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Mounds View EDA July 25, 2005 Regular Meeting Page 5 C. Set a Public Hearing for August 8, 2005 for Discussion of the Proposed Business Subsidy for the SYSCO Minnesota Expansion Project. Economic Development Coordinator Backman stated that as part of the process for business subsidies the current legislation requires that there be a business subsidy hearing, which has a minimum requirement of a ten-day notice. He stated that Staff is looking to schedule a hearing for August 8, 2005. He stated that last Wednesday Scott McGuire submitted a TIF application along with a check noting that the application shows when they would like to start construction and also includes a breakdown of the revised budget. He indicated that the previously submitted budget was a bit low on the electrical work and has been revised to reflect the changes. He referenced the portion of the budget as it relates to stormwater management and explained that they are asking that a portion of the wetland mitigation/stormwater management component be paid for via TIF assistance. He stated that they are in discussion with the Rice Creek Watershed District noting that this is a significant component of the project, which would be the expansion of the of the proposed parking lot. He referenced the map noting that approximately three-acres of the land, to the east and to the south, would be transferred back from the City of Mounds View to SYSCO for this project. Director Ericson explained that one of the reasons this was pulled from the agenda is because Staff would need to draft a development agreement for review at the August 8, 2005 meeting. He stated that they would like to have something that the EDA would be comfortable with in terms of a dollar amount that could be entered into the development agreement. He clarified that Staff is not asking for authorization at this time but rather to get a consensus on the dollar amount noting that it would be helpful. President Marty clarified that they are considering possibly $250,000 as TIF eligible. Commissioner Thomas clarified that it is basically saying that there is approximately $300,000 plus dollars that would be TIF eligible. Economic Development Coordinator Backman stated that right now SYSCO is requesting $250,000 adding that they do recognize that the costs would exceed that amount. Vice President Stigney referenced TIF noting that in listening to some of the EDC meetings they don’t have handle on it. He suggested a meeting with the EDA and EDC to see where they are with all of the TIF districts, what the balances are, and determine when they would be closed out or would they be stretched out to maintain the current TIF districts. He stated that they should look at the big picture stating that it is important to get these items clarified first. He recalled that the SYSCO property could have been turned back over to the tax base in 2006. Economic Development Coordinator Backman stated that the final obligation for TIF District 3 is the payment to Bridges Leasing, which is around $30,000.00 for the Spring 2006. He stated that