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Mounds View EDA May 13, 2013 Regular Meeting Page 3 commented the purchase would be funded through unobligated tax increment finance dollars. 1 2 Commissioner Hull asked how the purchase would be funded. Executive Director Ericson 3 explained the City had three TIF districts that would be expiring shortly and increment dollars 4 from these districts would be used for the purchase. 5 6 Commissioner Mueller questioned if the environmental inspections would be completed. 7 Executive Director Ericson stated this would be investigated further by Staff and an 8 environmental study may not be necessary as the City was aware of the history of the site. He 9 indicated if a study was necessary it would be completed prior to June 30th. 10 11 Commissioner Meehlhause inquired if an appraisal would be completed. Executive Director 12 Ericson stated it was Staff’s recommendation to not conduct an appraisal as the City had a good 13 idea of the property’s valuation. 14 15 Commissioner Meehlhause clarified that the City’s broker fees would be paid by the Seller. 16 Executive Director Ericson commented this was the case. 17 18 Commissioner Hull questioned the taxable value of the three city-owned parcels near the 19 intersection of H2. Executive Director Ericson indicated the tax value of the three parcels was 20 $1.37 million. He stated if and when the parcels were to redevelop, this value would increase. 21 22 President Flaherty indicated the purchase of this property fit into the City’s vision for the 23 revitalization of the County Road 10 corridor. He questioned if the property taxes through June 24 of 2013 would be paid in full prior to closing. City Attorney Riggs noted this would be reviewed 25 prior to closing through the title work. 26 27 President Flaherty stated this was a wise purchase that fit the City’s vision for the corridor. 28 29 MOTION/SECOND: Gunn/Mueller. To Waive the Reading and Adopt Resolution 13-EDA-277 30 Authorizing and Approving the Authority’s Purchase Offer for the Property Located at 2400 31 County Road H2, Mounds View, Ramsey County, Minnesota, and Approval of the Terms and 32 Conditions and Purchase Agreement, adding a fifth condition stating the purchase would be 33 funding by unobligated tax increment finance dollars. 34 35 Commissioner Meehlhause supported the purchase as it coordinated well with the EDA’s vision 36 for the Highway 10 corridor, along with the Council’s 2013 priorities. He noted this purchase 37 would have no financial impact on the Mounds View residents. 38 39 Commissioner Hull indicated he too supported the purchase as it would lead to healthy 40 redevelopment along the corridor. 41 42