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Mounds View EDA January 28, 2008 <br />Regular Meeting Page 2 <br /> <br /> <br />7. EDA BUSINESS <br /> <br />A. Continued Discussion on Resolution 08-EDA-239 Approving a <br /> Redevelopment Grant Application and Expenditure of Tax Increment <br /> Funds for Costs Associated with the Acquisition and Redevelopment of <br /> 2400 County Road H2 <br /> <br />Economic Development Specialist Steinmetz indicated that the EDA is discussing and <br />determining whether to participate in redeveloping the former Roberts site. <br /> <br />Economic Development Specialist Steinmetz indicated that on Page 8 of the Grant Application in <br />Number 22 it still references the $100,000 in TIF, and that should and will be deleted. <br /> <br />Economic Development Specialist Steinmetz explained that the local match information and <br />grant specifics were provided in the packets for this meeting. <br /> <br />Economic Development Specialist Steinmetz explained that it is Staff’s intent that the local <br />match come from a developer, whether or not that is Master Development. She then said that at <br />this time Master Development does not feel they can pay the EDA’s full $625,000 asking price <br />for the Premium Stop location. The reason is because the County’s assessed value is <br />significantly less than that. <br /> <br />Economic Development Specialist Steinmetz indicated that Staff has been approached by a <br />developer who is interested in purchasing the site to construct affordable housing rental units. <br />Staff is responding to a meeting request from a party who would like to purchase Robert’s Sports <br />Bar as is and re-open it as a nightclub. <br /> <br />Commissioner Flaherty indicated that the City does not have to follow through with the grant, <br />but the City should apply for it. He then said that when the purchase went through the idea was <br />to make the City whole, and, if Master Development cannot commit to the price, maybe another <br />developer could. <br /> <br />Vice President Stigney asked if the City would be at risk for anything the way the Application is <br />being drafted and approved. <br /> <br />Economic Development Specialist Steinmetz indicated that the City would not need to accept the <br />grant dollars if awarded, and there should be no risk. <br /> <br />Vice president Stigney indicated that the Application states that if TIF is not being used fully, or <br />at all, describe why. He then asked why there is no answer in Item 26. <br /> <br />Economic Development Specialist Steinmetz indicated that Staff would draft an answer for that <br />item. She then said that tax increment would not be generated from this site since it is not a TIF <br />district.