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Mounds View EDA August 22, 2005 <br />Regular Meeting Page 20 <br /> <br /> <br />President Marty asked if that will pay it off at that point. Economic Development Coordinator <br />Bachman stated he hopes so. <br /> <br />MOTION/SECOND: Thomas/Stigney. To Adopt EDA Resolution 05-EDA-209, a Resolution <br />Authorizing Payment of Pay-As-You-Go Developer Payment to Red Cent Management, LLC for <br />the Building N Project in Mounds View. <br /> <br />Carol Mueller, 8343 Groveland Road, stated she raised several questions at the last meeting and <br />asked Staff to respond at the meeting tonight so all the residents of Mounds View can hear the <br />answers. <br /> <br />Commissioner Thomas suggested it be discussed during the Council meeting so all can hear the <br />answers who are watching the Council meeting. <br /> <br /> Ayes –5 Nays – 0 Motion carried. <br /> <br />8. REPORTS <br /> <br />Ms. Mueller asked Staff to explain what the existing TIF Districts are, what property the Districts <br />entail, and what percentage of the City’s property is in TIF Districts. In addition, she asked how <br />the new action and establishment of a new TIF District will increase the percentage of the City <br />that is TIF. <br /> <br />Director Ericson stated there were three TIF Districts prior to the action taken tonight. Currently <br />there are 225 acres in TIF Districts and Mounds View is about 2,600 acres. Of the total City of <br />Mounds View, 8.55% is captured in TIF District Nos. 1, 2, and 3. The creation of TIF District <br />No. 5 adds 2% that is captured within TIF Districts. However, Outlot A is no longer part of TIF <br />District No. 5. It remained within TIF District No. 3 so that will change, but 10.56% remains the <br />same. <br /> <br />Ms. Mueller thanked Mr. Ericson for the response. <br /> <br />Vice-President Stigney reported that he attended the YMCA community meeting last week <br />dealing with relocation of employees during reconstruction of City Hall. <br /> <br />Vice-President Stigney stated the fireworks last night were fantastic. <br /> <br />Economic Development Coordinator Bachman announced a Caribou sighting at Mounds View <br />Square, and that the grand opening will be held this Saturday, August 27 at 5:00 a.m. <br /> <br />9. NEXT EDA MEETING: Monday, September 12, 2005 at 6:30 p.m.