Laserfiche WebLink
Mounds View EDA July 11, 2005 <br />Regular Meeting Page 4 <br /> <br /> <br />Economic Development Coordinator Backman stated that currently the financial health for TIF <br />District 3 is good and is generating approximately $300,000 to $400,000 a year with modest <br />obligations. He stated that the City would pay off all obligations related to TIF District 3 in <br />approximately one year. He stated that most of the increment is being generated by SYSCO <br />noting that the City has assisted them in the past. He stated that this was paid off in 1997. <br /> <br />Vice President Stigney asked if the money would come from TIF District 3 or TIF pooling and if <br />it came from TIF District 3 how long would it extend the district out. <br /> <br />Economic Development Coordinator Backman stated that the TIF District 3 is set to expire in <br />July 2014 and this would not extend the TIF District beyond that period of time. He noted that if <br />there was an amount approved over a period of time it is conceivable that the entire district could <br />be de-obligated within a couple of years as opposed to going out eight years. He stated that <br />currently the City has obligations that are out approximately one year and once the City is done <br />with these obligations, increment is coming in and the City has to show the Ramsey County how <br />the City is using the money for economic development or close the District. <br /> <br />Vice President Stigney asked what the duration would be to pay it back. <br /> <br />Economic Development Coordinator Backman stated that if the $250,000 is approved it would <br />take approximately two years to pay off. <br /> <br />Vice President Stigney referenced the 2 to 1 mitigation and asked where it would be mitigated to. <br /> <br />John Dietrich, RLK, Kuusisto, explained that the current proposal is to go offsite for mitigation <br />in order to preserve the wooded wetlands that are up against the proposed improvements. He <br />stated that they have had conversations with City Staff and the Rice Creek Watershed Staff <br />noting that they have not made formal applications to the Rice Creek Watershed at this time. He <br />stated that their proposal is to go offsite within the Rice Creek Watershed district adding that the <br />mitigation would have to be within the same sub-watershed of the Rice Creek district. He noted <br />that they have not had detailed discussions regarding the actual locations with Rice Creek at this <br />time. <br /> <br />President Marty recalled that some of the land SYSCO deeded to the City was like a wetland <br />area. He noted that years ago Rice Creek Watershed came to Mounds View to discuss creating <br />ponding in this area and he would like to look at the possibility of controlling the water on the <br />land versus mitigating and paying somewhere else to control it. <br /> <br />President Marty acknowledged that SYSCO has been a good neighbor to Mounds View and <br />clarified that SYSCO ‘s request is for $250,000, noting that their spreadsheet shows an estimate <br />of approximately $233,000 in addition to requesting that the City allow SYSCO to use some of