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Mounds View EDA November 14, 2005 Regular Meeting Page 2 7. EDA BUSINESS A. Continuation of a Joint Meeting Between the EDA and the Economic Development Commission (EDC) to address TIF Goals and TIF Funding Priorities Community Development Director Ericson explained this is a continuation of the meeting between the EDA and EDC which started in September at a work session where topics discussed included: TIF philosophy, goals, spending priorities, and level of increment to be received through the term of the TIF Districts. There was good discussion on various priorities and consensus reached that Highway 10 improvements remain a priority for the City. Director Ericson stated that other items need some substantial discussion. The EDC met and revised their priority list, which has been provided to the Council. Director Ericson recommended that discussion continue tonight so those goals can be finalized for adoption in January. Stacy Kvilvang, Ehlers & Associates, explained that they looked at the priorities previously discussed and broke them down into the categories of Capital Projects, Redevelopment, and Housing. They then determined possible funding sources. She explained that with Capital Projects and Housing Redevelopment Projects, it is good for the City to augment funding with grants. Ms. Kvilvang noted the four Capital Projects are the pedestrian trails along County Road 10, County Road 10 local match, road reconstruction (City-wide – 6 year plan) and future infrastructure/redevelopment needs. The Redevelopment priorities are the Skyline Motel, PAK Building, Premium Stop/Donut Connection, Moundsview Square, and County Road 10/Woodale. The Housing goals are the Housing Improvement Program, Laport Meadows, and Sherwood Housing Development for a total project cost of $18,619,923. Ms. Kvilvang noted the total of financing available equals $20,079,459 so the City is in good shape to consider these projects. Ms. Kvilvang noted their report included a brief description of the projects, issues related to the projects, and funding sources. She stated they would like direction from the EDA on whether these are the priorities, if the priorities are correctly listed, and to establish a timeline on each project. President Marty asked about funding sources. Ms. Kvilvang stated Shelly Eldridge will be addressing that issue and how it can be bonded in two different series. Shelly Eldridge, Ehlers & Associates, stated between the three Districts it appears there is approximately $1.5 million available annually from 2006 on until 2013 and then the Districts start to expire if they go full term. Looking at the most simplistic way, it will generate $15