08-22-2005 - Laserfiche WebLink

Home Browse Search

Mounds View EDA August 22, 2005 Regular Meeting Page 5 Commissioner Thomas pointed out that it is a tax-exempt property anyway so it would not make a difference. She restated her position that she is not comfortable with putting the parcel in a TIF District if there is no reason to do so. Commissioner Flaherty agreed and noted the EDA still has options to use, if needed. He added that if there is an easement issue, it can be easily rectified. Economic Development Coordinator Bachman stated he generally supports recommendations of advisors but for this particular issue, Staff is flexible. He explained that the key issue is the other five parcels comprising the 72.2 acres and the 46 acre triangular area is less critical for this development. He stated that Parcel Number 05-30-23-22-0004 could be included or excluded from the District from Staff’s point of view. President Marty stated his preference to leave the parcel in TIF District No. 3. President Marty read a paragraph from Page 2 of the Staff report indicating: “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. These include, but are not limited to, land acquisition, site improvements, public utilities, parking facilities, roads, billboard removal and relocation, and demolition. The amount and use of TIF by Medtronic is outlined in the previously approved development agreement. President Marty stated the issue of land acquisition pertaining to Blaine has been mentioned a number of times at past meetings. In his opinion, that would be the last priority. He asked why land acquisition is listed first, ahead of everything else. Economic Development Coordinator Bachman explained that the Staff report includes the listing as shown in the legislation. It is not a listing of priority. He stated he believes there are other items that would entail more TIF expenditures. President Marty referred to the Ehler’s presentation, and drew the EDA’s attention to the list of authorized uses on Page 2, noting the project cost total of $32,700,000 and interest of $16,947,319, but the land acquisition is only $2,100,000. Sid Inman, Ehlers & Associates, explained that this is a TIF Plan and the numbers are estimated costs. He advised that the EDA can make line item changes as needed. With regard to President Marty’s earlier question, he explained that the State Auditor lists acquisition first but that doesn’t mean it would be reimbursed first. President Marty noted that even with the interest removed, it still equals, $15,752,681. He stated his understanding that this project would have a cap of $14.8 million but the numbers show it is