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Mounds View EDA January 14, 2008 <br />Regular Meeting Page 3 <br /> <br />that has allowed them to expand and they expect to continue adding business through 2008. He <br />then thanked the City for the support they have received and noted that this is a great City to do <br />business in. <br /> <br />MOTION/SECOND: Marty/Mueller. To Waive the Reading and Approve Resolution 08-EDA- <br />240 Approving a One-Time Payment to SYSCO Food Services of Minnesota in the Amount of <br />$250,000 Plus Accrued Interest per the Tax Increment Revenue Note Certified in April 2007 <br /> <br />Vice President Stigney asked whether this was really necessary to expand the TIF district for the <br />extra three years. He then said that he will vote in favor of the resolution but he is sorry that this <br />ever happened as he was opposed to granting assistance for SYSCO in the first place. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br /> A. Resolution 08-EDA-239 Approving a Redevelopment Grant Application <br /> and Expenditure of Tax Increment Funds for Costs Associated with the <br /> Acquisition and Redevelopment of 2400 County Road H2 <br /> <br />Economic Development Coordinator Steinmetz explained that the EDA requested dialogue with <br />the Developer to put together a project on all three parcels. Michael Tobin representing Master <br />Development is in attendance to answer questions. <br /> <br />Economic Development Coordinator Steinmetz indicated that in December the EDA agreed to <br />hold a public hearing to consider providing up to $100,000 to assist with redevelopment of 2400 <br />County Road H2. Since then, Staff has drafted a grant application to the Minnesota Department <br />of Economic Development to request grant funds to further assist with this project. <br /> <br />Economic Development Coordinator Steinmetz indicated that the EDA has invested $675,000 <br />toward this project including the acquisition of the Premium Stop site, demolition, clearing of the <br />site and other activities. <br /> <br />Economic Development Coordinator Steinmetz reported that 2400 County Road H2, the Robert’s <br />site, has become available through foreclosure. <br /> <br />Commissioner Mueller asked the amount of the requested DEED grant. <br /> <br />Economic Development Coordinator Steinmetz indicated that the amount of the grant request <br />presently would be $495,000, which is the identified funding gap in putting together a project for <br />all three parcels. <br />