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Mounds View EDA August 22, 2005 Regular Meeting Page 12 will increase without the use of tax increment financing is $0.” He pointed out that the City of New Brighton is finding the opposite to be the case. President Marty read another subparagraph as follows: “c. The present value of tax increments from the District for the maximum duration of the district permitted by the TIF Plan is estimated to be $15,708,780.” He stated that it is capped at $14.8 million and not a fluid number, but it will be higher with the interest. Mr. Inman stated this is the present value number and includes $14.8 million plus administrative expenses. That is the cap and the maximum this plan will let you have. Commissioner Thomas commented that the TIF dollars for the City’s property is not the same situation as what New Brighton has because they don’t have a tax exempt city function on the property they are talking about. She noted that Mounds View currently has a functioning business on that property and that will not change in any way except for this project. That is why subparagraph a., in Appendix F2, is shown as $0. President Marty referenced the last paragraph of Appendix F-2 that indicated: “The conclusion and recommendation of City Staff is that the TIF Plan is consistent with the City’s comprehensive plan based upon the following information and City actions. …On February 2, 2005, the Planning Commission for the City approved a recommendation to the City Council as to the approval of a comprehensive plan amendment revising the land use designation for this development site in the District from Outdoor Sport Recreation (SRO) and Passive Open Space (OSP) to Office (OFC).” He stated that facts have changed considerably since February 2, 2005 and there has even been a change of flavor with the Planning Commission. President Marty read a portion of the first paragraph of Appendix F-3 that indicated: “On July 20, 2005, the Planning Commission confirmed that the proposed sale of the development site in the District to Medtronic was consistent with the City’s comprehensive plan. On August 3, 2005, the Planning Commission did not approve a resolution finding that the TIF Plan for the District conformed to the general plan for the development and redevelopment of the City as a whole.” President Marty stated the conclusion is that it is consistent but the City has modified the Comprehensive Plan to make it consistent. He noted that from the beginning to now, there have been a number of modifications and they are still working on that so it seems there are a number of items and statements in this report that appear, as you read through it, somewhat of a mass of inconsistencies. He noted the City is getting them in order but things have changed tremendously since February. Commissioner Flaherty stated the EDA and City reserves the right to decertify the District prior to the date and, by all discussions, that date will be 19.5 years to decertify the District.