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Mounds View EDA June 27, 2005 Regular Meeting Page 14 suggested that if this is the dollar amount needed to be competitive that it should be capped at the district and when it is reached it would end. She stated that this is their shot in getting this to be less than 25-years. She stated that this should be dealt with noting that 25-years is a long time noting that Medtronic did come to the table and agreed. She stated that it is only one thing, as they progressed, that when they had issues and raised questions, they were truly able to negotiate with the company and it is very frustrating that the community does not recognize what they have done and what they have struggled with over the last six months. She stated that this brings benefits well in excess of the $14.8 million the city is offering in way of a TIF finance noting that these dollars would come back to the city multi-fold. She stated that Medtronic managed to acquire the funds for County Road J not the city. She explained that Medtronic went to the legislature, fought for it and got it, which shows the kind of partner they could bring into this community. She stated that it would bring $20.5 million, which is far beyond the tax increment being discussed. She stated this is one item out of all the benefits the city would gain. She stated that once this goes through, if it goes through, they have a significant resource to deal with and the surplus dollars off the sale. She stated that it has been premature, as a Council, to discuss the possibilities for these dollars because we did not know if we would have them. She stated that the residents raised some very valid concerns at the meeting last week and discussed many of them with the residents last week. She noted that the city has many of these concerns regardless of whether Medtronic comes to the city or not but with the surplus pot of money that the city would have it would allow them to actually address these issues. She stated that the transportation issues have been discussed for years and have not been able to address them due to the lack of resources. She stated that the city would now finally have the resources to address these concerns. She stated that she has to hold, as an individual, that her vote is as ethical and is based down to level as she could go and is the number one right thing for her to do. She stated that the rest would have to stand as individuals on that. President Marty stated that on page 12 of the June 20th minutes Aaron Backman stated that in July 2004 CRESA Partners approached the city and within a week and a half of that they had received calls from a couple residential developers expressing an interest in the site. He stated they had one plan for various townhomes and other types of residential development that could occur on the site, which was brought up to Council but staff did not believe this was the highest or best use for this location and nothing further was done with this proposal. He stated that Roger stated we would be increasing the franchise fee by approximately $83,000 and noted that he is of the understanding that this would be once it is totally built out. Vice President Stigney clarified that this would be for Phase 1. President Marty stated that in looking over the proposed development agreement he still has several issues. He stated that they should have put out RFP’s to determine the best development plan. He noted that last week Steve Larson, Mayor of New Brighton, stated that the deal they discussed with Medtronic did not materialize and that their City decided to parcel off the land to different developers. He noted that the net gain for the City of New Brighton would be