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Mounds View EDA December 12, 2011 <br />Regular Meeting Page 3 <br /> <br /> <br />MOTION/SECOND: Gunn/Hull. To approve the updated Mounds View Business Toolbox and <br />allow the document to be made public information. <br /> <br />Vice President Stigney opposed the posting of this document on the City’s website as it may <br />attract the wrong kind of businesses. He requested the tax rebate policy be removed from the <br />document. <br /> <br />FRIENDLY AMENDMENT: Stigney/Mueller. To amend the Mounds View Business Toolbox <br />removing the Tax Rebate Financing policy in Appendix C. <br /> <br />Commissioner Mueller indicated she did not support the amendment as the Tax Rebate <br />Financing allowed larger corporations to build in suburban communities. She explained this was <br />a positive revenue source that should be considered for future redevelopment and did not agree <br />with removing this from the Toolbox. <br /> <br />Vice President Stigney explained the School District and County were already excluded from <br />sharing tax rebates with new businesses. He did not feel the City should bear the entire burden. <br /> <br />FRIENDLY AMENDMENT VOTE: <br /> <br /> Ayes – 1 (Stigney) Nays – 4 Motion to amend failed. <br /> <br />ORIGINAL MOTION VOTE: <br /> <br /> Ayes – 4 Nays – 1 (Stigney) Motion carried. <br /> <br />B. Consider Amending the Mounds View Home Improvement Loan Program <br />Loan-to-Value Criteria and Extending the Program Through 2012 <br /> <br />Economic Development Specialist Steinmetz indicated Suzanne Snyder was present from <br />GMHC to address any comments or questions from the EDA. She explained Staff was <br />requesting the EDA amend the Home Improvement Loan Program loan-to-value criteria and <br />extend the program through 2012. She reviewed the proposed amendments to the program <br />pertaining to the loan-to-value ratio. Staff recommended the loan-to-value ratio be changed to <br />110%. This would increase the residents able to participate in this program while also improving <br />the City’s housing stock. <br /> <br />President Flaherty questioned how many people have been turned away because of the current <br />loan-to-value ratio. Suzanne Snyder, GMHC, explained her records show that four individuals <br />were not eligible for the program due to the loan-to-value ratio. <br />