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Mounds View EDA July 11, 2005 Regular Meeting Page 7 Vice President Stigney clarified that it has not been established yet as to whether the funds would come from the TIF District 3 or the pooled funds. Economic Development Coordinator Backman stated that the fund is currently in healthy condition noting that they have paid off major bond payments and his understanding is that the fund balance is approximately $1 million right now. Ms. Haake noted that the community is going for a referendum on Medtronic and suggesting that the TIF funds be used for development costs and if the City is over $300,000 in development costs for Medtronic and if it ends up going for referendum this would have to be paid. She stated that she just wanted to be sure that the City has enough funds and she is now comfortable that the City does have enough to cover the costs. Commissioner Flaherty asked if the City has a time limit to spend the funds. Economic Development Coordinator Backman explained that Ramsey County would give the City a grace period of time if there is no activity within a district. He further explained that if, in 2006, all obligations have been paid, he would expect that by the following year the City would have to show some form of obligations or the County would likely ask for dollars back. Vice President Stigney referenced mitigation noting that he has some problems with mitigating outside the City limits noting that it would cost a lot more. He asked who would be responsible for paying the mitigation fee and would it be part of the TIF reimbursement. Economic Development Coordinator Backman explained that the costs associated with the stormwater management and wetland mitigation are TIF eligible costs and reviewed the budget breakdown for wetland mitigation with the Commission. Vice President Stigney stated that he does have a problem with paying premium price to go outside to mitigate on land and then have Mounds View pay for it. He stated that he believes that SYSCO should pay 50-percent of the costs. President Marty stated that he would also like to see the mitigation kept on the property and asked how time sensitive this issue is. He asked if SYSCO could come back with a ‘but for’ workup for the Commission in two weeks. John Dietrich, RLK, stated that it was their hope to be in process here and moving towards the Planning Commission and Council in July. He stated that this would allow them the time to make their application to the Metropolitan Council in order to start the process moving forward, which could go up to a 60-day timeframe. He stated this would start to impact any ability to place anything into the ground this year. He stated that the process has already been accelerated