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Mounds View EDA July 11, 2005 <br />Regular Meeting Page 3 <br /> <br /> <br />Economic Development Coordinator Backman referenced the packet provided to the <br />Commission noting that it includes a letter of explanation from Mr. Seipp discussing the estimate <br />for the current project, an estimate done in April by RLK, and an estimate done by SYSCO’s <br />Houston Engineers showing a higher estimate of costs due to the construction and engineering <br />work that would have to be done, especially with the electrical work due to the need to relocate <br />some of the utilities. He explained that he had asked them to provide a breakout of what the <br />stormwater/wetlands portion of the project would be and reviewed the numbers with the <br />Commission. He clarified that he is not suggesting that the City fund the parking lot but he is <br />suggesting that if there is a consideration for this project that it be limited to the stormwater <br />management and items typically dealt with through the Rice Creek Watershed District. He <br />reviewed the existing conditions stating that the project would relocate the pond further to the <br />southeast and it would move the road further to the east. He provided a brief overview of the <br />proposed parking areas and explained that the three acres, previously donated to the city, would <br />be needed for the additional parking if they move the pond further south. He provided the <br />Commission with an overview of the project timeline noting that it also includes a comparison of <br />the estimates and what they are asking for in addition to a breakdown of costs per job within the <br />overall project. <br /> <br />President Marty referenced last two pages noting that the amount for SYSCO’s stormwater <br />management is $250,000 and it also shows the EDC’s recommendation for $250,000 and asked if <br />this would be $500,000 or are these two numbers referring to the same amount, $250,000. <br /> <br />Economic Development Coordinator Backman explained that the EDC considered this request in <br />June and their recommendation was to fully fund the request at $250,000. He stated the request <br />is for $250,000 and the recommendation is for the $250,000 noting that the EDA does have the <br />ability to set other limits if they wish. He noted total cost per square foot is not applicable <br />because they are not talking about a building addition, they are talking about a parking lot <br />expansion and utility costs. He referenced the city cost per job noting that this is the typical unit <br />of measurement in economic development terms, shows $2500 and total investment per job <br />created would be approximately $12,000 in capital investment for both private and public <br />investment. <br /> <br />Vice President Stigney asked if the TIF contribution would be an upfront contribution and would <br />it be a pay as you go or is this a grant. <br /> <br />Economic Development Coordinator Backman stated that they have asked for upfront noting that <br />it could be a pay as you go over a period of time. <br /> <br />Vice President Stigney clarified that this is in TIF District 3 and asked if this proposal were <br />granted would the funds be taken from TIF District 3 or from pooled funds taken from all of the <br />district funds.