occasions and has yet to receive the information. Ms. Kvilvang explained that she does not have the numbers adding that they would work with the Assessor to see what the value is and run the numbers through TIF. President Marty stated that they should probably get a few quotes from realtors in addition to the numbers from the Assessor. He stated that it would be interesting to see how it would be marketed from a realtor’s perspective. Duane McCarty, 8060 Long Lake Road, referenced 469.175 – Establishing and Changing TIF plans, Subdivision 3, states that a County Auditor shall not certify until a tax increment financing plan for the proposed project has been approved by the municipality in which it is located in. He clarified his understanding is that the Auditor cannot certify until the land has been approved. He stated that the residents are very frustrated with the whole process. He reviewed future estimate values and projected depreciation of cash accounts with the Commission noting that the numbers are based on information from the City Finance Department and the Ramsey County Abstract Value for 2005. He noted that the current numbers are more conservative than the numbers used in 1988 and expressed concerns that the City is taking a very conservative 3-percent gain over a 30-year term. He stated that they would find that the conservative real estate value appreciation is $16.5 million at the end of the term and the ending cash account would be approximately $6.7 million, with a total value, over a period of time, would be approximately $20 million. He stated that Ms. Haake made a good point and asked the Commission to clarify the numbers that they are dealing with and where they are coming from. He suggested that the City utilize appraisal companies and get two or three appraisals to get a better idea of what they are dealing with. He noted that the airport would increase land value considerably adding that the City is not dealing with solid numbers here. He stated that he, along with other Residents, is getting weary as they are not getting any answers to the questions asked. He stated that the Community expected more from the City of Mounds View. President Marty acknowledged Mr. McCarty’s concerns and agreed that the Commission and the Residents have not been able to fully discuss all of the issues and their concerns. He explained that there has not been enough time to fully discuss the issues with the EDA meetings scheduled to take place before the City Council meetings. He agreed that the process has been very slow adding that a special meeting has been scheduled for Monday, June 20, 2005 at 6:00 p.m. to discuss the issues. He stated that the meeting would be held at the Banquet Center and would have the same format as the Town Hall meeting. He stated that it is their hope to have more information available that would help to answer a lot of the questions raised by the Community. He stated that he too has several questions noting that he discovered this weekend that this District is set up as an Economic Development District with an eight-year term. He stated that in