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Mounds View EDA January 23, 2006 Regular Meeting Page 3 operations and of a significant benefit to the residents of Mounds View. She noted the term of the TIF district, no matter how permanent it may feel, is still temporary. President Marty stated there are different uses for TIF and existing TIF districts that the City has. He stated the City found out in the last few months that due to the requirements on the type of TIF districts that Mounds View has, the City would probably be able to use some of the captured money to put into the City’s streets and infrastructure. He noted that will save the assessment cost to the residents. Mr. Glidden asked if the EDA is absolutely sure that can be done to make the funds available for general usage. President Marty clarified that the funds cannot go into the General Fund. Mr. Glidden asked if it can go to pay for his street. Commissioner Thomas stated the EDA knows that it can be used for the City’s street projects and infrastructure. Vice President Stigney stated it can also be used for trails and street lighting as well and cleaning up contaminated sites. Commissioner Gunn noted the City did use some excess TIF to help with the cleanup after the storm and to build the Community Center. Mr. Glidden asked about job creation and pointed out that jobs only have a benefit if they are truly new jobs. In terms of revenue or how you define a job, he suggested it has to be a new job and that a transferred job into Mounds View has no financial benefit or tax benefits to Mounds View residents. Mr. Glidden stated his point is that if you are going to undertake economic development on the basis of creating new jobs, then you have to understand the benefit of having new jobs. If you want to undertake economic development to provide new jobs, you have to understand what that means. Commissioner Thomas stated that she cannot disagree with Mr. Glidden more. She emphasized that new jobs, even if transferred from somewhere else, are still new jobs. She noted the job pays taxes into the County and that comes into the City. It also provides improvement of the business environment whether transferred jobs or new jobs. Commissioner Thomas explained that when you bring in new development or improve a property tax base, it improves the tax base for all residents and businesses in Mounds View. Mr. Glidden asked if anything in his environment changed when the new Cinema was placed in Mounds View. Commissioner Thomas pointed out that several things improved in the environment because the Cinema improved the road infrastructure, sidewalks, lighting, and definitely improved attention to the area for the residents of Mounds View. Vice President Stigney stated it also benefits businesses and brings more people in to eat and buy merchandise. In addition, it increases the demand for housing and the value of housing. He