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Mounds View EDA February 25, 2008 <br />Regular Meeting Page 4 <br /> <br />that he would want people to come forward with something that would have a requirement to <br />justify why these programs should be agreed to. <br /> <br />Interim Executive Director Ericson noted that the city approved the Business Subsidy Policy that <br />outlines what the City is looking for and when assistance will be provided, and when it will not. <br />He then said that the goals of the EDA could be tied in, but they are already in document format <br />in the Business Subsidy Policy. <br /> <br />Commissioner Flaherty noted that these are programs that are in existence, however, that does <br />not mean that you are entitled to them or qualify for them. <br /> <br />Vice President Stigney indicated he would like to add that TRF is not currently being <br />recommended by the EDA in 2008. <br /> <br />Mayor Marty noted that the 2% rate is to be approved annually, so he would suggest looking into <br />current rates with the Finance Director. <br /> <br />Interim Executive Director Ericson said that the 2% rate would not put the City or the EDA in <br />any type of jeopardy or risk. He then said that he has found that this amounts to a savings of <br />about $500 per year for the applicant. So he does not think that will be enough to really incent <br />anyone to go through that process. <br /> <br />Council Member Mueller said that she would like to see this approved with minor modifications. <br /> <br />Vice President Stigney said that as far as intended purposes for these programs he thinks that <br />should be specified. He then said that the big box stores can use their own dollars and not free <br />taxes for up to 20 years. He further said that he would not support tax abatements. <br /> <br />Economic Development Specialist Steinmetz indicated that she would take the toolbox back and <br />make revisions as requested and bring it to the next meeting for consideration. She then said that <br />since this is an internal document that is dated, it will not be misused. <br /> <br />The Motion to approve was withdrawn. <br /> <br />MOTION/SECOND: Marty/Stigney. To Postpone action on the toolbox to a Future Meeting. <br /> <br />Commissioner Flaherty asked if this is a binding document. <br /> <br />Attorney Riggs indicated that it is not, and everything would run through the EDA. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br />