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Mounds View EDA August 8, 2005 Regular Meeting Page 3 5. APPROVAL OF MINUTES. A. EDA Minutes for July 11 and July 25, 2005 will be presented at the next EDA Meeting. 6. CONSENT AGENDA NONE 7. EDA BUSINESS A. Resolution 05-EDA-207 Approving the Development Agreement to Provide $250,000.00 in Tax Increment Financing (TIF) Assistance to SYSCO Food Services of Minnesota to facilitate the expansion of the Business located at 2400 County Road J in Mounds View. Economic Development Coordinator Backman stated that SYSCO Minnesota has outgrown its available truck and employee parking and desires to add capacity. He stated that the company is seeking to expand the SYSCO PUD site by approximately three acres. He stated that on August 3, 2005 the Mounds View Planning Commission approved SYSCO’s request for a PUD amendment and they approved the Comprehensive Plan amendment to expand the parking lot and driveway. He stated that the outlot that is part of the 48 acres east of SYSCO has been basically kept natural noting that the three acres would be transferred back from the City to SYSCO for this particular expansion. He stated that SYSCO has estimated that the expansion project would cost approximately $1.2 million and the budget has been included for review. Economic Development Coordinator Backman stated that SYSCO has requested $250,000.00 in TIF assistance to pay for extraordinary development costs, specifically stormwater management and wetland mitigation expenses noting that the company has submitted a completed TIF application to the City. He stated that the project includes the construction of parking areas to the east and the south side of the cold storage portion of the complex and reviewed with the Commission. He explained that this would require the relocation of the existing stormwater pond to the south and east of its’ present location. Economic Development Coordinator Backman stated that Briggs and Morgan prepared a draft of the agreement noting that the agreement reflects a pay-as-you -go TIF reimbursement. He explained that the terms if the tax increment revenue would be three years at 5-percent interest adding that in the first two years the company has committed to creating 40 fulltime jobs at an hourly wage of at least $18.00 per hour from the date the project is completed. He stated that initially they talked about 100 jobs over five years and typically for the purposes of DEED and other State agencies they are typically looking at what is created over the first two years. He provided the Commission with a breakdown of the positions noting that out of the 40 jobs the