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Mounds View EDA August 8, 2005 <br />Regular Meeting Page 9 <br /> <br />Vice President Stigney stated that he would like further clarification on the 50/50 split. He <br />suggested that the 50/50 split should be 50-percent of what they are asking for, which would be a <br />two-year payout at $125,000. <br /> <br />MOTION Stigney/ To adopt Resolution 05-EDA-207 Approving the Development Agreement <br />to Provide a 50/50 split with a Two-Year Payout at $125,000.00 in Tax Increment Financing <br />(TIF) Assistance to SYSCO Food Services of Minnesota to facilitate the expansion of the <br />Business Located at 2400 County Road J in the City of Mounds View, Minnesota. <br /> <br />Motion dies due to lack of a second. <br /> <br />MOTION/SECOND: Thomas/Marty. To adopt Resolution 05-EDA-207 Approving the <br />Development Agreement to Provide a 50/50 split with a Two-Year Payout at $250,000.00 in Tax <br />Increment Financing (TIF) Assistance to SYSCO Food Services of Minnesota to facilitate the <br />expansion of the Business located at 2400 County Road J in Mounds View. <br /> <br /> Ayes –4 Nay – 1 (Stigney) Motion carried. <br /> <br />8. REPORTS <br /> <br /> A. Update regarding the Medtronic Redevelopment Project <br /> <br />Economic Development Coordinator Backman provided the Commission with a brief update on <br />where the City is at on the County Road J Reconstruction project. He referenced the meeting <br />held on July 18th noting that several things have been accomplished relative to the road project <br />including: <br />• A meeting was held with MnDOT to discuss geometric needs for the future of the <br />35W/County Road J interchange. <br />• Wetland and threatened/endangered species fieldwork has been completed; <br />• An initial meeting has been held with the Rice Creek Watershed District to discuss the <br />Judicial Creek impacts. <br />• There has been work on the overall hydrology, watershed boundaries and preliminary <br />stormwater pond sizing and location. <br />• Development of a bridge plan and elevation concept drawing is under way. <br />• Soil borings have commenced in this area. <br />• Meetings have been held with the Medtronic Staff and Engineers to coordinate the tie-ins to <br />the Coral Sea improvements. <br /> <br />Economic Development Coordinator Backman stated that the current actions include: <br />• Shoreview City Council is holding a workshop to discuss the County Road J Reconstruction <br />project. <br />• A utility meeting is scheduled for Tuesday, August 9, 2005, that would include all utilities