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Mounds View EDA July 10, 2006 Regular Meeting Page 2 A. Review the Mounds View Tax Increment Financing (TIF) Policy 46 47 Community Development Director Ericson explained that the issue was requested for additional 48 consideration. He said the EDA asked the Planning Commission about scenarios regarding 49 increment being generated through the life of the three TIF districts. He stated it was requested 50 that the City’s TIF policy be compared to the St. Anthony Village’s policy. 51 52 Director Ericson gave an update regarding Planning Commission’s discussion on the subject. He 53 stated there was no consensus from the Planning Commission about what should be done. He 54 said they were not able to present any recommendation about whether the TIF increment should 55 be supported as-is or changed. 56 57 Director Ericson stated the original three TIF districts run through 2015 and the increment will 58 no longer be available after that time. Hs stated the question is whether to maximize the 59 increment through the remaining years of the TIF districts, which is the status quo, or whether to 60 change the TIF districts. 61 62 Commissioner Gunn arrived at 6:25 p.m. 63 64 Director Ericson said the Planning Commission felt they were not in the position to make a 65 recommendation at this time. He said they agreed with the Economic Development Commission 66 that County Road 10 and City streets are the priority. He said they were not sure how much 67 money would be available and how much spending funds in one area would decrease funding for 68 another area. 69 70 Director Ericson stated that the Planning Commission also considered at scenarios that the EDA 71 discussed and there was an additional item of discussion: the impact on the median-value home 72 in Mounds View. 73 74 Director Ericson stated that the concern is that because the dollars were presented in a 2006 75 figure, without any inflation or estimation of property values over time, a recommendation based 76 on static figures will not be correct because it will not be the reality in 2015. He stated the 77 Planning Commission suggested spending some increment on the corridor, but are not making a 78 recommendation nor are they explicitly supporting the status quo. 79 80 Director Ericson stated that both the Mounds View’s and St. Anthony’s TIF policies are 81 presented. He stated they are both structured the same, but St. Anthony’s goes into more detail. 82 He stated the EDA could review the TIF policy and make amendments and changes. He stated at 83 this point it is being brought back for additional EDA discussion. 84 85 Director Ericson reminded the EDA of their previous vote supporting the status quo. 86 87