08-22-2005 - Laserfiche WebLink

Home Browse Search

Mounds View EDA August 22, 2005 Regular Meeting Page 2 7. EDA BUSINESS A. Consideration of EDA Resolution 05-EDA-208A, a Resolution Approving the Elimination of Parcels from TIF District No. 3 and 05-EDA-209B, a Resolution Approving the Establishment of TIF District No. 5, a Special- Legislation Economic Development District. Economic Development Coordinator Bachman referenced the packet provided to the Commission noting that at the June 27, 2005 meeting, the EDA and City Council adopted resolutions approving the sale of land comprising the Bridges of Mounds View Golf Course, approved the Medtronic Development proposal, terms of the purchase agreement. He explained that in order to facilitate this development, the City sought passage of special TIF legislation during the 2005 legislative session. On May 23, 2005, the Minnesota Legislature approved the Public Finance Bill that included the City’s legislation and allows it to create a 25-year Economic Development TIF District, with variations from TIF law authorized in Chapter 152, Article 2, Section 26. The Economic Development TIF District legislation requires that the Boards for Ramsey County and the Mounds View School District need to approve the legislation. Both Boards approved the TIF District legislation for Medtronic on June 28, 2005. Economic Development Coordinator Bachman used a colored map to describe the parcels and adjacent rights-of-way that the proposed District No. 5 encompasses as well as District No. 3. He noted that Parcel Number 05-30-23-22-0004 is 46 acres that will be retained by the City for open space. This parcel is currently in TIF District No. 3 and it would be part of the new district, less the three acres that is being deeded back to SYSCO Minnesota for that company’s expansion project. Economic Development Coordinator Bachman explained that the new District is being created to facilitate development of Phase 1 of a business campus for Medtronic, which includes approximately 820,000 square feet of office space. A development agreement has been authorized, contingent on the approval of the proposed TIF Plan and establishment of TIF District No. 5. If approved, development is likely to begin in the Fall of 2005. Economic Development Coordinator Bachman noted the Mounds View EDA and City Council have determined that it will be necessary to provide assistance to the project for certain TIF- qualified costs. He advised that Staff recommends approval of the two resolutions, as submitted. Commissioner Thomas stated she held a brief discussion with Economic Development Coordinator Bachman regarding this agenda item. She asked Ms. Eldridge to review the issues related to Parcel Number 05-30-23-22-0004 and why Staff recommends it be included in the TIF District. She noted that it would be undeveloped and she is uncomfortable with including this parcel if it doesn’t have to be included in TIF.